TCREUR_Public/080320.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, March 20, 2008, Vol. 9, No. 57

                            Headlines


A U S T R I A

ABRASEVIC KEG: Claims Registration Period Ends April 16
BSC BERATERSERVICE: Claims Registration Period Ends April 15
CITY OF MUSIC-TONTRAGER: Claims Registration Period Ends April 8
CURA BAU: Claims Registration Period Ends April 16
HOLZWERK KARL: Claims Registration Period Ends April 4

PRESS-STABIL: Claims Registration Period Ends April 22
W.I.N. COMPUTER: Claims Registration Period Ends April 24


F R A N C E

ARROW ELECTRONICS: Ct. Rules Return of US$12MM Payment to Bridge


G E R M A N Y

FRISCHA VERWALTUNGS: Claims Registration Ends April 9
GALANT GARTENGESTALTUNG: Claims Registration Ends April 9
GUENEY FEINKOST: Claims Registration Period Ends March 28
HST SEURING: Claims Registration Period Ends March 31
JORDAN TRANSPORT: Claims Registration Period Ends April 10

KLEIN SYSTEM: Claims Registration Period Ends March 30
KLEISER GMBH: Claims Registration Ends April 9
LANDSHUTER - SB: Claims Registration Period Ends March 28
MDL MARKETING: Claims Registration Period Ends April 8
MPO WOHNBAU: Claims Registration Period Ends March 28

NEUE ENERGIE : Claims Registration Period Ends April 10
POSCH MOBILE: Claims Registration Period Ends April 8
PROCKTER GMBH: Claims Registration Period Ends March 26
PROTEXXON HITECH: Claims Registration Period Ends April 8
RAMM SPEDITIONS: Claims Registration Period Ends April 10

REITENBACH IMMOBILIEN: Claims Registration Period Ends April 10
RICK-BAU GMBH: Claims Registration Ends April 9
ROCH GMBH: Claims Registration Period Ends April 10
S K VERWALTUNGS: Claims Registration Period Ends April 10
STOM BAU: Claims Registration Ends April 9

TUI AG: Earns EUR236 Million for Year Ended 2007
TUI AG: To Sell Hapag-Lloyd Owe Unit to Shareholder Pressure
TUI AG: Likely Hapag-Lloyd Unit Spinoff Cues S&P's Neg. Watch
WIEMEYER VERWALTUNGS: Claims Registration Ends April 9


H U N G A R Y


AES CORP: Posts US$95 Million Net Loss in Year Ended Dec. 31

I T A L Y


ALITALIA SPA: Italian Finance Ministry Approves Air France Offer
ALITALIA SPA: SEA SpA Says Suit Continues but May Settle
ALITALIA SPA: Liquidation Only Option if Sale Fails
FIAT SPA: Argentina Unit to Invest US$300 Million
INTERNATIONAL PAPER: To Buy Weyerhaeuser's Unit for US$6BB Cash


K A Z A K H S T A N

AGROSNAB-PV LLP: Creditors Must File Claims by April 15
ASIA FOOD: Claims Deadline Slated for April 11
BANK CENTERCREDIT: Kookmin Bank to Acquire 30% Stake
BANK CENTERCREDIT: Fitch Holds Ratings and Revises Outlook
CORPORATION RKN: Claims Filing Period Ends April 11

DREAM LLP: Creditors' Claims Due on April 11
GEOARHSERVICE LLP: Claims Registration Ends April 15
HOTEL-SERVICE LTD: Creditors Must File Claims by April 11
KURYLYS TAS: Claims Deadline Slated for April 15
MIRAT JONE: Claims Filing Period Ends April 11

NZH TRADE: Creditors' Claims Due on April 15


K Y R G Y Z S T A N

ENGINEERING-SERVICE LLC: Claims Filing Period Ends April 18


P O R T U G A L

BEARINGPOINT INC: Names David Hunter as Chief Operating Officer


R U S S I A

ELAN-FERM-MASH: Volgograd Bankruptcy Hearing Slated for June 24
KIRZHACH-STROY: Vladimir Bankruptcy Hearing Slated for May 20
KRASNOGVARDEYSKIY-AGRO-PROM-TRANS: Claims Filing Ends April 1
LOCAL FUEL: Creditors Must File Claims by April 1
MAGNITOGORSK IRON: Building US$1-Billion Factory in Turkey

MASLOVSKOE LLC: Creditors Must File Claims by April 1
SLOBODSKAYA BREWING: Asset Sale Slated for April 4
TEPLOSILA-SERVICE: Creditors Must File Claims by April 1


S W I T Z E R L A N D

ANICON INDUSTRIAL: Creditors' Liquidation Claims Due by April 30
CHIAPPOLINI LLC: Creditors' Liquidation Claims Due by May 5
COLUMBIA ART: Zug Court Starts Bankruptcy Proceedings
GARAGE GULUM: Creditors' Liquidation Claims Due by March 25
GASTHAUS BAD: Lucerne Court Starts Bankruptcy Proceedings

PROCON-OFFICE JSC: Creditors' Liquidation Claims Due by March 31
RESIDENCE SCHONBERG: Creditors Must File Claims by March 26
WWF PANDA: Creditors' Liquidation Claims Due by March 31


T U R K E Y

MAGNITOGORSK IRON: Starts Construction of US$1-Billion Plant


U N I T E D   K I N G D O M

A & P MAINTENANCE: Brings In Liquidators from Mazars
A. D. FABRICATIONS: Calls In Liquidators from Mazars
BAA LTD: To Enters Talks with Bondholders Over Debt Transfer
BRITISH ENERGY: Board Confirms New Nuclear Program Discussion
C.L.E.A.R. PLC: S&P Downgrades Ratings on Nine Note Classes

CARLYLE CAPITAL: Liquidators Release Preliminary Report
D.E.K.E. LTD: Peter Wastell Leads Liquidation Procedure
FIORENTE FUNDING: Moody's Cuts Ratings on Six Note Classes
LINCOLN CASTINGS: Taps Liquidators from Ernst & Young

NORTHERN ROCK: Board Outlines Future Plans for the Business
MEADGATE WESTERN: Enters into Administration Due to Debts
QUEBECOR WORLD: Creditors' Meeting Slated for March 28
WARNERS M&E: Put into Administration by Haymills

* Upcoming Meetings, Conferences and Seminars


                            *********


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


ABRASEVIC KEG: Claims Registration Period Ends April 16
-------------------------------------------------------
Creditors owed money by KEG ABRASEVIC (FN 220283x) have until
April 16, 2008, to file written proofs of claim to court-
appointed estate administrator Herbert Schaffler at:

          Mag. Herbert Schaffler
          c/o Dr. Sieglinde Schubert
          Alserstrasse 13/1/2/7
          1080 Vienna
          Austria
          Tel: 368 49 50
          E-mail: herbert.schaffler@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 30, 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. 25, 2008 (Bankr. Case No. 2 S 26/08y).  Sieglinde
Schubert represents Mag. Shaffler in the bankruptcy proceedings.


BSC BERATERSERVICE: Claims Registration Period Ends April 15
------------------------------------------------------------
Creditors owed money by LLC Bsc BeraterService und Consulting
(FN 262439s) have until April 15, 2008, to file written proofs
of claim to court-appointed estate administrator Elisabeth
Achatz-Kandut at:

          Dr. Elisabeth Achatz-Kandut
          Schillerstrasse 12
          4020 Linz
          Austria
          Tel: 0732/656969
          Fax: 0732/65696960
          E-mail: e.achatz@hep.co.at    

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

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Feb. 25, 2008 (Bankr. Case No. 17 S 12/08a).  


CITY OF MUSIC-TONTRAGER: Claims Registration Period Ends April 8
----------------------------------------------------------------
Creditors of City of Music-Tonträger-Verkaufs GmbH have until
April 8, 2008, to register their claims with court-appointed
insolvency manager Marcel Kleiss.

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 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:

         Marcel Kleiss
         Damm 23
         25421 Pinneberg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against City of Music-Tonträger-Verkaufs GmbH on Feb. 26, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         City of Music-Tonträger-Verkaufs GmbH
         Attn: Frank Rahlf, Manager
         Dingstatte 20
         25421 Pinneberg
         Germany


CURA BAU: Claims Registration Period Ends April 16
--------------------------------------------------
Creditors owed money by LLC Cura Bau und Elektrotechnik (FN
279785z) have until April 16, 2008, to file written proofs of
claim to court-appointed estate administrator Susi Pariasek at:

          Dr. Susi Pariasek
          c/o  Mag. Beate Holper
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 533 28 55
          E-mail: office@anwaltwien.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 30, 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. 25, 2008 (Bankr. Case No. 2 S 24/08d).  Beate Holper
represents Dr. Pariasek in the bankruptcy proceedings.


HOLZWERK KARL: Claims Registration Period Ends April 4
------------------------------------------------------
Creditors owed money by LLC Holzwerk Karl Soukup (FN 102790m)
have until April 4, 2008, to file written proofs of claim to
court-appointed estate administrator Alexander Riel at:

          Dr. Alexander Riel
          Utzstrasse 7
          3500 Krems
          Austria
          Tel: 02732/79520
          Fax: 02732/79520-11
          E-mail: brenner-riel@ktv-krems.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on April 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Krems an der Donau, Austria, the Debtor
declared bankruptcy on Feb. 25, 2008 (Bankr. Case No. 9 S
10/08f).  


PRESS-STABIL: Claims Registration Period Ends April 22
------------------------------------------------------
Creditors owed money by LLC PRESS-STABIL (FN 246706d) have until
April 22, 2008, to file written proofs of claim to court-
appointed estate administrator Carl Knittl at:

          Dr. Carl Knittl
          c/o Mag. Horst Winkelmayr
          Porzellangasse 22A/7
          1090 Vienna
          Austria
          Tel: 532 47 77
          Fax: 532 47 77 50
          E-mail: rae@kniwi.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:45 p.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 25, 2008 (Bankr. Case No. 6 S 34/08d).   Horst
Winkelmayr represents Dr. Knittl in the bankruptcy proceedings.


W.I.N. COMPUTER: Claims Registration Period Ends April 24
---------------------------------------------------------
Creditors owed money by LLC W.I.N. Computer EDV-Schulung (FN
131563a) have until April 24, 2008, to file written proofs of
claim to court-appointed estate administrator Erwin Senoner at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 22, 2008 (Bankr. Case No. 5 S 12/08m).  Georg
Freimueller represents Dr. Senoner in the bankruptcy
proceedings.


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


ARROW ELECTRONICS: Ct. Rules Return of US$12MM Payment to Bridge
----------------------------------------------------------------
Arrow Electronics, Inc. disclosed last week that an opinion has
been rendered in the proceeding Bridge Information Systems, et.
anno v. Merisel Americas, Inc. & MOCA., in favor of Bridge
Information Systems Inc., the estate of a former Global
Enterprise Computing Solutions customer that declared bankruptcy
in 2001.  The proceeding is related to sales made by the MOCA
division of ECS in 2000 and early 2001.

The administrator of the Bridge estate had sought the return of
approximately US$24.0 million plus interest with respect to
allegedly preferential payments made to MOCA, a company Arrow
purchased from Merisel Americas in the fourth quarter of 2000,
shortly before Bridge declared bankruptcy.  In the opinion, the
Bankruptcy Court found that a total of US$12.5 million of the
payments received were preferential, and must be returned to
Bridge.

Arrow intends to continue to defend its position through post-
trial motions and an appeal if necessary.  This amount will be
accrued in the first quarter of 2008 and therefore impact the
comparability of the company's results.

                      About Bridge Information

Bridge Information Systems Inc. filed a voluntary petition
for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on
Feb. 15, 2001 (Bankr. E.D. Mo. Case Nos. 01-41593 through 01-
41614, inclusive).  On February 13, 2002, Judge McDonald
confirmed a chapter 11 plan of liquidation, which, among other
items, transferred ownership of the company's assets to the
holders of Bridge's secured creditors.  Thomas J. Moloney, Esq.,
Seth A. Stuhl, Esq., and Kurt A. Mayr, Esq., at Cleary,
Gottlieb, Steen & Hamilton in New York served as lead counsel to
Bridge in its chapter 11 cases.  Gregory D. Willard, Esq., Lloyd
A. Palans, Esq., and David M. Unseth, Esq., at Bryan Cave LLP in
St. Louis, served as local counsel.

                      About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc. --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.  Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                            *    *    *

Arrow Electronics' senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


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


FRISCHA VERWALTUNGS: Claims Registration Ends April 9
-----------------------------------------------------
Creditors of Frischa Verwaltungs GmbH have until April 9, 2008
to register their claims with court-appointed insolvency manager
Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 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 Hannover
         Hall 226
         Second Upper Floor
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Walle 5
         31535 Neustadt
         Germany
         Tel: 05032 9831030
         Fax: 05032 9831032

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

The Debtor can be reached at:

         Frischa Verwaltungs GmbH
         Attn: Friedrich Scharnhorst, Manager
         Steinweg 27
         31535 Neustadt
         Germany


GALANT GARTENGESTALTUNG: Claims Registration Ends April 9
---------------------------------------------------------
Creditors of Galant Gartengestaltung GmbH have until April 9,
2008 to register their claims with court-appointed insolvency
manager Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Dr. Nikolaus Schmidt
         Magdeburger Strasse 23, D
         06112 Halle
         Germany
         Tel: 0345/231110
         Fax: 0345/2311199

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Galant Gartengestaltung GmbH on Feb. 15,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Galant Gartengestaltung GmbH
         Attn: Erhardt Schirmer, Manager
         Amtshauser 23-29
         06217 Merseburg
         Germany


GUENEY FEINKOST: Claims Registration Period Ends March 28
---------------------------------------------------------
Creditors of Gueney Feinkost Kiel Verwaltungs-GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Christian Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 3
         Deliusstr. 22
         Kiel
         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:

         Christian Krueger
         Westring 455
         24118 Kiel
         Germany
         Tel: 0431/990810
         Fax: 0431/99081100

The District Court of Kiel opened bankruptcy proceedings against
Gueney Feinkost Kiel Verwaltungs-GmbH on March 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gueney Feinkost Kiel Verwaltungs-GmbH
         Attn: Cihan Yesil Manager
         Wellseedamm 21
         24145 Kiel
         Germany


HST SEURING: Claims Registration Period Ends March 31
-----------------------------------------------------
Creditors of HST Seuring GmbH have until March 31, 2008, to
register their claims with court-appointed insolvency manager
Raimund Schraad.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 2, 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 Fulda
         Hall 3100
         Koenigstrasse 38
         36037 Fulda
         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:

         Raimund Schraad
         Dudenstrasse 14
         D 36251 Bad Hersfeld
         Germany
         Tel: 06621- 50780
         Fax: 06621-507840.

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

The Debtor can be reached at:

         HST Seuring GmbH
         Attn: Gerhard Seuring, Manager
         Quellenstrasse 10
         36148 Kalbach
         Germany


JORDAN TRANSPORT: Claims Registration Period Ends April 10
----------------------------------------------------------
Creditors of Jordan Transport GmbH i.L. have until April 10,
2008, to register their claims with court-appointed insolvency
manager Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Wuerzburg
          Meeting Hall 14
          Second Floor
          Tiepolostr. 6
          Wuerzburg
          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:

          Frank Hanselmann
          Heinestr. 7 b
          97070 Wuerzburg
          Germany
          Tel: 0931/359800

The District Court of Wuerzburg opened bankruptcy proceedings
against Jordan Transport GmbH i.L. on Feb. 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Jordan Transport GmbH i.L.
          Max-Born-Str. 20
          97080 Wuerzburg
          Germany


KLEIN SYSTEM: Claims Registration Period Ends March 30
------------------------------------------------------
Creditors of KLEIN System- und Automationstechnik GmbH & Co KG
have until March 30, 2008, to register their claims with court-
appointed insolvency manager Ulrich Bert.

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

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.308
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151/66 72 9-0
         Fax: 06151/66 72 9-20
         E-mail: darmstadt@ltb-anwaelte.de

The District Court of Darmstadt opened bankruptcy proceedings
against KLEIN System- und Automationstechnik GmbH & Co KG on
March 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         KLEIN System- und Automationstechnik GmbH & Co KG
         Attn: Gerald Willi Klein, Manager
         Muenchner Strasse 18-22
         64521 Gross-Gerau
         Germany  


KLEISER GMBH: Claims Registration Ends April 9
----------------------------------------------
Creditors of Kleiser GmbH & Co. KG - Apparatebau have until
April 9, 2008 to register their claims with court-appointed
insolvency manager Dr. Heinz Pantaleon.

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

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall I
         Holzmarkt 2
         79098 Freiburg
         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. Heinz Pantaleon
         Stemberg, LG-Fach 107
         Schillerstr. 2
         79102 Freiburg i. Br.
         Germany
         Tel: 0761/703900
         Fax: 0761/7039052

The District Court of Freiburg opened bankruptcy proceedings
against Kleiser GmbH & Co. KG - Apparatebau on Feb. 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kleiser GmbH & Co. KG - Apparatebau
         Attn: Patrick Kleiser and Ernst Kleiser, Managers
         Wiesenstr. 13
         79341 Kenzingen
         Germany


LANDSHUTER - SB: Claims Registration Period Ends March 28
---------------------------------------------------------
Creditors of Landshuter - SB - Autopflegecenter GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Matthias Riemer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on April 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Matthias Riemer
         Bayerwaldstr. 57
         84030 Landshut
         Germany
         Tel: 0871/4307593
         Fax: 0871/4307595

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

The Debtor can be reached at:

         Landshuter - SB - Autopflegecenter GmbH
         Roentgenstr. 2
         84030 Landshut
         Germany


MDL MARKETING: Claims Registration Period Ends April 8
------------------------------------------------------
Creditors of MDL Marketing GmbH have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany

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

The insolvency manager can be reached at:

         Stephan Mitlehner
         Bertholdstr. 8
         76530 Baden-Baden
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against MDL Marketing GmbH on Feb. 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MDL Marketing GmbH
         Attn: Regina Rieger
         Akazienstr. 3
         76437 Rastatt
         Germany


MPO WOHNBAU: Claims Registration Period Ends March 28
-----------------------------------------------------
Creditors of MPO Wohnbau GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Yu-Jin Embacher.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on April 18, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Yu-Jin Embacher
         Theatinerstrasse 15
         80333 Muenchen
         Germany
         Tel: 089/24217737
         Fax: 089/2421773

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

The Debtor can be reached at:

         MPO Wohnbau GmbH
         Leukstr. 10
         84028 Landshut
         Germany


NEUE ENERGIE : Claims Registration Period Ends April 10
-------------------------------------------------------
Creditors of Neue Energie Gesellschaft mbH have until April 10,
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 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Dresden
          Hall D132
          Olbrichtplatz 1
          01099 Dresden
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Juergen Wallner
          Bautzner Strasse 102
          01099 Dresden
          Germany
          Web site: http://www.wallnerweiss.info/  

The District Court of Dresden opened bankruptcy proceedings
against Neue Energie Gesellschaft mbH on March 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Neue Energie Gesellschaft mbH
          Attn: Alexander von Neuhoff, Manager
          Ortrander Strasse 6
          01558 Grossenhain
          Germany


POSCH MOBILE: Claims Registration Period Ends April 8
-----------------------------------------------------
Creditors of Posch Mobile GmbH have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         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. Nikolaus Schmidt
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/231110
         Fax: 0345/2311199
         E-mail: Dr.Frenzel.u.Kollegen@t-online

The District Court of Leipzig opened bankruptcy proceedings
against Posch Mobile GmbH on Feb. 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Posch Mobile GmbH
         Dorfstrasse 116a
         04862 Mockrehna
         Germany


PROCKTER GMBH: Claims Registration Period Ends March 26
-------------------------------------------------------
Creditors of Prockter GmbH have until March 26, 2008, to
register their claims with court-appointed insolvency manager
Klaus Regeling.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on April 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         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:

         Klaus Regeling
         Godesberger Allee 125-127
         53175 Bonn
         Germany

The District Court of Bonn opened bankruptcy proceedings against
Prockter GmbH on Feb. 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Prockter GmbH
         Attn: Ugur Sunar, Manager
         Viktoriastr. 57
         53173 Bonn
         Germany


PROTEXXON HITECH: Claims Registration Period Ends April 8
---------------------------------------------------------
Creditors of Protexxon Hitech Security System GmbH have until
April 8, 2008, to register their claims with court-appointed
insolvency manager J. Oehler.

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 his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          J. Oehler
          Willy-Brandt-Platz 1
          99084 Erfurt
          Germany

The District Court of Gera opened bankruptcy proceedings against
Protexxon Hitech Security System GmbH on Feb. 13, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Protexxon Hitech Security System GmbH
         Attn: Patrick Renner
         Quarzring 3
         04600 Altenburg
         Germany


RAMM SPEDITIONS: Claims Registration Period Ends April 10
---------------------------------------------------------
Creditors of Ramm Speditions- und Transport GmbH have until
April 10, 2008, to register their claims with court-appointed
insolvency manager Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 12:05 p.m. on May 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Charlottenburg
          Hall 218
          Second Floor
          Amtsgerichtsplatz 1
          14057 Berlin
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Ruediger Wienberg
          Giesebrechtstr. 1
          10629 Berlin

The District Court of Charlottenburg opened bankruptcy
proceedings against Ramm Speditions- und Transport GmbH on Feb.
26, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Ramm Speditions- und Transport GmbH
          Boxbergerstr. 21
          12681 Berlin
          Germany


REITENBACH IMMOBILIEN: Claims Registration Period Ends April 10
---------------------------------------------------------------
Creditors of Reitenbach Immobilien GmbH have until April 10,
2008, to register their claims with court-appointed insolvency
manager Mathias Cohrs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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:

          Mathias Cohrs
          Kreuzweg 2
          20099 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Reitenbach Immobilien GmbH on Feb. 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Reitenbach Immobilien GmbH
          Attn: Ralph Reitenbach, Manager
          Privatweg 15
          22527 Hamburg
          Germany


RICK-BAU GMBH: Claims Registration Ends April 9
-----------------------------------------------
Creditors of RICK-BAU GmbH have until April 9, 2008 to register
their claims with court-appointed insolvency manager Peter-
Alexander Borchardt.

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

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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-Alexander Borchardt
         Deichstr. 1
         20459 Hamburg
         Germany
         Tel: 040/37 60100
         Fax: 040/37 601199
         E-Mail: hamburg@htg-wp.de  

The District Court of Lueneburg opened bankruptcy proceedings
against RICK-BAU GmbH on Feb. 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RICK-BAU GmbH
         Attn: Hans-Georg Rick, Manager
         Parkstrasse 30
         21395 Tespe
         Germany


ROCH GMBH: Claims Registration Period Ends April 10
---------------------------------------------------
Creditors of ROCH GmbH have until April 10, 2008, to register
their claims with court-appointed insolvency manager Burckhardt
Reimer.

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

          Burckhardt Reimer
          Domstrasse 15
          20095 Hamburg
          Germany

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

The Debtor can be reached at:

          ROCH GmbH
          Rentzelstrasse 14
          20146 Hamburg
          Germany


S K VERWALTUNGS: Claims Registration Period Ends April 10
---------------------------------------------------------
Creditors of S K Verwaltungs- GmbH have until April 10, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Bochum
          Hall A29
          Ground Floor
          Main Building
          Viktoriastrasse 14
          44787 Bochum
          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:

          Wolfgang Lorisch
          Kurt-Schumacher-Strasse 48
          45699 Herten
          Germany

The District Court of Bochum opened bankruptcy proceedings
against S K Verwaltungs- GmbH on Feb. 26, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          S K Verwaltungs- GmbH
          Attn: Udo Schwarz, Manager
          Karlstr. 2 F
          45739 Oer-Erkenschwick
          Germany


STOM BAU: Claims Registration Ends April 9
------------------------------------------
Creditors of StoM Bau GmbH have until April 9, 2008 to register
their claims with court-appointed insolvency manager Dr. Juergen
Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany
                  
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         StoM Bau GmbH
         Schulzendorfer Strasse 11
         12529 Schoenefeld
         Germany

         Attn: Paul Uwe Mueller, Manager
         Rosa-Luxemburg-Strasse 120 a
         15732 Schulzendorf
         Germany


TUI AG: Earns EUR236 Million for Year Ended 2007
------------------------------------------------
TUI AG released its financial report for the year ended Dec. 31,
2007.  The group posted net profit of EUR236.3 million on
EUR1.53 billion gross profit for the year ended Dec. 31, 2007,
compared with net loss of EUR843.4 million on EUR1.31 billion
gross profit for the same period in 2006.

At Dec. 31, 2007, the group's balance sheet showed EUR16.30
billion in total assets, EUR13.18 billion in total liabilities
and EUR3.12 billion in shareholders' equity.

The group's net debt totaled to EUR3.9 billion at Dec. 31, 2007,
compared with EUR3.2 billion net debt for Dec. 31, 2006.  TUI AG
said the increase is due to the first-time consolidation of the
First Choice Group.

"2007 was a good year for us.  We were set for growth, and we
returned to the profit zone with a leap in earnings," Dr.
Michael Frenzel, TUI's CEO disclosed.

Dr. Frenzel emphasized that both tourism and shipping had posted
a positive performance. "And we are also optimistic for the 2008
financial year.  We intend to further improve our Group’s
profitability," Dr. Frenzel added.

                         Outlook

For 2008, TUI expects an increase in group turnover of around
EUR4 billion to EUR26 billion due to higher turnover
expectations in the tourism and shipping divisions.

The tourism division expects to increase its turnover to around
EUr19 billion.  Due to the capacity adjustments already
initiated, this turnover growth is expected to primarily result
from the consolidation of the First Choice activities for a full
year.  The increase in earnings by TUI Travel will result from
consolidation of First Choice for a full financial year,
expected initial synergy effects, margin improvements in the
Mainstream business and growth of the Specialist Holidays,
Activity Holidays and Online Destinations Services sectors.

Booking volumes remain strong, both for the current winter
season and the 2008 summer season.  Turnover by the Northern
Europe sector is up 7% for the winter and up 9% for the summer.  
Central Europe is currently recording an increase in turnover of
4% for the winter and 6% for the summer season.  Western Europe
is reporting turnover growth of 4%, both for the current winter
season and the 2008 summer season.

TUI Hotels & Resorts also expects turnover and earnings growth,
resulting among others from a further increase in bed nights and
an increase in average revenues per bed.  Overall, the tourism
division expects a substantial increase in earnings despite
persistently intense competition as well as commodity price
increases.

For its globally operating shipping division, TUI expects growth
of 7%, mainly driven by the persistently strong trade activities
with China.  At the same time, TUI AG expects freight rates to
grow in all trade lanes.  The TUI Group’s container shipping
sector aims to achieve above-average market growth in transport
volumes.  Against this background, turnover growth from
currently EUR6.2 billion to up to EUR7 billion – depending on
the development of the US dollar exchange rate against the euro
– is considered possible.  TUI expects to leverage the full
synergy potential of EUR220 million and thus achieve a
considerable improvement in earnings by the shipping division,
even if volume growth should turn out to be only moderate and
freight rates should only recover slightly.  In this connection,
the effect of the sub-prime crisis on the development of world
trade cannot yet be fully assessed and thus entails an element
of risk.  The development of shipping bunker prices will also
play an important role.

Overall, the Group’s profitability is expected to be boosted by
the expected increase in earnings in tourism and the expected
recovery of freight rates as well as other productivity
increases in shipping.

                           About TUI

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


TUI AG: To Sell Hapag-Lloyd Owe Unit to Shareholder Pressure
------------------------------------------------------------
TUI AG CEO Michael Frenzel disclosed that the sale of the
company's Hapag-Lloyd division could happen in “months,”
Bloomberg News reports.

According to the report, TUI has not received any formal offers
but is open to talks with its rivals.  

Mr. Frenzel disclosed that a large majority of shareholders,
including Norwegian billionaire John Fredriksen and U.S.
activist Guy Wyser-Pratte had demanded separation of Hapag,
Bloomberg relates.

On March 17, 2008, the supervisory board of TUI AG decided to
prepare a separation of its container shipping division from the
group.  All options including a spin-off, merger or divestment
as a single entity are going to be examined.

According to Bloomberg, Mr. Frenzel would consider merging Hapag
with another shipper, with TUI retaining a stake in the
business.  A spinoff, he said, would be complex and take more
than a year.

TUI's executive board has been given the mandate to identify
further growth options for the expansion of the tourism
business.

                        About TUI

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


TUI AG: Likely Hapag-Lloyd Unit Spinoff Cues S&P's Neg. Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit ratings and all issue ratings on Germany-based
tourism and shipping group TUI AG on CreditWatch with negative
implications, following the group's announcement that it will
prepare the separation of its container shipping unit Hapag-
Lloyd AG from the rest of the business.

"The CreditWatch placement reflects our expectation of a
weakened business profile for the group following the
separation," said Standard & Poor's credit analyst Michael
Seewald.  "However, we cannot at this time assess the
implications of the separation on TUI's complex financial
structure and risk profile."

A separation of the capital-intensive container shipping
business will reduce the capital intensity of the group's
business overall.  However, while 2007 group financials were in
line with our guidance of adjusted funds from operations to debt
of 15%, a substantial decrease in TUI's indebtedness would be
necessary in order to maintain current ratings under this new
strategic perspective as the separation from the shipping
business will have dilutive effects on the group's business risk
profile.  TUI -- whose post-transaction operations would
essentially consist of a 51% owned tourism business listed on
the London Stock Exchange -- will be fully exposed to the
tourism industry, which has high earnings volatility, ongoing
margin pressure, and exposure to external shocks.  TUI's size
and diversification, resulting from its leading European market
position, only partially mitigate these risk factors.  

"We will continue to monitor future developments and seek to
resolve the CreditWatch placement within the next few months,
after the details of any transaction are known and after
discussion with management on future strategy and financial
policy," said Mr. Seewald.

At this early stage upgrade potential is remote, but we could
affirm the 'BB-' rating or lower it by probably one notch,
depending on TUI's post-transaction financial risk profile and
the development of its operations.


WIEMEYER VERWALTUNGS: Claims Registration Ends April 9
------------------------------------------------------
Creditors of Wiemeyer Verwaltungs- und Beteiligungs- GmbH have
until April 9, 2008 to register their claims with court-
appointed insolvency manager Stefan Bick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Stefan Bick
         Neumarkt 8
         49074 Osnabrueck
         Germany
         Tel: 0541/358300
         Fax: 0541/3583025

The District Court of Osnabrück opened bankruptcy proceedings
against Wiemeyer Verwaltungs- und Beteiligungs- GmbH on March 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Wiemeyer Verwaltungs- und Beteiligungs- GmbH
         Kruempel 6
         49090 Osnabrueck
         Germany

         Attn: Uwe Wiemeyer, Manager
         Gertrudenstrasse 9
         49074 Osnabrueck
         Germany


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


AES CORP: Posts US$95 Million Net Loss in Year Ended Dec. 31
------------------------------------------------------------
The AES Corporation earned US$8 million for the three months
ended Dec. 31, 2007, compared to net income of US$15 million for
the same period in 2006.  For the full year of 2007, the company
posted a net loss of US$95 million compared to net income of
US$247 million.

"We are pleased to announce that we had another good year in
2007, demonstrating the financial strength of our portfolio of
businesses," said Paul Hanrahan, AES President and Chief
Executive Officer.  He added, "We made good progress in
executing and expanding projects in our global pipeline of core
and alternative energy businesses and moved into new higher
growth markets, all of which positions us well for continued
growth going forward."

                        Fourth Quarter 2007

Revenue

During the quarter, revenues increased by US$739 million, or
25%, to US$3.7 billion.  The increase in revenues reflects
higher prices and volumes from the generation businesses of
approximately US$358 million across all four of the company's
regions, as well as favorable foreign currency translation of
approximately US$258 million.  It also reflects approximately
US$57 million from TEG and TEP, two plants the company acquired
in northern Mexico in the first quarter of 2007.

Gross Margin

Gross margin increased by US$20 million, or 3%, to
US$809 million.  Gross margin benefited from a combination of
higher prices at the North American and European businesses,
favorable foreign currency translation and contributions
from new businesses of approximately US$149 million.  These
gains were offset in part by higher fixed costs at Eletropaulo,
one of our distribution companies in Brazil, and Sonel, our
integrated utility in Cameroon, coupled with the previously
anticipated tariff reset at Eletropaulo in July 2007.

Income From Continuing Operations

Fourth quarter income from continuing operations was
US$4 million versus (US$14) million in fourth quarter 2006.  The
net loss in 2006 was primarily driven by higher development and
overhead costs related to remediation work in fourth quarter
2006 (US$0.05), restatement charges in Brazil (US$0.03), charges
related to the restructuring of certain of the company's
Brazilian subsidiaries (US$0.02) and one-time costs related to
the refinancing of debt at certain of the company's subsidiaries
in Panama (US$0.01).

The US$0.00 per diluted share earned in the fourth quarter from
continuing operations includes net charges of US$0.24 related to
certain significant items.  These items include:

    * an asset impairment at Uruguaiana, a generation plant in
      Brazil that the company owns indirectly through its
      Brasiliana subsidiary (US$0.24)

    * a write-off of the Company's remaining equity investment
      in (US$0.02) and impairment of prepaid carbon emission
      credits (US$0.01) from AgCert, a UK company which produces
      Certified Emission Reductions (CERs);

    * expenses associated with deferred financing charges and
      make-whole fees related to the refinancing of corporate
      debt (US$0.08);

    * a one-time deferred tax charge arising from a change in
      Mexican tax law (US$0.07); and

    * a gain of US$0.18 realized from the secondary sale of
      shares by the company's Chilean subsidiary Gener

Excluding the net impact of these significant charges, as well
as the one-time charges in 2006 identified above, the main
driver of the year-over-year improvement in both income from
continuing operations and adjusted earnings per share (a non-
GAAP financial measure) was improved operating performance at
our North American and European businesses.

Cash Flow

Fourth quarter 2007 net cash from operating activities was
US$488 million as compared to US$476 million in fourth quarter
2006.  The increase was primarily attributable to improved
operating performance at our North American and European
businesses, which more than offset the impact of the sale of EDC
in second quarter 2007.  Excluding any contribution from EDC,
which is included in the consolidated statement of cash flows,
net cash from operating activities would have increased by
approximately US$30 million.

                          Full Year 2007

Revenue

During the year, revenues increased by US$2.0 billion, or more
than 17%, to US$13.6 billion.  The increase in revenues is
attributable to higher prices from our generation businesses
across all four of the Company's regions of US$688 million, and
US$636 million from favorable currency translation at our
utility businesses in Latin America.  The increased revenues
also reflects the contributions from new or recently acquired
generation businesses, TEG and TEP in Mexico and Itabo in the
Dominican Republic of US$286 million, as well as higher utility
volumes from our utility businesses in both Brazil and the
Ukraine.

Gross Margin

Gross margin remained relatively flat at US$3.4 billion, as
improved operations in North America, favorable foreign currency
translation in Brazil and the addition of TEG and TEP and Itabo
were largely offset by the previously anticipated Eletropaulo
tariff reset in July 2007, the impacts of gas curtailments and
drier than normal hydrology at our businesses in the Southern
Cone region of Latin America, as well as higher fixed costs at
Eletropaulo and Sonel.

Income From Continuing Operations

Income from continuing operations was US$495 million compared to
US$176 million in 2006.  Results for 2006 include the
restructuring of certain of the company's Brazilian subsidiaries
which resulted in a non-cash, after-tax charge to income from
continuing operations of US$509 million.  The net loss
in 2007 is driven by the sale of EDC, which resulted in a non-
cash, after-tax charge of US$680 million.

Excluding the impacts of the Brasiliana restructuring in 2006
and the significant charges of US$0.33 in 2007, which includes
both the US$0.24 identified above for the fourth quarter as well
as US$0.09 in net asset losses/impairments recorded during the
first three quarters, the main driver of the year-over-year
increase in earnings per diluted share and adjusted earnings per
share was improved operations at the North American and European
businesses, the addition of new businesses and favorable foreign
currency translation.  This improvement helped offset the
impacts of the gas curtailment in the Southern Cone region of
Latin America, as well as higher corporate overhead charges
related to financial restatements, remediation work and higher
business development costs.

Cash Flow

During the year, net cash from operating activities was
US$2.4 billion, an increase of US$6 million compared to 2006.
Net cash from operating activities benefited from favorable
foreign currency translation and improved operating performance
at the North American and European businesses which largely
offset the impact of the sale of EDC in May 2007.  Excluding any
contribution from EDC, net cash from operating activities would
have increased by approximately US$119 million.

                          2008 Guidance

AES expects 2008 diluted earnings per share from continuing
operations of US$2.43, including an expected net gain of US$1.29
or US$900 million related to the sale of two indirectly owned
subsidiaries in Kazakhstan.  The company expects adjusted
earnings per share of US$1.14.  For 2008, the company expects
net cash from operating activities of US$2.3 billion to US$2.4
billion, free cash flow of US$1.4 billion to US$1.6 billion and
subsidiary distributions of US$1.0 to US$1.1 billion.

                        About AES Corporation

AES Corporation -- http://www.aes.com/-- a global power
company, operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Generating 44,000 megawatts of electricity
through 124 power facilities, the company delivers electricity
through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.  The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador and Panama.

                          *    *    *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.  The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Europe on
March 7, 2008, AES Corporation is in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as set forth in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.


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


ALITALIA SPA: Italian Finance Ministry Approves Air France Offer
----------------------------------------------------------------
The Italian Ministry of Economy and Finance has approved an
offer from Air France-KLM S.A. to acquire the government's 49.9%
stake in Alitalia S.p.A., Agenzia Giornalistica Italia reports.

Finance Minister Tommaso Padoa-Schioppa sent a letter to
Alitalia and Air France that expressed support to the French
carrier's planned takeover, Agenzia Giornalistica Italia
relates.

However, Mr. Padoa-Schioppa said in the letter that Air France's
offer will not be binding if another party submits "a competing
and improved public offer and the Ministry accepts that offer."

Air France confirmed acceptance of the letter and has commenced
negotiations with Alitalia's unions.

During the initial talks, Air France CEO Jean-Cyril Spinetta
told Alitalia's unions that the takeover would create a
"European champion" that would help protect jobs in the long
run, Bloomberg News relates

"Air France is offering Alitalia a turnaround and a real
future," Mr. Spinetta told Bloomberg News.

Unions, however, weren't convinced.  Air France's business plan
for Alitalia entails 1,600 job cuts at Alitalia's flight
operations, affecting 500 pilots, 600 flight assistants and 500
ground staff.

"It's humiliating and corresponds to the comatose condition that
Alitalia has been reduced to," Fabrizio Solari, secretary
general of FILT-CIGL, was quoted by Bloomberg News as saying.

"An agreement with Air France right now looks very difficult,
Claudio Genovesi, secretary general of the FIT-CISL, told
Bloomberg News.

CGIL union leader Guglielmo Epifani, meanwhile, advised Air
France to leave "room for negotiations," saying "take-it-or-
leave-it has never been the best tactic with unions," Reuters
relates.

The ANPAC pilots union, which had been supportive of Air France,  
has changed its mind.

"The government has stripped us nude with this Air France deal,"
Raffaele Bonanni, the general secretary of the CISL, said.  
"This is harmful for the workers, the infrastructure and the
general interests of the country."

                          About Alitalia

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

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

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


ALITALIA SPA: SEA SpA Says Suit Continues but May Settle
--------------------------------------------------------
SEA S.p.A. will not withdraw its EUR1.5 billion damages suit
against Alitalia S.p.A., but may consider an out-of-court
settlement, Reuters reports.

Air France-KLM SA, said its binding offer for the Italian
government's 49.9% stake in Alitalia hinges on several
conditions, including "the identification of an applicable
solution to definitely remove the risk connected to the SEA
claim."

As reported in the TCR-Europe on Feb. 6, 2008, SEA filed a
EUR1.5 billion damages suit against Alitalia over the carrier's
decision to downscale its operations at Milan's Malpensa
airport.  SEA chairman Giuseppe Bonomi said Alitalia violated a
hub partnership agreement and contracts with SEA and its SEA
Handling unit.

Mr. Bononi noted that SEA designed and developed Malpensa as
Alitalia required in terms of infrastructures, facilities and
organization.  However, Mr. Bononi added, the investments are
rendered useless by Alitalia's downscale plan.  According to Mr.
Bononi, Alitalia's downscale plan will cut traffic at Malpensa
by 6 million passengers and will reduce the airport's results by
EUR70 million.

                          About Alitalia

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

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

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


ALITALIA SPA: Liquidation Only Option if Sale Fails
---------------------------------------------------
Italian Economy Minister Tommaso Padoa-Schioppa said Alitalia
S.p.A is likely to undergo a liquidation proceeding if the sale
to Air France-KLM or some other bidders fails, Thomson Financial
News reports.

Mr. Padoa-Schioppa told Corriere della Sera liquidation is the
only alternative to Alitalia sale or to a competing offer.

                 Air France KLM's Binding Offer

As previously reported in the TCR-Europe, Alitalia's Board of
Directors resolved unanimously on March 15, 2008, in favor of
Air France-KLM's proposal and decided to give the mandate to
Chairman Maurizio Prato to sign the acceptance letter.

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

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

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

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

                       Strategic Premises

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

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

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

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

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

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

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

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

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

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

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

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

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

                       About Alitalia

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

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

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


FIAT SPA: Argentina Unit to Invest US$300 Million
-------------------------------------------------
Fiat Argentina, a subsidiary of Fiat S.p.A., plans to invest
US$300 million in Argentina, Reuters reports.

The move, Reuters relates, came after Argentine President
Cristina Fernandez de Kirchner met with the head of Fiat
Argentina.

A company official told Reuters that about US$200 million will
be allocated for the production of gear boxes and the rest of
the amount will be spent for car production.

                      About Fiat S.p.A.

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

                        *     *     *

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

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


INTERNATIONAL PAPER: To Buy Weyerhaeuser's Unit for US$6BB Cash
---------------------------------------------------------------
International Paper Company signed an agreement with
Weyerhaeuser Company to purchase its Containerboard, Packaging
and Recycling business for US$6 billion in cash, subject to
post-closing adjustments.  International Paper expects to close
the deal in the third quarter of 2008, subject to customary
closing conditions, including regulatory review and receipt of
financing.

The transaction includes nine containerboard mills, 72 packaging
locations, 10 specialty-packaging plants, four kraft bag and
sack locations and 19 recycling facilities.  The transaction
affects approximately 14,300 Weyerhaeuser employees.

Because the transaction is a purchase of assets rather than of
stock, International Paper will realize a tax benefit that has
an estimated net present value of approximately US$1.4 billion.
Taking this benefit into account, the net purchase price is
about US$4.6 billion.

"This deal represents a compelling opportunity for International
Paper and our shareowners at a very attractive valuation,"
International Paper Chairman and Chief Executive Officer John
Faraci said.  "Integrating Weyerhaeuser's CBPR business into our
North American packaging platform fits very well with our
strategy to improve our earnings, cash flow and returns by
strengthening existing businesses.  We expect the combined
packaging business will generate stronger cash flow and higher
EBITDA margins than either standalone business."

Carol Roberts, senior vice president of International Paper's
packaging business, said she sees low integration risk and
considerable upside potential in the deal.  "Weyerhaeuser has
low-cost, well-run assets that complement our existing mill and
converting system and offer significant synergies," she said.
"The acquisition expands our geographic presence in the U.S. and
Mexico and diversifies our customer base in key product lines.
All of this will make our packaging business more competitive,
more profitable and better able to serve customers."

Steven R. Rogel, chairman and chief executive officer of
Weyerhaeuser Co., said the announcement completes the company's
strategic review of the CBPR business.

"We are pleased with the outcome and we will continue to focus
on those areas that present the greatest opportunities for the
future," Mr. Rogel said.  "This future begins with the trees and
the land, and our outstanding stewardship of these resources.
To this we add our unique expertise in growing and extracting
value from the trees and the land on which they grow.

"I want to thank the CBPR employees for their dedication,
patience and professional approach during this review.  Their
efforts continue to improve the performance of this business and
I'm confident that this transaction positions CBPR for an even
more successful future."

Morgan Stanley acted as financial advisor to Weyerhaeuser in the
transaction.

International Paper has identified profit improvement
opportunities of about US$400 million annually from the
acquisition.  The company expects to achieve at least 40% of the
improvement within 12 months of completing the deal, with the
remainder fully realized by the end of the third year, as a
result of reducing duplicate overhead costs, integrating
manufacturing operations, optimizing product mix, and improving
operational and supply chain efficiencies.

International Paper projects that the acquisition will be
earnings accretive for the 2009 full year.  International Paper
will finance the transaction through debt and has financing
commitments from several leading financial institutions.

                        About Weyerhaeuser

Headquartered in Federal Way, Washington, Weyerhaeuser Company
-- http://www.weyerhaeuser.com/-- is principally engaged in the
growing and harvesting of timber; the manufacture, distribution
and sale of forest products; and real estate construction,
development and related activities.

                    About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
The company has operations include, among others, facilities
in Argentina, Brazil, Bolivia, France, Italy, Spain, Venezuela,
and the United Kingdom.  These businesses are complemented by an
extensive North American merchant distribution system.
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                         *     *     *

International Paper Co. continues to carry Moody's Investors
Service's 'Ba1' senior subordinate rating.  The outlook,
according to Moody's is stable.


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


AGROSNAB-PV LLP: Creditors Must File Claims by April 15
-------------------------------------------------------  
LLP Agrosnab-PV has declared insolvency.  Creditors have until
April 15, 2008, to submit written proofs of claims to:

         LLP Agrosnab-PV
         Kajy-Mukan Str. 50
         Irtyshsk
         Pavlodar
         Kazakhstan


ASIA FOOD: Claims Deadline Slated for April 11
----------------------------------------------  
LLP Asia Food 2005 has declared insolvency.  Creditors have
until April 11, 2008, to submit written proofs of claims to:

         LLP Asia Food 2005
         Micro District Samal-2, 98
         Almaty
         Kazakhstan
         Tel: 8 (3272) 73-90-97


BANK CENTERCREDIT: Kookmin Bank to Acquire 30% Stake
----------------------------------------------------
Kookmin Bank of Korea will acquire a 30.0% stake in JSC Bank
CenterCredit.  Kookmin further said that after the acquisition,
it will increase its stake to 50.1% in the coming months.

Kookmin’s initial investment will amount to KZT76 billion
(US$634 million) through a combination of a purchase of shares
from existing shareholders and a subscription for new shares
issued by BCC to support the bank’s further growth.

Upon the completion of the initial investment pursuant to
agreements signed between Kookmin and certain shareholders of
BCC, including the largest shareholder Bakhytbek R. Bayseitov,
Kookmin will become the second largest shareholder in BCC.

The selling shareholders have agreed to deposit US$240 million
of the sale proceeds with BCC to foster the bank’s liquidity.   
The agreed issuance of new shares as part of the initial
investment is expected to further increase BCC’s capital by
approximately US$160 million.   In addition, subsequent to the
initial investment, Kookmin will obtain a controlling position
of 50.1% or more of BCC’s outstanding shares through the
purchase of additional shares, further capital injections/
rights offerings, or any combination of such options.

The partnership between Kookmin and BCC will enable two leading
institutions to combine their skills and expertise to take
advantage of tremendous business opportunities.  Kookmin’s
commitment goes well beyond the mere investment of capital.  The
agreed transfer of core capabilities through management
participation will enable BCC to increase scale and improve
operational efficiencies in Kazakhstan and across Central Asia.

Completion of the agreed transaction is subject to receipt of
all necessary regulatory authorizations and consents, such as
the approvals of the Financial Services Commission of Korea, the
Ministry of Strategy and Finance of Korea, Agency of the
Republic of Kazakhstan for the Regulation and Supervision of the
Financial Market and Financial Organizations and the Agency for
the Protection of Competition of the Republic of Kazakhstan.

Morgan Stanley acted as exclusive financial adviser to BCC, with
White & Case acting as legal advisers.

                       bout Kookmin

Kookmin is the largest financial institution in Korea, with more
than 26 million customers, 1,204 branches and 9,570 ATMs
nationwide, and US$233 billion in total assets as of 31 December
2007.

Headquartered in Seoul, Kookmin is listed on the Seoul and New
York Stock Exchanges and has additional presences in Hong Kong,
Tokyo, London, Auckland, New York, Guangzhou, Almaty, Kiev, Ho
Chi Minh City and Jakarta.


                     About Bank CenterCredit

Headquartered in Almaty, Kazakhstan, JSC Bank CenterCredit --
http://www.centercredit.kz/eng/-- focuses primarily on SME and  
retail business, with more than 845 thousand customers, and owns
a powerful nationwide distribution network (205 branches and
outlets, supplemented by 261 ATMs).


BANK CENTERCREDIT: Fitch Holds Ratings and Revises Outlook
----------------------------------------------------------
Fitch Ratings affirmed the ratings of Kazakhstan-based Bank
Centercredit at Long-term Issuer Default rating 'BB-', Short-
term IDR 'B', Individual 'D', Support '3' and Support Rating
Floor 'BB-'.  The Outlook for the Long-term IDR has been changed
to Evolving from Negative.  The bank's senior unsecured debt is
rated 'BB-'.

At the same time, Fitch has affirmed the ratings of Korea's
Kookmin Bank at Long-term IDR 'A+', Individual 'B', Support '1'
and Support Rating Floor 'A'.  The Outlook on the Long-term IDR
is Stable. KMB's senior unsecured debt is affirmed at 'A+' and
its subordinated notes are affirmed at 'A'.

The rating actions follow the recent announcement that KMB has
reached an agreement to acquire a 30% stake in BCC for US$634m
(KRW621bn) and intends to increase this stake to 50.1% within 30
months.  The mechanism for ultimately increasing KMB's stake to
50.1% has not been made transparent to Fitch, but the agency's
understanding is that KMB is likely to have concluded an option
agreement in respect to the additional stake.  The acquisition
of the 30% stake is, and the further increase in the stake to
50.1% would be, subject to regulatory approvals in both the
Republic of Korea and Kazakhstan.

The change in BCC's Outlook reflects the much stronger ability
of KMB to provide support to BCC, in case of need, than BCC's
current majority shareholder.  Fitch does not, at present,
expect to upgrade BCC upon completion of the acquisition of a
30% stake by KMB, given the considerable uncertainty over KMB's
support of a foreign bank in which it holds only a minority
stake.  However, there would likely be significant upside for
BCC's Long-term IDR if and when KMB consolidates a majority
stake.  "The degree of the upside would depend on KMB's Long-
term IDR at the time of the acquisition and Fitch's
understanding of KMB's readiness to support a foreign subsidiary
bank," says Alexei Kechko, a Director in Fitch's financial
institutions group.  Fitch notes that this is KMB's first
significant cross-border acquisition.

BCC's Outlook has been changed to Evolving, rather than
Positive, as there still exists significant short-term downside
risk for the bank's Long-term IDR.  This is because the rating
is currently driven by potential support from the Kazakhstani
authorities, based on BCC's significant domestic market shares.  
If Kazakhstan's Long-term foreign currency IDR ('BBB'/Negative
Outlook) is downgraded before KMB acquires a majority stake in
BCC, then BCC's Long-term IDR would likely follow suit.

"The affirmation of KMB's ratings reflects the fact that the
acquisition size is relatively small, since the initial
investment is equivalent to only 3.9% of KMB's equity at end-
2007," says Heakyu Chang, an analyst in Fitch's financial
institutions group.  "That said, the acquisition is the largest
overseas investment not only in KMB's history, but also in the
history of Korean banks in general."

The net interest margin of Korean banks has been decreasing for
the past several years due to strong competition both among
banks and from the securities/wealth management industry,
forcing the banks to look to overseas markets for growth.  
Following the acquisition of a 30% stake, KMB intends to
strengthen BCC's supervisory and management boards.  In the
long-term, KMB is expecting to transfer its skills and expertise
in risk management, customer relationship management and credit
card business to BCC.  KMB has a very ambitious plan to expand
its overseas assets to 20% of its total assets by 2015 from 1.2%
at end-2007.  If successful, Korean banks' overseas expansion
will enhance their credit profiles; Korean banks' overseas
assets at end-2007 are estimated to be just above 3% of the
banking system assets.

BCC had US$7.3bn of assets at end-2007 (equal to around 3.1% of
KMB's balance sheet), making it the sixth-largest bank in
Kazakhstan, with a market share of 8%. I t focuses primarily on
the SME and retail segments, utilising a nationwide branch
network.  After the acquisition of the 30% stake by Kookmin, a
40% stake in BCC will be held by the Chairman of the Board of
Directors, Bakhytbek Bayseitov (down from 51.2% at present), and
15% by senior management.  It is noted that the initial 30%
acquisition will result in new equity of US$160m for BCC.


KMB is Korea's leading bank in terms of size (16% of system
assets) and consumer/SME business.  Established by the
government in 1963 to lend to households and small businesses,
Kookmin was privatised in 1995 before acquiring the state-owned,
mortgage-oriented Housing & Commercial Bank.  Listed on the
Korean and New York stock exchanges, Kookmin is today
approximately 80%-owned by foreign investors.


CORPORATION RKN: Claims Filing Period Ends April 11
---------------------------------------------------  
LLP Corporation RKN has declared insolvency.  Creditors have
until April 11, 2008, to submit written proofs of claims to:

         LLP Corporation RKN
         20 liniya Str. 15a
         Almaty
         Kazakhstan


DREAM LLP: Creditors' Claims Due on April 11
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Dream insolvent on Feb. 7, 2008.  

Creditors have until April 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Djambul Str. 177/64
         Kokshetau
         Akmola
         Kazakhstan


GEOARHSERVICE LLP: Claims Registration Ends April 15
----------------------------------------------------  
LLP Geoarhservice has declared insolvency.  Creditors have until
April 15, 2008, to submit written proofs of claims to:

         LLP Geoarhservice
         Sharipov Str. 98-1
         Almaty
         Kazakhstan


HOTEL-SERVICE LTD: Creditors Must File Claims by April 11
---------------------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Hotel-Service Ltd (RNN 600700553675).

Creditors have until April 11, 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


KURYLYS TAS: Claims Deadline Slated for April 15
------------------------------------------------  
LLP Kurylys Tas Astana has declared insolvency.  Creditors have
until April 15, 2008, to submit written proofs of claims to:

         LLP Kurylys Tas Astana
         Yanushkevich Str. 1-76
         Almaty District
         Astana
         Kazakhstan


MIRAT JONE: Claims Filing Period Ends April 11
----------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Mirat Jone N.A. (RNN 092200211525).

Creditors have until April 11, 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


NZH TRADE: Creditors' Claims Due on April 15
--------------------------------------------  
LLP NZH Trade has declared insolvency.  Creditors have until
April 15, 2008, to submit written proofs of claims to:

         LLP NZH Trade
         Kurmangazy Str. 31
         Almaty
         Kazakhstan


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


ENGINEERING-SERVICE LLC: Claims Filing Period Ends April 18
-----------------------------------------------------------
LLC Engineering-Service has declared insolvency.  Creditors have
until April 18, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 27-39-14.


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


BEARINGPOINT INC: Names David Hunter as Chief Operating Officer
---------------------------------------------------------------
BearingPoint Inc. has appointed David Hunter as chief operating
officer.  Mr. Hunter, who worked at Accenture for more than 30
years and rose to the position of Global Senior Partner, will be
responsible for day-to-day operations of BearingPoint across
geographies, business units and corporate services.

Mr. Hunter devoted much of his career to running and expanding
Accenture's Asia-Pacific business, as well as overseeing the
company's Government practice.  At BearingPoint, he will
spearhead BearingPoint's global operations and work closely with
members of the executive management team to bring a commitment
and focus to client service, broaden the company's growing Asia-
Pacific business and extend the reach of the Public Services
practice to governments around the world.

During his tenure at Accenture, Mr. Hunter held a variety of
senior positions including nine years as the chief executive
officer of the Government Global Operating Group and the Asia
Pacific region.  In these roles, he was responsible for business
turnarounds, resulting in significant growth and performance
increases.  In addition, he led the establishment of multiple
government practices in the largest countries in the Asia
Pacific region.

"David is an experienced leader.  In every position he has held,
he has created value for his clients and opportunities for
growth for his colleagues.  He has a proven ability to increase
operational efficiency, drive business results and expand
profitability – all qualities consistent with our objectives,"
said Ed Harbach, BearingPoint's chief executive officer.  "He
will play a key role in helping us build a stronger
organization, grow strategic areas of our client base and
execute our long-term business plan."

Mr. Hunter said, "This is the right opportunity at the right
time for me.  I have known several members of BearingPoint's
management team for decades and know them to be innovative,
straight-thinking and hard working.  I believe there is a
tremendous opportunity at BearingPoint to truly establish market
leadership in key areas around the world.  I am impressed with
the intellectual capital embedded throughout the company and am
excited to be part of the next phase of BearingPoint's history."

Mr. Hunter has extensive global experience, having lived and
worked in 15 countries around the globe and he currently resides
in Sydney, Australia.  In addition, Hunter serves on the boards
of a number of Australian public companies as a non-executive
director and has extensive experience in corporate governance.

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE)
-- http://www.BearingPoint.com/-- provides of management and
technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

As of Dec. 31, 2007, the company had total assets of
US$1,981.4 million, total liabilities of US$2,450.6 million
resulting to a total stockholders' deficit of US$469.2 million.

                          *    *    *

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


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


ELAN-FERM-MASH: Volgograd Bankruptcy Hearing Slated for June 24
---------------------------------------------------------------
The Arbitration Court of Volgograd will convene at 11:00 a.m. on
June 24, 2008, to hear the bankruptcy supervision procedure on
OJSC Elan-Ferm-Mash.  The case is docketed under Case No.
A12-1490/08-S55.

The Temporary Insolvency Manager is:

         A. Kharlanov
         Post User Box 1100
         400087 Volgograd
         Russia

The Debtor can be reached at:

         OJSC Elan-Ferm-Mash
         Leninskaya Str. 79
         Elan
         403732 Volgograd
         Russia


KIRZHACH-STROY: Vladimir Bankruptcy Hearing Slated for May 20
-------------------------------------------------------------
The Arbitration Court of Vladimir will convene at 1:30 p.m. on
May 20, 2008, to hear the bankruptcy supervision procedure on
OJSC Kirzhach-Stroy.  The case is docketed under Case No.
A11-432/2008-?1-48B.

The Temporary Insolvency Manager is:

         I. Bolshakova
         Post User Box 152
         600017 Vladimir
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kirzhach-Stroy
         Seregina Str. 11
         Kirzhach
         601010 Vladimir
         Russia


KRASNOGVARDEYSKIY-AGRO-PROM-TRANS: Claims Filing Ends April 1
-------------------------------------------------------------
Creditors of OJSC Krasnogvardeyskiy-Agro-Prom-Trans have until
April 1, 2008, to submit proofs of claim to:

         S. Osipova
         Temporary Insolvency Manager
         Gaya Str. 23A
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A47-10941/2007-14gk.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Krasnogvardeyskiy-Agro-Prom-Trans
         Donskoe
         Krasnogvrdeyskiy
         Orenburg
         Russia


LOCAL FUEL: Creditors Must File Claims by April 1
-------------------------------------------------
Creditors of CJSC Local Fuel Company have until April 1, 2008,
to submit proofs of claim to:

         S. Suvorov
         Temporary Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A40-63 500/07-124-182 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Local Fuel Company
         Building 6
         Novoslobodskaya Str. 20
         Moscow
         Russia


MAGNITOGORSK IRON: Building US$1-Billion Factory in Turkey
----------------------------------------------------------
OAO Magnitogorsk Iron and Steel Works commenced construction of
its US$1-billion plant in Turkey on March 15, 2008, RIA Novosti
reports.

"The Turkey plant is expected to reach a production capacity of
2.6 million metric tons of steel and hot-rolled mill products by
2010," MMK CEO Viktor Rashnikov was quoted by RIA Novosti as
saying

According to RIA Novosti, the construction is part of a deal
between MMK and Turkish coal group Atakas Group in May 2007.  
MMK currently owns a 50% plus one stake in MMK Atakas Metalurji.

                    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.


MASLOVSKOE LLC: Creditors Must File Claims by April 1
-----------------------------------------------------
Creditors of LLC Maslovskoe have until April 1, 2008, to submit
proofs of claim to:

         S. Lobanov
         Temporary Insolvency Manager
         Apt. 15
         Magistralnaya Str. 17a
         392027 Tambov
         Russia

The Arbitration Court of Tambov will convene on April 29, 2008,
to hear the company's bankruptcy supervision procedure on the
company.  The case is docketed under Case No. A64-6591/07-10.

The Court is located at:

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

The Debtor can be reached at:

         LLC Maslovskoe
         Maslovka
         Umetskogo
         Tambov
         Russia


SLOBODSKAYA BREWING: Asset Sale Slated for April 4
--------------------------------------------------
T. Sergeeva, the insolvency manager and bidding organizer for  
OJSC Slobodskaya Brewing Company, will open a public auction for
the company's properties at 11:00 a.m. on April 4, 2008, at:

         T. Sergeeva
         Office 135
         Kolesanova Str. 11
         Ivanovo
         Russia

Interested participants have until 4:00 p.m. on April 1, 2008,
to deposit an amount equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         T. Sergeeva
         Office 135
         Kolesanova Str. 11
         Ivanovo
         Russia
         Tel/Fax: 8(4932)29-23-19

The Debtor can be reached at:

         OJSC Slobodskaya Brewing Company
         Sovetskaya Str. 104
         Slobodskoy
         Kirov
         Russia


TEPLOSILA-SERVICE: Creditors Must File Claims by April 1
--------------------------------------------------------
Creditors of LLC Teplosila-Service have until April 1, 2008, to
submit proofs of claim to:

         I. Polyanin
         Temporary Insolvency Manager
         Apt. 58
         K. Marksa Str. 258
         392000 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A64-7160/07-25.

The Court is located at:

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

The Debtor can be reached at:

         LLC Teplosila-Service
         Z. Kosmodemyanskoy Str. 1
         Tambov
         Russia


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


ANICON INDUSTRIAL: Creditors' Liquidation Claims Due by April 30
----------------------------------------------------------------
Creditors of LLC Anicon Industrial Products have until April 30,
2008, to submit their claims to:

         Jasna Jenni-Strukelj
         Liquidator
         Niesenweg 19
         3073 Gumligen BE
         Switzerland

The Debtor can be reached at:

         LLC Anicon Industrial Products
         Belp
         Seftigen BE
         Switzerland


CHIAPPOLINI LLC: Creditors' Liquidation Claims Due by May 5
-----------------------------------------------------------
Creditors of LLC Chiappolini have until May 5, 2008, to submit
their claims to:

         LLC Chiappolini
         Rheingutstrasse 7
         8245 Feuerthalen
         Andelfingen ZH
         Switzerland


COLUMBIA ART: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Columbia Art on Feb. 8, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Columbia Art
         Steinhauserstrasse 70
         6301 Zug
         Switzerland


GARAGE GULUM: Creditors' Liquidation Claims Due by March 25
-----------------------------------------------------------
Creditors of LLC Garage Gulum have until March 25, 2008, to
submit their claims to:

         Fevzi Parmaksiz
         Zurichstrasse 112
         8606 Nanikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Garage Gulum
         Uster ZH
         Switzerland


GASTHAUS BAD: Lucerne Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy
proceedings against LLC Gasthaus Bad on Jan. 29, 2008.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Gasthaus Bad
         Urs Aregger
         Oberdorfstrasse 3
         6207 Nottwil
         6110 Wolhusen
         Sursee LU
         Switzerland


PROCON-OFFICE JSC: Creditors' Liquidation Claims Due by March 31
----------------------------------------------------------------
Creditors of JSC ProCon-Office have until March 31, 2008, to
submit their claims to:

         Heinz Vaselai
         Liquidator
         Im Rebhugel 2
         5445 Eggenwil
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         JSC ProCon-Office
         Dietikon ZH
         Switzerland


RESIDENCE SCHONBERG: Creditors Must File Claims by March 26
-----------------------------------------------------------
Creditors of JSC Residence Schonberg Gunten have until March 26,
2008, to submit their claims to:

         Stefanie Wagner
         Liquidator
         Thunstrasse 12
         Mail box: 117
         3612 Steffisburg
         Steffisburg BE
         Switzerland

The Debtor can be reached at:

         JSC Residence Schonberg Gunten
         Sigriswil
         Thun BE
         Switzerland


WWF PANDA: Creditors' Liquidation Claims Due by March 31
--------------------------------------------------------
Creditors of JSC WWF Panda have until March 31, 2008, to submit
their claims to:

         WWF Schweiz
         Attn: Markus Schwingruber
         Hohlstrasse 110
         8010 Zurich
         Switzerland

The Debtor can be reached at:

         JSC WWF Panda
         Zurich
         Switzerland


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


MAGNITOGORSK IRON: Starts Construction of US$1-Billion Plant
------------------------------------------------------------
OAO Magnitogorsk Iron and Steel Works commenced construction of
its US$1-billion plant in Turkey on March 15, 2008, RIA Novosti
reports.

"The Turkey plant is expected to reach a production capacity of
2.6 million metric tons of steel and hot-rolled mill products by
2010," MMK CEO Viktor Rashnikov was quoted by RIA Novosti as
saying

According to RIA Novosti, the construction is part of a deal
between MMK and Turkish coal group Atakas Group in May 2007.  
MMK currently owns a 50% plus one stake in MMK Atakas Metalurji.

                    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.


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


A & P MAINTENANCE: Brings In Liquidators from Mazars
----------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of A & P Maintenance Engineers Ltd.
on March 7 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


A. D. FABRICATIONS: Calls In Liquidators from Mazars
----------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of A. D. Fabrications (Telford) Ltd.
on March 5 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         The Broadway
         Dudley
         West Midlands
         DY1 4PY
         England


BAA LTD: To Enters Talks with Bondholders Over Debt Transfer
------------------------------------------------------------
BAA Ltd. intends to enter into discussions with bondholders on
its plan to transfer GBP4.1 billion of debt to an investment
division backed by assets, including London Heathrow, Bloomberg
News reports.

According to Bloomberg, the move will enable BAA, which is
seeking better financing terms, to keep its investment grade of
the notes and encourage investors to buy new debt.

BAA, Bloomberg relates, approached the Association of British
Insurers, which is acting as go-between, on March 12 to arrange
talks with bondholders over the transfer.

According to the Daily Telegraph, the bondholders are going to
keep an eye on the transfer terms.

Jose Leo, chief financial officer BAA, told bondholders the
possible forced sale of airports by the Competition Commission
may hamper the refinancing of GBP10 billion of debt, although he
admitted in a two-hour conference call that "the commission can
make decisions and express views that could be incompatible with
my plan.  It is out of my hands," Alistaire Osborne writes for
the Daily Telegraph.

                          About BAA

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

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

                             *   *   *

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


BRITISH ENERGY: Board Confirms New Nuclear Program Discussion
-------------------------------------------------------------
The board of British Energy Group Plc said that it is in
discussion with interested parties in the context of its future
and its plans to take a pivotal role in any new nuclear program.

These discussions could lead to a business combination or an
offer for the company, although there can be no certainty that
any offer will be made.

The U.K. government, which owna 35% of BE, hired UBS AG to
advise it on the program for new nuclear stations, including the
stake it holds in BE, published reports say.

A government spokesman disclosed that UBS was advising the
government on all commercial aspects of development on new
nuclear capacity, and ministers were not actively marketing its
stake on BE for sale, City Correspondent relates.

Major European utility firms like British Gas owner Centrica,
French nuclear giant EDF, German firms E.ON and RWE, and Spain's
Iberdrola were approached about acquiring the U.K. government's
stake in BE that would lead to a restructuring of the nuclear
power business for a new GBP20 billion atomic plant program, the
Telegraph relates.

                     About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As of March 17, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.

Standard & Poor's affirmed its BB long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
and its subsidiary British Energy Holdings PLC, with negative
outlook.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


C.L.E.A.R. PLC: S&P Downgrades Ratings on Nine Note Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
nine series of European synthetic collateralized debt
obligations of asset-backed securities issued by C.L.E.A.R. PLC
that reference the "Aramis" portfolio.
  
These rating actions reflect changes Standard & Poor's has made
to the recovery rate and correlation assumptions it uses to
assess U.S. RMBS held within CDO collateral pools.

In addition, these C.L.E.A.R. series reference U.S. residential
mortgage-backed securities (RMBS) and U.S. CDOs that are exposed
to U.S. RMBS, which have experienced negative rating actions.
  
The portfolio is managed by Deerfield Capital Management LLC and
IXIS Asset Management.

                    Ratings List

                   Ratings Lowered
  
                   C.L.E.A.R. PLC

    EUR45 Million Limited-Recourse Secured Credit-Linked
          Variable-Rate Notes Series 31 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   B+        AAA
  
    JPY3 Billion Limited-Recourse Secured Credit-Linked
          Variable-Rate Notes Series 32 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   B-        AA
  
     EUR20 Million Limited-Recourse Secured Credit-Linked
          Variable-Rate Notes Series 33 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   B-        AA
  
      AU$10 Million Limited-Recourse Secured Credit-Linked
             Variable-Rate Notes Series 34 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   B-        AA

       JPY1 Billion Limited-Recourse Secured Credit-Linked
             Variable-Rate Notes Series 35 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   B-        A+

  
        US$50 Million Limited-Recourse Secured Credit-Linked
            Variable-Rate Notes Series 37 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   CCC+      A-

        US$25 Million Limited-Recourse Secured Credit-Linked
             Variable-Rate Notes Series 38 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   CCC+      BBB+

         EUR20 Million Limited-Recourse Secured Credit-Linked
               Variable-Rate Notes Series 39 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   B+        AAA
  
       AU$5 Million Limited-Recourse Secured Credit-Linked
               Variable-Rate Notes Series 40 (Aramis)

                      Ratings
                      -------
                   To        From
                   --        ----
                   B+        AAA


CARLYLE CAPITAL: Liquidators Release Preliminary Report
-------------------------------------------------------
Begbies Traynor (Jersey) Limited, as liquidators for Carlyle
Capital Corporation Limited, the it conducted a preliminary
assessment of the financial position of the company.

The Liquidators say that while it has not been possible to
examine all transactions and obligations of the company in the
brief period since the order for compulsory liquidation on the
March 17, 2008, the preliminary assessment of the current CCC
financial position is:

     1) the company invested primarily in Residential Mortgage-
        Backed Securities which were provided as security for
        substantial borrowing from a number of investment banks;

     2) substantially all of the RMBS assets of the company have
        been subject to enforcement by lending banks following
        default on the terms of facilities provided to the
        company and the company therefore has limited investment
        assets which can be liquidated to meet liabilities;

     3) the company has extremely limited cash assets;

     4) the company has substantial liabilities (as yet
        undetermined) which are likely to exceed its remaining
        assets and therefore the company is considered by the
        Liquidators to be insolvent.

The Liquidators added that as the company is currently
considered to have insufficient assets to match its liabilities,
shareholders are unlikely to receive any distribution upon final
winding up of the company's affairs and due regard should be
given to this fact by any person seeking to purchase shares on
Euronext Amsterdam.

The Liquidators wish to further repeat the information provided
on March 17 and 18 that there is legal uncertainty regarding the
title to any shares transferred after the placing of the company
into compulsory liquidation on the March 17, 2008 and that such
transfers may be considered void.  Persons transferring or
wishing to transfer shares in the company should obtain legal
advice before effecting any purchase or sale of the company's
shares on Euronext Amsterdam.

Enquiries for the Liquidators and claims should be submitted to
this address :

          Begbies Traynor (Jersey) Limited
          Charles House
          Charles Street
          St Helier
          Jersey
          JE2 4SF
          Channel Islands
          Tel: +44 (0) 1534 610144
          Fax: +44 (0) 1534 630440

                     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.


D.E.K.E. LTD: Peter Wastell Leads Liquidation Procedure
-------------------------------------------------------
Peter Wastell of Vantis was appointed liquidator of D.E.K.E.
Ltd. on March 11 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

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


FIORENTE FUNDING: Moody's Cuts Ratings on Six Note Classes
----------------------------------------------------------
Moody's Investors Service downgraded six classes of notes issued
by Fiorente Funding Limited.  Two of the notes also remain on
watch for further downgrade.  These rating actions are a
response to severe credit deterioration in the underlying
portfolio.  The transaction is a cash and synthetic CDO
referencing, among other assets, 40% subprime RMBS assets and
15% ABS CDOs of the 2004, 2005, 2006, and 2007 vintages.

Moody's announced on February 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Fiorente Funding Limited:

      (1) US$63,750,000 Class A Secured Floating Rate Credit-
          Linked Notes due 2051

          Current Rating: Ba1, on review for downgrade
          Prior Rating: Baa1, on review for downgrade

      (2) US$34,000,000 Class B Secured Deferrable Floating Rate
          Credit-Linked Notes due 2051

          Current Rating: Caa3, on review for downgrade
          Prior Rating: B2, on review for downgrade

      (3) US$14,450,000 Class C Secured Deferrable Floating Rate
          Credit-Linked Notes due 2056

          Current Rating: Ca
          Prior Rating: Caa2, on review for downgrade

      (4) US$3,075,000 Class D1 Secured Deferrable Floating Rate
          Credit-Linked Notes due 2056

          Current Rating: Ca
          Prior Rating: Caa3, on review for downgrade

      (5) US$5,000,000 Class D2 Secured Deferrable Fixed Rate
          Credit-Linked Notes due 2056

          Current Rating:Ca
          Prior Rating: Caa3, on review for downgrade

      (6) US$10,000,000 Class M1 Combination Notes due 2056

          Current Rating: Ca
          Prior Rating: Caa3, on review for downgrade


LINCOLN CASTINGS: Taps Liquidators from Ernst & Young
-----------------------------------------------------
Simon Allport and Thomas Jack of Ernst & Young LLP were
appointed joint liquidators of Lincoln Castings Ltd. (formerly
George Fischer (Lincoln) Ltd.) on March 5 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Ernst & Young LLP
         100 Barbirolli Square
         Manchester
         M2 3EY
         England


NORTHERN ROCK: Board Outlines Future Plans for the Business
-----------------------------------------------------------
The Board of Northern Rock plc set out its intentions for the
future direction of the business during the period of temporary
public ownership.  These are being worked up into a full
business plan, which will be submitted to HM Treasury (HMT) for
approval by the end of the month.  The Government, on Tuesday,
March 18, 2008, confirmed that it has sent the European
Commission the necessary formal notification of its intention to
continue to provide the existing restructuring aid to Northern
Rock to support this process.

The Board of Northern Rock will be submitting to HMT a plan
which will set out the basis for the removal of Government
support through the creation of a smaller, more focused,
financially viable mortgage and savings bank which will be
returned to the private sector.

The proposed plan will be designed to deliver the Government's
previously stated objectives to protect UK taxpayers, promote
financial stability and protect depositors, and will be based
around four strategic priorities:
        
    * contracting to a smaller, sustainable business through a
      reduction in the asset base of around a half by 2011,
      while maintaining a modest level of new loan origination.

    * progressive repayment of the Bank of England loan and  
      release of the Government guarantees over the next three
      to four years, while increasing the level of retail
      deposits to form a larger share of total funding.

    * restructuring the organization and its operations so that
      these are aligned to the business objectives.  The initial
      assessment is that this will involve staffing levels
      falling by around a third by 2011, though the final figure
      will depend on the business plan ultimately adopted, and
      the evolution of the business in the light of market and
      economic developments.

    * strengthening risk management in key business areas.

"I am pleased that we are making good progress in developing our
provisional business plan.  This will be a robust plan to create
a smaller mortgage and savings bank that will be tightly focused
and financially viable," Ron Sandler, executive chairman of
Northern Rock, said.

"It will be a demanding plan, and one that will carry a number
of financial and operational risks.  Market conditions remain
uncertain and a protracted downturn in the housing market would
clearly present challenges to its achievement.  But we are
testing it carefully across a range of scenarios and are
confident that we can produce a plan that will be delivered.

"As regards the organizational restructuring, we will work
sensitively with our staff and UNITE to minimize the extent and
impact of job losses.  We are already closely engaged with local
agencies, including One NorthEast, to ensure that affected staff
are offered as much support as possible.  I am determined that
Northern Rock will remain a major employer in the North East
with sufficient financial strength and stability to allow it to
return, in due course, to the private sector."

                       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.


MEADGATE WESTERN: Enters into Administration Due to Debts
---------------------------------------------------------
Meadgate Western has gone into administration after incurring
debts of around GBP36 million, the Building magazine reports.  
GBP4 million of that amount is owed to creditors.

Citing Rob Lewis of PricewaterhouseCoopers LLP, the company had
already suffered losses and was “further compounded” due to the
“slowdown in the residential property market,” Building magazine
adds.

The report relates that River 7, which had previously bought the
company's assets, had also re-employed a majority of the
company's staff.

Meadgate Western is a housing developer.


QUEBECOR WORLD: Creditors' Meeting Slated for March 28
------------------------------------------------------
Creditors of Quebecor World Plc will meet at 10:00 a.m. on
March 28, 2008, at:

         Kettering Park Hotel & Spa
         Kettering Parkway
         Kettering
         Northamptonshire
         NN15 6XT28
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 27, 2008, at:

         Ian Best and David K Duggins
         Joint Administrators
         Ernst & Young LLP
         No. 1 Colmore Square
         Birmingham
         B4 6HQ
         England

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.


WARNERS M&E: Put into Administration by Haymills
------------------------------------------------
Warners M&E was put into administration by Haymills after plans
of a management buy-out resulted to nothing, John Leitch at the
Contract Journal reports.

The company was obtained by Haymills sometime in 2004, the
report adds.  The report discloses that Haymill put in a number
of measures aimed at helping Warners get up including, a cash
investment of GBP300,000, putting in new management and
implementing new controls.  

Although Warners eventually managed to get a small profit in
2007, this was immediately cut by the lack in the workload as
well as problems with some of the contracts.

The report discloses, citing a Haymills spokesman, Haymills had
no plans of putting in additional investment in the company.

“Further investment was not an option Haymills would entertain,”
said a spokesman.

David Merrygold and Brian Hamblin of PKF(UK)LLP has been
appointed as administrators.

Ipswich-based Warners M&E -- http://www.warners-ltd.co.uk/-- is  
a Mechanical and Electrical Engineering company.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

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

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

                    *      *      *

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *