TCREUR_Public/080326.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, March 26, 2008, Vol. 9, No. 60

                            Headlines


A U S T R I A

A & K DIE: Claims Registration Period Ends April 9
AS BAU: Claims Registration Period Ends April 14
MARMOR LUX: Claims Registration Period Ends April 14
MEINL EUROPEAN: CPI/Gazit Acquires Interest for EUR800 Million
MEINL EUROPEAN: Cash Deal Cues Fitch to Keep Ratings' Watch Neg

METALLTECHNIK LLC: Claims Registration Period Ends April 2
T & V TRANSPORT: Creditors' Meeting Slated for March 31
WIENER FLEISCHER: Claims Registration Period Ends April 2
XERIUM TECHNOLOGIES: Delays Filing of December 2007 Form 10-K
XERIUM TECHNOLOGIES: Discloses Likely Bankruptcy Filing

XERIUM TECHNOLOGIES: Cancels Dividend for First Quarter 2008
XERIUM TECHNOLOGIES: Moody's Cuts Ratings on High Default Risk
XERIUM TECHNOLOGIES: S&P Cuts Ratings on Likely Covenant Breach


B E L G I U M

CHEMTURA CORP: Posts US$3 Mil. Net Loss in Year Ended Dec. 31
FERRO CORP: Posts US$94 Million Net Loss for Year Ended Dec. 31


F R A N C E

GRAPHIC PACKAGING: Moody's Affirms Ratings on Altivity Merger
SR TELECOM: Selling Assets to Groupe Lagasse for US$6 Million
TECUMSEH PRODUCTS: Shareholder Asks Board to Study Sale of Biz


G E R M A N Y

AAA TRAVEL: Claims Registration Period Ends March 15
ALPHACALL GMBH: Claims Registration Period Ends April 14
AUTOHAUS KIESEL-JANKE: Claims Registration Period Ends April 14
AUTOHAUS VOLK: Claims Registration Period Ends April 2
BAUFRANK CONSULT: Claims Registration Period Ends April 14

BBF GMBH: Claims Registration Period Ends April 14
BG VERWALTUNGS: Claims Registration Period Ends April 11
FACHBUCHHANDLUNG FUER INFORMATIK: Claims Filing Ends April 2
HYMMEN-SCHRAUBEN: Claims Registration Period Ends April 1
INFLUX CASHFLOW: Claims Registration Period Ends April 14

FAHNENFABRIK WEDEMARK: Claims Registration Period Ends April 14
FORUM MASSIMO: Claims Registration Period Ends April 14
GEBRA GMBH: Claims Registration Ends April 7
GUENTER BAU: Claims Registration Period Ends April 14
KOERBELITZER FRUCHTMARKT: Claims Registration Ends April 1

KOMPLEX IMMOBILIEN: Claims Registration Period Ends April 9
LANGENHOF GEFLUEGELFARM: Claims Registration Ends April 7
MARMOR SOMMERFELD: Claims Registration Ends April 7
OMA RINK: Claims Registration Ends April 4
R & H - HANDELS: Claims Registration Period Ends April 11

R & K GMBH: Claims Registration Ends April 4
RADEBERGER SANIERUNGSGESELLSCHAFT: Claims Filing Ends April 3
RAUH HOLZ: Claims Registration Period Ends April 1
SETR GMBH: Claims Registration Ends April 6


I R E L A N D

GAP INC: Earns US$265 Million in Fourth Quarter Ended February 2


I T A L Y

ALITALIA SPA: Air France and Unions Resume Talks
ALITALIA SPA: Romano Prodi Ready to Accept Italian Bid
FIAT GROUP: Withdraws Termini Imerese Plant Expansion Plan


K A Z A K H S T A N


AKTOBE-CONTRACT XXI: Creditors Must File Claims by April 22
ASIA-SERVICE LLP: Claims Deadline Slated for April 25
DESIGN STROY: Claims Filing Period Ends April 25
KAISAR ASSET: Creditors' Claims Due on April 25
KAZ MICROCREDIT: Claims Registration Ends April 25

M&M MILITZER&MUNCH: Creditors Must File Claims by April 25
OIL MARKET: Claims Deadline Slated for April 25
RENESSANS CAPITAL: Claims Filing Period Ends
SENIM-SERVICE XXI: Creditors' Claims Due on April 22
TALGAT OIL: Claims Registration Ends April 25


K Y R G Y Z S T A N

MAN SEG: Creditors Must File Claims by April 25
SEVEN STAR: Claims Filing Period Ends April 25


L U X E M B O U R G

CA INC: Ample Cash Flow Prompts S&P's Positive CreditWatch


N E T H E R L A N D S

VALEANT PHARMA: Posts US$6.2 Mil. Net Loss in Year Ended Dec. 31
X5 RETAIL: Inks Agreement to Buy Kama Retail for US$18 Million


P O L A N D

SCO GROUP: Posts US$1.5 Mil. Net Loss in 1st Qtr. Ended Jan. 31


R O M A N I A

FORD MOTOR: Completes Buy of Automobile Craiova Facility


R U S S I A

ARSLAMBAEVSKIY CJSC: Creditors Must File Claims by April 22
IGLAS LLC: Creditors Must File Claims by April 22
KIROV CJSC: Creditors Must File Claims by April 22
MAGNITOGORSK IRON: Board Recommends Dividend Payment
PONIZOVYE-AGRO-TEKH-SERVICE: Claims Filing Period Ends April 22

ROSNEFT OIL: Inks Oil Cooperation Deal with Japan
SINEL CJSC: Court Names S. Piskarev as Insolvency Manager
TEKHNO-ECOLOGY OJSC: Creditors Must File Claims by April 22
VOLGOGRAD-SPETS-AVTOMATIKA: Claims Filing Period Ends April 22
X5 RETAIL: Inks Agreement to Buy Kama Retail for US$18 Million

YUKOS OIL: Dutch Court Denies Promneftstroy's Inquiry Request


S W I T Z E R L A N D

ASS-OEKOHAUS JSC: Creditors' Liquidation Claims Due by April 2
DRIVING RANGE: Creditors' Liquidation Claims Due by April 3
DST LLC: Creditors' Liquidation Claims Due by April 3
GTF SOLUTIONS:  Zug Court Starts Bankruptcy Proceedings
GTS GIPSER:  Lucerne Court Starts Bankruptcy Proceedings

IMAT JSC:  Zug Court Starts Bankruptcy Proceedings
ROSA BRAUN: Creditors' Liquidation Claims Due by April 4
RPS-PRODUKTION: Creditors' Liquidation Claims Due by April 3
STE - TEC:  Lucerne Court Starts Bankruptcy Proceedings
TRESCOMP INVESTMENT: Creditors Must File Claims by April 3

WARMUD JSC: Creditors' Liquidation Claims Due by April 3


U K R A I N E

BLACK SEE: Creditors Must File Claims by March 27
BOBRINETSKY FEED: Creditors Must File Claims by March 27
EVEREST-IMPORT LLC: Creditors Must File Claims by March 27
KIATECK LLC: Creditors Must File Claims by March 27
POLESYE LLC: Creditors Must File Claims by March 27

PRODKOM LLC: Proofs of Claim Deadline Set March 27
RADOSIN-AGRO: Proofs of Claim Deadline Set March 27
ROZHNIATOV AGRICULTURAL: Creditors Must File Claims by March 27
SIGMA-OKB SA: Creditors Must File Claims by March 27


U N I T E D   K I N G D O M

ADSEARCH LTD: High Court Orders Winds Up Advertising Firm
ARGON CAPITAL: S&P Puts Series 40 Notes' B Rating on Watch Neg
BAA LTD: APP Venture Selling 33 Assets for GBP265 Mln to Arora
AVIATION CAPITAL: S&P Puts Secutization Ratings on Watch Neg
BRITISH ENERGY: Centrica Contemplates GBP10 Bln Takeover Bid

CANDU ENTERTAINMENT: To File for Administration
CHRYSLER LLC: Plastech Supply Agreement Extended to April 2
DOLPHIN CONSTRUCTION: Taps Administrators from Grant Thornton
LUDGATE FUNDING: S&P Rates GBP5-Million Class E Notes at BB
QUEBECOR WORLD: Seeks Nod to Pay Prepetition Wages to Managers

QUEBECOR WORLD: Wants to Assume BofA's Purchasing Card Pact
QUEBECOR WORLD: Wants to Pay DB Plans Funding Contributions
SEA CONTAINERS: Wants to Ink Two Charter Termination Agreements
* Chancery Division Corrects County Courts' Bankruptcy Practice


                            *********


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


A & K DIE: Claims Registration Period Ends April 9
--------------------------------------------------
Creditors owed money by LLC A & K DIE KUECHENPROFIS (FN 52412b)
have until April 9, 2008, to file written proofs of claim to
court-appointed estate administrator Gerhard Bauer at:

          Mag. Gerhard Bauer
          Mahlerstrasse 7
          1010 Vienna
          Austria
          Tel: 512 97 06
          E-mail: ra-g.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 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. 22, 2008 (Bankr. Case No. 2 S 23/08g).


AS BAU: Claims Registration Period Ends April 14
------------------------------------------------
Creditors owed money by LLC AS Bau (FN 284885z) have until
April 14, 2008, to file written proofs of claim to court-
appointed estate administrator Philipp Casper at:

          Mag. Philipp Casper
          Kalchberggasse 1
          8010 Graz
          Austria
          Tel: 0316/830550
          Fax: 0316/813717
          E-mail: philipp.casper@aaa-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 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 Graz, Austria, the Debtor declared bankruptcy
on Feb. 22, 2008 (Bankr. Case No. 40 S 12/08z).


MARMOR LUX: Claims Registration Period Ends April 14
----------------------------------------------------
Creditors owed money by LLC MARMOR LUX Steinmetz (FN 175951b)
have until April 14, 2008, to file written proofs of claim to
court-appointed estate administrator Bernhard Humer at:

          Dr. Bernhard Humer
          Lastenstrasse 36
          4020 Linz
          Austria
          Tel: 0732/774674
          Fax: 0732/77467433
          E-mail: office@whtp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 28, 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 Traun, Austria, the Debtor declared bankruptcy
on Feb. 21, 2008 (Bankr. Case No. 12 S 15/08f).


MEINL EUROPEAN: CPI/Gazit Acquires Interest for EUR800 Million
--------------------------------------------------------------
Meinl European Land Limited and CPI/Gazit Holdings Ltd., a joint
venture between Gazit-Globe Ltd. and CPI Capital Partners Europe
LP, announced on March 20, 2008, that they have signed an
agreement by which CPI/GAzit will make a strategic investment of
up to EUR800 million in MEL.  In addition, a transformation of
MEL's governance and management structure will take place.

In September 2007, the board of directors of MEL began the
process of a strategic review, to the purpose of which was to
identify and implement improvements to the Company’s management,
corporate governance and reporting arrangements and processes,
as well as a review of the Company’s capital structure and
financing.

The company has been engaged in discussions with strategic
investors since the beginning of 2007.  The signed agreement
with CPI/Gazit entails a significant restructuring and
repositioning of the Company enabling it to internalize
management, to adopt international best practice corporate
governance arrangements, and focus on building out its
development pipeline.  In the face of market illiquidity and
increased volatility in international debt and equity markets,
the funding flexibility and strengthened balance sheet provided
by this cash infusion will allow the company to pursue growth
opportunities that would not otherwise be available.

Highlights of the transaction are:

   -- EUR800 million of underwritten new investment in MEL
      comprising a subscription for EUR500 million of
      convertible securities and in connection with a capital
      increase a EUR300 million rights issue to MEL certificate
      holders, which will be underwritten by CPI/Gazit;

   -- the management of MEL will be internalized through the
      termination of the Meinl European Real Estate management
      contract and the recruitment of a new executive team.  All
      other contractual and operational ties with Meinl Bank and
      its affiliates will be severed.  The internalization of
      the company’s management will align MEL-investor and
      management interests;

   -- Gazit and CPI will receive board representation and the
      board will be reconstituted with a majority of independent
      directors.  The board will comprise a number of well
      respected international real estate experts and be chaired
      by Chaim Katzman, the current chairman of Gazit-Globe;

   -- simplification of MEL’s ownership structure - upon
      closing, all partly paid shares in the Company and the
      shares underlying the repurchased certificates will be
      canceled;

   -- CPI/Gazit’s commitment to make its cash injection is not
      subject to any financing contingency.  It will be funded
      from both parties’ internal cash resources and committed
      lines of credit of Gazit and funds of CPI Capital Partners
      Europe LP; and

   -- the transaction is subject to regulatory and MEL-investor
      approval and receipt of MEL’s 2007 audited financial
      statements, as well as other customary conditions.

In addition:

   -- this strategic partnership will allow the company and its
      certificate holders to benefit from Gazit’s and CPI’s
      financial and operating strength and public market
      corporate expertise.  Gazit has 20 years’ experience of
      developing, owning and managing shopping centres across
      the world;

   -- in line with industry best practice and to reflect the
      value placed on the MEL's operational management and
      employees, a reward package will be put in place to
      incentivise staff and ensure that project profitability is
      the key driver of all efforts; and

   -- the company will endeavor to regain its investment grade
      rating as soon as possible.

"The proposed transaction represents a very positive outcome for
certificate holders.  The introduction of new capital will
enable MEL to accelerate its expansion in Eastern Europe, while
the adoption of strong corporate governance measures and
management restructuring will help regenerate confidence in the
Company.  We are pleased to have Gazit and CPI as investors in
MEL and believe they will be able to make a material
contribution to the continuing development of the company,"
Georg Kucian, MEL chairman commented.

"We believe MEL has enormous potential to deliver investor
value, which the Company has been unable to capitalize upon.  It
has a portfolio of 160 high quality assets diversified across 11
countries, offering considerable mid to long term growth
potential, particularly in the rationalization, value
maximization and completion of the company’s development
pipeline.  The capital injection we are proposing with CPI
offers certificate holders an opportunity to benefit from that
potential and this deal allows the company to take control of
its management base which will serve to enhance the portfolio.
It means we can start working towards a brighter future for the
benefit of all investors," Chaim Katzman, Gazit-Globe Ltd.
chairman said.

"Our initial priorities are to create predictable and
sustainable cash flows from the underlying assets, as well as
setting out a steady growth profile through accretive
developments and acquisitions.  We are also committed to
establishing a strong and transparent relationship with the
investment community and to incentivising and rewarding our most
valuable asset – our staff," Mr. Katzman added.

"CPI is Citi’s global real estate investment platform and as our
partner, will enhance financial rigour and bring reputational
integrity to the governance of the company.  We embrace CPI’s
operational contribution given its specialist knowledge and
experience in investing in real estate and entity level
platforms in mature and emerging markets,"  Mr. Katzman
concluded.

Roger Orf, head of CPI Europe added, "The transaction we are
proposing will allow Meinl European Land to focus on the
existing portfolio and future development of its land bank. The
capital injection will have an extremely positive effect on the
Company’s balance sheet and, ultimately, the credit rating. It
provides the Company with the ability to self finance and will
improve the terms on which it can source external finance in
these difficult times, all of which will help re-establish its
position as a leading property owner in Central and Eastern
Europe.

"We believe that Gazit brings to the transaction an outstanding
team of highly qualified and experienced professionals who
understand how to manage and develop retail assets around the
world and importantly have significant experience in managing
listed vehicles to the highest fiduciary standards. We look
forward to a long and productive relationship with Chaim and his
team and the various MEL constituencies," Mr. Orf said.

Financial details of the transaction:

The EUR800 million underwritten investment will comprise these
elements:

   -- the company will issue EUR500 million Subordinated
      Convertible Debt Securities to CPI/Gazit with the
      following principal terms:

      -- maturity of seven years;

      -- annual cash coupon of 10.75%;

      -- at the option of CPI/Gazit, the Convertible Securities
         are convertible into MEL certificates at a price of
         EUR9.00 per certificate.  These are subject to standard
         anti-dilution provisions;

      -- MEL can force conversion at any time following 36
         months after their issue date if MEL certificates trade
         for 60 consecutive days at a price that is greater than
         135% of the conversion price; and

      -- CPI/Gazit can force MEL to redeem the convertible
         Securities at any time after the later of the date of
         completion of MEL’s medium term note programme and the
         five year anniversary of the date of issue of the
         Convertible Securities.

   -- CPI/Gazit will in connection with a capital increase
      underwrite a EUR300 million rights issue of newly issued
      MEL certificates according to the following principal
      terms:

      -- the holder of every 29.57 MEL certificates will be
         eligible to subscribe for six newly issued MEL
         certificates at an issuance price of EUR7 per
         certificate and two warrants for every six certificates
         for no additional consideration;

      -- CPI/Gazit has the option to subscribe for up to EUR200
         million of additional certificates at a price of EUR7,
         and one additional warrant for every 6 optional
         certificates for no additional consideration.  The
         EUR200 million option is reduced by the value of any
         certificates taken up under the rights issue pursuant
         to the underwriting obligation.  This option will
         expire six months following completion of the rights
         issue;

      -- CPI/Gazit will fully underwrite the EUR300 million
         rights issue;

      -- CPI/Gazit will receive 30 million warrants; and

      -- all warrants have an exercise price of EUR7 and will
         expire four years following closing of the transaction.

The rights issue will be conducted within six months following
the approval of the transaction by MEL certificate holders.
Details relating to the termination of the contracts with MERE
and MB MERE and MB affiliates have various contracts with MEL,
terminable on notice periods of up to six years.

To terminate these contracts, and for MERE and MB to enter into
a three year non-compete and to procure 12 months of
transitional consultancy services, MEL will pay a total
consideration of EUR280 million, of which EUR160 million will be
in cash, EUR80 million in convertible securities and EUR40
million in MEL certificates.  As part of this agreement MB is
required to vote in proxy with CPI/Gazit.

The convertible securities and MEL certificates will be issued
at the same price and upon the same terms and conditions as the
rights issue and convertible securities but they will not be
entitled to any warrants.  A portion of this amount is subject
to a staggered three year lock-up to ensure that there is an
orderly management transition and thereby assist in providing
the best platform for the future growth of the Company. Some of
the securities will be subject to restrictions on transfer or
disposal.

Following completion of the transaction, MEL will adopt a new
name that has yet to be selected.
                   Improvement in governance

Upon Closing, the existing Directors of MEL will resign and a
new Board of Directors will be appointed to include a majority
of Independent Directors as defined under New York Stock
Exchange rules and to continue to comply with Jersey regulatory
requirements.

The new Board of Directors will consist of eight directors.
Subject to certain minimum total investment conditions,
CPI/Gazit will have the right to name up to four members,
including the chairman.

The Company is pleased to announce that a number of world class
real estate experts have already agreed to join the board of
directors upon closing.  These include Professor Peter Linneman,
the principal of Linneman Associates; Albert Sussman Professor
of Real Estate, Finance, and Public Policy at the Wharton School
of Business, University of Pennsylvania; and Thom Wernink,
Chairman of Citycon and a non-executive director of a number of
Continental European-based property and investment companies
including Segro plc and a former chairman of EPRA.

The appointment of a full time chief executive officer, chief
financial officer and head of acquisitions will be announced in
due course, once the transaction has closed.

               Conditions to closing and timetable

The transaction is subject to a number of conditions including:

   -- the obtaining of certain MEL-investor approvals;

   -- receipt of MEL’s 2007 financial year audited financial
      statements;

   -- compliance with certain minimum balance sheet covenants;

   -- no event occurring which would cause a material adverse
      effect for MEL;

   -- cancellation of MEL’s partly paid shares and certificates
      controlled by MEL; and

   -- certain other conditions that are standard for a
transaction of this nature.

MEL is committed to consummating a transaction as expeditiously
as possible and believes that the transaction can be closed in
the second quarter of 2008.

An explanatory circular will be sent to certificate holders as
soon as practicable in connection with the shareholders’
meeting.

MEL, MERE and MB have entered into customary exclusivity
arrangements with CPI/Gazit.
Citi and Deutsche Bank acted as joint advisor for CPI/Gazit; the
Company was advised by Merrill Lynch. Skadden, Arps, Slate,
Meagher & Flom (UK) LLP were legal counsel to CPI/Gazit;
Linklaters LLP was legal counsel of CPI and Freshfields
Bruckhaus Deringer acted as legal counsel to the company.  Meinl
Bank was advised by Lazard.

Headquartered in Vienna, Austria, Meinl European Land Limited --
http://www.meinleuropeanland.com/--  is property development
and investment company with retail property assets in major
central and eastern European territories.  Currently, MEL owns
160 completed properties valued at EUR1.8 billion and a large
contracted development project program with a total potential
investment value of EUR3.7 billion.  Of the tenants, a high
percentage are international retail names such as Spar, Ahold,
Metro, Rewe and Delhaize.


MEINL EUROPEAN: Cash Deal Cues Fitch to Keep Ratings' Watch Neg
---------------------------------------------------------------
Fitch Ratings kept Meinl European Land Ltd's Long-term Issuer
Default and senior unsecured ratings on Rating Watch Negative.
MEL is currently rated Long-term IDR and senior unsecured 'BB+',
and Short-term IDR 'B'.

This follows MEL's announcement on March 21, 2008, that a joint
venture between Gazit Globe Ltd, a Tel Aviv stock market listed
property company, and CPI Capital Partners Europe LP, a real
estate fund advised by Citi Property Investors, has signed an
agreement to inject up to EUR800 million into MEL.

The funds to be injected, comprising a EUR500 million
subordinated 2015 securities issue and up to EUR300 million of
shares/certificates should allow MEL to complete the committed
element of its development program and resolve the liquidity
issue created by the share buybacks totaling EUR1.8 billion in
June/July 2007.

In addition, the current corporate governance issues are
expected to be addressed by a new management team, along with a
new Board of Directors and an internalization of the management
function. Previously, management of the company was carried out
by a third party, Meinl European Real Estate Ltd., a subsidiary
of Meinl Bank AG.  Continuity of operational experience should
be maintained with the signing of a 12-month transitional
services agreement with MERE.

In this respect, MERE will receive a total of EUR280m in cash
and securities. This transitional services agreement will
replace all existing contracts and agreements in place with MERE
and MB, which will terminate at the close of this transaction.

The transaction is subject to a number of conditions including
shareholder approval, receipt of the fiscal year 2007 accounts
and various minimum balance sheet tests.  Closing of the
transaction is expected in second quarter of 2008 and Fitch,
therefore, expects to resolve the RWN within the next three
months.

The RWN was first assigned on Sept. 6, 2007, following the share
buybacks referred to above.  Fitch notes that the new investors
wish to return MEL to an investment grade rating and will seek
an early meeting with the new management team and the new
shareholders to resolve the RWN.  To enable Fitch to do this,
the agency will be focusing on these issues:

   -- details of the joint venture partners and their track
      record

   -- information on the new Board of Directors and the new
      management to be appointed.

   -- details on how the group will operate post transaction
      completion and information on the internalisation of the
      management function, including any incentive fees.

   -- details of the development programme to be undertaken,
      including committed spending

   -- future financial structure of the group, including use of
      secured and non-recourse debt. Information on intention
      for the existing cash deposits held by MEL, including
      information on banks used for deposits.

   -- dividend and quasi dividend policy under the new
      management and shareholders

   -- financial targets to be set by the group, both internally
      and externally.

The current ratings reflect MEL's mainly retail property
development activities and risk profile at this stage in its
growth strategy.

MEL is a Jersey-based, Vienna headquartered, property
development and investment company with retail property assets
in major central and eastern European territories.  Currently,
MEL owns 160 completed properties valued at EUR1.8 billion and a
large contracted development project program (with completion
dates between 2007 and 2010) with a total potential investment
value of EUR3.7 billion.  Of the tenants, a high percentage are
international retail names such as Spar, Ahold, Metro, Rewe and
Delhaize.


METALLTECHNIK LLC: Claims Registration Period Ends April 2
----------------------------------------------------------
Creditors owed money by LLC METALLTECHNIK (FN 237151b) have
until April 2, 2008, to file written proofs of claim to court-
appointed estate administrator Ulla Reisch at:

          Dr. Ulla Reisch
          Praterstrasse 62-64
          1020 Wien
          Austria
          Tel: 01/212 55 00
          Fax: 01/212 55 00 5
          E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 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 Mistelbach an der Zaya, Austria, the Debtor
declared bankruptcy on Feb. 21, 2008 (Bankr. Case No. 36 S
20/08w).


T & V TRANSPORT: Creditors' Meeting Slated for March 31
-------------------------------------------------------
Creditors owed money by LLC T & V Transport und Vertrieb(FN
114566f) are encouraged to attend the creditors' meeting at
12:15 p.m. on March 31, 2008.

The creditors' meeting will be held at:

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

Headquartered in Villach – Landskron, Austria, the Debtor
declared bankruptcy on Feb. 22, 2008 (41 S 15/08s).  Margit
Niederleitner-Gradischnig serves as the court-appointed estate
administrator of the bankrupt's estate.

The estate administrator can be reached at:

          Dr. Margit Niederleitner-Gradischnig
          Moritschstrasse 7
          9500 Villach
          Austria
          Tel: 04242/25132
          Fax: 04242/25132-9
          E-mail: gradischnig.gradischnig@utanet.at


WIENER FLEISCHER: Claims Registration Period Ends April 2
---------------------------------------------------------
Creditors owed money by LLP Wiener Fleischer-Genossenschaft (FN
95012z) have until April 2, 2008, to file written proofs of
claim to court-appointed estate administrator Ilse Korenjak at:

          Dr. Ilse Korenjak
          Gusshausstrasse 6
          1040 Wien
          Austria
          Tel: 01/512 21 02
          Fax: 01/512 21 02 20
          E-mail: office@buresch-korenjak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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 Himberg bei Wien, Austria, the Debtor declared
bankruptcy on Feb. 22, 2008 (Bankr. Case No. 36 S 22/08i).


XERIUM TECHNOLOGIES: Delays Filing of December 2007 Form 10-K
-------------------------------------------------------------
Xerium Technologies, on March 18, 2007, filed a notice of late
filing on Form 12b-25 with the U.S. Securities and Exchange
Commission with respect to its annual report on Form 10-K for
the period ended Dec. 31, 2007.

In light of the company’s risk of financial covenant default
under its Credit and Guaranty Agreement, Stephen Light, the
company’ new chief executive officer who was appointed effective
Feb. 11, 2008, and other members of senior management have been
devoting the substantial portion of their time seeking solutions
to these financial covenant issues.

In addition, in connection with the company’s annual assessment
of goodwill, the company has concluded that an impairment of the
goodwill of its roll covers segment may exist.  While the
company does expect there to be an impairment, the company
requires further time to complete the analysis of whether an
impairment does in fact exist and, if so, the amount of the
impairment.  As a result of these two matters, the company has
not completed its financial statements and certain disclosures
for inclusion in its annual report for the period ended Dec. 31,
2007.

                    About Xerium Technologies

Headquartered in Youngsville, North Carolina, Xerium
Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of consumable products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, utilizes a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products integral to production, all designed to
optimize performance and reduce operational costs.  With 35
manufacturing facilities in 15 countries around the world,
Xerium has approximately 3,800 employees.  The company’s Europe
manufacturing facilities are located in Germany, Italy, Spain,
France, Sweden and Austria.


XERIUM TECHNOLOGIES: Discloses Likely Bankruptcy Filing
-------------------------------------------------------
Xerium Technologies disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission on March 18, 2008 that
while it was in compliance with it financial covenants under the
Credit Agreement as of Dec. 31, 2007 and expects that it will
generate cash flow from operations sufficient to service the
debt under the Credit Agreement prior to the stated maturity of
the debt if there is not otherwise an event of default under the
debt, the company is currently pursuing alternatives to address
expected financial covenant non-compliance in the first quarter
of 2008 and future periods.

Failing to meet a financial covenant under the Credit Agreement
constitutes an event of default under the Credit Agreement.
While the company does not expect that the lenders would do so
immediately, upon an event of default, the lenders could
accelerate the debt under the Credit Agreement, causing it to
become due and payable.  If this were to occur, the company
would need to consider all options available to it, which could
include a possible bankruptcy filing.

The company is in discussions with potential investors regarding
a private placement of equity securities, the net proceeds of
which the company would use to pay down debt under the Credit
Agreement, and is also seeking an amendment to the financial
covenants under the Credit Agreement with its lenders.  There
can be no assurance that the company will be successful in
completing either the private placement or the amendment or
that, if achieved, these will be achieved at a sufficient level
and on sufficient terms to allow the Company to meet the
financial covenants under the Credit Agreement and to operate
effectively in future periods.

If the company is not able to address the financial covenant
non-compliance issues described, the company expects that its
independent auditors would need to include an explanatory
paragraph in their opinion with respect to the Company’s
financial statements for the year ended Dec. 31, 2007 expressing
doubt about the ability of the Company to continue as a going
concern.

                    About Xerium Technologies

Headquartered in Youngsville, North Carolina, Xerium
Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of consumable products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, utilizes a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products integral to production, all designed to
optimize performance and reduce operational costs.  With 35
manufacturing facilities in 15 countries around the world,
Xerium has approximately 3,800 employees.  The company’s Europe
manufacturing facilities are located in Germany, Italy, Spain,
France, Sweden and Austria.


XERIUM TECHNOLOGIES: Cancels Dividend for First Quarter 2008
------------------------------------------------------------
Xerium Technologies disclosed that pursuant to its dividend
policy, the company’s Board of Directors has determined not to
declare a dividend on the company’s common stock in the first
quarter of 2008.  The company has instead determined to retain
cash that would have otherwise been used for a dividend for the
repayment of debt or other purposes.

The company does not currently expect to pay dividends on its
common stock for the foreseeable future.

Headquartered in Youngsville, North Carolina, Xerium
Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of consumable products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, utilizes a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products integral to production, all designed to
optimize performance and reduce operational costs.  With 35
manufacturing facilities in 15 countries around the world,
Xerium has approximately 3,800 employees.  The company’s Europe
manufacturing facilities are located in Germany, Italy, Spain,
France, Sweden and Austria.


XERIUM TECHNOLOGIES: Moody's Cuts Ratings on High Default Risk
--------------------------------------------------------------
Moody's Investors Service downgraded Xerium Technologies, Inc.'s
ratings due to the company's recent announcement that it expects
to be non-compliant with its financial covenants in the first
quarter of 2008 and future periods, without an amendment to its
credit facility.

Moody's specifically downgraded the company's corporate family
rating to Caa1 from B2, its senior secured credit facilities to
Caa1 from B2, its probability of default rating to Caa2 from B2,
and its speculative grade liquidity rating to SGL-4 from SGL-3.

The rating outlook is negative.

The rating action reflects the heightened risk of a default
under the company's credit agreement and the possibility of a
bankruptcy filing if management is unsuccessful in obtaining
financial covenant amendments from its lenders.  The company is
also in discussions with potential investors to raise equity
securities that would be used to pay down debt.  In addition,
the company is in the process of assessing a potential
impairment to its goodwill related to its roll covers business
but may not be able to complete its analysis before the filing
deadline for its Form 10-K.  Moody's believes that the delayed
filing of its Form 10-K may trigger a default under its credit
agreement if the annual report is not filed by April 1, 2008.
These matters create a high level of uncertainty surrounding
Xerium's liquidity and the potential for triggering an event of
default and, therefore, Moody's lowered the company's
Probability of Default rating to Caa2, indicating an estimated
30% probability of default over a one-year time horizon.

Xerium's corporate family rating and its senior secured debt
ratings were lowered to Caa1 based on Moody's belief that
creditors' recovery, in the event of default, would be
relatively high.

Moody's last rating occurred on Feb. 8, 2007, when Moody's
downgraded the long-term debt and corporate family ratings of
Xerium to B2 from B1 and maintained a stable outlook.  Moody's
continues to believe that Xerium's operating performance will
remain weak.  Xerium's customers continue to struggle
operationally due to a slowdown in global paper production and
significant overcapacity, especially in newsprint and fine
paper.

Moody's believes that this trend will continue with the closure
of additional mills and further downtime at existing facilities
in North America and Europe, Xerium's primary markets.  Moody's
also anticipates that previous volume losses will take longer
than expected to recover and that recent investments in
developing economies will take several years before they have a
meaningful positive impact on cash flow.

Downgrades:

Issuer: Xerium Technologies, Inc.

  -- Corporate Family Rating, Downgraded to Caa1 from B2

  -- Senior Secured Term Loan, Downgraded to Caa1 from B2
     (LGD3, 33%)

  -- Senior Secured Revolving Credit Facility, Downgraded to
     Caa1 from B2 (LGD3, 33%)

  -- Probability of Default Rating, Downgraded to Caa2 from B2

  -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
     from SGL-3

Outlook Actions:

Issuer: Xerium Technologies, Inc.

  -- Outlook, Changed To Negative from Stable

Xerium Technologies, Inc., headquartered in Youngsville, North
Carolina, is a manufacturer and supplier of consumable products
used primarily in the production of paper


XERIUM TECHNOLOGIES: S&P Cuts Ratings on Likely Covenant Breach
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and bank loan ratings on Youngsville, North Carolina-
based Xerium Technologies Inc. to 'CCC+' from 'B+'.  At the same
time, the ratings were placed on CreditWatch with negative
implications.

"The downgrade and CreditWatch placement reflect the increased
likelihood of a bankruptcy filing, as Xerium announced that it
expects to breach certain financial covenants under its current
credit facility during the first quarter and future periods,
which could constitute a default under the facility," said
Standard & Poor's credit analyst James Siahaan.

Xerium, a global manufacturer of clothing and roll covers used
in the paper making process, is seeking relief from creditors
and is attempting to privately place equity to help remedy the
situation.   However, these proposed solutions are unlikely to
be satisfactory, given current credit and equity market
conditions.  Xerium also filed a Form 12b-25 report with the
SEC, indicating that it would be unable to file its annual
report in a timely fashion.  The company requires additional
time to determine the specifics of a possible asset impairment
on its roll covers operation.  The confluence of these issues
has resulted in a dramatic weakening of the company's credit
quality.

S&P could lower the ratings further if Xerium fails to complete
an equity issuance and rectify its covenant violation.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.


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


CHEMTURA CORP: Posts US$3 Mil. Net Loss in Year Ended Dec. 31
-------------------------------------------------------------
Chemtura Corp. reported a net loss of US$3.0 million on net
sales of US$3.75 billion for the year ended Dec. 31, 2007,
compared with a net loss of US$206.0 million on net sales of
US$3.46 billion for the yeare ended Dec. 31, 2006.

The increase in sales primarily reflects a net US$173.0 million
attributable to acquisitions and divestitures, US$61.0 million
of favorable foreign currency impact, US$43.0 million from
higher selling prices and other increases of US$12.0 million,
primarily related to sales volume and product mix.

The increases in selling prices occurred within the Polymer
Additives, Performance Specialties and Consumer Products
segments and were the result of passing raw material cost
increases through to customers.  The company's selling prices
increases during the year have not offset increases in raw
material costs during 2007.

Operating profit of US$59.0 million for 2007 increased US$54.0
million as compared to operating profit of US$5.0 million for
2006.  This increase is primarily due a increase in gross profit
of US$29.0 million, lower antitrust costs of US$55.0 million,
lower merger costs of US$17.0 million and a US$61.0 million
reduction in charges for the impairment of long-lived assets,
partially offset by a US$65.0 million increase in depreciation
and amortization expense, US$31.0 million higher facility
closures, severance and related costs, higher SG&A of US$6.0
million, an increased loss on sale of businesses of US$4.0
million, a US$1.0 million increase in research and development
costs and other cost increases of US$1.0 million.

Loss from continuing operations for 2007 was US$45.0 million, as
compared to a loss of US$273.0 million for the same period of
2006.  This increase is primarily due to the increase in
operating profit and decreases in interest expense, loss on
early extinguishment of debt and income tax expense.

Interest expense decreased by US$15.0 million for 2007 compared
with the same period in 2006.  The decrease was due primarily to
the early retirement of the company's 9.875% Senior Notes due
2012 and the Floating Rate Notes due 2010 in 2006.

During 2006, the company recorded a loss on early extinguishment
of debt of US$44.0 million, which includes a US$20.0 million
loss from the May 2006 retirement of the 2010 Notes and a
US$24.0 million loss from the July 2006 retirement of the 2012
Notes.

The company's income tax expense for continuing operations was
US$4.0 million for 2007 as compared with income tax expense of
US$126.0 million for the same period of 2006.

The tax benefit of the company's pre-tax loss in 2007 was
reduced by non-deductible antitrust costs, the establishment of
tax reserves for uncertain tax positions and foreign income
subject to U.S. taxation, net of the relief from tax law changes
and income tax credits, resulting in tax expense of US$4.0
million for the year.

                     Discontinued Operations

For 2007, the company recorded a gain on sale of discontinued
operations of US$24.0 million.  The net after-tax gain is
comprised of a gain of US$3.0 million related to the sale of the
OrganoSilicones business representing the recognition of final
contingent earn-out proceeds, a gain of US$23.0 million related
to the sale of the EPDM business on July 29, 2007, and a loss of
US$2.0 million related to the sale of optical monomers on
Oct. 31, 2007.

For 2006, the company recorded a gain on sale of discontinued
operations of US$47.0 million related to the sale of the
OrganoSilicones business to General Electric Company in
July 2003.  This gain primarily represents the recognition of
the additional contingent earn-out proceeds.

Earnings from discontinued operations in 2007 of US$18.0 million
related to the EPDM business sold in June 2007, the optical
monomers business sold in October 2007, the fluorine business
sold in January 2008 and adjustments related to the sale of the
OrganoSilicones business sold in July 2003.  Earnings from
discontinued operations in 2006 of US$20.0 million related to
the EPDM business, the optical monomers business and the
fluorine business.

                            Total Debt

The company's total debt as of Dec. 31, 2007, was US$1.06
billion as compared with US$1.11 billion as of Dec. 31, 2006.
Cash and cash equivalents were US$77.0 million as of Dec. 31,
2007, compared to US$95.0 million as of Dec. 31, 2006.

                          Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$4.41 billion in total assets, US$2.56 billion in total
liabilities, and US$1.85 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2007, are available for
free at http://researcharchives.com/t/s?2957

                    About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/-- is a manufacturer and
marketer of polymer additives, performance specialties, consumer
products and crop protection.  The company has facilities in
Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                          *     *     *

In December 2007, Moody's Investors Service placed Chemtura
Corporation's corporate family rating of Ba2 under review for
possible downgrade after reports that its "board of directors
has authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

Standard & Poor's Ratings Services similarly placed its 'BB+'
corporate credit and senior unsecured debt ratings of Chemtura
Corp. on CreditWatch with developing implications.


FERRO CORP: Posts US$94 Million Net Loss for Year Ended Dec. 31
---------------------------------------------------------------
Ferro Corporation filed its financial statements for the quarter
and year ended Dec. 31, 2007, in a 10-K filing with the U.S.
Securities and Exchange Commission.

Ferro Corp. had a net loss of US$94.4 million on net sales of
US$2.2 billion for the year ended Dec. 31, 2007, compared to a
net income of US$19.3 million on net sales of US$2.0 billion in
2006.

Sales for the year ended Dec. 31, 2007 were a record US$2.2
billion, up 8% from 2006.  Sales for the fourth quarter were
US$570.7 million, an increase of 14.8% from the fourth quarter
of 2006.

Net sales increased 8% in 2007 primarily as a result of product
price increases and favorable changes in foreign currency
exchange rates.  Compared with 2006, sales increased in the
Performance Coatings, Color and Glass Performance Materials,
Electronic Materials, and Polymer Additives segments.  Sales
declined in the Specialty Plastics and Other Businesses
segments.  Sales to customers outside the United States grew by
16% while sales within the United States fell by 1%.

Increased product prices and favorable changes in foreign
currency exchange rates were the primary drivers of the
increased sales. The effects of lower volume in Specialty
Plastics, porcelain enamel products in Performance Coatings, and
Polymer Additives partially offset the sales increases.  The
volume declines were largely the result of weak demand from U.S.
markets in automobiles, appliances and residential housing, the
company said.

Ferro Corp., at Dec. 31, 2007, had total assets of US$1.6
billion, total liabilities of US$1.1 billion, and a
stockholders' equity of US$476.2 million, compared to total
assets of US$1.7 billion, total liabilities of US$1.2 billion,
and a stockholders' equity of US$535.0 million at Dec. 31, 2006.

Total debt at the end of 2007 was US$526.1 million, a decrease
of US$66.3 million from the end of 2006.  The decline in debt
during 2007 was primarily the result of lower cash deposit
requirements for precious metal consignments.  In addition, the
company had net proceeds of US$54.6 million from its U.S.
accounts receivable securitization program at the end of 2007,
compared with US$60.6 million at the end of 2006.  The company
also had US$42.1 million in net proceeds from similar programs
outside the U.S. at the end of the year, compared with US$33.7
million at the end of 2006. The company generated US$144.6
million of net cash from operating activities during 2007.

Restructuring charges of US$16.9 million were recorded in 2007,
resulting from rationalization programs in the company's
European inorganic materials manufacturing facilities and costs
associated with discontinuing dielectric materials production at
an Electronic Materials manufacturing location in Niagara Falls,
New York.  The restructuring project in Electronic Materials was
completed in 2007, and the restructuring programs in Europe are
expected to continue through 2009.

                   2008 First-Quarter Estimates

Sales for the 2008 first quarter, ending March 31, are expected
to be approximately US$550 million to US$575 million compared
with sales of US$530 million in the first quarter of 2007,
reflecting an ongoing mix of business conditions in different
regions. Business conditions in the U.S. are expected to be
difficult due to continued weak demand from housing, appliances
and automotive markets.

Earnings for the first quarter are expected to be in the range
of US$0.12 to US$0.17 per share.  This estimate includes
expected charges of approximately US$0.05 per share, primarily
from the continuation of manufacturing rationalization
activities.  Also included in the first quarter estimates are
pre-tax charges of US$2 million to US$3 million to complete the
restoration of full wastewater treatment capabilities at the
company's Bridgeport, New Jersey, manufacturing plant.  The
company reported income from continuing operations of US$0.14
per share in the first quarter of 2007, including charges of
approximately US$0.08 per share.

"We continue to build a foundation for the future through
aggressive restructuring efforts and organizational change,"
said Chairman, President and Chief Executive Officer James F.
Kirsch. "While we are disappointed by our reported loss for
2007, we are encouraged by strong cash flow from net operating
activities and our ability to reduce debt.  We will continue to
drive cost and expense savings across the business, while
investing in our customer relationships and stressing the values
and behaviors that support our opportunities to win and enhance
value for our shareholders."

Mr. Kirsch added that the company is on track with the
restructuring programs it has initiated over the past 18 months,
and that Ferro remains committed to meeting its goal of 10
percent operating margins, as a percent of sales excluding
precious metals, in 2010.  This will be achieved through organic
growth of higher-value products, coupled with incremental
savings generated from Ferro's ongoing restructuring programs,
aggressive pursuit of manufacturing productivity improvements,
improved pricing for value, and expense reductions.

                     About Ferro Corporation

Based in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) --
http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                          *     *     *

Ferro Corp. carries Moody's Investors Service's B1 corporate
family rating assigned on May 2007.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


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


GRAPHIC PACKAGING: Moody's Affirms Ratings on Altivity Merger
-------------------------------------------------------------
Moody's Investors Service affirmed Graphic Packaging
International Inc.'s B1 corporate family rating, B3 subordinated
notes, and SGL-3 speculative grade liquidity rating (indicating
adequate liquidity) following the announcement of the completed
combination of its operations with Altivity Packaging, LLC.
Moody's also assigned a Ba3 rating to the company's new US$1.2
billion term loan C due 2014.

The existing ratings have been downgraded on both the secured
bank facilities, to Ba3 from Ba2, and the senior unsecured
notes, to B3 from B2, due to the revised capital structure.  The
additional amounts of senior secured debt move the ratings of
this debt toward the B1 corporate family rating while the senior
unsecured notes are lowered by one notch.  The outlook remains
negative.   Proceeds from the transaction will be used to pay
off Altivity's existing debt, thus Altivity's ratings have been
withdrawn.

Rating and Outlook Actions:

Issuer: Graphic Packaging International Inc.

Affirmed:

  -- Corporate family rating affirmed at B1

  -- 9.5% Subordinated notes due 2013 affirmed at B3 (LGD 6,
     94%)

  -- Outlook remains Negative

Assigned:

  -- Senior secured term loan C assigned Ba3 (LGD3, 35%)

Downgraded:

  -- Senior secured bank facilities downgraded to Ba3 from Ba2
     (LGD3, 35%)

  -- 8.5% Senior unsecured notes due 2011 downgraded to B3 from
     B2 (LGD 5, 79%)

The affirmation of the corporate family rating still reflects
Moody's view that the combination of the two companies is a
credit neutral event.  Leverage remains high relative to the
company's corporate family rating, but Moody's expects credit
protection measures to improve from recently observed levels
primarily due to recent positive supply trends in the paperboard
sector, stabilizing input costs, and the successful
renegotiation of pricing terms with contracted customers in the
beverage business.

The favorable pricing terms will provide additional pass-through
flexibility during periods of escalating input costs.  In
addition, given the two companies' geographic and product line
overlap, the prospective transaction provides opportunities for
cost savings and synergies.  Synergies include enhanced
procurement, plant rationalization, mill optimization and SG&A
savings.  Specifically, Moody's believes these factors will
provide the company with an opportunity to improve margins,
generate free cash flow, and reduce debt to support the existing
ratings.

Graphic Packaging generated better-than-expected operating
results in 2006 and 2007.  Energy costs have begun to moderate,
additional mill closures have been announced in the paperboard
sector, prices for CUK (coated unbleached kraft) and CRB (coated
recycled board) have increased, cost savings have been executed,
and renegotiated contracts in the beverage business have
economically benefited the company.  With respect to Altivity,
management has executed on certain of its cost reduction efforts
after Moody's initial ratings in June 2006.  However, even with
this progress, Moody's believes that relatively flat demand
levels within the consumer packaging paper industry could affect
recent price increases and the company's ability to sustain
margin improvements.

Furthermore, management will continue to face challenges as it
attempts to integrate the two companies while managing its
exposure to high input costs and the pressure of creating
innovative products in a competitive industry.  Thus, the
company's actual debt reduction over the intermediate period may
not support the existing ratings.  Moody's continues to maintain
a negative outlook on the ratings based on these rating drivers.
If it is not evident that the company is making progress towards
achieving acceptable leverage (towards 5.0x EBITDA) on an
adjusted basis, the ratings may go down.  At the same time,
Moody's will likely stabilize the outlook if the company
demonstrates the execution of its current debt reduction and
integration plans and reduces leverage to 5.0x EBITDA.

Headquartered in Marietta, Georgia, Graphic Packaging
Corporation (NYSE:GPK) -- http://www.graphicpackaging.com/-- is
a provides paperboard packaging solutions for a variety of
products to multinational and other consumer products companies.
The company provides its customers paperboard, cartons and
packaging machines, either as an integrated solution or
separately.  Its packaging products are made from a variety of
grades of paperboard.  GPC manufactures its packaging products
from coated unbleached kraft paperboard and coated recycled
paperboard that it produces at its mills, and a portion from
paperboard purchased from external sources.  The company
operates in four geographic areas: the United States, Central
and South America (Brazil), Europe and Asia-Pacific.   GPC
conducts its business in two segments, paperboard packaging and
containerboard/other.


SR TELECOM: Selling Assets to Groupe Lagasse for US$6 Million
-------------------------------------------------------------
SR Telecom Inc. signed an asset purchase agreement to sell
majority of its assets, including its WiMAZ Forum-certified
symmetryMX product line, to Groupe Lagasse for an aggregate
consideration of US$6.05 million payable at closing and by the
assumption of certain stated liabilities.

The transaction, once completed, will provide continuity for SR
Telecom's international customer base and permit the company to
grow and capitalize on its many WiMAX opportunities.  The
transaction, which is subject to certain closing conditions and
court approval, is expected to close on or before April 4, 2008.

"We are pleased to reach this agreement with Groupe Lagasse,"
said Serge Fortin, President and CEO of SR Telecom.  "Their
international presence, financial strength and entrepreneurial
spirit, along with their knowledge and expertise in the high
technology field, make Groupe Lagasse a strong financial and
operational purchaser for SR Telecom’s business.  This deal
clearly benefits our employees and our customers around the
world as it will enable us to quickly resume normal operations,
and accelerate the development, delivery and deployment of our
leading-edge WiMAX solutions."

"Groupe Lagasse had been searching for ways to tap in to the
WiMAX market for quite some time," Louis Lagasse, Chairman of
Groupe Lagasse said.  "In SR Telecom, we saw an organization
possessing a solid business plan, a strong management team, a
significant order pipeline, and an unequaled depth of expertise
and experience in wireless telecommunications.  This acquisition
allows us to leverage the synergies between our current
organization and SR Telecom to immediately enter the rapidly-
growing global WiMAX market as a major player with a feature-
rich, field-proven product line."

Under terms of the agreement, Groupe Lagasse will purchase SR
Telecom’s brand, trademarks, intellectual property, patents,
inventories and equipment relating to its symmetryMX product
line.  It is not expected that SR Telecom shareholders will
receive any value out of the proceeds of such sale.

SR Telecom filed for creditor protection under the CCAA on
Nov. 19, 2007.  On Feb. 29, 2008, it announced that it had
obtained an order from the Quebec Superior Court to extend the
period of the court-ordered stay of proceedings against SR
Telecom under the CCAA to May 2, 2008.

Headquartered in Quebec, Canada, Groupe Lagasse --
http://www.groupelagasse.com/-- is an international company
with manufacturing and products business units that focus on
providing leading edge, rugged, high reliability, and high
availability solutions for the private and public sectors.  Its
activities include electronic manufacturing expertise for secure
radio and telecom products that address the entire product life
cycle.  Groupe Lagasse is a privately held holding whose sales,
in 2007, exceeded CDN200 million; the group has operations in
Europe and North America and employs over 1,000 people
worldwide.

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.


TECUMSEH PRODUCTS: Shareholder Asks Board to Study Sale of Biz
--------------------------------------------------------------
Tecumseh Products Company's board of directors received a letter
from the Herrick Foundation, a shareholder of Tecumseh, in which
the foundation requested, among other things, that the board
form a committee to explore a possible sale of the company.

In addition, the Herrick Foundation suggested that the company
take various actions to change the company's corporate
governance posture, including seeking shareholder approval at
Tecumseh's 2008 annual shareholders meeting to eliminate
provisions contained in the company's amended certificate of
incorporation that protect Class A shareholders.

On March 11, 2008, Edwin L. Buker, chairman of the board, chief
executive officer and president of Tecumseh, sent a letter to
The Herrick Foundation stating that the requests contained in
the foundation's March 10 letter will be appropriately
considered by the board in due course, consistent with its
fiduciary duties.

Mr. Buker further advised The Herrick Foundation that neither
the foundation nor any of its representatives or affiliates has
been authorized by Tecumseh to pursue a sale of, or any other
transaction involving, Tecumseh.

                 About Tecumseh Products Company

Headquartered in Tecumseh, Michigan, Tecumseh Products Company
(Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/--
manufactures hermetic compressors for air conditioning and
refrigeration products, gasoline engines and power train
components for lawn and garden applications, submersible pumps,
and small electric motors.  The company has offices in Italy,
United Kingdom, Brazil, France, and India.

In March of 2007, the company's Brazilian engine subsidiary, TMT
Motoco, was granted permission by the Brazilian courts to pursue
a judicial restructuring, similar to a U.S. filing for Chapter
11 bankruptcy protection.  The TMT Motoco filing in Brazil
constituted an event of default with our domestic lenders.
On April 9, 2007, the company obtained amendments to its First
and Second Lien Credit Agreements that cured the cross-default
provisions triggered by the filing in Brazil.


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


AAA TRAVEL: Claims Registration Period Ends March 15
----------------------------------------------------
Creditors of AAA Travel 24 GmbH have until March 15, 2008, to
register their claims with court-appointed insolvency manager
Dr. Frank Kebekus.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf.Forderungen
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against AAA Travel 24 GmbH on March 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AAA Travel 24 GmbH
         Attn: Rolf Albers, Manager
         Am Kapellengraben 11
         40670 Meerbusch
         Germany


ALPHACALL GMBH: Claims Registration Period Ends April 14
--------------------------------------------------------
Creditors of AlphaCall GmbH have until April 14, 2008, to
register their claims with court-appointed insolvency manager
Dr. Matthias Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:01 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         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. Matthias Fischer
          c/o hww Kiel
          Am Germaniahafen 2
          24143 Kiel
          Germany

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

The Debtor can be reached at:

         AlphaCall GmbH
         Philipp-Lassen-Koppel 19
         24943 Flensburg
         Germany


AUTOHAUS KIESEL-JANKE: Claims Registration Period Ends April 14
---------------------------------------------------------------
Creditors of Autohaus Kiesel-Janke GmbH have until April 14,
2008, to register their claims with court-appointed insolvency
manager Dr. Oliver Liersch.

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 Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Dr. Oliver Liersch
         Schultze & Braun Rechtsanwaltsgesellschaft mbH
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99
         E-mail: OLiersch@schubra.de

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

The Debtor can be reached at:

         Autohaus Kiesel-Janke GmbH
         Attn: Udilo Kiesel-Janke, Manager
         Vor dem Hannoverschen Tor 23
         31303 Burgdorf
         Germany


AUTOHAUS VOLK: Claims Registration Period Ends April 2
------------------------------------------------------
Creditors of Autohaus Volk GmbH have until April 2, 2008, to
register their claims with court-appointed insolvency manager
Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Augsburg
          Meeting Hall 162
          Alten Einlass 1
          86150 Augsburg
          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:

          Arndt Geiwitz
          c/o SKP Partnerschaftsgesellschaft
          Eserwallstr. 1-3
          86150 Augsburg
          Germany

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

The Debtor can be reached at:

          Autohaus Volk GmbH
          Attn: Franz Volk, Manager
          Eichleitnerstr. 6
          86199 Augsburg
          Germany


BAUFRANK CONSULT: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors of Baufrank consult Vermoegensverwaltung GmbH & Co. KG
have until April 14, 2008, to register their claims with court-
appointed insolvency manager Susanne Fichna.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 16, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 1
         Promenade 8
         91522 Ansbach
         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:

         Susanne Fichna
         Merckstr. 5
         91522 Ansbach
         Germany
         Tel: 0981/9531960
         Fax: 0981/9531969

The District Court of Ansbach opened bankruptcy proceedings
against Baufrank consult Vermoegensverwaltung GmbH & Co. KG on
March 11, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Baufrank consult
         Vermoegensverwaltung GmbH & Co. KG
         Bahnhofstr. 37
         91717 Wassertrüdingen
         Germany


BBF GMBH: Claims Registration Period Ends April 14
--------------------------------------------------
Creditors of BBF GmbH have until April 14, 2008, to register
their claims with court-appointed insolvency manager Achim
Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

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

The Debtor can be reached at:

         BBF GmbH
         Provizialstr. 148
         44388 Dortmund
         Germany


BG VERWALTUNGS: Claims Registration Period Ends April 11
--------------------------------------------------------
Creditors of BG Verwaltungs GmbH & Co KG have until
April 11, 2008, to register their claims with court-appointed
insolvency manager Rolf Rombach.

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

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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 Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany
         Tel: 0361/730650

The District Court of Erfurt opened bankruptcy proceedings
against BG Verwaltungs GmbH & Co KG on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BG Verwaltungs GmbH & Co KG
         Wartburgallee 25 a
         99817 Eisenach
         Germany

         Attn: Roland Mueller, Manager
         Strasse des Friedens 5
         99094 Erfurt
         Germany


FACHBUCHHANDLUNG FUER INFORMATIK: Claims Filing Ends April 2
------------------------------------------------------------
Creditors of Fachbuchhandlung fuer Informatik und Elektronik
Staak & Beirich GmbH have until April 2, 2008, to register their
claims with court-appointed insolvency manager Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Frankfurt (Main)
          Hall 2
          Building F
          Klingerstrasse 20
          60313 Frankfurt (Main)
          Germany

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

The insolvency manager can be reached at:

          Claudia Jansen
          Bettinastrasse 35-37
          D 60325 Frankfurt/Main
          Germany
          Tel: 069/7561466-0
          Fax: 069/7561466-160

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Fachbuchhandlung fuer Informatik und
Elektronik Staak & Beirich GmbH on March 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Fachbuchhandlung fuer Informatik und
          Elektronik Staak & Beirich GmbH
          Braubachstr. 5
          60311 Frankfurt/Main
          Germany


HYMMEN-SCHRAUBEN: Claims Registration Period Ends April 1
---------------------------------------------------------
Creditors of Hymmen-Schrauben GmbH & Co. KG have until April 1,
2008, to register their claims with court-appointed insolvency
manager Thomas Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hagen
          Hall 252
          Second Floor
          Heinitzstrasse 42/44
          58097 Hagen
          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 Neumann
          Altenaer Str. 31
          58507 Luedenscheid
          Germany

The District Court of Hagen opened bankruptcy proceedings
against Hymmen-Schrauben GmbH & Co. KG on March 5, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Hymmen-Schrauben GmbH & Co. KG
          Tarrenbrink 1
          58540 Meinerzhagen
          Germany


INFLUX CASHFLOW: Claims Registration Period Ends April 14
---------------------------------------------------------
Creditors of Influx Cashflow Concept GmbH have until April 14,
2008, to register their claims with court-appointed insolvency
manager Axel W. Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Axel W. Bierbach
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 54511-0
         Fax: 54511-444

The District Court of Munich opened bankruptcy proceedings
against Influx Cashflow Concept GmbH on Feb. 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Influx Cashflow Concept GmbH
         Brunnenfeldstr. 62
         85778 Haimhausen
         Germany


FAHNENFABRIK WEDEMARK: Claims Registration Period Ends April 14
---------------------------------------------------------------
Creditors of Fahnenfabrik Wedemark GmbH have until April 14,
2008, to register their claims with court-appointed insolvency
manager Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Manuel Sack
         Schiffgraben 30
         30175 Hannover
         Germany
         Tel: 0511 36602-0
         Fax: 0511 36602-55

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

The Debtor can be reached at:

         Fahnenfabrik Wedemark GmbH
         Schaumburger Str. 11
         30900 Wedemark
         Germany


FORUM MASSIMO: Claims Registration Period Ends April 14
-------------------------------------------------------
Creditors of Forum Massimo Gastronomie GmbH have until April 14,
2008, to register their claims with court-appointed insolvency
manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Forum Massimo Gastronomie GmbH on Feb. 27, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Forum Massimo Gastronomie GmbH
         Moenckebergstrasse 7
         20095 Hamburg
         Germany


GEBRA GMBH: Claims Registration Ends April 7
--------------------------------------------
Creditors of GEBRA GmbH Projektierung von Rohrleitungen und
Anlagen zur Foerderung brennbarer Fluessigkeitenhave until
April 7, 2008 to register their claims with court-appointed
insolvency manager Anke Keller.

Creditors and other interested parties are encouraged to attend
the meeting at 4:00 a.m. on April 29, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehldort a. Inn
         Hall 112
         Innstrasse 1
         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:

         Anke Keller
         Leopoldstrasse 139
         80804 Munich
         Germany

The District Court of Muehldort a. Inn opened bankruptcy
proceedings against GEBRA GmbH Projektierung von Rohrleitungen
und Anlagen zur Foerderung brennbarer Fluessigkeitenon March 6,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         GEBRA GmbH Projektierung von Rohrleitungen und
         Anlagen zur Foerderung brennbarer Fluessigkeiten
         Attn: Matthias Glonegger, Manager
         Loipl 5
         84553 Halsbach
         Germany


GUENTER BAU: Claims Registration Period Ends April 14
-----------------------------------------------------
Creditors of Guenter Bau Verwaltungs GmbH have until
April 14, 2008, to register their claims with court-appointed
insolvency manager Dr. Christof Heil.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Villingen-Schwenningen
         Hall 2
         Niedere Str. 94
         78050 Villingen-Schwenningen
         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. Christof Heil
         Am Niederen Tor 1
         78050 Villingen-Schwenningen
         Germany
         Tel: 0 77 21 / 88 78 3-0

The District Court of Villingen-Schwenningen opened bankruptcy
proceedings against Guenter Bau Verwaltungs GmbH on March 11,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Guenter Bau Verwaltungs GmbH
         Attn: Andreas Guenter, Manager
         Abendgrundweg 4
         78089 Unterkirnach
         Germany


KOERBELITZER FRUCHTMARKT: Claims Registration Ends April 1
----------------------------------------------------------
Creditors of Koerbelitzer Fruchtmarkt-Service GmbH have until
April 1, 2008, to register their claims with court-appointed
insolvency manager Joachim M. E. Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 2:25 p.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Dessau-Rosslau
          Hall 123
          Willy-Lohmann-Str. 33
          Dessau
          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 M. E. Voigt-Salus
          Rankestrasse 33
          10789 Berlin
          Germany
          Tel: 030/2128020
          Fax: 030/21280222

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against Koerbelitzer Fruchtmarkt-Service GmbH on
March 6, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Koerbelitzer Fruchtmarkt-Service GmbH
          Attn: Heidemarie Mattstedt, Manager
          Duennhauptstrasse 10
          06847 Dessau-Rosslau
          Germany


KOMPLEX IMMOBILIEN: Claims Registration Period Ends April 9
-----------------------------------------------------------
Creditors of Komplex Immobilien Verwaltungs- und Vermarktungs-
GmbH have until April 9, 2008, to register their claims with
court-appointed insolvency manager Arne Brumm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Arne Brumm
         Koenigstrasse 17
         39116 Magdeburg
         Germany
         Tel: 0391/ 5971240
         Fax: 0391/ 5971241

The District Court of Magdeburg opened bankruptcy proceedings
against Komplex Immobilien Verwaltungs- und Vermarktungs-GmbH on
March 10, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Komplex Immobilien Verwaltungs- und
         Vermarktungs-GmbH
         Prinzenberg 18
         39418 Stassfurt
         Germany

         Attn: Juergen Mickley, Manager
         Schlachthofstr. 9 A
         39418 Stassfurt
         Germany


LANGENHOF GEFLUEGELFARM: Claims Registration Ends April 7
---------------------------------------------------------
Creditors of Langenhof Gefluegelfarm GmbH have until April 7,
2008 to register their claims with court-appointed insolvency
manager Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh
         Germany

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

The Debtor can be reached at:

         Langenhof Gefluegelfarm GmbH
         Attn: Jan Soetendaal, Manager
         Lange Strasse 40
         33775 Versmold
         Germany


MARMOR SOMMERFELD: Claims Registration Ends April 7
---------------------------------------------------
Creditors of Marmor Sommerfeld Steinmetz GmbH have until
April 7, 2008 to register their claims with court-appointed
insolvency manager Michael Schoor.

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

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Michael Schoor
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699

The District Court of Dessau opened bankruptcy proceedings
against  Marmor Sommerfeld Steinmetz GmbH on March 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Marmor Sommerfeld Steinmetz GmbH
         Hauptstrasse 129
         06926 Holzdorf
         Germany

         Attn: Wolfgang Sommerfeld, Manager
         Hauptstr. 162
         06926 Holzdorf
         Germany


OMA RINK: Claims Registration Ends April 4
------------------------------------------
Creditors of Oma Rink Gaststatten GmbH have until April 4, 2008
to register their claims with court-appointed insolvency manager
Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on May 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Peter Jost
         Pfingstweidstrasse 3, D
         60316 Frankfurt (Main)
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Oma Rink Gaststatten GmbH on Feb. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Oma Rink Gaststatten GmbH
         Musikantenweg 68
         60316 Frankfurt (Main)
         Germany


R & H - HANDELS: Claims Registration Period Ends April 11
---------------------------------------------------------
Creditors of R & H - Handels GmbH have until April 11, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Schwerin
         Hall 7
         Demmlerplatz 14
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against R & H - Handels GmbH on March 6, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         R & H - Handels GmbH
         Werkstrasse 711
         19061 Schwerin
         Germany

         Attn: Stefan Hartmann, Manager
         Carl-Malchin-Strasse 8
         19061 Schwerin
         Germany


R & K GMBH: Claims Registration Ends April 4
--------------------------------------------
Creditors of R & K GmbH have until April 4, 2008 to register
their claims with court-appointed insolvency manager Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 25, 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 05251-1806666

The District Court of Paderborn opened bankruptcy proceedings
against R & K GmbH on March 6, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         R & K GmbH
         Attn: Ruediger Alexander Beckmann-Kummer, Manager
         Gaussstr. 5-7
         37603 Holzminden
         Germany


RADEBERGER SANIERUNGSGESELLSCHAFT: Claims Filing Ends April 3
-------------------------------------------------------------
Creditors of Radeberger Sanierungsgesellschaft mbH have until
April 3, 2008, to register their claims with court-appointed
insolvency manager Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 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:

          Dr. Juergen Wallner
          Unterer Kreuzweg 1
          01097 Dresden
          Germany

The District Court of Dresden opened bankruptcy proceedings
against Radeberger Sanierungsgesellschaft mbH on March 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Radeberger Sanierungsgesellschaft mbH
          Attn: Holger Prade, Manager
          Heinrich-Glaser-Strasse 17
          01454 Radeberg
          Germany


RAUH HOLZ: Claims Registration Period Ends April 1
--------------------------------------------------
Creditors of Rauh Holz im Garten Vertriebsgesellschaft mbH have
until April 1, 2008, to register their claims with court-
appointed insolvency manager Rudolf Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 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 Noerdlingen
          Meeting Hall F/I
          Kaisheimer House
          Tandelmarkt 5
          Noerdlingen
          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:

          Rudolf Rossmann
          Weisskopfstrasse 13
          86343 Koenigsbrunn
          Germany
          Tel: 08231/990-0
          Fax: 08231/990-222

The District Court of Noerdlingen opened bankruptcy proceedings
against Rauh Holz im Garten Vertriebsgesellschaft mbH on March
10, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Rauh Holz im Garten Vertriebsgesellschaft mbH
          Attn: Joerg Walter Rauh, Manager
          Buergermeister-Reiger-Str. 18
          86720 Noerdlingen
          Germany


SETR GMBH: Claims Registration Ends April 6
-------------------------------------------
Creditors of SETR GmbH have until April 6, 2008 to register
their claims with court-appointed insolvency manager Arno Wolf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 237
         Second Floor
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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:

         Arno Wolf
         Minnholzweg 2 b
         61476 Kronberg
         Germany
         Tel: (06173) 7834-0
         Fax: (06173) 7834-149
         E-mail: wolf@ra-amend.de

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against SETR GmbH on March 7, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SETR GmbH
         Hellbergstr. 17
         35410 Hungen
         Germany

         Attn: Grudrun Seibert, Manager
         Hellbergstr. 18
         35410 Hungen
         Germany


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


GAP INC: Earns US$265 Million in Fourth Quarter Ended February 2
----------------------------------------------------------------
Gap Inc. reported net earnings of US$265.0 million for the 13
weeks ended Feb. 2, 2008, compared with US$219.0 million for the
14 weeks ended Feb. 3, 2007.

Net sales for the 13 weeks ended Feb. 2, 2008, were US$4.7
billion.  Net sales for the 14 weeks ended Feb. 3, 2007, were
US$4.9 billion. Due to the 53rd week in fiscal year 2006,
comparable store sales for the fourth quarter of fiscal year
2007 are compared with the 13 weeks ended Feb. 3, 2007.  On this
basis, the company's fourth quarter comparable store sales
decreased 3.0% compared with a decrease of 7.0% in the fourth
quarter of the prior year.

"In 2007, the company made the business decisions and changes
necessary to deliver improved earnings for our shareholders,"
said Glenn Murphy, chairman and chief executive officer of Gap
Inc.  "While we're aware of the challenging economic
environment, our leadership team is committed to delivering the
right product to our customers while we bring a sharp
operational discipline to our business priorities.  We'll work
tirelessly to reconnect with customers while we continue to
improve our earnings results."

                  Fiscal Year 2007 Results

Net sales for the 52 weeks ended Feb. 2, 2008, were US$15.8
billion.   Net sales wereUS$15.9 billion for the 53 weeks ended
Feb. 3, 2007.  Due to the 53rd week in fiscal year 2006, fiscal
year 2007 comparable store sales are compared with the 52 weeks
ended Feb. 3, 2007.  On this basis, the company's fiscal year
2007 comparable store sales decreased 4.0% compared with a
decrease of 7.0% for the prior year.  The company's online sales
for the fiscal year increased 24.0% to US$903.0 million,
compared with US$730.0 million in the prior year.

Net income for the 52 weeks ended Feb. 2, 2008, was
US$833.0 million, compared with US$778.0 million for the 53
weeks ended Feb. 3, 2007.

The company's fourth quarter tax rate was 38.8%.  The effective
tax rate for fiscal year 2007 was 38.3%.

               Cash and Short-Term Investments

The company ended the fourth quarter with US$1.9 billion in cash
and short-term investments.  Fiscal year 2007 free cash flow was
an inflow of US$1.4 billion compared with US$678.0 million last
year.   The increase was driven primarily by lower inventory
levels as well as changes in vendor payment terms.

                      Share Repurchases

During the fourth quarter, the company completed its US$1.5
billion share repurchase program and repurchased about 30
million shares for a total of US$613.0 million in the quarter.

                  Store Openings and Closings

During fiscal year 2007, the company opened 214 store locations
and closed 178 store locations.  Openings and closings include
18 store repositions and 45 Old Navy Outlet store conversions,
while closings also include 19 Forth & Towne stores.  Net square
footage at the end of the fourth quarter of 2007 was up 1.8%
compared with last year.

                         Balance Sheet

At Feb. 2, 2008, the company's consolidated balance sheet showed
US$7.84 billion in total assets, US$3.56 billion in total
liabilities, and US$4.27 billion in total stockholders' equity.

                         About Gap Inc.

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. operates more than 3,100 stores in the United
States, the United Kingdom, Canada, France, Ireland and Japan.
In addition, Gap Inc. is expanding its international presence
with franchise agreements for Gap and Banana Republic in
Southeast Asia and the Middle East.

                        *     *     *

Moody's Investor Service placed Gap Inc.'s corporate family,
senior unsecured debt and probability of default ratings at
'Ba1' in February 2007.  The ratings still hold to date with a
stable outlook.


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


ALITALIA SPA: Air France and Unions Resume Talks
------------------------------------------------
Air France-KLM SA resumed Tuesday, March 25, 2008, negotiations
to receive approval from Alitalia S.p.A.'s unions for its
acquisition of the Italian government's 49.9% stake in the
national carrier, BBC News reports.

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.

Air France has set a March 31, 2008, deadline for an agreement.

The effectiveness conditions for Air France's offer include:

    * formal approval of the Industrial Plan 2008-2010 by
      Alitalia’s Board of Directors;

    * formal agreement in a manner satisfactory for
      Air France-KLM between Alitalia and the trade unions
      representing the majority of each category of Alitalia’s
      employees, regarding the implementation of the Industrial
      Plan, the rules of employment, the plan related to the
      social shock absorbers and the contemplated transaction;

    * formal agreement in a manner satisfactory for
      Air France-KLM between Alitalia and the trade unions of
      Alitalia Servizi representing the majority of each
      category of Alitalia Servizi’s employees on the necessary
      restructuring measures and the related shock absorbers
      plan;

    * Italy's Ministry of Economy and Finance to grant Alitalia
      a credit line, or the necessary guarantees to obtain a
      credit line in favor of Alitalia of EUR300 million to be
      repaid immediately after the capital increase;

    * formal agreement between Alitalia and Aeroporti di Roma on
      the Rome Fiumicino Airport and on the service levels
      required for the implementation of the Industrial Plan
      2008-2010;

    * with respect to the claim brought on by SEA against
      Alitalia to the tribunal of Busto Arsizio, either:

      -- the official withdrawal from the claim;

      -- its settlement in a manner satisfactory to Air France;

      -- the granting by the MEF to Alitalia of appropriate
         indemnification commitments, in case necessary by
         enacting an appropriate law decree, or any other
         applicable solution satisfactory to Air France-KLM to
         definitely remove the risk attached to the claim;

    * formal agreement between Alitalia, Fintecna and Alitalia
      Servizi, for what concerns the interest of each party,
      among other things, to re-internalize in Alitalia certain
      activities and to renegotiate certain clauses of the
      service agreements;

    * formal written confirmation from the MEF that the general
      interests are properly safeguarded in the context of the
      contemplated transaction and it shall, subject to
      certain conditions, tender its Alitalia shares and
      Alitalia convertible bonds in the tender offers;

    * formal written undertaking from the competent Italian
      governmental authority to maintain the current portfolio
      of the current Alitalia’s air traffic rights, continue to
      address in a fair, transparent and non discriminatory
      manner any future requests form Alitalia for new air
      traffic rights, and provide cooperation and assistance in
      the case of any major difficulties with extra-European
      Community countries.

                          About Alitalia

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

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

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


ALITALIA SPA: Romano Prodi Ready to Accept Italian Bid
------------------------------------------------------
The Italian government will favor binding offers from local
groups better than presented by Air France-KLM SA, Reuters
reports, citing outgoing Italian Prime Minister Romano Prodi.

"We have always been open to [an offer from an Italian group],
Mr. Prodi was quoted by Reuters as saying.  "Of course it is
desirable.  The problem is whether it's there."

Mr. Prodi, however, said the government has yet to receive an
Italian offer is "concrete, backed by resources, [and] have an
industrial plan."

"So far we have not seen anything except for the plan that we
have taken into consideration," Mr. Prodi said.

As reported in the TCR-Europe on March 25, 2008, AirOne S.p.A.
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.

Deutsche Lufthansa AG may join AirOne in the counteroffer.

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

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 the 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.


FIAT GROUP: Withdraws Termini Imerese Plant Expansion Plan
----------------------------------------------------------
Sergio Marchionne, Fiat Group's Chief Executive has canceled
plans to expand the Termini Imerese factory, Automotive World
reports, citing Thompson Financial.

According to the report, Mr. Marchionne told Il Sole 24 Ore that
"the right conditions do not exist" for a major investment in
the factory.

However, Fiat is still expected to invest EUR500 million in the
plant for the production of small cars to replace Lancia
Ypsilon, Automotive World relates.

Fiat's expansion plan, which an additional EUR430 million of
regional aid had been pledged, included a second assembly line
and the transfer of suppliers to the site, bringing its
headcount to 4,500, Automotive World discloses.

                     About Fiat S.p.A.

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

                        *     *     *

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

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


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


AKTOBE-CONTRACT XXI: Creditors Must File Claims by April 22
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe-Contract XXI insolvent on Jan. 29, 2008.

Creditors have until April 22, 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


ASIA-SERVICE LLP: Claims Deadline Slated for April 25
-----------------------------------------------------
LLP Investment Trade-Transport-Industrial Company Asia-Service
has declared insolvency.  Creditors have until April 25, 2008,
to submit written proofs of claims to:

         LLP Investment Trade-Transport-Industrial
         Company Asia-Service
         Ryskulov Str. 133a
         Almaty
         Kazakhstan

DESIGN STROY: Claims Filing Period Ends April 25
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Design Stroy Service insolvent.

Creditors have until April 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


KAISAR ASSET: Creditors' Claims Due on April 25
-----------------------------------------------
JSC Kaisar Asset Management has declared insolvency.  Creditors
have until April 25, 2008, to submit written proofs of claims
to:

         JSC Kaisar Asset Management
         Maulenov Str. 85
         Almaty
         Kazakhstan


KAZ MICROCREDIT: Claims Registration Ends April 25
--------------------------------------------------
JSC Kaz Microcredit Invest has declared insolvency.  Creditors
have until April 25, 2008, to submit written proofs of claims
to:

         JSC Kaz Microcredit Invest
         Office 11
         Nauryzbai batyr Str. 17
         Almaty
         Kazakhstan


M&M MILITZER&MUNCH: Creditors Must File Claims by April 25
----------------------------------------------------------
LLP M&M Militzer&Munch KZ has declared insolvency.  Creditors
have until April 25, 2008, to submit written proofs of claims
to:

         LLP M&M Militzer&Munch KZ
         Tulebaev Str. 38/61
         Almaty
         Kazakhstan


OIL MARKET: Claims Deadline Slated for April 25
-----------------------------------------------
LLP Oil Market has declared insolvency.  Creditors have until
April 25, 2008, to submit written proofs of claims to:

         LLP Oil Market
         Vokzalnaya Str.9
         Lenger
         Tolebyisky District
         161100, South Kazakhstan
         Kazakhstan


RENESSANS CAPITAL: Claims Filing Period Ends
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Renessans Capital insolvent.

Creditors have until April 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


SENIM-SERVICE XXI: Creditors' Claims Due on April 22
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Senim-Service XXI insolvent on Feb. 8, 2008.

Creditors have until April 22, 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


TALGAT OIL: Claims Registration Ends April 25
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Talgat Oil insolvent on Feb. 11, 2008.

Creditors have until April 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


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


MAN SEG: Creditors Must File Claims by April 25
-----------------------------------------------
LLC Man Seg Star has declared insolvency.  Creditors have until
April 25, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-772) 56-89-70, (0-543) 94-43-
76.


SEVEN STAR: Claims Filing Period Ends April 25
----------------------------------------------
Kyrgyz-Korean LLC Seven Star has declared insolvency.  Creditors
have until April 25, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-772) 56-89-70.


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


CA INC: Ample Cash Flow Prompts S&P's Positive CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit and senior unsecured debt ratings on Islandia, New York-
based CA Inc. on CreditWatch with positive implications.

The CreditWatch listing reflects the company's prospects for
sustained profitability and cash flow and capacity to fund
moderate-size share repurchases and acquisitions.  Free cash
flow in fiscal 2007 totaled about US$800 million, and S&P
expects it could increase to the US$1 billion area over time as
improvements in CA's expense structure are realized.  As of
Dec. 31, 2007, cash and securities totaled about US$2 billion,
and funded debt amounted to about US$2.6 billion.  Additionally,
the company had US$250 million available under its US$1 billion
revolving credit facility expiring in August 2012.

The CreditWatch placement also incorporates the dismissal of all
pending charges against the company by the U.S. Attorney's
Office for the Eastern District of New York and CA's fulfillment
of the terms of its deferred prosecution agreement.  CA also has
remedied all prior outstanding accounting issues and material
weaknesses.

"We will meet with management to review CA's strategic direction
and financial policy before resolving the CreditWatch," said
Standard & Poor's credit analyst Phil Schrank.  "Any upgrade
likely will be limited to one notch because we expect that CA
will still use its balance sheet strength to support
acquisitions and share repurchases."

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.


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


VALEANT PHARMA: Posts US$6.2 Mil. Net Loss in Year Ended Dec. 31
----------------------------------------------------------------
Valeant Pharmaceuticals International reported a net loss of
US$6.2 million on total revenues of US$872.2 million for the
year ended Dec. 31, 2007, compared with a net loss of
US$57.6 million on total revenues of US$862.8 million for the
year ended Dec. 31, 2006.

In 2007, the company recorded a restructuring charge of
US$23.2 million which consisted of US$13.6 million for the 2006
Restructuring and US$9.6 million related to the 2008 Strategic
Review.

This compared with a restructuring charge of US$138.2 million
for 2006.  The 2006 Restructuring was primarily focused on the
company's research and development and manufacturing operations.

The charges in the 2006 Restructuring included impairment
charges of US$97.3 million resulting from the sale of the
company's former headquarters facility, discovery and pre-
clinical operations equipment, and its  former manufacturing
facilities in Puerto Rico and Basel, Switzerland.

          2008 Strategic Review and Restructuring

In October 2007, the company's board of directors initiated a
strategic review of its business direction, geographic
operations, product portfolio, growth opportunities, and
acquisition strategy. The company expects to make an
announcement pertaining to its 2008 Strategic Review in late
March 2008.  The company said that this review will lead to
significant changes in its business.

                      Income from Operations

Income from operations increased to US$75.3 million for the year
ended Dec. 31, 2007, compared to income of US$8.0 million during
the year ended Dec. 31, 2006.

                Income from Continuing Operations

Income from continuing operations was US$26.1 million in 2007,
compared with a loss from continuing operations of US$56.8
million in 2006.

                Loss from Discontinued Operations

The loss from discontinued operations was US$32.2 million in
2007 compared to a loss of US$751,000 for 2006.  The losses in
2007 and 2006 related to the company's Infergen business.

                          Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$1.49 billion in total assets, US$1.08 billion in total
liabilities, and US$414.1 million in total shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2007, are available for
free at http://researcharchives.com/t/s?295d

                  About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE: VRX) -- http://www.valeant.com/-- is a
global specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical
products primarily in the areas of neurology, infectious disease
and dermatology.   It has offices in Argentina, Netherlands,
Poland, Singapore, Spain, Taiwan, among others.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  Ratings hold to date.


X5 RETAIL: Inks Agreement to Buy Kama Retail for US$18 Million
--------------------------------------------------------------
X5 Retail Group N.V. has signed an agreement to acquire 100% of
the business and assets of Kama Retail company -- a Pyaterochka
franchisee in the Perm region, for a total consideration of
approximately US$18 million, including debt.  The Company plans
to close the deal in April 2008.

As part of the agreement, X5 Group will acquire a total of 28
soft discount stores in Perm and the Perm region with a selling
area of 9.3 thousand sq. meters.  The total area of purchased
stores is 19.9 thousand sq. meters, out of which 1.9 thousand
sq. meters are wholly owned.  Net revenue of Kama-Retail for
2007 exceeded US$50 million.

"The Perm region is an important part of X5's regional expansion
plan for 2008 and will allow us to expand the Group's presence
in Urals by adding to its existing discounter chains in
Yekaterinburg and Chelyabinsk.  Acquiring Kama Retail, an
established Pyaterochka franchisee, provides X5 with an
excellent opportunity to secure a strong position in the new
region from the very beginning, creating a solid platform for
future organic growth," Lev Khasis, CEO of X5 Retail Group,
said.

"This is a second deal in execution of the Group's tactics of
selective franchisee buy-out in strategically important regions.
Based on our success with the first deal in April 2007 when 40
discount stores in Chelyabinsk were bought-out, we expect that
this transaction will also result in seamless integration and
quick improvement of stores' performance both in terms of sales
density and efficiency," Andrei Gusev, Mergers, Acquisitions and
Business Development Director at X5 Retail Group added.

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
-- http://www.x5.ru/en/-- acts as a holding firm for the group
of companies that operate retail grocery stores.  The main
activity of the Company is the development and operation of
grocery retail stores.  The Company operated Pyaterochka and
Perekrestok retail chains in Russia, including Moscow, St.
Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara,
Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


SCO GROUP: Posts US$1.5 Mil. Net Loss in 1st Qtr. Ended Jan. 31
---------------------------------------------------------------
The SCO Group Inc. reported a net loss of US$1.5 million on
total revenues of US$4.9 million for the first quarter ended
Jan. 31, 2008, compared with a net loss of US$1.0 million on
total revenues of US$6.0 million in the same period ended
Jan. 31, 2007.

The company attributed the decrease in total revenues to a
decrease in UNIX products and services revenues as a result of
continued competition from other operating systems, primarily
Linux and from continuing negative publicity from the company's
filing of Chapter 11 bankruptcy and the litigation between the
company and IBM, Novell and Red Hat.

Reorganization expense totaled US$844,000 during the first
quarter ended Jan. 31, 2008.  Reorganization expense consists of
legal and professional fees associated with the Chapter 11
bankruptcy and development of a reorganization plan.

Other income, net, increased US$434,000 for the three months
ended Jan. 31, 2008, as compared to the three months ended
Jan. 31, 2007.  This increase was primarily attributable to a
realized gain as a result of a sale of intellectual property.

                          Balance Sheet

At Jan. 31, 2008, the company's consolidated balance sheet
showed US$12.9 million in total assets, US$10.5 million in total
liabilities, and US$2.4 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Jan. 31, 2008, are available
for free at http://researcharchives.com/t/s?294e

                         About SCO Group

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

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

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

As reported in the Troubled Company Reporter on Feb. 12, 2008,
the Court further extended the Debtors' exclusive periods to
file a Chapter 11 plan until May 11, 2008; and solicit
acceptances of that plan until July 11, 2008.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 4, 2008, Tanner LC in Salt Lake City, Utah, expressed
substantial doubt about The SCO Group Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the year ended Oct. 31, 2007.  The auditing firm
reported that the company is a debtor-in-possession under
Chapter 11 of the U.S. Bankruptcy Code, has experienced
significant and continuing net losses, and is faced with
substantial contingent liabilities as a result of certain
adverse legal rulings.


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


FORD MOTOR: Completes Buy of Automobile Craiova Facility
--------------------------------------------------------
Ford Motor Co. relates that Lyle Watters, Ford Europe Director
of Business Strategy, and Sebastian Vladescu, President of
Automobile Craiova's privatization committee, have signed
documents completing the sale of the former Automobile Craiova
vehicle manufacturing complex in Romania.

Traian Basescu, President of Romania, Calin Popescu-Tariceanu,
Prime Minister of Romania and John Fleming, President and CEO,
Ford of Europe were in Craiova to witness the ceremony.

"I am extremely proud to be able to welcome Ford Craiova into
the global Ford family," Mr. Fleming said.  "This facility joins
seven other Ford vehicle assembly plants and thirteen engine,
transmission, casting, forging, stamping, tool and die plants
(including joint ventures) across Europe.  All are characterised
by world-class standards of manufacturing quality and
efficiency.  We are committed to transforming Craiova into a
state-of-the-art manufacturing plant through an investment of
EUR675 million."

"To have Ford now firmly installed as the new owner of the plant
is the successful outcome of intensive discussions and
negotiations over the past two years," Prime Minister Tariceanu
commented.  "On behalf of the government of Romania, I say
'welcome' to Ford and wish them much success for the future."

To mark the handover milestone, a commemorative plaque was
unveiled at the main entrance.

The first external sign of the change of ownership is a huge
Ford banner carrying the company's distinctive blue oval
trademark which has been erected on the administration building
at the plant.

During his visit to Craiova, Mr. Fleming confirmed that the
first Ford vehicle is now expected to come off the production
line in Romania sometime around the middle of 2009.

"There has been a lot of speculation in Romania and elsewhere
about what that first vehicle will be.  Let me end that
speculation by announcing that we shall begin manufacturing the
award-winning Transit Connect here in Craiova from next year,"
Mr. Fleming said.

"All our European plants are working at full manned capacity and
this is also the case at our plant at Kocaeli in Turkey, where
Transit Connect is currently produced. Demand for the vehicle
continues to increase across our traditional markets and new
market opportunities are also presenting themselves. Recently we
announced that the Transit Connect is to go on sale in selected
American markets in the summer of 2009.  We have therefore taken
the decision to use the Craiova plant capacity to meet the
growing demand for the Transit Connect," he added.

Mr. Fleming also confirmed that a second vehicle would begin
production at the plant in 2010.

"Our first Romanian car will be unique to Craiova.  It will be a
small car -– not the new Fiesta -- and will be for sale in all
our European markets. For reasons of commercial confidentiality
I am not prepared to say any more at this stage."

To assist with the full integration of the plant into the Ford
Production System, Ford of Europe is assigning a number of
executives to Craiova, to work with the existing plant
management.

These will be led by Dioni Campos, who has a great deal of Ford
manufacturing plant experience. He becomes President Ford
Romania SA, with the existing management team reporting to him.

Other Ford senior personnel who will be working in Craiova
include Angella Alexander, Human Resources Director and Len
Meany, who becomes Chief Financial Officer.

"We are now developing a full organization structure," explained
Mr. Fleming.

Ford has reached agreement with the existing major OEM customer
of the plant to continue production of completed cars, engines
and transmissions through to, at least, the end of 2008.  In
addition, Ford has committed to honour all its legal obligations
in Romania regarding the manufacture of spare parts for those
vehicles previously built at the plant and still in service.

Work will begin soon on modernizing the plant.  Projects to be
progressively undertaken include the automation of some of the
existing lines in the press shop; the installation of a new body
construction shop; the modernization and expansion of the
capacity and flexibility of the paint shop and new equipment and
tooling in the trim and final areas of the assembly plant.

"I would like to place on record the appreciation of Ford Motor
Company to the government of Romanian and its privatization
agency, AVAS, for their encouragement and advice during the
period we have been discussing and negotiating the purchase of
the Craiova plant," concluded Mr. Fleming.

                          Craiova Plans

    * By 2012 Ford expects to be spending around EUR1 billion
      a year in Romania to support the Craiova operations;

    * Employment levels at the plant will almost double, from
      the existing 3,900 to 7,000;

    * Annual vehicle and engine production will rise to 300,000
      units each; and

    * Craiova will be incorporated into the global Ford
      organization, building strong relationships with local,
      regional and global economies.

                       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.


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


ARSLAMBAEVSKIY CJSC: Creditors Must File Claims by April 22
-----------------------------------------------------------
Creditors of CJSC Arslambaevskiy (TIN 7435008311) have until
April 22, 2008, to submit proofs of claim to:

         I. Sushkova
         Insolvency Manager
         Post User Box 25700
         455000 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-8553/2007-36-110.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Arslambaevskiy
         Aptechnyj Per. 10
         Arslambaevskiy
         Nagaybakskiy
         457662 Chelyabinsk
         Russia


IGLAS LLC: Creditors Must File Claims by April 22
-------------------------------------------------
Creditors of LLC Iglas (TIN 3327329494) have until April 22,
2008, to submit proofs of claim to:

         A. Neschastnov
         Insolvency Manager
         Post User Box 18
         Central Post Office
         Ivanovo
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-10727/2007-?1-217B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Iglas
         Chaykovskogo Str. 7
         600015 Vladimir
         Russia


KIROV CJSC: Creditors Must File Claims by April 22
--------------------------------------------------
Creditors of CJSC Named After Kirov have until April 22, 2008,
to submit proofs of claim to:

         S. Lebedev
         Insolvency Manager
         Office 310
         Kamenskaya Str. 64a
         Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-829?/07-55/10b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Named After Kirov
         Lyanino
         Novosibirsk
         Russia


MAGNITOGORSK IRON: Board Recommends Dividend Payment
----------------------------------------------------
OAO Magnitogorsk Iron and Steel Works' Board of Directors has
decided to recommend to the Annual General Shareholders’ Meeting
to approve the distribution of profit and losses for the 2007
Financial Year and pay dividends on placed ordinary registered
shares of RUR0.502 per share, including tax.

The Board of Directors also constituted the Collective Executive
Body, the Management Board, increasing the number of its members
to 23 persons.

The Board of Directors also:

    * determined the list of information to be made available to
      the shareholders during preparation for the Annual General
      Shareholders’ Meeting;

    * the procedure for providing such information;

    * approved the report of the Company’s executive bodies
      regarding implementation of the Board of Directors’
      resolutions, the report on the activities of the Board of
      Directors’ Committees; and

    * approved a number of interested party transactions.

                    About Magnitogorsk Iron

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

                          *     *     *

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

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

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


PONIZOVYE-AGRO-TEKH-SERVICE: Claims Filing Period Ends April 22
---------------------------------------------------------------
Creditors of OJSC Ponizovye-Agro-Tekh-Service have until
April 22, 2008, to submit proofs of claim to:

         S. Lavrentyeva
         Insolvency Manager
         4th Floor
         Lean House
         Engelsa Str. 21/5
         214014 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-62-2253/2007 (1355-N).

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         OJSC Ponizovye-Agro-Tekh-Service
         Sotsialisticheskaya Str.
         Ponizovye
         Rudnyanskiy
         216783 Smolensk
         Russia


ROSNEFT OIL: Inks Oil Cooperation Deal with Japan
-------------------------------------------------
OAO Rosneft Oil Co. and the Japanese government, represented by
the Agency for Natural Resources and Energy, have signed a non-
binding legal cooperative agreement in crude oil exploration and
production, Shigeru Sato writes for Bloomberg News.

"The reciprocal relations would provide Japan with wider access
to Russia's upstream oil development projects," Masato Sasaki, a
director of the agency, was quoted by Bloomberg News as saying.
"Financing for oil-projects in Russia may be one of the areas in
which Japan can provide support."

According to Bloomberg News, Japan is eyeing to tap Russia's oil
fields in Eastern Siberia and Sakhalin to reduce its dependence
on reliance Arab oil.

Bloomberg News added that Japan has lobbied for the construction
of the pipeline to Perevoznaya on Russia's Pacific coast from
eastern Siberia in a bid to boost imports of crude produced in
the area.

"Japanese involvement in Russia's east Siberian oil exploration,
if realized, may help the pipeline project to move ahead," Mr.
Sasaki said added.

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.


SINEL CJSC: Court Names S. Piskarev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Stavropol appointed S. Piskarev as
Insolvency Manager for CJSC Sinel (TIN 2626021787).  He can be
reached at:

         S. Piskarev
         Ardatovskaya Str. 29
         400120 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-6123/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Sinel
         Vokzalnaya Str. 2
         Essentuki
         Russia


TEKHNO-ECOLOGY OJSC: Creditors Must File Claims by April 22
-----------------------------------------------------------
Creditors of OJSC Tekhno-Ecology have until April 22, 2008, to
submit proofs of claim to:

         D. Krivonogov
         Insolvency Manager
         Office 2
         Building 2
         Lomonosova Pr. 92
         163061 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05-5557/2006-27.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Tekhno-Ecology
         Oktyabryat Str. 27
         Arkhangelsk
         Russia


VOLGOGRAD-SPETS-AVTOMATIKA: Claims Filing Period Ends April 22
--------------------------------------------------------------
Creditors of CJSC Volgograd-Spets-Avtomatika (TIN
3448025660)have until April 22, 2008, to submit proofs of claim
to:

         Y. Makarova
         Insolvency Manager
         Office 205
         Building 1
         Permskaya Str. 11
         107150 Moscow
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-16160/07-s55.

The Debtor can be reached at:

         CJSC Volgograd-Spets-Avtomatika
         Geroev Stalingrada Pr. 50
         400026 Volgograd
         Russia


X5 RETAIL: Inks Agreement to Buy Kama Retail for US$18 Million
--------------------------------------------------------------
X5 Retail Group N.V. has signed an agreement to acquire 100% of
the business and assets of Kama Retail company -- a Pyaterochka
franchisee in the Perm region, for a total consideration of
approximately US$18 million, including debt.  The Company plans
to close the deal in April 2008.

As part of the agreement, X5 Group will acquire a total of 28
soft discount stores in Perm and the Perm region with a selling
area of 9.3 thousand sq. meters.  The total area of purchased
stores is 19.9 thousand sq. meters, out of which 1.9 thousand
sq. meters are wholly owned.  Net revenue of Kama-Retail for
2007 exceeded US$50 million.

"The Perm region is an important part of X5's regional expansion
plan for 2008 and will allow us to expand the Group's presence
in Urals by adding to its existing discounter chains in
Yekaterinburg and Chelyabinsk.  Acquiring Kama Retail, an
established Pyaterochka franchisee, provides X5 with an
excellent opportunity to secure a strong position in the new
region from the very beginning, creating a solid platform for
future organic growth," Lev Khasis, CEO of X5 Retail Group,
said.

"This is a second deal in execution of the Group's tactics of
selective franchisee buy-out in strategically important regions.
Based on our success with the first deal in April 2007 when 40
discount stores in Chelyabinsk were bought-out, we expect that
this transaction will also result in seamless integration and
quick improvement of stores' performance both in terms of sales
density and efficiency," Andrei Gusev, Mergers, Acquisitions and
Business Development Director at X5 Retail Group added.

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
-- http://www.x5.ru/en/-- acts as a holding firm for the group
of companies that operate retail grocery stores.  The main
activity of the Company is the development and operation of
grocery retail stores.  The Company operated Pyaterochka and
Perekrestok retail chains in Russia, including Moscow, St.
Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara,
Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


YUKOS OIL: Dutch Court Denies Promneftstroy's Inquiry Request
-------------------------------------------------------------
The Amsterdam Court of Appeal's Enterprise Chamber, headed by
the Hon. Huub Willems has rejected a request by OOO
Promneftstroy to investigate into the management of OAO Yukos
Oil Co.'s Dutch unit Yukos Finance BV, Bloomberg News reports.

The court stated that Promneftstroy does not qualify as an
authorized shareholder and therefore can't submit a request for
an investigation, Bloomberg relates.

According to the report, investment vehicle Promneftstroy agreed
to buy Yukos Finance BV for US$305.8 million in August 2007.  A
Dutch court canceled the transaction in October 2007, when it
ruled Yukos' Russian bankruptcy administrator, Eduard Rebgun,
had no right to sell its Dutch assets.

As reported in the TCR-Europe on Jan. 7, 2008, a court of appeal
in Netherlands has ruled that Eduard Rebgun, OAO Yukos Oil Co.'s
bankruptcy receiver, may ignore a Dutch court's decision that he
has no power to decide over the matters of Yukos Finance B.V.

"Yukos Finance hasn't made clear which decisions that were taken
by Rebgun have to be reversed," the Amsterdam court said in an
e-mailed statement to Bloomberg News.

Yukos Finance has asked the court Mr. Rebgun to adhere to its
Oct. 31, 2007, ruling, that the sale of Yukos Finance was
illegal under Dutch law.

The Amsterdam court noted that since Dutch courts do not
recognize Russian bankruptcy decisions, Mr. Rebgun --  who was
appointed by a Russian court -- has no power to decide over the
matters of Yukos Finance.

The Dutch court obliged Mr. Rebgun to immediately comply in
annulling all his decisions on Yukos Finance and their
consequences.  The court warned that it would fine Mr. Rebgun
EUR10,000 for every violation and EUR1,000 for each day of non-
compliance if he fails to adhere with the ruling.

Mr. Rebgun had sold Yukos Finance via a competitive auction to
OOO Promneftstroy for RUR7.838 billion.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for
$9.35 billion, as payment for US$27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

On Nov. 23, 2007, the Russian Trading System and Moscow
Interbank Currency Exchange stopped trading Yukos shares after
the company formally ceased to exist.  Mr. Rebgun completed the
company's liquidation process afte Russia's Federal Tax Service
has entered Yukos' liquidation on the Uniform State Register of
Legal Entities.

As reported in the TCR-Europe on Nov. 14, 2007, the Moscow
Arbitration Court has entered an order closing the liquidation
proceedings of OAO Yukos Oil Co., 15 months after it was
declared bankrupt on Aug. 1, 2006.


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


ASS-OEKOHAUS JSC: Creditors' Liquidation Claims Due by April 2
--------------------------------------------------------------
Creditors of JSC ASS-OEKOHAUS have until April 2, 2008, to
submit their claims to:

         JSC ASS-OEKOHAUS
         Wehntalerstr. 249
         8046 Zurich
         Switzerland


DRIVING RANGE: Creditors' Liquidation Claims Due by April 3
-----------------------------------------------------------
Creditors of LLC Driving Range Rheinfelden have until April 3,
2008, to submit their claims to:

         Urs Schnyder
         Liquidator
         Kieshugelhof
         4310 Rheinfelden AG
         Switzerland

The Debtor can be reached at:

         LLC Driving Range Rheinfelden
         Rheinfelden AG
         Switzerland


DST LLC: Creditors' Liquidation Claims Due by April 3
-----------------------------------------------------
Creditors of LLC DST have until April 3, 2008, to submit their
claims to:

         Treuhandburo Walter Bronnimann
         Bachweg 3
         3400 Burgdorf BE
         Switzerland

The Debtor can be reached at:

         LLC DST
         Burgdorf BE
         Switzerland


GTF SOLUTIONS:  Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC STE - TEC on Feb. 13, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Sursee
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC GTF Solutions
         Alte Steinhauserstrasse 19
         6330 Cham ZG
         Switzerland


GTS GIPSER:  Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy
proceedings against LLC GTS Gipser Team Sursee on Feb. 19, 2008.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC GTS Gipser Team Sursee
         Sonnhaldestrasse 19
         6210 Sursee LU
         Switzerland


IMAT JSC:  Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Imat on Feb. 13, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Imat
         Florastrasse 6
         6300 Zug
         Switzerland


ROSA BRAUN: Creditors' Liquidation Claims Due by April 4
--------------------------------------------------------
Creditors of LLC Rosa Braun have until April 4, 2008, to submit
their claims to:

         JSC consis Treuhand
         Mail box: 847
         9501 Wil
         Wahlkreis Wil SG
         Switzerland

The Debtor can be reached at:

         LLC Rosa Braun
         Zurich
         Switzerland


RPS-PRODUKTION: Creditors' Liquidation Claims Due by April 3
------------------------------------------------------------
Creditors of JSC RPS-Produktion have until April 3, 2008, to
submit their claims to:

         JSC RPS-Produktion
         Seetalstrasse 302
         5708 Birrwil
         Kulm AG
         Switzerland


STE - TEC:  Lucerne Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy
proceedings against JSC STE - TEC on Feb. 18, 2008.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         JSC STE - TEC
         Guglern 47
         6018 Buttisholz
         Sursee LU
         Switzerland


TRESCOMP INVESTMENT: Creditors Must File Claims by April 3
----------------------------------------------------------
Creditors of JSC Trescomp Investment have until April 3, 2008,
to submit their claims to:

         LLC Duss Treuhand
         Baarerstrasse 86
         6302 Zug
         Switzerland

The Debtor can be reached at:

         JSC Trescomp Investment
         Zug
         Switzerland


WARMUD JSC: Creditors' Liquidation Claims Due by April 3
--------------------------------------------------------
Creditors of JSC Warmund have until April 3, 2008, to submit
their claims to:

         Andreas Hofstetter
         Liquidator
         Gisibachstrasse 34
         6405 Immensee AG
         Switzerland

The Debtor can be reached at:

         JSC Warmund
         Zurich
         Switzerland


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


BLACK SEE: Creditors Must File Claims by March 27
-------------------------------------------------
Creditors of LLC Black See Energy Repair Service (code EDRPOU
33682510) have until March 27, 2008, to submit written proofs of
claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
on the company after finding it insolvent.  The case is docketed
under Case No. 14/422/07.

The Debtor can be reached at:

         LLC Black See Energy Repair Service
         Industrialnaya Str. 1
         Nikolaev
         Ukraine


BOBRINETSKY FEED: Creditors Must File Claims by March 27
--------------------------------------------------------
Creditors of CJSC Bobrinetsky Feed Mill (code EDRPOU 00688663)
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. 49/191-b.

The Debtor can be reached at:

         CJSC Bobrinetsky Feed Mill
         Hohlovy Family Str. 8
         04119 Kiev
         Ukraine


EVEREST-IMPORT LLC: Creditors Must File Claims by March 27
----------------------------------------------------------
Creditors of LLC Commercial and Industrial Company Everest-
Import (code EDRPOU 31991644) 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. 15/883-b.

The Debtor can be reached at:

         LLC Commercial and Industrial Company Everest-Import
         P. Orlik Str. 6
         01024 Kiev
         Ukraine


KIATECK LLC: Creditors Must File Claims by March 27
---------------------------------------------------
Creditors of LLC Kiateck (code EDRPOU 32490789) 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. 24/82-b.

The Debtor can be reached at:

         LLC Kiateck
         Kikvidze Str. 13
         01133 Kiev
         Ukraine


POLESYE LLC: Creditors Must File Claims by March 27
---------------------------------------------------
Creditors of LLC Agricultural Firm Polesye (code EDRPOU
30885800) have until March 27, 2008, to submit written proofs of
claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
on the company after finding it insolvent.  The case is docketed
under Case No. 4/254b.


PRODKOM LLC: Proofs of Claim Deadline Set March 27
--------------------------------------------------
Creditors of LLC Prodkom (code EDRPOU 31495571) have until
March 27, 2008, to submit written proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
4/179.

The Debtor can be reached at:

         LLC Prodkom
         Apartment 100
         October Str. 66
         36000 Poltava
         Ukraine


RADOSIN-AGRO: Proofs of Claim Deadline Set March 27
---------------------------------------------------
Creditors of CJSC Production-Trading Firm Radosin Subsidiary
Company Radosin-Agro (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.
49/217-b.

The Debtor can be reached at:

         CJSC Production-Trading Firm Radosin
         Subsidiary Company Radosin-Agro
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


ROZHNIATOV AGRICULTURAL: Creditors Must File Claims by March 27
---------------------------------------------------------------
Creditors of have until March 27, 2008, to submit written proofs
of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings on the company after finding it insolvent.  The case
is docketed under Case No. B-21/90.

The Debtor can be reached at:

         OJSC Rozhniatov Agricultural Technics
         Vitovsky Str. 20
         Rozhniatov
         77600 Ivano-Frankovsk
         Ukraine


SIGMA-OKB SA: Creditors Must File Claims by March 27
----------------------------------------------------
Creditors of LLC Joint Ukrainian-Russian Enterprise Sigma-OKB SA
(code EDRPOU 31452187) 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. 43/20.

The Debtor can be reached at:

         LLC Joint Ukrainian-Russian Enterprise Sigma-OKB SA
         Lesia Ukrainka Boulevard 15
         01133 Kiev
         Ukraine


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


ADSEARCH LTD: High Court Orders Winds Up Advertising Firm
---------------------------------------------------------
High Court of England and Wales wound up March 19, 2008,
Adsearch (UK) Ltd. following an investigation by the Companies
Investigation Branch of the Insolvency Services.

CIB's investigation found that Adsearch issued invoices and
demands for payment in connection with advertisements that it
had purportedly sold to other small business across the country.

However, despite the fact that the company had been trading for
more than nine months by the time the investigation commenced,
no website had been created and no evidence of development could
be produced to the investigator.

Nevertheless, the investigator was able to show that the
company's bank account had received more than GBP22,000 and that
it had failed to maintain or preserve any records to show where
these funds had emanated or to whom they had been paid out.

Additionally, CIB's investigation also established that the sole
director of the company had made no attempt to monitor or
control representations made to advertisers, had only attended
its business premises intermittently and for short periods, had
failed to take adequate steps to safeguard the company's
accounting records and had, therefore, failed to exercise proper
stewardship of its affairs.

Furthermore, the company was found to be insolvent and unable to
finance the ongoing development and maintenance of the Web site.

A petition to wind up the company was presented on Feb. 6, 2008.

Headquartered in Wirral, England Adsearch (UK) Ltd. signed up
businesses to advertisements which were to appear on a Web site
dedicated to the theme of crime awareness.  It was incorporated
on Dec. 4, 2006.


ARGON CAPITAL: S&P Puts Series 40 Notes' B Rating on Watch Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its 'B' credit rating Argon Capital
PLC's EUR17.961 million limited-recourse secured variable-rate
notes series 40.

Standard & Poor's has placed the rating on CreditWatch negative
after the rating on the underlying obligor was placed on
CreditWatch negative.  The underlying obligor provides
collateral to the transaction and its long-term rating acts as a
supporting rating to the series 40 notes.


BAA LTD: APP Venture Selling 33 Assets for GBP265 Mln to Arora
--------------------------------------------------------------
The Airport Property Partnership, a 50/50 joint venture between
BAA Limited and clients of Morley Fund Management Limited, has
entered into an agreement to sell a portfolio of 33 assets to
The Arora Family Trust for GBP265 million.

The transaction includes the forward sale of two properties
currently under development which BAA and Morley will fund to
completion.  The portfolio accounts for approximately one
quarter of APP’s total portfolio by value.

The sale of 31 properties is expected to close in the second
quarter 2008.  The sale of the two developments will close later
in the year once the developments are completed.

Part of the proceeds from the transaction will be used to repay
APP’s existing debt and the balance after costs will be returned
to BAA and Morley

The transaction is part of BAA's strategy to dispose of non-core
assets, and represents the first stage in the sale of APP and
BAA Lynton, BAA's property management company.

BAA was advised on this transaction by Morgan Stanley & Co.
Limited.

                            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.


AVIATION CAPITAL: S&P Puts Secutization Ratings on Watch Neg
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
selected tranches from five aircraft securitizations issued
between 1999 and 2003 on CreditWatch with negative implications.

The CreditWatch placements primarily reflect the interplay
between a slowing global economy, rapidly increasing fuel
prices, and the fact that most of the aircraft in these
transactions are less fuel-efficient than the current
generation of planes.

These securitizations have significant concentrations of leases
on aircraft built in the 1980s, some of which will likely become
economically obsolete earlier than originally anticipated.
These planes, particularly older B737s and MD80s, and, to a
lesser extent, B757s and B767s, are less fuel-efficient than
newer models, a disadvantage that has been substantially
magnified by the surge in jet fuel prices since 2004.  In
addition, the high probability of a slowing global economy, and
an outright recession in the U.S., will likely cool recent
strong demand for certain leased aircraft, increasing re-leasing
risk.  The combination of rising fuel prices and other economic
risks prompted S&P to review its ratings on the outstanding
securities associated with these transactions.

Within the next 90 days, Standard & Poor's will review all of
the securities with ratings placed on CreditWatch negative to
determine to what extent, if any, additional rating actions are
warranted.  While it expects some downgrades to be greater than
two rating categories, not all rating actions will be that
significant.

           Ratings Placed on CreditWatch Negative

                     AerCo Ltd.

                             Rating
                             ------
        Class        To                  From
        -----        --                  ----
        A-3          BBB/Watch Neg       BBB/Stable
        A-4          A/Watch Neg         A/Stable

               Aviation Capital Group Trust

                              Rating
                              ------
        Class        To                  From
        -----        --                  ----
        A-1          BBB/Watch Neg       BBB/Stable
        B-1          BB-/Watch Neg       BB-/Stable
        C-1          B/Watch Neg         B/Negative
        D-1          CCC/Watch Neg       CCC/Negative

              Aviation Capital Group Trust II

                              Rating
                              ------
        Class        To                  From
        -----        --                  ----
        B-1          A/Watch Neg         A/Stable

               Lease Investment Flight Trust

                               Rating
                               ------
        Class        To                  From
        -----        --                  ----
        A-1          BB+/Watch Neg       BB+/Negative
        A-2          BB+/Watch Neg       BB+/Negative
        A-3          A/Watch Neg         A/Negative

                  Aircraft Finance Trust

                               Rating

        Class        To                  From
        -----        --                  ----
        A-1          B+/Watch Neg        B+/Stable


BRITISH ENERGY: Centrica Contemplates GBP10 Bln Takeover Bid
------------------------------------------------------------
British Gas owner Centrica plc is contemplating a GBP10 billion
takeover bid for British Energy Group plc, Ben Harrington writes
for the Daily Telegraph.

The Daily Telegraph says, citing banking sources following the
situation, Centrica "is seriously looking at it," although
according to one banker, the company may lack credibility as a
bidder as it has no past record in managing a nuclear power
generation business.

However, Centrica, which showed potential in the nuclear power
business, is expected to face stiff competition from more
financially-capable European rivals, including RWE of Germany,
EDF of France, and Iberdola of Spain, the Daily Telegraph
relates.

Meanwhile, the British government, which holds a 35% stake in
BE, reassured European bidders that it will not exercise its
veto over a potential offer for the company, the paper states.

As previously reported in the TCR-Europe on March 20, 2008, BE’s
board said that it is in discussion with interested parties in
the context of its future and its plans to take a pivotal role
in any new nuclear program.

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

The government, on the other hand, hired UBS AG to advise it on
the program for new nuclear stations, including the stake it
holds in BE.

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

                      About British Energy

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

                        *     *     *

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

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

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


CANDU ENTERTAINMENT: To File for Administration
-----------------------------------------------
CanDu Entertainment Ltd. will be placed in administration in the
next few days, Bloomberg News reports citing the Daily
Telegraph.

According to the report, the company's creditors have put on
standby Ernst & Young LLP to take over the company in the event
of administration.

Close Brothers Private Equity LLP bought CanDu from Luminar plc
on June 10, 2005, for GBP28 million.

According to Bloomberg, Jason Graniteo of Agilo Ltd., an
insolvency specialist, bought CanDu's bank debt at a discount
from Barclays Plc this year to take control.

Headquartered in Banbury, England, CanDu Entertainment Ltd. --
http://www.candu.com/-- is the largest independent late night
leisure operator in the U.K.  The estate comprises 33 nightclubs
and high street bars, predominantly in regional towns across
England and Wales.


CHRYSLER LLC: Plastech Supply Agreement Extended to April 2
-----------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates have
reached a new interim supply agreement with Chrysler LLC.

Pursuant to the deal, the Plastech will continue making parts
for Chrysler at least through April 2, 2008, as their prior
agreement ended March 17, according to The Associated Press and
Erie Times.

Pursuant to the initial interim agreement between the parties:

    -- Plastech will continue to deliver component parts to
       Chrysler;

    -- Chrysler is obligated to make certain payments to
       Plastech in conjunction with the continued production of
       component parts; and

    -- The Debtors are to allow BBK, as agents for Chrysler, to
       have supervised access to Plastech facilities for the
       purpose of inspecting and conducting an inventory of all
       tooling used for Chrysler production.

Chrysler has appealed before the U.S. District Court for the
Eastern District of Michigan, Southern Division a prior ruling
by the Bankruptcy Court barring it from recovering certain
equipment from Plastech's plants.  Bankruptcy Court Judge
Phillip Shefferly had held that while Chrysler held equity in
the US$180,400,000 worth of machinery that Plastech uses in its
plants, the Debtor would need the machinery in order to continue
its operations.

The Plastech-Chrysler agreement comes as Plastech has sought
another extension, to April 2, on the final hearing to consider
approval of a final debtor-in-possession loan.

Plastech has announced that it is negotiating the terms of a DIP
loan from its major customers, under which the major customers
will provide funding to Plastech until June 30 and assume
Plastech's debts to Bank of America for the interim DIP
financing and the prepetition loans it has provided to Plastech.

                    About Plastech Engineered

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       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.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 13,
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.


DOLPHIN CONSTRUCTION: Taps Administrators from Grant Thornton
-------------------------------------------------------------
Leslie Ross and David Michael Riley of Grant Thornton UK LLP
were appointed joint administrators of Dolphin Construction Ltd.
(Company Number 04768167) on March 10, 2008.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

          Dolphin Construction Ltd.
          1 Potter Place
          Skelmersdale
          Lancashire
          WN8 9PH
          England
          Tel: 01695558787


LUDGATE FUNDING: S&P Rates GBP5-Million Class E Notes at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the mortgage-backed floating-rate notes series
2008-W1 to be issued by Ludgate Funding PLC, a special purpose
entity.

The collateral for this transaction comprises a pool of first-
ranking mortgages secured over freehold and leasehold, owner-
occupied, and "buy-to-let" properties in the U.K.

The series originator is Wave Lending Ltd., and the arranger is
Merrill Lynch International.

This will be third securitization from the Ludgate Funding
platform.  The structure of this issuance remains largely
unchanged from previous issuances.  Standard & Poor's expects to
rate the notes on a segregated basis, that is, the rating on
each series will be independent from the rating on each previous
and subsequent series.

The transaction will feature an interest rate cap agreement to
hedge against rising LIBOR.  A fixed/floating interest rate swap
and a basis rate swap will also be in place at closing to
protect against certain interest rate mismatches.

                        Ratings List

                     Ludgate Funding PLC

              GBP321 Million and EUR102.7 Million
       Mortgage-Backed Floating-Rate Notes Series 2008-W1

          Class          Prelim.        Prelim.
                         rating         amount (Mil.)
          -----          ------         ------

            A1             AAA          GBP308
            A2b            AAA          EUR54.6
            Bb             AA           EUR29.1
            Cb             A-           EUR19
            D              BBB          GBP8
            E              BB           GBP5
            MERCs          AAA          N/A


QUEBECOR WORLD: Seeks Nod to Pay Prepetition Wages to Managers
--------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of New
York to pay 376 managers prepetition payments due under certain
incentive plans for the second half of 2007, which will become
due and owing on March 31, 2008.

According to Michael Canning, Esq. at Arnold & Porter LLP, in
New York, the Debtors maintain two annual incentive plans for
its management employees: the Management Incentive Compensation
Plan and the Plant Based Incentive Plan.  Mr. Canning notes that
these Incentive Plans are integral components of how the Debtors
reward and encourage their important managerial employees.

Approximately 238 employees are participants in the MICP, and
348 employees are participants in the PBIP.  Of these employees,
approximately 376 are owed or will be owed prepetition incentive
payments.  Mr. Canning says that of the 376 employees, 135 are
owed under MICP and 241 under PBIP.  Mr. Canning adds that 80%
of these employees have earned less than US$150,000 in 2007.

The total amount of incentive compensation due prepetition to
the approximately 135 employees under the MICP is US$2,627,776,
which, on average, represents an average incentive bonus of
approximately US$20,000 per employee.

Mr. Canning says that the amount of an employee's incentive
bonus is based on the satisfaction of one or more performance
criteria.  In any given year, this criteria may include these
targets:

   (1) Earnings Before Interests and Taxes
   (2) Return on Capital Employed
   (3) Return on Average Shareholder Equity
   (4) Cost of Capital
   (5) Earnings per Share

The total amount of incentive compensation due prepetition to
approximately 241 individuals under the PBIP is US$1,949,760,
which, on average, represents an average incentive bonus of
approximately US$8,000 per employee.

According to Mr. Canning, the PBIP program is based on
performance indicators that allow for the assessment of managers
by using objectives set for the managers at the beginning of
each year.  These performance indicators address five main
areas:

   (1) Capacity
   (2) Productivity
   (3) Quality
   (4) Health and Safety
   (5) Earnings Before Interests and Taxes (EBIT)

The incentive bonus payable for each employee varies since it is
expressed under the PBIP as a percentage of base salary earned
by the employee and is determined based on performance measured
against certain pre-established criteria.

Mr. Canning believes that the failure to grant the Debtors'
request with regard to these incentive payments, even for a
brief period of time, could have a material adverse impact on
the Debtors' businesses operations and their reorganization
efforts, and would run afoul of the rehabilitative nature of the
Bankruptcy Code.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company has operations
in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the
British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In
March 2007, it sold its facility in Lille, France.  Quebecor
World (USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Wants to Assume BofA's Purchasing Card Pact
-----------------------------------------------------------
Pursuant to Section 365 of the Bankruptcy Code and Rule 6006 of
the Federal Rules of Bankruptcy Procedure, Quebecor World Inc.
and its debtor-affiliates seek permission from the U.S.
Bankruptcy Court for the Southern District of New York to assume
their Purchasing Card Agreement with Bank of America and cure an
existing monetary default.

In the alternative, the Debtors seek the Court's authority
pursuant to Sections 105(a), 363(a) and 364(a) of the Bankruptcy
Code to re-establish a purchasing card agreement with Bank of
America.

Michael Canning, Esq., at Arnold & Porter LLP, in New York,
relates that prior to the Petition Date, the Debtors had a
Purchasing Card Agreement with Bank of America in which Bank of
America issued credit cards to certain of the Debtors' employees
to be used in a manner similar to consumer credit cards and
constitute unsecured debt obligations to the Debtors.

The Debtors have historically used P-Cards for transactions with
small vendors or ad hoc purchases in large part to minimize
administrative costs for smaller purchasing transactions.  The
P-Cards serve as substitutes for petty cash, thus reducing the
need for the Debtors to keep cash on hand at each of their
facilities and permitting the Debtors to make certain payments
more efficiently than would be possible using checks or wire
transfers.

Through 2007, the Debtors had approximately 400 individual card
users and processed approximately US$2,000,000 per month in
purchases on the P-Cards.

The provision of purchasing card services was withdrawn by Bank
of America in mid-December 2007, in conjunction with actions
taken by Bank of America to reduce credit exposure to the
Debtors.  As of the Petition Date, the Debtors had an
outstanding balance of US$460,000 owing to Bank of America for
prepetition charges.

Mr. Canning says that there is an urgent need to restore the
P-Card program since its absence has resulted in (i) disruption
of the Debtors' operations, (ii) increased administrative costs
and (iii) more difficult relations with suppliers.

Bank of America has consented to the assumption of the Purchase
Card Agreement and has not requested any other assurance of
future performance, conditioned upon the Debtors' payment of the
cure amount required under Section 365(b) of the Bankruptcy
Code.

According to Mr. Canning, the Debtors have also satisfied the
remaining requirements for assumption of the Purchasing Card
Agreement since the term of the Purchasing Card Agreement has
not expired, and the contact is executory.  The Debtors have
retained possession of the P-Cards.  Similarly, although the
Debtors' ability to utilize the P-Cards is currently frozen,
Bank of America has maintained all of the information necessary
to reactivate the program without delay.  "Although the Debtors
are not using the P-Cards presently, both parties stand ready to
perform under the Purchasing Card Agreement upon assumption,"
Mr. Canning adds.

Mr. Canning adds that to the extent that the Purchasing Card
Agreement constitutes a financial accommodation not subject to
assumption, the Debtors seek an alternative assumption by
reinstating an arrangement with Bank of America to provide the
Debtors with P-Cards as ordinary course, unsecured postpetiton
credit under Section 364(a) of the Bankruptcy Code.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company has operations
in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the
British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In
March 2007, it sold its facility in Lille, France.  Quebecor
World (USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Wants to Pay DB Plans Funding Contributions
-----------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to allow,
but not direct, them to make all the minimum funding
contributions to employee pension plans.

The plans are defined benefit plans for which Debtors have
statutory liability under the Employee Retirement Income
Security Act of 1974, as amended, and that are intended to be
qualified under the Internal Revenue Code of 1986, as amended.

According Michael Canning, Esq. at Arnold & Porter LLP, in New
York, ERISA and the I.R.C. require that the Debtors make minimum
funding contributions due to six employee pension plans:

   (a) Quebecor World Pension Plan,

   (b) Quebecor World Baird-Ward Inc. Retirement Plan,

   (c) Quebecor World Mt. Morris II Inc. Employees' Pension
       Plan,

   (d) Quebecor World Buffalo Inc. Retirement Plan for Hourly
       Employees,

   (e) The Pension Plan for Hourly Employees of the Salem
       Gravure Division of Quebecor World (USA) Inc., and

   (f) Quebecor World Kingsport Inc. Pension Plan for Hourly
       Bargaining Unit Employees of Kingsport, Hawkins, Sherwood
       & Distribution.

As Jan. 15, 2008, the Debtors owe US$4,160,300 to the DB Plans'
required quarterly minimum funding contributions for the fourth
quarter of 2007.

The Debtors have also calculated their future contributions to
the DB Plans as they become due and owing during their
reorganization.  The Debtors have estimated US$58,428,408 in
future contributions to the DB Plans.

Mr. Canning says that the Debtors seek the Court's authority to
pay the past due contributions and future contributions under
the "necessity of payment" doctrine as being necessary for the
preservation of the estate.  Mr. Canning relates that the
failure to fund the DB Plans in accordance with statutory
requirements would raise grave concerns among employees as to
the security of their DB Plan benefits. "This would have a
disruptive impact on the Debtors' workforce, and would
jeopardize employee dedication and loyalty," he adds.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company has operations
in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the
British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In
March 2007, it sold its facility in Lille, France.  Quebecor
World (USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


SEA CONTAINERS: Wants to Ink Two Charter Termination Agreements
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to allow Sea
Containers Ltd. to enter into two Charter Termination Agreements
in connection with the sale of SeaStreak America, Inc., and
Highlands Landing Corporation by non-debtor affiliate Sea
Containers America, Inc., to New England Fast Ferries for
US$3,000,000.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, relates that although SeaStreak
conducts the operations of a fleet of vessels consisting of four
high-speed passenger catamarans in New York Harbor, banks
CitiCapital Commercial Leasing Corporation and Chase Equipment
Leasing, Inc., own the Vessels.

The Banks bareboat-chartered the Vessels to Circle Navigation,
Inc., and its affiliates, pursuant to various bareboat charter
agreements.  Circle Navigation, in turn, time-chartered the
Vessels to SeaStreak pursuant to various time charter
agreements.

As payment for SeaStreak's obligations under the Time Charters,
SCL and SCA issued guarantees to CitiCapital and Chase
Equipment.  As of Jan. 31, 2008, the outstanding obligation
under the Time Charters is US$17,600,000.  Mr. Brady discloses
that SeaStreak has been in default under the charters since May
2006 due to the financial condition of the Debtors.

As part of the Debtors' restructuring efforts, and after
negotiations with various interested entities, SCL decided to
sell SeaStreak's equity to New England through a stock purchase
agreement.

As a condition to the sale's closing, SCL, SCA and Circle
Navigation must execute separate Charter Termination Agreements
with CitiCapital and Chase Equipment to facilitate the
transaction for all the parties involved.  Pursuant to the
Agreements, all the Bareboat and Time Charters will be
terminated, so the Banks can sell the Vessels to New England,
free and clear of the Banks' liens and interests.  In addition,
SCL and SCA will be relieved of their obligations as guarantors.

Under the Agreements, certain indemnification provisions
contained in the Charters, and certain tax indemnification
agreements between the Banks and SeaStreak will be ratified, and
thus, survive the termination.

The Debtors submit that the minimal obligations contemplated by
the Agreements outweigh the benefits that they will obtain from
the transaction.  The Debtors assure the Court that SCL's
participation in the sale through the Agreements provides
significant benefit to the bankruptcy estates by eliminating
substantial guaranty obligations, some of which are presently in
default.

In addition, the parties to the SPA and the Agreements have
worked diligently to finalize the documents so that the
transaction may be consummated by March 31, 2008.  Accordingly,
the Debtors also ask the Court to waive the 10-day stay period
under Rule 6004(h) of the Federal Rules of Bankruptcy Procedure.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court gave the Debtors until April 15, 2008 to file a plan
of reorganization.


* Chancery Division Corrects County Courts' Bankruptcy Practice
---------------------------------------------------------------
The Hon. John Jarvis of the Chancery Division of the U.K. High
Court of Justice has issued a ruling that county courts has no
jurisdiction to annul a bankruptcy order on the basis of an
undertaking from the bankrupt's solicitor to pay the debts,
costs and expenses of the bankruptcy, The Times reports.

In Halabi v Camden London Borough Council and Another, Judge
Jarvis pointed out that according to Section 282(1)(b) of the
Insolvency Act 1986 and rule 6.211(2) of the Insolvency Rules
(SI 1986 No 1925), a bankruptcy order cannot be annulled until
all bankruptcy debts and expenses have been paid in full.

Judge Jarvis noted that there was a divergence of view between
the practice in the High Court Registry and in some county
courts where annulment orders had been made on the basis of
undertakings to pay.


                            *********

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 * * *