/raid1/www/Hosts/bankrupt/TCREUR_Public/080319.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

             Wednesday, March 19, 2008, Vol. 9, No. 56

                            Headlines


A U S T R I A

IES LLC: Claims Registration Period Ends April 9
KLARO VERTRIEB: Claims Registration Period Ends March 20
MALEREI OSIKA: Claims Registration Period Ends March 20
OASIS FITNESS: Claims Registration Period Ends April 24
SCIENTIFIC GAMES: Signs Two Six-Year Deals with Nassau Company


D E N M A R K

CLEAR CHANNEL: Closes Sale of Television Group for US$1.1 Bil.


F R A N C E

DELPHI CORP: S&P Still Expects to Designate 'B' Corporate Rating
* Paris Court Releases Jerome Kerviel Pending Scandal Probe


G E O R G I A

CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt


G E R M A N Y

ABC-MODELLSPORT GMBH: Claims Registration Ends April 9
AIDAMA ALUMINIUM: Claims Registration Period Ends April 8
AMATO BAUREGIE: Claims Registration Ends April 9
AUTOHAUS BARMSTEDT: Claims Registration Ends April 9
B.A.S. BIOGAS: Claims Registration Ends April 9

BAUUNTERNEHMUNG M. LOERS: Claims Registration Ends April 8
BESTATTUNGSINSTITUT HANNA: Claims Registration Ends April 9
DRESDNER BANK: Fitch Cuts Individual Rating to 'C' from 'B/C'
EPOS24 LOGISTIC: Claims Registration Ends April 9
FIRST BEST: Claims Registration Period Ends April 8

GWA-ARMATUREN: Claims Registration Period Ends April 8
J. KOERKEMEYER: Claims Registration Period Ends April 8
JUMBO PERSONALDIENSTLEISTUNGEN: Claims Period Ends March 27
KARABEYAZ TRANS: Claims Registration Period Ends April 8
KCR HANDELS: Claims Registration Period Ends April 8

KHT CONSULTING: Claims Registration Period Ends March 26
KIESEL GEBAUDETECHNIK: Claims Registration Period Ends March 31
KIST KOPIER: Claims Registration Period Ends April 8
RB FOLIEN: Claims Registration Period Ends March 31
RUEDEN GROHN-DELILLE: Claims Registration Period Ends April 7

SASCO GMBH: Claims Registration Period Ends April 7
VITO DESIGN: Claims Registration Period Ends March 25
WMG HOTEL-UND: Claims Registration Period Ends April 7


H U N G A R Y

BABOLNA ZRT: Heavy Debts Cue Asset Manager to Liquidate Farm


I R E L A N D

COMMSCOPE INC: Earns US$37.6 Million in 2007 Fourth Quarter


I T A L Y

WIND TELECOMUNICAZIONI: Fitch Holds Ratings, Outlook is Stable


K A Z A K H S T A N

BORG COMPUTERS: Creditors Must File Claims by April 18
CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt
DEKO PLUS: Claims Deadline Slated for April 18
EVRAZ TECH: Claims Filing Period Ends April 18
INSTRUM GROUP: Creditors' Claims Due on April 18

JYBEK JOLY: Claims Registration Ends April 18
KAZ TRANS: Creditors Must File Claims by April 18
KK STROYCOM: Claims Deadline Slated for April 18
MARAL 2 LLP: Claims Filing Period Ends April 18
NURJAN LLP: Creditors' Claims Due on April 18

SHELLSTROI LLP: Claims Registration Ends April 18


K Y R G Y Z S T A N

GALLILEI LLC: Creditors Must File Claims by April 22
GRATIS LTD: Claims Filing Period Ends April 22


N E T H E R L A N D S

VITESSE ARNHEM: City Council Saves Football Club from Bankruptcy


R U S S I A

CHEREMKHHOVSKOE GRAIN: Court Names A. Ilyin to Manage Assets
COMSTAR-UNITED: Acquires Telematic License for Volgograd Region
DALNEGORSK-WOOD: Creditors Must File Claims by April 22
DVIN LLC: Court Starts Bankruptcy Supervision Procedure
IR-OSA-WOOD: Creditors Must File Claims by March 22

KOPEYKA: S&P Says Ratings Remain on Developing CreditWatch
MAGNITOGORSK IRON: Earns US$1.77 Billion for Full Year 2007
MITEX CJSC: Creditors Must File Claims by April 22
MOTOR TRANSPORT 3: Court Starts Bankruptcy Supervision Procedure
NOVOSELSKOE CJSC: Creditors Must File Claims by March 22

OCEAN LLC: Creditors Must File Claims by March 22
OSOKINSKOE CJSC: Omsk Bankruptcy Hearing Slated for May 27
PROFIT LLC: Creditors Must File Claims by April 22
ROSNEFT OIL: Repays US$5.2 Billion of Bridge Loan
SEVERSTAL OAO: Earns US$1.94 Billion for Year Ended December 31

SEVERSTAL OAO: Unit Wins Exploration for Nerchenskaya Gold Field
SISTEMA JSFC: Sells Sahles to Saturn for US$190 Million
STAVOLGRI CJSC: Creditors Must File Claims by March 22
TATNEFT OAO: Files International Arbitration Against Ukraine
TMK OAO: SSAB Deal Prompts S&P to Revise Outlook to Negative

TRUST STERLITAMAK-STROY: Creditors Must File Claims by April 22
TSELINNYJ CJSC: Creditors Must File Claims by April 22
TUKAY-GAS-ENERGO-SERVICE: Creditors Must File Claims by March 22


S P A I N

SEOP OBRAS: Seeks Bankruptcy Protection in Madrid Court


U K R A I N E

NAFTOGAZ UKRAINY: Reaches New Supply Deal with Gazprom
TATNEFT OAO: Files International Arbitration vs. Governement
* Fitch Affirms Ukraine's Ratings on Solid Growth


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Moody's Junks Corporate Family Ratings
BAA LTD: Transport Select Committee Calls for Breakup
BAA LTD: Files Stansted Runway Application Amidst Breakup Call
BAA LTD: Civil Aviation Authority Recommends Regulatory Reforms
BCCL REALISATIONS: Brings In Liquidators from Vantis

BODY SHOP: Joint Liquidators Take Over Operations
BURGUNDY GLOBAL: Hires Liquidators from Vantis
CARLYLE CAPITAL: Enters Into Compulsory Liquidation
CYGNAL TECHNOLOGIES: Court OKs CCAA Joint Plan of Arrangement
DAMAGEMENT LTD: Calls In Liquidators from Vantis

DESEO LOCKING: Claims Filing Period Ends May 6
ETN MANAGEMENT: Names Christopher Benjamin Barrett Liquidator
FAMOUS CLUBS: Claims Filing Period Ends May 6
FEDERAL-MOGUL CORP: Earns US$1.4 Billion in Fiscal Year 2007
GSC REALISATIONS: Taps Liquidators from Vantis

HERON BOATS: Calls In Liquidators from Mazars
HOYLAND FOX : Taps Joint Administrators from BDO Stoy
INVENSYS PLC: Fitch Withdraws BB Rating on Senior Notes
KLASS ACT: Appoints Ian William Kings as Liquidator
LAUREL PUB: May Opt for Administration After Failed Asset Sale

NEW CAP: Creditors' Meeting Slated for April 16
NORTHERN ROCK: May Become Uncompetitive Under EU State Aid Rules
NORTHERN ROCK: Abuses Government Deposit Guarantee, Rivals Say
NORTHERN ROCK: Fitch Says Ratings on Securities Remain Stable
PETROLEOS DE VENEZUELA: UK Judge Delays Ruling on Exxon Lawsuit

PETROLEOS DE VENEZUELA: To Sign Some Oil Deals in Euros
PETROLEOS DE VENEZUELA: Books US$3.5 Bil. Net Profit in 2007
PUBLIC ADDRESS: Taps Liquidators from Tenon Recovery
REVEAL RETAIL: Appoints Tenon Recovery as Administrators
SCANDSTICK UK: Brings In Joint  Administrators from Kroll

TANGO FINANCE: Moody's Downgrades Ratings on Income Notes to C
* Beard Audio Presents: "Understanding CDS Contract Risks"


                            *********


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


IES LLC: Claims Registration Period Ends April 9
------------------------------------------------
Creditors owed money by LLC IES (FN 222859i) have until April 9,
2008, to file written proofs of claim to court-appointed estate
administrator Brigitte Stampfer at:

          Dr. Brigitte Stampfer
          Stadlergasse 27
          1130 Vienna
          Austria
          Tel: 877 33 30 Serie
          E-mail: ra-stampfer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 18, 2008 (Bankr. Case No. 2 S 20/08s).


KLARO VERTRIEB: Claims Registration Period Ends March 20
--------------------------------------------------------
Creditors owed money by LLC KLARO Vertrieb (FN 254526d) have
until  March 20, 2008, to file written proofs of claim to court-
appointed estate administrator Gerd Weidacher at:

          Mag. Gerd Weidacher
          Business Park 4
          8200 Gleisdorf
          Austria
          Tel: 03112/27344
          Fax: 03112/27348
          E-mail: gleisdorf@reifundpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on March 27, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in Kaindorf, Austria, the Debtor declared
bankruptcy on Feb. 18, 2008 (Bankr. Case No. 26 S 22/08t).


MALEREI OSIKA: Claims Registration Period Ends March 20
-------------------------------------------------------
Creditors owed money by KEG Malerei Osika (FN 260485t) have
until March 20, 2008, to file written proofs of claim to court-
appointed estate administrator Eva-Maria Maierhofer at:

          Mag. Eva-Maria Maierhofer
          Dr.-Arthur Lemisch Platz 2
          9020 Klagenfurt
          Austria
          Tel: 0463/504770
          Fax: 0463/504771
          E-mail: e.m.maierhofer@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 18, 2008 (Bankr. Case No. 40 S 9/08a).


OASIS FITNESS: Claims Registration Period Ends April 24
-------------------------------------------------------
Creditors owed money by LLC OASIS Fitness & Co Baumkirchnerring
6 KG  (FN 269517z) have until April 24, 2008, to file written
proofs of claim to court-appointed estate administrator Matthias
Schmidt at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on May 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 18, 2008 (Bankr. Case No. 6 S 27/08z ).  Florian
Gehmacher represents Dr. Schmidt in the bankruptcy proceedings.


SCIENTIFIC GAMES: Signs Two Six-Year Deals with Nassau Company
--------------------------------------------------------------
Scientific Games Corp. signed two new contracts with Nassau
Regional Off-Track Betting Corporation.  The first replaces the
existing totalisator services agreement for the provision of
wagering systems hardware, software, service, wagering devices
and a new digital Interactive Voice Response (IVR) telephone
wagering system.  The second provides for the implementation of
a new Trackplay(TM) advanced deposit wagering website.  The two
contracts have a term of six years and are expected to generate
annual revenue of approximately US$2 million.

Under the new totalisator services agreement, Scientific Games
will install BetJet(TM) terminals featuring the ClearBet(TM)
user interface at Nassau Regional Off-Track Betting Corp.
branches and will provide a new APT(TM) Player Tracking and
Rewards System.  The fully-integrated APT system will allow
patrons to access information about their rewards accounts
directly from BetJet terminals.

The second contract provides a Trackplay(R) Internet wagering
website to compliment the existing Off-Track Betting-based and
telephone/IVR advanced deposit wagering services and offer a
full suite of systems through which Nassau Regional Off-Track
Betting Corp. will offer secure wagering at the Off-Track
Betting branches, and via telephone and internet.  These
services will be offered pursuant to all local and state
regulatory requirements.  Launch of the Internet wagering
website http://www.nassauotb.com,the new digital IVR and new
APT Player Tracking and Rewards system will occur in the first
half of 2008.

"After decades of working with Nassau Regional Off-Track Betting
Corp., it is very gratifying to extend our relationship to
include the full spectrum of our advanced deposit wagering and
value-added products," said Scientific Games Racing President,
Brooks Pierce.  "We are very proud of this partnership and look
forward to a long and healthy future with Nassau OTB."

Nassau Regional Off-Track Betting Corp. President, Dino Amoroso
stated, "We are very excited about these upgrades in technology
and equipment that will allow us to enhance our patrons wagering
experience at virtually every touch point: at the branches, over
the phone or over the Internet.  The company has always strived
to offer our customers the very best wagering experience while
achieving operational efficiency and we believe that, with these
new technologies from Scientific Games, NROTB will serve as the
model for future full-service pari-mutuel wagering operations."

                     About Scientific Games

Headquartered in New York City, Scientific Games Corporation
(Nasdaq: SGMS) - http://www.scientificgames.com/-- is an
integrated supplier of instant tickets, systems and services to
lotteries worldwide.  The company is a supplier of fixed odds
betting terminals and systems, amusement and skill with prize
betting terminals, interactive sports betting terminals and
systems, and wagering systems and services to pari-mutuel
operators.  It is also a licensed pari-mutuel gaming operator in
Connecticut, Maine and the Netherlands and is a supplier of
prepaid phone cards to telephone companies.  Scientific Games'
customers are in the United States and more than 60 other
countries.  The company has additional productions and operating
facilities located in Austria, Chile and the United Kingdom.

                         *     *     *

Moody's Investor Services placed Scientific Games Corporation's
probability of default rating at 'Ba2' in September 2006.  The
rating still hold to date with a stable outlook.


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


CLEAR CHANNEL: Closes Sale of Television Group for US$1.1 Bil.
--------------------------------------------------------------
Clear Channel Communications Inc. disclosed Friday that it has
completed the sale of its Television Group to Newport Television
LLC for US$1.1 billion, subject to certain closing items
including proration of expenses and adjustments for working
capital.

As reported in the Troubled Company Reporter on Dec. 5, 2007,
Clear Channel Communication Inc. received approval from the
Federal Communications Commission to sell 35 television stations
to Newport Television LLC, a private equity firm controlled by
Providence Equity Partners Inc..

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Standard & Poor's Ratings Services said its ratings on
Clear Channel Communications Inc., including the 'B+' corporate
credit rating, remain on CreditWatch with negative implications.
S&P originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


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


DELPHI CORP: S&P Still Expects to Designate 'B' Corporate Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services still expects to assign a 'B'
corporate credit rating to Delphi Corp. if the company emerges
from bankruptcy in early April.  This rating expectation is
consistent with S&P's commentary on Jan. 9, 2008.

"Recent changes to Delphi's proposed exit financing do not
affect our view of Delphi's highly leveraged financial profile,"
said Standard & Poor's credit analyst Gregg Lemos Stein.  "We
still expect the outlook to be negative."

However, S&P has revised its expected issue-level ratings
because changes to the structure of the proposed financings have
affected relative recovery prospects among the various term
loans.  S&P's expected ratings are:

  -- The US$1.7 billion "first out" first-lien term loan B-1 is
     expected to be rated 'BB-' (two notches higher than the
     expected corporate credit rating on Delphi), with a '1'
     recovery rating, indicating the expectation of very high
     (90%-100%) recovery in the event of payment default.

  -- The US$2 billion "second out" first-lien term loan B-2 is
     expected to be rated 'B' (equal to the corporate credit
     rating), with a '4' recovery rating, indicating the
     expectation of average (30%-50%) recovery in the event of
     payment default.

  -- The US$825 million second-lien term loan is expected to be
     rated 'B-' (one notch lower than the corporate credit
     rating), with a '5' recovery rating, indicating the
     expectation of modest (10%-30%) recovery in the event of
     payment default.

Delphi's emergence could occur in early April, although
significant potential obstacles remain, including the currently
difficult credit market conditions and other factors.  These
expected ratings are based on preliminary terms and conditions
and assume successful placement of the loans as represented to
us.  In addition, these expected ratings are subject to
substantial consummation of Delphi's confirmed plan of
reorganization, and to S&P's receipt and satisfactory review of
final documentation.

                       About Delphi Corp.

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

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

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


* Paris Court Releases Jerome Kerviel Pending Scandal Probe
-----------------------------------------------------------
An appeals court in Paris has ordered the release of Jerome
Kerviel, the former trader blamed for EUR4.9 billion losses at
Societe Generale SA, pending investigation, Nicola Clark writes
for The New York Times.

The court placed Mr. Kerviel under judicial supervision and
forbid him to leave France for the duration of the probe, New
York Times relates.

Lawyers in the case told the New York Times that the court also
barred Mr. Kerviel from contacting his former colleagues at
Societe Generale and around 20 people.

Mr. Kerviel walked free from the Sante Prison on March 18, 2008,
since he was held in custody Feb. 8, 2008.

The Paris prosecutor’s office had opposed Mr. Kerviel's release,
arguing that he could either flee or intefere with the case's
witnesses and evidence, The New York Times said.  The prosecutor
had also expressed concerns on Mr. Kerviel's mental state.

Christopher Mesnooh, a Paris-based international business
lawyer, told the New York Times that the decision suggests that
Mr. Kerviel is no longer a flight risk and that he will not
compromise the ongoing investigation,.

Mr. Mesnooh, however, stressed that that ruling "does not
represent any kind of implicit recognition that he is not guilty
of what he has been accused of."


=============
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
-- acquires, explores, develops, produces, and markets 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 Dec. 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
=============


ABC-MODELLSPORT GMBH: Claims Registration Ends April 9
------------------------------------------------------
Creditors of abc-Modellsport GmbH & Co. KG have until April 9,
2008 to register their claims with court-appointed insolvency
manager Dr. Martin Mildenberger.

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

The meeting of creditors will be held at:

         The District Court of Offenburg
         Hall 0.005
         Hindenburgstr. 5
         77654 Offenburg
         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. Martin Mildenberger
         Bertha-von-Suttner-Str.3
         77654 Offenburg
         Germany

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

The Debtor can be reached at:

         abc-Modellsport GmbH & Co. KG
         Berghauptener Str.21
         77723 Gengenbach
         Germany


AIDAMA ALUMINIUM: Claims Registration Period Ends April 8
---------------------------------------------------------
Creditors of AIDaMa Aluminium Bau GmbH have until April 8, 2008,
to register their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         Germany

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

The insolvency manager can be reached at:

         Peter Depre
         O4 13-16
         68161 Mannheim
         Germany
         Tel: 0621-12078-0

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against AIDaMa Aluminium Bau GmbH on Feb. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AIDaMa Aluminium Bau GmbH
         Marktstr. 40
         76831 Billigheim-Ingenheim
         Germany


AMATO BAUREGIE: Claims Registration Ends April 9
------------------------------------------------
Creditors of Amato Bauregie GmbH have until April 9, 2008 to
register their claims with court-appointed insolvency manager
Joerg Trittermann.

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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         Germany

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

The insolvency manager can be reached at:

         Joerg Trittermann
         Lessingplatz 9, D
         38100 Braunschweig
         Germany
         Tel: (0531) 1206875
         Fax: (0531) 1206880
         E-mail: insolvenz@trittermann.de

The District Court of Braunschweig opened bankruptcy proceedings
against Amato Bauregie GmbH on Feb. 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Amato Bauregie GmbH
         Attn: Rudolf Jung, Manager
         Berliner Platz 1c
         38102 Braunschweig
         Germany


AUTOHAUS BARMSTEDT: Claims Registration Ends April 9
----------------------------------------------------
Creditors of Autohaus Barmstedt GmbH have until April 9, 2008 to
register their claims with court-appointed insolvency manager
Dr. Max-Reinhard Winter.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Max-Reinhard Winter
         Dockenhudener Strasse 20
         22587 Hamburg
         Germany

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

The Debtor can be reached at:

         Autohaus Barmstedt GmbH
         Attn: Ulrich Helms, Manager
         Schusterring 2-4
         25355 Barmstedt
         Germany


B.A.S. BIOGAS: Claims Registration Ends April 9
-----------------------------------------------
Creditors of B.A.S. Biogas Anlagen Systeme GmbH have until
April 9, 2008 to register their claims with court-appointed
insolvency manager Dr. Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.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 Meldorf
         Hall II
         First Floor
         Domstrasse 1
         25704 Meldorf
         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. Klaus Pannen
         Neuer Wall 25
         Schleusenbruecke 1
         20354 Hamburg
         Germany
         Tel: 040/320857-120

The District Court of Meldorf opened bankruptcy proceedings
against B.A.S. Biogas Anlagen Systeme GmbH on Feb. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B.A.S. Biogas Anlagen Systeme GmbH
         Attn: Bernd Schlagregen  and Sebastian Bovensiepen,
         Managers
         Hauptstrasse 11
         25782 Tellingstedt
         Germany


BAUUNTERNEHMUNG M. LOERS: Claims Registration Ends April 8
----------------------------------------------------------
Creditors of Bauunternehmung M. Loers Nachfolger GmbH have until
April 8, 2008, to register their claims with court-appointed
insolvency manager Dr. Joerg Behrends.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45a p.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 Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Behrends
         Scheideweg 161
         26127 Oldenburg
         Germany
         Tel: 0441-3616220
         Fax: 0441-36162229

The District Court of Oldenburg opened bankruptcy proceedings
against Bauunternehmung M. Loers Nachfolger GmbH on Feb. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Bauunternehmung M. Loers Nachfolger GmbH
         Trommelweg 35
         26123 Oldenburg
         Germany


BESTATTUNGSINSTITUT HANNA: Claims Registration Ends April 9
-----------------------------------------------------------
Creditors of Bestattungsinstitut Hanna Risy GmbH have until
April 9, 2008 to register their claims with court-appointed
insolvency manager Volker Rodemeier.

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 his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         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:

         Volker Rodemeier
         Bahnhofstrasse 17
         38442 Wolfsburg-Fallersleben
         Germany
         Tel: 05362/50 55 5-0
         Fax: 05362/50 55 5-0-11
         E-Mail: CGVR@wolfsburg.de

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

The Debtor can be reached at:

         Bestattungsinstitut Hanna Risy GmbH
         Bebelstr. 9
         38440 Wolfsburg
         Germany

         Attn: Hanna Risy, Manager
         Tucholskystr. 1
         38440 Wolfsburg
         Germany


DRESDNER BANK: Fitch Cuts Individual Rating to 'C' from 'B/C'
-------------------------------------------------------------
Fitch Ratings downgraded Dresdner Bank AG's Individual rating to
'C' from 'B/C'.  At the same time, the agency has affirmed the
bank's Long-term Issuer Default rating (IDR) at 'A+' with Stable
Outlook, Short-term IDR at 'F1+', Support rating at '1' and
Support Rating Floor at 'A-' (A minus).  The Long-term ratings
of Dresdner's hybrid instruments are affirmed at 'A'.

The rating action reflects Fitch's expectation that Dresdner's
profitability will have deteriorated in the turbulent first
months of 2008, that it is likely to remain under pressure in
the coming quarters and that the bank faces high operational
risk from the announced split of its business with private and
corporate clients and its investment banking activities into
separate legal entities.  "Fitch believes that the announced
reorganisation, carried out in the current difficult capital
market environment, could negatively impact the bank's
profitability and franchise," says Anna Lozmann, Associate
Director from Fitch's Financial Institutions team.  The bank's
owner, Allianz SE (Allianz, rated 'AA-' (AA minus)/Stable
Outlook), Germany's largest insurance group, is said to target
increasing the flexibility of the group to actively participate
in the consolidation process.  It remains to be seen which
strategic options Allianz will pursue with regard to its banking
activities.

In 2007, Dresdner's reported net income halved compared to 2006,
reflecting EUR1.5bn losses on the portfolio of asset-backed and
other credit-related securities.  Stable underlying revenues of
its Private and Corporate Clients unit, loan impairment
reversals and declining costs could only partially offset the
negative impact.  Dresdner's substantial credit related
securities portfolio makes the bank vulnerable to the further
market downturn.  The bank reported approximately EUR400m losses
on credit-related securities for January 2008.  Announced
support for structured investment vehicle K2, sponsored by the
bank, will weigh on the bank's capitalisation and liquidity.

Support provided to K2 up to date can be comfortably
accommodated by the bank, thanks to its still strong capital
base and comfortable liquidity position.  Although having
decreased, Fitch's eligible capital ratio, which adjusts for
losses carried forward, goodwill, revaluation reserves and
eligible hybrid capital, was at 8.5% (at end-2007), still at
comfortable level compared to its peers.  The strong quality of
the bank's loan book should help Dresdner to accommodate further
losses relating to the turmoil.

Dresdner's IDRs and Support rating are based on extremely high
likelihood of support from its parent Allianz should this ever
be needed.  Dresdner's hybrid capital has been issued by
Dresdner Funding Trust I, II, III, and IV (dated silent
participations), HT1 Funding GmbH's (perpetual Tier 1
securities) and UT2 Funding plc's (dated Upper Tier 2
securities).  These issues are rated at one notch below
Dresdner's Long-Term IDR, in line with the agency's notching
policy.


EPOS24 LOGISTIC: Claims Registration Ends April 9
-------------------------------------------------
Creditors of epos24 Logistic GmbH have until April 9, 2008 to
register their claims with court-appointed insolvency manager
Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 6, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 epos24 Logistic GmbH on Feb. 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         epos24 Logistic GmbH
         Roemerstr. 18
         59075 Hamm
         Germany

         Attn: P____ H______ and Timo Kipka, Managers
         Holderbachweg 6
         CHE-8046 Zurich
         Switzerland


FIRST BEST: Claims Registration Period Ends April 8
---------------------------------------------------
Creditors of first best GmbH have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Gideon Boehm.

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

The meeting of creditors will be held at:

          The District Court of Reinbek
          Parkallee 6
          21465 Reinbek
          Germany

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

The insolvency manager can be reached at:

          Dr. Gideon Boehm
          Bachstr. 85 a
          22083 Hamburg
          Germany

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

The Debtor can be reached at:

          first best GmbH
          Attn: Pamela and Christian Steffen, Managers
          Gutenbergstr. 32
          21465 Reinbek
          Germany


GWA-ARMATUREN: Claims Registration Period Ends April 8
------------------------------------------------------
Creditors of GWA-Armaturen GmbH have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Magdeburg
          Hall 13
          Justizzentrum Magdeburg
          Breiter Weg 203-206
          39104 Magdeburg
          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:

          Ruediger Bauch
          Schleinufer 11
          39104 Magdeburg
          Germany
          Tel: 0391/5354-0
          Fax: 0391/5354-100
          E-mail: RBauch@schubra.de

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

The Debtor can be reached at:

          GWA-Armaturen GmbH
          Brockenblick 11
          38871 Ilsenburg
          Germany


J. KOERKEMEYER: Claims Registration Period Ends April 8
-------------------------------------------------------
Creditors of J. Koerkemeyer Tiefbau GmbH have until April 8,
2008, to register their claims with court-appointed insolvency
manager Norbert Kuepper.

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 Muenster
          Meeting Hall 101B
          First Floor
          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:

          Dr. Norbert Kuepper
          Paderborner Str. 11
          33415 Verl
          Germany
          Tel: 05246/9275-0
          Fax: +495246927511

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

The Debtor can be reached at:

          J. Koerkemeyer Tiefbau GmbH
          Attn: Juergen Körkemeyer, Manager
          Bunsenstrasse 26
          59229 Ahlen
          Germany


JUMBO PERSONALDIENSTLEISTUNGEN: Claims Period Ends March 27
-----------------------------------------------------------
Creditors of Jumbo Personaldienstleistungen Verwaltungs- und
Beteiligungs-GmbH have until March 27, 2008, to register their
claims with court-appointed insolvency manager Ralph Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 112 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:

         Ralph Schmid
         Duelmener Str. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

The District Court of Muenster opened bankruptcy proceedings
against Jumbo Personaldienstleistungen Verwaltungs- und
Beteiligungs-GmbH on March 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Jumbo Personaldienstleistungen Verwaltungs- und
         Beteiligungs-GmbH
         Attn: Jutta Bietmann, Manager
         Kolpingstrasse 6
         48329 Havixbeck
         Germany


KARABEYAZ TRANS: Claims Registration Period Ends April 8
--------------------------------------------------------
Creditors of Karabeyaz Trans GmbH have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Jochen Horch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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:

          Jochen Horch
          Keplerstrasse 7
          74072 Heilbronn
          Germany
          Tel: 07131/7801-33
          Fax: 07131/7801-11

The District Court of Heilbronn opened bankruptcy proceedings
against Karabeyaz Trans GmbH on March 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Karabeyaz Trans GmbH
          Industriestrasse 5
          74343 Sachsenheim
          Germany


KCR HANDELS: Claims Registration Period Ends April 8
----------------------------------------------------
Creditors of KCR Handels GmbH have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Oliver Liersch.

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

The meeting of creditors will be held at:

          The District Court of Wolfsburg
          Hall D
          Rothenfelder Strasse 43
          38440 Wolfsburg
          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. Oliver Liersch
          Damm 18
          38100 Braunschweig
          Germany
          Tel: 0531/38848-10
          Fax: 0531/38848-11
          E-mail: OLiersch@schubra.de
          Web site: http://www.schubra.de/

The District Court of Wolfsburg opened bankruptcy proceedings
against KCR Handels GmbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          KCR Handels GmbH
          Lindenstr. 2
          38350 Helmstedt
          Germany


KHT CONSULTING: Claims Registration Period Ends March 26
--------------------------------------------------------
Creditors of KHT-Consulting Verwaltungsgesellschaft mbH have
until March 26, 2008, to register their claims with court-
appointed insolvency manager Peter Depre.

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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against KHT-Consulting Verwaltungsgesellschaft mbH on
Feb. 29, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         KHT-Consulting Verwaltungsgesellschaft mbH
         Attn: Gabriela Lennartz, Manager
         Joehlinger Str. 118
         76356 Weingarten
         Germany


KIESEL GEBAUDETECHNIK: Claims Registration Period Ends March 31
---------------------------------------------------------------
Creditors of Kiesel Gebaudetechnik GmbH have until March 31,
2008, to register their claims with court-appointed insolvency
manager Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         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:

         Georg Kreplin
         Breite Strasse 27
         40213 DuesseldorfForderungen
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Kiesel Gebaudetechnik GmbH on March 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kiesel Gebaudetechnik GmbH
         Himmelgeister Strasse 127
         40225 Duesseldorf
         Germany

         Attn: Uwe Boettcher, Manager
         Erlenstrasse 20
         41470 Neuss
         Germany


KIST KOPIER: Claims Registration Period Ends April 8
----------------------------------------------------
Creditors of Kist Kopier- und Drucksysteme GmbH have until
April 8, 2008, to register their claims with court-appointed
insolvency manager Juergen Wallner.

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

The meeting of creditors will be held at:

          The District Court of Leipzig
          Hall 145
          First Floor
          Bernhard Goering Strasse 64
          04275 Leipzig
          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. Juergen Wallner
          Karl-Heine-Strasse 25b
          04229 Leipzig
          Germany
          Tel: 0341-2534760
          Fax: 0341-2534761

The District Court of Leipzig opened bankruptcy proceedings
against Kist Kopier- und Drucksysteme GmbH on Feb. 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Kist Kopier- und Drucksysteme GmbH
          Attn: Andreas Beyer, Manager
          Neumarkt 9-19
          04109 Leipzig
          Germany


RB FOLIEN: Claims Registration Period Ends March 31
---------------------------------------------------
Creditors of RB Folien GmbH have until March 31, 2008, to
register their claims with court-appointed insolvency manager
Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Bundeskanzlerplatz 2-10
         53113 Bonn
         Germany
         Tel: 0228/2673492
         Fax: 0228/267495

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

The Debtor can be reached at:

         RB Folien GmbH
         Attn: Ulrich Neumann, Manager
         Aggerhuette 2
         53797 Lohmar
         Germany


RUEDEN GROHN-DELILLE: Claims Registration Period Ends April 7
-------------------------------------------------------------
Creditors of Rueden Grohn-Delille & Collegen GmbH have until
April 7, 2008 to register their claims with court-appointed
insolvency manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Berthold Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Rueden, Grohn-Delille & Collegen GmbH on
Feb. 15, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

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


SASCO GMBH: Claims Registration Period Ends April 7
---------------------------------------------------
Creditors of Sasco GmbH have until April 7, 2008, to register
their claims with court-appointed insolvency manager Jan H.
Wilhelm.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         Sasco GmbH
         Hohe Bleichen 5
         20354 Hamburg
         Germany


VITO DESIGN: Claims Registration Period Ends March 25
-----------------------------------------------------
Creditors of Vito design GmbH & Co. KG have until
March 25, 2008, to register their claims with court-appointed
insolvency manager Dr. Ulf Martini.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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. Ulf Martini
         E 3, 16
         68159 Mannheim
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against Vito design GmbH & Co. KG on Feb. 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Vito design GmbH & Co. KG
         Attn: Vito Ianiello, Manager
         Zehntwiesenstr. 37
         76275 Ettlingen
         Germany


WMG HOTEL-UND: Claims Registration Period Ends April 7
------------------------------------------------------
Creditors of WMG Hotel-und Gebaudereinigungs GmbH have until
April 7, 2008 to register their claims with court-appointed
insolvency manager Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Ottmar Hermann
         Bleichstrasse 2-4 D
         60313 Frankfurt am Main
         Germany
         Tel: 069/9130 920
         Fax: 069/9130 9230

The District Court of Offenbach am Main opened bankruptcy
proceedings against WMG Hotel-und Gebaudereinigungs GmbH on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WMG Hotel-und Gebaudereinigungs GmbH
         Berliner Strasse 2
         63065 Offenbach am Main
         Germany

         Attn:  Said-Azim Hosseini, Manager
         Seligenstadter Strasse 16
         63322 Roedermark
         Germany


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


BABOLNA ZRT: Heavy Debts Cue Asset Manager to Liquidate Farm
------------------------------------------------------------
Magyar Nemzeti Vagyonkezelo Zrt, Hungary's asset manager, has
decided to liquidate Babolna Zrt due to heavy debts, Interfax
News reports.

MNV has been trying to sell Babolna to the private sector in the
past decade, but failed to attract interested investors,
Interfax News relates.  The company incurred HUF24 billion in
losses for financial years 2004 and 2005.

According to Interfax, MNV will place on auction Balbona's
remaining asset, a 5,000-hectare land, in the second half of
2008.  Potential bidders include investors Tamas Leisztinger and
Sandor Csanyi.

Based in Hungary, Babolna Zrt, is a state-owned farming company.


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


COMMSCOPE INC: Earns US$37.6 Million in 2007 Fourth Quarter
-----------------------------------------------------------
CommScope Inc. reported net income of US$37.6 million and sales
of US$462.6 million for the fourth quarter ended Dec. 31, 2007.

The reported net income includes after-tax charges of
approximately US$3.1 million for interest on new term loans,
write-off of deferred financing fees and acquisition-related
expenses related to the acquisition of Andrew Corporation.
Excluding these special items, adjusted fourth quarter 2007
earnings were
US$40.6 million.

For the fourth quarter 2006, CommScope reported net income of
US$27.2 million and sales of US$393.7 million.  The reported net
income includes after-tax charges of US$1.1 million related to
restructuring costs.  Excluding this special item, adjusted
fourth quarter 2006 earnings were US$28.3 million.

For 2007, CommScope sales rose 18.9% to US$1.93 billion and net
income rose 57.4% to US$204.8 million.  This compares to sales
of US$1.63 billion and net income of US$130.1 million for 2006.

"Despite an uncertain economic environment, we are pleased to
have delivered another record quarter and year while closing the
acquisition of Andrew Corporation," said CommScope chairman and
chief executive officer, Frank Drendel.  "We believe that the
ongoing, fundamental global demand for bandwidth will continue
to drive the need for communications infrastructure-in both
wired and wireless networks.

"Both CommScope and Andrew claim a proud past and we believe
that, together as one company, we have a promising future.  We
intend to execute on our previously announced cost reduction
plans while we build upon our industry leading portfolio of
products, broad geographic base and market diversity to create
strong cash flow from operations in 2008.  We have an
experienced management team and solid competitive position.  We
remain confident in the long-term outlook for sales growth and
profitability."

                         Sales Overview

Sales for the fourth quarter 2007 increased 17.5% year over
year, primarily driven by increased volume in all three
segments, with particular strength in the Carrier segment.

Carrier segment sales increased 46.5% year over year to
US$91.4 million.  Sales rose significantly in all major Carrier
product areas.  CommScope experienced particularly strong
international wireless sales of its ExtremeFlex(R) smooth wall
aluminum cables for mobile cellular towers in the quarter.
Integrated Cabinet Solutions (ICS) revenue increased as large
domestic wireline carriers continue to deploy electronics deeper
in their networks to offer higher bandwidth broadband and video
services.  Fourth quarter ICS sales reflect a less favorable
product mix than previous quarters.

                         Operating Income

Operating income for the fourth quarter 2007 increased
approximately 52.0% year over year to US$55.1 million, or 11.9%
of  sales.  In the year-ago quarter, operating income was
US$36.3 million, or 9.25.  Excluding restructuring costs in the
year ago quarter, operating income would have been US$38.1
million, or 9.7% of sales.

                      Full Year 2007 Results

CommScope reported sales of US$1.93 billion for 2007, and net
income of US$204.8 million.  The company's 2007 results included
after-tax charges of approximately US$3.8 million related to
interest on the new term loans associated with the Andrew
acquisition, write-off of deferred financing fees, restructuring
costs and acquisition costs.  Excluding these special items,
2007 adjusted earnings would have been US$208.6 million.

CommScope reported sales of US$1.62 billion for 2006, and net
income of US$130.1 million.  The company's 2006 results included
an after-tax charge of US$8.1 million related to restructuring
costs and an after-tax benefit of US$18.6 million related to a
recovery on a note receivable from OFS BrightWave LLC.
Excluding these special items, 2006 adjusted earnings would have
been US$119.6 million.

         Andrew Acquisition and December Quarter Results

On Dec. 27, CommScope completed its acquisition of Andrew
Corporation for a total purchase price of approximately
US$2.6 billion.  In its December quarter, prior to the
acquisition by CommScope, Andrew's unaudited results included
revenues of US$546.2 million and an operating loss of US$24.7
million.  Andrew's operating loss reflected merger costs of
US$34.0 million, asset impairment of US$12.1 million,
restructuring of US$4.8 million, intangible amortization of
US$1.6 million and a gain on the sale of assets of US$900,000.

CommScope's 2007 statements of operations and cash flows do not
include any operating results for Andrew, which were immaterial
for the four-day period between closing and December 31.

"We are excited about the acquisition and the significant task
of integrating CommScope and Andrew is well underway," said
executive vice president and chief financial officer Jearld
Leonhardt.  "We face some headwinds with the recent volatility
in raw material costs.  Our calendar year 2008 guidance assumes
the ability to recover higher costs, a stable business
environment and includes the previously announced US$50 to US$60
million in cost reduction synergies.  While we face some near
term challenges, we believe that CommScope has a great
foundation for success and that the Andrew team makes us even
stronger.  We look forward to another successful year."

                          Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$5.11 billion in total assets, US$3.83 billion in total
liabilities, and US$1.28 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2007, are available for
free at http://researcharchives.com/t/s?2920

                       About CommScope Inc.

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) --
http://www.commscope.com/-- is a provider of infrastructure
solutions for communication networks.  CommScope is also a
manufacturer of coaxial cable for broadband cable television
networks and a provider of environmentally secure cabinets for
DSL and FTTN applications.  CommScope has facilities in Brazil,
Australia, China and Ireland.

                          *     *     *

In October 2007, Standard & Poor's Ratings Services affirmed its
ratings on CommScope Inc. and Andrew Corp. and removed them from
CreditWatch, where they were placed on June 27, 2007, with
negative implications.  S&P also affirmed the 'BB-' corporate
credit and 'B' subordinated debt ratings for both companies.
The outlook is stable.


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


WIND TELECOMUNICAZIONI: Fitch Holds Ratings, Outlook is Stable
--------------------------------------------------------------
Fitch Ratings affirmed Wind Telecomunicazioni SpA's Long-term
Issuer Default rating at 'BB-' (BB minus) and the Short-term IDR
at 'B'.  All instrument ratings are affirmed at their current
levels.

The Outlook for the Long-term IDR has been changed to Stable
from Negative, following strong results and cash generation in
2007.

The Negative Outlook assigned previously was a result of the
agency's concerns over the willingness of the shareholders to
reduce financial flexibility at Wind for the purposes of funding
shareholder payments or refinancing the Wind Acquisition
Holdings Finance SpA (WAHF) Holdco PIK instrument, which is
currently outside the Wind restricted group operations.  The
proposed refinancing of the Holdco PIK was aborted as a result
of the universal deterioration in credit market conditions in
H207, and is unlikely, in the agency's view, to be successfully
reintroduced this year, given the scale of the refinancing
required (EUR1.8bn at YE07).  Meanwhile, the shareholder has
publicly stated that the final payment due to Enel SpA (Enel) in
June 2008 of approximately EUR1bn will be funded outside the
Wind restricted group at the level of Weather Investments, the
parent company of Wind.

"Although it remains the intention of the shareholder to
refinance the Holdco PIK instrument at the Wind restricted group
level when market conditions permit, it is Fitch's view that the
company's net leverage, including the Holdco PIK, has now
reduced to a level commensurate with a 'BB-' (BB minus) rating,
and thus the Outlook can be stabilised," says Michelle De
Angelis, Senior Director in Fitch's Leveraged Finance team.
"Furthermore, since current market conditions will not yet
permit such a refinancing to take place, the company is very
likely to deleverage further before it occurs."

Whilst an eventual refinancing of the Holdco PIK within the
restricted group is already factored in to the Long-term IDR, it
may have a negative effect on Wind's instrument ratings; for
example, if new debt is senior to an existing instrument, it may
result in lower anticipated recoveries in a distress scenario.
However, the impact on individual instrument ratings cannot be
determined until the structure of any such refinancing is
finalised, and given the uncertain timeframe for this to occur,
no rating action has been taken in this regard at this time.

During 2007, Wind continued to perform strongly in an
increasingly competitive market.  Not only was the company able
to maintain stable average revenues per user and increase
revenues and EBITDA in its mobile division during the year,
despite the elimination of prepaid recharge fees implemented by
the Bersani decree, it also achieved top-line growth in its
fixed-line division, indicating that the switchover from
indirect to direct business is proceeding successfully.  As a
result of the EBITDA improvement and a prepayment of its senior
facilities by EUR491m in December 2007, Wind's net debt to
EBITDA reduced to 3.6x (4.6x including the Holdco PIK) from 4.2x
at YE07.  Upward movement in the rating could result from
further debt prepayments and a consequent reduction in net
leverage (including the Holdco PIK) to less than 4x EBITDA.

The ratings are:

    -- Wind Telecomunicazioni SpA senior secured facilities:

       -- affirmed at 'BB+'; Outlook Stable

    -- Wind Finance SL S.A. second lien facilities:

       -- affirmed at 'BB+'; Outlook Stable

    -- Wind Acquisition Finance S.A. senior notes:

       -- affirmed at 'BB'; Outlook Stable


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


BORG COMPUTERS: Creditors Must File Claims by April 18
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Borg Computers insolvent on Jan. 25, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


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
-- acquires, explores, develops, produces, and markets 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 Dec. 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.


DEKO PLUS: Claims Deadline Slated for April 18
----------------------------------------------
LLP Deko Plus Ltd has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         LLP Deko Plus Ltd
         Rozybakiev Str. 125/2-22
         Almaty
         Kazakhstan


EVRAZ TECH: Claims Filing Period Ends April 18
----------------------------------------------
LLP Evraz Tech Snab has declared insolvency.  Creditors have
until April 18, 2008, to submit written proofs of claims to:

         LLP Evraz Tech Snab
         Beregovaya Str. 73
         Pavlodarskoye
         140017, Pavlodar
         Kazakhstan


INSTRUM GROUP: Creditors' Claims Due on April 18
------------------------------------------------
Pavlodar Branch of LLP Instrum Group has declared insolvency.
Creditors have until April 18, 2008, to submit written proofs of
claims to:

         Pavlodar Branch of LLP Instrum Group
         Esaya Str. 39
         Pavlodar
         Kazakhstan


JYBEK JOLY: Claims Registration Ends April 18
---------------------------------------------
LLP Jybek Joly Service has declared insolvency.  Creditors have
until April 18, 2008, to submit written proofs of claims to:

         LLP Jybek Joly Service
         Section 3
         Fantaziya
         Micro District Samal
         Almaty
         Kazakhstan


KAZ TRANS: Creditors Must File Claims by April 18
-------------------------------------------------
LLP Kaz Trans Tech has declared insolvency.  Creditors have
until April 18, 2008, to submit written proofs of claims to:

         LLP Kaz Trans Tech
         Krasnoshekov Str. 20-50
         Aktobe
         Aktube
         Kazakhstan


KK STROYCOM: Claims Deadline Slated for April 18
------------------------------------------------
LLP Construction Company KK Stroycom has declared insolvency.
Creditors have until April 18, 2008, to submit written proofs of
claims to:

         LLP Construction Company KK Stroycom
         Eset-Batyr Str. 93-70
         Aktobe
         Aktube
         Kazakhstan


MARAL 2 LLP: Claims Filing Period Ends April 18
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Maral 2 insolvent on Feb. 11, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Karatogaiskaya Str.
         Kyzylorda


NURJAN LLP: Creditors' Claims Due on April 18
---------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Company Nurjan.

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

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


SHELLSTROI LLP: Claims Registration Ends April 18
-------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Shellstroi.

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

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


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


GALLILEI LLC: Creditors Must File Claims by April 22
----------------------------------------------------
Joint Kyrgyz Russian LLC Gallilei has declared insolvency.
Creditors have until April 22, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 28-43-95


GRATIS LTD: Claims Filing Period Ends April 22
----------------------------------------------
LLC Gratis Ltd. has declared insolvency.  Creditors have until
April 22, 2008 to submit written proofs of claim to:

         LLC Gratis Ltd.
         Tabaldiev Str. 5
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 54-12-67


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


VITESSE ARNHEM: City Council Saves Football Club from Bankruptcy
----------------------------------------------------------------
A possible bankruptcy by Vitesse Arnhem was averted after the
city council of Arnhem agreed on a deal to restructure the
club's debt, the sportinglife.com reports.

Under the deal, the report adds, the clubs debt amounting to
EUR12 million will be canceled in exchange for a EUR880,000
payment.  The city council however added that it will start
investigating Vitesse's finances for the past five years.

Founded on May 14, 1892, Stichting Betaald Voetbal Vitesse is a
Dutch football club from Arnhem, Netherlands.  Vitesse has had
some successes in the Eredivisie but it has never been a top
contender.  The Eredivisie is the highest football league in the
Netherlands.


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


CHEREMKHHOVSKOE GRAIN: Court Names A. Ilyin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Irkutsk appointed A. Ilyin as
Insolvency Manager for LLC Cheremkhhovskoe Grain Receiving
Enterprise (OGRN 1043802214235).  He can be reached at:

         A. Ilyin
         Post User Box 1779
         Bratsk-32
         665732 Irkutsk
         Russia

The Court will convene at 10:00 a.m. on Jan. 21, 2008, to hear
the bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A19-10433/07-60.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Cheremkhhovskoe Grain Receiving Enterprise
         Berdnikovoy Str. 79
         Cheremkhovo
         Irkutsk
         Russia


COMSTAR-UNITED: Acquires Telematic License for Volgograd Region
---------------------------------------------------------------
Comstar – United TeleSystems JSC has acquired a license to
render telematic communication (License No. 56544) and provide
communication channels (License No. 56545) in Volgograd region.

Presently, United TeleSystems JSC and the Group affiliates hold
licenses allowing them to render various communication services
in 38 regions of Russia.

"COMSTAR-UTS now hold a large license package making it possible
for us to render a wide range of telecommunication services,"
said president Sergey Pridantsev.  "License base is the business
basis for any communication service provider.  We plan to
enlarge our package winning other licenses in the key regions of
Russia."

                       About Comstar-UTS

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

                           *    *    *

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

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


DALNEGORSK-WOOD: Creditors Must File Claims by April 22
-------------------------------------------------------
Creditors of LLC Dalnegorsk-Wood have until April 22, 2008, to
submit proofs of claim to:

         N. Fomin
         Insolvency Manager
         Post User Box 131
         664025 Irkutsk
         Russia
         Tel: (3952) 34-21-09

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-9690/2007 15-140B.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         LLC Dalnegorsk-Wood
         Primorskaya Str. 4B
         Dalnegorsk
         692442 Primorye
         Russia


DVIN LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
supervision procedure on LLC Dvin (TIN 1435085690).  The case is
docketed under Case No. A58-6168/07.

The Temporary Insolvency Manager is:

         E. Shishigin
         Office 602
         Lenina 28
         Yakutsk
         677000 Sakha–Yakutiya
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Dvin
         Vilyuyskiy Per. 16
         Yakutsk
         677000 Sakha–Yakutiya
         Russia


IR-OSA-WOOD: Creditors Must File Claims by March 22
---------------------------------------------------
Creditors of LLC Ir-Osa-Wood (TIN 8505005750) have until
March 22, 2008, to submit proofs of claim to:

         A. Nikiforov
         Temporary Insolvency Manager
         Post User Box 165
         664047 Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene on April 1, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A12-1493/08-s49.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Ir-Osa-Wood
         Sverdlova Str. 83
         Osa
         Osinskiyregion
         669201 OUBAO
         Russia


KOPEYKA: S&P Says Ratings Remain on Developing CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services said that it kept its 'CCC-'
long-term corporate credit and 'ruCCC-' Russia national scale
ratings on Russian discount food retailer Open Joint Stock Co.
Trade House Kopeyka on CreditWatch with developing implications,
where they were initially placed on Dec. 14, 2007, following
Kopeyka's public announcement of potential shareholder support
and management plans to obtain financing to repay short-term
maturities.

"Kopeyka remains on CreditWatch, as the structure of refinancing
on the bonds maturing in June and August 2008 has not been
finalized and is not fully clear," said Standard & Poor's credit
analyst Anton Geyze.

The CreditWatch placement continues despite Kopeyka's repayment
of its short-term bank loans during the last quarter of 2007 and
first quarter of 2008 through proceeds from year-end sales and
new loan financing from a bank that is not affiliated with the
company.

According to Kopeyka's management, the company is pursuing two
alternatives for refinancing the bonds maturing in June and
August 2008.

This could involve support from Nikolai Tsvetkov -- a Russian
investor the company has identified as its sole owner and who
has other substantial interests -- or a securitization involving
Kopeyka's real estate portfolio, which the management values at
$430 million.  Mr. Tsvetkov could provide financing if other
options fail.  It remains to be seen whether this would be both
sufficient and timely; rather than merely offering bondholders
partial recovery after a default.

"We will resolve or update the CreditWatch listing as Kopeyka's
means of refinancing its bond issues becomes clearer and
firmer," said Mr. Geyze.

S&P will also be scrutinizing the results of the management's
efforts to demonstrate a turnaround in the company's operating
performance and improve profitability and cash generation.

Kopeyka's very aggressive expansion in 2006 and 2007 resulted in
both a significant deterioration in profitability and an
increase in debt that must now be rolled over.

The company is facing two major refinancing events in 2008: the
repayment of its Russian ruble (RUR) 1.2 billion bond in June
2008, and a put option on its RUR4 billion bond in August 2008.


MAGNITOGORSK IRON: Earns US$1.77 Billion for Full Year 2007
-----------------------------------------------------------
OAO Magnitogorsk Iron and Steel Work has released results of its
consolidated financial statements for full year 2007, prepared
according to U.S. GAAP.

MMK Group of Companies' revenues for full year 2007 increased
year-on-year by 27.6% to US$8.197 billion.

Consolidated net income increased year-on-year by 24.3% to
US$1.77 billion, or US$0.164 per share.  The net income
accounted for 21.6% of the revenues.

Growth of crude steel production in 2007 at MMK by 6.5% secured
by increasing production at the new electric arc furnaces,
allowed to raise the output and sales of steel products by 6.8%
(in tons) against 2006.

Costs increase in 2007 mainly related to raw material price rise
was compensated by the growth of average prices for steel
products.  Thus the average price of shipped steel products,
produced by MMK, increased by US$92 or 18.6% and reached US$589
per ton.

The average price growth is due to the world steel markets
conditions and increasing sales in the domestic market where the
average price of shipped steel products in 2007 was US$154 per
ton higher than in the export market.

A certain decline of relative profitability in 2007 against the
previous year was made up by the absolute growth of revenue and
income as well as increased earnings and income per ton of
produced steel.  Thus EBITDA per tone of steel produced
increased by US$16 or 9.7%.

The MMK Group financial performance is characterized by high
liquidity and low dependency on external sources of financing.

Cash expenditures for investments in fixed and intangible assets
and acquisitions of subsidiary companies in 2007 amounted to
US$1.32 billion.

Dividend payments under MMK's shares for 12 months 2007 amounted
to US$547 million, excluding dividends under treasury shares.

                    About Magnitogorsk Iron

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

                          *     *     *

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

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

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


MITEX CJSC: Creditors Must File Claims by April 22
--------------------------------------------------
Creditors of CJSC Glove Factory Mitex have until April 22, 2008,
to submit proofs of claim to:

         I. Nozdrin
         Insolvency Manager
         78 Dobrovolcheskoy Brigady Str. 14a-22
         660077 Krasnoyarsk
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A74-2068/2006.

The Debtor can be reached at:

         CJSC Glove Factory Mitex
         Sovetskaya Str. 73
         Abakan
         Russia


MOTOR TRANSPORT 3: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy
supervision procedure on CJSC Motor Transport Enterprise 3 (TIN
6314024236).  The case is docketed under Case No. A55-15383/
2007.

The Temporary Insolvency Manager is:

         V. Kiselev
         Groznenskaya Str. 2
         443004 Samara
         Russia

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         CJSC Motor Transport Enterprise 3
         Groznenskaya Str. 2
         Samara
         Russia


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

         O. Putilina
         Insolvency Manager
         Abrekskaya 5
         690001 Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-375/2008 15-2B.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         CJSC Novoselskoe
         Tsentralnaya Str. 6
         Novoselskoe
         Spasskiy
         Primorye
         Russia


OCEAN LLC: Creditors Must File Claims by March 22
-------------------------------------------------
Creditors of LLC Medical Centre Ocean (TIN 2511042614) have
until March 22, 2008, to submit proofs of claim to:

         V. Pudov
         Temporary Insolvency Manager
         Post User Box 202
         690014 Vladivostok-14
         Russia

The Arbitration Court of Primorye commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A51-12698/2007 26-196/13B.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         LLC Medical Centre Ocean
         Sadgorodskaya Str. 21
         Vladivostok
         Russia


OSOKINSKOE CJSC: Omsk Bankruptcy Hearing Slated for May 27
----------------------------------------------------------
The Arbitration Court of Omsk will convene on May 27, 2008, to
hear the bankruptcy supervision procedure on CJSC Osokinskoe.
The case is docketed under Case No. A46-14951/2007.

The Temporary Insolvency Manager is:

         I. Metsler
         Post User Box 4142
         644089 Omsk
         Russia
         Tel: 8(913) 979-5307

The Debtor can be reached at:

         CJSC Osokinskoe
         Osokino
         Kalachinskiy
         646926 Omsk
         Russia


PROFIT LLC: Creditors Must File Claims by April 22
--------------------------------------------------
Creditors of LLC Profit (TIN 5503075019) have until April 22,
2008, to submit proofs of claim to:

         O. Chernyakov
         Insolvency Manager
         Post User Box 8740
         644099 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-3463/2007.

The Debtor can be reached at:

         O. Chernyakov
         Insolvency Manager
         Post User Box 8740
         644099 Omsk
         Russia


ROSNEFT OIL: Repays US$5.2 Billion of Bridge Loan
-------------------------------------------------
OAO Rosneft Oil Co. completed on March 14, 2008, the repayment
of the second tranche (US$5.2 billion) of the short-term
acquisition financing drawn in early 2007.

Rosneft funded the repayment by closing a new US$3 billion five
year pre-export international bank facility as announced in
February and generation of sufficient free cash flow to cover
the balance.

As of March 14, 2008, Rosneft has refinanced or repaid
US$5.6 billion out of US$5.8 billion of short-term debt falling
due in the first quarter of 2008, with US$2.6 billion fully
repaid from free cash flow.  The repayment of the remaining
US$190 million will also be funded by free cash flow.

Rosneft President Sergei Bogdanchikov commented: "Despite
adverse conditions in global credit markets, Rosneft's
refinancing and repayment of US$5.6 billion of maturities is a
good indication of both the company's strong reputation among
major international lenders and its ability to generate
significant free cash flow, notwithstanding the current
challenges presented by rising inflation and taxation."


                         About Rosneft

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

                         *     *     *

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


SEVERSTAL OAO: Earns US$1.94 Billion for Year Ended December 31
---------------------------------------------------------------
OAO Severstal released it consolidated financial results for
year ended Dec. 31, 2007.

Severstal posted US$1.94 billion in net profit on US$15.25
billion in net revenues for full year 2007, compared with
US$1.45 billion in net profit on US$12.45 billion in net
revenues for full year 2006.

This growth is largely attributable to the strong performance of
Russian Steel, which exploited growth opportunities in the
Russian domestic market, and Lucchini, which enjoyed price
stability in its local currency and benefited from the weaker
dollar.  Our Mining business, Izhora Pipe Mill and Metalware
also contributed to our overall growth during the period.

"These positive results show that we are continuing to grow our
business well, particularly in Russia," Chris Clark, Non–
Executive Chairman of OAO Severstal, said.  "Severstal's
vertically-integrated business model is well placed to prosper
in today’s volatile markets."

"I am pleased to announce good growth for Severstal in 2007 with
net profit up 33.1% and EPS up 22.3% year-on-year," Alexei
Mordashov, CEO of OAO Severstal, said.  "With the exception of
North American operations, all our businesses posted
considerable gains during the year.  Based on the strong
earnings and cash flows we are increasing the dividend payout to
40.1 % of net profit, remaining in line with our dividend policy
of paying 25% of consolidated net profit."

Net debt, calculated as the difference between debt and cash and
cash equivalents, plus short-term bank deposits, increased from
US$158 million as of Dec. 31, 2006, to US$1.114 billion as of
Dec. 31, 2007.

Total indebtedness increased to US$3.33 billion as of Dec. 31,
2007.

Cash, cash equivalents and short-term bank deposits decreased
from US$2.85 million as of Dec. 31, 2006, to US$2.21 billion as
of Dec. 31, 2007, mainly attributable to the company’s
investment activities.

                            Dividend

Severstal's Board of Directors recommended a dividend of RUR4
per share and per global depositary receipt for fourth quarter
2007 with a record date of May 15, 2008.  Each GDR represents
one share in the Company.  This recommendation is based on the
company’s strong financial results for 2007.

Approval of the dividend will be at the AGM on June 27, 2008.

                             Outlook

Wider economic markets are currently showing signs of some
volatility.  However, given the current favorable pricing
environment in Russia and the U.S.A., a robust European market
and Severstal’s vertically integrated business model, the Board
is confident that 2008 will be another year of progress.

                         About Severstal

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

                         *     *     *

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

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

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


SEVERSTAL OAO: Unit Wins Exploration for Nerchenskaya Gold Field
----------------------------------------------------------------
OAO Severstal's OOO Severnaya Zolotorudnaya Kompaniya unit has
won an auction for the geological exploration and gold
extraction rights at the nerchenskaya field in the Chitinskaya
oblast.

The auction was held by the Subsurface Management Department of
the Chitinskaya oblast on March 13, 2008, in Chita.

Severnaya Zolotorudnaya won the bid at RUR16.5 million from a
starting price of RUR15 million.

According to Severstal Resurs estimates, the resources in this
field are predicted to be 20 tons of gold.

                         About Severstal

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

                         *     *     *

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

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

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


SISTEMA JSFC: Sells Sahles to Saturn for US$190 Million
--------------------------------------------------------
OJSC Concern Radiotechnical and Informational Systems, a unit of
Sistema JSFC, has completed the sale of 100% stake in CJSC
Sahles to CJSC Saturn, for US$190 million.

CJSC Sahles owns a 71.63% stake in OJSC Perm Motors Plant, as
well as controlling stakes in other entities which constitute
the Perm Motors Group.  PMG comprises 18 companies specializing
in military and civil aviation engine construction.

"According to the strategy approved by our Board of Directors,
we are currently focusing on fast growing service sectors of the
economy," Alexander Goncharuk, President and Chief Executive
Officer, commented.  "Sistema considered its engine business as
promising, but it was a non-core investment.  Our decision to
sell this business to OPK Oboronprom is also related to the
creation of the state holding which will unify the defense and
industrial companies."

                         About Sistema

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

                         *     *     *

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

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

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


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

         M. Chereshko
         Temporary Insolvency Manager
         Post User Box 2299
         650070 Kemerovo
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A45-9511/07-54/62.


The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         JSC Stavolgri
         Office 89
         Sibiryakov-Gvardeytsev Str. 56
         630088 Novosibirsk
         Russia


TATNEFT OAO: Files International Arbitration Against Ukraine
------------------------------------------------------------
OAO Tatneft has commenced an international arbitration against
the Ukrainian government in connection with the illegal forced
takeover in October 2007 of the Kremenchug refinery (JSC
Ukrtatnafta), which is majority owned by Tatneft.

On Dec. 11, 2007, Tatneft sent to the President, the Prime
Minister and the Minister of Foreign Affairs of Ukraine a notice
of dispute proposing negotiations pursuant to Article 9(1) of
the bilateral investment treaty between the Russian Federation
and Ukraine to respond to Tatneft's claims arising out of the
forcible takeover of the Kremenchug refinery.

According to Tatneft, although a number of senior Ukrainian
officials are reported to have referred to this takeover as an
"illegal raider action," Ukraine has failed to take any steps to
restore the duly appointed Kremenchug management and protect the
investment of the company and other shareholders of Ukrtatnafta.

Since Tatneft filed its notice of dispute, Ukraine has taken no
action to address these claims or engage in negotiations with
Tatneft.  Under the bilateral investment treaty between the
Russian Federation and Ukraine, Tatneft has the right to
commence an international arbitration against Ukraine at any
time after March 11, 2008.

Tatneft will file shortly a request for arbitration, which will
name a recognized public international law specialist as its
arbitrator.  International law firm Cleary Gottlieb will
represent Tatneft in this arbitration.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


TMK OAO: SSAB Deal Prompts S&P to Revise Outlook to Negative
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russian metal pipe producer OAO TMK to negative from stable.  At
the same time, the 'BB-' long-term corporate credit and 'ruAA-'
Russia national scale ratings were affirmed.

This follows TMK's announcement of its acquisition of 51% of NS
Group, Inc. and 100% of IPSCO Tubulars Inc. from SSAB Svenskt
Stal AB (BBB/Stable/A-2; Nordic national scale --/--/K-2) for
US$1.2 billion.

"The outlook revision reflects our view that the large, debt-
financed acquisition will impact TMK's already tight liquidity
and significantly stretch its credit metrics," said Standard &
Poor's credit analyst Andrey Nikolaev.

TMK plans to finance the acquisition with a syndicated bridge
facility of up to US$1.3 billion. TMK has also signed a put/call
option to buy the remaining 49% of NS Group for US$500 million,
which we treat as debt.  The acquisition will lead to debt to
EBITDA increasing to about 3x from 1.4x as of June 30, 2007,
and a funds from operations-to-debt ratio of less than 30%.

Even more importantly, the share of short-term debt will
increase to about 65%-70%, and will not be covered with cash and
committed credit lines, putting substantial pressure on
liquidity.  TMK expects to refinance the short-term debt with a
combination of equity and long-term debt in the second half of
2008.

On the positive side, however, S&P believes the acquisition will
enhance TMK's scale of operations, as well as its market
position and diversity, increasing the share of non-Russian
revenues.

The ratings continue to reflect the risks associated with the
cyclical pipe rolling industry, exposing the company to the
steel cycle and to capital-expenditure fluctuations in the
hydrocarbon sector.  The ratings are also constrained by the
company's ambitious investment strategy and aggressive
financial policy, including opportunistic liquidity management.

These negative factors are partially offset by TMK's robust
market positions, the currently favorable market fundamentals
for seamless and large-diameter welded pipes, and the company's
strong operating and financial performance.

At June 30, 2007, TMK had US$865 million in total adjusted debt,
but this figure has increased considerably since then.

"We could lower the long-term corporate credit rating on TMK
within the next 12-18 months should TMK prove unable to better
its maturity schedule through long-term debt and equity issuance
and successfully integrate the newly acquired assets," said Mr.
Nikolaev.

Weakening financial results in the core operations could also
lead to a downgrade, as could the company's inability to manage
working-capital outlays, which would lead to further
deterioration in financial metrics.

S&P expects, however, that TMK's management will be able to
adjust capital spending and not increase its dividend payout
target.

The outlook could be revised back to stable if the company
successfully refinances its short-term debt with long-term debt
and equity, so that short-term maturities are comfortably
covered with committed lines and cash.


TRUST STERLITAMAK-STROY: Creditors Must File Claims by April 22
---------------------------------------------------------------
Creditors of OJSC Trust Sterlitamak-Stroy (TIN 0268027060) have
until April 22, 2008, to submit proofs of claim to:

         A. Shayhetdinov
         Insolvency Manager
         Nikolaeva Str. 120
         Sterlitamak
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-17247/06-G-KhRM.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Trust Sterlitamak-Stroy
         Nikolaeva Str. 120
         Sterlitamak
         Bashkortostan
         Russia


TSELINNYJ CJSC: Creditors Must File Claims by April 22
------------------------------------------------------
Creditors of CJSC Glove Factory Mitex have until April 22, 2008,
to submit proofs of claim to:

         N. Ivanchenko
         Insolvency Manager
         Post User Box 658
         Post Office 7
         Zhuravleva Str.
         672007 Chita
         Russia

The Arbitration Court of Chita will convene at 10:00 a.m. on
Jan. 21, 2009, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A-78-2030/2007 B-234.

The Debtor can be reached at:

         CJSC Glove Factory Mitex
         Tselinnyj
         Krasnokamenskiy
         674697 Chita
         Russia


TUKAY-GAS-ENERGO-SERVICE: Creditors Must File Claims by March 22
----------------------------------------------------------------
Creditors of OJSC Tukay-Gas-Energo-Service have until March 22,
2008, to submit proofs of claim to:

         L. Shamsutdinov
         Insolvency Manager
         Post User Box 18
         Elabuga
         423600 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-24026/2007-SG4-27.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tukay-Gas-Energo-Service
         Nab. Chelny
         Tatarstan
         Russia


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


SEOP OBRAS: Seeks Bankruptcy Protection in Madrid Court
-------------------------------------------------------
SEOP Obras y Proyectos, a subsidiary of Grupo Silver Eager
sought creditor protection at a court in Madrid, published
reports say.

The construction company said it suspended debt payments due to
lack of liquidity arising from non-payments of its clients and
the effect of tight credit conditions, reports say.

SEOP did not reveal the details of its outstanding debt, Reuters
added.

Headquartered in Madrid, Spain, SEOP Obras y Proyectos --
http://www.seop.es/-- ranked 13th among Spain's construction
companies.  It reported turnover of EUR433.8 million and net
profit of EUR6.5 million for the financial year 2006.


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


NAFTOGAZ UKRAINY: Reaches New Supply Deal with Gazprom
------------------------------------------------------
NAK Naftogaz Ukrainy Chairman Oleg Dubyna, and OAO Gazprom
Chairman Alexey Miller have signed an Agreement on gas
cooperation development.

Under the mentioned Agreement, natural gas of Central and Middle
Asia origin in the volume not less than 49.8 billion cubic
meters at the price of US$179.5 per 1,000 cubic meters should be
supplied to Ukraine from January to December 2008.

The gas purchaser on the Russian border with Ukraine should be
the Naftogaz.  Moreover, the Central Asian gas supplies in the
volume of 5.2 billion cubic meters, which have been performed in
January–February, 2008, should be confirmed in full by the
relevant acceptance reports and paid up under the effective
Contracts signed with Rosukrenergo AG and CJSC UkrGazEnergo.

Taking into account the technical schedule of Central & Middle
Asia gas supplies and the lack thereof in the fist quarter of
2008, Naftogaz should execute the Russian Gas Sale Contract with
Rosukrenergo AG for the gas, supplied to Ukraine in January-
February 2008 at the base price of US$315 per 1,000 cubic
meters, the cost of which should be compensated through return
of the appropriate volume of natural gas.

Starting on April 1, 2008 a company, which is subsidiary or
affiliated with Gazprom, will annually carry out direct gas
supplies to industrial customers of Ukraine in the volume not
less than 7.5 billion cubic meters.

Negotiation on natural gas supply terms to Ukraine in 2009 and
the subsequent years will continue based on existing market
conditions for Central and Middle Asia gas purchase prices.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed
the ratings of Naftogaz on Rating Watch Negative.  The ratings
include the company's Long-term foreign and local currency
Issuer Default Ratings of 'B+', senior unsecured rating of 'B+'
and Recovery Rating of 'RR4'.

Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a
Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-
Default rating from Moody's with a stable outlook.


TATNEFT OAO: Files International Arbitration vs. Governement
------------------------------------------------------------
OAO Tatneft has commenced an international arbitration against
the Ukrainian government in connection with the illegal forced
takeover in October 2007 of the Kremenchug refinery (JSC
Ukrtatnafta), which is majority owned by Tatneft.

On Dec. 11, 2007, Tatneft sent to the President, the Prime
Minister and the Minister of Foreign Affairs of Ukraine a notice
of dispute proposing negotiations pursuant to Article 9(1) of
the bilateral investment treaty between the Russian Federation
and Ukraine to respond to Tatneft's claims arising out of the
forcible takeover of the Kremenchug refinery.

According to Tatneft, although a number of senior Ukrainian
officials are reported to have referred to this takeover as an
"illegal raider action," Ukraine has failed to take any steps to
restore the duly appointed Kremenchug management and protect the
investment of the company and other shareholders of Ukrtatnafta.

Since Tatneft filed its notice of dispute, Ukraine has taken no
action to address these claims or engage in negotiations with
Tatneft.  Under the bilateral investment treaty between the
Russian Federation and Ukraine, Tatneft has the right to
commence an international arbitration against Ukraine at any
time after March 11, 2008.

Tatneft will file shortly a request for arbitration, which will
name a recognized public international law specialist as its
arbitrator.  International law firm Cleary Gottlieb will
represent Tatneft in this arbitration.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


* Fitch Affirms Ukraine's Ratings on Solid Growth
-------------------------------------------------
Fitch Ratings affirmed Ukraine's Long-term foreign and local
Issuer Default ratings at 'BB-' (BB minus) with Positive
Outlooks.  The agency has also affirmed the Country Ceiling at
'BB-' (BB minus) and the Short-term IDR at 'B'.

"Ukraine's credit fundamentals are improving owing to solid
growth supported by rising investment and FDI.  WTO entry in
2008 is positive news, while public debt remains low.  However,
rising inflation and risks in the banking sector and external
finances currently make an upgrade premature," says Andrew
Colquhoun, Director in Fitch's Emerging Europe team.  Annual
real GDP growth has averaged above 7% since 2000. Growth and
investment are supported by strong FDI (around 5% of GDP in
2007).  The growth outlook benefits from WTO accession, expected
by August 2008.

However, Ukraine faces near-term risks to its economic stability
from rising inflation, which hit 22% year-on-year in February
2008, driven by strong monetary expansion as a result of
unsterilised capital inflows in the context of a fixed exchange
rate, with a 34% rise in food prices contributing.  The
government has said it will restrain its fiscal deficit to 1.5%
of GDP in 2008 from 2.1% originally budgeted to curb
inflationary pressures, but this is still a substantial
loosening from 0.5% in 2007.  A more flexible exchange rate
could absorb some of the inflationary pressure arising from
capital inflows, but the authorities are committed for now to
the UAH's current peg to the US$ at 5.05.

Ukraine's gas-intensive economy has so far weathered a rising
gas import bill, with a further price hike to US$180/thousand
cubic metres (tcm) for 2008 from US$130/tcm agreed in March.
Gas prices will go on rising towards the EU price, currently
about US$370/tcm, although the timing is uncertain.  Official
reserves rose 45% over 2007 to US$32.5bn, buoyed by capital
inflows, boosting the country's external liquidity ratio above
100% in 2008.  However, Ukraine's external liquidity remains
weaker than 'BB' medians.  Strong private-sector borrowing took
the stock of gross external debt to 54% of GDP by end-2007, well
above the 'BB' median of 32%.  Fitch expects the current account
deficit to widen to 5.5% of GDP in 2008, owing to strong imports
growth.

Bank credit grew about 74% in 2007, a pace which gives rise to
concerns over easing loan standards, although the non-performing
loan ratio remains stable for now at around 2%.  Ukraine's
private-sector credit stock of 58% of GDP is already large
compared with regional and rating peers.  Rising risks in the
banking system are partly mitigated by a growing foreign
ownership share.  A moderation in external borrowing and credit
growth should help to reduce vulnerabilities, but too abrupt a
slowdown in capital inflows could lead to funding pressures for
banks.

Public finances remain a rating strength despite the fiscal
loosening projected for 2008.  Government debt was just 10% of
GDP at end-2007.  The sovereign has budgeted guarantees for
USD2.4bn of debt owed by Naftogaz; even including guarantees,
public debt was just 14% at end-2007, down from 16% at end-2006.
The state has assumed responsibility for lost savings in the
former Soviet savings bank worth 24% of 2007 GDP; however, the
authorities have discretion on the timing of repayments.  Rising
reserves took the sovereign's net foreign asset position to 10%
of GDP by end-2007.


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


ABITIBIBOWATER INC: Moody's Junks Corporate Family Ratings
----------------------------------------------------------
Moody's Investors Service downgraded the corporate family
ratings of AbitibiBowater Inc.'s subsidiaries Abitibi-
Consolidated Inc. and Bowater Incorporated to Caa1 from B2.

The rating action results from AbitibiBowater's deteriorating
liquidity profile, the anticipated challenges associated with
the company's recently announced US$1.4 billion refinancing plan
and weakened credit protection measures.  At the same time,
Moody's downgraded the probability-of-default rating of Abitibi
to Caa3 from B2 and the probability-of-default rating of Bowater
to Caa1 from B2.  Moody's assigned a B1 rating to the new US$415
million secured notes due 2011 at Abitibi and downgraded the
senior unsecured ratings for bonds and debentures issued by
Abitibi and Bowater to Caa2 from B3.  In addition, Abitibi's and
Bowater's speculative grade liquidity ratings were downgraded to
SGL-4 and SGL-3 respectively from SGL-2.  The rating outlooks
for Abitibi and Bowater are negative.

The ratings of Abitibi reflect the company's weakened liquidity
profile and the anticipated challenges of completing the
company's recently announced exchange offer whereby the company
has offered to exchange the 6.95% notes of Abitibi due April 1,
2008, the 5.25% Notes of Abitibi-Consolidated Company of Canada
due June 20, 2008, and the 7.875% notes of Abitibi due August 1,
2009 (the affected notes) in a private placement for a
combination of cash and new 15% notes due 2010 to be issued by
Abitibi-Consolidated Company of Canada.  Moody's considers the
exchange offer to be occurring under distressed circumstances
and upon the completion of the exchange, would downgrade
Abitibi's probability-of-default rating on the affected notes to
LD from Caa3 reflecting a limited default.

The ratings of Abitibi and Bowater also reflect their weak
operating performance, negative free cash flow and high debt
levels from past debt-financed acquisitions.  The ratings
incorporate declining demand for newsprint, deteriorating
markets for their sawmill operations, rising input costs
(especially in eastern Canada), the strong Canadian dollar, and
a weakened liquidity profile.  Positive factors that support the
ratings include AbitibiBowater's large scale as the largest
newsprint producer in the world, which provides flexibility to
reduce costs, the potential to realize a large portion of the
US$375 million of identified synergies, and cost-competitive
operations.  It is noted that even as newsprint consumption
continues to decline in 2008 owing to rising substitution by
electronic media and the slowing US economy, the newsprint
capacity reductions by AbitibiBowater and its competitors should
provide support to the price increases implemented in the first
quarter of 2008.  Some improvement in cash flow generation
should be observed as the effects of price increases work their
way through the company's results.

The speculative grade liquidity ratings for Abitibi and Bowater
result from minimal availability under each company's respective
credit facilities, and expectations that cash flow will be
slightly negative to neutral over the next four quarter SGL time
horizon.  The weaker SGL rating for Abitibi reflects the
scheduled debt maturity of US$346 million in the next quarter
and the limited cash and credit availability of approximately
US$100 million.  The SGL ratings also incorporate the
expectation that financial covenant compliance may become a
problem should the company prove unsuccessful in extending an
expiring waiver or financial performance fails to improve
materially in the next few quarters.  Moody's believes that
AbitibiBowater has some alternative liquidity potential with the
ability to sell certain non-core assets including the company's
hydro assets, timberlands and operating assets in the UK and
South Korea.  In addition, the company expects to receive
approximately US$160 million in cash proceeds in the second
quarter of this year from the recent sale of the Snowflake,
Arizona newsprint mill to Catalyst Paper Corporation.

The negative outlook reflects the potential for further downward
ratings adjustment should the refinancing plan fail to be
completed in the amounts and in the timeframe required to
address Abitibi's debt maturities.  The negative rating outlook
also reflects expectations that AbitibiBowater's liquidity
profile will be at risk should declining newsprint demand, the
strong Canadian dollar and rising input costs offset the
expected improved financial results from the newsprint price
increases implemented since November 2007.

Downgrades:

Issuer: Abitibi-Consolidated Company of Canada

     -- Senior Unsecured Regular Bond/Debenture, Downgraded
        to Caa2, LGD4-62% from B3, LGD4-57%

     -- Senior Unsecured Shelf, Downgraded to (P)Caa2 from (P)B3

Issuer: Abitibi-Consolidated Finance L.P.

     -- Multiple Seniority Shelf, Downgraded to (P)Caa2
        from (P)B3

     -- Senior Unsecured Regular Bond/Debenture, Downgraded
        to Caa2, LGD4-62% from B3, LGD4-57%

Issuer: Abitibi-Consolidated Inc.

     -- Probability of Default Rating, Downgraded to Caa3
        from B2

     -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
        from SGL-2

     -- Corporate Family Rating, Downgraded to Caa1 from B2

     -- Multiple Seniority Shelf, Downgraded to (P)Caa2
        from (P)B3

     -- Senior Unsecured Regular Bond/Debenture, Downgraded
        to Caa2, LGD 4-62% from B3, LGD4-57%

Issuer: Bowater Canada Finance Corp.

     -- Senior Unsecured Regular Bond/Debenture, Downgraded
        to Caa2, LGD4-61% from B3, LGD4-60%

Issuer: Bowater Incorporated

     -- Probability of Default Rating, Downgraded to Caa1
        from B2

     -- Speculative Grade Liquidity Rating, Downgraded to SGL-3
        from SGL-2

     -- Corporate Family Rating, Downgraded to Caa1 from B2

     -- Senior Unsecured Regular Bond/Debenture, Downgraded
        to Caa2, LGD4-61% from B3, LGD4-60%

Issuer: Maine Finance Authority

     -- Senior Unsecured Revenue Bonds, Downgraded to Caa2,
        LGD4-61% from B3, LGD4-60%

Issuer: McMinn (County of) TN, I.D.B.

     -- Senior Unsecured Revenue Bonds, Downgraded to Caa2,
        LGD4-61% from B3,LGD4-60%

Issuer: York (County of) SC

     -- Senior Unsecured Revenue Bonds, Downgraded to Caa2,
        LGD4-61% from B3,LGD4-60%

Assignments:

Issuer: Abitibi-Consolidated Company of Canada

     -- Senior Secured Regular Bond/Debenture, Assigned B1,
        LGD1-08%

Outlook Actions:

Issuer: Abitibi-Consolidated Company of Canada

     -- Outlook, Changed To Negative From Developing

Issuer: Abitibi-Consolidated Finance L.P.

     -- Outlook, Changed To Negative From Developing

Issuer: Abitibi-Consolidated Inc.

     -- Outlook, Changed To Negative From Developing

Issuer: Bowater Canada Finance Corp.

     -- Outlook, Changed To Negative From Developing

Issuer: Bowater Incorporated

     -- Outlook, Changed To Negative From Developing

Headquartered in Montréal, Québec, with a regional office in
Greenville, South Carolina, AbitibiBowater is North America's
leader in newsprint and commercial printing papers.  The company
also produces lumber and market pulp.  The company was formed
from the merger of Abitibi and Bowater in October 2007.
AbitibiBowater owns or operates 27 paper and pulp facilities
(excluding the Snowflake, Arizona newsprint mill) and 35 wood
products facilities located in the United States, Canada, the
United Kingdom and South Korea.


BAA LTD: Transport Select Committee Calls for Breakup
-----------------------------------------------------
The House of Commons Select Committee on Transport published on
March 15, 2008, its report on the future of BAA Ltd.

According to the transport committee report:

                           Regulation

   -- the Competition Commission should not automatically be
      involved in the review of airport charges.  Instead, it
      should be a body to which the airport operators may go if
      they wish to appeal.  The committee welcome the
      government's announcement of the strategic review of the
      CAA, and hope that Sir Joseph Pilling will take note of
      the consensus that has emerged around the question of the
      nature of the future relationship between the CAA and the
      Competition Commission.

   -- the committee agree with the CAA that economic regulation
      should only apply where there is a need for it, and
      therefore welcome the department's decision to de-
      designate Manchester airport.  Although Stansted will
      remain a designated airport for the immediate future, the
      committee is confident that the circumstances of BAA's
      common ownership will change in the foreseeable future,
      either through the actions of the Competition Commission
      or BAA.

   -- the real problem in the airports sector is that there is a
      need for economic regulation at all.  The fact that
      regulatory asset base regulation brings problems of its
      own is another issue entirely.  Piecemeal ownership of
      terminals by companies other than BAA is not radical
      enough a solution to the problem of BAA's monopoly.

   -- it was, and remains, the transport committee's view that
      BAA should be doing a lot of things covered by the
      incentives anyway.  The committee have no issue with the
      principle of performance-related pay as applied through
      service quality rebates.  They do, however, regret the
      apparent need for such targets.  If there were no position
      of market power in the UK airports sector—if there was
      real competition for traffic—airport owners would not need
      incentives from an external regulator.

   -- the committee believe that the percentage of revenue
      subject to rebates should be higher, as suggested by the
      Competition Commission.  The comparison of the regulation
      of BAA to an anti-trust regime lends further weight to our
      view that BAA's market position is fundamentally anti-
      competitive.

                           Challenges

   -- the committee believe a competitive airports sector would
      be better than the current state of affairs, where in
      their opinion competition is stifled by common ownership
      of several major airports.  Airports under separate
      ownership would have to compete for traffic.  This would
      also have positive consequences for passengers.  BAA's
      common ownership is holding back the natural development
      of the market, where discrete passenger markets are less
      well-defined.

   -- Heathrow is losing its popularity as a transit hub to
      other European airports.  It is vital that Heathrow
      reverses this trend and retakes its place as the European
      hub of choice for international carriers.  It is clear
      that a chronic shortage of capacity is hindering
      Heathrow's ability to provide the sort of service to which
      it should aspire.  The committee support the Government's
      proposal to add capacity at Heathrow.

   -- there is limited competition between UK airports.  With
      the demarcation between different types of airports
      becoming ever less clear, the theoretical restrictions on
      competition decrease and the old argument against
      divestment—which denied the possibility of competition
      altogether—loses force.  The committee feel that there is
      room for more competition and that ending the current
      situation of common ownership would go a long way to
      realizing this.

   -- the transport committee have already called for the AUC's
      funding to be increased.  It should become a proactive
      consumer body, going out and engaging with passengers.
      Its role to 'further the reasonable interests' of
      passengers should be interpreted as meaning more than just
      waiting for disgruntled passengers to make a complaint.
      However, if the AUC's terms of reference do need amending
      to allow it to become a genuinely proactive body, then the
      CAA and AUC should do so quickly.

   -- BAA may feel as though it is taking a lot of the flak for
      things that are not part of its day to day responsibility,
      but this does not detract from the serious questions
      raised over mismanagement of resources and failure to plan
      adequately for contingencies which were far from
      unexpected, let alone inconceivable.  With the ever-
      present possibility of extraordinary circumstances such as
      strikes or terrorist incidents, queues at airports are
      almost inevitable from time to time. Our criticism of BAA
      is that it should have predicted the predictable, and
      planned accordingly.

   -- the main benefits arising from T5 will be for passengers
      and British Airways.  The increase in capacity that a
      fifth terminal provides has given BAA the opportunity to
      move airlines around and improve the condition of the
      other terminals.  This will benefit all other airlines and
      their passengers.  It is however regrettable that BAA ever
      allowed the position to get as bad as it did.

                             Options

   -- competition between terminals at Heathrow could have been
      a radical solution to the problem of competition at
      Heathrow.  If neither the Government nor BAA believe that
      inter-terminal competition is an option at Heathrow, then
      it makes the prospect of divestment even more likely.

   -- there are more limitations on supply than there are on
      demand in the aviation sector, and there are no signs that
      this will change.  To assume that spare capacity is
      necessary for competition is to deny the possibility of
      competition altogether.  The committee have heard evidence
      from the CAA that there is indeed competition,
      particularly in the point-to-point and low-cost sectors.
      If competition is taking place without spare capacity—as
      the CAA say that it is—then it must be possible.

   -- BAA's monopoly position in the UK airports sector is
      unnecessary.  Indeed, it is bad for passengers and bad for
      the aviation industry.  The committee does not agree that
      the status quo is a necessary condition of sustained
      investment and development.  They are firmly of the view
      that increased competition is possible and could have huge
      benefits for both airlines and passengers.  They look
      forward to the Competition Commission's analysis of all
      the issues, and hope that it undertakes detailed cost-
      benefit analyses of all the possible outcomes.

                           About BAA

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

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

                             *   *   *

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


BAA LTD: Files Stansted Runway Application Amidst Breakup Call
--------------------------------------------------------------
BAA Ltd. lodged the first application for a new full-length
runway in the South East of England since the second world war,
the runway at Stansted.

BAA opened Terminal Five at Heathrow on March 14, 2008.  The
airport operator has committed to spend around GBP6 billion over
the next five years to transform all of its airports.

BAA questioned the Select Committee, who advocates breakup of
BAA, if whether that would help or hinder the process of
transformation.

The airport operator firmly believes that a break-up would only
delay not just the much-needed investment, but also what the
government, and the committee itself in this latest report, have
consistently identified as the overwhelming priority in the
South East of England since the 2003 White Paper, the provision
of extra runway and terminal capacity.

BAA reiterated that no other airport operator in this country
has demonstrated willingness to deliver that capacity and, in
fact, proposed investments at non-BAA airports have either been
postponed or canceled completely.

                            About BAA

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

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

                             *   *   *

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


BAA LTD: Civil Aviation Authority Recommends Regulatory Reforms
---------------------------------------------------------------
The Civil Aviation Authority reported to the Competition
Commission that there is a clear case for regulatory reform, but
says that airport investments and service quality improvements
will still need to be paid for.

The CAA welcomes this opportunity to contribute to the
Commission's consideration of economic regulation as part of its
inquiry and to the more general debate about how to develop the
best framework for economic regulation of UK airports, which the
Department for Transport has said it will consider following the
Commission's report.

The regulatory framework has remained largely unchanged in 20
years.  The CAA argues that it risks not keeping pace with
future changes in the UK aviation market and should be modified
to bring it into line with best practice regulation.  This
reform should include:

   -- Reframing the CAA's duties to place the interests of
      consumers first, recognizing that effective competition
      provides the best means of protecting their interests, as
      it does at the majority of UK airports.

   -- Providing the CAA with more flexibility and discretion so
      that it can tailor its regulation better across airports
      and over time, responding to the continually changing
      market environment.  This could allow it to act more
      rapidly when unfair conduct is identified but also enable
      the CAA to enter into longer-term commitments with
      airports in a way that encourages appropriate investment.

   -- Providing the CAA with concurrent competition powers -
      which most other regulators hold - so that it can make use
      of the existing competition law regime to balance sector-
      specific regulation with general competition tools.

These improvements to the framework would enhance the clarity
and flexibility of regulation, without extending unnecessarily
the CAA's intervention in markets: the CAA considers that the
vast majority of UK airports should continue to operate free of
detailed economic regulation as competition, rather than
regulation, provides the best way of ensuring that consumers
receive the service they demand, offered at fair prices.

With this in mind, the CAA recommends that there is a case for
additional measures aimed at providing a check against
unnecessary regulation, including:

   -- an improved appeals mechanism, installing the Competition
      Commission as the appeals body for CAA price control
      decisions;

   -- the use of time-limited license conditions; and

   -- periodic reviews of the regulatory burden.

These would build on the CAA's existing obligation to impose
only the minimum of regulation necessary.

The Competition Commission will be considering issues connected
with its market inquiry over the remainder of this year.

Mr. Harry Bush, the CAA's Group Director of Economic Regulation,
commented, "There is now widespread agreement – between
airlines, BAA and the regulator – that the current regulatory
framework needs modernizing.  But there is likely to be
considerable debate about the best way to do this."

Mr. Bush, added "The CAA has placed significant weight on
passengers’ interests – notably in its recent decisions on
investment and service quality at Heathrow and Gatwick – but the
regulatory regime could be improved by placing the interests of
consumers unambiguously at the heart of the CAA's duties and by
encouraging competition between airports and between airlines
for their business.  This would also line up the CAA's duties
with those of other economic regulators."

The CAA's report comes at a time when a number of stakeholders
are calling for a reform of the regulatory framework of UK
airports.  The CAA welcomes this public debate and looks forward
to discussing these issues with the Commission as well as with
airports, airlines, consumer groups and Government.

                           About BAA

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

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

                             *   *   *

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


BCCL REALISATIONS: Brings In Liquidators from Vantis
----------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis Business
Recovery Services were appointed joint liquidators of BCCL
Realisations Ltd. on Jan. 24 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


BODY SHOP: Joint Liquidators Take Over Operations
-------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis
Business Recovery Services were appointed joint liquidators of
Body Shop Developments Ltd. on Dec. 19 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


BURGUNDY GLOBAL: Hires Liquidators from Vantis
----------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis Business
Recovery Services were appointed joint liquidators of Burgundy
Global Ltd. on Jan. 24 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


CARLYLE CAPITAL: Enters Into Compulsory Liquidation
---------------------------------------------------
On March 17, 2008, before the Royal Court of Guernsey, an order
was granted placing Carlyle Capital Corporation Limited into
compulsory liquidation under section 94(a) of the Companies
(Guernsey) Laws 1994 as amended pursuant to a special resolution
of members.  Alan Roberts and Neil Mather, both of Begbies
Traynor, were appointed joint liquidators of CCC and duly sworn
into office on that day.

On March 18, 2008, the Royal Court in Guernsey approved the
appointment of two additional liquidators, Chris Morris and
Adrian Rabet, both also of Begbies Traynor.

Under Guernsey law, the Liquidators are now responsible for
realizing the assets and establishing the liabilities of CCC and
are legally empowered to act on its behalf in those connections.
All powers of the directors to act on behalf of CCC, except as
may be expressly permitted by the Liquidators from time to time,
have now ceased and CCC has ceased to undertake business.

Given the circumstances the Liquidators have requested that the
Netherlands Authority for the Financial Markets in the
Netherlands suspend trading of shares in CCC with immediate
effect and until further notice.  The decision of that authority
is pending.

Section 80 of the Companies (Guernsey) Laws 1994 as amended
provides that any transfer of a company's shares after the
commencement of a voluntary winding up, other than a transfer
made to or with the sanction of the liquidator, is void.  There
is no equivalent provision of the Companies (Guernsey) Laws 1994
as amended applicable to companies in compulsory winding up.
Accordingly, there remains some uncertainty as to whether any
transfer of a company's shares after the commencement of a
compulsory winding up, other than a transfer made to or with the
sanction of the liquidator, would also be regarded as void.
Anyone dealing in the shares of CCC should take their own legal
advice.

On March 17, 2008 the management of Euronext Amsterdam N.V.
announced that as from March 18, 2008 prices and volumes
relating to the ordinary shares of CCC will be reported in the
special section for securities subject to a listing measure,
with reference to the press release of CCC of 16 March 2008.
that measure was to conform with Rule A - 2706/1 Euronext Rule
Book, Book II and Euronext announcement 2003-058 and 2004-013.
The measure will endure for a maximum of one year.

The Liquidators have given an address for any formal service of
proceedings relating to the liquidation in Guernsey at the
offices of the Liquidators' legal advisers, Bedell Cristin, La
Plaiderie House, La Plaiderie, St. Peter Port, Guernsey GY1 1WG.

The Liquidators request that creditors' claims should be
submitted to them as soon as possible at the address indicated
below and that anyone who holds assets of CCC deliver them to
the Liquidators forthwith.

               Unable To Reach Agreement With Lenders

As reported in the TCR-Europe on March 14, 2008, Carlyle Capital
said that although it has been working diligently with its
lenders, the company has not been able to reach a mutually
beneficial agreement to stabilize its financing.  The company
expects that its lenders will promptly take possession of
substantially all of the company's remaining assets.

The only assets held in the company's portfolio as of March 16,
2008, are U.S. government agency AAA-rated residential mortgage-
backed securities (RMBS).  The company received margin calls in
excess of US$400 million and 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 remaining indebtedness is expected soon to go
into default.

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

                     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.


CYGNAL TECHNOLOGIES: Court OKs CCAA Joint Plan of Arrangement
-------------------------------------------------------------
The Ontario Superior Court of Justice granted an application by
Cygnal Technologies Corp. for proceedings pursuant to the
Companies' Creditors Arrangement Act.  The Order approves and
sanctions the joint plan of arrangement and reorganization dated
Jan. 29, 2008, of Cygnal, Cygnal Technologies Ltd. and Accord
Communications Ltd. and provides for its implementation.

The order was amended by a technical amendment to the plan to
provide, in effect, that actions to be taken under the plan by a
subsidiary of Laurus Master Fund Ltd. may instead be taken by
another entity designated by Laurus Master Fund Ltd.

Assuming all pre-conditions to the Amended Plan implementation
have been met, the Amended Plan is to take effect on the first
moment on the date upon which the certificate of amendment is
issued under the Ontario Business Corporations Act in respect of
the articles of reorganization of Cygnal to be filed by Cygnal
in accordance with the Amended Plan.

It is anticipated that the Amended Plan will be implemented and
become effective on April 1, 2008.  The Order follows the
approval of the joint plan of arrangement and reorganization
dated Jan. 29, 2008 by the Applicants' affected creditors on
March 7, 2008.

The Amended Plan provides that the Creditors with proven claims
will receive cash and, if applicable, promissory notes in
compromise and settlement of their claims and provides for the
reorganization of the capital of Cygnal in accordance with the
provisions of articles of reorganization that are a schedule to
the Amended Plan.

On the plan implementation date, pursuant to the terms of the
Amended Plan and the articles of reorganization of Cygnal, all
of
the issued and outstanding shares of Cygnal will be converted
into redeemable shares, which will be automatically redeemed and
canceled, and rights associated with outstanding options and
warrants will be extinguished without, in effect, payment of any
consideration.

Cygnal's directors have passed a resolution authorizing the
delisting of Cygnal's common shares from the TSX, which is
expected to occur on or about the implementation date of the
Amended Plan.  Upon implementation of the Amended Plan, a new
class of common shares will be issued to a newly created
affiliate of Laurus Master Fund Ltd. and this entity will become
the sole shareholder of Cygnal.

This Order also provides that the stay of proceedings against
the Applicants and their property has been extended from March
21, 2008, to the earlier of the implementation date of the
Amended Plan and April 15, 2008.

                   About Cygnal Technologies

Based in Markham, Ontario, Cygnal Technologies Corporation
(TSX: CYN) -- http://www.cygnal.ca/-- provides network
communications solutions including the design, integration,
installation, maintenance and management of wired and wireless
solutions and networks.  Cygnal supports end-user customers and
business partners through 12 offices across Canada, including
Vancouver, Edmonton, Calgary, Winnipeg, London, Burlington,
Toronto, Ottawa, Montreal, Quebec City and Halifax.


DAMAGEMENT LTD: Calls In Liquidators from Vantis
------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis
Business Recovery Services were appointed joint liquidators of
Damagement Ltd. on Dec. 19, 2007 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


DESEO LOCKING: Claims Filing Period Ends May 6
----------------------------------------------
Creditors of Deseo Locking Systems Ltd. have until May 6, 2008
to detail their names and addresses (and solicitors if
applicable) together with particulars of their debts or claims,
in writing, or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on March 7 for the creditors' voluntary winding-up
procedure.


ETN MANAGEMENT: Names Christopher Benjamin Barrett Liquidator
-------------------------------------------------------------
Christopher Benjamin Barrett of Tenon Recovery were appointed
joint liquidators of ETN Management Ltd. on March 12 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


FAMOUS CLUBS: Claims Filing Period Ends May 6
---------------------------------------------
Creditors of Famous Clubs Ltd. have until May 6, 2008  to detail
their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on March 11 for the creditors' voluntary winding-up
procedure.


FEDERAL-MOGUL CORP: Earns US$1.4 Billion in Fiscal Year 2007
----------------------------------------------------------
Federal-Mogul Corp. reported its financial results for the 12-
month period ended Dec. 31, 2007.

The company emerged from reorganization under Chapter 11 of the
U.S. Bankruptcy Code on Dec. 27, 2007, and adopted fresh-start
reporting in connection with its emergence.

Net income for the 12-month period totaled US$1,412,000,000,
compared with a net loss of US$550,000,000 for the same period
of 2006.

Federal-Mogul reported net sales of US$6,914,000,000 for the
year ended Dec. 31, 2007.  Net sales increased by US$588,000,000
when compared to the same period of 2006, of which
US$310,000,000 is due to increased global demand and new program
launches with both original equipment manufacturer and
aftermarket customers, with the balance due mainly to favorable
foreign currency movements.

Gross margin for the 12-month period ended Dec. 31, 2007,
increased by US$80,000,000, compared to the same period of 2006.
The combination of productivity, increased volumes and favorable
exchange improved gross margins by US$135,000,000.  These
favorable impacts were partially offset by US$75,000,000 of raw
material commodity price inflation and US$56,000,000 in reduced
customer pricing.  Gross margin was further improved through
reduced pension expense of US$76,000,000 associated with the
settlement of the U.K. pension plans.

Selling, general and administrative expenses for the year ended
Dec. 31, 2007 decreased by US$20,000,000.  The company's reduced
pension expense of US$24,000,000 associated with the settlement
of the U.K. pension plans combined with US$26,000,000 of
productivity and other improvements more than offset adverse
foreign exchange of approximately US$30,000,000.

Income before taxes for the 12-month period totaled
US$1,744,000,000, compared with a loss before taxes of
US$614,000,000 for the same period of 2006.

Included in Federal-Mogul's earnings before income taxes for the
year ended Dec. 31, 2007, are a gain on the settlement of
liabilities subject to compromise and fresh-start reporting
adjustments of US$761,000,000 and US$956,000,000, respectively,
associated with the company's emergence from Chapter 11.
Included in Federal-Mogul's loss before income taxes for the
year ended Dec. 31, 2006, is a charge of US$501,000,000 as a
result of the company's U.K. subsidiaries' emergence from
Administration in November 2006.  Excluding these impacts, the
company's earnings before income taxes for the year ended Dec.
31, 2007, was US$27,000,000, compared to a loss before income
taxes of US$113,000,000 for 2006, an improvement of
US$140,000,000.  In addition to those same factors affecting
gross margin, results for the full year were impacted by reduced
SG&A expenses, reduced costs associated with the company's
Chapter 11 proceedings, and increased charges related to asset
impairments.

Management believes that Operational EBITDA most closely
approximates the cash flow associated with the operational
earnings of the company and uses Operational EBITDA to measure
the performance of its operations.  Operational EBITDA is
defined to include discontinued operations and exclude
impairment charges, Chapter 11 and U.K. Administration expenses,
settlement of the U.K. pension plans, gain on the settlement of
liabilities subject to compromise, fresh-start reporting
adjustments, restructuring costs, income tax expense, interest
expense, depreciation and amortization.

The company reported Operational EBITDA of US$763,000,000 for
the 12-month period ended Dec. 31, 2007, an increase of
US$138,000,000 when compared to the same period of 2006.  A
reconciliation of Operational EBITDA to the company's income
before income taxes for the 12 months ended Dec. 31, 2007 has
been provided.

Capital expenditures were US$310,000,000 for the year ended Dec.
31, 2007, an increase of US$72,000,000 from 2006.  Total cash
flow, excluding cash flows associated with financing activities,
payment to the U.S. Asbestos Trust, payment of prepetition
interest, payments to settle LSC, and the settlement of the U.K.
Administration proceedings, was US$88,000,000 and US$83,000,000
for
the years ended Dec. 31, 2007, and 2006, respectively.

"We are very pleased with the progress achieved in 2007,
especially in regards to our emergence from Chapter 11, a
significant milestone in Federal-Mogul's 108-year history of
serving the global automotive industry.  We again would like to
acknowledge our customers, shareholders, suppliers and employees
worldwide for their loyalty and support," said Federal-Mogul
president and chief executive officer Jose Maria Alapont.  "The
new business awards and our progress on operational performance
in 2007 reflect the achievement of the entire team in executing
our global sustainable profitable growth strategy and developing
Federal-Mogul as a world-class, diversified global supplier."

At Dec. 31, 2007, the successor company's balance sheet showed
total assets of US$7.8 billion and total liabilities of
US$5.7 billion, resulting in a US$2.1 billion stockholders'
equity.  Deficit, in 2006, was US$1.7 billion.

                          Financial Summary
                          (in millions US$)

                                         12 Months Ended Dec. 31
                                         -----------------------
                                              2007       2006
                                              ----       ----
     Net sales                               6,914      6,326
     Gross margin                            1,185      1,105
     Selling, general &
      administrative expenses                 (828)      (848)
     Settlement of U.K. pension plans            -       (501)
     Gain on settlement of
      liabilities subject to compromise        761          -
     Fresh-start reporting adjustments         956          -
     Income (loss) before income taxes       1,744       (614)
     Income tax benefit/(expense)             (332)        64
     Net income (loss)                       1,412       (550)
     Operational EBITDA                        763        625


                      About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on December 27, 2007.

Similarly on Oct. 1, 2001, certain of the company’s United
Kingdom subsidiaries filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code with the
Bankruptcy Court and filed petitions for Administration under
the United Kingdom Insolvency Act of 1986 in the High Court of
Justice, Chancery division in London, England.  The High Court,
in November 2006, approved the discharge of the Administration
Proceedings for those U.K. subsidiaries that entered into
Company Voluntary Arrangements.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 11,
2008, Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter-Europe on Jan. 8,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Southfield, Michigan-based Federal-
Mogul Corp. following the company's emergence from Chapter 11 on
Dec. 27, 2007.  The outlook is stable.


GSC REALISATIONS: Taps Liquidators from Vantis
----------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis Business
Recovery Services were appointed joint liquidators of GSC
Realisations Ltd. on Jan. 24 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


HERON BOATS: Calls In Liquidators from Mazars
---------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Heron Boats Ltd. on March 16 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


HOYLAND FOX : Taps Joint Administrators from BDO Stoy
-----------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy
Hayward LLP were appointed joint administrators of Hoyland Fox
Ltd. (Company Number 00691394) on March 7, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

          Hoyland Fox Ltd.
          Fieldsend Road
          Rotherham
          South Yorkshire
          S63 9EU
          England
          Tel: 01709 882 100
          Fax: 01709 882 111


INVENSYS PLC: Fitch Withdraws BB Rating on Senior Notes
-------------------------------------------------------
Fitch Ratings has withdrawn the 'BB' rating of UK-based Invensys
plc's remaining 9.875% US$177m and EUR345m senior unsecured
notes due in March 2011, following the redemption of all the
outstanding notes on 17 March 2008 through a call option.  The
redemption price amounts to about GBP360m at 31 December 2007
exchange rates and has been paid out of Invensys's cash
balances.

At Dec. 31, 2007, Invensys's liquidity was supported by an
undrawn GBP130m revolving credit facility (GBP20m reduction of
the original facility amount following the APV disposal) and a
GBP396m bonding facility (undrawn on a cash basis), both of
which mature on Dec. 15, 2010.

Fitch will continue to rate Invensys plc (rated 'BB'/'B'/Outlook
Stable) and Invensys International Holdings Ltd (rated
'BB'/'B'/Outlook Stable; senior secured rating 'BBB-' (BBB
minus)).

Invensys is a diversified industrial automation, transportation
and controls group providing solutions to customers. It operates
four divisions: Process Systems, Controls, Rail Systems, and
Eurotherm.


KLASS ACT: Appoints Ian William Kings as Liquidator
---------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Klass Act Ltd. (t/a Kurt Muller) on March 12 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


LAUREL PUB: May Opt for Administration After Failed Asset Sale
--------------------------------------------------------------
Mr. Robert Tchenguiz, owner of Laurel Pub Company, may put the
company into administration after failing to find buyers for its
underperforming locations, various reports say.


According to a report by the Press Association, the pubs and
restaurants were likely affected with the introduction of the
smoking ban across the U.K.

Reports add that Mr Tchenguiz plans to put all 460 pubs into
administration and then buy back the business excluding the 95
sites that are currently incurring loses.  90 of the 95 pubs
have already been closed.

The Telegraph states that the 95 units were put up for sale in
February 2008 after the company received pressure from banks.

Reports say that Kroll will likely be appointed as administrator
if the company proceeds with its plan.

Around 1,800 employees are expected to be affected by the
closures.

Formed in 2004, Laurel Pub Co. has grown rapidly to become one
of the UK's leading managed pub and restaurant operators, with
around 460 drinking and eating establishments, including 11 in
Scotland and 9 in Wales.


NEW CAP: Creditors' Meeting Slated for April 16
-----------------------------------------------
The Supreme Court of New South Wales ordered a creditors'
meeting for New Cap Reinsurance Corporation Limited (ACN
075962551) at 10:00 a.m. on April 16, 2008, at:

          Thistie City Barbican
          Central Street
          Clerkenwell
          East London
          EC1V 8DS
          England

The purpose of the meeting is to consider a proposed scheme of
arrangement between the company and its creditors, who had any
action claim, suit, cause of action, debt, cost, demand,
judgment against, or payable by the company, which occurred on
or before April 21, 1999.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims until 5:00 p.m. on April 14, 2008 at:

          John Gibbons
          Liquidator
          Ernst & Young
          c/o Andrew Sallway
          680 George Street
          Sydney
          NSW 2000
          Australia
          E-mail: newcapaustralia@au.ey.com

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.


NORTHERN ROCK: May Become Uncompetitive Under EU State Aid Rules
----------------------------------------------------------------
Anthony Woolich, competition partner at City law firm LG, said
Northern Rock plc is at risk of becoming uncompetitive as unfair
advantage is an inherent part of European state aid rules, the
Scotsman reports, citing Scotland on Sunday.

According to Mr. Woolich, "if the Government wants to remove
Northern Rock from concerns about state aid it needs to make it
uncompetitive, adding "in effect Sandler would need to weaken
Northern Rock – which is offering some of the best deals to
savers," the Scotsman relates.

The Scotsman says this could hamper Northern Rock's repayment of
its GBP25 billion loan to Bank of England.

A TCR-Europe report on March 17, 2008, disclosed GBP13 billion
of the bank's mortgages could be repaid this year and GBP10
billion of retail deposits could be attracted while the Treasury
expects the GBP25 billion loan to fall to GBP14 billion by March
2009.

Simon Ward, economist at fund manager New Star, claimed this
"would leave Rock only GBP2 billion short of the estimated GBP25
billion Bank of England loan," the Scotsman reveals.

Ron Sandler, the new executive chairman of Northern Rock, is due
to submit a business plan for the bank to the European
Commission.  Mr. Sandler intends to cut the bank's GBP113
billion loan book in half through writing fewer mortgages and
selling packages of assets under the plan.  He is also eyeing to
attract new retail savings as it seeks to lure potential future
buyers for the bank.

Meanwhile, the bank, the Scotsman adds, is facing yet another
issue over its pension scheme, which is in deficit.

Adam Bushby, pensions partner at LG, stated "if the Government
doesn't agree a funding plan with the trustees we could have the
spectacle of the trustees asking the Pensions Regulator to
determine how much the Government should pay to the scheme,"
Terry Murden writes for the Scotsman.

                    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: Abuses Government Deposit Guarantee, Rivals Say
--------------------------------------------------------------
European Union competition commissioner Neelie Kroes may require
Northern Rock plc to put an end to its aggressive offers to
savers after rivals expressed concerns over unequal competition,
the Financial Times reports.

FT says Northern Rock, which topped 11 out of 19 savings
products categories, allegedly used the U.K. government's
deposit guarantee to gain competitive advantage.

Jorgen Horwitz, chief executive of the Danish Bankers'
Association, told FT that "The Danish Bankers' Association is
concerned that the competition is no longer on equal market
conditions," adding the government's deposit guarantee for
Northern Rock also "makes it more difficult for Danish – and
other European – banks to enter the British market."

Mr. Horwitz stressed Northern Rock, whose several accounts
according to a British bank pays 6.25%, is offering "unusually
high interest rates," the FT relates.

                      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: Fitch Says Ratings on Securities Remain Stable
-------------------------------------------------------------
Fitch Ratings said in a report published March 18, 2008 that
ratings for securities issued from Northern Rock's Granite
Residential Mortgage-Backed Securities programme and the related
Whinstone programme are expected to remain stable.

However, the agency cautioned that the future of the programme
remains uncertain and remains contingent upon the ultimate shape
of Northern Rock during temporary public ownership.

The report provides an overview of the nature of the Granite and
Whinstone programmes, their performance to date and examines the
potential outcome for noteholders in the event that a number of
scenarios occur - including the inability of Northern Rock to
replenish the trust, a considerable deceleration of the
prepayment speed and a breach of a non-asset trigger.

"Whilst the underlying credit performance of Granite remains
strong, the reality is that given the change in the prepayment
profile for the Granite series and possibility of a breach of a
non-asset trigger means that some investors are facing exposure
to extension risk," says Francesca Zwolinsky, Director in
Fitch's RMBS team.

Despite NR's recent funding and liquidity difficulties,
culminating in the bank being taken into temporary public
ownership, the credit performance of the underlying mortgage
collateral backing the Granite master trust programme (Granite),
Whinstone Capital Management Limited (Whinstone 1) and Whinstone
2 Capital Management Limited (Whinstone 2) (Whinstone 1 and
Whinstone 2, together Whinstone), remains strong.  Whilst Fitch
expects arrears performance to deteriorate, exacerbated by the
current financial market crisis, this reflects a slowdown in the
mortgage market and general economy as a whole, rather than
issues specific to NR, Granite or Whinstone.  This anticipated
increase from current arrears levels would not be expected to
threaten either Granite's credit ratings, given current credit
enhancement levels, especially in the case of the capitalist
issuances, or the credit ratings assigned to the notes issued by
Whinstone.  Nevertheless, Granite and Whinstone's higher than
average exposure to higher LTV mortgages (via the discontinued
Together product) is a source of some downside risk to
performance.  This risk is amplified by the recent withdrawal of
similar high LTV mortgage products from the UK market generally,
closing off refinancing options to higher LTV borrowers.

Whilst the underlying mortgage collateral has performed in line
with Fitch's expectations thus far, NR's business plan under
public ownership and the government's strategy in relation to
the Granite and Whinstone programmes remains uncertain, although
further clarity is expected over the coming weeks.

Origination of new mortgages by NR has shrunk since the onset of
its liquidity difficulties and the credit crunch in summer 2007.
A strategy of shrinking of NR's balance sheet in combination
with the possible implementation of strict guidelines governing
its operation in the mortgage markets would result in a further
decline in origination volumes and hinder NR's ability to
substitute loans into the trust.  Low substitution alone, or in
combination with high prepayment volumes, may reduce the seller
share at a faster rate than the Funding and Funding 2 share,
increasing the probability of a non-asset trigger event,
following which, the structural mechanics of the transaction are
modified.  The marked decline in the annualised prepayment rate
between September 2007 to December 2007, which fell from 45.82%
to 20.61%, is a mitigant, reducing the speed at which the trust
size declines.  However, in periods of extended low prepayment
rates, certain classes of notes are likely to be repaid less
rapidly than expected and could result in some notes extending
beyond their step-up dates.


PETROLEOS DE VENEZUELA: UK Judge Delays Ruling on Exxon Lawsuit
---------------------------------------------------------------
Judge Paul Walker of of The Royal Court of Justice didn't issue
a ruling on the Petroleos de Venezuela SA-Exxon Mobil Corp.
legal dispute last week, El Universal reports.

As reported in the Troubled Company Reporter-Latin America on
March 10, 2008, Justice Walker could rule on the US$12 billion
asset freeze legal dispute between Exxon Mobil and Petroleos de
Venezuela last week.  As previously reported, Exxon Mobil asked
the London High Court to uphold the order freezing US$12 billion
in Petroleos de Venezuela's assets to support the arbitration
process between both parties.  The asset-freeze order against
the company was made so that Exxon Mobil would be able to
extract compensation should it win a pending arbitration.

Petroleos de Venezuela has appealed the asset-freeze order and
asserted that the U.K. court doesn't have the authority to award
the injunction because the case involved U.S. and Venezuelan
firms.

Justice Walker would rule on the case this week, El Universal
relates, citing John Fordham, one of Petroleos de Venezuela's
defense lawyers.

Mr. Fordham told El Universal that Justice Walker only said that
he was postponing the ruling "for a matter of time" and that
there are no negotiations under way between Petroleos de
Venezuela and Exxon Mobil.

The ruling would be issued on March 25, El Universal states,
citing sources close to the case.

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                             *     *     *

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


PETROLEOS DE VENEZUELA: To Sign Some Oil Deals in Euros
-------------------------------------------------------
Petroleos de Venezuela SA would likely ink certain oil pacts in
euros despite of a plumetting dollar, Agence France-Presse
reports, citing officials.

Energy minister and PDVSA Chief Rafael Ramirez, was quoted by El
Universal as saying that they are focusing on some contracts in
euros, contracts for crude, products and spot markets in euros.

Elio Ohep, head of the Journal Petroleum World, commented that
the shift of euros was "good business" for Venezuela, adding
that "PDVSA always had an interest to negotiate in dollars
because the company had refineries in the United States and
needed cash but currently with the euro rising, it is taking in
more dollars and (Venezuelan) bolivars."

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                             *     *     *

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


PETROLEOS DE VENEZUELA: Books US$3.5 Bil. Net Profit in 2007
------------------------------------------------------------
Petroleos de Venezuela SA and its affiliates reported
US$99.23 billion in revenues in 2007, compared to
US$99.26 billion in revenues in 2006, according to El Universal.

Of the almost US$100 billion in revenues last year, domestic
gross income from exports and the domestic market accounted for
US$66.01 billion -- about 19.4% or US$10.74 billion greater than
in 2006, El Universal says, citing Petroleos de Venezuela's 2007
Annual Report the Ministry of Energy and Petroleum submitted to
the National Assembly.  El Universal notes that the increase in
the gross income wasn't reflected in net profits.

According to El Universal, Petroleos de Venezuela's domestic
profit decreased for the second straight year.  In 2006
Petroleos de Venezuela's domestic profit declined 65.7%, in 2007
it dropped 8.6% to US$1.81 billion.  Petroleos de Venezuela's
domestic net profits over the last two years decreased 68.6%, or
US$3.9 billion.

Petroleos de Venezuela kept 2.74% of its domestic revenues in
2007, while it kept 3.58% of its domestic revenues in 2006, the
report says.

El Universal relates that Petroleos de Venezuela's 2007 Report
indicates that operational costs increased 22.2% or
US$1.8 billion to US$9.89 billion in 2007, compared to 2006.
Expenses totaled US$19.02 billion in 2007.

Petroleos de Venezuela's consolidated "sales, management and
overhead expenses" increased 65% in 2007, from 2006, El
Universal says.

Petroleos de Venezuela's global assets increased 33% to
US$107.34 billion in 2007, with a part of such growth due to a
272% increase in restricted cash and a 106% increase in long-
term accounts to collect.  The accounts comprise the outstanding
bills related to energy accords for oil supply and the bills to
collect from related bodies and they increased to US$7.5 billion
in 2007, compared to US$3.65 billion in 2006, El Universal
relates.

El Universal notes that regarding liabilities, accounts payable
to suppliers rose 64% to US$10.46 billion in 2007, from
US$6.37 billion in 2006.  Petroleos de Venezuela's total
liabilities increased 95% to US$53.51 billion.

After social expenses and income tax both in Venezuela and
abroad, the consolidated net profits of Petroleos de Venezuela
and its affiliates decreased 35.4% to US$3.51 billion in 2007,
compared to from US$5.45 billion in 2006, accounting for 3.5% of
gross revenues, El Universal states.

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                             *     *     *

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


PUBLIC ADDRESS: Taps Liquidators from Tenon Recovery
----------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Public Address Systems Ltd. on
March 7 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


REVEAL RETAIL: Appoints Tenon Recovery as Administrators
--------------------------------------------------------
Dilip K. Dattani and Patrick Ellward of Tenon Recovery were
appointed joint administrators of Reveal Retail Ltd. (Company
Number 03046462) on March 7, 2008.

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

The company can be reached at:

          Reveal Retail Ltd.
          50 The Pallasades
          Birmingham
          B2 4XH
          England
          Tel: 0121 643 0000
          Fax: 0121 643 3333


SCANDSTICK UK: Brings In Joint  Administrators from Kroll
---------------------------------------------------------
Joanne Marie Wright, Peter Mark Saville and James John Gleave of
Kroll Ltd. were appointed joint administrators of Scandstick UK
Ltd. (Company Number 04352081) on March 12, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

          Scandstick UK Ltd.
          Nordic House
          Old Great North Road
          Huntingdon
          Cambridgeshire
          PE28 5XN
          England
          Tel: 01487833600


TANGO FINANCE: Moody's Downgrades Ratings on Income Notes to C
--------------------------------------------------------------
Moody's Investors Service announced today that it has confirmed
the Aaa and Prime-1 ratings assigned to the Medium Term Note
programmes and the Prime-1 rating assigned to the Commercial
Paper programmes of Tango Finance Limited and Tango Finance
Corporation.

Moody's also downgraded Tango's Income Notes from Caa3 to C.

The ratings of Tango's senior debt programmes were put on review
for possible downgrade on Nov. 30, 2007.

The confirmation of the ratings of Tango's senior debt
programmes follows the sale of all remaining assets from Tango
and that such sale proceeds will be deposited with Rabobank
Nederland (rated Aaa/Prime-1).  Tango also holds cash in
breakable deposits with highly rated financial institutions that
in each case would be replaced on a loss of its Prime-1 rating.
The sum of the funds available to Tango will be sufficient to
repay senior debt as it falls due.  The last to mature medium
term note issued by Tango has a maturity date of 30 June 2010.

Moody's downgrade on the Income Notes reflects the decline in
Net Asset Value of Capital and the fact that losses will be
realised in line with the current NAV.

The rating actions are:

Tango Finance Limited

    (1) Euro Commercial Paper programme

        Current Rating: Prime-1
        Prior Rating: Prime-1, on review for downgrade

    (2) Euro Medium Term Note programme

        Current Rating: Aaa and Prime-1

        Prior Rating: Aaa, on review for downgrade and Prime-1,
                      on review for downgrade

Tango Finance Limited and Tango Finance Corporation

    (3) U.S. Commercial Paper programme

        Current Rating: Prime-1
        Prior Rating: Prime-1, on review for downgrade

    (4) U.S. Medium Term Note programme

        Current Rating: Aaa and Prime-1

        Prior Rating: Aaa, on review for downgrade and Prime-1,
                      on review for downgrade

    (5) Income Notes

        Current Rating: C
        Prior Rating: Caa3


* Beard Audio Presents: "Understanding CDS Contract Risks"
----------------------------------------------------------
Beard Audio Conferences presents a new audio seminar on
"Understanding CDS Contract Risks"

The live 90-minute telephone conference with interactive Q&A
session is hosted by the Beard Group Law and Business Publishers
and Troubled Company Reporter.

Enroll today in this international audio conference and let
noted restructuring attorney Andrea Pincus help you better
understand the make-up of your CDS portfolio. She'll provide a
plain-English explanation of the structure of CDS transactions,
then analyze the state of today's market, empowering you to
better manage CDS contract risks, tap into potential rewards,
and spot warning signs along the way.

Register now at

http://beardaudioconferences.com/bin/shopping_cart?code=BR-
047&type=AC&choice=1

Learn more visiting
http://beardaudioconferences.com/bin/conference_details?code=BR-
047

Today's $45 trillion CDS market is roughly twice the size of the
entire U.S. stock market.  Yet despite its staggering size, the
unregulated over-the-counter CDS market and its vast
underpinnings remain a mystery to even the most sophisticated of
investors.

What's more, the spider's web of connections between Credit
Default Swaps and global subprime failures, ratings downgrades,
monoline exposure, and billion-dollar losses by commercial banks
and insurers means your potential CDS risks are greater than
ever.

The conference agenda includes:

   * What's behind the curtain? What you need to know about the
     structure of today's CDS contracts and their evolution -
     from hedging vehicle to highly customized alternative
     investment vehicle,

   * Mechanics of a typical CDS transaction, including required
     documentation and critical contract terms

   * Special challenges and concerns for CDS written on asset-
     backed securities and backed by financial guaranty policies

   * What is counterparty risk? How is it affected in the face
     of subprime meltdowns, concentration of major players, the
     ongoing liquidity crisis, and shaken investor confidence?

   * Changing dynamic for troubled companies due to the high
     volume of CDS trading in the secondary market and related
     pressure on CDS buyers to push troubled companies into
     Chapter 11

   * New initiatives from ISDA, including modifications to
     standard forms

   * Prospects for regulation and changing accounting principles

   * Emerging areas of dispute and litigation - like ambiguous
     documentation, valuation methodologies, and conflicts over
     collateral obligations. Learn how to identify them before
     they sabotage your portfolio

   * Hedging your hedge - potential upsides for distressed
     investors.

Early-Bird Registration Discount

Register by Thursday, April 17, and save $50 off the regular
tuition.

Tuition is $245 prior to April 17; $295 afterwards.  Remember,
the tuition includes written materials and an unlimited number
of attendees at your dial-in site.

Who Should Attend:

All those participating in today's Credit Default Swap market –
both buyers and sellers of CDS protection - and their legal and
financial advisors.

This easy-to-attend audio briefing is designed to help you
better understand the latest market dynamics affecting ways to
value your holdings - or unload them.

About Your Presenter:

Andrea Pincus joined the law firm of Reed Smith LLP as a lateral
partner in February 2008, and is a member of the firm's
Commercial Restructuring & Bankruptcy Group and the firm's
Financial Industries Group.

In her practice, Andrea represents hedge funds, banks and other
institutional investors, bondholders and trustees, as well as ad
hoc and official committees, secured creditors, governmental
entities, private individuals and debtors-in-possession in all
aspects of Chapter 11 cases as well as out-of-court workouts
involving private and publicly-held companies.

In the related areas of capital markets and structured finance,
Andrea represents hedge funds, banks and other financial
institutions in connection with distressed investing strategies,
structured debt, and derivative transactions based on ISDA
documentation, with a particular focus on credit default swaps
and valuation disputes.

Andrea is a member of 100 Women in Hedge Funds, a global
association of women in the hedge fund industry, and serves on
its Philanthropy Committee and Governance Committee.  In
addition, she is a member of the American Bankruptcy Institute
as well as the Turnaround Management Association.

HOW TO REGISTER:

     1. Call 240-629-3300 and charge your tuition investment of
        $245 ($295 after April 17, 2008) to a major credit card,
        or

     2. Visit www.beardaudioconferences.com for fast and
        convenient online registration.

     3. Mail your check payable to Beard Audio Conferences to:

             Beard Group,
             P.O. Box 4250,
             Frederick, MD 21705-4250
       (checks must be received 48 hours prior to
        conference).

Can't make the scheduled date and time? Order the Audio CD
recording of this conference.  Or get the CONFERENCE PLUS option
that allows you to attend the audio conference AND get the Audio
CD recording at a discounted price.

For either option, visit www.beardaudioconferences.com  or call
(240) 629-3300.

                            *********

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 * * *