TCREUR_Public/080324.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 24, 2008, Vol. 9, No. 58

                            Headlines


A U S T R I A

AMOR BAU: Claims Registration Period Ends April 10
ROYAL FERTIGTEILHAUS: Claims Registration Period Ends March 25
SENI-TRADE: Claims Registration Period Ends April 22
TRADECOMMERCE HANDEL: Claims Registration Period Ends April 4
Z-BAU LLC: Claims Registration Period Ends April 10


B E L G I U M

FEDERAL-MOGUL: Professionals Bill US$323 Mil. in Fees & Expenses


F R A N C E

DELPHI CORP: Completes Rights Offering for 62,707,305 Shares
GECINA SA: Spain Okays Sanahuja’s Buy of Metrovacesa Shares
GECINA SA: Metrovacesa Separation Deal Cues S&P to Lower Ratings
GECINA SA: Shareholders Ordinary General Meet Set for April 22
LEAR CORP: S&P Puts Ratings on Neg. Watch on Extended AAM Strike

RHODIA SA: Chairman Nanot Resigns as Chairman of the Board


G E R M A N Y

A-B-BAU GMBH: Claims Registration Period Ends April 11
ACTIV-NET GMBH: Claims Registration Period Ends April 10
AUTO CREW: Claims Registration Period Ends April 11
AUTOHAUS PETERS: Claims Registration Period Ends April 10
BFD BETON: Claims Registration Ends April 11

EMBO TEXTILPRODUKTIONS: Claims Registration Period Ends April 11
FRANZ SANDMEIER: Claims Registration Period Ends April 10
GERGEN HOCH: Claims Registration Ends April 11
HOCHWALD TUERENWERK: Claims Registration Ends April 11
IKB DEUTSCHE: Board Halts Sale of Portfolio Investments

IKB DEUTSCHE: Fitch Cuts Ratings on Hybrid Securities to CC
JOLITZ GMBH: Claims Registration Period Ends April 10
KUECHEN OSKAR: Claims Registration Ends April 11
MICHAEL BOB: Claims Registration Ends April 11
PROVIDE-VR 2003-1: S&P Lowers Ratings on Class D and E Notes

SDP INGENIEURTECHNIK: Claims Registration Period Ends April 10
STANZ- U. UMFORMTECHNIK: Claims Registration Ends April 10
STRASSENBAUGESELLSCHAFT HOF: Claims Registration Ends April 11
UN POCO LOCO: Claims Registration Period Ends April 10


H U N G A R Y

GUESS? INC: Co-Founder Wins Legal Battle Against Christie's


I T A L Y

ALITALIA SPA: Silvio Berlusconi Calls for Italian Bidders
ALITALIA SPA: Silvio Berlusconi Likely to Veto Air France Deal
SEAT PAGINE: Earns EUR98.4 Million for Year-Ended 2007
SEAT PAGINE: Moody's Affirms Ratings & Says Outlook is Negative
SEAT PAGINE: S&P Puts BB- Rating on Negative CreditWatch

SEAT PAGINE: To Focus on Searching & Exploiting Online Business
TISCALI SPA: Posts EUR75.32 Million Net Loss for 2007


K A Z A K H S T A N

AK BOKEN-TARAZ: Creditors Must File Claims by April 18
BANK CENTERCREDIT: Moody's Says Kookmin Buy Won't Affect Ratings
HANSULTAN LLP: Claims Deadline Slated for April 18
HIMLES-TORG LLP: Claims Filing Period Ends April 18
JARDEM SYSTEM: Creditors' Claims Due on April 18

KAZKOMMERTSBANK: Earns KZT57.8 Bln in Year Ended Dec. 31, 2007
MEG TECH: Claims Registration Ends April 18
NARGIZ & CO: Creditors Must File Claims by April 18
OTAU KURYLYZ: Claims Deadline Slated for April 18
PAVLODARPLAST LLP: Claims Filing Period Ends April 18

TAT INVESTSTROY: Creditors' Claims Due on April 18
TAUELSIZDIGINE-10 GYL: Claims Registration Ends April 18


K Y R G Y Z S T A N

FLAMINGO LLC: Creditors' Meeting Slated for March 25
GRK ALA-TOO: Creditors' Meeting Slated for March 28


L U X E M B O U R G

EVRAZ GROUP: Calls Off Yuzhkuzbassugol-Raspadskaya Merger Talks
EVRAZ GROUP: Gennady Kozovoy Quits as Yuzhkuzbassugol CEO


P O L A N D

AMERICAN AXLE: Work Stoppage Prompts S&P's Negative Watch
SCO GROUP: Bankruptcy Court Sets April 21 as Claims Bar Date


R U S S I A

CAR ENTERPRISE: Creditors Must File Claims by May 1
COMSTAR-UNITED: Nikolai Maximenka to Head MGTS Unit
DAN CJSC: Creditors Must File Claims by April 1
EVRAZ GROUP: Calls Off Yuzhkuzbassugol-Raspadskaya Merger Talks
EVRAZ GROUP: Gennady Kozovoy Quits as Yuzhkuzbassugol CEO

FARM-GEO-COM: Court Names E. Shirova as Insolvency Manager
GOLDEN TELECOM: Earns US$152.6 Million in 2007
GRAIN-PRODUCT: Creditors Must File Claims by May 1
LEBEDYANSKY OJSC: Four Largest Shareholders Sell Stake to Pepsi
LEBEDYANSKY OJSC: Moody's Reviews Ratings on Pepsi Deal

LEBEDYANSKY OJSC: Revenue Ups 33% to US$944.8 Million in 2007
NISSAN CENTRE: Creditors Must File Claims by May 1
NOVOSIBIRSK CITY: Low Debt Prompts S&P to Upgrade Ratings
RUMBA S.A.: S&P Puts BB Rating on RUR682 Million Class B Notes
SPAS-DEMENSKIY LES-KHOZ-ZAG: Creditors Must File Claims by May 1

UREN’-SEL’-KHOZ-TEKHNIKA: Creditors Must File Claims by May 1
VARIANT-Z LLC: Court Names A. Kharkov as Insolvency Manager


S P A I N

GECINA SA: Spain Okays Sanahuja’s Buy of Metrovacesa Shares
GECINA SA: Metrovacesa Separation Deal Cues S&P to Lower Ratings


S W I T Z E R L A N D

BFZ HOLDING: Creditors' Liquidation Claims Due by March 26
ERNST WUTSCHERT: Creditors' Liquidation Claims Due by March 27
FULANO JSC: Creditors' Liquidation Claims Due by March 27
GARTEC LLC: Creditors' Liquidation Claims Due by March 27
HAGRA HANDEL: Creditors' Liquidation Claims Due by March 26

KASEREI VOGELSANG: Creditors' Liquidation Claims Due by March 26
QUALITRADE LLC: Creditors' Liquidation Claims Due by March 28
SMARTSTEP LLC: Creditors' Liquidation Claims Due by March 27
TANKSTELLE ALPENBLICK: Creditors' Must File Claims by March 27
TRENTON JSC: Creditors' Liquidation Claims Due by March 26


T U R K E Y

GLOBAL YATIRIM: Offers US$1.61 Billion for Baskent Natural
GLOBAL YATIRIM: Baskent Bid Prompts Fitch's Negative Watch
GLOBAL YATIRIM: New Board Members Appointed at Annual Meeting


U N I T E D   K I N G D O M

ADP PAINTS: Taps Joint Administrators from Begbies Traynor
ADVANCE RECRUITMENT: Appoints Joint Administrators from Tenon
AIRBABES LTD: Appoints Martin Dominic Pickard as Liquidator
BEECHER LOAN: Fitch Withdraws Ratings on Class A and B Loans
BRITISH AIRWAYS: Increases Stake in Iberia Lineas to 13.15%

CAPITAL PARK: Brings In Liquidator from Vantis
DECO 11: S&P Puts Class F Notes' BB Rating Under Negative Watch
DEPOT PROPERTIES: Joint Liquidators Take Over Operations
DORSET PREMIER: Brings In Administrators from Tenon
DURA AUTOMOTIVE: Files Amended First Revised Chapter 11 Plan

DURA AUTO: Claims Treatment & Classification of Revised Plan
DURA AUTO: Unveils Financial Projections Under Revised Plan
GENERAL MOTORS: Extended AAM Strike Cues S&P’s Negative Watch
GAS-TEC LTD: Calls In Liquidators from Tenon Recovery
MISYS PLC: Unit Inks Merger Agreement with Allscripts

MYDDLETON CONSTRUCTION: Appoints PwC as Joint Administrators
NORTHERN ROCK: Clive Briault to Leave FSA in April
NORTHERN ROCK: Unite Opposes Compulsory Redundancy Plans
NOTTINGHAM TRADING: Taps Administrators from Begbies Traynor
PETROLEOS DE VENEZUELA: Wins Exxon Lawsuit

PETROLEOS DE VENEZUELA: CITGO Commends PDVSA on Lawsuit Victory
RESIDENTIAL MORTGAGE: Moody's Holds Ratings on 10 Note Classes
TRANSLUTION HOLDINGS: Hires Joint Administrators from Tenon
TRANSLUTION LTD: Brings In Tenon Recovery to Administer Assets
GAS-TEC LTD: Calls In Liquidators from Tenon Recovery

VONAGE HOLDINGS: Inks Settlement Agreement with Nortel
VOXSURF LTD: Names Joint Administrators from Baker Tilly


* BOND PRICING: For the Week March 17 to March 21, 2008


                            *********


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


AMOR BAU: Claims Registration Period Ends April 10
--------------------------------------------------
Creditors owed money by LLC AMOR Bau (FN 195685y) have until
April 10, 2008, to file written proofs of claim to court-
appointed estate administrator Judith Eisenberg-Mirecki at:

          Mag. Judith Eisenberg-Mirecki
          Reisnerstrasse 25/2
          1030 Vienna
          Austria
          Tel: 714 82 44
          Fax: 714 82 44
          E-mail: ra.eisenberg-mirecki@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on april 24, 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. 19, 2008  (Bankr. Case No.  5 S 16/08z).


ROYAL FERTIGTEILHAUS: Claims Registration Period Ends March 25
--------------------------------------------------------------
Creditors owed money by LLC Royal Fertigteilhaus (FN 278125h)
have until March 25, 2008, to file written proofs of claim to
court-appointed estate administrator Gerhard Kurt Kochwalter at:

          Dr. Gerhard Kurt Kochwalter
          Alter Platz 25/III
          9020 Klagenfurt
          Austria
          Tel: 0463/56 122
          Fax: 0463/56 1 22-15
          E-mail: kochw@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 18, 2008 (Bankr. Case No. 41 S 12/08z).


SENI-TRADE: Claims Registration Period Ends April 22
----------------------------------------------------
Creditors owed money by LLC SENI-TRADE (FN 262664x) have until
April 22, 2008, to file written proofs of claim to court-
appointed estate administrator Markus Siebinger at:

          Mag. Markus Siebinger
          c/o Dr. Karl Schirl
          Krugerstrasse 17/3
          1010 Vienna
          Austria
          Tel: 513 22 31
          Fax: 513 22 31 1

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 19, 2008 (Bankr. Case No. 6 S 30/08s).  Karl Schirl
represents Mag. Siebinger in the bankruptcy proceedings.


TRADECOMMERCE HANDEL: Claims Registration Period Ends April 4
-------------------------------------------------------------
Creditors owed money by LLC Tradecommerce Handel & Construction
(FN 287481t) have until April 4, 2008, to file written proofs of
claim to court-appointed estate administrator Wolfgang Herzer
at:

          Mag. Wolfgang Herzer
          Schuettelstrasse 55
          1020 Vienna
          Austria
          Tel: 72 577
          Fax: 72 577 77
          E-mail: wolfgang.herzer@blw-legal.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 18, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 19, 2008 (Bankr. Case No. 28 S 27/08m).


Z-BAU LLC: Claims Registration Period Ends April 10
---------------------------------------------------
Creditors owed money by LLC Z-Bau (FN 233689k) have until
April 10, 2008, to file written proofs of claim to court-
appointed estate administrator Bernhard Eder at:

          Dr. Bernhard Eder
          c/o Dr. Herbert Hochegger
          Brucknerstrasse 4
          1040 Vienna
          Austria
          Tel: 505 78 61
          Fax: 505 78 61 9
          E-mail: eder@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 24, 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. 19, 2008 (Bankr. Case No. 5 S 17/08x).  Herbert
Hochegger represents Dr. Eder in the bankruptcy proceedings.


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


FEDERAL-MOGUL: Professionals Bill US$323 Mil. in Fees & Expenses
----------------------------------------------------------------
Thirty-three professionals have sought final allowance of their
fees and expenses incurred in Federal-Mogul Corp. and its
debtor-affiliates' bankruptcy cases:

                                Final
Professional                 Fee Period      Fees      Expenses
------------                 ----------      ----      --------
                              11/18/02 -
AlixPartners, LLP            12/27/07   US$5,517,712  US$34,839

Analysis, Research, &        01/16/02 -
Planning Corp.               12/27/07      4,383,484     29,992

Anderson, Kill &             02/20/03 -
Olick, P.C.                  12/27/07      1,805,826     62,070

                              05/01/07 -
Baker & McKenzie LLP         12/27/07        530,218      7,116

                              10/23/01 -
Bayard, P.A.                 12/27/07      1,364,465    218,176

                              12/13/02 -
Bederson & Company, LLP      12/27/07      3,493,141     37,333

                              06/17/02 -
Bifferato Gentilotti LLC     12/27/07        211,428     78,687

Bilzin Sumberg Baena         11/17/03 -
Price & Axelrod LLP          10/31/04        182,971     23,265

                              11/13/01 -
Campbell & Levine, LLC       12/27/07      1,306,504    188,782

Caplin & Drysdale,           11/13/01 -
Chartered                    02/07/08      8,854,961    635,299

Deloitte Financial           07/11/02 -
Advisory Services LLP        12/27/07      2,181,374     19,805

                              10/01/01 -
Dykema Gossett PLLC          12/27/07      4,543,701     86,146

                              11/13/01 -
Elizabeth Warren             12/27/07          2,531          -

                              02/11/02 -
Eric D. Green                12/27/07        752,886     45,057

                              10/01/01 -
Ernst & Young LLP            12/28/07     40,339,616  1,058,947

Ferry, Joseph &              11/06/03 -
Pearce, P.A.                 12/27/07        518,993     53,931

                              09/01/02 -
FTI Consulting, Inc.         12/27/07      1,991,634     50,524

                              10/01/01 -
Gilbert Randolph, LLP        12/27/07      9,134,237    504,449

                              01/14/02 -
Hanly & Conroy LLP           12/27/07      5,149,916    307,992

                              02/19/02 -
Herbert Smith LLP            12/27/07      3,174,253    182,914

                              12/03/03 -
J.H. Cohn LLP                12/27/07        894,238     14,212

                              09/18/06 -
Killian & Salisbury, P.C.    12/27/07         32,945      5,321

Legal Analysis               12/01/01 -
Systems, Inc.                12/27/07      1,830,547     81,127

                              01/23/02 -
Lovells, Inc.                12/27/07      7,474,452    831,206

Pachulski Stang              10/01/01 -
Ziehl & Jones LLP            12/27/07      3,000,578  3,097,847

                              10/01/01 -
PricewaterhouseCoopers LLP   12/27/07     14,859,721  1,347,569

                              05/01/02 -
Resolutions, LLC             12/27/07        458,462     35,467

                              10/01/01 -
Rothschild Inc.              09/30/03      4,800,000    362,857

                              11/09/01 -
Sidley Austin LLP            12/27/07    101,991,251  5,689,097

Sonnenschein Nath &          10/23/01 -
Rosenthal LLP                12/27/07     30,748,517  1,132,742

                              05/08/06 -
The Kenesis Group, LLC       12/27/07      3,217,501     27,392

                              06/01/04 -
Weil, Gotshal & Manges LLP   12/27/07      3,312,299    319,327

Young Conaway Stargatt &     01/07/02 -
Taylor, LLP                  12/27/07     12,102,382  1,966,023

Bell, Boyd & Lloyd LLP also seeks payment of US$6,109,055 for
its fees and expenses during the period from June 17, 2002,
through Dec. 27, 2007.  In addition, Jefferies & Company, Inc.,
asks the Court to award it US$19,145,389 for its fees and
expenses for the period from Oct. 26, 2001, through
Dec. 27, 2007.

The Professionals' fees and expenses total approximately
US$323,952,000.

The Official Committee of Asbestos Property Damage Claimants
also seeks reimbursement of US$41,592 for the actual and
necessary expenses incurred by its committee members for the
period from Oct. 23, 2001, through Dec. 27, 2007.  The costs and
expenses incurred by the Asbestos Committee Members are in
connection with committee meetings that were actual and
necessary to the preservation of the Reorganized Debtors'
Chapter 11 estates, Kathleen Campbell Davis, Esq., at Campbell &
Levine, LLC, in Wilmington, Delaware, avers.

The Reorganized Debtors hired AlixPartners, Dykema Gossett,
Ernst & Young, FTI Consulting, Gilbert Randolph, Hanly & Conroy,
Kenesis, Killian & Salisbury, Pachulski Stang, PwC, Rothschild,
and Sidley Austin.

The Official Committee of Unsecured Creditors retained
Sonnenschein Nath, as counsel; Bayard, as co-counsel; and
Jefferies & Co., as financial advisor.

Baker & McKenzie, Bell Boyd and Bifferato Gentilotti act as
counsel to the Official Committee of Equity Security Holders.
Deloitte FAS serves as the Equity Committee' financial advisor.

Anderson Kill, Bilzin Sumberg, Campbell & Levine, Caplin &
Drysdale, Ferry Joseph, J.H. Cohn, Legal Analysis, Lovells, Ms.
Warren, and Weil Gotshal were retained by the Asbestos
Committee.

Eric D. Green is the legal representative for Future Asbestos
Claimants.  As the Futures Representative, Mr. Green is
responsible for protecting the rights of all entities who have
not asserted asbestos-related claims against the Debtors prior
to the confirmation of the Plan of Reorganization but properly
assert Demands, as that term is defined in Section 524(g)(5) of
the Code, subsequent to the order confirming the Plan.  Mr.
Green, with the assistance of Analysis Research, Bederson & Co.,
Herbert Smith, Resolutions, and Young Conaway, has investigated
the Reorganized Debtors' acts, conduct, and property on a
regular basis, including matters in connection with the
operation and reorganization of the Debtors' businesses.

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

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

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

                        *     *     *

In January 2008, Moody's Investors Service’s confirmed the
ratings of the reorganized Federal-Mogul Corporation --
Corporate Family Rating, Ba3; Probability of Default Rating,
Ba3; and senior secured bank credit facilities, Ba2.  Moody’s
said the outlook is stable.

At the same time, Standard & Poor's Ratings Services assigned
its 'BB-' corporate credit rating to Federal-Mogul following the
company's emergence from Chapter 11 on Dec. 27, 2007.  S&P said
the outlook is stable.


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


DELPHI CORP: Completes Rights Offering for 62,707,305 Shares
------------------------------------------------------------
Delphi Corp.'s registration statement regarding subscription
rights and warrants to purchase shares of common stock in
Reorganized Delphi became effective on March 11, 2008.

Prior to the Effective Date of its confirmed Plan of
Reorganization, Delphi will initiate a sale and offer of
subscription rights to purchase up to 62,707,305 of Reorganized
Delphi common stock.

After the Effective Date of the Plan, Reorganized Delphi will
sell warrants to purchase up to 15,384,616 shares of the
company's common stock.  The warrants are immediately
exercisable from and after the date of issuance until the six-
month anniversary of the date of issuance.

A full-text copy of Delphi's Registration Statement filed with
the U.S. Securities and Exchange Commission is available at:

                http://ResearchArchives.com/t/s?2944

                         Rights Offering

The Rights Offering is comprised of a Par Rights Offering and a
Discount Rights Offering.

Under the Par Rights Offering, each holder of Delphi common
stock will receive, for each 26 shares of common stock owned of
record at 5:00 p.m., New York City time, on Jan. 17, 2008, one
nontransferable right to purchase one share of Reorganized
Delphi common stock for US$59.61 in cash.  Fractional par rights
will not be issued.

Under the Discount Rights Offering, holders of allowed General
Unsecured Claims, Section 510(b) Note Claims, Section 510(b)
Equity Claims, or Section 510(b) ERISA Claims, as those claims
are defined in the Plan, will receive, for each US$99.07 of
their claim, one transferable right to purchase one share of
Reorganized Delphi common stock for US$38.39 in cash.

To the extent that Delphi's provisional claim allowance or
estimation results in a particular claimholder receiving more
discount rights than what the claimholder should have received
based on the ultimate allowed amount of its claim, and those
excess discount rights are transferred or exercised, Delphi, in
its sole discretion:

   (a) will withhold an amount of Reorganized Delphi common
       stock equal to the value of the Excess Discount Rights
       from the Overpaid Eligible Holder's ultimate
       distribution; or

   (b) require the Overpaid Eligible Holder to return the value
       of the Excess Discount Rights.

To the extent Delphi's provisional claim allowance or estimation
results in a particular claimholder receiving fewer discount
rights than it should have received based on the ultimate
allowed amount of its claim, no subsequent adjustment will be
made in respect of the claimholder's Claim.

Each discount right entitles a claimholder who fully exercise
its basic subscription privilege to subscribe, prior to the
expiration date of the Discount Rights Offering, for additional
shares of Reorganized Delphi common stock at an exercise price
of US$38.64 per full share.  If an insufficient number of shares
are available to fully satisfy Oversubscription Privilege
requests, the available shares, if any, will be allocated pro
rata among the applicants.  If there is a pro rata allocation of
the remaining shares and an applicant receives an larger
allocation than it subscribed for under its Oversubscription
Privilege, Reorganized Delphi will issue the number of shares
subscribed and allocate the remaining shares pro rata among the
remaining applicants.

There is no Oversubscription Privilege in the Par Rights
Offering.

The Par Rights and Discount Rights will expire at 5:00 p.m., New
York City time, on March 31, 2008.

Appaloosa Management L.P. and the other Plan Investors have
agreed to backstop the Discount Rights Offering, on the terms
and subject to the conditions of their New Equity Purchase and
Commitment Agreement with the Debtors.  Pursuant to the Backstop
Agreement, the Plan Investors will purchase, for the US$38.39 in
cash per full share, any shares that are not purchased pursuant
to the exercise of Discount Rights.

The Plan Investors' Backstop Agreement does not apply to the Par
Rights Offering.  If all of the Par Rights are not exercised in
the Par Rights Offering, the remaining shares of Reorganized
Delphi common stock will be issued to certain creditors in
partial satisfaction of their claims.

                         Use of Proceeds

The Rights Offering is conducted to raise a portion of the funds
necessary to consummate the Plan, Rodney O'Neal, Delphi Corp.'s
chief executive officer and president, related in Delphi's
Registration Statement.

On the Effective Date of the Plan, all existing shares of
Delphi's common stock, and any options, warrants, rights to
purchase shares of Delphi common stock or other outstanding
equity securities will be canceled.  On or shortly after the
Effective Date, Reorganized Delphi will make the distributions
provided for in the Plan, including issuing the shares of new
common stock for which Par Rights and Discount Rights are
exercised in the Rights Offerings.

On the Effective Date, Reorganized Delphi will have up to
160,124,155 shares of common stock outstanding assuming:

   (1) the conversion of up to 35,381,155 shares of Convertible
       Preferred Stock;

   (2) no exercise of Par Rights and exercise in full of
       Discount Rights or the Plan Investors' Backstop Agreement
       regarding the Discount Rights Offering;

   (3) the exercise in full of six-month warrants, seven-year
       warrants and ten-year warrants that are initially
       exercisable for the purchase of up to 25,113,275 shares
       of Reorganized Delphi common stock; and

   (4) the issuance of 17,237,418 shares of Reorganized Delphi
       common stock to creditors in respect of Trade and Other
       Unsecured Claims, aggregating approximately
       US$1,310,000,000.

Assuming that all Par Rights are exercised, Delphi anticipates
receiving up to US$2,900,000,000 in gross proceeds from the
Rights Offerings before deducting fees, including the Plan
Investors' backstop commitment fee, and expenses related to the
rights offerings:

   * US$1,600,000,000 from the Discount Rights Offering; and
   * US$1,300,000,000 from the Par Rights Offering.

If any shares of Reorganized Delphi common stock are purchased
pursuant to the exercise of Oversubscription Privileges in the
Discount Rights Offering, Reorganized Delphi will receive
additional gross proceeds of US$0.25 per Oversubscription
Privilege share, Mr. O'Neal disclosed.

Delphi intends to use the net proceeds from the Rights Offering
to make payments and distributions contemplated by the Plan and
for general corporate purposes.  The net proceeds from the
Discount Rights Offering will be used for general corporate
purposes, Mr. O'Neal elaborated.   On the other hand, the net
proceeds from the Par Rights Offering will be used to (i)
satisfy certain liquidity requirements and claims asserted by
the Debtors' labor unions; (ii) reduce the amount of preferred
stock distributed to General Motors Corp.; and (iii) partially
satisfy certain unsecured creditors' claims.

As of March 10, 2008, the Appaloosa Plan Investors and their
affiliates beneficially owned 125,739,448 shares, or 22.3%, of
Delphi's existing common stock.

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

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

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

(Delphi Bankruptcy News, Issue No. 117; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 17,
2008, Moody's Investors Service affirmed Delphi Corp.'s
Corporate Family Rating of (P)B2 but revised the rating on the
company's US$3.7 billon of first lien term loans.  Moody's also
affirmed Delphi's (P)B3 rating on the company's proposed
US$825 million of second lien term loans and its Speculative
Grade Liquidity rating of SGL-2.

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

Moody’s also revised the ratings on Delphi Holdings Luxembourg
S.ar.l.’s Euro equivalent of US$200 million first lien term
loan, tranche B-1, guaranteed by Delphi Corporation to (P)Ba2
(LGD-2, 17%) from (P)Ba3 (LGD-2, 26%).


GECINA SA: Spain Okays Sanahuja’s Buy of Metrovacesa Shares
-----------------------------------------------------------
Spanish stock regulators gave its approval on March 12, 2008,
for the Sanahuja family to acquire shares in Metrovacesa that it
doesn’t own, Reuters reports.  With the approval, the company is
now one step closer into being broken up in different French and
Spanish operations.

The Sanahuja family offered to purchase 13.37% of the company at
EUR83.21 per share.

The company, according to Reuters, now only needs the approval
of regulators from France.  Once French regulators approve the
transfer of shares from Gecine to Metrovacesa, Gecine will now
be run by the family of Juan Bautista Soler, as well as,
Chairman Joaquin Rivero, Reuters adds.

Regulators from France, Reuters discloses, had taken the case to
courts alleging that both Rivero and Soler had worked in
collusion to increase their investment in Gecina.

Headquartered in Paris, France, Gecina SA --
http://www.gecina.fr/-- (Paris:GFC) is a real estate investment
trust primarily engaged in the rental of commercial and
residential buildings.  The company is structured in three
business divisions, including Strategic Development, Commercial
real estate and Residential real estate.  Through its divisions,
Gecina SA manages and develops a portfolio of assets, comprising
of offices, residential buildings, healthcare facilities,
logistic estate and hotels.  The majority of the company's
properties are located in Paris and the Parisian suburbs, with a
small percentage located in Lyon and other areas.


GECINA SA: Metrovacesa Separation Deal Cues S&P to Lower Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on French property company Gecina
to 'BB+/B' from 'BBB-/A-3'.  At the same time, the ratings were
removed from CreditWatch with negative implications, where they
had originally been placed on July 28, 2006.  The outlook is
negative.

The ratings on the unsecured debt remain unchanged at 'BBB-' and
remain on CreditWatch with negative implications until S&P
assigns a recovery rating and a final rating.  Given the
unsecured nature of the instruments and related French
jurisdiction, the issue ratings could either be one notch higher
than or in line with the corporate credit rating.

"The downgrade reflects ongoing uncertainties surrounding
Gecina's separation agreement with Metrovacesa S.A.," said
Standard & Poor's credit analyst Pierre Georges.

These include key unknowns such as Gecina's future shareholding
structure and any ultimate repercussions on its risk profile.
The separation is also taking longer than expected.  These
factors, combined with the current challenging financial market
conditions, translate into reduced or more expensive access to
capital sources, which in turn may negatively affect Gecina's
credit metrics and financial flexibility.

"The negative outlook reflects further possible ratings pressure
if there is any deterioration in the group's liquidity position,
and/or any negative business or financial implications from the
outcome of the ongoing separation process and of the appeal
against the regulator's decision," said Mr. Georges.

S&P could lower the ratings if a full takeover bid is launched;
if financing risks increase further; or in the case of a large
acquisition.  When and if Gecina's shareholding structure
finally stabilizes and financial flexibility improves, S&P could
revise the outlook back to stable.


GECINA SA: Shareholders Ordinary General Meet Set for April 22
--------------------------------------------------------------
The shareholders of GECINA are invited to attend an Ordinary
General Meeting to be held at 9:30 a.m. on April 22, 2008.  The
meeting will be held at Palais des Congres, Level 3 –
Amphitheatre Bordeaux 2, place de la Porte Maillot in Paris,
France.

The company will be sending the correspondence and proxy voting
forms out directly to all shareholders.

The preparatory documents for the Meeting will be available to
shareholders and/or sent out on request in accordance with the
legislative and regulatory provisions applicable, with written
requests to be sent to the company’s registered office or faxed
to +33 1 40 40 64 81.

The General Meeting will notably be giving its opinion on the
payment of a dividend of EUR5.01 per share for 2007, to be paid
out on April 28th, 2008, and not April 25th as had been
indicated previously.

Headquartered in Paris, France, Gecina SA --
http://www.gecina.fr/-- (Paris:GFC) is a real estate investment
trust primarily engaged in the rental of commercial and
residential buildings.  The company is structured in three
business divisions, including Strategic Development, Commercial
real estate and Residential real estate.  Through its divisions,
Gecina SA manages and develops a portfolio of assets, comprising
of offices, residential buildings, healthcare facilities,
logistic estate and hotels.  The majority of the company's
properties are located in Paris and the Parisian suburbs, with a
small percentage located in Lyon and other areas.


LEAR CORP: S&P Puts Ratings on Neg. Watch on Extended AAM Strike
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.

The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/--) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expect American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.  The two sides resumed negotiations last week.

"We believe the strike has gone on long enough to possibly begin
to affect the financial resources of GM and those suppliers most
exposed to the automaker," said Standard & Poor's credit analyst
Robert Schulz.

To resolve the CreditWatch listings, Standard & Poor's will
assess the strike's impact on the companies' credit profiles,
particularly liquidity, once production resumes.  S&P could
lower the ratings any time prior to a resolution of the Axle
strike if the liquidity of the companies becomes compromised,
although downgrades are not likely for another several weeks.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear operates in Europe (France, Czech Republic, United Kingdom,
France, Germany, Hungary, Poland, Portugal, Romania, Russia,
Slovakia, Spain, Sweden), Latin America (Argentina, Mexico, and
Venezuela), and Asia (Singapore, China, India, Japan,
Philippines, South Korea, and Thailand).

Lear carries B+ Long-Term Foreign and Local Issuer Credit
ratings from Standard & Poor's.


RHODIA SA: Chairman Nanot Resigns as Chairman of the Board
----------------------------------------------------------
Yves-Rene Nanot resigned as chairman of the Rhodia S.A.'s board
on March 17, 2008, in accordance with provisions of Rhodia's by-
laws concerning the age limit for chairmen.

The board also decided to combine the functions of chairman and
chief executive officer to streamline decision-making and
accountability.  The board also wanted to extend the
responsibilities of the compensation and appointments committee
to governance issues, to maintain the group's outstanding
corporate governance practices.

In this context, the board decided to appoint Jean-Pierre
Clamadieu chairman and chief executive officer of Rhodia,
thereby expressing its confidence in his ability to pursue
implementation of the group’s profitable growth strategy.

Mr. Clamadieu has been CEO of the Rhodia Group since October
2003.  Between 1993 and 2003 he held several executive positions
in the group, as President of Rhodia Chemicals, Latin America,
President of the Eco Services Business, Senior Vice-President,
Corporate Purchasing and President of the Pharmaceuticals &
Agrochemicals Division.

                        About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                         *     *     *

As of Feb. 19, 2008, Rhodia S.A. carries Moody's long-term
corporate family rating of Ba3 and senior unsecured debt rating
of B1 with positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings, and B short-term foreign and
local issuer credit ratings.  The ratings outlook is stable.

Fitch Ratings assigned long-term issuer default rating at BB-
and senior unsecured debt rating at BB- with outlook positive.


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


A-B-BAU GMBH: Claims Registration Period Ends April 11
------------------------------------------------------
Creditors of A-B-Bau GmbH have until April 11, 2008, to register
their claims with court-appointed insolvency manager Knut
Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on April 25, 2008, at which time the
insolvency manager will verify the claims set out in his report.

The meeting of creditors will be held at:

           The District Court of Cloppenburg
           Hall 6
           Hauptgebaude
           Burgstrasse 9
           49661 Cloppenburg
           Germany

The insolvency manager can be reached at:

          Hermann Berding
          Jammertal 1
          49661 Cloppenburg
          Germany
          Tel: 04471/9126-0
          Fax: 04471/82997

The District Court of Cloppenburg opened bankruptcy proceedings
against A-B-Bau GmbH on Feb. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          A-B-Bau GmbH
          Attn: Alfons Brueggehagen, Manager
          Antoniusstr. 8
          49696 Molbergen
          Germany


ACTIV-NET GMBH: Claims Registration Period Ends April 10
--------------------------------------------------------
Creditors of Activ-net GmbH & Co. KG have until April 10, 2008,
to register their claims with court-appointed insolvency manager
Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Activ-net GmbH & Co. KG on Feb. 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Activ-net GmbH & Co. KG
         Konrad-Zuse-Str. 4
         44801 Bochum
         Germany


AUTO CREW: Claims Registration Period Ends April 11
---------------------------------------------------
Creditors of Auto Crew Riedel GmbH have until April 11, 2008, to
register their claims with court-appointed insolvency manager
Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 4, 2008, at which time the
insolvency manager will verify the claims set out in his report.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Christian Graf Brockdorff
          Friedrich-Ebert-Str. 36
          14469 Potsdam
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Auto Crew Riedel GmbH on Jan. 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Auto Crew Riedel GmbH
          Berliner Allee 246
          13088 Berlin
          Germany


AUTOHAUS PETERS: Claims Registration Period Ends April 10
---------------------------------------------------------
Creditors of Autohaus Peters GmbH have until April 10, 2008, to
register their claims with court-appointed insolvency manager
Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

          Karina Schwarz
          Klausenerstr. 24
          39112 Magdeburg
          Germany
          Tel: 0391/6286260
          Fax: 0391/ 6286266
          E-mail: magdeburg@Rechtsanwaelte-Schwarz.de

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

The Debtor can be reached at:

         Autohaus Peters GmbH
         Helmstedter Chaussee 29
         39130 Magdeburg
         Germany


BFD BETON: Claims Registration Ends April 11
--------------------------------------------
Creditors of BFD Beton-und Fertigteiltechnik Duderstadt GmbH
have until April 11, 2008 to register their claims with court-
appointed insolvency manager Burghard Wegener.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Goettingen
         Hall B11
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Burghard Wegener
         Obere Karspuele 36, D
         37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

The District Court of Goettingen opened bankruptcy proceedings
against BFD Beton-und Fertigteiltechnik Duderstadt GmbH on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BFD Beton-und Fertigteiltechnik Duderstadt GmbH
         Attn: Karl Heine, Manager
         Industriestrasse 68
         37115 Duderstadt
         Germany


EMBO TEXTILPRODUKTIONS: Claims Registration Period Ends April 11
----------------------------------------------------------------
Creditors of EMBO Textilproduktionsgesellschaft mbH & Co. KG
have until April 11, 2008, to register their claims with court-
appointed insolvency manager Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on June 12, 2008, at which time the
insolvency manager will verify the claims set out in his report.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Knut Rebholz
          Cicerostr. 22
          10709 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against EMBO Textilproduktionsgesellschaft mbH & Co.
KG on Jan. 16, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          EMBO Textilproduktionsgesellschaft mbH & Co. KG
          Stieffring 2
          13627 Berlin
          Germany


FRANZ SANDMEIER: Claims Registration Period Ends April 10
---------------------------------------------------------
Creditors of Franz Sandmeier Mineraloel GmbH have until
April 10, 2008, to register their claims with court-appointed
insolvency manager Stephan Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Stephan Jaeger
         Leopoldstr. 139
         80804 Munich
         Germany
         Tel: 089/361930-750
         Fax: 089/361930-999

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

The Debtor can be reached at:

         Franz Sandmeier Mineraloel GmbH
         Fuerstenfelder Str. 7
         85232 Bergkirchen
         Germany


GERGEN HOCH: Claims Registration Ends April 11
----------------------------------------------
Creditors of Gergen Hoch- und Tiefbau GmbH & Co. KG have until
April 11, 2008 to register their claims with court-appointed
insolvency manager Udo Groener.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Saarbruecken
         Meeting Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 8:35 a.m. on May 13, 2008, while creditors
may constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Udo Groener
         Faktoreistrasse 4
         66111 Saarbruecken
         Germany
         Tel: 0681/41010
         Fax: 0681/ 4101 276

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

The Debtor can be reached at:

         Gergen Hoch- und Tiefbau GmbH & Co. KG
         Alfred-Nobel-Strasse 10
         66793 Saarwellingen
         Germany


HOCHWALD TUERENWERK: Claims Registration Ends April 11
------------------------------------------------------
Creditors of Hochwald Tuerenwerk GmbH have until April 11, 2008
to register their claims with court-appointed insolvency manager
Bernhard C. Seibel.

Claims will be verified at 11:30 a.m. on April 23, 2008 at:

         The District Court of Trier
         Hall 56
         Justizstrasse 2,4,6
         54290 Trier
         Germany

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

The insolvency manager can be reached at:

         Bernhard C. Seibel
         Boehmerstrasse 16
         54290 Trier
         Germany
         Tel: 0651/975900
         Fax: 0651/9759095
         E-mail: info@seibel-partner.de

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

The Debtor can be reached at:

         Hochwald Tuerenwerk GmbH
         Attn: Anton Haag, Markus Haag and
         Raymond Haag, Managers
         Kapellenstr. 39a
         54427 Kell
         Germany


IKB DEUTSCHE: Board Halts Sale of Portfolio Investments
-------------------------------------------------------
IKB Deutsche Industriebank AG disclosed in its website that its
Board of Managing Directors has temporarily stopped the intended
sale of IKB’s portfolio investments due to the current market
environment.  However, IKB still plans to pursue a sale of these
investments.

Against the background of negative developments in the financial
markets,IKB expects further fair value losses of about EUR450
million from the sale of its EUR3 billion (nominal) portfolio
investments carrying a higher probability of default.  IKB had
already written down EUR630 million of the portfolio.  The total
losses of the portfolio amount to EUR2.1 billion, of which EUR1
billion are shielded by KfW and the banking pool.

IKB expects further fair value losses of EUR140 million on the
EUR2.8 billion (nominal) portfolio comprising assets carrying a
lower risk profile.  In February 2008, IKB had accounted for
mark to market losses of EUR320 million on that portfolio.

                Further supporting measures

The higher fair value losses will impact the bank’s capital.  To
offset these effects, KfW has made another capital injection
into IKB’s capital, as envisaged in the package of measures
presented in February 2008.  The capital injection of EUR450
million comes in the form of a loan to IKB with immediate debt
waiver (Forderungsverzicht) and compensation out of future
profits (Besserungsabrede).

This measure comprises the same elements as the EUR600 million
capital injection on 19 February 2008.

Key elements are:


   -- Compensation payments out of future profits related to
      both measures to the amount of EUR1.05 billion (plus
      expenses and interest payments).  Compensation rights only
      occur insofar as IKB does not incur a loss according to
      its annual accounts for the AG under German GAAP (HGB) as
      a result of the compensation payments.

   -- Interest payments only in those years, where as a result
      of the compensation payments, IKB does not incur a loss
      according to its accounts for the AG under German GAAP
     (HGB).

   -- Interest payments and compensation payments out of future
      profits will always precede profit-participation
      certificates and silent participations of IKB AG.

                 Estimated loss higher
Following the additional fair value losses, IKB expects a loss
after tax for the group in the magnitude of EUR0.8 billion for
the financial year 2007/08 according to IFRS.  This includes
reverse (positive) valuation effects of now EUR1.3 billion for
IKB’s liabilities (after deferred taxes).

For IKB AG the Board of Managing Directors expects a loss in the
order of EUR1.2 billion under German GAAP (HGB) after allowing
for loss participation of IKB’s silent participations and
participation certificates.

For the next financial years, IKB will not post any or very low
profits for the group and IKB AG, due to the compensation
agreements (Besse3 rungsabrede) linked to the capital measures
of EUR1.05 billion as well as the reversal of write-downs on
IKB’s hybrid debt securities.

Financial calendar updated Against the background of the current
developments, IKB will publish its 6-month results for the
financial year 2007/08 (1 April 2007 – 30 September
2007) and the 9-month results for 2007/08 (1 April 2007 – 31
December 2007) in April 2008.

                      About IKB Deutsche

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

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

                         *     *     *

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

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


IKB DEUTSCHE: Fitch Cuts Ratings on Hybrid Securities to CC
-----------------------------------------------------------
Fitch Ratings downgraded IKB Deutsche Industriebank AG's hybrid
securities to 'CC' from 'CCC-' (CCC minus).  Their respective
Recovery Ratings were downgraded to 'RR5' from 'RR4'.

This rating action follows the announcement on further write-
downs taken on structured securities and the support structure
chosen to partly cover these.

Fitch has affirmed IKB's Individual rating at 'E' and Support
rating at '1'. IKB's Long-term Issuer Default rating of 'A+' and
Short-term IDR of 'F1' remain on Rating Watch Negative (RWN),
where they were placed on 6 March.  The subordinated debt issues
are rated 'A' and are on RWN, where they were placed on March 6.

"Higher net loss expectations and a further lengthened period of
time expected before the hybrid debt securities resume coupon
payments triggered the downgrade," says Sabine Bauer, Director
in Fitch's Financial Institutions Group.  "IKB's hybrid debt
securities now have below average recovery prospects."

The equity support drawn upon is an implementation of support
measures previously agreed.  Previous support measures included
a buffer of EUR450m, which has now been used. The preferential
claim, which was introduced in February, increases to EUR1,050m
from EUR600m, increasing the time hybrid debt holders need to
wait for notional write-ups and coupon payments.  While a
support payment of an equal amount was directly made into equity
and thereby supports IKB's capital ratios, its repayment
(principal and interest) needs to be made out of future earnings
with those payments ranking above hybrid debt holders.

According to Fitch's definitions, RR5 rated securities have
characteristics in line with securities historically recovering
11%-30% of current principal and related interest.

The additional EUR590m impairment charges reflect the current
difficult environment and are derived from price indications the
bank has received for its higher risk structured securities.
Fitch understands that while IKB's internal model results in
higher valuations, these impairment charges were taken as the
bank is urged to dispose its lower quality structured securities
in the short-term. IKB intends to keep the higher quality
structured securities given their relative short remaining
maturities.  IKB's lower and higher quality sub-portfolios are
now covered 70% and 13% respectively. Fitch currently expects a
net loss for IKB on an unconsolidated basis according to German
accounting standards for the financial year ending-March 2008 of
around EUR1.8bn, of which Fitch expects around one third to be
allocated to hybrid debt holders.  For IKB's subsidiary IKB
International SA, Fitch expects a net loss of around EUR600m, of
which around one fifth will be allocated to hybrid debt holders.
IKB's unconsolidated total capital ratio (before taking into
account unrealised losses under local GAAP) presently stands at
8.5%.

IKB's Long- and Short-term IDRs continue to reflect the
extremely high probability of support from its main shareholder,
KfW, and IKB's importance to the key German "Mittelstand"
sector.  In light of their significant involvement in the
restructuring since end-July 2007, Fitch considers the
probability of KfW (rated 'AAA'/Stable) and the German
authorities continuing to support IKB as extremely high.  The
RWN reflects Fitch's opinion that KfW's planned sale of its 43%
stake, which could increase up to 90% following the planned
capital increase, would most likely result in a downgrade of the
IDRs.  The Individual rating reflects Fitch's view that IKB's
financial position remains vulnerable.

These hybrid capital instruments were downgraded:

   -- EUR150m Propart Funding Ltd's profit participation
      certificates maturing in 2015: downgraded to 'CC' from
      'CCC-'

   -- EUR75m IKB Funding Trust I's and EUR400m Funding Trust
      II's perpetual trust preferred securities: downgraded to
      'CC' from 'CCC-'

   -- EUR200m Hybrid Raising GmbH's and EUR200m Capital Raising
      GmbH's perpetual notes linked to a silent participation in
      IKB: downgraded to 'CC' from 'CCC-'

   -- EUR70m IKB International SA's capital contribution
      certificates maturing in 2010 and EUR100m IKB
      International SA's capital contribution certificates
      maturing in 2009: downgraded to 'CC' from 'CCC-'.


JOLITZ GMBH: Claims Registration Period Ends April 10
-----------------------------------------------------
Creditors of Jolitz GmbH have until April 10, 2008, to register
their claims with court-appointed insolvency manager Herr Peter
Knoepfel.

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

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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:

          Herr Peter Knoepfel
          Hallerstr. 76
          20146 Hamburg
          Germany

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

The Debtor can be reached at:

         Jolitz GmbH
         Attn: Frank Jolitz, Manager
         Sibeliusstra-sse 2
         23556 Luebeck
         Germany


KUECHEN OSKAR: Claims Registration Ends April 11
------------------------------------------------
Creditors of Kuechen Oskar Fachmarkt GmbH have until April 11,
2008 to register their claims with court-appointed insolvency
manager Henning Schorisch.

Claims will be verified at 10:00 a.m. on May 6, 2008 at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden
         Germany
         E-mail: http://www.hww-kanzlei.de/

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

The Debtor can be reached at:

         Kuechen Oskar Fachmarkt GmbH
         Attn: Heiner Bongards, Manager
         Bahnhofstrasse 15
         01609 Groeditz
         Germany


MICHAEL BOB: Claims Registration Ends April 11
----------------------------------------------
Creditors of Michael Bob GmbH & Co. Textilherstellung KG have
until April 11, 2008 to register their claims with court-
appointed insolvency manager Knut Rebholz.

Claims will be verified at 10:05 a.m. on June 2, 2008 at:

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

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

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

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

The Debtor can be reached at:

         Michael Bob GmbH & Co. Textilherstellung KG
         Gerhart-Hauptmann-Str. 15
         03044 Cottbus
         Germany


PROVIDE-VR 2003-1: S&P Lowers Ratings on Class D and E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and lowered its ratings on the class D and
E notes issued by PROVIDE-VR 2003-1 PLC.  At the same time, the
ratings on the class A+, A, B, and C notes were affirmed and the
class B and C notes were removed from CreditWatch negative.

PROVIDE VR 2003-1 is a partially-funded synthetic German RMBS
transaction.  The class B, C, D, and E notes had been placed on
CreditWatch in December 2007 as a result of ongoing
deterioration of the underlying loan portfolio, as well as
increasing loss allocations to the unrated class F notes.

The resolution of these CreditWatch placements and the
consequent rating actions are the result of an extensive loan-
level analysis S&P has undertaken of the current portfolio, as
well as historical loan resolutions.

Total loss allocation in the transaction is EUR2.0 million to
date, representing a 33% erosion of the EUR6.1 million class F
notes, which act as the first-loss piece.  The remaining first-
loss protection now represents only 1.45% of the outstanding
principal balance, which contrasts with the current balance of
the total defaulted reference claims and credit events of
EUR10.07 million.  This amount represents 3.56% of the total
balance, or more than twice the protection available to the
lowest-rated notes.

Similar to its predecessor PROVIDE VR 2002-1, PROVIDE VR 2003-1
is a second-lien securitization featuring almost only loan parts
in excess of the pieces eligible for covered bond issuance.
Such transactions are generally more prone to produce realized
losses than first-lien securitizations.  This is shown in
Standard & Poor's German RMBS index, where the three
transactions with the highest loss allocations, including
PROVIDE VR 2002-1 and 2003-1, are all second-lien
securitizations that include these loan pieces.

S&P’s analysis of losses to date in this transaction has
demonstrated that the realized losses were mainly triggered by a
marked deterioration of property valuations, especially for
those that were auctioned rather than sold on the open market.
Furthermore, S&P observed a more severe deterioration for
properties in eastern Germany and those that are non-owner
occupied.

Given S&P’s observation of the loss experience to date in this
particular pool, S&P has assessed the likelihood of future
losses for both the performing and nonperforming parts of the
pool.  The required enhancement levels at the various rating
levels were compared to the actual credit protection in the
transaction, which indicated that the class D and E notes had
insufficient support to maintain their current ratings.

Amortization in PROVIDE-VR 2003-1 has reduced the pool factor to
63%.  S&P will continue to closely monitor the performance of
the transaction and pay close attention to loss crystallization
and recovery rates over the near and medium term.

                      Ratings List

                  PROVIDE-VR 2003-1 PLC
      EUR75.75 Million Floating-Rate Credit-Linked Notes

    Ratings Removed from CreditWatch Negative and Affirmed

                                    Rating
                                    ------
            Class                To        From
            -----                --        ----
            B                    AA        AA/Watch Neg
            C                    A         A/Watch Neg

   Ratings Removed from CreditWatch Negative and Lowered

                                    Rating
                                    ------
            Class                To        From
            -----                --        ----
            D                    BB        BBB/Watch Neg
            E                    B         BB/Watch Neg

                      Ratings Affirmed

                 Class               Rating
                 -----               ------
                 A+                  AAA
                 A                   AAA


SDP INGENIEURTECHNIK: Claims Registration Period Ends April 10
--------------------------------------------------------------
Creditors of SDP Ingenieurtechnik GmbH & Co. KG have until
April 10, 2008, to register their claims with court-appointed
insolvency manager Norbert Schrader.

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 Wuppertal
          Meeting Hall A234
          Second Floor
          Eiland 2
          42103 Wuppertal
          Germany

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

The insolvency manager can be reached at:

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

The District Court of Wuppertal opened bankruptcy proceedings
against SDP Ingenieurtechnik GmbH & Co. KG on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          SDP Ingenieurtechnik GmbH & Co. KG
          Attn: Klaus Schmidt, Manager
          Bongardtstr. 2
          44787 Bochum
          Germany


STANZ- U. UMFORMTECHNIK: Claims Registration Ends April 10
----------------------------------------------------------
Creditors of Stanz- u. Umformtechnik GmbH have until April 10,
2008, to register their claims with court-appointed insolvency
manager Gerhard Benner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Rottweil
          Room 0.05
          Branch Office
          Koernerstr. 29
          78628 Rottweil
          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:

          Gerhard Benner
          Koenigstr. 16
          78628 Rottweil
          Germany
          Tel: 0741-174670
          Fax: 0741-6725

The District Court of Rottweil opened bankruptcy proceedings
against Stanz- u. Umformtechnik GmbH on Feb. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Stanz- u. Umformtechnik GmbH
          Attn: Bruno Breier, Manager
          Buchenstr. 2
          72172 Sulz
          Germany


STRASSENBAUGESELLSCHAFT HOF: Claims Registration Ends April 11
--------------------------------------------------------------
Creditors of Strassenbaugesellschaft Hof Gesellschaft mit
beschrankter Haftung have until April 11, 2008 to register their
claims with court-appointed insolvency manager Dr. Martin
Heidrich.

Claims will be verified at 1:00 p.m. on May 21, 2008 at:

         The District Court of Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Heidrich
         Grillparzer Str. 16
         c/o Dr. Pannen
         81675 Munich
         Germany
         Tel: 089/41619340
         Fax: 089/4161934180

The District Court of Hof opened bankruptcy proceedings against
Strassenbaugesellschaft Hof Gesellschaft mit beschränkter
Haftung on Feb. 15, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Strassenbaugesellschaft Hof Gesellschaft
         mit beschrankter Haftung
         Attn: Horst Schaller, Manager
         Schaumbergstr. 1
         95032 Hof
         Germany


UN POCO LOCO: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of Un POCO LOCO Gastronomie- und Handels GmbH have
until April 10, 2008, to register their claims with court-
appointed insolvency manager Achim Thomas Thiele.

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

The meeting of creditors will be held at:

          The District Court of Dortmund
          Hall 3.201
          Second Floor
          Gerichtsplatz 1
          44135 Dortmund
          Germany

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

The insolvency manager can be reached at:

          Achim Thomas Thiele
          Bronnerstrasse 7
          44141 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against Un POCO LOCO Gastronomie- und Handels GmbH on Feb. 19,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Un POCO LOCO Gastronomie- und Handels GmbH
          Attn: Zoopigi Paparousopoulou, Manager
          Hohe Str. 61 a
          44139 Dortmund
          Germany


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


GUESS? INC: Co-Founder Wins Legal Battle Against Christie's
-----------------------------------------------------------
Georges Marciano, co-founder of Guess? Inc. won a two year legal
battle with the famed Beverly Hills auction house Christie's,
Inc., when attorneys for the company agreed to provide documents
that Marciano had been seeking in connection with the theft of
his art works valued at tens of millions of dollars.

Mr. Marciano represented himself during a hearing in Los Angeles
Superior Court.  Attorneys for Christie's had sought to quash
Mr. Marciano's motion seeking documents related to the missing
art.  However, during the hearing, Judge Elisabeth White
suggested both sides meet in the court's jury room and see
whether some agreement could be reached.  After meeting for 45
minutes, Mr. Marciano and Christie's attorneys reached an
agreement providing Mr. Marciano with key documents that he had
been seeking.  The agreement is seen as a key step in
Mr. Marciano's efforts to recover his missing art works.

Mr. Marciano maintains these documents will be crucial to
investigating the disappearance of more than 600 works of art,
including:

   * original paintings by Indiana, Rauschenberg, and Ruscha;

   * monumental sculptures, including Chamberlain sculpture and
     Miro sculptures;

   * prints, including Warhol, Chagall, Indiana, Dine, Jasper
     Jones and more;

   * a wine collection of over 26,000 bottles, including Petrus,
     Margaux, Lafitte, Yquiem, and Cheval Blanc Vintage from the
     1970's to 2000, and sales proceeds.

After the hearing, Mr. Marciano declared, "Today, my position
was vindicated and now and I look forward to pursuing the return
of my missing art collection.  I have been asking Christie's to
produce these documents for over two years."

In 2007, Mr. Marciano sued several of his former employees and
others on a variety of charges including art theft and
negligence, theft of millions of dollars worth of funds, art,
and wine and the destruction of his computer, financial and
personal records, as well as conspiring to commit theft.  Mr.
Marciano has been seeking records from Christie's to help in
legal actions against his former accountant, a former Christie's
employee, and several ex-employees.

These actions allege that five former employees, a former
accountant, a former employee of Christie's and an art shipping
company illegally conspired to deliver a one-two punch to Mr.
Marciano -- first stealing millions of dollars worth of funds
and then tens of millions in fine art.

"I was shocked at this massive betrayal by people I had known,
loved and trusted for so many years," Mr. Marciano said upon the
discovery of this massive theft.  "This is one of the largest,
if not the largest, art thefts as measured by the quantity of
art stolen in the history of America," he said.

While no criminal charges have been brought by law enforcement
to date, Marciano hopes that his efforts to prove civil
liability will produce a body of evidence that can be used to
bring this virtually unprecedented conspiracy and theft into the
criminal courts in the future.

As a first step, Marciano's attorneys have brought a civil
action which seeks to prove that he was damaged in an amount of
more than US$60 million.  He is seeking those damages, plus
punitive or exemplary damages, to punish the wrongdoers for
egregious conduct and to deter the wrongdoers and others from
similar conduct in the future.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                        *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


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


ALITALIA SPA: Silvio Berlusconi Calls for Italian Bidders
---------------------------------------------------------
Former prime minister Silvio Berlusconi has called on local
businessmen to come up with a better bid than what Air France-
KLM SA offered for the Italian government's 49.9% stake in
Alitalia S.p.A., The Wall Street Journal reports.

"I think the moment has come for any businessmen in Italy with a
remnant of pride to come forward with an industrial plan in
order to avoid a shameful end for our flagship carrier," Mr.
Berlusconi was quoted by WSJ as saying during an interview with
Canale 5.

Mr. Berlusconi, whose party is expected to win the upcoming
national election, had said that if elected, his adnistration
will approve the sale of Italy's stake in Alitalia to Air
France, subject to several conditions.  He, however, stressed
that an Italian buyer is much preferred.

As reported in the TRC-Europe on March 19, 2008, the Italian
Ministry of Economy and Finance has approved Air France's offer
for Alitalia.  Finance Minister Tommaso Padoa-Schioppa, however,
said 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, headed by CEO Jean-Cyril Spinetta, is persuading
unions to accept it offer, but had met resistance as its
business plan for Alitalia entails 1,600 job cuts at the Italian
carrier's flight operations -- affecting 500 pilots, 600 flight
assistants and 500 ground staff -- and 500 more at its ground
division.

Air France said its binding offer is subject to, among other
conditions, finalization of an agreement with trade unions.

                       About Alitalia

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

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: Silvio Berlusconi Likely to Veto Air France Deal
--------------------------------------------------------------
Air-France KLM's planned takeover of Alitalia S.p.A is facing
yet another setback after Silvio Berlusconi declared it would
veto the deal if he wins the April 13-14 elections, "saying he's
against the conditions received," Deepa Babington writes for
Reuters.

Christian Boireau, Air France-KLM's commercial director for
France, however, told the Associated Free Press, "we know what
we can do and this (takeover) plan must be either accepted or
refused, but now is the time, not in two months or in a month."

Reuters relates Mr. Berlusconi, who is currently leading the
polls to become Italy's next prime minister, promised a rival
consortium bid led by Air One, whose initial offer was turned
down by the outgoing government.

According to Mr. Berlusconi, the consortium would make its offer
in three or four weeks with banks ready to support the deal,
Reuters reveals.

Mr. Berlusconi's sons, Reuters adds, are also likely to join the
rival bid.

However, Air One disclosed it still has study Alitalia's
accounts, which could take at least three weeks, before it could
decide to make a comeback bid, Reuters relates.

Political rivals, on the other had, claimed Mr. Berlusconi's
move could push Alitalia, which only has months left before it
runs of cash, further to bankruptcy, Reuters reports.

Meanwhile, Alitalia's unions are pushing through talks over
plans to cut the workforce at the airline, the paper states.

                  Alitalia'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 favur of Air France-KLM's
proposal considering it appropriate to offer to the Company the
adequate solution to preserve the Company's assets and to
promote its rapid and stable restructuring, giving mandate to
the Chairman to start a period of exclusive negotiations.

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

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

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

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The carrier serves routes to Asia, Europe, North
America and South America.

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.


SEAT PAGINE: Earns EUR98.4 Million for Year-Ended 2007
------------------------------------------------------
Seat Pagine Gialle S.p.A. released its financial report for the
year ended Dec. 31, 2007.  The group posted net profit of
EUR98.4 million on EUR1.45 billion in revenues for the year
ended Dec. 31, 2007, compared with net profit of EUR80.1 million
on EUR1.46 billion in revenues for the same period in 2006.

At Dec. 31, 2007, the group's balance sheet showed EUR4.31
billion in total assets, EUR3.19 billion in total liabilities
and EUR1.12 billion in total equity.

Net financial debt amounted to EUR3.27 billion at Dec. 31, 2007
compared with EUR3.41 billion at Dec. 31, 2006, after a net
disbursement of EUR118.1 million to acquire WLW GmbH and
dividend payout of EUR62.2 million.

                         Outlook 2008

Strategic focus will be on Italy, where Seat has its strongest
assets and new growth opportunities exists thanks to the
acceleration of the Internet market in 2007.

   -- Italy: Revenue growth expected in line with ’07 and EBITDA
      of the current business stable, after EUR10 million of
      incremental expenses to support print, but before EUR15
      million of additional costs to exploit the Internet
      opportunity and EUR10 million of one offs;

   -- international: EBITDA expected to be down due to Telegate,
      in a transition year towards the new advertising-based
      online business and of integration with KlickTel, and in
      TDL, where results will be negatively impacted by the loss
      of revenues in a small number of large accounts in the
      financial institutions sector;

   -- consolidated EBITDA expected at about EUR610 million after
      one of costs and investment to growth the online business
      in Italy and abroad; investments in 2008 are expected to
      have positive effect on growth in 2009; and

   -- cash available for deleverage is expected to be about
      EUR180 million, post around EUR45 million for the recent
      acquisition of Klicktel and to finance the joint venture
      in Turkey; the possible favorable outcome of certain data
      claims are not included in this figure.

In the current credit market environment, the company has
adopted a financial policy devoting available financial
resources to debt repayment and Internet development in Italy.

According to that, the board of directors has resolved to
propose to the general shareholders meeting not to pay dividends
in 2008.  The BoD has also approved to anticipate reimbursement
of part of the installment on the senior debt due next June, for
the amount of EUR35 million.

                   About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A.
-- http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.  The Pagine Gialle directory is published in
two versions for home and businesses, PagineGialle Casa and
PagineGialle Lavoro.  PagineGialle.it is a search engine
intended for business searches, while 89.24.24 Pronto
PagineGialle is a personalized telephone assistance, which
provides users with information regarding train and flight
schedules, traffic, weather, public utilities, entertainment and
events, cinema, museum and pharmacies.  Giallo Dat@ offers
services for direct marketing.

The company operates abroad through Telegate A.G., a telephone
queries and assistance service, providing information on
directories in Germany and worldwide, as well as personalized
information, such as reservation and online purchasing services,
and Thomson Directories Ltd, a local directory publisher in the
United Kingdom.


SEAT PAGINE: Moody's Affirms Ratings & Says Outlook is Negative
---------------------------------------------------------------
Moody's Investors Service affirmed all of SEAT Pagine Gialle
SpA's ratings while changing the outlook to negative from
stable.

Ratings affected include the Ba3 corporate family rating and the
B2 rating on the company's EUR.1.3 billion 8% senior notes due
2014 issued by Lighthouse International Company SA.

According to Moody's, the change in rating outlook to negative
reflects these following:

     1) SEAT's weaker-than-expected operating and financial
        performance for 2007, as reflected by an EBITDA of
        EUR650 million compared to management's previous
        guidance of EUR673 million to EUR685 million.
        Nevertheless, EBITDA in 2007 grew by 6.3% compared to
        2006.

     2) Lowered guidance for the 2008 financial results, with
        management having indicated that EBITDA will fall to
        around EUR610 million due to one-off costs and
        investments to grow the online business in Italy and
        abroad.  This indicated decline contrasts with the
        previous forecast of 4% to 5% CAGR from 2007 to 2010.

     3) A delay in the expected improvement in credit metrics
        resulting from the more challenging operating
        environment that the company is facing.  While Net
        debt/EBITDA (as reported by the company) stood at 5.0x
        in 2007, the expected EBITDA reduction for 2008
        indicates that deleveraging, on a Net debt / EBITDA
        basis, will slow down, as the ratio is likely to remain
        at around 5.0x by year-end 2008.

    4) The recent erosion of equity support provided to
        debtholders as a result of the substantial decline in
        the market value of the company's equity.  Moody's notes
        however that there are no covenants related to the
        company's equity value in the debt documentation.
"The negative outlook reflects Moody's concerns regarding lack
of visibility beyond 2008.  The impact of the economic slowdown
and the faster pace at which customers are migrating to web-
based directory services from the traditional yellow and white
pages print products are leading to lower visibility on revenues
than anticipated," says Ivan Palacios, lead analyst for SEAT at
Moody's.

In this challenging context, Moody's notes positively that, as a
result of the weaker-than-expected outlook, it is SEAT's
management intention to devote available resources to debt
repayment and that therefore no dividends will be paid in 2008
and debt prepayments, as in the past, will continue to be made
when possible.  SEAT's current credit metrics remain adequate
for its Ba3 corporate family rating (CFR) as compared to
similarly rated peers.  However, should there be a more rapid
deterioration in the operating environment than assumed in the
EUR610 million EBITDA target for 2008, the credit metrics could
deteriorate to levels no longer consistent with the Ba3 rating
category.

Therefore, SEAT's Ba3 CFR could be downgraded if (i) its
operating performance deviates from the targets set for year-end
2008, (ii) its free cash flow generation worsens leading to
pressure on the company's liquidity profile and/or (iii) it
deploys cash for purposes other than the repayment of debt.

Headquartered in Turin, SEAT is the number one directory
publisher in Italy with operations in the UK, Germany and
France.  For the year ended 31 December 2007, SEAT generated
consolidated revenues of EUR1.454 billion and EBITDA of EUR650
million.


SEAT PAGINE: S&P Puts BB- Rating on Negative CreditWatch
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating and issue ratings on Italy-based
classified directories publisher SEAT PagineGialle SpA on
CreditWatch with negative implications.

The CreditWatch placement follows the company's announcement
that it has materially revised downward its EBITDA forecast for
2008.  The new EBITDA guidance for 2008 is EUR610 million, about
6% lower than the level reported in fiscal 2007.  This is
expected to mainly reflect additional investments to boost the
online business development in Italy and abroad to develop the
company's Internet positioning.  These investments are expected
to have positive growth effects from 2009 onward.

"Lower EBITDA expectations raise concerns given the company's
aggressively leveraged capital structure with total adjusted
debt to EBITDA at about 5.5x at end-December 2007," said
Standard & Poor's credit analyst Manuela Gabetta.  "This is
mitigated by SEAT's announcement that no dividends would be paid
in 2008 to ordinary shareholders."

Despite this, the company's demanding debt-service obligations
(EUR163 million in 2008) leave limited scope for further
operating underperformance or unexpectedly high working capital
absorptions.

S&P expects to resolve the CreditWatch after receiving further
details of the company's strategic plan and operating forecast
for the coming years.  In particular, the evolution of the
covenant headroom included in the company's EUR2.6 billion
syndicated credit facility will be a point of focus.  In the
absence of negative developments on liquidity, any potential
downgrade is likely limited to one notch given the cash-
generative nature of the classified directories business.


SEAT PAGINE: To Focus on Searching & Exploiting Online Business
---------------------------------------------------------------
Seat Pagine Gialle S.p.A. confirmed that the group's strategy
for 2008 will focus mainly on searching and exploiting new
online business opportunities in Italy.

Luca Mojocchi, Seat's chief executive officer, explained the
group's guidance for financial year 2008.  The company also
pointed out that it will constantly inform the market on the
implementation of the plan, during meetings to be held with the
financial community.

The medium-long term period guidance will be released as soon as
possible in order to give detailed information about the
expected results following the execution of the internet
development strategy.

The company pointed out that, in accordance with Article 6 of
the Company By-laws, the Ordinary Shareholders’ Meetings, which
will be convened on April 23 and 24, 2008, shall resolve upon
the distribution of dividend of EUR0.0015 per savings share, for
a total payout of about EUR204 thousand.  The dividend will be
paid as of May 22, 2007, with ex-dividend date on May 19, 2007.

                    About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A.
-- http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.  The Pagine Gialle directory is published in
two versions for home and businesses, PagineGialle Casa and
PagineGialle Lavoro.  PagineGialle.it is a search engine
intended for business searches, while 89.24.24 Pronto
PagineGialle is a personalized telephone assistance, which
provides users with information regarding train and flight
schedules, traffic, weather, public utilities, entertainment and
events, cinema, museum and pharmacies.  Giallo Dat@ offers
services for direct marketing.

The company operates abroad through Telegate A.G., a telephone
queries and assistance service, providing information on
directories in Germany and worldwide, as well as personalized
information, such as reservation and online purchasing services,
and Thomson Directories Ltd, a local directory publisher in the
United Kingdom.


TISCALI SPA: Posts EUR75.32 Million Net Loss for 2007
-----------------------------------------------------
Tiscali S.p.A.'s Board of Directors has approved its financial
statements for full year ended Dec. 31, 2007.

The company reported EUR65.22 million in net losses on
EUR910.97 million in net revenues for 2007, compared with
EUR130.57 million in net losses on EUR678.48 million in net
revenues for 2006.

As of Dec. 31, 2007, Tiscali had EUR1.6 billion in total assets,
EUR1.39 million in total liabilities, and EUR206,970 in total
shareholders' equity.

                            Prospects

The Strategic Plan approved in November 2007 envisaged a
reinforcement of the Group's position in Italy and the U.K.,
focusing, especially in 2008, on a rapid integration of Pipex in
the UK and on a strong marketing push in Italy.

Tiscali's positioning will be maintained on the high.-capacity
Dual Play (voice and data) offer and competitive prices, with an
offer progressively enlarged to include IPTV services and the
integration with mobile services.

In confirming all strategic and financial targets of the
Strategic Plan, the Board of Directors has mandated the
CEO Mario Rosso:

    * to explore and evaluate the opportunities available to
      further generate value for all shareholders, in light of
      the ongoing consolidation process in the telecommunication
      arena in Europe; and

    * appoint a financial advisor within qualified financial
      institutions with whom preliminary contacts have been
      already initiated.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

As reported in the TCR-Europe on Feb. 12, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating to 'B+' from 'B' on Tiscali S.p.A.

The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd.  These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.

At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali.  The outlook is stable.


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


AK BOKEN-TARAZ: Creditors Must File Claims by April 18
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP AK Boken-Taraz insolvent on Dec. 27, 2007.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Seleimenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (7262) 45-32-17


BANK CENTERCREDIT: Moody's Says Kookmin Buy Won't Affect Ratings
----------------------------------------------------------------
Moody's Investors Service commented on the announcement of
Kookmin Bank (Korea) of plans to acquire a 30% stake in Bank
CenterCredit, and to further raise its stake to 50.1% over a 30
month period.

Moody's said that it views the proposed transaction as
potentially positive for BCC's ratings, but that the
announcement of acquisition has no immediate impact on BCC's
ratings.

Moody's current D-/Ba1/NP (negative outlook) ratings on BCC
still capture the performance and repayment challenges faced by
the bank over the immediate future.  Moody's adds, however, that
it may revise the outlook of BCC's current ratings once the
acquisition of the initial 30% stake has been completed.

According to the announcement, Kookmin Bank - the largest bank
in Korea (Aa3/Prime-1/C) - has entered into an agreement with
BCC's shareholders to acquire a 30% stake in the bank for
US$634 million.  Kookmin Bank is to acquire existing shares as
well as to subscribe for an additional share issue of US$160
million.  It is intended that US$240 million of proceeds from
the initial transaction will be deposited by the current
shareholders with the bank to support its liquidity.  Following
the acquisition of the initial 30% stake, the agreement also
envisages that Kookmin Bank will increase its stake in the bank
up to 50.1% or higher over a 30 month period.  The acquisition
is subject to approval of the Kazakh and Korean regulators and
is expected to be approved by the end of July 2008.

According to Moody's, the emergence of Kookmin Bank as the
strategic shareholder in BCC is expected to lead to an
improvement in BCC's currently stressed liquidity profile, while
the involvement of Kookmin Bank in BCC's key corporate
decisions, and assistance in risk management and asset-liability
management is likely to have a positive impact on BCC's risk
profile and franchise.

At the same time, Moody's notes that it will await completion of
the deal before it reviews the possible impact of this
transaction on BCC's current ratings, because a possible delay
in the approval of the transaction could add to the challenges
currently faced by BCC. A ccording to Moody's, BCC is scheduled
to make significant repayments of syndicated loans in July 2008
and if the transaction were to lag behind, it could lead to a
deterioration of BCC's liquidity position and franchise.  In
light of these factors, and the continuing negative environment
that may lead to deterioration of BCC's asset quality
indicators, Moody's continues to maintain a negative outlook on
the bank's ratings until the acquisition of 30% stake in BCC by
Kookmin is approved by the regulators and finalised.
Nevertheless, Moody's notes that the successful completion of
the transaction is likely to lead to the outlook on the BFSR
being changed to stable, whilst the outlook on debt and deposit
ratings may further benefit from expectations of an increase by
Kookmin Bank of its stake to 50.1% in the future, whereby
Kookmin Bank would become a controlling shareholder of BCC.

Moody's notes that BCC's current long-term local currency
deposit rating of the bank factors the high probability of
systemic support resulting in a two-notch uplift from the bank's
Ba3 baseline credit assessment.  Additionally, Moody's adds that
the current bank's Ba1 foreign currency deposit rating is
subject to the Ba1 foreign currency deposit ceiling of
Kazakhstan.

BCC is the sixth largest bank in Kazakhstan with total assets of
US$7.51 billion and shareholders' equity of US$545.3 million at
end-3Q2007.  It primarily focuses its strategy on retail and SME
banking where its market position is supported by its wide
client base and the developed office network consisting of 205
offices throughout the country.

Kookmin Bank, headquartered in Seoul, is the largest financial
institution in Korea.  The bank operates a strong retail banking
franchise: about 62% of its loans are to households while about
33% go to small and medium sized enterprises. Total assets of
the bank amounted to US$233 billion as of Dec. 31, 2007.


HANSULTAN LLP: Claims Deadline Slated for April 18
--------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Hansultan.

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

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


HIMLES-TORG LLP: Claims Filing Period Ends April 18
---------------------------------------------------
LLP Himles-Torg has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         LLP Himles-Torg
         Buhar-Jyrau ave. 66
         Karaganda
         Kazakhstan


JARDEM SYSTEM: Creditors' Claims Due on April 18
------------------------------------------------
LLP Jardem System has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         LLP Jardem System
         Jambyl Str. 159
         Uzynagash
         Jambylsky
         Almaty
         Kazakhstan


KAZKOMMERTSBANK: Earns KZT57.8 Bln in Year Ended Dec. 31, 2007
--------------------------------------------------------------
JSC Kazkommertsbank released its financial results for the year
ended Dec. 31, 2007.

Kazkommertsbank reported a net profit of KZT57,751 million for
the year ended Dec. 31, 2007, compared with a net profit of
KZT27,761 million for the year ended Dec. 31, 2006.

At Dec. 31, 2007, Kazkommertsbank's balance sheet showed
KZT2,997,232 million in total assets, KZT2,678,013 million in
total liabilities and KZT319,219 million in stockholders'
equity.

                   Business Performance Overview

Net Interest Income

Net interest income before provisions for impairment losses
increased by 2.3 times to KZT146,930 million in 2007 from
KZT64,135 million in 2006, resulting primarily from 91.6%
growth in average interest-earning assets.  Interest income grew
at a faster rate than interest expense, resulting in an increase
in the Bank's net interest margin to 6.2% in 2007 from 5.1%.

Net Non-Interest Income

Net non-interest income increased by 6.9% to KZT30,972 million
from KZT28,967 million in 2006.  This increase was primarily due
to the increase in net fees and commissions and financial assets
transactions.  Net commission fee increased by 31.4%, primarily
due to the increased commission incomes.  Thus, commission
income on cash operations increased by 36.5%; on L/C and L/G
businesses operations by 49.4%; on foreign exchange and
securities operations by 56.2, and commissions on plastic cards
and settlements by 60.6 and 48%, respectively.  Fee and
commission expenses grew by KZT1,041 from KZT1,672 million
during 2006 to KZT2,713 million for 2007.

Net gain on financial assets at fair value through profit and
loss was KZT21,627 million for 2007 compared to KZT4,744 million
for 2006.  This significant shift in volume occurred due to the
inclusion of the results from operations with foreign currency
derivatives on the balance sheet.  The operations were concluded
with the aim of hedging foreign exchange risks.  As a result,
profit from these operations was KZT20,723 million for 2007,
compared to KZT3,524 million for the last year.  Excluding net
gain on foreign exchange operations from the net gain on
financial assets at fair value through profit and loss, gives
net result from securities and precious metals operations, which
was gain of KZT904 million compared to gain of KZT1,220 million
in 2006.

Net losses from foreign exchange operations for the twelve
months ended Dec. 31, 2007 amounted to KZT18,605 million,
compared to KZT5,204 million profit for the same period of 2006.
Such changing in the item should include the results from
operations with foreign currency derivative financial
instruments which concluded to hedge currency risks on the
balance sheet.  Taking into consideration these amounts net
profit from foreign exchange operations for the twelve months
ended Dec. 31, 2007 amounted to KZT2,118 million compared to
KZT8,728 million for the twelve months ended Dec. 31, 2006 as a
result of foreign exchange operations.

Provisions for Impairment Losses

Provisions for impairment losses increased by KZT37,069 million
(2.1 times) and made up KZT69,956 million for the twelve months
ended Dec. 31, 2007 compared to KZT32,887 million for 2006.  The
growth of provisions for impairment losses is a result of a
KZT754 billion increase in the gross loan portfolio.  The
effective reserve rate on customer loans was 5.6% for 2007
compared to the rate of 4.2% as at Dec. 31, 2006.  The growth of
the effective reserve rate was due to the growth in general
provisions which amounted to 1.0% of the gross loan portfolio as
of the end of 2007 compared to 0.5% in the end of 2006.  The
increase in general provisions for 1% was done in line with the
Bank's conservative policy on provisioning as well as due to the
slowed portfolio growth.

Operating Expenses

Operating expenses increased by 63.8% to KZT31,200 million, from
KZT19,053 million in 2006, as a result of an increase in
personnel expenses.

This trend was driven by the increase in the number of employees
and other expenses related to the retail network expansion,
which is a key part of Kazkommertsbank's retail strategy.
However, notwithstanding this growth in operating expenses, the
ratio of the Bank's operating expenses to operating income
before provisions for impairment losses decreased to 17.5% from
20.5% as at the end of 2006.  This is a result of faster growth
of operating income as compared to operating expanses.

Loans to Customers

The Bank's total gross loan portfolio grew by 43% to
KZT2,506,698 million as of the end of 2007 from KZT1,752,776
million as at Dec. 31 2006.

In 2007 loans to individuals, including consumer and mortgage
lending, made up the largest share of the loan portfolio and
increased from 15.6% as at Dec. 31, 2006 to 19.1% or KZT452,330
million as at Dec. 31, 2007.

Loans to the trade sector increased to 42.3% and amounted to
KZT442,181 million compared to KZT310,842 million as of the end
of 2006.  As a percentage their share increased from 18.5% to
18.7%.

Loans to residential and commercial construction increased by
23.4%, while their share in total loans decreased to 20.1% as at
Dec. 31, 2007 compared to 22.9% as at Dec. 31, 2006.

As at Dec. 31, 2007, the Bank's 20 largest borrowers accounted
for 25.3% of the total loan portfolio compared to 25% as at
Dec. 31, 2006.

Loans and Advances to Banks

Loans and advances to banks, less allowance for impairment
losses, increased by 7.9% to KZT212.8 billion as at Dec. 31,
2007, as compared to KZT197.2 billion as at Dec. 31, 2006.  At
the same time, loans and advances to banks as a percentage of
total assets decreased to 7.1% as at Dec. 31, 2007 from 8.1% as
at Dec. 31, 2006.

Cash and Balances with National Bank

Cash and balances with the National Bank of Kazakhstan, the
National Bank of Kyrgyz Republic and the Central Bank of Russia
decreased to KZT168 billion as at Dec. 31, 2007 compared to
KZT209 billion as at Dec. 31, 2006.  This reduction in the cash
and balances was due to the amended regulatory requirements of
the National Bank of Kazakhstan on the minimum reserve
requirements.

Securities Portfolio

The size of the Bank's securities portfolio decreased by 41% to
KZT192.2 billion at the end of 2007 from KZT325.6 billion at the
end of 2006.  The decrease was mainly in the Bank's trading
portfolio, which decreased by 41.5% or KZT133.8 billion.  This
change was primarily attributable to the sale of international
financial organizations securities for the amount of KZT130
billion and sale of the short-term notes of NBRK for the amount
of KZT33.1 billion.

Funding

The Bank entirely meets its liabilities, thus, on Dec. 24, 2007,
the first tranche of US$1 billion syndicated loan was repaid for
the amount of US$700 million.  This loan was signed in December
2006 and consisted of 2 tranches: Tranche A for the amount of
US$700 million for 370 days and Tranche B for the amount of
US$300 million for 3 years.  Lead arrangers of the deal were The
Bank of Tokyo-Mitsubishi UFJ, Ltd, ING Bank N. V., Standard
Chartered Bank and UniCreditGroup.

The purpose of the loan was funding of the import-export
contracts of the customers.

The Bank's debt securities increased to KZT739,688 million,
representing 27.6% of the Bank's liabilities as at
Dec. 31, 2007, up from KZT 424,162 million (19.5%) as at
Dec. 31, 2006.  In February 2006, the Bank issued EUR750 million
6.875% debt securities due February 2017 and GBP350 million
7.625% debt securities due February 2012 via Kazkommerts
International B.V., under the MTN Program.

In May and July 2007, the Bank issued US$250 million European
commercial securities with zero coupon and JP 25 billion 2.212%
via Kazkommerts International B.V., under the MTN Program.  The
commercial securities are due to May 2008 and July 2009,
respectively.

The amount of other borrowed funds increased 2.2 times due to
issuance in April 2007 of US$500 million debt securities due
2017 under the Future Flows Securitization Program via
Kazkommerts DPR Company.  Merrill Lynch and WestLB AG acted as a
Join Lead Arrangers and Bookrunners.  At the same time, the
other borrowed funds include the funds received from the Small
Entrepreneurship Development Fund in the amount of KZT12,264
million.

Customer accounts as of Dec. 31, 2007 increased by 30.1% as a
result of 68.8% increase in term deposits.  Term deposits
amounted to KZT718,761 million.  On the contrary, share of
demand deposits decreased to 31.6% and amounted to KZT176,621
million.  The shares of the term deposits and demand deposits in
the customer accounts as at Dec. 31, 2007 comprised 80.3 and
19.7%, respectively, compared to 61.9 and 37.5% as at the year
end 2006.

The customer accounts included repos in amount of KZT201 million
as at Dec. 31, 2007 compared to KZT4,384 million as at
Dec. 31, 2006.

Events Occurred After the Reporting Date:

On Feb. 29, 2008, the Bank has repaid the outstanding US$450
million on its syndicated loan.  The loan was agreed in August
2006 for a total of US$850 million for 18 months, and in August
2007 the Bank initiated a partial (US$400 million) prepayment of
the loan.  Citibank, N.A., Deutsche Bank AG, ING Bank and Mizuho
Corporate Bank were the lead arrangers for the loan.  Proceeds
from the loan were used to finance the import-export
transactions of Kazkommertsbank clients.

                    About Kazkommertsbank

Kazkommertsbank -- http://www.kazkommertsbank.com/-- accepts
deposits and provides loans and credit facilities in Tenge and
foreign currencies.  The Bank is also a major participant in the
securities market and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As reported in the TCR-Europe on Dec. 20, 2007, Standard &
Poor's Ratings Services had revised its outlook to negative from
stable on Kazkommertsbank JSC.

At the same time, Standard & Poor's lowered its long-term
counterparty credit rating on KKB to 'BB' from 'BB+' and its
Kazakhstan national scale rating on Temirbank to 'kzBBB' from
'kzBBB+' and on Eurasian Bank to 'kzBB' from 'kzBBB-'.  All
other ratings were affirmed.

In November 2007, Fitch Ratings has affirmed the ratings of
Kazakhstan-based bank Kazkommertsbank.  KKB has been rated Long-
term foreign currency Issuer Default 'BB+', Short-term foreign
currency IDR 'B', Long-term local currency IDR 'BBB-', Short-
term local currency IDR 'F3', Individual 'C/D', Support '3' and
Support Rating Floor 'BB+'.  The Outlook for the Long-term IDR
remain Stable.


MEG TECH: Claims Registration Ends April 18
-------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Meg Tech Service insolvent on
Jan. 31, 2008.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Valihanov Str. 19-149
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


NARGIZ & CO: Creditors Must File Claims by April 18
---------------------------------------------------
LLP Nargiz & Co. Ltd. has declared insolvency.  Creditors have
until April 18, 2008, to submit written proofs of claims to:

         LLP Nargiz & Co. Ltd.
         Dusebaev Str.
         Saryagash
         Saryagashsky
         South Kazakhstan
         Kazakhstan


OTAU KURYLYZ: Claims Deadline Slated for April 18
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Otau Kurylyz Invest insolvent on Jan. 29, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Seleimenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (7262) 45-32-17


PAVLODARPLAST LLP: Claims Filing Period Ends April 18
--------------------------------------------------------------
LLP Pavlodarplast has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         LLP Pavlodarplast
         Kairbaev Str. 104-173
         Pavlodar
         Kazakhstan

TAT INVESTSTROY: Creditors' Claims Due on April 18
--------------------------------------------------
LLP Tat Investstroy has declared insolvency.  Creditors have
until April 18, 2008, to submit written proofs of claims to:

         LLP Tat Investstroy
         Micro District Aksai-1, 20-19
         Almaty
         Kazakhstan


TAUELSIZDIGINE-10 GYL: Claims Registration Ends April 18
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kazakhstan Tauelsizdigine-10 Gyl insolvent on
Dec. 24, 2007.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Kurmanov Str. 63
         Kolbai
         Alakolsky
         Almaty
         Kazakhstan
         Tel: 8 701 482 68-18
              8 728 374 11-28


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


FLAMINGO LLC: Creditors' Meeting Slated for March 25
----------------------------------------------------
Creditors of Flamingo LLC will convene at 10:00 a.m. on
March 25, 2008 at:

         Flamingo LLC
         Micro District 6, 22/1
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Flamingo insolvent on Jan. 10, 2007.  Subsequently,
bankruptcy proceedings were introduced at the company.

Mr. Rahatbek Duishembiev has been appointed temporary insolvency
manager.

Creditors must submit written proofs of claim and  be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager can be reached at (0-773) 75-
95-48, (0-555) 40-59-40.


GRK ALA-TOO: Creditors' Meeting Slated for March 28
---------------------------------------------------
Creditors of OJSC GRK Ala-too will convene at 11:00 a.m. on
March 28, 2008 at:

         OJSC GRK Ala-too
         Erkindik Ave. 1
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
OJSC GRK Ala-too insolvent on Feb. 28, 2008.  Subsequently,
bankruptcy proceedings were introduced at the company.

Mursaly Asanbekov has been appointed temporary insolvency
manager.

Creditors must submit written proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager can be reached at (+996 312)
62-67-90, 62-67-93, (0-772) 55-27-33.


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


EVRAZ GROUP: Calls Off Yuzhkuzbassugol-Raspadskaya Merger Talks
---------------------------------------------------------------
Evraz Group S.A. has decided to terminate merger negotiations
between Yuzhkuzbassugol, its fully owned coal mining subsidiary,
and Raspadskaya.

Evraz believes that the proposed merger is not in the best
interests of the Group’s shareholders at this time.  Due to the
favorable market conditions and recent developments at the
Group, which include acquisition of selected production assets
in Ukraine, the company concluded that further integrating
Yuzhkuzbassugol with its steel operations and with Ukrainian
coke production assets would yield more immediate value and
long-term synergies than combining Yuzhkuzbassugol and
Raspadskaya businesses.

"Yuzhkuzbassugol and Raspadskaya will provide more value for our
shareholders as separate businesses," said Alexander Frolov,
Evraz's Chairman and CEO.  "Yuzhkuzbassugol has already become
an important part of our vertically integrated business model.
We at Evraz are committed to grow both parts of Yuzhkuzbassugol
businesses – metallurgical coal and steam coal mines,
capitalising on the significant potential of the company’s
existing mines, as well as the new deposits.  It is equally
important for us that Raspadskaya will remain Evraz’s strategic
partner and a reliable supplier of coal to the Group’s mills in
Russia."

                          About Evraz

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

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd., following Evraz's
announcement of the planned acquisition of a majority stake in
Singapore-listed steel producer Delong Holdings Ltd.  At the
same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

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

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

The affirmation follows the company's announcement that it has
agreed to purchase up to 51% of China-based, Singapore-listed
steel producer, Delong Holdings Limited.  At the same time,
Fitch has affirmed the ratings of Mastercroft Limited (Evraz's
core subsidiary with most of its assets concentrated in Russia)
at Long-term IDR 'BB' and Short-term IDR 'B'.  Evraz Securities
SA's (ES) senior unsecured rating is affirmed at 'BB'. The
Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs
are Stable.

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


EVRAZ GROUP: Gennady Kozovoy Quits as Yuzhkuzbassugol CEO
---------------------------------------------------------
Evraz Group S.A. disclosed that Gennady Kozovoy has resigned as
Yuzhkuzbassugol’s CEO.  Andrey Borschevich became the new acting
CEO of Yuzhkuzbassugol, effective March 20, 2008.

Mr. Borschevich previously worked as Chief Production Officer at
Yuzhkuzbassugol and has 25 years of experience in the coal
industry.

"We express our sincere gratitude to Gennady Kozovoy for his
contributions to Yuzhkuzbassugol," aid Alexander Frolov, Evraz's
Chairman and CEO.  "In particular, we would like to thank
Gennady for implementing strict occupational health and safety
standards at our coal mines."

                          About Evraz

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

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd., following Evraz's
announcement of the planned acquisition of a majority stake in
Singapore-listed steel producer Delong Holdings Ltd.  At the
same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

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


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


AMERICAN AXLE: Work Stoppage Prompts S&P's Negative Watch
---------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.

The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/--) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expect American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.  The two sides resumed negotiations last week.

"We believe the strike has gone on long enough to possibly begin
to affect the financial resources of GM and those suppliers most
exposed to the automaker," said Standard & Poor's credit analyst
Robert Schulz.

To resolve the CreditWatch listings, Standard & Poor's will
assess the strike's impact on the companies' credit profiles,
particularly liquidity, once production resumes.  S&P could
lower the ratings any time prior to a resolution of the Axle
strike if the liquidity of the companies becomes compromised,
although downgrades are not likely for another several weeks.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.


SCO GROUP: Bankruptcy Court Sets April 21 as Claims Bar Date
------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
established April 21, 2008, as deadline for creditors of The SCO
Group Inc. and its debtor-affiliates to file proofs of claim.

All entities, including governmental units, which assert any
prepetition claims against the Debtors, must deliver proofs of
claim with Epiq Bankruptcy Solutions, LLC, the claims, noticing
and balloting agent of these Chapter 11 cases.

Original proofs of claims must submitted no later than 4:00
p.m., Eastern Time, at:

   The SCO Group Inc.
   c/o Epiq Bankruptcy Solutions LLC
   FDR Station
   P.O. Box 5012
   New York, NY 10150-5012

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.  The Debtors’ exclusive period to
file a Chapter 11 plan expires on May 11, 2008.


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


CAR ENTERPRISE: Creditors Must File Claims by May 1
---------------------------------------------------
Creditors of OJSC Car Enterprise have until May 1, 2008, to
submit proofs of claim to:

         K. Savchenko
         Insolvency Manager
         Post User Box 35
         Shebekino
         309290 Belgorod
         Russia


The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-4369/07g.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Car Enterprise
         Lenina Str. 176
         Glushkovo
         Kursk
         Russia


COMSTAR-UNITED: Nikolai Maximenka to Head MGTS Unit
---------------------------------------------------
The extraordinary shareholder meeting of Moscow City Telephone
Network OJSC, part of COMSTAR - United TeleSystems OJSC, has
appointed Nikolai Maximenka as general director, replacing
Alexei Goltsov.

Nikolai Maximenka has been working as temporary general director
since Feb. 4, 2008, at MGTS OJSC.

"Moscow City Telephone Network development is one of the
important strategy aspects for COMSTAR – United TeleSystems,"
Sergey Pridantsev, President of COMSTAR - United TeleSystems
OJSC said.  "The objectives of the newly appointed General
Director Nikolay Maksimenka include measures to enhance company
efficiency, strengthen the group's positions in the Moscow
broadband access market, improve customer-related services,
upgrade data network transport level and "last mile" segment on
the basis of FTTx, with a number of other equally important
projects to follow."

                       About Comstar-UTS

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

                           *    *    *

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

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


DAN CJSC: Creditors Must File Claims by April 1
-----------------------------------------------
Creditors of CJSC Dan have until April 1, 2008, to submit proofs
of calim to:

         I. Borzov
         Insolvency Manager
         Post User Box 18
         Central Post Office
         153000 Ivanovo
         Russia

The Arbitration Court of Ivanovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A17-133/08.

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         CJSC Dan
         F. Engelsa Pr. 74
         Ivanovo
         Russia


EVRAZ GROUP: Calls Off Yuzhkuzbassugol-Raspadskaya Merger Talks
---------------------------------------------------------------
Evraz Group S.A. has decided to terminate merger negotiations
between Yuzhkuzbassugol, its fully owned coal mining subsidiary,
and Raspadskaya.

Evraz believes that the proposed merger is not in the best
interests of the Group’s shareholders at this time.  Due to the
favorable market conditions and recent developments at the
Group, which include acquisition of selected production assets
in Ukraine, the company concluded that further integrating
Yuzhkuzbassugol with its steel operations and with Ukrainian
coke production assets would yield more immediate value and
long-term synergies than combining Yuzhkuzbassugol and
Raspadskaya businesses.

"Yuzhkuzbassugol and Raspadskaya will provide more value for our
shareholders as separate businesses," said Alexander Frolov,
Evraz's Chairman and CEO.  "Yuzhkuzbassugol has already become
an important part of our vertically integrated business model.
We at Evraz are committed to grow both parts of Yuzhkuzbassugol
businesses – metallurgical coal and steam coal mines,
capitalising on the significant potential of the company’s
existing mines, as well as the new deposits.  It is equally
important for us that Raspadskaya will remain Evraz’s strategic
partner and a reliable supplier of coal to the Group’s mills in
Russia."

                          About Evraz

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

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd., following Evraz's
announcement of the planned acquisition of a majority stake in
Singapore-listed steel producer Delong Holdings Ltd.  At the
same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

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


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

The affirmation follows the company's announcement that it has
agreed to purchase up to 51% of China-based, Singapore-listed
steel producer, Delong Holdings Limited.  At the same time,
Fitch has affirmed the ratings of Mastercroft Limited (Evraz's
core subsidiary with most of its assets concentrated in Russia)
at Long-term IDR 'BB' and Short-term IDR 'B'.  Evraz Securities
SA's (ES) senior unsecured rating is affirmed at 'BB'. The
Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs
are Stable.

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


EVRAZ GROUP: Gennady Kozovoy Quits as Yuzhkuzbassugol CEO
---------------------------------------------------------
Evraz Group S.A. disclosed that Gennady Kozovoy has resigned as
Yuzhkuzbassugol’s CEO.  Andrey Borschevich became the new acting
CEO of Yuzhkuzbassugol, effective March 20, 2008.

Mr. Borschevich previously worked as Chief Production Officer at
Yuzhkuzbassugol and has 25 years of experience in the coal
industry.

"We express our sincere gratitude to Gennady Kozovoy for his
contributions to Yuzhkuzbassugol," aid Alexander Frolov, Evraz's
Chairman and CEO.  "In particular, we would like to thank
Gennady for implementing strict occupational health and safety
standards at our coal mines."

                          About Evraz

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

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd., following Evraz's
announcement of the planned acquisition of a majority stake in
Singapore-listed steel producer Delong Holdings Ltd.  At the
same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

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


FARM-GEO-COM: Court Names E. Shirova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed E. Shirova as
Insolvency Manager for LLC Farm-Geo-Com.  She can be reached at:

         E. Shirova
         Post User Box 345
         115230 Moscow 230
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-24912/07.

The Court is located at:

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

The Debtor can be reached at:

         E. Shirova
         Post User Box 345
         115230 Moscow 230
         Russia


GOLDEN TELECOM: Earns US$152.6 Million in 2007
----------------------------------------------
Golden Telecom Inc., a unit of OJSC Vimpel-Communications,
posted US$152.6 million in net income on US$1.29 billion in
revenues for 2007, compared with US41.3 million in net income on
US$854.6 million in revenues for 2006.

The company attributed the increase to improved traffic.

                     About Golden Telecom

Headquartered in Moscow, Russia, Golden Telecom Inc. --
http://www.goldentelecom.com/-- provides integrated
telecommunications and Internet services in major population
centers throughout Russia and other countries of the
Commonwealth of Independent States.

                          *     *     *

As of Dec. 3, 2007, Golden Telecom carries a Ba3 Corporate
Family, Probability-of-Default and Senior Unsecured Debt Ratings
from Moody's Investors Service.  Moody's said the outlook is
stable.

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


GRAIN-PRODUCT: Creditors Must File Claims by May 1
---------------------------------------------------
Creditors of CJSC Grain-Product (TIN 7113016477) have until
May 1, 2008, to submit proofs of claim to:

         N. Kazennova
         Insolvency Manager
         Moskovskaya Zastava 1
         Efremov
         301840 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-1287/07-52B.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         CJSC Grain-Product
         Moskovskaya Zastava 1
         Efremov
         301840 Tula
         Russia


LEBEDYANSKY OJSC: Four Largest Shareholders Sell Stake to Pepsi
---------------------------------------------------------------
OJSC Lebedyansky disclosed that its four largest individual
shareholders have signed a conditional agreement with PepsiCo to
sell their shares in Lebedyansky totalling 75.53% for a total
cash consideration of US$1,357 million or US$88.02 per share.

PepsiCo plans to assign its rights to buy the 75.53% stake to a
joint venture between PepsiCo and PBG in which PepsiCo will
retain a majority stake.  PepsiCo/PBG’s offer values 100% of the
Juice business at US$1,797 million on an Equity Value basis and
US$2,012 million on an Enterprise Value basis, assuming net debt
and separation adjustments of US$216 million as at Dec. 31,
2007.

The agreement is conditional, amongst other things, on the
separation of the Baby Food and Mineral Water business from the
Juice business, and completion of the spin-off of the Baby Food
and Mineral Water business to Lebedyansky’s existing
shareholders (including the four selling shareholders).

Therefore, upon acquisition by PepsiCo/PBG of the 75.53% stake,
Lebedyansky will include the Juice business only.  Certain
matters essential for completion of the proposed spin-off of the
Baby Food and Mineral Water business will be subject to approval
by the shareholders of Lebedyansky at a General Meeting which
will take place within 80 days after the Board of Directors
meeting of Lebedyansky.   The sale of the 75.53% stake is also
subject to other customary conditions, including regulatory
approvals.   The proposed spin-off and acquisition of the 75.53%
stake are expected to complete in Q3 of 2008.


As part of the spin-off process, each shareholder in
Lebedyansky, save for those who voted against the spin-off or
did not participate in voting and requested to be redeemed by
Lebedyansky, will receive new shares in the Baby Food and
Mineral Water business pro rata to the stake in Lebedyansky held
on the date as of which a list of shareholders having the right
to participate in the General Meeting will be compiled.

The Board of Directors of Lebedyansky will meet before March 28,
2008 to determine the General Meeting Record Date, which is
expected to be March 28, 2008.  Lebedyansky shares traded,
settled and recorded in the Lebedyansky register, or the
depository accounts if the Lebedyansky shares are held through
nominees, after the General Meeting Record Date will not give
the shareholders the right to receive shares in the Baby Food
and Mineral Water business.

Following the spin-off, shares in the Baby Food and Mineral
Water business will not be quoted on any stock exchange.

                CPV Appointed to Prepare Valuation

CPV (Center of Professional Valuations), a licensed appraiser
under Russian law, was appointed by the company to prepare an
independent valuation of the Baby Food and Mineral Water
business post separation to determine its fair value.  The
independent valuation, prepared in accordance with applicable
Russian legal requirements, took into account the standalone
forecasts of the Baby Food and Mineral Water business after the
separation from Lebedyansky.  The independent valuation of the
Baby Food and Mineral Water business is US$326 million on a debt
and cash free basis.  Net debt and separation adjustments are
estimated at US$75 million as at Dec. 31, 2007.

The four selling shareholders have indicated that they will
remain committed to the future development of the Baby Food and
Mineral Water business which, in their view, has attractive
growth prospects.  The Baby Food and Water business will have a
new senior management team, which will be announced in due
course.  Yuri Bortsov is expected to become the Chairman of the
Baby Food and Water business.

Upon completion of the acquisition of the 75.53% stake, as
required by Russian law, PepsiCo/PBG will make a mandatory offer
to purchase the shares held by all remaining shareholders in
Lebedyansky shortly after the transaction closes.

Commenting on the announcement, Chairman of Lebedyansky Yuri
Bortsov said:

“We are pleased to have reached this agreement with PepsiCo/PBG,
outstanding companies that bring a long heritage of investing in
Russia and a clear commitment to the growth and success of
Lebedyansky.  They will bring significant investment and
distribution strength and ensure that this company remains a
strong, vibrant competitor.”

Commenting on the announcement, CEO of PepsiCo International and
Vice Chairman of PepsiCo, Michael White said:

“This agreement provides us with a strong platform for continued
expansion in one of the world’s fastest growing juice markets
and advances the global transformation of PepsiCo/PBG’s product
portfolio.  Combining Lebedyansky's strengths with those of
PepsiCo, one of the world's largest makers and sellers of
branded juice, and  PBG, our largest bottler, will create vast
opportunities.  We are committed to investing in Lebedyansky’s
brands and building an even brighter future for this great
Russian company.”

Commenting on the announcement, President and CEO of The Pepsi
Bottling Group, Eric Foss said:

“Russia represents our biggest growth market, and we are making
smart investments that further enhance our business there.
Adding Lebedyansky’s strong brands and capable people to the
powerful PBG-PepsiCo partnership will enable us to be at the
forefront of the continued expansion of the Russian juice
category.”

       Action to be taken by Lebedyansky shareholders

Board of Directors of the company is due to meet before
March 28, 2008 to adopt a resolution calling for a General
Meeting of Lebedyansky shareholders to consider and vote on the
proposed spin-off and other matters essential for completion of
the spin-off.  The General Meeting will take place within 80
days after the meeting of the Board of Directors.

Shortly after the Board of Directors, Lebedyansky shareholders
will receive a notice of the General Meeting, which will
specify, among other things, the agenda of the General Meeting,
the procedures for voting and conditions and terms of redemption
of Lebedyansky shares adopted at the meeting of the Board of
Directors.

                    About Lebedyansky

OJSC Lebedyansky -- http://lebedyansky.com/--
is the largest natural juice producer in Eastern Europe and one
of Russian baby-food market leaders.  The company has three
production facilities: Lebedyansky production and storage
complex (Lebedyan, Lipetsk region), Progress juices,
concentrates and mineral water bottling plant (Lipetsk) and
TROYA-Ultra juices plant (St. Petersburg).

Lebedyansky produces Ya, Tonus, Fruktovy Sad juices and nectars,
Frustyle refreshing juice drinks, Edo ice tea, juice Tusa Jusa,
Lipetsky Buvet mineral and drinking water and a wide range of
FrutoNyanya baby juices and purees.


LEBEDYANSKY OJSC: Moody's Reviews Ratings on Pepsi Deal
-------------------------------------------------------
Moody's Investors Service placed the Ba3 corporate family rating
of OJSC Lebedyansky on review for possible upgrade.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, has placed the Aa3.ru national scale
rating of the company on review for possible upgrade.

The review was initiated by the announcement that PepsiCo
(Aa2/STA) and The Pepsi Bottling Group (PBG, A2/STA), world
leaders in snack foods and beverages, have agreed to jointly
acquire a 75.53% stake in Lebedyansky held by its four largest
shareholders, excluding the company's baby food and mineral
water business, for approximately US$1.4 billion, which implies
a total enterprise value of approximately US$2 billion.  The
purchase is to be split 75%/25% by PepsiCo and PBG.

The transaction is conditional.  Among other conditions,
Lebedyansky is to spin-off its baby food and mineral operations,
with PepsiCo and PBG to buy the above stake in Lebedyansky's key
juice business.  The spin-off and the acquisition of the stake
are not expected to be completed before the third quarter of
2008.  Shortly after the transaction closes, PepsiCo and PBG
will make steps to increase its stake in the company up to 100%
as required by Russian law.

The review will focus on the terms of the transaction, the
expected integration of Lebedyansky's operations into those of
PepsiCo/PBG in Russia, the level of support to be expected from
PepsiCo and PBG. The review is expected to be completed in
conjunction with the closing of the transaction.

Headquartered in Russia, Lebedyansky is Russia's leading juice
business.  The company also produces baby food products and
mineral water.  The company's reported 2007 preliminary
consolidated revenues of US$944.8 million, with the juice
business accounting for 85% of the revenues.


LEBEDYANSKY OJSC: Revenue Ups 33% to US$944.8 Million in 2007
-------------------------------------------------------------
OJSC Lebedyansky reported its unaudited financial and operating
results for the 12 months ended Dec. 31, 2007.

Total sales volumes (including Troya-Ultra’s 87 million litres)
reached 1,137 million litres, up 22% compared to last year.
Total sales volumes excluding Troya-Ultra reached 1,050 million
litres, up 14% compared to last year

   -- Juice volumes increased by 18% to 984 million litres
      including Troya-Ultra (and by 9% to 897 million litres
      excluding Troya-Ultra)

   -- Baby Food volumes increased by 21% to 71 million litres

   -- Mineral Water volumes increased by 102% to 82 million
      litres

    * Net revenues increased by 33% to US$944.8 million,
      including Troya-Ultra.  Excluding Troya-Ultra, net
      revenues increased by 27% to US$892.5 million

   -- Juice net revenues increased by 30% to US$803 million
      including Troya-Ultra (and by 23% to US$750.7 million
      excluding Troya-Ultra)

   -- Baby Food net revenues increased by 42% to
      US$123.8 million

   -- Mineral Water net revenues increased by 147% to
      US$18 million

    * Group EBITDA increased by 12% year-on-year to
      US$155.6 million

   -- Juice EBITDA increased by 9% to US$118.3 million

   -- Baby Food and Mineral Water EBITDA increased by 3% to
      US$37.4 million

    * Net income before minority interest was down by 10%
      amounting to US$79.2 million

    * Capital expenditure for 2007 was US$103 million for Juice
      and US$28 million for Baby Food and Mineral Water

As per Nielsen Company Retail Audit, Lebedyansky maintained its
leading position in the juice market with a 30.8% volume share
(including Troya-Ultra’s 2.6%) and 31.7% value share (including
Troya-Ultra’s 1.9%).

                    About Lebedyansky

OJSC Lebedyansky -- http://lebedyansky.com/--
is the largest natural juice producer in Eastern Europe and one
of Russian baby-food market leaders.  The company has three
production facilities: Lebedyansky production and storage
complex (Lebedyan, Lipetsk region), Progress juices,
concentrates and mineral water bottling plant (Lipetsk) and
TROYA-Ultra juices plant (St. Petersburg).

Lebedyansky produces Ya, Tonus, Fruktovy Sad juices and nectars,
Frustyle refreshing juice drinks, Edo ice tea, juice Tusa Jusa,
Lipetsky Buvet mineral and drinking water and a wide range of
FrutoNyanya baby juices and purees.


NISSAN CENTRE: Creditors Must File Claims by May 1
---------------------------------------------------
Creditors of LLC Nissan Centre have until May 1, 2008, to submit
proofs of claim to:

         M. Nikolaev
         Insolvency Manager
         Post User Box 51
         Lyzina Str. 28
         664009 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-11673/07-29-63.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nissan Centre
         Kommunarov Str. 10-312
         664003 Irkutsk
         Russia


NOVOSIBIRSK CITY: Low Debt Prompts S&P to Upgrade Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term issuer
credit rating on the City of Novosibirsk to 'BB-' from 'B+'.
The outlook is stable.

At the same time, the Russia national scale rating was raised to
'ruAA-' from 'ruA+'.  Novosibirsk is the third-largest city in
The Russian Federation (foreign currency BBB+/Positive/A-2;
local currency A-/Positive/A-2; Russia national scale rating
'ruAAA').

"The upgrade reflect the city's growing revenues, improved
budgetary performance, and reduced debt," said Standard & Poor's
credit analyst Irina Pilman.

The ratings are constrained by low financial flexibility and
predictability, pressures on performance from growing
expenditures, and the need to develop a reliable medium-term
investment program.

These constraints are mitigated by Novosibirsk's growing,
diversifying, and services-oriented economy; solid budgetary
performance, underpinned by increasing revenues; low debt; and
prudent debt management.

Novosibirsk's debt level stood at a low 8.3% of operating
revenues at Dec. 31, 2007.  The debt burden should remain
moderate in the international context, with debt service to
operating revenues at 10% on average in 2008–2010.

"We expect the city to meet current forecasts for operating
surpluses of about 6%-7% of operating revenues, as well as
accumulate debt gradually and maintain a moderate debt burden
(less than 25% of operating revenues until 2010)," said Ms.
Pilman.

S&P also expects that medium-term investment planning will
improve, and be further incorporated into the three-year
budgeting process.

Ratings upside is possible if the city manages to achieve
higher-than-forecast operating balances and adopts a multiyear,
reliable investment program.  The aim should be to implement a
program and, at the same time, keep the debt burden moderate.

The ratings could come under pressure should the operating
performance repeatedly fall below the improved 2005-2006 levels,
thereby forcing the city to accumulate short-term debt.


RUMBA S.A.: S&P Puts BB Rating on RUR682 Million Class B Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary credit
rating to the RUR6,817 million mortgage-backed ruble-
denominated, fixed-rate notes to be issued by
RUMBA S.A.

The mortgage certificates that form the underlying collateral
pool are fixed-rate, ruble-denominated loans, which are secured
by a first lien over residential properties in Russia.  All
loans were originated by KIT Finance Investment bank.

This is the first securitization of mortgage receivables by KIT

Interest on the notes will be payable monthly in arrears on the
25th day of each month, while principal will be paid
sequentially on a pass-through basis, with a potential future
switch to pro rata payment (subject to performance triggers).

The structure also includes a cash reserve fund of 2.25%, a
commingling reserve fund of 4.25%, and overcollateralization of
6.5% of the initial principal balance of the mortgage loans,
excluding overcollateralization assets (all funded from the
proceeds of a subordinated loan advanced to the issuer).

                         Ratings List

                         RUMBA S.A.
             RUR6,817 Million Fixed-Rate Notes

      Class          Prelim. Rating        Prelim. amount
      -----          --------------        --------------
      A              BBB+                  RUR6,135,000,000
      B              BB                      RUR682,000,000


SPAS-DEMENSKIY LES-KHOZ-ZAG: Creditors Must File Claims by May 1
----------------------------------------------------------------
Creditors of CJSC Spasdemenskiy Les-Khoz-Zag have until May 1,
2008, to submit proofs of claim to:

         S. Timonin
         Insolvency Manager
         Room 5
         Generala Popova Str. 4
         248033 Kaluga
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-3407/07B-8-163.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         CJSC Spasdemenskiy Les-Khoz-Zag
         Sovetskaya Str. 97
         Spask-Demensk
         Spas-Demenskiy
         Kaluga
         Russia


UREN’-SEL’-KHOZ-TEKHNIKA: Creditors Must File Claims by May 1
-------------------------------------------------------------
Creditors of OJSC Uren’-Sel’-Khoz-Tekhnika (TIN 5235001876) have
until May 1, 2008, to submit proofs of claim to:

         A. Tigulev
         Insolvency Manager
         Beketova Str. 38a
         603146 Nizhniy Novgorod
         Russia
         Tel: 831-412-21-62

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-24736/2007 27-279.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Uren’-Sel’-Khoz-Tekhnika
         Mekhanizatorov Str. 35
         Uren’
         Russia


VARIANT-Z LLC: Court Names A. Kharkov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Volgograd appointed A. Kharkov as
Insolvency Manager for LLC Variant-Z.  He can be reached at:

         A. Kharkov
         Post User Box 1032
         400105 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-6689/2007-s64.

The Debtor can be reached at:

         LLC Variant-Z
         Komissara Markina Str. 3
         Volgograd
         Russia


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


GECINA SA: Spain Okays Sanahuja’s Buy of Metrovacesa Shares
-----------------------------------------------------------
Spanish stock regulators gave its approval on March 12, 2008,
for the Sanahuja family to acquire shares in Metrovacesa that it
doesn’t own, Reuters reports.  With the approval, the company is
now one step closer into being broken up in different French and
Spanish operations.

The Sanahuja family offered to purchase 13.37% of the company at
EUR83.21 per share.

The company, according to Reuters, now only needs the approval
of regulators from France.  Once French regulators approve the
transfer of shares from Gecine to Metrovacesa, Gecine will now
be run by the family of Juan Bautista Soler, as well as,
Chairman Joaquin Rivero, Reuters adds.

Regulators from France, Reuters discloses, had taken the case to
courts alleging that both Rivero and Soler had worked in
collusion to increase their investment in Gecina.

Headquartered in Paris, France, Gecina SA --
http://www.gecina.fr/-- (Paris:GFC) is a real estate investment
trust primarily engaged in the rental of commercial and
residential buildings.  The company is structured in three
business divisions, including Strategic Development, Commercial
real estate and Residential real estate.  Through its divisions,
Gecina SA manages and develops a portfolio of assets, comprising
of offices, residential buildings, healthcare facilities,
logistic estate and hotels.  The majority of the company's
properties are located in Paris and the Parisian suburbs, with a
small percentage located in Lyon and other areas.


GECINA SA: Metrovacesa Separation Deal Cues S&P to Lower Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on French property company Gecina
to 'BB+/B' from 'BBB-/A-3'.  At the same time, the ratings were
removed from CreditWatch with negative implications, where they
had originally been placed on July 28, 2006.  The outlook is
negative.

The ratings on the unsecured debt remain unchanged at 'BBB-' and
remain on CreditWatch with negative implications until S&P
assigns a recovery rating and a final rating.  Given the
unsecured nature of the instruments and related French
jurisdiction, the issue ratings could either be one notch higher
than or in line with the corporate credit rating.

"The downgrade reflects ongoing uncertainties surrounding
Gecina's separation agreement with Metrovacesa S.A.," said
Standard & Poor's credit analyst Pierre Georges.

These include key unknowns such as Gecina's future shareholding
structure and any ultimate repercussions on its risk profile.
The separation is also taking longer than expected.  These
factors, combined with the current challenging financial market
conditions, translate into reduced or more expensive access to
capital sources, which in turn may negatively affect Gecina's
credit metrics and financial flexibility.

"The negative outlook reflects further possible ratings pressure
if there is any deterioration in the group's liquidity position,
and/or any negative business or financial implications from the
outcome of the ongoing separation process and of the appeal
against the regulator's decision," said Mr. Georges.

S&P could lower the ratings if a full takeover bid is launched;
if financing risks increase further; or in the case of a large
acquisition.  When and if Gecina's shareholding structure
finally stabilizes and financial flexibility improves, S&P could
revise the outlook back to stable.


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


BFZ HOLDING: Creditors' Liquidation Claims Due by March 26
----------------------------------------------------------
Creditors of JSC BFZ Holding have until March 26, 2008, to
submit their claims to:

         LLC Akey
         Liquidator
         Muhleaulistrasse 6
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         JSC BFZ Holding
         Sennwald
         Werdenberg SG
         Switzerland


ERNST WUTSCHERT: Creditors' Liquidation Claims Due by March 27
--------------------------------------------------------------
Creditors of LLC Ernst Wutschert Transporte have until March 27,
2008, to submit their claims to:

         Ernst Wutschert
         Liquidator
         Unterdorfstrasse 50
         5612 Villmergen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC Ernst Wutschert Transporte
         Villmergen
         Bremgarten AG
         Switzerland


FULANO JSC: Creditors' Liquidation Claims Due by March 27
---------------------------------------------------------
Creditors of JSC Fulano have until March 27, 2008, to submit
their claims to:

         JSC Altorfer Duss & Beilstein
         Seefeldstrasse 40
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Fulano
         Zurich
         Switzerland


GARTEC LLC: Creditors' Liquidation Claims Due by March 27
---------------------------------------------------------
Creditors of LLC Gartec have until March 27, 2008, to submit
their claims to:

         LLC Gartec
         Ipsachstrasse 10
         2560 Nidau BE
         Switzerland


HAGRA HANDEL: Creditors' Liquidation Claims Due by March 26
-----------------------------------------------------------
Creditors of LLC Hagra Handel und Grafik have until March 26,
2008, to submit their claims to:

         François Jaquet
         Liquidator
         Beckenmoosstrasse 11
         5330 Bad Zurzach AG
         Switzerland

The Debtor can be reached at:

         LLC Hagra Handel und Grafik
         Bad Zurzach AG
         Switzerland


KASEREI VOGELSANG: Creditors' Liquidation Claims Due by March 26
----------------------------------------------------------------
Creditors of LLC Kaserei Vogelsang have until March 26, 2008, to
submit their claims to:

         Paul Oberhansli
         Liquidator
         Buchfinkenstrasse 12
         Vogelsang
         8374 Dussnang TG
         Switzerland

The Debtor can be reached at:

         LLC Kaserei Vogelsang
         Fischingen
         Munchwilen TG
         Switzerland


QUALITRADE LLC: Creditors' Liquidation Claims Due by March 28
-------------------------------------------------------------
Creditors of LLC Qualitrade have until March 28, 2008, to submit
their claims to:

         Dr. Hans Widmer
         Berghaldenstrasse 20
         8330 Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Qualitrade
         Baar ZG
         Switzerland


SMARTSTEP LLC: Creditors' Liquidation Claims Due by March 27
------------------------------------------------------------
Creditors of LLC smartstep have until March 27, 2008, to submit
their claims to:

         Andreas Akeret
         Marktgasse 13
         8400 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC smartstep
         Winterthur ZH
         Switzerland


TANKSTELLE ALPENBLICK: Creditors' Must File Claims by March 27
--------------------------------------------------------------
Creditors of LLC Tankstelle Alpenblick have until March 27,
2008, to submit their claims to:

         Dora Fischer-Gut
         Liquidator
         Weihermatt 6
         8913 Ottenbach
         Affoltern ZH
         Switzerland

The Debtor can be reached at:

         LLC Tankstelle Alpenblick
         Cham ZG
         Switzerland


TRENTON JSC: Creditors' Liquidation Claims Due by March 26
----------------------------------------------------------
Creditors of JSC Trenton have until March 26, 2008, to submit
their claims to:

         Dr. Andreas Renggli
         Baarerstrasse 8
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Trenton
         Zug
         Switzerland


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


GLOBAL YATIRIM: Offers US$1.61 Billion for Baskent Natural
----------------------------------------------------------
Global Yatirim Holding A.S., through its natural gas
distribution subsidiary, submitted the highest bid of US$1.61
billion at the tender for Baskent Natural Gas Distribution.

The tender was held by the Municipality of Ankara on March 14,
2008, in the form of a block sale of 100% of the shares of the
distribution company, owned by the Municipality.  The company
will hold the gas distribution license in Ankara region for the
next 30 years, with a possible renewal period for another 30
years.  The completion of the tender and awarding is subject to
the approval of the Municipality, High Competition Board and
EPDK (Energy Market Regulatory Authority).

With Baskent Natural Gas added to its portfolio, Energaz will be
distributing natural gas in 13 cities in Turkey and by 2012
delivering 7.5 bcm gas per annum to more than 2.75 million
subscribers. Energaz will then be controlling 18-20% of the
Turkish Natural Gas Distribution market and generating an
aggregated EBITDA of approximately $230 million.

                About Baskent Natural Gas

Ankara’s natural gas market has approximately 1.1 million
subscribers with current annual consumption of 3.1 bcm, and is
expected to exceed 7.0 billion by 2023.  The sales margin on gas
sales is fixed at US$55 per mcm for residential subscribers and
US$7.7 per mcm for independent consumers for the next 10 years.

The Gas Distribution Network will require annual expansion capex
of $15-20 million during the initial 10 year period.

                   About Global Yatirim

Headquartered in Istanbul, Turkey, Global Yatirim Holding A.S.
(IST:GLYHO)  -- http://www.globalyatirim.com/-- formerly Global
Menkul Degerler A.S., is an investment holding company that
participates in the shareholding structure of its subsidiaries,
while providing management, finance and organizational services.
Five principal business units are established under Global
Yatirim Holding A.S. to conduct the company's activities in
these sectors: the infrastructure unit includes cruise and
commercial port operations; the real estate unit involves real
estate investment trust activities, including project
development, management and construction of buildings, plaza
centers and holiday villages; the natural gas distribution
concessions and other potential energy assets are structured
under the energy unit; the mining unit includes exploration of
metals and minerals, and the finance unit offers services such
as securities, brokerage, intermediation, asset management and
life and health insurance.  The company operates both for
domestic and international clients.


GLOBAL YATIRIM: Baskent Bid Prompts Fitch's Negative Watch
----------------------------------------------------------
Fitch Ratings placed Turkey's Global Yatirim Holding A.S.'s
Long-term foreign and local currency Issuer Default ratings of
'B' on Rating Watch Negative (RWN) following the company's
US$1.61bn bid, through its Energaz subsidiary, for Baskent
(Ankara) Natural Gas Distribution Inc.

The RWN is based on Fitch's concerns about the financial impact
of Global's bid for another large-scale project following the
company's involvement with the privatisation of Izmir Port in
May 2007.  Fitch is also concerned with the company's
entrepreneurial/private equity approach to operating
infrastructure assets, as evidenced by the volatility in its
FY06-07 earnings profile stemming from the financial arm, which
raises questions about the stability of future cash flows.  The
cash outflow related to the Izmir port and Baskent bids may lead
to further deterioration in the short-term liquidity profile
hampering the company's financial flexibility.  Fitch considers
the execution risks associated with these two bids to be
substantial at this stage.

Fitch has also placed the senior unsecured rating of 'B' and
Recovery Rating of 'RR4' of Global's US$100m 9.25% loan
participation notes maturing in 2012 on RWN.

A consortium including Energaz submitted the highest bid of
US$1.61bn on 14 March in the tender for Baskent. Energaz is
owned by Energy Investment Holding (EIH) (53%), Okyanus (29.5%)
and Tefirom (17.5%).  Global has a 50.1% stake in EIH. Baskent,
the natural gas distribution operator for Ankara, which is
expected to generate turnover of US$970m and EBITDA of
US$168.5mn in 2008 with a total consumption of 3.4bn cubic
metres.  Fitch understands that the tender results have to be
approved by Turkey's Competition Authority and Energy Market
Regulatory Authority (EMRA) before the transfer of operating
rights can take place.

The potential for Global to introduce significant leverage as a
result of the Baskent transaction will be an important
consideration in the group's rating.  At this stage,
Global/Energaz is yet to formally announce a detailed funding
strategy for this venture, which is expected to be financed by a
mix of debt and equity.  Global's ratings also take into account
the planned expansion into power generation along with related
high capital expenditure requirements and construction risks.
The funding structures and eventual monetary impact of such
expenditures on group results remain to be seen in the 2008-10
period.

Fitch aims to resolve the RWN following a review of the
acquisition debt structure and closure of the transaction, which
may take six-to-twelve months.


GLOBAL YATIRIM: New Board Members Appointed at Annual Meeting
-------------------------------------------------------------
Global Yatirim Holding A.S. disclosed in its wedsite that its
Annual Shareholders’ Meeting for the year 2007 was held at the
Hyatt Regency Istanbul Hotel on March 13, 2008.

At the shareholders meeting, it was resolved to appoint:

      -- Mehmet Kutman,
      -- Erol Goker,
      -- Aysegul Bensel,
      -- Gregory Michael Kiez,
      -- Trevor Trefgarne,
      -- Landon Thomas and
      -- Timothy Skerman,

as new board members until the next ordinary shareholders
meeting where the transactions and accounts of the year 2008
will be discussed.  Sahin Ucar was also appointed as as new
statutory auditor.

It was also resolved to approve:

    -- to deduct “Losses from Previous Years”, which are arising
       from the amendments to the financial statements as to the
       inflation firstly as of 31st of December, 2003, from the
       capital equity items in respect of the Capital Markets
       Board of Turkey legislations;

    -- not to distribute the disposable profit of 2007 as it was
       not able to be distributed for the reason that it was
       lower than the previous year losses after deduction;

    -- to charge Akis Bag?ms?z Denetim ve Serbest Muhasebecilik
       Mali Musavirlik A.S. (member firm of KPMG International)
       as independent auditor firm for the year 2008; and

    -- to amend Article 6 of the Articles of Association of the
       Company in order to raise the Company’s registered
       capital ceiling from YTL 225,000,000 to YTL 650,000,000
       upon Capital Markets Board of Turkey’s approval dated
       February 13, 2008.

                   About Global Yatirim

Headquartered in Istanbul, Turkey, Global Yatirim Holding A.S.
(IST:GLYHO)  -- http://www.globalyatirim.com/-- formerly Global
Menkul Degerler A.S., is an investment holding company that
participates in the shareholding structure of its subsidiaries,
while providing management, finance and organizational services.
Five principal business units are established under Global
Yatirim Holding A.S. to conduct the company's activities in
these sectors: the infrastructure unit includes cruise and
commercial port operations; the real estate unit involves real
estate investment trust activities, including project
development, management and construction of buildings, plaza
centers and holiday villages; the natural gas distribution
concessions and other potential energy assets are structured
under the energy unit; the mining unit includes exploration of
metals and minerals, and the finance unit offers services such
as securities, brokerage, intermediation, asset management and
life and health insurance.  The company operates both for
domestic and international clients.


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


ADP PAINTS: Taps Joint Administrators from Begbies Traynor
----------------------------------------------------------
G.N. Lee and P. Stanley of Begbies Traynor were appointed joint
administrators of ADP Paings and Powders Ltd. (Company Number
04596011) on March 13, 2008.

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

The company can be reached at:

          ADP Paints and Powders Ltd.
          1-2 Appian Way
          Salford
          M7 4WZ
          England
          Tel: 01617921034


ADVANCE RECRUITMENT: Appoints Joint Administrators from Tenon
-------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint administrators of Advance Recruitment (N.E.)
Ltd. (Company Number 03641052) on March 10, 2008.

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

The company can be reached at:

          Advance Recruitment (N.E.) Ltd.
          16 The Upper Chare
          Peterlee
          County Durham
          SR8 1BW
          England
          Tel: 0191 586 1444
          Fax: 0191 586 1666
          Web site: http://www.advancerecruitmentne.co.uk/


AIRBABES LTD: Appoints Martin Dominic Pickard as Liquidator
-----------------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed liquidator of
Airbabes Ltd. on March 12 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

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


BEECHER LOAN: Fitch Withdraws Ratings on Class A and B Loans
------------------------------------------------------------
Fitch Ratings withdraws its ratings on Beecher Loan Fund
effective immediately as:

    -- US$66,800,000 class A 'C';
    -- US$44,000,000 class B 'C/DR6'.

The withdrawals are due to the completion of a restructuring and
wind-up of the existing total rate of return collateralized loan
obligation transaction into a new cash flow CLO.  While precise
terms of the debt exchange are not available, it is Fitch's
understanding that the debt holders in Beecher received equity
in the new cash flow CLO.


BRITISH AIRWAYS: Increases Stake in Iberia Lineas to 13.15%
-----------------------------------------------------------
British Airways plc has bought 28,745,767 shares of the Spanish
airline Iberia Lineas SA at an average price of EUR2.34 per
share, taking its holding to 13.15%.

"This purchase reflects the strategic importance we attach to
our relationship with Iberia and our continued confidence in its
management.  We will consider further opportunities to increase
our stake," Willie Walsh, chief executive of British Airways,
said.

                     About British Airways

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

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

                        *     *     *

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


CAPITAL PARK: Brings In Liquidator from Vantis
----------------------------------------------
Julie Anne Kinnison and Colin Ian Vickers of Vantis were
appointed joint liquidators of Capital Park Developments Ltd. on
March 12 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


DECO 11: S&P Puts Class F Notes' BB Rating Under Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'BB' rating on the class F notes
issued by Deco 11 - UK Conduit 3 PLC.  The ratings on the other
classes in the transaction are unaffected.

This CreditWatch placement follows deterioration in the
performance of the GBP5.91 million Paladru Services Corporation
Loan which represents 1.38% of the outstanding pool balance.

This loan is currently secured by a shopping arcade located in
Paignton, Devon, U.K.

During the first year of the loan, there was a rental guarantee
in place, which covered 14.6% of the gross rental income of the
property.  In July 2007, this guarantee expired.  The management
company has been unable to re-let enough of the vacant space
necessary to maintain the income levels that are required to
sustain the interest-coverage-ratio covenant.

In October 2007, the borrower put in place a cash reserve of
GBP0.34 million to top up the ICR for the next three to four
years of the life of the loan.  However, income levels have
continued to decline and the reserve amount is no longer
sustainable for the agreed period.

S&P has increased uncertainty around the potential of the loan—
which S&P considered one of the weaker loans in the pool—to
perform strongly in future and to successfully realize full
proceeds at or before loan maturity.

Deco 11- UK Conduit 3 closed on Dec. 20, 2006 and was originated
by Deutsche Bank AG.  The notes were backed by 17 loans secured
by 56 office, retail, residential, leisure, and industrial
properties in the U.K.  The expected loan maturity date falls in
January 2017, and the final legal maturity date of the issued
notes is in January 2020.

To date, the original balance of £444.39 million has amortized
by 4.16% to GBP425.90 million.  Two loans have redeemed,
reducing the collateral of the pool to 15 loans secured on 53
properties.


DEPOT PROPERTIES: Joint Liquidators Take Over Operations
--------------------------------------------------------
Julie Anne Kinnison and Colin Ian Vickers of Vantis were
appointed joint liquidators of Depot Properties Ltd. (formerly
Catteshall Mill Developments Ltd. and Focusamber Ltd.) on
March 12 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


DORSET PREMIER: Brings In Administrators from Tenon
---------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint administrators of Dorset Premier
Laundry Ltd. (Company Number 4526023) on March 12, 2008.

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

The company can be reached at:

          Dorset Premier Laundry Ltd.

          158 Richmond Park Road
          Bournemouth
          Dorset
          BH8 8TW
          England
          Tel: 01202311594


DURA AUTOMOTIVE: Files Amended First Revised Chapter 11 Plan
------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates filed
an amended First Revised Joint Plan of Reorganization and
Disclosure Statement explaining the Plan on March 13, 2008.

The Hon. Kevin Carey of the U.S. Bankruptcy Court for the
District of Delaware will convene a hearing on April 3, 2008, to
determine whether the Disclosure Statement contains adequate
information.  Disclosure Statement Objections must be filed on
or before March 28.  The Debtors will begin soliciting votes on
the Revised Plan upon approval of the Disclosure Statement.

According to Lawrence A. Denton, DURA's chairman, president and
chief executive officer, despite the Debtors' progress -- with
the overwhelming support of their creditor constituencies -- to
the very cusp of confirmation, they were unable to proceed
further with the Original Plan, filed Aug. 22, 2007, because
they could not obtain the sufficient exit financing on
acceptable terms in view of tightening credit markets and a
deteriorating outlook in the North American automotive sector.

The Original Plan had contemplated payment in cash, in full, of
all Class 2 - Second Lien Facility Claims, a backstopped rights
offering open to certain Class 3 Claims and certain Class 5
claims, and an equity or cash distribution equal to
approximately 55% for the Class 3 Claims and 22% for the Class 5
Claims.  However, without the level of exit financing envisioned
by the Original Plan, these recoveries are no longer realistic.
The Debtors and their creditor constituencies, therefore,
devised the Revised Plan based upon equitizing claims in Classes
2, 3 and 5.

                         Exit Financing

The Revised Plan contemplates that on or before the Effective
Date, the Reorganized Debtors will enter into definitive
documentation with respect to:

   (a) an exit credit facility comprised of:

          -- a US$150,000,000, first lien term loan, and

          -- a US$110,000,000, revolving credit facility, which
             includes a US$25,000,000, letter of credit sub
             facility; and

   (b) a New Money Second Lien Loan with certain existing
       creditors that will provide a second lien secured term
       loan with a new capital infusion of US$80,000,000, and a
       face amount of US$100,000,000.

            US$440-Mil. to $550-Mil. Reorganization Value

DURA, with the help of its financial advisor, Miller Buckfire &
Co., LLC, prepared a valuation of the company's going concern
value post-confirmation.

Miller Buckfire estimates that the total enterprise value of the
Reorganized Debtors will be between US$440,000,000, and
US$550,000,000, with a mid-point of US$495,000,000, as of an
assumed May 31, 2008 Effective Date.

In August 2007, Miller Buckfire estimated that the total
enterprise value of the Reorganized Debtors is between
US$540,000,000 and US$660,000,000, with a US$600,000,000 mid-
point, as of an assumed Effective Date of November 1, 2007.

Miller Buckfire also estimates that the range of total equity is
between US$257,000,000 and US$367,000,000, with a mid-point of
US$312,000,000.

To calculate the estimated value of common equity, Mr. Denton
relates that Miller Buckfire deducted Convertible Preferred
Stock at its liquidation preference as of the Effective Date of
US$228,000,000, from total equity value.  Miller Buckfire
estimates the range of common equity value to be between
US$29,000,000 and US$319,000,000, with a mid-point of
US$84,000,000.

                          Pension Plans

The Reorganized Debtors will continue to sponsor and maintain
pension plans unless terminated before the entry of the
Confirmation Order.  All Compensation and Benefits Programs will
be treated as executory contracts and deemed assumed on the
Effective Date, except for, among others, Compensation and
Benefits Programs specifically rejected pursuant to the Plan and
all employee equity or equity based incentive plans.

Mr. Denton relates that each of the Debtors is either a sponsor
or a controlled group member of a sponsor of four pension plans
covered by the Employee Retirement Income Security Act:

   Pension Plan                     EIN-PN
   ------------                     ------
   DURA Master Pension Plan         382961431/001

   DURA Automotive Systems, Inc.    382961431/004
   Mancelona Union-Represented
   Employees' Pension Plan

   Atwood Mobile Products, Inc.     364334203/005
   Supplementary Retirement
   Plan

   DURA Retirement Plan for         364334203/024
   La Grange Bargaining
   Employees

Mr. Denton says the Pension Benefit Guaranty Corporation has the
authority to initiate termination proceedings, subject to
certain statutory rights, regarding the Pension Plans.  If the
Pension Plans were to terminate before the date of Plan
confirmation, certain claims, including claims that may be
entitled to priority under various Bankruptcy Code provisions,
would arise.

In the event that the Pension Plans do not terminate before the
Confirmation Date, all claims of, or with respect to, the
Pension Plans, including the PBGC's claims for unfunded benefit
liabilities, for termination premiums, and for unpaid
contributions owing to the Pension Plans, will become
obligations of the Reorganized Debtors and each member of any
controlled group, and will be unaffected by the confirmation of
the Plan.  There will be no discharge in favor of any
Reorganized Debtors with respect to any  fiduciary Claims under
ERISA, any Pension Plan-related Claims, and any PBGC Claims.

                  Special Transaction Committee

The Revised Plan provides that a Special Transactions Committee
will be created to initiate a redemption of Convertible
Preferred Stock at any time, provided that the post-transaction
cost of funds meets certain customary parameters for refinancing
indebtedness typically found in an indenture.  Any redemption
using funds from debt senior to the Convertible Preferred Stock
if the size of the proposed redemption is less than
US$112,500,000, must be approved by the entire Board of
Directors.

                  Canadian Creditor Distribution

The Revised Plan also provides that cash will be distributed pro
rata to holders of Allowed Canadian General Unsecured Claims
equal to the higher of (a) the median value of Dura Automotive
Systems (Canada), Ltd.'s assets in a liquidation; or (b) the
median value of the Dura Canada's assets in a liquidation.

Allowed Canadian General Unsecured Claims are claims filed
against Dura Canada.  Mr. Denton says no claims, other than
intercompany claims, are pending against the other Dura
affiliates in reorganization under the Canadian Companies'
Creditors Arrangement Act.

                  Proposed Confirmation Timeline

DURA asks the Court to set this time line for the solicitation
of votes and confirmation of its Plan:

   April 10, 2008 -- Commencement of solicitation on the Plan

   May 2, 2008    -- Confirmation Objection Deadline

   May 7, 2008    -- Voting Deadline

   May 13, 2008   -- Confirmation Hearing

Mr. Denton asserts that a "fast-paced confirmation time line" is
needed to accommodate the terms of the US$170,000,000
Replacement Facility extended by Ableco Finance LLC.  The
Replacement Financing provides that DURA has to have the revised
Disclosure Statement approved by May 15 and the Plan confirmed
by June 9.  The Replacement Financing gives DURA until June 20
to exit from Chapter 11.  The Replacement Financing will mature
on June 30.

A full-text copy of a blacklined version of the Plan is
available for free at:

      http://bankrupt.com/misc/DURAblacklinedPlan.pdf

A full-text copy of the Disclosure Statement is available for
free at http://bankrupt.com/misc/DURA_AmendedDiscStatement.pdf

                           About DURA

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

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

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

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

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

(Dura Automotive Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DURA AUTO: Claims Treatment & Classification of Revised Plan
------------------------------------------------------------
The First Revised Joint Plan of Reorganization of Dura
Automotive Systems Inc. and its debtor-affiliates contemplate
this classification and treatment of claims:

                                            Projected  Recovery
             Projected   Treatment of       --------------------
             Allowed     Claim Under        Revised     Original
Class        Claim Amt.  Revised Plan       Plan        Plan
-----        ----------  ------------       ---------   --------
DIP                   -  Paid in full            100%       100%
Facility                 in cash.
Claims

Admin.        US$28.5MM  Paid in full in         100%       100%
Claims                   cash unless
                         otherwise specified
                         by agreement.

Priority Tax   US$5.2MM  Paid in full            100%       100%
Claims                   in cash.

Other Priority     US$0  Paid in full            100%       100%
Claims                   in cash.

Class 1 -      US$0.8MM  Holder of Allowed       100%       100%
Other Secured            Other Secured Claim
Claims                   will receive either:

                         * the collateral
                           securing the Claim;

                         * the cash equivalent
                            of the collateral;

                         * the treatment that
                           leaves the Claim
                           reinstated or
                           unimpaired.

Class 2 -    US$228.1MM  Holder of Allowed       100%       100%
Second Lien              Second Lien Facility
Facility Claims          Claim will receive its
                         pro rata share of the
                         Second Lien
                         Distribution.

Class 3 -    US$418.7MM  Holder of Allowed        19%        55%
Senior Notes             Senior Notes Claims
Claims                   will receive its pro
                         rata share of the Senior
                         Notes Distribution.

Class 4 -    US$560.7MM  Holders of Subordinated   0%         0%
Subordinated             Notes Claims will neither
Notes Claims             receive nor retain any
                         property under the
                         Revised Plan pursuant to
                         contractual subordination
                         provisions contained in
                         the Subordinated Notes
                         Indenture.

Class 5A -     US$60MM   Holders will receive      8%        22%
U.S. Other               their pro rata share
General                  of the U.S. Unsecured
Unsecured                Creditor Equity
Claims                   Distribution.

Class 5B -    US$2.4MM   Holders will receive    [10.5]%     22%
Canadian                 their pro rata share
General                  of the Canadian Creditor
Unsecured                Distribution.
Claims
                         If an Allowed Claim is
                         filed against both the
                         Canadian Operating Debtor
                         and the U.S. Debtors,
                         holder of that Claim
                         will receive a pro rata
                         share of either the
                         Canadian Creditor
                         Distribution or the U.S.
                         Equity Distribution,
                         whichever is the highest.

Class 6 -    US$58.3MM   Holders of Convertible     0%        0%
Convertible              Subordinated Debentures
Subordinated             Claims will neither
Debentures               receive nor retain any
Claims                   property under the Plan.

Class 7 -            -   Holders of Claims will     0%        0%
Section 510              not receive any property
Subordinated             under the Plan.
Claims

Class 8 -         N/A    Holders of Interests       0%        0%
Equity                   will not receive any
Interests                property under the Plan.

                            About DURA

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

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

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

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

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

(Dura Automotive Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DURA AUTO: Unveils Financial Projections Under Revised Plan
-----------------------------------------------------------
For the purpose of demonstrating the feasibility of the Revised
First Amended Joint Plan of Reorganization, DURA Automotive
Systems, Inc. and its debtor-affiliates, with the help of
various professionals, prepared financial projections for the
seven-month ended Dec. 31, 2008, and the three years ending
Dec. 31, 2009, 2010, and 2011:

                      Reorganized Debtors
          Unaudited Projected Consolidated Balance Sheet
                         (in millions)

                                   At December 31
                              ----------------------------------
                               2008     2009     2010     2011
                              -------  -------  -------  -------
ASSETS:
  Cash & Equivalents          US$88.3  US$98.9 US$148.5 US$188.1
  Net Accounts
     Receivable, Trade          241.1    230.8    229.3    221.3
  Other Accounts Receivable      20.7     19.7     19.3     18.6
  Net Inventory                 124.4    122.5    120.9    118.7
  Other Current Assets           98.6     95.1     92.4     89.3
                              -------  -------  -------  -------
Total Current Assets            573.2    567.1    610.3    636.1

Net Property, Plant & Equipment 397.2    369.8    348.8    324.8
Other Long-term Assets           49.2     35.3     26.6     16.0
                              -------  -------  -------  -------
Total Assets               US$1,019.5 US$972.2 US$985.8 US$976.9
                              =======  =======  =======  =======

LIABILITIES:
  Accounts Payable           US$180.1 US$166.8 US$169.6 US$166.1
  Exit Line of Credit            11.5        -        -        -
  Foreign Debt                    4.8      4.5      6.6      7.8
  Accruals                      143.8    139.1    133.6    123.4
  Short-Term Deferred Taxes       7.0      6.6      6.3      6.1
                              -------  -------  -------  -------
Total Current Liabilities       347.2    317.1    316.2    303.4

First Lien Term Debt            149.3    147.8    146.3    144.8
Second Lien Term Debt           111.2    133.2    159.6    191.2
Long-term Deferred Taxes          8.9      8.6      8.4      8.1
Other Long-term Liabilities      96.2     87.4     79.8     71.2
                              -------  -------  -------  -------
Total Liabilities               712.7    694.1    710.3    718.7

Convertible Preferred Stock     255.6    310.7    377.7    459.1
                              -------  -------  -------  -------
Total Equity                    51.2    (32.6)  (102.1)  (200.9)
                             -------  -------  -------  -------
Total Liabilities & Equity US$1,019.5 US$972.2 US$985.8 US$976.9
                             =======  =======  =======  =======

                       Reorganized Debtors
     Unaudited Projected Consolidated Statement of Operations
                         (in millions)

                      For the
                      seven      For the year ended December 31
                      mos. ended ------------------------------
                      12/31/08       2009       2010       2011
                      --------   --------   --------   --------
Total Sales           US$975.9 US$1,600.6 US$1,593.4 US$1,576.4

Direct Manufacturing
   Costs                 618.2      995.5      988.4      981.0
                      --------   --------   --------   --------
Contribution Margin      357.7      605.1      605.0      595.4

Manufacturing
Overhead and
Selling, General
& Administrative         284.9      465.1      463.1      455.7
                      --------   --------   --------   --------
EBITDA                    72.8      139.9      141.9      139.7

Other Expense (Income)     3.3       (1.5)      (1.3)      (0.0)
Professional Fees          4.1        -          -          -
Interest Expense (Net)    28.0       47.8       51.4       56.4
Restructuring Cost        13.2       13.9        1.0        -
Depreciation              46.8       74.2       73.3       70.7
                      --------   --------   --------   --------
Pre-Tax Income           (22.7)       5.6       17.5       12.6

  Income Tax Expense       4.3        5.3        4.8        6.0
                      --------   --------   --------   --------
Net Income            (US$27.0)    US$0.3    US$12.7     US$6.6
                      ========   ========   ========   ========

                       Reorganized Debtors
           Unaudited Projected Statement of Cash Flows
                         (in millions)

                              For the          For the year
                              seven         ended December 31
                              mos. ended  ----------------------
                              12/31/08    2009    2010    2011
                              --------    ------  ------  ------
Net Income                   (US$27.0)  US$0.3  US$12.7  US$6.6
Depreciation                     46.8     74.2     73.3    70.7
Other                             0.1     (6.4)    (5.4)   (9.5)
Changes in Working Capital:
  Accounts Receivable            37.8     (0.5)    (4.2)   (0.5)
  Inventory                       2.7     (3.8)    (1.4)   (2.1)
  Accounts Payable               (3.8)    (3.2)     7.9     4.3
  All Other                     (35.4)     0.2     (2.1)   (6.3)
                             --------   ------   ------  ------
Cash flow from Operations        21.2      60.7    80.9    63.1
  Capital Expenditures          (33.2)    (59.2)  (58.5)  (55.2)
  Proceeds from Sale of Assets      -        -        -       -
                             --------   ------   ------  ------
Cash flow from Investing        (33.2)   (59.2)   (58.5)  (55.2)
  Change in Exit Revolver         3.4    (11.5)       -       -
  Foreign Debt                      -      0.0      2.3     1.6
  First Lien Debt Amortization    (0.8)   (1.5)    (1.5)   (1.5)
  Second Lien Debt                11.2    22.0     26.4    31.6
                             --------   ------   ------  ------
Cash flow from Financing         13.8      9.1     27.2    31.7
Net Cashflow                      1.8     10.6     49.6    39.6
Beginning Cash                   86.5     88.3     98.9   148.5
                             --------   ------   ------  ------
  Ending Cash                 US$88.3  US$98.9 US$148.5  $188.1
                             ========   ======   ======  ======

A full-text copy of the Financial Projections is available for
free at http://bankrupt.com/misc/DURAFinancialProjections.pdf

                            About DURA

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

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

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

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

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

(Dura Automotive Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


GENERAL MOTORS: Extended AAM Strike Cues S&P’s Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.

The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/--) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expect American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.  The two sides resumed negotiations last week.

"We believe the strike has gone on long enough to possibly begin
to affect the financial resources of GM and those suppliers most
exposed to the automaker," said Standard & Poor's credit analyst
Robert Schulz.

To resolve the CreditWatch listings, Standard & Poor's will
assess the strike's impact on the companies' credit profiles,
particularly liquidity, once production resumes.  S&P could
lower the ratings any time prior to a resolution of the Axle
strike if the liquidity of the companies becomes compromised,
although downgrades are not likely for another several weeks.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.


GAS-TEC LTD: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Gas-Tec Ltd. (formerly Hoodco 464
Ltd.) on March 10 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


MISYS PLC: Unit Inks Merger Agreement with Allscripts
-----------------------------------------------------
Misys Healthcare LLC, a wholly-owned subsidiary of Misys Plc and
Allscripts have signed a definitive merger agreement.

The transaction would significantly enhance Allscripts position
in the overall healthcare information technology sector and
create an industry leader in the growing electronic health
records and practice management markets.  The combined company
will have a client base of approximately 150,000 U.S. physicians
and 700 hospitals and will be uniquely positioned to help
physicians provide better patient care, manage their business
more effectively and connect with their patients and other key
healthcare stakeholders.

Under the terms of the agreement, which has been approved by the
board of directors of both companies, Misys Healthcare will be
merged with a wholly-owned subsidiary of Allscripts, and Misys
Plc will contribute US$330 million in cash to Allscripts, for
which it will receive shares representing a 54.5% ownership
position in the combined company.  Allscripts will pay a special
cash dividend of US$330 million, or approximately US$4.90 per
share, to Allscripts stockholders of record as of the last
business day immediately prior to the closing of the
transaction.  Allscripts stockholders would retain the shares
they currently own.

In its 2007 fiscal year, which encompasses the period from
June 1, 2006 to May 31, 2007, Misys Healthcare had revenues of
GBP196, or approximately US$376 million, and profit before
exceptional items of GBP20.6, or approximately US$39.5 million.

The current Allscripts management team will continue in their
management roles at the combined company.  Glen Tullman, Chief
Executive Officer of Allscripts, will serve as CEO, and Bill
Davis, Chief Financial Officer of Allscripts, will serve as CFO.
Mike Lawrie, Chief Executive of Misys, will serve as Executive
Chairman of the Board of Directors.  The new board will have 10
members, including Mr. Lawrie, Mr. Tullman, five directors
nominated by Misys and three directors nominated by Allscripts.
The combined company, which would have over 3,700 employees,
will be headquartered in Chicago, Illinois.  Allscripts will
continue to trade on the NASDAQ under the MDRX ticker.

"This agreement changes the landscape in healthcare information
technology by creating a single company that will serve roughly
150,000 physicians with our portfolio of electronic health
record, practice management and other software solutions,"
stated Mr. Tullman.  "Improving U.S. healthcare requires the
ability to connect all stakeholders through the continuum of
care, and today we have taken a major step towards doing that,
with nearly one out of three physicians in America as customers
of the combined company."

"Bringing Allscripts and Misys Healthcare together represents a
compelling opportunity for stockholders of both companies to
participate in a combined organization with significant
potential, including a major cross-selling opportunity that will
drive us forward in the years ahead," Mr. Tullman continued.

"In Allscripts, we have found the perfect partner to complement
and drive our business and position us to deliver superior value
to our shareholders, clients and employees over the long term.
We have great respect for the Allscripts team and share highly
compatible cultures," Mike Lawrie, Chief Executive Officer of
Misys, said.  The employees of both companies will enjoy the
benefits of being part of a clear industry leader with a broader
suite of products that meet the individual needs of all practice
sizes and specialties. We all look forward to working with Glen
Tullman and his team to deliver on the tremendous potential of
the combined company."

The combined company expects to achieve annual pre-tax cost
synergies of US$15 to US$20 million in the first full year
following the close of the transaction, increasing to total
annual cost synergies of US$25 to US$30 million in the years
that follow.  The company also expects revenue synergies through
cross-selling each company's product offering into each other's
customer base.

Misys has received a firm commitment from Lehman Brothers to
provide debt financing, and an underwriting commitment from
ValueAct Capital Master Fund L.P. to provide equity financing
for the cash portion of the transaction, both of which are
subject to customary conditions.  ValueAct has committed to
voting in favor of the transaction. The transaction is not
conditioned on financing and is expected to close in the next
four to six months.  The transaction is subject to the approval
of the merger agreement by Misys shareholders, the approval by
Allscripts shareholders of the issuance of shares in the
transaction and certain amendments to Allscripts charter and
bylaws, regulatory approvals and customary closing conditions.

Goldman, Sachs & Co. acted as the exclusive financial advisor to
Allscripts and Sidley Austin LLP acted as legal counsel to
Allscripts.  Lehman Brothers acted as lead financial advisor to
Misys and Debevoise & Plimpton LLP acted as legal counsel to
Misys.  Deutsche Bank AG also provided financial advice to
Misys.


                       About Allscripts

Allscripts (Nasdaq: MDRX) is the leading provider of clinical
software, connectivity and information solutions that physicians
use to improve healthcare.  The company's unique solutions
inform, connect and transform healthcare, delivering improved
care at lower cost.  More than 40,000 physicians and thousands
of other healthcare professionals in clinics, hospitals and
extended care facilities nationwide utilize Allscripts to
automate everyday tasks such as writing prescriptions,
documenting patient care, managing billing and scheduling, and
safely discharging patients, as well as to connect with key
information and stakeholders in the healthcare system. To learn
more, visit Allscripts at www.allscripts.com.

                      About Misys

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software
serving the international banking and healthcare industries and
the U.K. general insurance industry.

In banking and treasury & capital markets, Misys is a market
leader, with over 1,200 customers, including all of the world's
top 50 banks.  In healthcare, Misys is a market leader, serving
more than 110,000 physicians in 18,000 practice locations and
600 home care providers.  Misys employs around 4,500 people who
serve customers in more than 120 countries.

At May 31, 2007, the company’s balance sheet showed GBP567.2
million in total assets, GBP570.6 million in total liabilities
and GBP3.4 million in stockholders’ deficit.

The company’s May 31 balance sheet also showed strained
liquidity with GBP294.6 million in total current assets
available to pay GBP372.4 million in total liabilities coming
due within the next 12 months.


MYDDLETON CONSTRUCTION: Appoints PwC as Joint Administrators
------------------------------------------------------------
Nicholas Edward Reed and Stephen Andrew Ellis of
PricewaterhouseCoopers LLP were appointed joint administrators
of Myddleton Construction Ltd. (Company Number 03598039) and
Myddleton Construction Major Projects Ltd. (Company Number
05511427) on March 12, 2008.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

The companies can be reached at:

          Myddleton Construction Ltd
          29 Little Lane
          Ilkley
          West Yorkshire
          LS29 8HX
          England


NORTHERN ROCK: Clive Briault to Leave FSA in April
--------------------------------------------------
Clive Briault, who supervised Northern Rock plc at the Financial
Services Authority, is to step down by "mutual agreement" in
April, Philip Aldrick and Emma Thelwell writes for the Daily
Telegraph.

The FSA, the Daily Telegraph relates, is set to publish its
internal report on the Northern Rock crisis on Wednesday, which
according to bankers will be critical of the supervision
operations under Mr. Briault.

Mr. Briault, who joined the FSA at its inception in 1998 as
director of central policy, will be temporarily replaced by FSA
chief operating officer David Kenmir, the Daily Telegraph
discloses.

The paper adds five managers who directly oversaw supervision of
Northern Rock in the last 19 months have already resigned.

                      About Northern Rock plc

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

                          *     *     *

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

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


NORTHERN ROCK: Unite Opposes Compulsory Redundancy Plans
--------------------------------------------------------
Unite the union has told Northern Rock plc that they will oppose
any plans for compulsory redundancies at the publicly owned
bank.

Following the announcement that the Northern Rock restructuring
plans will mean a reduction in employee numbers, the union is
seeking assurances that the workforce will be reduced through
voluntary means only.

"News that staff numbers will be reduced as part of the
restructuring plans for Northern Rock will cause further
uncertainty for the workforce.  The employees of the bank
have already faced months of insecurity and anxiety about their
future," Unite Deputy General Secretary Graham Goddard said.

"The union will be working to mitigate the implications of the
recent crisis on the employees, who have been working tirelessly
to ensure there is a sustainable business in the future.  Unite
will now be pressing the company for the detailed plans and will
oppose any plans for compulsory redundancies.  Through
negotiations we will press Northern Rock to ensure that employee
terms and conditions are protected.

"Unite believes that through re-training and the exploration of
alternative business opportunities the numbers of job losses can
be decreased."

Unite remains committed to the terms of the "Unite Charter for a
Nationalised Northern Rock," which sets out the union's terms
for the management of the nationalized bank.  These include: no
compulsory redundancies, job security for the workforce,
protection of staff terms and conditions and pensions.

                      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.


NOTTINGHAM TRADING: Taps Administrators from Begbies Traynor
------------------------------------------------------------
Richard Albert Brock Saville and Peter A. Blair of Begbies
Traynor were appointed joint administrators of Nottingham
Trading Co. Ltd. (Company Number 03206404) on March 12, 2008.

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

The company can be reached at:

          Nottingham Trading Co. Ltd.
          6 Gedling Street
          Nottingham
          Nottinghamshire
          NG1 1DS
          England
          Tel: 0115 911 0416
          Fax: 0115 911 0417


PETROLEOS DE VENEZUELA: Wins Exxon Lawsuit
------------------------------------------
Judge Paul Walker of London Court has dissolved an injunction
freezing US$12 billion assets belonging to Petroleos de
Venezuela SA, Caroline Binham and Joe Carrol of Bloomberg News
report.

According to Bloomberg, PDVSA won the legal battle because the
dispute has no connection with the U.K. Exxon, which has battled
in arbitration to bag compensation for an oil field President
Hugo Chavez seized last year.

Erich Arispe, an analyst at Fitch Inc. in New York, said that
the decision would make PDVSA face less skepticism from lenders
as it aims financing for a US$70 billion expansion to double
crude output in the next four years, the report relates.

The report states that ExxonMobil claimed the order was not on
the merits of the underlying conflict.  Exxon spokesman Alan
Jeffers, in its telephone interview, said that Judge Walker
"concluded that the English courts shouldn't be issuing pre-
judgment orders" with reference to international arbitrations.

As previously reported, Exxon Mobil asked the London High Court
to uphold the order freezing US$12 billion in Petroleos de
Venezuela's assets to support the arbitration process between
both parties.  The asset-freeze order against the company was
made so that Exxon Mobil would be able to extract compensation
should it win a pending arbitration.

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

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

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

                             *     *     *

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


PETROLEOS DE VENEZUELA: CITGO Commends PDVSA on Lawsuit Victory
---------------------------------------------------------------
A decision by a London Court to lift a US$12 billion freeze on
assets owned by Petroleos de Venezuela, S.A., the national oil
company of the Bolivarian Republic of Venezuela, acknowledges
the international strength of CITGO’s ultimate parent and its
importance as a world class oil producer, which makes an asset
freeze unnecessary and incompatible with applicable laws, said
CITGO Chairman, President and CEO Alejandro Granado.

“We congratulate PDVSA on its victory in the ongoing legal fight
against ExxonMobil.  The decision today supports the fact that
Venezuela and its national oil company have acted in compliance
with principles that ratify the sovereign right of nations over
their natural resources,” Mr. Granado noted.

“I am very proud to be part of the big PDVSA family.  PDVSA
always acts in compliance with applicable laws, respecting its
commitments with the support of a highly ethical, morally
responsible and professional work force.”

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

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

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

                             *     *     *

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


RESIDENTIAL MORTGAGE: Moody's Holds Ratings on 10 Note Classes
--------------------------------------------------------------
Moody's Investors Service confirmed the ratings of 10 classes of
notes issued by:

   -- Residential Mortgage Securities 20 Plc,
   -- Residential Mortgage Securities 21 Plc, and
   -- Residential Mortgage Securities 22 Plc.

Moody's also downgraded 5 classes of notes issued by:

   -- Residential Mortgage Securities 20 Plc and
   -- Residential Mortgage Securities 22 Plc.

These classes of notes where affected:

Issuer: Residential Mortgage Securities 20 Plc

   -- Class M2a, Current Rating A2, rating confirmed
   -- Class M2c, Current Rating A2, rating confirmed
   -- Class B1a, Current Rating Baa2, downgraded to Baa3
   -- Class B1c, Current Rating Baa2, downgraded to Baa3
   -- Class B2a, Current Rating Ba3, rating confirmed.

Issuer: Residential Mortgage Securities 21 PLC

   -- Class M2a, Current Rating A3, rating confirmed
   -- Class M2c, Current Rating A3, rating confirmed
   -- Class B1a, Current Rating Baa3, rating confirmed
   -- Class B1c, Current Rating Baa3, rating confirmed
   -- Class B2a, Current Rating B2, rating confirmed

Issuer: Residential Mortgage Securities 22 PLC

   -- Class M2a, Current Rating A3, rating confirmed
   -- Class M2c, Current Rating A3, rating confirmed
   -- Class B1a, Current Rating Baa3, downgraded to Ba1
   -- Class B1c, Current Rating Baa3, downgraded to Ba1
   -- Class B2, Current Rating B2, downgraded to B3.

This rating action concludes the review process of the above
mentioned notes that started on Dec. 21, 2007, when all the
classes were placed on review for downgrade and Class B2a and
Class B2, issued by RMS 21 and RMS 22 respectively, were
downgraded from Ba3 to B2.  The review process was prompted by
worse than expected performance of the underlying loan
portfolios.  The rating action took into account the performance
of the mortgage loan pools as well as the credit enhancement
currently available in the structures.

In its December 2007 rating review, Moody's had adjusted its
loss expectations for RMS 20 to a range of 3.25% to 3.75% of the
original note balance.  At 35 months since issuance, this
transaction continues to show relatively high level of
delinquency (90+ days delinquency of 16.91% of the current
balance) and losses (cumulative losses of 1.2% of the original
pool balance).  Moody's believes that the current performance is
still within the revised loss expectations as of the December
2007 rating review.  The rating action accounted for the
relatively high level of credit enhancement available in the
structure and the protection provided by performance triggers.
The reserve fund is currently equal to 2.68% of CB and it is
non-amortizing following the breach of the cumulative
foreclosure trigger (2.25% of cumulative foreclosures as % of
original balance).  It is anticipated that the transaction will
change from sequential to pro rata repayment of the notes within
the next quarters.  In respect to the Class B2a notes,
representing 0.29% of the total liabilities, this note is
redeeming through excess spread and is anticipated to be fully
repaid on the next interest payment date.

For RMS 21, Moody's had increased the loss expectations for this
pool to a range of 3.50% to 4.00% in December 2007.  Moody's has
maintained these revised assumptions on the basis of the
performance shown in the last quarter.  Currently, 90+ days
delinquencies are equal to 14.50% of the outstanding pool
balance and cumulative realised losses are equal to 1.03% of the
original pool balance.  Moody's has confirmed all the ratings
placed on review for this transaction in consideration of the
available credit enhancement in the structure, in particular the
reserve fund (2.27% of current note balance and non-amortising)
and the excess spread (0.56% of net excess spread after
principal losses).  Moody's believes that the previous rating
action on the Class B2a is still adequate and consistent with
the portfolio performance.

For RMS 22, Moody's had reviewed the loss expectations in
December 2007 to a range in line with RMS 21 and has maintaining
the same revised assumptions.  The rating actions on RMS 22
reflect (i) the lower seasoning of this collateral compared to
the other two transactions, (ii) the relatively lower level of
protection provided by the reserve fund (1.81% of current note
balance), and (iii) the relatively lower excess spread (0.24% of
net excess spread after principal losses).  At 19 months since
issuance, this transaction has 90+ days delinquencies equal to
10.99% of current balance and cumulative losses of 0.69% as of
the original pool balance.

These transactions are all benefiting from interest rate swaps
as well as from a cash collateralization of fixed and discount
rate loans.  The current deposit amounts have been assessed for
coverage of the fixed rate shortfalls.  The incorporated
detachable coupons entitled to receive interest on the relevant
Class A notes have been reviewed based on applicable outstanding
Class A tranche amount, interest rate and payment date.  The
resulting excess spread stripping is accounted for in the cash-
flow modeling.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.  Moody's will continue
to closely monitor the performance of these outstanding
transactions.


TRANSLUTION HOLDINGS: Hires Joint Administrators from Tenon
-----------------------------------------------------------
Dilip K. Dattani and Patrick Ellward of Tenon Recovery were
appointed joint administrators of Translution Holdings Plc
(Company Number 04822535) on March 7, 2008.

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

The company can be reached at:

          Translution Holdings Plc
          Malvern Hills Science Park
          Geraldine Road
          Malvern
          Worcestershire
          WR14 3SZ
          England
          Tel: 01684 585 211
          Fax: 01684 585 373


TRANSLUTION LTD: Brings In Tenon Recovery to Administer Assets
--------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint administrators of Translution Ltd. (Company
Number 04502082) on March 7, 2008.

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

The company can be reached at:

          Translution Ltd.
          Malvern Hills Science Park
          Geraldine Road
          Malvern
          Worcestershire
          WR14 3SZ
          England
          Tel: +44 (0) 1684 585219
          Fax: +44 (0) 1684 585373
          Web site: http://www.translution.com/


GAS-TEC LTD: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Gas-Tec Ltd. (formerly Hoodco 464
Ltd.) on March 10 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


VONAGE HOLDINGS: Inks Settlement Agreement with Nortel
------------------------------------------------------
Vonage Holdings Corp. said in a regulatory filing that on
March 10, 2008, the company, Nortel Networks Inc., and Nortel
Networks Limited entered into a settlement agreement effective
Jan. 1, 2008, to implement the terms of a Memorandum of
Understanding entered into by the parties on Dec. 28, 2007.

Pursuant to the terms of the agreement, the company and Nortel
agree to file within five days of the agreement between the
parties joint stipulations for dismissal, without costs,
dismissing without prejudice all claims and counterclaims in:

   -- Vonage Holdings Corp. v. SBC Internet Services Inc., et
      al., pending in the United States District Court for the
      Northern District of Texas, Fort Worth Division; and

   -- Vonage Holdings Corp. v. Nortel Networks Inc., et al.,
      pending in the United States District Court for the
      District of Delaware.

Further, the company agrees to dismiss without prejudice Central
Telephone Company of Texas from all claims related to three of
the company's patents in the Texas Action.

Pursuant to the agreement, the company grants to Nortel and its
affiliates a worldwide, non-exclusive, paid-up, transferable --
subject to certain limitations -- license under three of the
company's patents relating to Voice over Internet Protocol
technology.

Nortel has the right to grant limited sublicenses to its
customers to use the licensed products and services when
manufactured or sold by Nortel, and to transfer the license
rights in conjunction with a change of control of Nortel.

Pursuant to the agreement, Nortel grants to the company and its
affiliates a worldwide, non-exclusive, paid-up, transferable
license under three of Nortel patents relating to VoIP
technology.  The company has the right to grant limited
sublicenses to its customers to use the licensed products and
services, and to transfer the license rights in conjunction with
a change of control of the company.

Either party may terminate the licenses described above if the
other party:

   (a) brings a patent infringement suit against that party with
       respect to patents not licensed thereunder; or

   (b) brings a patent infringement suit against a third party
       which third party asserts a good faith claim of
       indemnification against either the company or Nortel or
       any of their affiliates.

The company covenants not to sue Nortel customers for patent
infringement of the three licensed Vonage Patents by reason of
Nortel customers using licensed products or services and will
not seek any damages or costs either during the term of the
license or prior to Jan. 1, 2008, from Nortel customers for such
use; provided, however, such covenant will become ineffective
should Nortel bring a patent infringement suit against the
company or any of its customers, prior to the company bringing
any such suit against Nortel.

Nortel covenants not to sue suppliers of products or services to
the company, during the term of any Nortel Patent, for
infringement of any Nortel Patent to the extent the company
indemnifies them for patent infringement for providing products
or services to the company.

The company also releases Central Telephone Company of Texas and
its customers from all claims, demands and rights of action with
respect to any act of infringement or alleged infringement of
any of the Vonage Patents by Central Telephone Company of Texas
or its customers prior to Jan. 1, 2008.

               About Nortel Networks Corporation

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Indonesia, Australia, China, Hong Kong,
India, Philippines, Singapore, Taiwan and Thailand.

                      About Vonage Holdings

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with nearly 2.6 million subscriber lines.
The company's Residential Premium Unlimited and Small Business
Unlimited calling plans offer consumers unlimited local and long
distance calling, and features like call waiting, call
forwarding and voicemail  for a flat monthly rate.  Vonage's
service is sold on the web and through national retailers
including Best Buy, Circuit City, Wal-Mart Stores Inc. and
Target and is available to customers in the U.S., Canada and the
United Kingdom.

At Dec. 31, 2007, the company had US$462.3 million in total
assets and US$537.4 million in total liabilities, resulting in a
US$75.1 million total stockholders' deficit.


VOXSURF LTD: Names Joint Administrators from Baker Tilly
--------------------------------------------------------
Geoffrey Carton-Kelly and Michael David Rollings of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Voxsurf Ltd. (Company Number 04051448) on
March 11, 2008.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

          Voxsurf Ltd.
          8 Sir John Lyon House
          High Timber Street
          The City
          London
          EC4V 3PA
          England
          Tel: 020 7557 4820
          Fax: 020 7557 4830


* BOND PRICING: For the Week March 17 to March 21, 2008
-------------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

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

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


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

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.27
Altran Technologies S.A.  3.750    01/01/09     EUR      12.00
Calyon                    6.000    06/18/47     EUR      50.54
CAP Gemini S.A.           2.500    01/01/10     EUR      51.68
                          1.000    01/01/12     EUR      43.96
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.02
                          4.375    11/01/10     EUR      47.15
Europcar Groupe SA        8.130    05/15/14     EUR      68.55
Havas S.A.                4.000    01/01/09     EUR      10.61
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.67
Ingenico                  2.750    01/01/12     EUR      18.43
Maurel & Prom             3.500    01/01/10     EUR      20.46
Publicis Group            0.750    07/17/08     EUR      28.79
                          1.000    01/18/18     EUR      42.06
Rhodia S.A.               0.500    01/01/14     EUR      35.02
Scor S.A.                 4.125    01/01/10     EUR       2.05
Soc Air France            2.750    04/01/20     EUR      22.28
Soitec                    4.625    12/20/09     EUR       3.67
Tereos Europe S.A.        6.380    04/15/14     EUR      71.94
Theolia S.A.              2.000    01/01/14     EUR      22.76
Wendel Invest S.A.        2.000    06/19/09     EUR      42.56

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


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

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

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

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

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

Profilo Telra             10.75    12/07/11     EUR      15.99


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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
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                 * * * End of Transmission * * *