TCREUR_Public/080325.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 25, 2008, Vol. 9, No. 59

                            Headlines


A U S T R I A

ACAR MUSTAFA: Claims Registration Period Ends April 9
CHRISTIAN MUELLER: Claims Registration Period Ends April 2
E-CC CALL: Claims Registration Period Ends April 8
F.H.H. FORTUNA: Claims Registration Period Ends April 8
GRAFITEAM LLC: Claims Registration Period Ends April 8

HOLZBAU PFEIFER: Claims Registration Period Ends April 14


B E L G I U M

MILACRON INC: Inks EUR27 Million Credit Pact with Lloyds TSB
TENNECO INC: Extended AAM Strike Cues S&P's Negative Watch


F R A N C E

RHODIA SA: Sells Isocyanates Businesses to Perstorp Group
RHODIA SA: Completes Portfolio Refocusing After Isocyanates Sale


G E R M A N Y

BAYSIS ENTERTAINMENT: Claims Registration Period Ends April 14
COPY-SERVICE-GMBH: Claims Registration Period Ends April 11
DCS UNTERNEHMENSNAHE: Claims Registration Period Ends April 11
DONGES STAHLBAU: Files for Creditor Protection Owe to Insolvency
GORDON´S HAUSBAU: Claims Registration Period Ends April 11

GEORG HOEHLEIN: Claims Registration Ends April 14
GOTTSMANN-RUBY: Claims Registration Period Ends April 11
GRASSEL-HOFMANN: Claims Registration Period Ends April 11
HERRMANN METALLTECHNIK: Claims Registration Period Ends March 31
HOBA GMBH: Claims Registration Period Ends March 31

KARA P.L.: Claims Registration Ends April 14
KORNMANN GMBH: Claims Registration Period Ends April 10
KUEFNER BAUUNTERNEHMUNG: Claims Registration Ends April 11
LA SCALA: Claims Registration Period Ends April 11
LANGNER FLEISCH: Claims Registration Ends April 14

M & B MANAGEMENT: Claims Registration Period Ends April 11
MOEHRING PERSONAL-MANAGEMENT: Claims Period Ends March 31
MULTI CLEANSERVICE: Claims Registration Ends April 14
OEKOKOST GMBH: Claims Registration Ends April 14
REIS GMBH: Claims Registration Period Ends April 13

SAC-SWITCHING: Claims Registration Period Ends April 11
SBF STADTBAU: Claims Registration Ends April 14
SUEDDEUTSCHE MESSER: Claims Registration Period Ends March 31
TEXTILWERK GEBRUEDER: Claims Registration Period Ends April 14
VISTEON CORP: Alex J. Mandl Elected to Board of Directors

WEST MAIL: Claims Registration Period Ends April 13


H U N G A R Y

PROPEX INC: Board Names Woody McGee as New President and CEO


I R E L A N D

MEDIASATELLITE IRELAND: Goes Into Liquidation
MEDIASATELLITE IRELAND: To Meet with Creditors on April 2
OMEGA CAPITAL: Moody's Cuts Rating on EUR10.5MM Class B Notes
WR GRACE: Smaller DIP Loan Approved; Some Lenders Back Out


I T A L Y

ALITALIA SPA: Lufthansa Mulls Joining AirOne's Counterbid
PARMALAT SPA: Bologna Ruling Faces Appeal at Higher Court
PARMALAT SPA: Shareholders Submit Board Nominees
TISCALI SPA: Commences Buyback Program for 3.59 Million Shares


K A Z A K H S T A N

ACFA-SERVICE LLP: Creditors Must File Claims by April 18
AIK CO: Claims Deadline Slated for April 18
AMBASSADOR LLP: Claims Filing Period Ends April 18
EKIBASTUZ REM: Creditors' Claims Due on April 18
GS SERVICE: Claims Registration Ends April 18

MSDS LLP: Creditors Must File Claims by April 18
NEW-MEDIA LLP: Claims Deadline Slated for April 18
NIYAZ & K: Claims Filing Period Ends April 18
NUR I REN: Creditors' Claims Due on April 18
OLJAS-M LLP: Claims Registration Ends April 18


K Y R G Y Z S T A N

EURO-EXIM-ASIA INTERNATONAL: Claims Filing Period Ends April 18
KURULUSH ENERGO: Creditors Must File Claims by April 18


N E T H E R L A N D S

ELM B.V.: Moody's Lowers Ratings on Two Note Series to Ba2
ROMPETROL GROUP: Opens New LPG Filling Station in Romania


R O M A N I A

ROMPETROL GROUP: Opens New LPG Filling Station in Vladimirescu


R U S S I A

AESK-AGRO CJSC: Court Starts Bankruptcy Supervision Procedure
COMSTAR-UNITED: Names Vladimir Alaev as TNGS General Manager
GAS-SERVICE LLC: Tambov Bankruptcy Hearing Slated for April 21
KALACHA-AGRO-TRANS: Bankruptcy Hearing Slated for April 24
LADA-GUARANTEE: Court Starts Bankruptcy Supervision Procedure

LEN-STROY-PROJECT: Bankruptcy Hearing Slated for April 16
MAMONTOVSKAYA SEL-KHOZ-TEKHNIKA: Court Hearing Set for June 23
OBRAZTSOVO CJSC: Court Names V. Zilev as Insolvency Manager
ROSNEFT OIL: Delays Bond Issues Due to Market Conditions
SEVERSTAL OAO: Acquiring Sparrows Point for US$810 Million

TATA MOTORS: Should Seal the Ford Deal on Wednesday, Report Says


S P A I N

AYT COLATERALES: Moody's Puts (P)Ba2 Rating on Series D Notes
FTA SANTANDER: Moody's Puts (P)C Rating on Series F Notes


S W I T Z E R L A N D

BALANCE LLC: Creditors' Liquidation Claims Due by March 31
BRROLO HOLDING: Creditors' Liquidation Claims Due by March 31
CONSTRUMAT HANDEL: Zug Court Starts Bankruptcy Proceedings
FININSERV LLC: Creditors' Liquidation Claims Due by May 5
HOUSE OF HIRSCHBERK: Creditors' Liquidation Claims Due by June 2

IATROGEN JSC: Creditors' Liquidation Claims Due by April 1
INVEST PROGRESS: Zug Court Starts Bankruptcy Proceedings
KENCEY LLC: Creditors' Liquidation Claims Due by April 9
SILBERSTEIN & PARTNER: Zug Court Starts Bankruptcy Proceedings
SWISS IMAGING: Zurich Court Starts Bankruptcy Proceedings


U K R A I N E

ALERON-TRADE LLC: Creditors Must File Claims by March 27
AMITEKS LLC Creditors Must File Claims by March 27
DNIEPRO-KARGO LLC: Proofs of Claim Deadline Set March 27
EQUIPMENT-SET LLC: Creditors Must File Claims by March 27
KLARITA LLC: Proofs of Claim Deadline Set March 27

ORCHID LLC: Creditors Must File Claims by March 27
PROJECT-BUILDING ENTERPRISE: Creditors' Claims Due March 27
RUSSIAN-UKRAINIAN TRADING: Creditors' Claims Due March 27
SPORTSYMBOL AND C: Creditors Must File Claims by March 27


U N I T E D   K I N G D O M

BAA LTD: Airlines Demand Review of CAA Over Landing Charges
BRITISH AIRWAYS: CEO Still Considers Bid for Iberia
CALEDONIAN MACBRAYNE: May Go Bankrupt Over Illegal Subsidies
CARTER AND CARTER: Cancels Trading of Ordinary Shares
CHRYSLER LLC: Expects U.S. Sales to Drop in March 2008

DAVID UNDERWOOD: Appoints Joint Administrators from P&A
FORD MOTOR: Tata to Close Jaguar & Land Rover Acquisition
EMTEC LTD: Brings In Deloitte to Administer Assets
GAP INVEST: Taps Joint Administrators from PwC
INTERNATIONAL SECTIONS: Calls In Liquidators from Moore Stephens

NEXAGENT LTD: Appoints Joint Administrators from Tenon
NORTHERN ROCK: UKSA Launches Legal Action Over Compensation
SIRVA INC: Court Approves Sale of UK and Ireland Units
WEARSIDE DISABLEMENT: Brings In Liquidators from Tenon Recovery

* Large Companies with Insolvent Balance Sheet


                            *********


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


ACAR MUSTAFA: Claims Registration Period Ends April 9
-----------------------------------------------------
Creditors owed money by KEG Acar Mustafa (FN 192770k) have until
April 9, 2008, to file written proofs of claim to court-
appointed estate administrator Felix Stortecky at:

          Dr. Felix Stortecky
          c/o Dr. Guenther Hoedl
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 88 37
          E-mail: office@stortecky.at   

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 21, 2008 (Bankr. Case No. 2 S 21/08p).  Guenther Hoedl
represents Dr. Stortecky in the bankruptcy proceedings.


CHRISTIAN MUELLER: Claims Registration Period Ends April 2
----------------------------------------------------------
Creditors owed money by OEG Christian Mueller have until
April 2, 2008, to file written proofs of claim to court-
appointed estate administrator Herwig Ernst at:

          Dr. Herwig Ernst
          c/o Dr. Robert Zauchinger
          Hauptplatz 32
          2100 Korneuburg
          Austria
          Tel: 02262/72 3 17, 75 1 29  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Ernstbrunn, Austria, the Debtor declared
bankruptcy on Feb. 21, 2008 (Bankr. Case No. 36 S 21/08t).  
Robert Zauchinger represents Dr. Ernst in the bankruptcy
proceedings.


E-CC CALL: Claims Registration Period Ends April 8
--------------------------------------------------
Creditors owed money by LLC e-cc call center (FN 260069f) have
until April 8, 2008, to file written proofs of claim to court-
appointed estate administrator Erhard Hackl at:

          Dr. Erhard Hackl
          Hofgasse 7
          4020 Linz
          Austria
          Tel: 0732/776234, 776252
          Fax: 0732/776234
          E-mail: hackl.hatak@aon.at    

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

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Feb. 21, 2008 (Bankr. Case No. 17 S 11/08d).  


F.H.H. FORTUNA: Claims Registration Period Ends April 8
-------------------------------------------------------
Creditors owed money by LLC F.H.H. Fortuna-Haus Handel  (FN
266983y) have until April 8, 2008, to file written proofs of
claim to court-appointed estate administrator Karl Schirl at:

          Dr. Karl Schirl
          c/o Mag. Markus Siebinger
          Krugerstrasse 17/3
          1010 Vienna
          Austria
          Tel: 513 22 31
          Fax: 513 22 31-1
          E-mail: dr.karl.schirl@der-rechtsanwalt.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 21, 2008 (Bankr. Case No. 4 S 22/08z).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.  


GRAFITEAM LLC: Claims Registration Period Ends April 8
------------------------------------------------------
Creditors owed money by  LLC Grafiteam (FN 128801p) have until
April 8, 2008, to file written proofs of claim to court-
appointed estate administrator Judith Eisenberg-Mirecki at:

          Mag. Judith Eisenberg-Mirecki
          Reisnerstrasse 25
          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 9:30 a.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 21, 2008 (Bankr. Case No. 4 S 21/08b).  


HOLZBAU PFEIFER: Claims Registration Period Ends April 14
---------------------------------------------------------
Creditors owed money by  LLC Holzbau Pfeifer (FN 211893h) have
until April 14, 2008, to file written proofs of claim to court-
appointed estate administrator Friedrich Filzmaier at:

          Mag. Friedrich Filzmaier
          Herrengasse 22
          8010 Graz
          Austria
          Tel: 0316/82 02 02
          Fax: 0316/82 02 02-20
          E-mail: filzmaier@mekf.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall K
          Room 205
          Second Floor
          Graz
          Austria

Headquartered in Grosspesendorf, Austria, the Debtor declared
bankruptcy on Feb. 21, 2008 (Bankr. Case No. 40 S 11/08b).  


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


MILACRON INC: Inks EUR27 Million Credit Pact with Lloyds TSB
------------------------------------------------------------
Milacron Inc. has signed a five-year, asset-based revolving
credit program through which Lloyds TSB Group plc will provide
as much as EUR27 million of aggregate financing to certain
Milacron operations in Europe for working capital purposes.

"This new ABL (asset based lending) program will allow us to
replace some shorter-term credit commitments while providing
incremental financing for our global working capital needs,
including meeting our pension funding obligations," said Ross A.
Anderson, Milacron senior vice president and chief financial
officer.  "Because of the substantial inter-company indebtedness
created by our U.S. refinancing of European bonds in 2004, we
will be able to apply the proceeds to these obligations in a
tax-efficient manner," he added.

"We are delighted to provide this new facility to Milacron
across their major operating areas in Western Europe," said
Martin Ward, International Development Director, Lloyds TSB
Commercial Finance.  "Once again we are seeing the relevance of
ABL facilities to growing multinational companies throughout
Europe, and this deal reconfirms the logic of us building Lloyds
TSB's International footprint in the ABL sector through our
Commercial Finance operations."

The credit program consists of two parts: asset-secured loans to
Milacron subsidiaries in Germany, Holland and Belgium and an
accounts receivable factoring facility between Milacron's German
operations and Lloyds TSB Commerce Finance. Based on current
asset levels, total borrowing and factoring capacity under the
new program when fully operational is expected to exceed EUR20
million.  Principal terms of the program are being filed with
the U.S. Securities and Exchange Commission.

                        About Lloyds TSB

Lloyds TSB Commercial Finance is part of the Lloyds TSB Group.
Its services can meet the needs of businesses ranging from
start-up through to major global PLCs.  Its approach to asset
backed lending (ABL) means that customers benefit from a far
more tailored approach to finance, where different elements of
ABL can be added to the funding mix according to the needs and
lifestage of the individual business.  Asset backed lending
offers a flexible and secure way for businesses to raise the
finance they need for expansion, growth, MBOs, MBIs and other
opportunities, against assets such as the debt book, stock,
plant and machinery and property.

                        About Milacron


Headquartered in Cincinnati, Ohio, Milacron Inc. --
http://www.milacron.com/-- is a global manufacturer and
supplier of plastics-processing equipment and related supplies.
Milacron is also one of the largest global manufacturers of
synthetic water-based industrial fluids used in metalworking
applications.  The company has major manufacturing facilities in
Brazil, North America, Belgium, Canada, Italy, and South Korea.

As of Dec. 31, 2007, the company's balance sheet showed total
assets of US$592.9 million and total liabilities of
US$644 million, resulting in a US$51.1 million stockholders'
deficit.  Deficit, at Dec. 31, 2006, was US$21.3 million.

                          *    *    *

As reported in the Troubled Company Reporter-Europe on Dec. 27,
2007, Moody's Investors Service lowered the ratings of Milacron
Inc. Corporate Family, to Caa2 from Caa1; Probability
of Default, to Caa2 from Caa1; and senior secured notes, to Caa2
from Caa1.  The lowered ratings reflect the company's weak
credit metrics and ongoing cash flow pressures.


TENNECO INC: 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.

Tenneco's website discloses that the company's senior debt is
currently rated 'BB-' by S&P.

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 Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 21,000 employees worldwide.


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


RHODIA SA: Sells Isocyanates Businesses to Perstorp Group
---------------------------------------------------------
Rhodia S.A. and Lyondell Chime TDI SCA announced, March 19,
2008, that they have entered into exclusive negotiations for the
sale of their Isocyanates businesses to the Perstorp Group.

This divestment project includes Rhodia’s aliphatic Isocyanates
activity producing a range of intermediates for industrial
paints and coatings; and Lyondell’s aromatic isocyanates
business with the production of intermediates for polyurethane
foams, operated under contract by Rhodia.

These activities are essentially based in Pont-de-Claix, France
and in Freeport, USA and together employ around 680 people.
The finalization of this divestment project should take place
over the next few months, once consultations with the employees’
representatives have been completed and the necessary
authorizations required by law have been obtained.

Headquartered in The Netherlands, Lyondell Chime TDI SCA --
http://www.lyondellbasell.com/-- is an affiliate of  
LyondellBasell Industries, one of the world's largest polymers,
petrochemicals and fuels companies.  LyondellBasell the global
leader in polyolefins technology, production and marketing; a
pioneer in propylene oxide and derivatives; a significant
producer of advanced fuel products; and the owner of one of
North America's largest full-conversion refineries.
LyondellBasell is privately owned by Access Industries.

Perstorp Group is a front-ranking player in the specialty
chemicals industry.  The group is present, in particular, in the
markets for Paints & Coatings, Plastics, Agro-food and
Lubricants.  Perstorp has approximately 2,000 employees on a
dozen production sites in Europe, Asia, North and South America
and runs three research & development centers in Sweden, Finland
and India.  The group generated net sales of EUR928 million in
2007.

                        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.


RHODIA SA: Completes Portfolio Refocusing After Isocyanates Sale
----------------------------------------------------------------
Rhodia S.A. announced, March 19, 2008, it has entered into
exclusive negotiations for the sale of the Isocyanates business
to the Perstorp Group.  This business is expected to be  
classified in discontinued operations from first quarter of
2008.

This divestment project will lead to a break-up of the Rhodia
organics enterprise.  The core Diphenols business that has
strong worldwide leadership positions and excellent
profitability will join Rhodia Silcea.

The remaining fine organics businesses which are under strategic
review or for which restructuring and closure plans have
previously been announced will be incorporated in a specific
business unit within 'Corporate & Others' until completion.  The
group will now be comprised of six core enterprises.

This divestment project is the last major step in the refocusing
of the group’s portfolio and will enhance its financial
structure.

"Our business portfolio which is now made up of strong and
longstanding leadership positions in high growth markets
together with our confirmed pricing power give us confidence to
meet the challenges of 2008 and beyond," Jean-Pierre Clamadieu,
Rhodia chairman and CEO, disclosed.

                        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
=============


BAYSIS ENTERTAINMENT: Claims Registration Period Ends April 14
--------------------------------------------------------------
Creditors of Baysis Entertainment GmbH have until April 4, 2008,
to register their claims with court-appointed insolvency manager
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Hall 317
         Synagogenplatz 1
         96047 Bamberg
         Germany

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

The insolvency manager can be reached at:

         Thomas Linse
         Rosenauer Str. 22
         96450 Coburg
         Germany
         Tel: 09561/8034-0
         Fax: 09561/8034-34

The District Court of Bamberg opened bankruptcy proceedings
against Baysis Entertainment GmbH on March 12, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baysis Entertainment GmbH
         Attn: Evelina Mircev, Manager
         Kaiserstrasse 4
         96169 Lauter
         Germany


COPY-SERVICE-GMBH: Claims Registration Period Ends April 11
-----------------------------------------------------------
Creditors of Copy-Service-GmbH have until April 11, 2008, to
register their claims with court-appointed insolvency manager
Ulrike Hoge-Peters.

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Ulrike Hoge-Peters
         Rosa-Luxemburg-Strasse 8
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Copy-Service-GmbH
         Attn: Shirena Kuhr, Manager
         Fritz-Reuter-Strasse 34a
         18119 Warnemuende
         Germany


DCS UNTERNEHMENSNAHE: Claims Registration Period Ends April 11
--------------------------------------------------------------
Creditors of DCS Unternehmensnahe Dienstleistungen GmbH have
until April 11, 2008, to register their claims with court-
appointed insolvency manager Dr. Christian Willmer.

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

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden
         Germany

The District Court of Verden (Aller) opened bankruptcy
proceedings against DCS Unternehmensnahe Dienstleistungen GmbH
on March 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         DCS Unternehmensnahe Dienstleistungen GmbH
         Verdener Strasse 12
         27308 Kirchlinteln
         Germany


DONGES STAHLBAU: Files for Creditor Protection Owe to Insolvency
----------------------------------------------------------------
Donges Stahlbau GmbH is seeking protection from its creditors
citing that it is insolvent, Earthtimes.org reports.  The
company had been forced to incur debt in order to address the
increasing prices of steel used in projects, the report adds.

Headquartered in Darmstadt, Germany, Donges Stahlbau GmbH is in
the business of construction.


GORDON´S HAUSBAU: Claims Registration Period Ends April 11
----------------------------------------------------------
Creditors of Gordon´s Hausbau GmbH have until April 11, 2008, to
register their claims with court-appointed insolvency manager
Dr. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 16, 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 Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Axel Kampmann
         Goethestrasse 24
         59755 Arnsberg
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against Gordon´s Hausbau GmbH on Feb. 20, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Gordon´s Hausbau GmbH
         Moehnestrasse 32
         59755 Arnsberg
         Germany


GEORG HOEHLEIN: Claims Registration Ends April 14
-------------------------------------------------
Creditors of Georg Hoehlein GmbH have until April 14, 2008 to
register their claims with court-appointed insolvency manager
Rolf Sperling.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on May 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 Wolfratshausen
         Meeting Hall 3/I         
         Bahnhofstrasse 18
         Wolfratshausen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rolf Sperling
         Loisach Ufer 23
         82515 Wolfratshausen
         Germany
         Tel: 08171/99880
         Fax: 08171/998877

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

The Debtor can be reached at:

         Georg Hoehlein GmbH
         Bergwerkstr. 2
         83734 Hausham
         Germany


GOTTSMANN-RUBY: Claims Registration Period Ends April 11
--------------------------------------------------------
Creditors of Gottsmann-Ruby GmbH have until April 11, 2008, to
register their claims with court-appointed insolvency manager
Prof. Dr. Bernd Schneiderbanger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be reached at:

         Prof. Dr. Bernd Schneiderbanger
         Kreuz-steinstrasse 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

The District Court of Hof opened bankruptcy proceedings against
Gottsmann-Ruby GmbH on Feb. 18, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gottsmann-Ruby GmbH
         Oelsnitzer Str. 48
         95185 Gattendorf
         Germany


GRASSEL-HOFMANN: Claims Registration Period Ends April 11
---------------------------------------------------------
Creditors of Grassel-Hofmann GmbH have until April 11, 2008, to
register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 13, 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         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:

         Joachim Exner
         Ludwigstr. 50
         95028 Hof
         Germany
         Tel: 09281/8331080
         Fax: 09281/8331089

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

The Debtor can be reached at:

         Grassel-Hofmann GmbH
         Oelsnitzer Str. 48
         95185 Gattendorf
         Germany


HERRMANN METALLTECHNIK: Claims Registration Period Ends March 31
----------------------------------------------------------------
Creditors of Herrmann Metalltechnik GmbH have until
March 31, 2008, to register their claims with court-appointed
insolvency manager Severin Kiesl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 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 Rosenheim
         Room 210
         Rosenheim
         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:

         Severin Kiesl
         Stollstrasse 5
         83022 Rosenheim
         Germany
         Tel: 08031/38096-0
         Fax: 08031/13892

The District Court of Rosenheim opened bankruptcy proceedings
against Herrmann Metalltechnik GmbH on March 12, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Herrmann Metalltechnik GmbH
         Am Muellnerberg 28
         83129 Hoeslwang
         Germany


HOBA GMBH: Claims Registration Period Ends March 31
---------------------------------------------------
Creditors of HOBA GmbH have until March 31, 2008, to register
their claims with court-appointed insolvency manager Uwe
Kassing.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Am Ochsenmarkt 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

         Uwe Kassing
         Pulverweg 1a
         21337 Lueneburg
         Germany
         Tel: 0 700 800 800 25
         Fax: 0 700 800 800 27

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

The Debtor can be reached at:

         HOBA GmbH
         Attn: Armin Beckemeyer, Manager
         Vor der Suelze 2-4
         21335 Lueneburg
         Germany


KARA P.L.: Claims Registration Ends April 14
---------------------------------------------
Creditors of Kara P.L. GmbH have until April 14, 2008 to
register their claims with court-appointed insolvency manager
Dr. Heiner Buss.

Creditors and other interested parties are encouraged to attend
the meeting 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 Aurich
         Schlossplatz 2
         26603 Aurich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Heiner Buss
         Hauptstrasse 169, D
         26639 Wiesmoor
         Germany
         Tel: 04944/1033
         Fax: 04944/912035

The District Court of Aurich opened bankruptcy proceedings
against  Kara P.L. GmbH on Feb. 4, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kara P.L. GmbH
         Leeraner Strasse 89
         26725 Emden
         Germany

         Attn: Ebru Kara, Manager
         Wilhelm-Leuscher-Str. 35
         26725 Emden
         Germany


KORNMANN GMBH: Claims Registration Period Ends April 10
-------------------------------------------------------
Creditors of Kornmann GmbH have until April 10, 2008, to
register their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen am Rhein
         Meeting Hall XIII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         Germany

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

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against Kornmann GmbH on March 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kornmann GmbH
         Attn: Monika Kornmann, Manager
         Westerstrasse 11
         67126 Hochdorf-Assenheim
         Germany


KUEFNER BAUUNTERNEHMUNG: Claims Registration Ends April 11
----------------------------------------------------------
Creditors of Kuefner Bauunternehmung GmbH & Co. KG have until
April 11, 2008, to register their claims with court-appointed
insolvency manager Stefan Waldherr.

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

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Stefan Waldherr
         Peuntgasse 3
         90402 Nuremberg
         Germany
         Tel: 0911/27980-0
         Fax: 0911/27980-90

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

The Debtor can be reached at:

         Kuefner Bauunternehmung GmbH & Co. KG
         Am Gruenberg 6
         92318 Neumarkt
         Germany


LA SCALA: Claims Registration Period Ends April 11
--------------------------------------------------
Creditors of La SCALA Import GmbH have until April 11, 2008, to
register their claims with court-appointed insolvency manager
Ernst Wiesner.

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 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:

          Ernst Wiesner
          Schwanenwall 23
          44135 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against La SCALA Import GmbH on Feb. 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          La SCALA Import GmbH
          Attn: Egidio Cimini, Manager
          Bunte Bank 2
          44227 Dortmund
          Germany


LANGNER FLEISCH: Claims Registration Ends April 14
--------------------------------------------------
Creditors of Langner Fleisch- und Wurstmarkt GmbH have until
April 14, 2008 to register their claims with court-appointed
insolvency manager Dr. Bernd Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         Germany

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

The insolvency manager can be reached at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen
         Germany
         Tel: 0421/244009-0
         Fax: 0421/244009-29

The District Court of Delmenhorst opened bankruptcy proceedings
against Langner Fleisch- und Wurstmarkt GmbH on Feb. 12, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Langner Fleisch- und Wurstmarkt GmbH
         Weserstr. 6 a
         27777 Ganderkesee
         Germany

         Attn: Werner Barth, Manager
         Waldstr. 33
         27798 Hude
         Germany


M & B MANAGEMENT: Claims Registration Period Ends April 11
----------------------------------------------------------
Creditors of M & B Management & Beteiligung GmbH & Co. KG have
until April 11, 2008, to register their claims with court-
appointed insolvency manager Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Meiningen
          Hall 105
          Lindenallee 15
          Meiningen
          Germany
          
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Stephan Mitlehner
          Walter Benjamin Platz 6
          10629 Charlottenburg
          Germany

The District Court of Meiningen opened bankruptcy proceedings
against M & B Management & Beteiligung GmbH & Co. KG on Feb. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          M & B Management & Beteiligung GmbH & Co. KG
          Mittelbergstr. 1
          98527 Suhl
          Germany


MOEHRING PERSONAL-MANAGEMENT: Claims Period Ends March 31
---------------------------------------------------------
Creditors of Moehring Personal-Management GmbH have until
March 31, 2008, to register their claims with court-appointed
insolvency manager Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 DuesseldorfForderungen
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Moehring Personal-Management GmbH on March 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moehring Personal-Management GmbH
         Cecilienallee 63
         40474 Duesseldorf
         Germany


MULTI CLEANSERVICE: Claims Registration Ends April 14
-----------------------------------------------------
Creditors of Multi Cleanservice GmbH have until April 14, 2008
to register their claims with court-appointed insolvency manager
Christian Koehler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Multi Cleanservice GmbH
         Pasteurstrasse 13
         10407 Berlin
         Germany


OEKOKOST GMBH: Claims Registration Ends April 14
------------------------------------------------
Creditors of OekoKost GmbH have until April 14, 2008 to register
their claims with court-appointed insolvency manager Jens Koeke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

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

The Debtor can be reached at:

         OekoKost GmbH
         Attn: Helmut Schulze, Manager
         Levinstrasse 9
         37079 Goettingen
         Germany


REIS GMBH: Claims Registration Period Ends April 13
---------------------------------------------------
Creditors of Reis GmbH Aluminiumverarbeitung have until
April 13, 2008, to register their claims with court-appointed
insolvency manager Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting on May 13, 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 Aurich
          Schlossplatz 2
          26603 Aurich
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Dirk Rueffert
          Donnerschweer Str. 398
          D 26123 Oldenburg
          Germany
          Tel: 0441/340770
          Fax: 0441/34077340

The District Court of Aurich opened bankruptcy proceedings
against Reis GmbH Aluminiumverarbeitung on Jan. 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Reis GmbH Aluminiumverarbeitung
          Breiter Weg 62
          26603 Aurich
          Germany


SAC-SWITCHING: Claims Registration Period Ends April 11
-------------------------------------------------------
Creditors of SAC-Switching and administrative Company-GmbH have
until April 11, 2008, to register their claims with court-
appointed insolvency manager Helgi Heumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Dresden
          Hall D131
          Olbrichtplatz 1
          01099 Dresden
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Helgi Heumann
          Koenigsbruecker Str. 33
          01099 Dresden
          Germany
          E-mail: http://www.raheumann.de/

The District Court of Dresden opened bankruptcy proceedings
against SAC-Switching and administrative Company-GmbH on March
3, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          SAC-Switching and administrative Company-GmbH
          Rosa-Luxemburg-Str.2a
          01844 Neustadt/Sa.
          Germany


SBF STADTBAU: Claims Registration Ends April 14
-----------------------------------------------
Creditors of SBF Stadtbau GmbH have until April 14, 2008 to
register their claims with court-appointed insolvency manager
Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 26, 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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany        
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany        

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

The Debtor can be reached at:

         SBF Stadtbau GmbH
         Attn: Dr. Detlef Thomsen, Manager
         Otto Weltzien-Strasse 15
         19061 Schwerin
         Germany


SUEDDEUTSCHE MESSER: Claims Registration Period Ends March 31
-------------------------------------------------------------
Creditors of Sueddeutsche Messer-, Sagen- und Werkzeugfabrik
GmbH & Co. KG have until March 31, 2008, to register their
claims with court-appointed insolvency manager Dr. Josef
Scherer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Straubing
         Room 216
         Straubing
         Germany

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

The insolvency manager can be reached at:

         Dr. Josef Scherer
         Theresienplatz 29
         94315 Straubing
         Germany
         Tel: 09421/3303930

The District Court of Straubing opened bankruptcy proceedings
against Sueddeutsche Messer-, Sagen- und Werkzeugfabrik GmbH &
Co. KG on March 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Sueddeutsche Messer-, Sagen- und
         Werkzeugfabrik GmbH & Co. KG
         Unterholzener Str. 2 - 4
         94360 Mitterfels
         Germany


TEXTILWERK GEBRUEDER: Claims Registration Period Ends April 14
--------------------------------------------------------------
Creditors of Textilwerk Gebrueder Bob Helmbrechts GmbH have
until April 14, 2008, to register their claims with court-
appointed insolvency manager Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on June 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Udo Feser
          Uhlandstr. 165/166
          10719 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Textilwerk Gebrueder Bob Helmbrechts GmbH on
Jan. 31, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Textilwerk Gebrueder Bob Helmbrechts GmbH
          Josef-Witt-Str. 1
          95233 Helmbrechts
          Germany


VISTEON CORP: Alex J. Mandl Elected to Board of Directors
---------------------------------------------------------
Alex J. Mandl has been elected to Visteon Corporation's board of
directors, effective immediately.

Mr. Mandl has nearly 40 years of leadership experience with
global companies, including serving as president and chief
operating officer of AT&T, and as chairman and chief executive
officer of Sea-Land Services, Inc.  Since December 2007, he has
been non-executive chairman of the board of Gemalto, a global
leader in digital security that is a newly merged company
between Gemplus International and Axalto.  Mr. Mandl had been
president and CEO of Gemplus International since September 2002.

"[Mr. Mandl] is a highly respected leader who has extensive
experience helping guide global companies through strategic
transformation and growth," Michael F. Johnston, Visteon
chairman and chief executive officer, said.  "Visteon will
benefit greatly from his experience and insight."

From April 2001 through August 2002, Mr. Mandl was a principal
in ASM Investments, which focuses on early-stage funding for
companies utilizing technology as a differentiator.  Before
that, he was chairman and CEO of Teligent, a company he started
in 1996.  Prior to Teligent, Mr. Mandl was with AT&T from 1990
to 1996, serving as group executive and chief financial officer
before being named president and COO.  Before joining AT&T, Mr.
Mandl was chairman and CEO of Sea-Land Services, Inc., a leading
global provider of containerized ocean transport and
distribution services.  He also served as a senior vice
president with CSX, after beginning his career with Boise
Cascade as a merger and acquisition analyst.

Mr. Mandl currently serves on the boards of Gemalto, Dell
Computer Corp., Hewitt Associates, Horizon Lines and Wilamette
University.  He has an MBA from the University of California at
Berkeley and a bachelor's degree in economics from Wilamette
University.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.
The company has Latin America offices in Argentina, Brazil and
Mexico.  The company has facilities in 26 countries and employs
approximately 43,000 people.

                          *    *    *

Moody's Investor Service placed Visteon Corp.'s long term
corporate family and probability of default ratings at 'B3' in
November 2006.  The ratings still hold to date with a negative
outlook.


WEST MAIL: Claims Registration Period Ends April 13
---------------------------------------------------
Creditors of WEST MAIL Zustelldienst Euregio GmbH have until
April 13, 2008, to register their claims with court-appointed
insolvency manager Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 13, 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 Cologne
          Meeting Hall 1240
          12th Floor
          Luxemburger Strasse 101
          50939 Cologne
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Andreas Ringstmeier
          Magnusstr. 13
          50672 Cologne
          Germany
          Tel: 0221/650 660
          Fax: +49221650661

The District Court of Cologne opened bankruptcy proceedings
against WEST MAIL Zustelldienst Euregio GmbH on March 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          WEST MAIL Zustelldienst Euregio GmbH
          Attn: Michael Kiesswetter, Manager
          Alten Bahnhof 3
          52457 Aldenhoven
          Germany


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


PROPEX INC: Board Names Woody McGee as New President and CEO
------------------------------------------------------------
The board of directors of Propex Inc. appointed Woody McGee as
the interim President and Chief Executive Officer of the
company, effective March 17, 2008.

Mr. McGee is a seasoned executive consultant with Cerberus
Capital Management, L.P. and has extensive experience in
executive management and the restructuring of companies in a
wide variety of industries domestically and internationally.
Mr. McGee's most recent assignment was helping Global Home
Products, a US$550 million consumer products manufacturer and
importer, successfully emerge from Chapter 11.  Prior to Mr.
McGee's relationship with Cerberus Capital Management, L.P. his
career spanned 30 years with Litton Industries Inc. and Telxon
Corporation.

"I am truly excited to be joining Propex at this challenging
time," Mr. McGee, president and CEO said.  "My focus will be to
work with the entire Propex team to best position the company to
grow and prosper in the current marketplace while getting ready
to capitalize on our future beyond Chapter 11."

Mr. McGee replaces Joseph F. Dana who is retiring after more
than 20 years of dedicated service to the Propex and Synthetic
Industries families.  "Joe's vision, commitment and team
building philosophy have helped guide Propex for many years,"
Billy Oehmig, a representative of the board of directors, said.
"At the wishes of the board, Joe has agreed to continue to
provide the Company with advice and counsel. We extend our most
heartfelt thanks, and wish him and his wife Tammy the best in
the years to come."

The company will provide updates regarding ongoing operations
plans as they become available.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex also has
manufacturing facilities in Brazil, Mexico, Germany, Hungary and
the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  The Debtors' exclusive period to
file a plan of reorganization expires on May 17, 2008.

(Propex Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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


MEDIASATELLITE IRELAND: Goes Into Liquidation
---------------------------------------------
Mediasatellite Ireland Ltd. has gone into liquidation after
accumulating EUR4 million in losses, Laura Noonan of the
Independent reports.

According to CEO Rory Fitzpatrick, although the company had
funding ready by December 2007, it faced problems by January
2008, the report adds.

The company's liquidation, the report discloses, resulted in
some 18 employees losing their jobs and subscribers having no
access to satellite broadband connection.


Mediasatellite has posted in its website -- http://b-dsl.net/--  
that, "Due to unforeseen circumstances Mediasatellite Ireland
Ltd is no longer in a position to service or support consumer
satellite broadband."

Headquartered in Cork City, Ireland, Mediasatellite Ireland Ltd.
specializes in interactive broadband networks.


MEDIASATELLITE IRELAND: To Meet with Creditors on April 2
---------------------------------------------------------
Mediasatellite Ireland Ltd. Discloses that it will meet with
creditors at meeting scheduled on April 2, 2008, Laura Noonan of
the Independent reports.

At the meeting, the report says, the company will explain the
reason behind the company's EUR1 million deficit.

Headquartered in Cork City, Ireland, Mediasatellite Ireland Ltd.
specializes in interactive broadband networks.


OMEGA CAPITAL: Moody's Cuts Rating on EUR10.5MM Class B Notes
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade eight classes of notes issued by Omega Capital
Europe Plc.  The reference portfolio of this CDO transaction
contains a significant proportion of US subprime RMBS bonds,
particularly of the 2006 and 2007 vintages.

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

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

The rating actions are:

Omega Capital Europe Plc Series 41 (Sycamore):

     (1) EUR44,100,000 Class A Notes due 2047

         Current Rating: Aa3, on review for downgrade
         Prior Rating: Aaa, on review for downgrade

     (2) US$20,000,000 Class A-Bis Notes due 2047

         Current Rating: Aa3, on review for downgrade
         Prior Rating: Aaa, on review for downgrade

     (3) JPY2,000,000,000 Class A-J Notes due 2047

         Current Rating: Aa3, on review for downgrade
         Prior Rating: Aaa, on review for downgrade

     (4) EUR10,500,000 Class B Notes due 2047

         Current Rating: B2, on review for downgrade
         Prior Rating: A3, on review for downgrade

     (5) US$5,000,000 Class B-U Notes due 2047

         Current Rating: B2, on review for downgrade
         Prior Rating: A3, on review for downgrade

     (6) EUR2,000,000 Class B-Fixed Notes due 2047

         Current Rating: B2, on review for downgrade
         Prior Rating: A3, on review for downgrade

     (7) JPY1,000,000,000 Class B-J Notes due 2047

         Current Rating: B2, on review for downgrade
         Prior Rating: A3, on review for downgrade

     (8) EUR20,000,000 Class C Notes due 2047

         Current Rating: Baa3, on review for downgrade
         Prior Rating: Aa3, on review for downgrade


WR GRACE: Smaller DIP Loan Approved; Some Lenders Back Out
----------------------------------------------------------
The Hon. Judith Fitzgerald of the United States Bankruptcy Court
for the District of Delaware permitted W.R. Grace & Co. and its
debtor-affiliates to obtain only up to US$200,000,000, of DIP
Loans, instead of the US$250,000,000 that the Debtors sought
after several lenders refused to continue extending loans to
Grace, the Associated Press reports.

Grace's counsel, Janet Baer, at Kirkland & Ellis LLP, told Judge
Fitzgerald during a hearing that not all DIP Lenders signed on
Grace's request to further extend the terms of the DIP Facility
until April 2010, the AP said.

The AP said that Ms. Baer blamed "the tightening of the credit
industry" for the retreat of some banks that have offered DIP
Loans to Grace since the company's Petition Date in 2001.

The company's DIP Facility with Bank of America, as
administrative agent for a syndicate of lenders, originally
provided Grace access to US$250,000,000 of DIP Loans.  As of
Dec. 31, 2007, the Debtors had no outstanding borrowings under
the DIP facility.  The Debtors disclosed in regulatory filings
with the Securities and Exchange Commission that US$56,300,000
of standby letters of credit, however, were issued and
outstanding under the DIP facility as of December 31, 2007,
which were issued mainly for trade-related matters like
performance bonds, as well as certain insurance and
environmental matters.

Grace noted in papers filed with the Court that, as of Jan. 30,
2008, approximately US$58,500,000 in letters of credit issued
pursuant to the DIP Facility remain outstanding.

According to AP, Grace spokesman Greg Euston said in an e-mail
that the company has no outstanding draw against the Chapter 11
loans.

Grace explained in the regulatory filing that the outstanding
amount of standby letters of credit, as well as other holdback
provisions issued under the DIP facility reduces the borrowing
availability to US$178,500,000 at December 31, 2007.  Under the
DIP facility, the Debtors are required to maintain US$50,000,000
of liquidity, in a combination of cash, cash equivalents and the
net cash value of life insurance policies.

The DIP Facility will expire on April 1, 2008.  Grace has said
in Court filings in mid-February that BofA has agreed to extend
the DIP Facility until May 31, 2008, if the Court is unable to
approve the DIP Amendments before April 1.  Grace will pay BofA
a fee of not more than US$100,000 for the Interim Extension.

Grace, which sought protection under Chapter 11 of the
Bankruptcy Code because of increasing asbestos claims, is in the
middle of an estimation trial that seeks to determine how much
the company will have to set aside to a trust to cover asbestos
damages before it can exit from bankruptcy.  The estimation
trial is expected to wrap up in May.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants.  The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it.  Thomas Moers Mayer,
Esq., at Kramer Levin Naftalis & Frankel, LLP, represents the
Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
commenced on January 14, 2008.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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


ALITALIA SPA: Lufthansa Mulls Joining AirOne's Counterbid
---------------------------------------------------------
Deutsche Lufthansa AG may join AirOne S.p.A. in a counteroffer
for the Italian government's 49.9% stake in Alitalia S.p.A.,
Bloomberg News says, citing an unsourced La Stampa report.

AirOne has declared it will submit an alternative bid for
Alitalia in three weeks, stressing that it needs more time to
draft a proposal since it was excluded from conducting due
diligence on the national carrier, Agenzia Giornalistica Italia
relates.

"The Government has to decide if it wishes to receive
other proposals because in such a complex operation it is
impossible to present offers in the dark without at
least a brief due diligence, lasting at least three weeks,"
AirOne said.

Finance minister Tommaso Padoa-Schioppa, however, told The
Financial Times that any new offer for Alitalia must be made in
days, not weeks.

"People keep dreaming there is more time, alternative buyers,
alternative solutions," Mr. Padoa-Schioppa was quoted by FT as
saying.  "Alitalia has oxygen for a matter of weeks."

As recently reported in the TCR-Europe, Alitalia and the present
government have accepted Air France-KLM SA's binding offer,
subject to several conditions including union approval.  Air
France, so far, has yet to convince the unions to accept its
business plan, which foresees more than 2,000 job cuts.

Former Prime Minister Silvio Berlusconi, expected to return to
his post following thew upcoming election, has vowed to rejett
Air France's offer, saying he prefer an Italian buyer for
Alitalia.

                          About Alitalia

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

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

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


PARMALAT SPA: Bologna Ruling Faces Appeal at Higher Court
---------------------------------------------------------
Parmalat S.p.A. disclosed that an appeal has been filed to the
Italian Corte di Cassazione against the decision of the Court of
Appeal of Bologna which had affirmed the decision of the lower
court that had approved the Concordata.

It should be noted that the decision of the Court of Parma
approving the Concordato is provisionally enforceable and
produces its effects vis-a-vis all creditors for claims, facts,
entitlements or causes preceding the opening of the
extraordinary administration.

The appeal of the decision does not suspend the effects of
enforceability.

As reported in the TCR-Europe on Jan. 21, 2008, the Appeal Court
of Bologna rejected the appeal of a number of bondholders
against the judgment that ratified the Parmalat Composition with
Creditors.

                        About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Shareholders Submit Board Nominees
------------------------------------------------
Parmalat S.p.A.'s shareholders -- Angelo, Gordon & Co., L.P.
Lehman Brothers International (Europe), MKM Longboat Strategy
Master Fund Ltd., Stark Criterion Master Fund Ltd., Stark Global
Opportunities Master Fund Ltd., Stark Master Fund Ltd., and
Zenit Fund, representing 6.385% of the share capital, have
deposited a list of candidates for the Board of Directors and
Board of Statutory Auditors to be presented at the Shareholders’
meeting called for April 8 & 9, 2008, respectively in the first,
and if necessary, in the second call.

                   Board of Directors Nominees

   1. Raffaele Picella,
   2. Massimo Confortini (independent),
   3. Enrico Bondi,
   4. Vittorio Mincato (independent),
   5. Marzio Saa (independent),
   6. Carlo Secchi (independent),
   7. Ferdinando Superti Furga (independent),
   8. Piergiorgio Alberti (independent),
   9. Marco De Benedetti (independent),
   10. Andrea Guerra (independent), and
   11. Erder Mingoli (independent)

              Board of Statutory Auditors Candidates

Effective Statutory Auditors

   1. Alessandro Dolcetti,
   2. Enzio Bermani, and
   3. Mario Magenes

Alternates Auditors

   4. Massimo Colavolpe
   5. Marco Benvenuto Lovati

                        About Parmalat

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

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

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

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

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

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


TISCALI SPA: Commences Buyback Program for 3.59 Million Shares
--------------------------------------------------------------
Tiscali S.p.A. plan to repurchase of own ordinary shares
commenced March 20, 2008.

                           Objective

The plan aims at ensuring the purchase of a number of shares
required to implement the stock option plan approved by the
Shareholders' Meeting of May 3, 2007 in favor of Tommaso Pompei.

Maximum number, category and nominal value of own shares
The purchase may not exceed no. 3,593,143 ordinary shares of
Tiscali S.p.A. -- which currently represent 0.63% of the share
capital -- of EUR0.50 nominal value each.  

The purchase may take place in one or more stages. The purchases
will take place in accordance with legally distributable profits
and available reserves as shown in the approved financial
statements.

                            Duration

The authorization for the purchase of own ordinary shares will
have a duration of 18 months from the date of the Shareholders’
Meeting resolution approving the purchase until Nov. 3, 2008,
while the authorization for the sale of the same shares
has no time limit.

                Minimum and Maximum Consideration

The purchase price of the ordinary shares cannot be lower than
the nominal value of the shares of EUR0.50 whereas the maximum
purchase price cannot exceed by 1% the official price of the
shares on the Stock Exchange of the day preceding each purchase
transaction, nor can it be the higher of the price of the last
independent transaction and the price of the highest current
independent offer registered at the trading place where the
purchase is carried out.

                   Purchasing Methods Allowed

The purchase of own shares will take place on the market,
pursuant to art. 132 of Legislative Decree 58/98 and art. 144-
bis, paragraph 1, letters b) and c) of the Issuers
Regulation, according to the procedures set out in the
regulations governing market organization and management so as
to ensure equal treatment of all shareholders.

The purchases will only take place:

    * on regulated markets organised and managed by Borsa
      Italiana S.p.A., according to procedures established by
      the latter that do not allow the direct matching of
      purchase proposals with predetermined sale proposals; or

    * through the purchase and sale of derivative instruments
      traded on the related regulated market organized and
      managed by Borsa Italiana S.p.A. which regulation provides
      for procedures that comply with the aforesaid art 144-bis,
      paragraph 1, letters b) and c) of the Issuers Regulation.

The ordinary shares purchased according to the procedures may be
sold through the exercise of options by Tommaso Pompei.  Any
shares that are not opted for, may be used or sold according to
the methods approved by the Shareholders’ resolution.

Further purchase or sale transactions of ordinary shares may be
carried out within the limits set out.  The maximum number of
shares purchased on a single day on regulated markets shall not
exceed 25% of the daily average traded volume of Tiscali shares
calculated on the basis of the daily average traded volume of
the month preceding the date of this notice, in accordance with
the provisions of Regulation (EC) 2273/2003.

As part of the plan, on the seventh Stock Exchange trading day
following the execution date of the transactions, Tiscali will
provide both the market and Consob with these information:

    * the number of shares purchased;
    * date and time of every purchase;
    * average price, price of each purchase; and
    * the cumulative number of shares at the notification date.

                         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
===================


ACFA-SERVICE LLP: Creditors Must File Claims by April 18
--------------------------------------------------------  
LLP Acfa-Service has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         LLP Acfa-Service
         Micro District 11, 34-13
         Aktobe
         Aktube
         Kazakhstan


AIK CO: Claims Deadline Slated for April 18
-------------------------------------------  
LLP Aik Co. Ltd. has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         LLP Aik Co. Ltd.
         Suyunbai ave. 203
         Almaty
         Kazakhstan


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

         LLP Ambassador (Almaty Branch)
         Promzona
         Pervomaisky
         Ilyisky
         Almaty
         Kazakhstan


EKIBASTUZ REM: Creditors' Claims Due on April 18
------------------------------------------------  
LLP Ekibastuz Rem Diesel has declared insolvency.  Creditors
have until April 18, 2008, to submit written proofs of claims
to:

         LLP Ekibastuz Rem Diesel
         Jeleznodorojnaya Str. 5
         Ekibastuz
         Pavlodar
         Kazakhstan


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

         LLP GS Service
         Ryskulov Str. 61e
         Almaty
         Kazakhstan


MSDS LLP: Creditors Must File Claims by April 18
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP MSDS insolvent on Feb. 4, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


NEW-MEDIA LLP: Claims Deadline Slated for April 18
--------------------------------------------------  
LLP New-Media has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         LLP New-Media
         Tulebaev Str. 174-41
         Almaty
         Kazakhstan


NIYAZ & K: Claims Filing Period Ends April 18
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Niyaz & K insolvent on Feb. 11, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


NUR I REN: Creditors' Claims Due on April 18
--------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Nur I Ren.  

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


OLJAS-M LLP: Claims Registration Ends April 18
----------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Oljas-M.  

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

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


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


EURO-EXIM-ASIA INTERNATONAL: Claims Filing Period Ends April 18
---------------------------------------------------------------
Joint Kyrgyz German LLC Euro-Exim-Asia International has
declared  insolvency.  Creditors have until April 18, 2008 to
submit written proofs of claim to:

         LLC Euro-Exim-Asia International
         Moskovskaya Str. 172
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 90-00-76


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

         LLC Kurulush Energo
         Zelenaya Str. 9-9
         Lebedinovka
         Chui
         Kyrgyzstan


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


ELM B.V.: Moody's Lowers Ratings on Two Note Series to Ba2
----------------------------------------------------------
Moody's Investors Service downgraded today two Series of
Leverage Super Senior Notes issued by ELM B.V. under the Cairn
IG CDO II (MASS) transaction.

Elm B.V. - Cairn IG CDO II (MASS):

     (1) Series 37 US$40,000,000 Class A Leveraged Super Senior
         Secured Notes due 2012

         Current Rating: Ba2 under review for downgrade
         Prior Rating: Baa3, under review for downgrade

    (2) Series 38 EUR50,000,000 Class A Leveraged Super Senior
        Secured Notes due 2012

         Current Rating: Ba2 under review for downgrade
         Prior Rating: Baa3, under review for downgrade

In this Leveraged Super-Senior CDO transaction, the risk
transferred to investors is not only credit risk through the
referencing of a super senior position of a reference swap, but
also market risk.  If the average spread of the underlying
portfolio goes above a certain threshold (the "spread trigger"),
the transaction will unwind and the market risk on the credit
default swap tranche will be borne by investors.  As the
reference swap is a super-senior tranche, the main risk comes
from the spread behaviour of the underlying portfolio over the
life of the transaction.

This transaction has been impacted by the continuing widening
and the volatility of the spreads of corporate and financial
names underlying the deal, particularly monolines and investment
banks.  Since it was last downgraded, on March 14, 2008, the
spreads of the underlying portfolio have further widened and the
cushion between the average spread of the portfolio and the
trigger has dropped from 75 to 61 basis points.

The current ratings are mainly driven by the probability that
the portfolio spreads will reach the spread triggers, leading to
a unwind of the structure, and an approximate 100% loss to
investors.


ROMPETROL GROUP: Opens New LPG Filling Station in Romania
---------------------------------------------------------
The Rompetrol Group N.V. has opened a new liquefied petroleum
gas filling station in Vladimirescu commune, 15 kilometers from
Arad, Romania.

The total value of the investment is over US$10 million and will
allow both the doubling of the production capabilities and the
expansion of Rompetrol products in the Western area of Romania.
Currently, The Rompetrol Group, by Rompetrol Gas –- its entity
specialized in LPG sales, owns and operates a similar station in
Navodari.

The new station in Arad has over 125 employees and an annual
filling capacity of 20,000 tons of LPG.

"The investment will support the objective of Rompetrol Gas of
becoming an important player on the domestic LPG market in 2008,
an intention which is also supported by the completion this year
of a new filling station in Bacau, with similar characteristics
to the one in Arad," Toma Veron, general manager of Rompetrol
Gas, declared.

Rompetrol Gas estimates for this year a turnover of about US$100
million, increasing compared to 2007, when it was US$54 million.
At the end of last year the company had a market share of 8%,
intending to reach at least 21% in the following period by
significant investments in the supply chain and in promoting new
products, attracting new clients and new applications, as well
as by offering high-quality services.

Currently Rompetrol owns in Arad County 4 gas stations (3 in
Arad and 1 in Savarsin) and an oil product storage facility in
Vladimirescu commune, its total number of employees being 240.
In view of developing its fuel supply chain and its presence in
Arad, in 2008 the company intends to build other 13 new
stations, out of which 10 will be Expres stations.

                 About Rompetrol Group

Headquartered in Amsterdam, The Netherlands, The Rompetrol Group
N.V. -- http://www.rompetrol.com/-- is a multinational oil
company operating in 13 countries.  Majority of its assets and
operations are based in France, Romania, Spain, and South-East
Europe. The group is active primarily in refining, marketing and
trading, with additional operations in exploration and
production, and other oil industry services such as drilling,
EPCM, and transportation.

                           *    *    *

As reported in the TCR-Europe on Aug. 30, 2007, Standard &
Poor's Ratings Services placed its long-term 'B-' corporate
credit rating on oil refiner Rompetrol Group N.V. on CreditWatch
with positive implications.


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


ROMPETROL GROUP: Opens New LPG Filling Station in Vladimirescu
--------------------------------------------------------------
The Rompetrol Group N.V. has opened a new liquefied petroleum
gas filling station in Vladimirescu commune, 15 kilometers from
Arad, Romania.

The total value of the investment is over US$10 million and will
allow both the doubling of the production capabilities and the
expansion of Rompetrol products in the Western area of Romania.
Currently, The Rompetrol Group, by Rompetrol Gas –- its entity
specialized in LPG sales, owns and operates a similar station in
Navodari.

The new station in Arad has over 125 employees and an annual
filling capacity of 20,000 tons of LPG.

"The investment will support the objective of Rompetrol Gas of
becoming an important player on the domestic LPG market in 2008,
an intention which is also supported by the completion this year
of a new filling station in Bacau, with similar characteristics
to the one in Arad," Toma Veron, general manager of Rompetrol
Gas, declared.

Rompetrol Gas estimates for this year a turnover of about US$100
million, increasing compared to 2007, when it was US$54 million.
At the end of last year the company had a market share of 8%,
intending to reach at least 21% in the following period by
significant investments in the supply chain and in promoting new
products, attracting new clients and new applications, as well
as by offering high-quality services.

Currently Rompetrol owns in Arad County 4 gas stations (3 in
Arad and 1 in Savarsin) and an oil product storage facility in
Vladimirescu commune, its total number of employees being 240.
In view of developing its fuel supply chain and its presence in
Arad, in 2008 the company intends to build other 13 new
stations, out of which 10 will be Expres stations.

                 About Rompetrol Group

Headquartered in Amsterdam, The Netherlands, The Rompetrol Group
N.V. -- http://www.rompetrol.com/-- is a multinational oil
company operating in 13 countries.  Majority of its assets and
operations are based in France, Romania, Spain, and South-East
Europe. The group is active primarily in refining, marketing and
trading, with additional operations in exploration and
production, and other oil industry services such as drilling,
EPCM, and transportation.

                           *    *    *

As reported in the TCR-Europe on Aug. 30, 2007, Standard &
Poor's Ratings Services placed its long-term 'B-' corporate
credit rating on oil refiner Rompetrol Group N.V. on CreditWatch
with positive implications.


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


AESK-AGRO CJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Altay commenced bankruptcy supervision
procedure on CJSC Aesk-Agro.  The case is docketed under Case
No. A03-12447/07-B.

The Temporary Insolvency Manager is:

         E. Plutalov
         Post User Box 848
         656015 Barnaul-15
         Russia

The Debtor can be reached at:

         CJSC Aesk-Agro
         Prudskoy
         Kalmanskiy
         Altay
         Russia


COMSTAR-UNITED: Names Vladimir Alaev as TNGS General Manager
------------------------------------------------------------
JSC Comstar–United TeleSystems has appointed Vladimir Alaev
General Manager of its OJSC Tumenneftegazsvyaz unit.

Mr. Alaev had been General Manager of OJSC Regional Technical
Center, a member of COMSTAR-UTS Group.  Appointed TNGS General
Manager, he will also continue to be RTC General Manager.  Mr.
Travin had been General Manager of OJSC Tumenneftegazsvyaz.

RTC and TNGS are planned to be merged with OJSC COMSTAR-UTS
making a basis for Tumen branch.  The integration is not
expected to be completed until late 2008 to early 2009.

"Vladimir Alaev has established a reputation of highly
knowledgeable expert with a profound knowledge of
telecommunications market peculiarities in Uralsky region," said
Viktor Koresh, Regional Development Vice President, COMSTAR-
United TeleSystems.  "I am sure his high professionalism, wealth
of practical experience and talent of an organizer will help
develop efficient solutions to consolidate resources and
integrate the business of TNGS and RTC into a uniform
operational unit of the Group."

"The tasks he will take on will involve a range of complex
issues such as the need to be an active business player in the
region, expand the presence on the telecommunications market and
proceed with the daunting process of integrating two companies.   
No doubt, the merger in the Ural Federal Area will establish a
powerful alternative universal telecommunication operator."

                       About Comstar-UTS

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.comstar-uts.com/en/-- provides fixed line  
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five 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.


GAS-SERVICE LLC: Tambov Bankruptcy Hearing Slated for April 21
--------------------------------------------------------------
The Arbitration Court of Tambov will convene at 9:50 a.m. on
April 21, 2008, to hear the bankruptcy supervision procedure on
LLC Gas-Service (TIN 6829003371).  The case is docketed under
Case No. A64-7177/07-25.

The Temporary Insolvency Manager is:

         Ya. Merkulov
         Post User Box 1
         Voroshilova Str. 35
         394055 Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Gas-Service
         Letter A2
         Entuziastov Avenue 2A
         Tambov
         Russia


KALACHA-AGRO-TRANS: Bankruptcy Hearing Slated for April 24
----------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m. on
April 24, 2008, to hear the bankruptcy supervision procedure on
LLC Kalacha-Agro-Trans.  The case is docketed under Case No.
A14-13885-2007 46/7B.

The Temporary Insolvency Manager is:

         S. Bogay
         Post User Box 5
         394065 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Kalacha-Agro-Tran
         Severnaya Str. 45
         Kalach
         397600 Voronezh
         Russia


LADA-GUARANTEE: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision
procedure on CJSC Lada-Guarantee.  The case is docketed under
Case No. A55-18362/2007.

The Temporary Insolvency Manager is:

         I. Madzhuga
         Office 40
         Br. Korostylevykh Str. 268
         443001 Samara
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Lada-Guarantee
         Yuzhnoe Shosse 115
         Tolyatti
         Samara
         Russia


LEN-STROY-PROJECT: Bankruptcy Hearing Slated for April 16
---------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 10:00 a.m. on April 16, 2008, to hear the bankruptcy
supervision procedure on LLC Len-Stroy-Project (TIN 7810034667).
The case is docketed under Case No. A56-39422/2007.

The Temporary Insolvency Manager is:

         E. Kubakhov
         Post User Box 12
         394038 Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Len-Stroy-Project
         Letter A
         Yuriya Gagarina Pr. 28, 1
         St. Petersburg
         Russia


MAMONTOVSKAYA SEL-KHOZ-TEKHNIKA: Court Hearing Set for June 23
--------------------------------------------------------------
The Arbitration Court of Altay will convene on June 23, 2008, to
hear the bankruptcy supervision procedure on OJSC Mamontovskaya
Sel-Khoz-Tekhnika.  The case is docketed under Case No. A03-60/
08-B.

The Temporary Insolvency Manager is:

         L. Prikhodko
         Post User Box 3077
         656015 Barnaul
         Russia

The Debtor can be reached at:

         OJSC Mamontovskaya Sel-Khoz-Tekhnika
         Mamontovo
         Altay
         Russia


OBRAZTSOVO CJSC: Court Names V. Zilev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Orel appointed V. Zilev as Insolvency
Manager for CJSC Obraztsovo.  He can be reached at:

         V. Zilev
         K. Marksa Str. 26
         440026 Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-4782/07-20b.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel  
         Russia

The Debtor can be reached at:

         CJSC Obraztsovo
         Obraztsovo
         303123 Orel
         Russia


ROSNEFT OIL: Delays Bond Issues Due to Market Conditions
--------------------------------------------------------
Rosneft Oil disclosed that it will delay the issuance of up to
RUR45 billion (US$1.9 billion) in bond and wait until market
conditions improve, Reuters reports.

According to the report, the company planned to issue the bond
starting in the fourth quarter of 2007.

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

                         *     *     *

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


SEVERSTAL OAO: Acquiring Sparrows Point for US$810 Million
----------------------------------------------------------
OAO Severstal has reached an agreement to purchase Sparrows
Point LLC from ArcelorMittal for US$810 million.

Sparrows Point, currently owned by ArcelorMittal, is being sold
by Joseph G. Krauss, Divestiture Trustee, as required by the
Final Judgment entered on May 23, 2007 in the United States
District Court for the District of Columbia in the matter known
as United States v. Mittal Steel Company N.V., to settle a
complaint filed by the United States Department of Justice
following the merger agreement between Mittal Steel and Arcelor
S.A. in 2006.

The transaction reflects a significant strategic opportunity to
add complementary assets and scale to Severstal’s existing U.S.
business.

Sparrows Point has a capacity of 3.6 million metric tons of
crude steel and shipped 2.3 million metric tons of finished
steel products in 2007; it is the only integrated producer of
flat rolled steel on the U.S. East Coast and is a major North
American supplier of tin mill products.

Severstal expects to realize significant business improvements
and synergies at Sparrows Point in conjunction with a five-year
investment program at the plant.  The transaction is expected to
be accretive in year one based on current projections of costs
and prices and offers value creation potential.  Additionally,
the company expects substantial synergies with its current U.S.
operations in Dearborn, Michigan and Columbus, Mississippi.  

With the addition of Sparrows Point, Severstal will also improve
its distribution channels and increase its geographic reach as
the plant provides direct ocean access and proximity to a number
of major U.S. railways and highways.

"With Sparrows Point, Severstal brings into its U.S. portfolio
an asset with significant existing value as well as unlocked
growth potential," Alexei Mordashov, CEO of Severstal,
commented.  "This acquisition presents us with an opportunity to
enhance productivity at Sparrows Point through our high
standards of operational performance and will benefit our
existing U.S. businesses. We expect to realize synergies in
Sparrows Point and with SNA that will fuel increased production
and profitability.  We remain committed to growth in North
America and believe in the long-term promise of the U.S. market;
we’re confident that this acquisition will create value for our
shareholders while strengthening our U.S. platform as a whole."

Severstal and the United Steel Workers have agreed to enter into
a collective bargaining agreement, reinforcing the Company’s
already strong relationship with organized labor.

The acquisition is subject to customary closing conditions,
including approval by the United States Department of Justice,
and is expected to close in 2Q08.

Merrill Lynch & Co. is acting as exclusive financial advisor to
Severstal and rendered a fairness opinion to the Board of
Directors regarding this transaction.  Skadden, Arps, Slate,
Meagher & Flom LLP is acting as legal counsel to Severstal.

                         About Severstal

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

                         *     *     *

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

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

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


TATA MOTORS: Should Seal the Ford Deal on Wednesday, Report Says
----------------------------------------------------------------
Tata Motors Ltd. should seal a deal with Ford Motor Co. for the
acquisition of the latter's Jaguar and Land Rover units this
Wednesday, Thomson Financial cites The Independent newspaper as
saying.

Early this year, Tata Motors was named as the front-runner to
buy the two Ford brands, outbidding Mahindra & Mahindra in
collaboration with buyout firm Apollo; and One Equity Partners
LLC.

Roger Madisson, National Officer, UNITE, told CNBC-TV18 that
they heard from people at Jaguar and Land Rover that the deal
was ready to be signed since last week.  "We are looking forward
to becoming a part of the Tata's very shortly," he added.

The sale deal is expected to close in the second quarter,
according to Ford's U.S. Securities and Exchange Commission
annual report filing.

Tata Motors has already signed a one-year US$3 billion bridging
loan with Citigroup Inc. and JPMorgan Chase & Co. for the
purchase of the two marquee brands, Dow Jones Newswires reported  
citing a person familiar with the deal.

Citing unnamed banking sources, Reuters said that the bridge
loan is expected to launch to a wider syndication early this
week.  According to the same news agency, the bridge loan is
being taken by TML Holdings Ltd, and is guaranteed by Tata
Motors.  The loan is expected to pay an initial margin of 85
basis points over LIBOR before stepping up to 120 bps after six
months and to 150 bps after nine months, Reuters added.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd. on review for possible downgrade.


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


AYT COLATERALES: Moody's Puts (P)Ba2 Rating on Series D Notes
-------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by AYT COLATERALES GLOBAL
HIPOTECARIO BBK II under AyT COLATERALES GLOBAL HIPOTECARIO
program:

    -- (P) Aaa to the EUR955.5 million Series A notes
    -- (P) A2 to the EUR30.5 million Series B notes
    -- (P) Baa3 to the EUR7.0 million Series C notes
    -- (P) Ba2 to the EUR7.0 million Series D notes

The transaction represents the securitisation of Spanish
residential mortgage loans originated by Bilbao Bizkaia Kutxa
(BBK) (A1/P-1).  The assets supporting the Notes are prime
mortgage loans secured on residential properties located in
Spain.  The portfolio will be also serviced by BBK.

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

The ratings address the expected loss posed to investors by the
legal final maturity (June 2043).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A, B, C and D at par, on or
before the final legal maturity date. Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavour to assign
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.


FTA SANTANDER: Moody's Puts (P)C Rating on Series F Notes
---------------------------------------------------------
Moody's Investors Service has assigned these provisional (P)
ratings to the Spanish enterprise loan-backed securities to be
issued by Fondo de Titulizacion de Activos (FTA), Santander
Empresas 5:

    -- (P)Aaa to the EUR1568.0 million Series A notes
    -- (P)Aa3 to the EUR140.0 million Series B notes
    -- (P)A3 to the EUR100.0 million Series C notes
    -- (P)Baa3 to the EUR112.0 million Series D notes
    -- (P)Ba2 to the EUR80.0 million Series E notes
    -- (P)C to the EUR100.0 million Series F notes

Fondo de Titulizacion de Activos, Santander Empresas 5 is a
securitisation of loans granted to Spanish enterprises carried
out by Banco Santander, S.A. (Banco Santander).

In Moody's view, strong features within this deal include, among
others: (1) a swap agreement guaranteeing an excess spread of
0.60% and covering the servicing fee should Banco Santander be
substituted as servicer of the pool; (2) a 12-month artificial
write-off mechanism; (3) a fully sequential amortisation of the
subordinated notes (series B, C, D and E); and (4) a well
diversified pool in terms of geography.

However, the transaction poses several challenging features,
namely: (1) some limitations on the historical information
submitted by the originator; (2) high debtor concentration in
the pool; (3) high % of Real Estate Developers included in the
pool (27%) and low % of loans secured by a first-lien mortgage
guarantee (22.22%); and (4) the negative impact of the interest
deferral trigger on the subordinated series.  Moody's has
incorporated these risks into it quantitative analysis of the
transaction.

The provisional pool of underlying assets comprised, as of
February 2007, a portfolio of 5,224 loans granted to 4,724
borrowers, all of whom are Spanish enterprises.  The loans were
originated between 1996 and 2007, with a weighted average
seasoning of 0.84 years and a weighted average remaining life of
5.28 years.  The interest rate is floating for 93.2% of the pool
and fixed for the rest.  The weighted average interest rate is
5.28%. Only 22.22% of the outstanding of the portfolio is
secured by a first-lien mortgage guarantee over different types
of properties, with a weighted average loan to value equal to
85.2%.  Geographically, the pool is concentrated in Madrid
(27%), Andalusia (22%) and Catalonia (13%), and is around 45%
concentrated in the "buildings and real estate" sector according
to Moody's industry classification.  At closing, none of the
loans will have amounts more than 30 days past due.  In
comparison with its predecessor (Santander Empresas 4), the
biggest differences are as follows: (1) lower weighted remaining
term; (2) higher borrower concentration; and (3) lower
proportion of loans secured by a first-lien mortgage guarantee.

Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) the
historical performance and other statistical information; (iii)
the swap agreement hedging the interest rate risk; (iv) the
credit enhancement provided through the Guaranteed Investment
Contract (GIC) account, the excess spread, the reserve fund and
the subordination of the notes; and (v) the legal and structural
integrity of the transaction.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction. U pon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavour to assign a definitive
rating to the notes. A definitive rating, if any, may differ
from a provisional rating.

The provisional ratings address the expected loss posed to
investors (excluding, as concerns Series F, the payment of
interest corresponding to the "Parte Extraordinaria" as defined
in the legal documentation) by the legal final maturity (October
2042).  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal at par
with respect to the Series A, B, C, D and E notes, and for
ultimate payment of interest (excluding, as concerns Series F,
the payment of interest corresponding to the "Parte
Extraordinaria" as defined in the legal documentation) and
principal at par with respect to the Series F notes, on or
before the final legal maturity date.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.



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


BALANCE LLC: Creditors' Liquidation Claims Due by March 31
----------------------------------------------------------
Creditors of LLC Balance have until March 31, 2008, to submit
their claims to:

         JSC Riedi Berni Theus
         via Mulin 4
         7500 St. Moritz
         Maloja GR  
         Switzerland

The Debtor can be reached at:

         LLC Balance
         St. Moritz
         Maloja GR
         Switzerland


BRROLO HOLDING: Creditors' Liquidation Claims Due by March 31
------------------------------------------------------------
Creditors of JSC BRROLO Holding have until March 31, 2008, to
submit their claims to:

         Gerhard Roth
         Liquidator
         Gruninger Hunziker Roth Rechtsanwalte
         Thunstrasse 73
         3006 Bern
         Switzerland

The Debtor can be reached at:

         JSC BRROLO Holding
         Bern
         Switzerland


CONSTRUMAT HANDEL: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC CONSTRUMAT Handel on Feb. 5, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC CONSTRUMAT Handel
         Loberenstrasse 47
         6300 Zug
         Switzerland


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

         L. Amez-Droz
         Liquidator
         Claridenweg 1
         8800 Thalwil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Fininserv
         Zurich
         Switzerland


HOUSE OF HIRSCHBERK: Creditors' Liquidation Claims Due by June 2
----------------------------------------------------------------
Creditors of LLC House of Hirschberk have until June 2, 2008, to
submit their claims to:

         LLC House of Hirschberk
         Leubergstrasse 58
         8615 Wermatswil ZH
         Switzerland


IATROGEN JSC: Creditors' Liquidation Claims Due by April 1
----------------------------------------------------------
Creditors of JSC iatrogen have until April 1, 2008, to submit
their claims to:

         Hans Sulser
         Dufourstrasse 101
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC iatrogen
         Zurich
         Switzerland


INVEST PROGRESS: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Invest Progress on Jan. 29, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Invest Progress
         6340 Baar ZG
         Switzerland


KENCEY LLC: Creditors' Liquidation Claims Due by April 9
--------------------------------------------------------
Creditors of LLC Kencey have until April 9, 2008, to submit
their claims to:

         LLC Kencey
         Etzelmatt 5
         5430 Wettingen
         Baden AG
         Switzerland


SILBERSTEIN & PARTNER: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Silberstein & Partner on Jan. 30, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Silberstein & Partner
         Bosch 23
         6331 Hunenberg ZG
         Switzerland


SWISS IMAGING: Zurich Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Hongg-Zurich commenced bankruptcy
proceedings against JSC Swiss Imaging Technologies on Feb. 6,
2008.

The Bankruptcy Service of Hongg-Zurich can be reached at:

         Bankruptcy Service of Hongg-Zurich
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Swiss Imaging Technologies
         Riedthofstr. 214
         8105 Regensdorf
         Dielsdorf ZH
         Switzerland


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


ALERON-TRADE LLC: Creditors Must File Claims by March 27
--------------------------------------------------------
Creditors of LLC Aleron-Trade (code EDRPOU 33103712) have until
March 27, 2008, to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. 15/301-b.

The Debtor can be reached at:

         LLC Aleron-Trade
         Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


AMITEKS LLC Creditors Must File Claims by March 27
--------------------------------------------------
Creditors of LLC Amiteks (code EDRPOU 32380467) have until
March 27, 2008, to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. 15/799-b.

The Debtor can be reached at:

         LLC Amiteks
         Schors Str. 37
         01133 Kiev
         Ukraine


DNIEPRO-KARGO LLC: Proofs of Claim Deadline Set March 27
--------------------------------------------------------
Creditors of LLC Dniepro-Kargo (code EDRPOU 25263746) have until
March 27, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/408-b.

The Debtor can be reached at:

         LLC Dniepro-Kargo
         Apartment 14
         Zverinetskaya Str. 63-A
         01001 Kiev
         Ukraine


EQUIPMENT-SET LLC: Creditors Must File Claims by March 27
---------------------------------------------------------
Creditors of LLC Equipment-Set (code EDRPOU 33152288) have until
March 27, 2008, to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. 43/178.

The Debtor can be reached at:

         LLC Equipment-Set
         Leipzig Str. 3-a
         01015 Kiev
         Ukraine


KLARITA LLC: Proofs of Claim Deadline Set March 27
--------------------------------------------------
Creditors of LLC Klarita (code EDRPOU 30634181) have until
March 27, 2008, to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
43/304.

The Debtor can be reached at:

         LLC Klarita
         Ivan Kudria Str. 26
         01042 Kiev
         Ukraine


ORCHID LLC: Creditors Must File Claims by March 27
--------------------------------------------------
Creditors of LLC Orchid (code EDRPOU 23745547) have until
March 27, 2008, to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. 15/198-b.

The Debtor can be reached at:

         LLC Orchid
         Institutskaya Str. 25
         01021 Kiev
         Ukraine


PROJECT-BUILDING ENTERPRISE: Creditors' Claims Due March 27
-----------------------------------------------------------
Creditors of LLC Project-Building Enterprise (code EDRPOU
31351218) have until March 27, 2008, to submit written proofs of
claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. 15/298-b.

The Debtor can be reached at:

         LLC Project-Building Enterprise
         Apartment 12
         Shota Rustaveli Str. 38
         01023 Kiev
         Ukraine


RUSSIAN-UKRAINIAN TRADING: Creditors' Claims Due March 27
---------------------------------------------------------
Creditors of LLC Russian-Ukrainian Trading House (code EDRPOU
21377708) have until March 27, 2008, to submit written proofs of
claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. 43/689.

The Debtor can be reached at:

         LLC Russian-Ukrainian Trading House
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


SPORTSYMBOL AND C: Creditors Must File Claims by March 27
---------------------------------------------------------
Creditors of LLC Sportsymbol and C (code EDRPOU 25412655) have
until March 27, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. 23/218-b.

The Debtor can be reached at:

         LLC Sportsymbol and C
         Liuteranskaya Str. 16
         01024 Kiev
         Ukraine


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


BAA LTD: Airlines Demand Review of CAA Over Landing Charges
-----------------------------------------------------------
EasyJet plc, Ryanair Holdings plc and Bmi plc have jointly
called for a judicial review of the Civil Aviation Authority,
Alistair Osborne writes for the Daily Telegraph.  The airlines
are protesting the regulator's decision allowing BAA Ltd. to
impose large increases in landing charges at Heathrow and
Gatwick.

The airlines, the Daily Telegraph relates, alleged CAA's
decision was made to rescue BAA's owner, which is struggling
with a GBP10 billion refinancing.

The airlines, led by easyJet, are expected to lodge a formal
claim to the High Court within the next four weeks, the Daily
Telegraph discloses.

According to Toby Nicol, a spokesman for easyJet, which
expressed concerns over the impact the hike in charges will have
on its operations at Stansted, it had grounds for action
regarding both the CAA's processes and "the perverse decision
itself," the Daily Telegraph reveals.

Virgin Atlantic, the Daily Telegraph adds, may join the legal
action.  British Airways plc' participation, however, is
considered unlikely.
  
The CAA, on the other hand, vowed to defend any action brought
against them, insisting it can justify Gatwick's increase in
operating expenditure on the grounds of extra security
requirements, the paper states.

           Civil Aviation Authority Price Review

As previously reported in the TCR-Europe, the CAA, on March 11,
2008, published its decisions for price controls for Heathrow
and Gatwick airports for the five years from April 1, 2008 to
March 31, 2013.

The CAA's package of price caps and incentives will enable
and encourage BAA to deliver genuine service quality
improvements and to invest to raise the level of facilities and
service that can be delivered to passengers and airlines.  The
outcome for passengers should be decently modern airports and
consistently high service standards.

The CAA has set these maximum charges:
     
Heathrow

   -- GBP12.80 per passenger in 2008/09, an increase of GBP2.44
      on a like-for-like basis, representing a 23.5% increase in
      real terms from the current price cap, with allowed
      charges subsequently increasing in each of the following
      four years by no more than retail price index inflation
      plus 7.5% each year.
     
Gatwick

   -- GBP6.79 per passenger in 2008/09, an increase of GBP1.18
      on a like-for-like basis, representing a 21.0% increase in
      real terms from the current price cap, with allowed
      charges subsequently increasing in each of the following
      four years by no more than RPI inflation plus 2.0%.

At both airports, the difference from the CAA's November 2007
proposals is in the first year increase, which is GBP0.83 per
passenger or 7 percentage points greater at Heathrow and GBP0.72
per passenger or 12 percentage points greater at Gatwick.

The main reasons for the differences since November 2007 are:

   (i) additional investment, particularly at Heathrow, the need
       for which has largely been endorsed by the airlines
       operating at each airport; and

   (ii) additional security costs at both airports, but with
        greater impact at Gatwick, which, in the CAA's view, are
        necessary both to reduce queues for passengers and to
        meet Department for Transport security requirements and
        the Government's drive to restore more normal  
        arrangements across the UK for passengers' hand baggage.  

Otherwise, these decisions are aligned with the recommendations
made by the Competition Commission, updated for subsequent
airport-airline agreements, information received since the
Commission completed its report, and the final round of
consultation on the CAA's November 2007 proposals.

The CAA recognizes that the resulting increases in airport
charges are significant.  However, these higher airport charges
are essentially paying for the modernization of Heathrow and
Gatwick, in terms of both facilities and service, for the direct
benefit of the passenger.  At Heathrow, this entails paying for
the full capital and operating costs of Terminal 5 as it comes
into service on March 27, 2008, the construction of the Heathrow
East Terminal by 2013, and bringing the rest of the airport up
to comparable modern standards.

At Gatwick, the next quinquennium will see the construction of a
major new pier, the redevelopment of the South Terminal check-in
area and forecourt access, and a new baggage system.

In terms of service, the CAA's decision provides for shorter
security queuing times, enhanced levels of service across the
airports, and greater and more immediate information to
passengers from BAA of how it is performing against the
standards it has been set.

It is important that airlines and passengers receive the
services that they are paying for in airport charges.  The CAA
therefore confirms its earlier proposals for stronger incentives
on each airport in the coming five-year period to deliver higher
and consistent service quality and improved infrastructure.

These stronger financial incentives include:
          
   -- Investment

      A greater proportion of the investment programme at each
      airport will be subject to 'triggers', under which penalty
      payments are incurred each month for late delivery of
      specified outputs from projects.  The CAA has decided to
      set triggers covering over 60 per cent of Heathrow's and
      Gatwick's respective capital programs for Q5, under
      which around 5 and 4 per cent respectively of airport
      charge revenue would be at risk during Q5 in the event
      that these projects were not delivered on time.
          
   -- Service quality

      A broader range of services will be subject to financial
      incentives, with enhanced targets most notably for ]
      passenger security processing, which should deliver a
      quicker and more reliable experience for passengers -
      queues less than 5 minutes for 95 per cent of the whole
      day.  The CAA proposes to increase the maximum level of
      rebates for poor service performance from 3 to 7 per cent
      of total airport charge revenue.  The CAA has also
      introduced bonuses for performance above target, to
      promote continuous improvement in service beyond the
      enhanced minimum standards set by the CAA.  These bonuses
      can be up to 21/4 per cent of airport charge revenue for
      passenger service performance above targets, delivered
      consistently across all terminals.

The CAA has maintained its earlier proposals for the price caps
to be based on a pre-tax real weighted average cost of capital
of 6.2 per cent at Heathrow and 6.5 per cent at Gatwick as
recommended by the Competition Commission.  Before doing so, the
CAA has analyzed recent turbulence in the financial markets, but
found that while there had been movement in some individual
components of the cost of capital, overall the Competition
Commission's recommendations remained valid.

Commenting on these decisions, which are informed by the
recommendations of the Competition Commission and build on
agreements reached between the airports and airlines, as well as
over two and half years of consultation, Dr. Harry Bush, CAA
Group Director, Economic Regulation, said:

"These decisions build on the enduring themes of the CAA's
previous regulatory proposals in this review.  Passengers and
airlines deserve better than they have been provided with at
Heathrow and Gatwick in recent years.  However, the
resulting improvements in airport facilities and service
standards - some GBP5 billion of investment over the next 5
years and a halving of security queuing times - have to be paid
for in increased charges."

"But airlines and passengers need to be sure that they are
getting the enhanced facilities and services that they are
paying for.  Hence, the CAA's emphasis on greater financial
incentives - with BAA being penalized a lot more if it fails
service standards and earning bonuses if it exceeds them.

"The price caps have been carefully based on investment programs
emerging from airport-airline discussions and also on a shared
airline-airport desire to improve quality of service, in
particular for passengers at security.  The CAA hopes that the
constructive engagement between airports and airlines that
underlies much of this pricing decision will continue in the
future to the benefit of their shared customers," Dr. Bush
added.

                            About BAA

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

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

                             *   *   *

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


BRITISH AIRWAYS: CEO Still Considers Bid for Iberia
---------------------------------------------------
British Airways Plc CEO Willie Walsh is still considering on
making a bid for Spain's Iberia Lineas Aereas de Espana SA,
published reports say.

According to Mr. Walsh, British Airways wants to enter the South
American market but only if the price is right, the reports say.

British Airways had bought 28,745,767 shares in Iberia Lineas SA
for GBP52 million, increasing its stake to 13.15%.

Mr. Walsh also disclosed that a British Airways management team
went to Spain to talk with executives at Caja Madrid, which owns
23% of the Iberia, BreakingNews.ie relates.

As reported in the TCR-Europe on November 2007, BA and TPG
consortium have withdrawn their interest in bidding for Iberia,
after a hostile reception from major shareholder Caja Madrid.

In May 2007 BA has joined with TPG Capital, Vista Capital,
Inversiones Ibersuizas and Quercus Equity to investigate a
possible consortium offer for the Spanish carrier.

                   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.


CALEDONIAN MACBRAYNE: May Go Bankrupt Over Illegal Subsidies
------------------------------------------------------------
Caledonian MacBrayne Ltd. may go bankrupt if it is proven that
subsidy payments for the company's lifeline ferry services in
Scotland have been illegally made, the Sunday Herald reports,
citing the Scottish government's database as its source.

The European Commission, the Sunday Herald relates, commenced
legal action against UK and Scottish ministers in
July 2005, claiming that their subsidies to CalMac breached
European law, calling them an unfair state aid to a monopoly.

The previous Scottish Executive, however, tendered CalMac's
routes to comply with European law, the Sunday Herald discloses.

According to the Sunday Herald, the European Commission could
demand CalMac, which is publicly-owned and controlled by the
Scottish Executive, to repay subsidy should it win the legal
dispute.

The European Commission, the Sunday Herald adds, is also
contemplating to initiate infraction proceedings, although it
has yet to be confirmed.

Caledonian MacBrayne, the Sunday Herald reveals, is receiving
GBP43 million in subsidies for its 24 routes to the Herbides and
islands around clyde.

The ferry company's collapse could affect vital transportation
links to the islands, the Sunday Herald states.

The Scottish government, the paper adds, refused to comment on
the issue as legal proceedings are still ongoing.


CARTER AND CARTER: Cancels Trading of Ordinary Shares
-----------------------------------------------------
Carter and Carter Group PLC requested the U.K. Listing Authority
that the listing of the company's ordinary shares on the
official list of the U.K. Listing Authority and the admission of
its ordinary shares to trading on the main market for listed
securities of the London Stock Exchange plc be canceled.

The cancellations are expected to take effect on March 25, 2008.

The company and its trading subsidiaries appointed Nicholas
James Dargan, Dominic Lee Zoong Wong and Christopher James
Farrington of Deloitte and Touche LLP as joint administrators on
March 11, 2008.

Administrators have also been appointed to a number of the
company's subsidiaries.

The joint Administrators are working with the company's
management team, the Learning and Skills Council, the Department
for Work and Pensions and other interested parties to secure the
ongoing survival of the group's businesses.  

However, the joint administrators do not expect that any value
will be returned to the company's shareholders out of the
administration.

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

Headquartered in Ruddington, England, Carter and Carter Group
PLC -- http://www.carterandcartergroup.com/-- provides   
vocational learning services and employability skills training
primarily under government funded contracts as well as
outsourcing of back office and other functions to the automotive
sector.

It operates from over 100 locations across the U.K. and abroad
with 2,500 employees and provides services to over 27,000
learners in the U.K.

The group has a turnover of GBP125 million. As of Jan. 17, 2008,
it had net debt of GBP129 million from GBP86 million net debt in
2007.


CHRYSLER LLC: Expects U.S. Sales to Drop in March 2008
------------------------------------------------------
Chrysler LLC is expecting a big decline in its U.S. sales for
March this year, Reuters reports, citing the company's sales
chief Jim Press.

According to Mr. Press, Chrysler, whose U.S. sales in January
and February dropped by 13%, decided to pull back from less
profitable deals for car rental agencies, Reuters relates.

"We will see big declines versus last year driven by our planned
reduction of fleet sales," Mr. Press was quoted by Reuters as
saying. "It's a challenging economy.  The market is facing
choppy waters.  The entire industry is facing headwinds."

Chrysler's chief executive Bob Nardelli, on the other hand,
declared the company, which along with other automakers is
grappling with higher gasoline prices, a weak housing market and
a credit squeeze, may have to cut production if sales fall short
of targets, Reuters reveals.

Reuters adds Chrysler is also planning to implement job cuts
under its restructuring plan, affecting 8,000 to 10,000 of its
44,000 U.S. blue-collar workers.

                         About Chrysler LLC

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

                          *     *     *

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


DAVID UNDERWOOD: Appoints Joint Administrators from P&A
-------------------------------------------------------
Andrew Philip Wood and John Russell of The P&A Partnership were
appointed joint administrators of David Underwood Swift Autocare
Ltd. (Company Number 04438631) on March 11, 2008.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

          David Underwood Swift Autocare Ltd.
          Fitzwilliam Street
          Sheffield
          South Yorkshire
          S1 4JR
          England
          Tel: 0114 270 0124
          Fax: 0114 277 2028


FORD MOTOR: Tata to Close Jaguar & Land Rover Acquisition
---------------------------------------------------------
Tata Motors Ltd. should seal a deal with Ford Motor Co. for the
acquisition of the latter's Jaguar and Land Rover units this
Wednesday, Thomson Financial cites The Independent newspaper as
saying.

Early this year, Tata Motors was named as the front-runner to
buy the two Ford brands, outbidding Mahindra & Mahindra in
collaboration with buyout firm Apollo; and One Equity Partners
LLC.

Roger Madisson, National Officer, UNITE, told CNBC-TV18 that
they heard from people at Jaguar and Land Rover that the deal
was ready to be signed since last week.  "We are looking forward
to becoming a part of the Tata's very shortly," he added.

The sale deal is expected to close in the second quarter,
according to Ford's U.S. Securities and Exchange Commission
annual report filing.

Tata Motors has already signed a one-year US$3 billion bridging
loan with Citigroup Inc. and JPMorgan Chase & Co. for the
purchase of the two marquee brands, Dow Jones Newswires reported  
citing a person familiar with the deal.

Citing unnamed banking sources, Reuters said that the bridge
loan is expected to launch to a wider syndication early this
week.  According to the same news agency, the bridge loan is
being taken by TML Holdings Ltd, and is guaranteed by Tata
Motors.  The loan is expected to pay an initial margin of 85
basis points over LIBOR before stepping up to 120 bps after six
months and to 150 bps after nine months, Reuters added.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                        About Ford Motor

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

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

                          *     *     *

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

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


EMTEC LTD: Brings In Deloitte to Administer Assets
--------------------------------------------------
Nicholas James Dargan, Dominic Lee Zoong Wong and Christopher
James Farrington of Deloitte & Touche LLP were appointed joint
administrators of Emtec (Specialized Services) Ltd. (Company
Number 2585595) on March 14, 2008.

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

The company can be reached at:

          Emtec (Specialised Services) Ltd.
          5 Linkmel Close
          Longwall Avenue
          Nottingham
          Nottinghamshire
          NG2 1NA
          England
          Tel: 0115 986 1746
          Fax: 0115 986 1930


GAP INVEST: Taps Joint Administrators from PwC
----------------------------------------------
Ian D. Stokoe and Ian D. Green of PricewaterhouseCoopers LLP
were appointed joint administrators of Gap Invest & Develop Ltd.
(Company Number 05608854) on March 14, 2008.

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

The company can be reached at:

          Gap Invest & Development Ltd.
          8 Stokesley Road
          Middlesbrough
          Cleveland
          TS7 8DX
          England
          Tel: 01642506800
          Web site: http://www.gap-limited.com/


INTERNATIONAL SECTIONS: Calls In Liquidators from Moore Stephens
----------------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidator of International Sections Ltd. on
March 7 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


NEXAGENT LTD: Appoints Joint Administrators from Tenon
------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison of Tenon Recovery
were appointed joint administrators of Nexagent Ltd. (Company
Number 04101137) on March 13, 2008.

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

The company can be reached at:

          Nexagent Ltd.
          Thames Tower
          Station Road
          Reading
          Berkshire
          RG1 1LX
          England
          Tel: 0118 933 7100
          Fax: 0118 933 7101


NORTHERN ROCK: UKSA Launches Legal Action Over Compensation
-----------------------------------------------------------
The UK Shareholders Association, on March 19, 2008,  held a
press conference to disclose the first steps in the legal
actions by shareholders to obtain fair recompense for the
compulsory purchase of their shares by the Government.  In
addition they gave details of the launch of a campaign to raise
funds to cover legal and other expenses associated with the
campaign.

                     The Basis of the Case

In UKSA's view the UK Government have confiscated the shares
even though there was a good private sector solution on the
table that would have enabled the company to recover and to
repay the debts it owed to the Bank of England.

According to the UKSA, they have promised to pay some
compensation but have rigged the basis of the valuation of the
shares so that shareholders are likely to get very little or
nothing (newspapers have been suggesting it could be as little
as 5 pence per share and the UKSA also believes it will be a
negligible figure).

The UKSA claimed the reason they have done this is apparently
because they have deduced that it offers "better value" to the
Government to acquire the shares for a pittance, and then sell
off the company after a period of "temporary public ownership"
to the highest bidder.  The association noted that there is no
commitment to give back to former shareholders any interest in
the company when it is subsequently sold, so they will not
benefit from any recovery in the business.

                 Rigging the Independent Valuation

How have they rigged the compensation terms?  

The UKSA said they have set the terms of reference for the
independent valuation by specifying that these assumptions
(among others) should apply:
   
   a) that the company is unable to continue as a going concern;
      and

   b) that the company is in administration.

These "assumptions" clearly did not apply when the
nationalization took place.  The company was not in
administration, and was trading normally and as a going concern
as Ministers have repeatedly said in Parliament and elsewhere.
Such terms of reference for the valuation of any company are
likely to result in a negligible valuation.

In addition the selection of the valuers is solely at the
discretion of the Treasury and there is no guarantee that they
will be unbiased and impartial.

         The Government Benefiting from its Own Actions

It is a general principle followed in commercial disputes that
anyone who damages the value of a business should not benefit as
a result in any subsequent valuation of that business.  But here
the UKSA alleged the Government and its agencies caused many of
the problems that Northern Rock faced.

            A Legal Challenge is Justifiable

The UKSA considers the valuation approach to be unlawful,
immoral and unethical and we believe that the Government should
not gain by being able to purchase the company cheaply as a
result of its own actions.  The association has taken legal
advice on these issues and it believes there is good grounds to
pursue legal action to challenge many aspects of this process
and the likely compensation that will be offered.

The UKSA believes that shareholders have a prima facie case that
their human rights have been violated under the Human Rights Act
1998 and the European Convention on Human Rights.  In
particular, the Act and the Convention protect rights in
property from the type of action which has been taken by the
Government here.

In the UKSA's view a proper, independent valuation of this
business when it was acquired by the Government might produce a
figure of more like GBP5 than 5 pence per share, which gives you
a measure of how much compensation it believes shareholders
should be asking for as opposed to what the Government wishes to
pay.  However, the association noted that it does not wish to
prejudge any valuation as not all the necessary financial
information is available to them at this time – all it asks is
that the valuation should be done on a normal commercial basis
with shareholders and the Government being able to make
submissions about the factors that might affect the conclusion.

But it is certainly not natural justice that a buyer of any
business should dictate the terms of reference for the
determination of the purchase price.

                Launch of Legal Action Fund

The UKSA estimates that there are over 150,000 private
individuals who have been affected by this matter.  It is
therefore asking everyone who was a shareholder in Northern Rock
to register their interest in this legal challenge and
contribute a minimum of GBP25.  Larger donations are invited
from shareholders with more than 1,000 shares, in proportion to
their holdings.

                Details of Legal Action

David Greene of Edwin Coe, UKSA's solicitors, has sent a "letter
before action" to the Treasury on behalf of three representative
plaintiffs (members of the group) outlining its claim that
there is a breach of the European Convention of Human Rights in
how the nationalization Act and the Compensation Order are
framed and requesting a response within 21 days.  The intention
is to seek a judicial review if there is no acceptable response.
SRM Global has sent a similar letter and it is likely that other
institutions may join in at a later date.  The association noted  
that although there is likely to be a joint case because clearly
the claims are similar, it would need separate legal
representation.

                   More Plaintiffs Required

Although the UKSA has several representative plaintiffs lined
up, it does require more people to give it a good cross section
of private shareholders.  This does not involve a great
obligation in time and the association would ensure that they
would be indemnified against any costs.

                   Credit Crunch Continues

The general credit crunch has led to the downfall of Bear
Stearns.  After a rescue by the Federal authorities it has been
purchased by J.P.Morgan.  Contrast the speed with which these
actions took place and the hesitation and delays of the UK Tri-
Partite Authorities when faced with the problems at Northern
Rock.

The association also noted that the Bank of England has provided
funding of GBP15 billion in the last week to unspecified
borrowers with no great drama or fuss, unlike what happened with
Northern Rock.

                      Fund Raising

Donations have been coming in at a reasonable rate.  The UKSA
has launched a major new initiative in that regard.  Its
objective is to raise money from at least 30,000 shareholders to
give it the required funds to pursue this campaign.  It has
revised the Donation Form to set a minimum donation of GBP25
because the previous amount of GBP10 was inadequate to cover
more than its basic administration costs and the association is
now looking at much more substantial costs and a longer term
campaign.  In addition it is clear that if this campaign is a
success then even shareholders who have only 500 shares will
improve their compensation offer by at least several hundred
pounds.

                    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.


SIRVA INC: Court Approves Sale of UK and Ireland Units
------------------------------------------------------
The Hon. James M. Peck of the United States Bankruptcy Court of
the Southern District of New York approved Sirva Inc. and its
debtor-affiliates' request to sell their ownership shares in
certain foreign non-Debtors subsidiaries, pursuant to Section
363 of the Bankruptcy Code.

SIRVA UK Limited, organized under the laws of England and Wales
and a non-Debtor in the Chapter 11 cases, is the Debtors'
principal operating company and a parent company of their U.K.
moving services businesses.

Douglas V. Gathany, senior vice-president and treasurer of
Debtor DJK Residential LLC, relates that SIRVA UK had relied on
funding from the Debtors to meet its short term cash
obligations.  SIRVA UK is experiencing a severe "liquidity
crunch," and has sufficient liquidity to fund its operations
only until March 20, 2008.  Absent cash infusions of
approximately US$8,000,000 after March 20, it will have to
commence U.K. insolvency proceedings, Mr. Gathany says.

The Debtors' DIP financing will allow only a US$3,000,000
funding for non-Debtor parties.  Hence, SIRVA UK has two options
-- an expedited sale of the business, or administration under
U.K. insolvency laws.

Mr. Gathany states that a forced administration in the U.K. will
not maximize value for the Debtors' estates, which will result
in a zero net recovery for equity holders.  Mr. Gathany adds
that the potential loss of control of the "Pickfords" brand and
trademark rights, currently owned by SIRVA UK, will have a
severe negative effect on the Debtors' other international
businesses.   The Debtors' regional managers have advised that
if SIRVA's international moving businesses will lose the use of
the brand, the value of those businesses, and thus the value of
their bankruptcy estates, will sharply decline.

Debtor North American International Holding Corporation, in
conjunction with other foreign non-Debtor shareholders, have
agreed to a private sale of the foreign moving services
businesses -- SIRVA Group Holdings Limited and SIRVA Ireland,
including The Baxendale Insurance Company Limited, their
affiliated Irish insurance business -- to companies managed by
TEAM Relocations Limited.  In 2007, the Debtors had successfully
concluded a similar transaction with TEAM, in connection with
the Debtors' assets in continental Europe.

TEAM's associated companies will acquire all of the Debtors'
capital stock in their U.K. and Irish businesses for
GBP2,108,000, pursuant to the Share Purchase Agreement dated
March 2, 2008 between North American, NA (UK) Limited
Partnership and NA (UK) GP Limited, and Picot Limited and Irving
Holdings Limited.  The Sale is guaranteed by TEAM Relocations
Limited, in a separate guarantee agreement.

The Sale Proceeds will be used to offset existing intercompany
indebtedness:

   * GBP1,054,000 for 100 ordinary shares of SIRVA Group
     Holdings Limited;

   * GBP1,053,999 for 13,999,999 ordinary shares of SIRVA
     Ireland Limited; and

   * GBP1 for 1 ordinary share of SIRVA Ireland Limited.

Under the terms of the proposed sale, TEAM will provide SIRVA UK
with GBP5,000,000 of immediately available funding, with a 3%
interest rate, to avoid insolvency proceedings.  In addition,
TEAM has agreed to take over SIRVA UK's GBP1,600,000 April
payment obligation under the pension scheme funding agreement.  
TEAM will not object to the extinguishment of either the
Debtors' pension scheme guarantees or a GBP8,400,000
intercompany debt from the Debtors to SIRVA UK, pursuant to the
Debtors' proposed plan of reorganization.  The Purchasers will
own the  "Pickfords" trademark, and will grant the Debtors the
right to use "Pickfords" in 30 countries outside the United
Kingdom.

Prior to the closing of the sale, the Foreign Moving Businesses
will be operated in the ordinary course of business consistent
with past practice and will not, among other things, declare or
pay any dividends, issue any share capital, or make any loans,
other than between those companies.

The Guarantee Agreement caps the Guarantor's liability to
GBP3,053,000 for replacement letters of credit and scheduled
third party assurances, and GBP2,000,000 for unknown third party
assurances.

Mr. Gathany tells Judge James M. Peck that the Debtors'
prepetition and postpetition lenders have approved the Sale, and
have consented to the release of their liens on the Shares.  
Furthermore, Mr. Gathany says that on February 18, 2008, the
Debtors' board of directors approved the potential Sale and the
Debtors' entry into the Share Purchase Agreement, which was
subsequently confirmed by their unanimous written consent dated
February 29.

The Debtors maintain that the Sale has been proposed and entered
into by the Debtors and the Purchasers without collusion, in
good faith, and from arm's-length bargaining positions, and
therefore,   ask Judge Peck to waive the 10-day stay under Rule
6004(g) of the Federal Rules of Bankruptcy Procedure.

        Sale of U.K. and Ireland Operations to TEAM Group

As reported by the Troubled Company Reporter on March 5, 2008,
SIRVA, Inc., reached an agreement to sell its moving services
operations in the United Kingdom and the Republic of Ireland to
a company managed by The TEAM Group, Europe's leading corporate
international moving company and a member of the Allied
International moving network.  The transaction is subject to
certain closing conditions, including the receipt of regulatory,
court and other approvals.

The sale includes Pickfords, the U.K.'s leading moving and
storage business, and Allied Pickfords' international moving
services business in the U.K. TEAM will manage Pickfords without
any interruption to service to existing and future customers.

SIRVA's relocation operations in the U.K. and Continental Europe
are not part of the transaction.  SIRVA remains committed to a
continued presence in the relocation market in Europe.  SIRVA
will also continue to own and operate the Allied Pickfords
business in Australia, New Zealand and Asia.

The sale reflects SIRVA's strategy of pursuing a business model
in which the Company works with representatives around the world
to ensure that Allied network customers receive seamless, high-
quality service to and from virtually any country in the world,
SIRVA said in a statement.

Last year, SIRVA sold its moving services operations in 13
European countries to TEAM, which subsequently became the Allied
network's representative in those countries.  Since then, the
two companies have worked together successfully to offer
customers integrated international moving services.

By selling the U.K. business to an existing Allied
representative, SIRVA further strengthens the Allied network and
ensures service to customers -- either relocating to the U.K. or
moving within the country -- will be unaffected.

"We are pleased to announce this transaction, which allows SIRVA
to focus on our core businesses.  As TEAM are already members of
the Allied network in Europe, SIRVA ensures customers in the
U.K. will continue to receive global coverage and the highest
levels of service; and Pickfords becomes part of another trusted
organization," said SIRVA President and Chief Executive Officer
Robert W. Tieken.

Cees Zeevenhooven, TEAM Allied Group CEO, said, "Pickfords has a
great heritage, and we look forward to growing the company.  
This transaction builds on the process which we began one year
ago to increase our presence in the European marketplace, and we
anticipate expansion of the TEAM Allied network throughout the
continent."

The TEAM Group is Europe's leader and one of the world's largest
international moving and relocation companies, with over 40
operations in 14 countries.  The Group employs over 900
specialist staff and provides a comprehensive range of
innovative cost-effective mobility solutions.

                      About the TEAM Group

The TEAM Group --  http://www.teamgoc.com-- is Europe's leader   
and one of the world's largest international moving and
relocation
companies, with over 40 operations in 14 countries.  The Group
employs over 900 specialist staff and provides a comprehensive
range of innovative cost-effective mobility solutions.

                        About Sirva Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company has operations in Costa Rica.

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
USUS$924,457,299 and total debts of USUS$1,232,566,813 for the
quarter ended Sept. 30, 2007.


WEARSIDE DISABLEMENT: Brings In Liquidators from Tenon Recovery
---------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Wearside Disablement Centre Trust
(a company limited by guarantee) on March 6 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


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
Sabena S.A.                          (86)       2,215     (297)


CYPRUS
------
Cyprus Airways            CAIR       (30)         262      (97)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE    
------
Arbel                     ARB       (150)         138      (96)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (2,718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX        (9)         134      (26)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

ICELAND
-------
Decode Genetics Inc.      DCGN      (55)         216      146

IRELAND
-------
Elan Corp PLC             ELN      (235)       1,781       459
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
Bagleys Investment                  (247)       1,094     (126)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY         (9)         648       35
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (2,266)       2,950     (296)
Evans Healthcare                     (86)         239     (144)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD       (894)       2,139     (356)
Lambert Fenchurch Group               (1)       1,827        3
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
New Star Asset                      (418)         368       17
Next Plc                            (157)       3,235      (63)
Orange Plc                ORNGF     (594)       2,902        7
Pii Group Ltd                        (84)         236      (47)
Rank Group Plc                       (26)       1,209      (87)
Regus Plc                            (46)         367      (60)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Spirit Group                         (75)         365      (56)
Telereal Security                    (35)       3,418     1,948
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Unilever U.K. Cent.               (1,170)       4,509       82
Upperpoint Manufac.                  (10)         280      (10)
Webley Stadium                       (55)       1,561      (45)
Wincanton Plc             WIN        (27)       1,451      (78)

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *