TCREUR_Public/080327.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, March 27, 2008, Vol. 9, No. 61

                            Headlines


A U S T R I A

AURUS GASTRONOMIE: Claims Registration Period Ends April 11
BIO.GRAGGER: Claims Registration Period Ends April 15
CLOTHES OUTLET: Claims Registration Period Ends April 22
G & P GASTROBETRIEB: Claims Registration Period Ends April 8
GESELLSCHAFT FUER BEHAGLICHES: Claims Registration Ends April 15

REISINGER TRANSPORTSERVICE: Claims Registration Ends April 14


G E R M A N Y

ALBERT & RITTEREISER: Claims Registration Period Ends April 8
AREG LEASING: Claims Registration Period Ends April 10
ARMIN RUND: Claims Registration Period Ends April 14
AVB BERATUNGS-UND: Claims Registration Period Ends April 8
CITY SPOT: Claims Registration Period Ends April 14

DIE LINIE: Claims Registration Period Ends April 14
DTHV GMBH: Claims Registration Ends April 11
ESDEE HOLDING: Claims Registration Period Ends April 8
ETGETON VERTRIEBSGESELLSCHAFT: Claims Registration Ends April 11
F.A.L. BAU: Claims Registration Period Ends April 15

G+K INGENIEURBUERO: Claims Registration Period Ends April 8
IT-SOFTWARE-GMBH: Claims Registration Period Ends March 31
LANZTRANS GMBH: Claims Registration Period Ends April 9
LUECKER GRUNDBESITZ: Claims Registration Period Ends April 11
MALERBETRIEB FARBENFROH: Claims Registration Ends April 11

MKL WOHNUNGSBAU: Claims Registration Ends April 10
NANO FLEXX: Claims Registration Period Ends April 18
P-V-I PROJEKT: Claims Registration Ends April 10
PAPIERFABRIK LENK: Creditors' Meeting Slated for April 15
PBS VERWALTUNGSGESELLSCHAFT: Claims Registration Ends April 9

PETER HELD: Claims Registration Period Ends April 15
PROMISE-I: S&P Puts BB Rating on EUR13.5 Million Class E Notes
REIN GMBH: Claims Registration Ends April 9
SCHMIDT & NILGES: Claims Registration Period Ends April 11
WAGNER AUTOMOBILE: Claims Registration Period Ends April 11


I R E L A N D

SMURFIT KAPPA: Rosemary Thorne Appointed as Board Director


I T A L Y

ALITALIA SPA: Air France-KLM to Present New Proposal to Unions
FIAT S.P.A.: In Talks Over U.S. Alfa Car Production
GOODYEAR TIRE: S&P Ups Rating on Class A-1 and A-2 Certs. to BB-
INTERNATIONAL RECTIFIER: Covenant Defaults Waived Until July 31


K A Z A K H S T A N

BEKAN KOKSHETAU: Creditors Must File Claims by April 25
CENTRE-TRADING LLP: Claims Deadline Slated for April 25
EXPORT DEVELOPMENT: Fitch Affirms Long-Term IDR at B+
KALJAN AHUN-1: Claims Filing Period Ends April 25
KRAL-ELECTRONICS LLP: Creditors' Claims Due on April 25

KURYLYS CENTRE: Claims Registration Ends April 22
PULSAR STROY-SERVICE: Creditors Must File Claims by April 25
STROY-INFORM LLP: Claims Deadline Slated for April 25
TALAP-2000 LLP: Claims Filing Period Ends April 25
TUMAR INVEST: Creditors' Claims Due on April 25

ZLATAK-PANEL LLP: Claims Registration Ends April 22


K Y R G Y Z S T A N

METALL INVEST: Creditors Must File Claims by April 29
NAKU LLC: Claims Filing Period Ends April 25


R U S S I A

AGRO-PLUS LLC: Creditors Must File Claims by May 1
B.I.N. BANK: Fitch Places Ratings on Positive Watch
BAMO-FLOAT-GLASS: Court Starts Bankruptcy Supervision Procedure
DANILOVSKOE FUEL: Creditors Must File Claims by May 1
DOSTUP-COM OJSC: Creditors Must File Claims by April 1

KINESHMA-LES-PROM: Asset Sale Slated for April 2
KRASNOGVARDEYSK-AGRO-PROM-TRANS: Claims Filing Ends April 1
LOCAL FUEL: Creditors Must File Claims by April 1
MAGNITOGORSK IRON: Trades GDR at Austria's RDXxt Index
OGK-5 OAO: Earns RUR1.8 Billion for Full Year 2007

ROSNEFT OIL: To Build Oil Refinery at ESPO's Nahodka Terminus
SB 77: Creditors Must File Claims by April 1
SEVERSTAL OAO: Seeking US$350-Mln Loan to Fund Sparrows' Ops
SPAS-DEMENSKIY LES-KHOZ-ZAG: Claims Filing Period Ends May 1
STAMO LLC: Vladimir Bankruptcy Hearing Slated for July 22

SVYAZNOY CJSC: Creditors Must File Claims by April 1
TATA MOTORS: Acquiring Ford's Jaguar & Land Rover for US$2.3BB
UPTK-1 AGRO-PROM-STROY: Creditors Must File Claims by April 1
YURYEV-POLSKIY BAKERY: Names P. Namlinskiy as Insolvency Manager
ZARUBEZH-OIL-GAS-STROY: Creditors Must File Claims by May 1

ZAURALSKIY KAMNEREZ: Creditors Must File Claims by May 1


S W I T Z E R L A N D

ARCHITEKTUR & BERATUNG: Creditors Must File Claims by June 1
COMBUSTIA INTERNATIONAL: Zug Court Starts Bankruptcy Proceedings
JSC NETGIRO: Creditors' Liquidation Claims Due by May 13
PREMIUM SURGERY: Creditors' Liquidation Claims Due by March 31
SERVICE MEYER: Zug Court Starts Bankruptcy Proceedings

STALCO LLC: Zug Court Starts Bankruptcy Proceedings
THAI-KUCHE BAAR: Zug Court Starts Bankruptcy Proceedings
UPS SCS (INTERNATIONAL): Creditors' Must File Claims by March 31
UPS SCS: Creditors' Liquidation Claims Due by March 31
WEPEGA IMMOBILIEN: Creditors' Liquidation Claims Due by March 31


U K R A I N E

VTB BANK: Fitch Holds Long-Term Foreign Currency IDR at BB-


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Unit Prices Private Offering of 13.75% Notes
ABITIBIBOWATER INC: Inks US$350 Mln Investment Deal with Fairfax
ABITIBIBOWATER INC: Unit Amends Terms of US$496MM Exchange Offer
ABITIBIBOWATER INC: Moody's Puts B1 Rtg. on Unit's US$450M Loan
ABITIBIBOWATER INC: S&P Rates Unit's US$415 Million Notes at B+

ACCESS BY DESIGN: Brings In Liquidators from Tenon Recovery
BAA LTD: Richard Branson Seeks Break-up; Demands Aviation Reform
BAA LTD: Air Fares to Go Up Over the Next Five Years
BRISTOW GROUP: S&P Changes Outlook to Stable; Retains BB Rating
BUZZ SALES: Appoints Administrators from Milner Boardman

CARTER AND CARTER: Sells Business & Assets to Newcastle College
CRUSADER PRINT: Taps Joint Administrators from Tenon
DM98 LTD: Brings In Administrators from PricewaterhouseCoopers
DRAGON INTERNATIONAL: Appoints PwC as Administrators
DRAGON LEASING: Taps Grant Thornton to Administer Assets

DURA AUTOMOTIVE: Discloses Ch. 11 Plan Liquidation Analysis
DURA AUTOMOTIVE: Ad Hoc Committee Seek to Inspect Records
FORD MOTOR: Selling Jaguar & Land Rover to Tata for US$2.3BB
HM91 LTD: Brings In PwC to Administer Assets
IRON MOUNTAIN: Moody's Lifts Rating to B1 on Strong Performance

PETROLEOS DE VENEZUELA: To Ask Exxon Compensation for Damages
REDBY COACHES: Calls In Liquidators from Tenon Recovery
ROYAL MAIL: Pension Fund Trustees May Force Liquidation
TOTALROCK MUSIC: Claims Filing Period Ends April 17
WORLDWIDE PALLET: Taps Liquidators from Mazars

* Upcoming Meetings, Conferences and Seminars


                            *********


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


AURUS GASTRONOMIE: Claims Registration Period Ends April 11
-----------------------------------------------------------
Creditors owed money by LLC Aurus Gastronomie (FN 247557f) have
until April 11, 2008, to file written proofs of claim to court-
appointed estate administrator Stefan Langer at:

          Dr. Stefan Langer
          Oelzeltgasse 4
          1030 Vienna
          Austria
          Tel: 713 61 92
          Fax: 713 61 92 22
          E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 25, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 27, 2008 (Bankr. Case No. 28 S 34/08s).


BIO.GRAGGER: Claims Registration Period Ends April 15
-----------------------------------------------------
Creditors owed money by LLC bio.gragger (FN 282483t) have until
April 15, 2008, to file written proofs of claim to court-
appointed estate administrator Rene Lindner at:

          Mag. Rene Lindner
          Am Winterhafen 11
          4020 Linz
          Austria
          Tel: 0732/78 40 80-12
          Fax: 0732/78 40 80 -4
          E-mail: konkurs@ra-hlp.at

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

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Ansfelden, Austria, the Debtor declared
bankruptcy on Feb. 27, 2008 (Bankr. Case No. 17 S 13/08y).


CLOTHES OUTLET: Claims Registration Period Ends April 22
--------------------------------------------------------
Creditors owed money by LLC Clothes Outlet Handel (FN 269182g)
(fka LLC Baldinini Handel) have until April 22, 2008, to file
written proofs of claim to court-appointed estate administrator
Bernhard Schatz at:

          Dr. Bernhard Schatz
          Enzersdorfer Strasse 4
          2340 Moedling
          Austria
          Tel: 02236/89 33 77
          Fax: 02236/89 33 77 40
          E-mail: bernhard.schatz@bpv-huegel.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on Feb. 28, 2008 (Bankr. Case No. 11 S 27/08v).


G & P GASTROBETRIEB: Claims Registration Period Ends April 8
------------------------------------------------------------
Creditors owed money by KG G & P Gastrobetrieb (FN 295364i) have
until April 8, 2008, to file written proofs of claim to court-
appointed estate administrator Volker Leitner at:

          Mag. Volker Leitner
          Wiener Strasse 3
          3100 St. Poelten
          Austria
          Tel: 02742/35 43 55
          Fax: 02742/35 14 35
          E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on April 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of St. Poelten
          Room 216
          Second Floor
          Old Building
          St. Poelten
          Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Feb. 27, 2008 (Bankr. Case No. 14 S 23/08k).


GESELLSCHAFT FUER BEHAGLICHES: Claims Registration Ends April 15
----------------------------------------------------------------
Creditors owed money by LLC Gesellschaft fuer behagliches Wohnen
Handel (FN 164428g) have until April 15, 2008, to file written
proofs of claim to court-appointed estate administrator Thomas
Steiner at:

          Mag. Thomas Steiner
          Weihburggasse 18
          1010 Vienna
          Austria
          Tel: 513 53 63
          Fax: 513 53 63 17
          E-mail: steiner.steiner@aon.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 28, 2008 (Bankr. Case No. 4 S 24/08v).


REISINGER TRANSPORTSERVICE: Claims Registration Ends April 14
-------------------------------------------------------------
Creditors owed money by LLC Reisinger Transportservice (FN
158206g) have until April 14, 2008, to file written proofs of
claim to court-appointed estate administrator Andreas Meissner
at:

          Mag. Andreas Meissner
          Feldgasse 6
          4840 Voecklabruck
          Austria
          Tel: 07672/24418
          Fax: 07672/77830
          E-mail: hitzenberger@geocomp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Weibern, Austria, the Debtor declared
bankruptcy on Feb. 27, 2008 (Bankr. Case No. 20 S 23/08w).


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


ALBERT & RITTEREISER: Claims Registration Period Ends April 8
-------------------------------------------------------------
Creditors of Albert & Rittereiser GmbH have until April 8, 2008,
to register their claims with court-appointed insolvency manager
Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden
         Germany
         Tel: 0611-1504-0
         Fax: 0611-301774

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

The Debtor can be reached at:

         Albert & Rittereiser GmbH
         Kolpingstrasse 15
         65462 Ginsheim-Gustavsburg
         Germany


AREG LEASING: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of AREG Leasing GmbH have until April 10, 2008, to
register their claims with court-appointed insolvency manager
Stephan Kallenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bingen am Rhein
         Room 7
         Law Courts
         Mainzer Road 52
         55411 Bingen am Rhein
         Germany

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

The insolvency manager can be reached at:

         Stephan Kallenberg
         Neutorstr. 9
         55116 Mainz
         Germany
         Tel: 06131/14674-0
         Fax: 06131/14674-20

The District Court of Bingen am Rhein opened bankruptcy
proceedings against AREG Leasing GmbH on March 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AREG Leasing GmbH
         Attn: Renate Geib, Manager
         Am St. Jakobsberg 33
         55437 Ockenheim
         Germany


ARMIN RUND: Claims Registration Period Ends April 14
----------------------------------------------------
Creditors of Armin Rund Zahntechnik GmbH have until April 14,
2008, to register their claims with court-appointed insolvency
manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Essen
          Meeting Hall 293
          Second Floor
          Zweigertstr. 52
          45130 Essen
          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:

          Eberhard Stock
          Rolandstr. 11
          45128 Essen
          Germany

The District Court of Essen opened bankruptcy proceedings
against Armin Rund Zahntechnik GmbH on Feb. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Armin Rund Zahntechnik GmbH
          Attn: Armin Rund, Manager
          Haldenstr. 19
          45966 Gladbeck
          Germany


AVB BERATUNGS-UND: Claims Registration Period Ends April 8
----------------------------------------------------------
Creditors of AVB Beratungs-und Betreuungsgesellschaft mbH have
until April 8, 2008, to register their claims with court-
appointed insolvency manager Prof. Dr. Rolf-Dieter Moenning.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

          Prof. Dr. Rolf-Dieter Moenning
          Juelicher Strasse 116
          52070 Aachen
          Germany
          Tel: 0241/94618-0
          Fax: 0241/533562

The District Court of Aachen opened bankruptcy proceedings
against AVB Beratungs-und Betreuungsgesellschaft mbH on March 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         AVB Beratungs-und Betreuungsgesellschaft mbH
         Erfstrasse 63
         52249 Eschweiler
         Germany


CITY SPOT: Claims Registration Period Ends April 14
---------------------------------------------------
Creditors of City Spot Cargas GmbH have until April 14, 2008, to
register their claims with court-appointed insolvency manager
Berend Boehme.

Creditors and other interested parties are encouraged to attend
the meeting at 3:15 p.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Berend Boehme
          Ostertorsteinweg 74/75
          28203 Bremen
          Germany
          Tel: 0421/79257-0
          Fax: 0421/79257-57
          E-mail: boehme@oelb.de

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

The Debtor can be reached at:

          City Spot Cargas GmbH
          Attn: Meik Diekmann, Manager
          Breslauer Str. 99
          27755 Delmenhorst
          Germany


DIE LINIE: Claims Registration Period Ends April 14
---------------------------------------------------
Creditors of Die Linie Quadro Wohnkultur Einrichtungs-GmbH
Freising have until April 14, 2008, to register their claims
with court-appointed insolvency manager Matthias Dieckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         Matthias Dieckmann
         Gute Anger 11
         85356 Freising
         Germany
         Tele: 08161/988110
         Tax: 08161/82472

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:

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

The District Court of Landshut opened bankruptcy proceedings
against Die Linie Quadro Wohnkultur Einrichtungs-GmbH Freising
on March 12, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Die Linie Quadro Wohnkultur
         Einrichtungs-GmbH Freising
         Attn: Rupert Schroettle, Manager
         Marktplatz 9
         97631 Bad Koenigshofen
         Germany


DTHV GMBH: Claims Registration Ends April 11
--------------------------------------------
Creditors of DTHV GmbH have until April 11, 2008 to register
their claims with court-appointed insolvency manager Carsten
Koch.

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

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Carsten Koch
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312
         E-mail: kassel@leonhardt-westhelle.eu

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

The Debtor can be reached at:

         DTHV GmbH
         Franzgraben 40-42
         34125 Kassel
         Germany

         Attn: Peter Kessler, Manager
         Gartenstrasse 6
         34233 Fuldatal
         Germany


ESDEE HOLDING: Claims Registration Period Ends April 8
------------------------------------------------------
Creditors of EsDee Holding GmbH have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 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:

         Dr. Hubert Ampferl
         Nymphenburger Str. 20
         80335 Munich
         Germany
         Tel: 089/3090586-0
         Fax: 089/3090586-10

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

The Debtor can be reached at:

         EsDee Holding GmbH
         Adelgundenstr. 21
         80538 Munich
         Germany


ETGETON VERTRIEBSGESELLSCHAFT: Claims Registration Ends April 11
----------------------------------------------------------------
Creditors of Etgeton Vertriebsgesellschaft mbH have until
April 11, 2008 to register their claims with court-appointed
insolvency manager Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Laurentiusstrasse 21-23
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

The District Court of Wuppertal opened bankruptcy proceedings
against Etgeton Vertriebsgesellschaft mbH on March 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Etgeton Vertriebsgesellschaft mbH
         Sanderstrasse 206
         42283 Wuppertal
         Germany

         Attn: Joerg Etgeton, Manager
         Buelsestrasse 16
         45896 Gelsenkirchen
         Germany


F.A.L. BAU: Claims Registration Period Ends April 15
----------------------------------------------------
Creditors of F.A.L. Bau GmbH have until April 15, 2008, to
register their claims with court-appointed insolvency manager
Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Koeln
         Germany

The District Court of Cologne opened bankruptcy proceedings
against F.A.L. Bau GmbH on March 10, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         F.A.L. Bau GmbH
         Hauptstr. 5
         50859 Koeln
         Germany

         Attn: Thomas Freericks, Manager
         Gut Lueeniger Hof 21
         50259 Pulheim
         Germany


G+K INGENIEURBUERO: Claims Registration Period Ends April 8
-----------------------------------------------------------
Creditors of G+K Ingenieurbuero GmbH have until April 8, 2008,
to register their claims with court-appointed insolvency manager
Wolfgang Lorisch.

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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

          Wolfgang Lorisch
          Kurt-Schumacher-Str. 48
          45699 Herten
          Germany
          Tel: 02366/10820
          Fax: +492366108282

The District Court of Muenster opened bankruptcy proceedings
against G+K Ingenieurbuero GmbH on March 3, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         G+K Ingenieurbuero GmbH
         Im Ried 23
         48249 Duelmen
         Germany


IT-SOFTWARE-GMBH: Claims Registration Period Ends March 31
----------------------------------------------------------
Creditors of IT-Software-GmbH have until March 31, 2008, to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 DuesseldorfForderungen
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against IT-Software-GmbH on March 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         IT-Software-GmbH
         Attn: Margit Pietsch, Manager
         Furtherhofstrasse 17
         41462 Neuss
         Germany


LANZTRANS GMBH: Claims Registration Period Ends April 9
-------------------------------------------------------
Creditors of LanzTrans GmbH have until April 9, 2008, to
register their claims with court-appointed insolvency manager
Georg Rettig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Georg Rettig
          Schafergasse 17D
          60313 Frankfurt am Main
          Germany
          Tel: 069/1381 070
          Fax: 069/1381 0710

The District Court of Offenbach am Main opened bankruptcy
proceedings against LanzTrans GmbH on March 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          LanzTrans GmbH
          Annastrasse 59A
          63225 Langen
          Germany


LUECKER GRUNDBESITZ: Claims Registration Period Ends April 11
-------------------------------------------------------------
Creditors of Luecker Grundbesitz GmbH have until April 11, 2008,
to register their claims with court-appointed insolvency manager
Helmuth Liesegang.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Wuppertal
          Meeting Hall A234
          Second Floor
          Eiland 2
          42103 Wuppertal
          Germany

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

The insolvency manager can be reached at:

          Dr. Helmuth Liesegang
          Briller Strasse 2
          42103 Wuppertal
          Germany
          Tel: 0202/389060
          Fax: 0202/3890622

The District Court of Wuppertal opened bankruptcy proceedings
against Luecker Grundbesitz GmbH on March 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Luecker Grundbesitz GmbH
          Attn: Hans-Joachim Kronenberg, Manager
          Kleine Klotzbahn 22
          42105 Wuppertal
          Germany


MALERBETRIEB FARBENFROH: Claims Registration Ends April 11
----------------------------------------------------------
Creditors of Malerbetrieb Farbenfroh GmbH have until April 11,
2008, to register their claims with court-appointed insolvency
manager Marc D`Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on May 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Wuppertal
          Meeting Hall A234
          Second Floor
          Eiland 2
          42103 Wuppertal
          Germany

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

The insolvency manager can be reached at:

          Dr. Marc D`Avoine
          Doeppersberg 19
          42103 Wuppertal
          Germany
          Tel: 0202/245070

The District Court of Wuppertal opened bankruptcy proceedings
against Malerbetrieb Farbenfroh GmbH on March 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Malerbetrieb Farbenfroh GmbH
          Attn: Meike Deus, Manager
          Waldesruh 110
          42329 Wuppertal
          Germany


MKL WOHNUNGSBAU: Claims Registration Ends April 10
--------------------------------------------------
Creditors of MKL Wohnungsbau GmbH have until April 10, 2008 to
register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third 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. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against MKL Wohnungsbau GmbH on March 6, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MKL Wohnungsbau GmbH
         Charlottenstrasse 11
         40210 Duesseldorf
         Germany

         Attn: Dr. Bernhard Schoenlebe, Manager
         Gallberg 6
         40629 Duesseldorf
         Germany


NANO FLEXX: Claims Registration Period Ends April 18
----------------------------------------------------
Creditors of nano Flexx GmbH have until April 18, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         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 Itzehoe opened bankruptcy proceedings
against nano Flexx GmbH on March 13, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         nano Flexx GmbH
         Attn: Haroun Malik, Manager
         Fraunhoferstr. 3
         25524 Itzehoe
         Germany


P-V-I PROJEKT: Claims Registration Ends April 10
------------------------------------------------
Creditors of P-V-I Projekt und Vertriebsgesellschaft
International GmbH have until April 10, 2008 to register their
claims with court-appointed insolvency manager Juergen Pflug.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Juergen Pflug
         Wilhelmshoeher Allee 169, D
         34121 Kassel
         Germany
         Tel: 0561/2075680
         Fax: 0561/20756820
         E-mail: info@pflug-achenbach.de

The District Court of Kassel opened bankruptcy proceedings
against P-V-I Projekt und Vertriebsgesellschaft International
GmbH on March 7, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         P-V-I Projekt und Vertriebsgesellschaft
         International GmbH
         Attn: Dieter Katzwinkel and Andreas Mueller, Manager
         Rosenstrasse 2
         34253 Lohfelden
         Germany


PAPIERFABRIK LENK: Creditors' Meeting Slated for April 15
---------------------------------------------------------
The court-appointed insolvency manager for Papierfabrik Lenk
GmbH & Co KG, Harald Kroth, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on April 15, 2008.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on May 27, 2008, at the same
venue.

Creditors have until April 8, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Harald Kroth
         77855 Achern
         Eisenbahnstr 19-23
         Germany

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

The Debtor can be reached at:

         Papierfabrik Lenk GmbH & Co KG
         Attn: Lutz W. Braun, Manager
         Richard-Lenk-Str. 19.23
         77876 Kappelrodeck
         Germany


PBS VERWALTUNGSGESELLSCHAFT: Claims Registration Ends April 9
-------------------------------------------------------------
Creditors of PBS Verwaltungsgesellschaft mbH have until
April 9, 2008 to register their claims with court-appointed
insolvency manager Michael Bremen.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third 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:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against PBS Verwaltungsgesellschaft mbH on March 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PBS Verwaltungsgesellschaft mbH
         Industriestr. 83 d
         40764 Langenfeld
         Germany

         Attn: Adelheid Tabannejad-Schlunken, Manager
         Niederstr. 18
         40764 Langenfeld
         Germany


PETER HELD: Claims Registration Period Ends April 15
----------------------------------------------------
Creditors of Peter Held - Obst, Gemuese, Suedfruechte und
Kartoffel- Grosshandels- und Importgesellschaft mbH have until
April 15, 2008, to register their claims with court-appointed
insolvency manager Ulrich Bert.

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

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 14
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Darmstadt opened bankruptcy proceedings
against Peter Held - Obst, Gemuese, Suedfruechte und Kartoffel-
Grosshandels- und Importgesellschaft mbH on March 12, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Peter Held - Obst, Gemuese, Suedfruechte und
         Kartoffel-Grosshandels- und Importgesellschaft mbH
         Nordring 35
         64347 Griesheim
         Germany

         Attn: Otto Landau, Manager
         Fichtestrasse 10B
         64347 Griesheim
         Germany


PROMISE-I: S&P Puts BB Rating on EUR13.5 Million Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the EUR58.2 million floating-rate credit-linked notes issued
by PROMISE-I Mobility 2008-1 GmbH.  At the same time, PROMISE-I
Mobility 2008-1 issued EUR25.7 million unrated notes.

The transaction is a partially-funded synthetic balance-sheet
ABS, referencing a portfolio of bank loans to SMEs in Germany.
The transaction aims to provide economic capital relief to IKB
Deutsche Industriebank AG, and to transfer the credit risk
associated with the portfolio.

PROMISE-I Mobility 2008-1 is the sixth transaction originated by
IKB securitizing its core lending activities to German SMEs
under KfW's PROMISE platform, and the fourth using the Mobility
label.  In the series of Mobility transactions, IKB aims to
manage the risk profile for this customer group.

The transaction structure is very similar to all previous
transactions under the KfW Promise platform rated by Standard &
Poor's.  The transaction features a static portfolio, i.e.,
amortizing from Day 1, and IKB buys protection for nominal
losses, external foreclosure costs, and accrued interest during
the workout process.  The interest rate claimed with regard to
accrued interest is fixed at 5% per year.

                     Ratings List

              PROMISE-I Mobility 2008-1 GmbH
    EUR83.9 Million Floating-Rate Credit-Linked Notes

     Class          Rating         Amount (Mil. EUR)
     -----          ------         -----------------
     A1+            AAA                  0.50
     A2+            AAA                  0.50
     B              AA                  16.90
     C              A                   11.70
     D              BBB                 15.10
     E              BB                  13.50
     F              NR                  25.70

                  NR — Not rated.


REIN GMBH: Claims Registration Ends April 9
-------------------------------------------
Creditors of Rein GmbH Kalte-Klima-Technik have until April 9,
2008 to register their claims with court-appointed insolvency
manager Rolf Friedrich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Schorndorfer Str. 28
         71638 Ludwigsburg
         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 Friedrich
         Silberburgstr. 160
         70178 Stuttgart
         Germany
         Tel: 0711/2376890

The District Court of Ludwigsburg opened bankruptcy proceedings
against Rein GmbH Kalte-Klima-Technik on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rein GmbH Kalte-Klima-Technik
         Attn: Martin Rein, Manager
         Muehlstr. 43/1
         71576 Burgstetten
         Germany


SCHMIDT & NILGES: Claims Registration Period Ends April 11
----------------------------------------------------------
Creditors of Schmidt & Nilges Innenausbau GmbH have until
April 11, 2008, to register their claims with court-appointed
insolvency manager Ralf Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Montabaur
          Hall 106
          First Floor
          Bahnhofstrasse 47
          56410 Montabaur
          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:

          Ralf Hildebrandt
          Bahnhofstrasse 2 a
          56068 Koblenz
          Germany
          Tel: 0261 9149726
          Fax: 0261 9149727
          E-mail: bl@law.de

The District Court of Montabaur opened bankruptcy proceedings
against Schmidt & Nilges Innenausbau GmbH on March 5, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Schmidt & Nilges Innenausbau GmbH
          Hirschberg 7
          56459 Koelbingen
          Germany


WAGNER AUTOMOBILE: Claims Registration Period Ends April 11
-----------------------------------------------------------
Creditors of Wagner Automobile GmbH have until April 11, 2008,
to register their claims with court-appointed insolvency manager
Ulrich Hassinger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hanau
          Area E09
          Engelhardstrasse 21
          63450 Hanau
          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 Hassinger
          Adelungstr. 55
          64283 Darmstadt
          Germany
          Tel: 06151 81760
          Fax: 06151 851435
          E-mail: uhassinger@t-online.de

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

The Debtor can be reached at:

          Wagner Automobile GmbH
          Attn: Joerg Wagner, Manager
          Wolfgangstrasse 31
          63517 Rodenbach
          Germany


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


SMURFIT KAPPA: Rosemary Thorne Appointed as Board Director
----------------------------------------------------------
Smurfit Kappa Group plc disclosed the appointment of Ms.
Rosemary Thorne to the Board as an independent, non-executive
Director with effective March 20, 2008.

Mr. Sean Fitzpatrick, Chairman of the SKG Board, commented, “We
are delighted to announce the appointment of Rosemary Thorne to
the Smurfit Kappa Group Board.  She provides us with a wealth of
financial and public company experience.”

Ms. Thorne has extensive experience as a Finance Director with a
range of leading UK listed public companies.  She was most
recently Finance Director for Ladbrokes plc, a leading bookmaker
in Ireland and the UK.  She was previously Group Finance
Director at Bradford and Bingley plc between 1999 and 2005 and
served as Group Finance Director for J Sainsbury plc between
1992 and 1999.

Ms Thorne has extensive experience as a non-executive Director
and currently serves as the Senior Independent Director with
Virgin Radio and as a Non-Executive Director with Abbey National
plc.  She was previously a Non-Executive Director with Cadbury
Schweppes plc and Royal Mail plc.

Ms Thorne is Chairperson of the Audit Committee at Abbey
National plc and was previously Chairperson of the Audit
Committee at Royal Mail plc.

                  About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa --
http://www.smurfitkappa.com/-- is a paper based packaging
company with leading position in Europe and Latin America.

Smurfit Kappa operates in over 30 countries (22 in Europe) with
more than 40,000 employees.  It's products include
containerboard, solid board, corrugated and solid board
packaging, graphic board, sack paper and paper sacks.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
March 27, 2007, Moody's Investors Service assigned a Ba3
Corporate Family Rating to Smurfit Kappa plc, the ultimate
parent company of Smurfit Kappa Holdings plc and the entity
publishing consolidated group accounts, and simultaneously
withdrew the CFR for Smurfit Kappa Holdings plc.


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


ALITALIA SPA: Air France-KLM to Present New Proposal to Unions
--------------------------------------------------------------
Air France-KLM is expected to submit a revised proposal for
unions at Alitalia S.p.A. as early as today, March 27, 2008, or
Friday, March 29, 2008, various reports say, citing Air France
CEO Jean-Cyril Spinetta.

Air France will present a new proposal in light of continued
opposition from unions to its planned acquisition of the Italian
government's 49.9% stake in Alitalia.

"An appropriate solution will be offered to each of the 2,100
employees concerned -- 1,600 in Alitalia and 500 in Alitalia
Servizi," Air France said.

The revised proposal, Agence France-Presse cites a union source,
may include:

    * inclusion of AZ Servizi's operations at Rome's Fiumicino
      airport;

    * transfer of 180 pilots from Alitalia's cargo division to
      new positions within the company before its shut down in
      2010.

Union officials told the Associated Press that the new proposal
may entail Air France-KLM absorbing hangar and some other ground
operations at Rome's Leonardo da Vinci airport, which may reduce
job cuts.

Air France, AFP reports, might extend the negotiation period
with Alitalia's unions beyond March 31, 2008.

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 around 2,100 job cuts.

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.


FIAT S.P.A.: In Talks Over U.S. Alfa Car Production
---------------------------------------------------
Fiat S.p.A. is in talks with Detroit's auto manufacturers on
sharing production of Alfa Romeos in the United States, the
Financial Times reports.

Fiat's chief executive officer Sergio Marchionne told the FT
that production of Alfa cars will start by 2011 or 2012.
Meanwhile, Alfa, which will start distributing and selling cars
in the U.S. cars next year, will have to absorb losses until
production starts with a partner.

Fiat, the FT says, had to manufacture in the U.S. because of the
weakness of the dollar against the euro.

Fiat is also preparing to transfer its Iveco division to the
U.S. along with the relaunched Fiat 500 compact car, the paper
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.


GOODYEAR TIRE: S&P Ups Rating on Class A-1 and A-2 Certs. to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class A-1 and A-2 certificates from the US$46 million Corporate
Backed Trust Certificates Goodyear Tire & Rubber Note-Backed
Series 2001-34 Trust to 'BB-' from 'B'.

The upgrades reflect the March 19, 2008, raising of the rating
on the 7% notes due March 15, 2028, issued by Goodyear Tire &
Rubber Co. to 'BB-' from 'B'.

Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust is a pass-through transaction, the
ratings on which are based solely on the rating assigned to the
underlying collateral, Goodyear Tire & Rubber Co.'s 7% notes due
March 15, 2028 ('BB-').

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.


INTERNATIONAL RECTIFIER: Covenant Defaults Waived Until July 31
---------------------------------------------------------------
International Rectifier Corp. said in a regulatory filing with
the Securities and Exchange Commission Friday, that on Dec. 14,
2007, the company, certain lenders and JPMorgan Chase Bank
National Association, entered into Amendment No. 4 to their
revolving credit agreement dated as of Nov. 6, 2006.

Amendment No. 4 provides for the Revolver Banks' agreement that,
in light of the ongoing investigation on accounting
irregularities at the company's Japan subsidiary, conducted at
the request of the Audit Committee of its Board of Directors by
independent investigators hired by outside legal counsel, the
company will not be deemed in default in respect of certain
representations, warranties, covenants and reporting
requirements during a period ending not later than March 31,
2008 (the "Amendment Period").

In addition, the Fourth Amendment provides that the Revolver
Banks shall have no obligation to make any extensions of credit
under the Revolver Agreement (other than the renewal of
currently outstanding letters of credit in existing amount)
until (i) the company's investigation has been concluded, (ii)
the Revolver Banks have received a report of the results thereof
and revised audited consolidated financial statements of the
company, reasonably satisfactory to the Revolver Banks, and
(iii) no other Default exists.

On March 17, 2008, the company and the Revolver Banks entered
into Amendment No. 5 to the Revolving Agreement, pursuant to
which the term of the Amendment Period was extended (on
substantially identical terms as the Fourth Amendment) through
July 31, 2008.

The Revolver Agreement, dated as of Nov. 6, 2006, provides for,
among other things, a revolving credit facility with total
commitments in the principal amount of US$150,000,000.

At March 17, 2008, the company had no borrowings and
approximately US$4.3 million in letters of credit outstanding
under the Revolver Agreement.

A full-text copy of Amendment No. 5 to the Revolving Agreement,
executed and delivered as of March 17, 2008, is available for
free at http://researcharchives.com/t/s?2968

                    About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *

International Rectifier Corporation continues to carry Standard
& Poor's 'BB' long term foreign and local issuer credit ratings,
which were placed in April 2007.


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


BEKAN KOKSHETAU: Creditors Must File Claims by April 25
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Bekan Kokshetau 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


CENTRE-TRADING LLP: Claims Deadline Slated for April 25
-------------------------------------------------------
LLP Centre-Trading has declared insolvency.  Creditors have
until April 25, 2008, to submit written proofs of claims to:

         LLP Centre-Trading
         Dostyk ave. 114
         Almaty
         Kazakhstan


EXPORT DEVELOPMENT: Fitch Affirms Long-Term IDR at B+
-----------------------------------------------------
Fitch Ratings (UK) affirmed Export Development Bank of Iran's
Long-term Issuer Default rating at 'B+' with a Stable Outlook,
Short-term IDR at 'B', Individual rating at 'D', Support rating
at '4' and Support Rating Floor at 'B+'.

The Long- and Short-term IDRs are in line with the sovereign
ratings of Iran and reflect potential support from the Iranian
authorities.  EDBI is wholly-owned by the Iranian government and
occupies a key role in promoting Iran's non-oil exports and
diversification of the Iranian economy.  As such, it is likely
that the bank would be supported by the Iranian government in
case of need.  However, the ability of the Iranian authorities
to support EDBI could be limited, as indicated by the
sovereign's Long-term foreign currency IDR of 'B+'.  Any changes
in the sovereign rating would have an impact on the bank's IDRs
and Outlook.

EDBI's Individual rating reflects its leading position in
financing Iran's non-oil exports, reasonable profitability and
very strong capital ratios.  However, its asset quality is
relatively weak and the operating environment difficult.  Total
impaired loans amounted to a high 14.6% of gross loans in
September 2007. Loan loss reserve coverage remained low at
41.3%, despite the new more stringent minimum specific reserve
requirements imposed by the Central Bank of Iran (CBI) in May
2007.  Loans are, however, typically secured and ultimate losses
are limited, and the bank's capitalisation is very robust. The
Fitch eligible capital ratio and the total regulatory capital
ratio (under CBI guidelines) were 81.3% and 87.3%, respectively,
in December 2007. This was due to funds of USD1.5bn provided by
the Oil Stabilisation Fund and converted to equity in mid-2007.

At 20 December 2007, EDBI had equity of IRR19,625bn (US$2.1bn)
and total assets of IRR32,597bn (US$3.5bn).  It provides working
capital, buyer's and supplier's credit, project finance, letters
of credit and guarantees, as well as other commercial banking
services.  It also works closely with the Export Guarantee Fund
of Iran, which provides credit insurance.  The bank's head
office is in Tehran; it has 29 branches around the country, a
representative office in Kazakhstan, and a branch in Venezuela.


KALJAN AHUN-1: Claims Filing Period Ends April 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Kaljan Ahun-1 insolvent.  Creditors have until
April 25, 2008, to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8701 412 72-65


KRAL-ELECTRONICS LLP: Creditors' Claims Due on April 25
-------------------------------------------------------
LLP Kral-Electronics has declared insolvency.  Creditors have
until April 25, 2008, to submit written proofs of claims to:

         LLP Kral-Electronics
         Jambyl ave. 123
         Taraz
         Jambyl
         Kazakhstan


KURYLYS CENTRE: Claims Registration Ends April 22
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kurylys Centre Ads 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


PULSAR STROY-SERVICE: Creditors Must File Claims by April 25
------------------------------------------------------------
LLP Pulsar Stroy-Service has declared insolvency.  Creditors
have until April 25, 2008, to submit written proofs of claims
to:

         LLP Pulsar Stroy-Service
         Micro District 2, 55b
         Almaty
         Kazakhstan


STROY-INFORM LLP: Claims Deadline Slated for April 25
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Stroy-Inform 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


TALAP-2000 LLP: Claims Filing Period Ends April 25
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Talap-2000 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 701 412 72-65


TUMAR INVEST: Creditors' Claims Due on April 25
-----------------------------------------------
LLP Tumar Invest Kz has declared insolvency.  Creditors have
until April 25, 2008, to submit written proofs of claims to:

         LLP Tumar Invest Kz
         Tole bi ave. 56/25
         Taraz
         Jambyl
         Kazakhstan


ZLATAK-PANEL LLP: Claims Registration Ends April 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kazakh-Russian Enterprise Zlatak-Panel insolvent.

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


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


METALL INVEST: Creditors Must File Claims by April 29
-----------------------------------------------------
LLC Metall Invest has declared insolvency.  Creditors have until
April 29, 2008 to submit written proofs of claim to:

Inquiries can be addressed to (+996 312) 44-26-15, 44-23-38.


NAKU LLC: Claims Filing Period Ends April 25
--------------------------------------------
LLC Construction Company Naku has declared insolvency.
Creditors have until April 25, 2008 to submit written proofs of
claim to:

         LLC Construction Company Naku
         Rustaveli Str. 46-105
         Bishkek
         Kyrgyzstan


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


AGRO-PLUS LLC: Creditors Must File Claims by May 1
--------------------------------------------------
Creditors of LLC Agro-Plus have until May 1, 2008, to submit
proofs of claim to:

         V. Krotov
         Insolvency Manager
         Room 23
         Promyshlennyj Proezd 3
         308023 Belgorod
         Russia
Tel/Fax: (4722) 34-13-74

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-4826/07-2B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Agro-Plus
         Sagaydachnoe
         Prokhorovskiy
         Belgorod
         Russia


B.I.N. BANK: Fitch Places Ratings on Positive Watch
---------------------------------------------------
Fitch Ratings placed B.I.N. Bank's Long-term Issuer Default
rating of 'B-' and National Long-term rating of 'BB(rus)' on
Rating Watch Positive.  The bank's other ratings are affirmed at
Short-term IDR 'B', Individual 'D', Support '5' and Support
Rating Floor 'No Floor'.

The RWP reflects Fitch's view that B.I.N.'s financial profile
has now improved sufficiently to warrant a Long-term IDR of 'B',
but that residual political risks relating to the bank's current
ownership continue to constrain the rating at the 'B-' (B minus)
level.  Following the sale of the bank, which is expected to be
completed in the near future and should reduce this risk, Fitch
will resolve the RWP and likely upgrade the Long-term IDR to
'B'.

B.I.N. has made progress in diversifying its franchise both by
segment and geographically, based on ongoing expansion of its
branch network.  The repayment in H207 of a large loan exposure
related to the acquisition of a construction company has also
contributed to a reduction in asset concentrations.
Profitability has improved due to stronger core revenues
resulting from business diversification, although performance
remains constrained by high operating overheads and funding
costs.  B.I.N.'s credit profile is also supported by low loan
impairment levels to date and more prudent liquidity management
during the currently more difficult funding environment.

At the same time, business concentrations, mainly in the
construction and real estate sectors, although reduced, remain
significant.  Ongoing rapid retail loan growth, which is
forecast to continue in the near-to-medium-term, also gives rise
to considerable credit and operational risks.

B.I.N. has not been significantly affected, to date, by the
fraud and tax evasion charges brought against the bank's
founder, Mikhail Gutseriev, in 2007.  Although Mr. Gutseriev has
not been a shareholder of the bank since 1996, a 99%-stake is
controlled by his nephew, Mikhail Shishkhanov, who was also the
bank's president from 1996 until earlier this year.  In light of
the bank's current ownership, some residual exposure of the bank
to political risk remains, in Fitch's view, and currently
constrains the Long-term IDR at the 'B-' (B minus) level.

Mr. Shishkhanov has recently agreed to sell his stake in B.I.N.
to another local businessman, Vadim Moshkovich.  The transaction
is currently awaiting regulatory approval and expected by the
bank to be completed in the near future, possibly by the end of
April 2008.  Mr. Moshkovich has business interests in the
agriculture, construction and real estate sectors, and also
holds minority stakes in Sberbank (rated Long-term IDR
'BBB+'/Outlook Stable) and Sobinbank.  Since 2006, he has been a
member of the upper house of the Russian Parliament (the
Federation Council) for the Belgorod Region.

While the changes in ownership and senior management (a new
President, Vartan Dilanian, was recently appointed to succeed
Mr. Shishkhanov) give rise to some uncertainty about the future
evolution of the bank's strategy and business model, management
has confirmed plans to continue to implement the current
strategy, focusing equally on the corporate and retail segments,
and maintain current liquidity and risk management policies.

B.I.N. Bank was established in 1993 in Moscow. At end-2007, it
was the 40th-largest bank by assets in Russia. B.I.N.'s core
focus is on lending to medium-sized corporates, although it is
diversifying into retail operations and expanding regionally.
It currently has a network of 125 outlets in Moscow and across
Russia.


BAMO-FLOAT-GLASS: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on OJSC Bamo-Float-Glass.  The case is docketed under
Case No. A41?2-22940/07.

The Temporary Insolvency Manager is:

         P. Osipov
         Office 100
         Building 2
         Stolovyj Per. 6
         121069 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bamo-Float-Glass
         Administration Building
         Butyrskiy Tupik
         141500 Moscow
         Russia


DANILOVSKOE FUEL: Creditors Must File Claims by May 1
-----------------------------------------------------
Creditors of OJSC Danilovskoe Fuel Enterprise have until May 1,
2008, to submit proofs of claim to:

         A. Kirillov
         Insolvency Manager
         Saltykova-Shedrina Str. 30
         150014 Yaroslavl
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A82-1515/07-56-B/12.

The Debtor can be reached at:

         OJSC Danilovskoe Fuel Enterprise
         Vologodskaya Str. 31a
         Danilov
         Yaroslavl
         Russia


DOSTUP-COM OJSC: Creditors Must File Claims by April 1
------------------------------------------------------
Creditors of OJSC Dostup-Com have until April 1, 2008, to submit
proofs of claim to:

         I. Madzhuga
         Insolvency Manager
         Office 40
         Br. Korostylevykh Str. 268
         Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-16669/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dostup-Com
         Office 40
         Br. Korostylevykh Str. 268
         Samara
         Russia


KINESHMA-LES-PROM: Asset Sale Slated for April 2
------------------------------------------------
M. Astashov, the insolvency manager and bidding organizer for
OJSC Kineshma-Les-Prom, will open a public auction for the
company's properties at 2:00 p.m. on April 2, 2008 at:

         OJSC Kineshma-Les-Prom
         Lesozavodskaya Str. 10
         Kineshma
         155802 Ivanovo
         Russia

The company has set a RUR4.81 million starting price for the
assets on auction.

Interested participants have until April 1, 2008, to deposit an
amount equivalent to 5% of the starting price to:

         OJSC Kineshma-Les-Prom
         Settlement Account 40702810400000000223
         Correspondent Account 30101810900000000782
         BIK 042422782
         ACB Invest-torg-bank
         Kineshemskiy
         Kineshma
         Russia

Bidding documents must be submitted to:

         M. Astashov
         Lesozavodskaya Str. 10
         Kineshma
         155802 Ivanovo
         Russia
         Tel: (49331)2-35-70, 3-39-94

The Debtor can be reached at:

         OJSC Kineshma-Les-Prom
         Lesozavodskaya Str. 10
         155802 Ivanovo
         Kineshma
         Russia


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

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

The Arbitration Court of Orenburg will convene at 9:00 a.m. on
April 29, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A47-10941/
2007-14gk.

The Court is located at:

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

The Debtor can be reached at:

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


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

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

The Arbitration Court of Moscow will convene on June 19, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A40-63 500/07-124-182 B.

The Court is located at:

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

The Debtor can be reached at:

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


MAGNITOGORSK IRON: Trades GDR at Austria's RDXxt Index
------------------------------------------------------
The Vienna Stock Exchange's RDXxt index committee included OAO
Magnitogorsk Iron and Steel Works' Global Depositary Receipts on
March 25, 2008.

The index comprises most liquid Russian GDRs trading on LSE.
The weight of MMK GDRs will become clear as the new calculation
base becomes effective.

Currently the RDXxt index comprises 17 GDRs and is used by Eurex
(devision of Deutsche Boerse specializing on derivatives
trading) as one of the source to build stock instruments.

Starting from April 23, 2007, Eurex calculated futures for this
index and for its separately for its components.


                    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 March 26, 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, which said the outlook is positive.


OGK-5 OAO: Earns RUR1.8 Billion for Full Year 2007
--------------------------------------------------
OAO OGK-5 released its financial statements for full year 2007,
prepared according to Russian Accounting Standards.

The company's net profit for 2007 totaled RUR1.804 million while
net revenue totaled RUR33.46 billion.

Gross profit totaled RUR2.54 million while profit on sales
totaled RUR2.07 million.

In 2007, the other expenses of OGK-5 surpassed the other income
by RUR41.67 million, including interest receivable and payable.
The expenses related to income tax and other similar compulsory
payments amounted to RUR254.41 million.

JSC OGK-5’s assets as of December 31, 2007 totaled 54,557,851
thousand RUB (as of December 31, 2006 – 51,253,725 thousand
RUB). The current accounts receivable of JSC OGK-5 as of
December 31, 2007 totaled 5,481,245 thousand RUB, the non-
current accounts receivable – 3,658,837 thousand RUB. The
current accounts payable of JSC OGK-5 as of December 31, 2007
totaled 3,101,309 thousand RUB.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

As of March 26, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


ROSNEFT OIL: To Build Oil Refinery at ESPO's Nahodka Terminus
-------------------------------------------------------------
OAO Rosneft Oil Co. will construct a 20 million ton/year
capacity oil refinery at the terminus of the East Siberia
Pacific Ocean Pipeline near Nakhodka, Russia, Eric Watkins
writes for the Oil & Gas Journal, citing CEO Sergei
Bogdanchikov.

Rosneft will commence construction after relevant Russian
ministries and departments consider the technical and economic
substantiation in accord with local law, Mr. Bogdanchikov told
OGJ.

The refinery will be located 2 km inland from the Sea of Japan.

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.


SB 77: Creditors Must File Claims by April 1
--------------------------------------------
Creditors of LLC SB 77 have until April 1, 2008, to submit
proofs of claim to:

         A. Prikhodko
         Temporary Insolvency Manager
         Kuznetskiy Most Str. 6/3
         125009 Moscow
         Russia

The Arbitration Court of Volgograd will convene on April 28,
2008, to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A12-18296/07-?55.

The Debtor can be reached at:

         LLC SB 77
         30-letiya Pobedy Avenue 38-102
         400137 Volgograd
         Russia


SEVERSTAL OAO: Seeking US$350-Mln Loan to Fund Sparrows' Ops
------------------------------------------------------------
OAO Severstal has commenced talks to secure a US$350 million
loan to finance the operations of its newly acquired Sparrows
Point LLC unit, Bloomberg News reports citing Senior Vice
President Thomas Veraszto.

Mr. Veraszto, Bloomberg News relates, expects to avail of the
loan by mid-May 2008.

According to Mr. Veraszto, the acquisition of Sparrows Point
will help Severstal's North American unit reduce costs by more
than US$50 million yearly and help boost the company's annual
output by 20% to 21.1 million metric tons.

As reported in the TCR-Europe on March 25, 2008, Severstal
reached an agreement to purchase Sparrows Point from
ArcelorMittal for US$810 million.

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

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

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

                         About Severstal

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

                         *     *     *

As of Mach 26, 2008, OAO Severstal carries Ba2 Corporate Family,
Sneior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service, which said the the outlook on all
ratings is stable.

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

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


SPAS-DEMENSKIY LES-KHOZ-ZAG: Claims Filing Period Ends May 1
------------------------------------------------------------
Creditors of CJSC Spas-Demenskiy Les-Khoz-Zag have until May 1,
2008, to submit proofs of claim to:

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

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

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

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


STAMO LLC: Vladimir Bankruptcy Hearing Slated for July 22
---------------------------------------------------------
The Arbitration Court of Vladimir will convene at 1:30 p.m. on
July 22, 2008, to hear the bankruptcy supervision procedure on
LLC StaMO.  The case is docketed under Case No. A11-13/
2008-K1-41B.

The Temporary Insolvency Manager is:

         V. Shelchkov
         Apt. 190
         Stroiteley Str. 39
         Kovrovo
         601191 Vladimir
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC StaMO
         Oktyabrskaya Str. 118
         Stavrovo
         Sobinskiy
         Vladimir
         Russia


SVYAZNOY CJSC: Creditors Must File Claims by April 1
----------------------------------------------------
Creditors of CJSC Svyaznoy have until April 1, 2008, to submit
proofs of claim to:

         E. Rebgun
         Temporary Insolvency Manager
         Zvenigorodskoe Shosse 3
         123022 Moscow
         Russia
         Tel: (495) 254-87-83
The Arbitration Court of Moscow will convene on July 15, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A40-4112/08-123-8B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Svyaznoy
         Building 1
         Teterinskiy Per. 16
         109004 Moscow
         Russia


TATA MOTORS: Acquiring Ford's Jaguar & Land Rover for US$2.3BB
--------------------------------------------------------------
Tata Motors Limited entered March 26, 2008, into a definitive
agreement with the Ford Motor Company for the purchase of Jaguar
Land Rover, comprising brands, plants and Intellectual Property
Rights.

The transfer of ownership to Tata Motors is expected to close by
the end of the next quarter, subject to applicable regulatory
approvals.

The total amount to be paid in cash by Tata Motors for Jaguar
Land Rover upon closing will be around US$2.3 billion.  At
closing, Ford will then contribute up to around US$600 million
to the Jaguar Land Rover pension plans.

"We are very pleased at the prospect of Jaguar and Land Rover
being a significant part of our automotive business," Chairman
of Tata Sons and Tata Motors, Mr. Ratan N. Tata, said.  "We have
enormous respect for the two brands and will endeavor to
preserve and build on their heritage and competitiveness,
keeping their identities intact.  We aim to support their
growth, while holding true to our principles of allowing the
management and employees to bring their experience and expertise
to bear on the growth of the business."

"Jaguar and Land Rover are terrific brands," Alan Mulally,
President and CEO of the Ford Motor Company, said.  "We are
confident that they are leaving our fold with the products, plan
and team to continue to thrive under Tata's stewardship.  Now,
it is time for Ford to concentrate on integrating the Ford brand
globally, as we implement our plan to create a strong Ford Motor
Company that delivers profitable growth for all."

As part of the transaction, Ford will continue to supply Jaguar
Land Rover for differing periods with powertrains, stampings and
other vehicle components, in addition to a variety of
technologies, such as environmental and platform technologies.
Ford also has committed to provide engineering support,
including research and development, plus information technology,
accounting and other services.

Ford Motor Credit Company will provide financing for Jaguar and
Land Rover dealers and customers during a transitional period,
which can vary by market, of up to 12 months.

The parties believe these arrangements will support Jaguar Land
Rover's current product plans, while providing Jaguar Land Rover
with the freedom to develop its own standalone capabilities in
the future that will best serve its premium manufacturer
requirements.

The parties do not anticipate any significant changes to Jaguar
Land Rover employees’ terms of employment on completion.

Jaguar Land Rover's employees, trades unions and the UK
Government have been kept informed of developments as the sale
process progressed and have indicated their support for the
agreement.

                        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.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


UPTK-1 AGRO-PROM-STROY: Creditors Must File Claims by April 1
-------------------------------------------------------------
Creditors of OJSC UPTK-1 Agro-Prom-Stroy have until April 1,
2008, to submit proofs of claim to:

         E. Slepushkina
         Temporary Insolvency Manager
         Apt. 6
         Studencheskaya Str. 16
         305040 Kursk
         Russia

The Arbitration Court of Kursk will convene on May 21, 2008, to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A35-5174/07g.

The Court is located at:

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

The Debtor can be reached at:

         OJSC UPTK-1 Agro-Prom-Stroy
         Magistralnyj Pr. 18
         305025 Kursk
         Russia


YURYEV-POLSKIY BAKERY: Names P. Namlinskiy as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Vladimir appointed P. Namlinskiy as
Insolvency Manager for OJSC Yuryev-Polskiy Bakery.  He can be
reached at:

         P. Namlinskiy
         Mira Pr. 101 V
         129085 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-561/2007-K1-34B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Yuryev-Polskiy Bakery
         Zagorodnaya Str. 2
         Yuryev-Polskiy
         601800 Vladimir
         Russia


ZARUBEZH-OIL-GAS-STROY: Creditors Must File Claims by May 1
-----------------------------------------------------------
Creditors of LLC Zarubezh-Oil-Gas-Stroy have until May 1, 2008,
to submit proofs of claim to:

         N. Vitchukov
         Insolvency Manager
         Profsoyuznaya Str. 125a
         117647 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-43995/07-123-120B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zarubezh-Oil-Gas-Stroy
         Building 1
         Stroiteley Str. 8
         117311 Moscow
         Russia


ZAURALSKIY KAMNEREZ: Creditors Must File Claims by May 1
--------------------------------------------------------
Creditors of LLC Zauralskiy Kamnerez (TIN 0267000851) have until
May 1, 2008, to submit proofs of claim to:

         O. Glukhov
         Insolvency Manager
         Post User Box 546
         Ufa
         450077 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-9790/07-G-MRS.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zauralskiy Kamnerez
         Vostochnoe Shosse 3
         Sibay
         Bashkortostan
         Russia


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


ARCHITEKTUR & BERATUNG: Creditors Must File Claims by June 1
------------------------------------------------------------
Creditors of LLC Architektur & Beratung Studio 3 have until
June 1, 2008, to submit their claims to:

         Andreas Ledermann
         Liquidator
         Voa dils Lareschs 16
         7077 Valbella
         Vaz/Obervaz, Albula GR
         Switzerland

The Debtor can be reached at:

         LLC Architektur & Beratung Studio 3
         Stetten SH
         Switzerland


COMBUSTIA INTERNATIONAL: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Combustia International on Feb. 19, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Combustia International
         Baarerstrasse 74
         6300 Zug
         Switzerland


JSC NETGIRO: Creditors' Liquidation Claims Due by May 13
--------------------------------------------------------
Creditors of JSC Netgiro have until May 13, 2008, to submit
their claims to:

         JSC Netgiro
         Eschenstrasse 12
         8603 Schwerzenbach
         Uster ZH
         Switzerland


PREMIUM SURGERY: Creditors' Liquidation Claims Due by March 31
--------------------------------------------------------------
Creditors of LLC Premium Surgery & Care have until March 31,
2008, to submit their claims to:

         LLC Premium Surgery & Care
         Ruchholzstrasse 5
         4103 Bottmingen
         Arlesheim BL
         Switzerland


SERVICE MEYER: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Service Meyer Land- und Kommunaltechnik on Feb. 13,
2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Service Meyer Land- und Kommunaltechnik
         St. Wolfgangstrasse 81
         6331 Hunenberg ZG
         Switzerland


STALCO LLC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Stalco on Feb. 19, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Stalco
         Poststrasse 18
         6300 Zug
         Switzerland


THAI-KUCHE BAAR: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Thai-Kuche Baar on Feb. 12, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Thai-Kuche Baar
         6340 Baar ZG
         Switzerland


UPS SCS (INTERNATIONAL): Creditors' Must File Claims by March 31
----------------------------------------------------------------
Creditors of LLC UPS SCS (International) have until March 31,
2008, to submit their claims to:

         Manfred Schardt
         Salzhausstr. 21
         2503 Biel BE
         Switzerland

The Debtor can be reached at:

         LLC UPS SCS (International)
         Biel/Bienne BE
         Switzerland


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

         Manfred Schardt
         Salzhausstr. 21
         2503 Biel BE
         Switzerland

The Debtor can be reached at:

         LLC UPS SCS Holding
         Biel/Bienne BE
         Switzerland


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

         Werner Schutz
         Liquidator
         Au 6
         8547 Gachnang
         Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC WEPEGA Immobilien
         Gachnang
         Frauenfeld TG
         Switzerland


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


VTB BANK: Fitch Holds Long-Term Foreign Currency IDR at BB-
-----------------------------------------------------------
Fitch Ratings affirmed the ratings of JSC VTB Bank (Ukraine) at
Long-term foreign currency Issuer Default 'BB-' (BB minus),
Long-term local currency IDR 'BB', Short-term IDR 'B', Support
'3', Individual 'D/E' and National Long-term 'AAA (ukr)'.

The Outlooks for the Long-term foreign currency and local
currency IDRs are Positive.  The National Long-term rating has a
Stable outlook.

VTBU's IDRs reflect the potential support from its majority
shareholder JSC Bank VTB (VTB; Long-term IDR 'BBB+'/Stable), the
second-largest state-owned bank in Russia, but the Long-term
foreign currency IDR is constrained by the Country Ceiling for
Ukraine.  The Individual rating takes into account the bank's
rapid growth, modest profitability, growing reliance on its
parent's funding and only modest capitalisation, given
significant borrower concentrations and low loan impairment
reserve levels.  The Individual rating also reflects the bank's
growing franchise and limited market risks.

The Positive Outlooks for VTBU's Long-term IDRs reflect those of
Ukraine's sovereign ratings.  Upward pressure on the bank's
Long-term IDRs could result from an upgrade of the Country
Ceiling for Ukraine.  Upside potential for VTBU's Individual
rating is currently limited.  Downward pressure might arise
mainly from weakened asset quality.

VTBU is a medium-sized Ukrainian bank, ranked sixteenth by
assets in Ukraine after the merger with Vneshtorgbank Ukraine in
November 2007 (the latter had assets of USD463m at end-2007).
VTB currently owns more than 99% of VTBU.


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


ABITIBIBOWATER INC: Unit Prices Private Offering of 13.75% Notes
----------------------------------------------------------------
AbitibiBowater Inc. said that its indirect subsidiary, Abitibi-
Consolidated Company of Canada, has priced a private offering of
US$413,000,000 aggregate principal amount of 13.75% senior
secured notes due April 1, 2011.

The notes are being sold to qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as
amended, and to non-U.S. persons in reliance on Regulation S
under the Securities Act.  The notes have not been registered
under the Securities Act or any state securities laws.

Therefore, the notes may not be offered or sold in the United
States absent registration or an applicable exemption from such
registration requirements.

ACCC also priced yesterday a US$400,000,000 364-day senior
secured term loan with a coupon of LIBOR + 800 basis points,
with a 3.5% LIBOR floor, at a price of 96% of par.

The closing of both transactions is expected to occur on or
about April 1, 2008, subject to the concurrent closing of both
transactions and two other previously announced transactions.

All four transactions are subject to the satisfaction of various
closing conditions, including the receipt of various third-party
approvals.  The net proceeds from all four transactions
will be used as part of the overall refinancing plan for the
company's Abitibi-Consolidated Inc. subsidiary, which is
intended to address upcoming debt maturities and general
liquidity needs.

Headquartered in Montreal, Canada, AbitibiBowater Inc.
(NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a
result of the combination of Abitibi-Consolidated Inc. and
Bowater Incorporated.  Pursuant to the transaction, Abitibi-
Consolidated Inc. and Bowater Incorporated became subsidiaries
of AbitibiBowater.   The company produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products and markets these products to more than 90 countries.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea.  The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.


ABITIBIBOWATER INC: Inks US$350 Mln Investment Deal with Fairfax
----------------------------------------------------------------
AbitibiBowater Inc. has entered into a definitive agreement with
Fairfax Financial Holdings Limited for an investment by Fairfax
and its designated subsidiaries in AbitibiBowater of
US$350 million in the form of unregistered convertible
debentures.  The transaction, which is part of the Company's
previously announced US$1.4 billion refinancing plan, is
expected to address upcoming debt maturities and general
liquidity needs of its Abitibi-Consolidated Inc. subsidiary.
There is no financing condition to the obligations of Fairfax to
fund the transaction.

The US$350 million of convertible debentures is convertible into
AbitibiBowater common shares at US$10.00 per share, carries an
8% cash coupon, has an ability for the Company to pay interest
in the form of additional "pay-in-kind" debentures at a rate of
10%, and has a subsidiary guarantee. The debentures have a
maturity of 5 years and are non-callable.

The transaction, which is scheduled to close on March 31, 2008,
is subject to certain conditions, including the receipt of
various lender consents and the closing of the other components
of the Company's US$1.4 billion refinancing plan.

Under the Fairfax Purchase Agreement, Fairfax will have the
right to appoint two directors to the Board of Directors of the
Company.

In connection with the approval of the Fairfax transaction by
the Board of Directors of AbitibiBowater, and pursuant to an
exception provided by the New York Stock Exchange stockholder
approval policy, the Audit Committee of AbitibiBowater
determined that a delay in the transaction in order to secure
stockholder approval of the issuance of the convertible
debentures, given the pending maturities of Abitibi-
Consolidated's April 1 and June 20, 2008 senior notes, as well
as the current state of the credit and capital markets, could
seriously jeopardize the financial viability of AbitibiBowater.
Accordingly, AbitibiBowater's Board of Directors and Audit
Committee expressly approved the Company's decision not to seek
stockholder approval of the issuance of the convertible
debentures to Fairfax.  The New York Stock Exchange has accepted
AbitibiBowater's reliance on the exception and the Company, in
reliance upon this exception, is mailing a letter to all
stockholders notifying them of its intention to issue the
convertible debentures without their prior approval.

For AbitibiBowater, Troutman Sanders LLP acted as legal advisor
to the Company and Cravath, Swaine & Moore LLP acted as legal
advisor to the Company's independent directors. On behalf of
Fairfax, Shearman & Sterling LLP and Torys LLP acted as co-legal
advisors.

                          About Fairfax

Fairfax Financial Holdings Limited (TSX and NYSE: FFH) is a
financial services holding company which, through its
subsidiaries, is engaged in property and casualty insurance and
reinsurance and investment management.

                       About AbitibiBowater

Headquartered in Montreal, Canada, AbitibiBowater Inc.
(NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a
result of the combination of Abitibi-Consolidated Inc. and
Bowater Incorporated.  Pursuant to the transaction, Abitibi-
Consolidated Inc. and Bowater Incorporated became subsidiaries
of AbitibiBowater.   The company produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products and markets these products to more than 90 countries.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea.  The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.


ABITIBIBOWATER INC: Unit Amends Terms of US$496MM Exchange Offer
----------------------------------------------------------------
AbitibiBowater Inc.'s indirect subsidiary Abitibi-Consolidated
Company of Canada amended certain terms of its private exchange
offers with respect to an aggregate of approximately
US$496 million of outstanding debt securities issued by ACCC,
Abitibi-Consolidated Inc. or Abitibi-Consolidated Finance L.P.,
a subsidiary of Abitibi.

An informal group of noteholders holding both 2008 notes and
2009 notes, representing approximately US$324 million in
aggregate principal amount of the total US$496 million,
negotiated and supports the terms of the revised exchange offer.

ACCC is offering as consideration, in exchange for the tender of
the ACI Notes, a combination of cash and new 15.5% unsecured
senior notes due 2010 of ACCC.  ACCC instituted a withdrawal
deadline of 5:00 p.m., New York City time, on March 26, 2008,
unless otherwise extended, and extended the consent payment
deadline for the exchange offers for the ACI Notes and the
concurrent consent solicitations.

As a result, holders of such notes who wish to receive the
total consideration offered pursuant to the exchange offers must
validly tender and not validly withdraw their ACI Notes on or
prior to 5:00 p.m., New York City time, on March 31, 2008,
unless extended or earlier terminated.

The ACI Notes consist of US$195.612 million principal amount of
6.95% Senior Notes due April 1, 2008, issued by Abitibi;
US$150 million principal amount of 5.25% Senior Notes due June
20, 2008, issued by ACCC; and US$150 million principal amount of
7.875% Senior Notes due Aug. 1, 2009, issued by ACF.

ACCC disclosed that, in addition to the extension of the Consent
Payment Deadline, the terms of the exchange offers have been
amended to:

   -- increase the consideration to be paid for the exchange of
      the ACI Notes on or prior to the Consent Payment Deadline;

   -- provide that the indenture for the Exchange Notes will
      include covenants substantially similar to those contained
      in the indenture for the new Senior Secured Notes being
      offered by ACCC in a concurrent private offering; and

   -- reduce the minimum tender condition with respect to the
      ACI Notes due in 2009 to 75% from 90%.

The consideration offered by ACCC for each US$1,000 Principal
Amount Exchanged:

   a) ACI Notes to be Exchanged: 6.95% Senior Notes due 2008
      Outstanding Principal Amount: US$195.612 million
      If Tendered By the Consent Payment Deadline
         Principal Amount of New Senior Notes Due 2010: US$550
         Cash: US$550
      If Tendered After the Consent Payment Deadline
         Principal Amount of Senior Notes due 2010: $600
         Cash: US$400

   b) ACI Notes to be Exchanged: 5.25% Senior Notes due 2008
      Outstanding Principal Amount: US$150 million
      If Tendered By the Consent Payment Deadline
         Principal Amount of New Senior Notes Due 2010:  US$550
         Cash: US$550
      If Tendered After the Consent Payment Deadline
         Principal Amount of Senior Notes due 2010: US$600
         Cash: US$400

   c) ACI Notes to be Exchanged: 7.875% Senior Notes due 2009
      Outstanding Principal Amount: US$150 million
      If Tendered By the Consent Payment Deadline
         Principal Amount of New Senior Notes Due 2010: US$850
         Cash: US$250
     If Tendered After the Consent Payment Deadline
         Principal Amount of Senior Notes due 2010: US$850
         Cash: US$150

                    About AbitibiBowater

Headquartered in Montreal, Canada, AbitibiBowater Inc.
(NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a
result of the combination of Abitibi-Consolidated Inc. and
Bowater Incorporated.  Pursuant to the transaction, Abitibi-
Consolidated Inc. and Bowater Incorporated became subsidiaries
of AbitibiBowater.   The company produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products and markets these products to more than 90 countries.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea.  The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.


ABITIBIBOWATER INC: Moody's Puts B1 Rtg. on Unit's US$450M Loan
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
new US$450 million secured term loan at Abitibi-Consolidate
Inc.'s subsidiary Abitibi-Consolidated Company of Canada.

At the same time, Moody's affirmed Abitibi's corporate family
rating of Caa1, the probability-of-default rating of Caa3, the
senior unsecured ratings of Caa2 and the B1 rating assigned to
the new US$415 million secured notes due 2011.  In addition,
Abitibi's speculative grade liquidity rating was affirmed at
SGL-4 and the rating outlook remains negative.

The secured term loan will have a maturity of 364 days and will
be guaranteed by Abitibi and certain subsidiaries.  At closing,
the loan will be primarily secured by ACCC's eligible accounts
receivables and inventory.  Following the close, additional
assets, including the fixed assets of the Alabama River
Newsprint Company, will also be pledged to secure the term loan.
Because of the benefits of its security package, the term loan
was assigned a rating three notches above the corporate family
rating.  Concurrent with the US$450 million secured term loan,
ACCC and AbitibiBowater are undertaking several other financing
transactions totaling approximately US$1.4 billion.  Completion
of the secured term loan is conditional upon receipt of at least
US$1.2 billion in aggregate proceeds from the refinancing plan.
Proceeds from the refinancing plan will be used to repay
existing debt, pay transaction costs and provide liquidity.

The corporate family rating of Abitibi reflects the company's
high debt levels, its weakened liquidity profile and the
company's significant refinancing risk. The rating incorporates
the company's weak credit protection measures due to the
declining demand for newsprint, the deteriorating markets for
their sawmill operations, rising input costs and the strong
Canadian dollar.  Abitibi's credit profile is supported by the
company's large scale and the expectation of improved cash flow
from recent industry newsprint capacity reductions supporting
the recently announced newsprint price increases.

The negative rating outlook reflects the potential for further
downward ratings adjustment due to the risk associated with the
refinancing plan and the resulting impact it would have on
liquidity should it fail to be completed in the amounts and
expected timeframe.

Assignments:

   * Issuer: Abitibi-Consolidated Company of Canada

   -- Senior Secured Bank Credit Facility, Assigned a range of
      08-LGD1 to B1

Moody's last rating action on Abitibi was on March 17, 2008,
when the corporate family ratings of AbitibiBowater Inc.'s
subsidiaries Abitibi and Bowater Incorporated were downgraded to
Caa1 from B2.  At the same time, Moody's downgraded the
probability-of-default rating of Abitibi to Caa3 from B2 and the
probability-of-default rating of Bowater to Caa1 from B2.
Moody's assigned a B1 rating to the new US$415 million secured
notes due 2011 at Abitibi and downgraded the senior unsecured
ratings for bonds and debentures issued by Abitibi and Bowater
to Caa2 from B3.

Headquartered in Montreal, Quebec, with a regional office in
Greenville, South Carolina, AbitibiBowater is North America's
leader in newsprint and commercial printing papers.  The company
also produces lumber and market pulp.  The company was formed
from the merger of Abitibi and Bowater Inc, in October 2007.
AbitibiBowater owns or operates 27 paper and pulp facilities
(excluding the Snowflake, Arizona newsprint mill) and 31 wood
products facilities located in the United States, Canada, the
United Kingdom and South Korea.


ABITIBIBOWATER INC: S&P Rates Unit's US$415 Million Notes at B+
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its issue and
recovery ratings to Abitibi-Consolidated Co. of Canada's
proposed US$415 million senior secured notes.  ACCC is a
subsidiary of Abitibi-Consolidated Inc. (B-/Watch Neg/--).

S&P assigned a 'B+' issue-level rating to the notes (two notches
above the corporate credit rating on Abitibi-Consolidated), with
a recovery rating of '1', indicating the expectation for a very
high (90%-100%) recovery in the event of a payment default.

"The senior secured notes are part of the $1.1 billion proposed
refinancing at Abitibi-Consolidated Inc.," said Standard &
Poor's credit analyst Jatinder Mall.  This refinancing is
conditional on all three transactions taking place.  "Based on
an enterprise gross value of $1.5 billion in a default scenario,
there are very high recovery prospects for the senior secured
noteholders," Mr. Mall added.

Abitibi-Consolidated is the subsidiary of AbitibiBowater Inc.
(B-/Negative/--) and is engaged in the production of newsprint,
commercial printing paper, and wood products.

The ratings on Abitibi-Consolidated were place on CreditWatch
negative on March 10, 2008, due to the uncertainty of
refinancing given current credit market conditions.  S&P could
lower the ratings on Abitibi-Consolidated if the company is
unable to meet its maturing debt obligations.


ACCESS BY DESIGN: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of on for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


BAA LTD: Richard Branson Seeks Break-up; Demands Aviation Reform
----------------------------------------------------------------
Virgin head Sir Richard Branson is likely to call for BAA Ltd.'s
break-up at Gordon Brown's next Business Council for Britain
Meeting, Scotsman reports, citing Edinburgh Evening News.

Mr. Branson, the Scotsman adds, is also expected to demand a
reform of aviation regulation system in the U.K.

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

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

                             *   *   *

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


BAA LTD: Air Fares to Go Up Over the Next Five Years
-----------------------------------------------------
Air fares between Scotland and London are expected to go up by
more than GBP10 per passenger over the next five years after the
Civil Aviation Authority gave the green light for BAA Ltd. to
increase charges at Heathrow and Gatwick amid protests from
airlines, the Scotsman reports.

A TCR-Europe report on March 25, 2008 disclosed easyJet plc,
Ryanair Holdings plc and Bmi plc jointly called for a judicial
review of the CAA.

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

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

The airlines, including Virgin Atlantic, claimed "these
increases, which will inevitably hurt consumers, follow a
substantial increase in charges at Heathrow and Gatwick in the
past five years and a doubling of charges at Stansted in the
last year.  Stansted charges are also proposed to double in the
coming five years," the Scotsman relates.

Roger Wiltshire, secretary general of the British Air Transport
Association, on the other hand, said "the CAA's decision to
allow prices to almost double at Heathrow over the next five
years and increase by over 50% at Gatwick is a clear indication
of a failure of the regulation of this airport monopoly," adding
"CAA has rewarded BAA for its failure to perform in recent years
and passengers now faced with having to pay for BAA's continued
inefficiency."

             Civil Aviation Authority Price Review

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

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

The CAA has set these maximum charges:

Heathrow

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

Gatwick

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

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

The main reasons for the differences since November 2007 are:

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

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

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

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

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

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

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

These stronger financial incentives include:

   -- Investment

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

   -- Service quality

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

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

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

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

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

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

                            About BAA

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

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

                             *   *   *

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


BRISTOW GROUP: S&P Changes Outlook to Stable; Retains BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
helicopter services provider Bristow Group Inc. to stable from
negative.  At the same time, S&P affirmed all ratings, including
the 'BB' corporate credit rating, on the company.

As of Dec. 31, 2007, Bristow had approximately $779 million in
debt, adjusted for guarantees, operating leases, and
postretirement benefit obligations.

"The outlook revision reflects the improvement in Bristow's
operating performance and financial leverage, and expectations
that its new fleet additions in the currently robust market
should allow it to continue to deleverage," said Standard &
Poor's credit analyst Aniki Saha-Yannopoulos.

The ratings reflect Bristow's participation in the highly
cyclical and volatile oil and gas industry, exposure to weather
and seasonal fluctuations that might limit flight hours, large
capital spending program, and lack of free cash flow.  These
weaknesses are partially mitigated by the oligopolistic industry
structure, Bristow's significant market share, and its
geographic diversity.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Alaska, Australia,
Mexico, Nigeria, Trinidad, and the United Kingdom.  The company
also provides production management services for oil and gas
production facilities in the United States Gulf of Mexico.


BUZZ SALES: Appoints Administrators from Milner Boardman
--------------------------------------------------------
Darren Brookes and Colin Burke of Milner Boardman & Partners
were appointed joint administrators of Buzz Sales & Marketing
Ltd. (Company Number 04393138) on March 14, 2008.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides
financial accounting and business advisory services.

The company can be reached at:

          Buzz Sales & Marketing Ltd.
          3 Hunters Walk
          Chester
          Cheshire
          CH1 4EB
          England
          Tel: 0870 751 8456
          Fax: 0870 751 8457


CARTER AND CARTER: Sells Business & Assets to Newcastle College
---------------------------------------------------------------
Carter and Carter Group Plc's joint administrators, Nick Dargan,
Dominic Wong and Chris Farrington, announced the sale of the
majority of the business and assets to Newcastle College on
March 20, 2008.

"We are delighted to confirm that we have successfully concluded
a going concern sale of a substantial proportion of the group to
Newcastle College, a well respected public sector educational
college.  The sale will safeguard the jobs of a significant
number of the employees and protects the on going training of
thousands of learners," Mr. Dargan commented.

"The deal has been made more complex by the number of different
businesses within the group.  However, we have received
excellent co-operation from operational management, the Learning
Skills Council (LSC), the Department of Work and Pensions (DWP)
and the Group’s employees, which has helped us reach a
successful conclusion.  We wish them well for the future," Mr.
Farrington added.

For the parts of the group that have not been sold, the
administrators are still working with the relevant stakeholders
to effect an orderly migration of learners to alternative
suppliers and to transfer employees wherever possible.

The joint administrators from Deloitte & Touche LLP were
appointed over Carter and Carter Group PLC on March 11, 2008.
Since then Deloitte’s reorganization services team has continued
to trade the business while negotiations for a sale were
conducted.

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

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

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

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


CRUSADER PRINT: Taps Joint Administrators from Tenon
----------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint administrators of Crusader Print
Ltd. (Company Number 3561386) on March 11, 2008.

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

The company can be reached at:

          Crusader Print Ltd.
          Unit 6
          Brympton Way
          Yeovil
          Somerset
          BA20 2HP
          England
          Tel: 01935 433 961
          Fax: 01935 433 981


DM98 LTD: Brings In Administrators from PricewaterhouseCoopers
--------------------------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed, March 14, 2008, joint
administrators of:

   -- DM98 Ltd. (fka Meadgate Developments Ltd.)
      (Company Number 05963178);

   -- DM87 Ltd. (fka Meadgate Downend Ltd.)
      (Company Number 04808632);

   -- BM89 Ltd. (fka Meadgate Bassaleg Ltd.)
      (Company Number 04808621);

   -- VHM96 Ltd. (fka Meadgate Homes (Ventures) Ltd.)
      (Company Number 03124297);

   -- PRM95 Ltd. (fka Meadgate Preswylfa Ltd.)
      (Company Number 04484806);

   -- PHM85 Ltd. (fka Meadgate Homes Projects Ltd.)
      (Company Number 04808846); and

   -- HM82 Ltd. (fka Meadgate Homes Ltd.)
      (Company Number 02520231).

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

Headquartered in Usk, Wales, the companies are residential
property developers.


DRAGON INTERNATIONAL: Appoints PwC as Administrators
----------------------------------------------------
Robert Nicholas Lewis and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of Dragon International Studios Ltd. (Company Number 02176831)
and Westair Properties Ltd. (Company Number 01947709) on March
14, 2008.

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

The company can be reached at:

          Dragon International Studios Ltd.
          Unit 1 Signal House West
          Armfield Close
          West Molesey
          Surrey
          KT8 2RT
          England
          Fax: 020 8979 5882


DRAGON LEASING: Taps Grant Thornton to Administer Assets
--------------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP
were appointed joint administrators of Dragon Leasing Ltd.
(Company Number 04012308) on March 12, 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:

          Dragon Leasing Ltd.
          Dragon House Unit 6
          Vale Business Park
          Cowbridge
          South Glamorgan
          CF71 7PF
          Wales
          Tel: 01446 776 300
          Fax: 01446 776 301


DURA AUTOMOTIVE: Discloses Ch. 11 Plan Liquidation Analysis
-----------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates
prepared a liquidation analysis to create a reasonable good-
faith estimate of the proceeds that might be generated if their
estates were liquidated under Chapter 7 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on March 19, 2008,
the Debtors filed an amended First Revised Joint Plan of
Reorganization and Disclosure Statement explaining the Plan on
March 13, 2008.

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

Pursuant to the liquidation analysis, if no Chapter 11 Plan is
confirmed, the Debtors' Chapter 11 cases would be converted to
cases under Chapter 7.  In this event, a trustee will be
appointed to liquidate the Debtors' assets.

The Liquidation Analysis assumes that each of the Debtors' cases
will convert to Chapter 7 on June 1, 2008.

                       Liquidation Analysis
            Dura Automotive Systems, Inc. & affiliates
                      As of June 1, 2007
                          (in thousands)

                                   Hypothetical Recovery Amount
                                   ----------------------------
                                     Low       High    Midpoint
                                   --------  --------  --------
Cash and Cash Equivalents             8,339     8,339     8,339
Accounts Receivable                  64,980    74,939    69,960
Inventory                            29,203    35,920    32,562
Plant, Property and Equipment, net   49,973    58,018    53,995
Other Assets                          2,843     3,056     2,949
Preference Analysis                   8,900    21,800    15,350
Intercompany Receivables            179,869   186,829   183,349
                                   --------  --------  --------
Equity Value - Non-Debtors          200,030   211,871   205,951
                                   --------  --------  --------
Total Proceeds from Assets          544,137   600,772   572,455

Costs Associated With Liquidation:
Chapter 7 Trustee Fees               16,290    17,815    17,052
Other Professionals                   7,200     5,400     6,300
Wind -Down Costs                     15,960    15,420    15,690
                                   --------  --------  --------
Total                                39,450    38,635    39,042

Estimated Net Proceeds
Available for Distribution     US$504,687 US$562,138 US$533,412

DIP Facility Claims:
DIP Revolver                         44,680    44,680    44,680
DIP Term                            151,500   151,500   151,500
Professional Fee Carve Out           13,000    13,000    13,000
                                   --------  --------  --------
  Total                             209,180   209,180   209,180
  Recovery Rate                         100%      100%      100%
                                   --------  --------  --------
  Estimated Net Proceeds
  Available for Distribution        295,507   352,958   324,232

Prepetition Secured Debt            228,589   228,589   228,589
  Recovery Rate                         100%      100%      100%
                                   --------  --------  --------
  Estimated Net Proceeds
  Available for Distribution         66,919   124,369    95,644

Administrative Claims:
Lease Rejection Claims                1,311     1,463     1,387
Post-Petition Trade Payables         30,839    34,413    32,626
Other Postpetition Liabilities       30,776    34,342    32,559
503(b)(9)                             1,461     1,631     1,546
Intercompany Payables/Notes           2,471     2,757     2,614
Other                                    61        68        64
                                   --------  --------  --------
   Total                             66,919    74,674    70,797
   Recovery Rate                         90%      100%       95%
                                   --------  --------  --------
  Estimated Net Proceeds
  Available for Distribution              -    49,695    24,847

Priority Prepetition Unsecured Claims:
Tax obligations                           -     5,433     2,716
Other                                     -         8         4
                                   --------  --------  --------
   Total                                  -     5,441     2,721
   Recovery Rate                          0%      100%       50%
                                   --------  --------  --------
  Estimated Net Proceeds
  Available for Distribution              -    44,254    22,127

General Unsecured Claims:
Rejection Damage Claims                   -       241       121
Prepetition Trade Payables                -     1,099       550
Prepetition Intercompany Payables/Notes   -       621       310
Pension Claims                            -     1,129       565
Senior Unsecured Notes                    -    15,761     7,881
Senior Subordinated Notes                 -    21,108    10,554
Convertible Trust Securities              -     2,196     1,098
Employee Benefits                         -     1,364       682
Other                                     -       734       367
                                   --------  --------  --------
  Total                                   -    44,254    22,127
  Recovery Rate                         0.0%      3.8%      1.9%

Senior Unsecured Notes -
Including Subordinated Debt               -    39,066    19,533
  Proceeds                              0.0%      9.3%      4.7%

A full-text copy of the Liquidation Analysis is available for
free at http://bankrupt.com/misc/DURALiquidationAnalysis.pdf

                           About DURA

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

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

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

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

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

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


DURA AUTOMOTIVE: Ad Hoc Committee Seek to Inspect Records
---------------------------------------------------------
James W. Korth -- managing partner at J.W. Korth & Company, on
behalf of an ad hoc committee of holders of more than
US$100,000,000 of 8-5/8% Senior Bonds and 9.0% Subordinated
Bonds issued by DURA Automotive Systems, Inc. -- seeks
permission from the U.S. Bankruptcy Court for the District of
Delaware to examine the books and records of DURA under Rule
2004 of the Federal Rules of Bankruptcy Procedure to
independently assess the value of the Debtors.

Under DURA's Plan of Reorganization, noteholders are going to
receive either 19.0% value of their investments or nothing
depending on whether they own the senior or junior bonds.

The Ad Hoc Committee also asks the Court to extend the time for
parties-in-interest to file objections to the Plan and the
Disclosure Statement explaining the Plan until April 10, 2008.

The Ad Hoc Committee wants to examine and retain copies of
certain DURA documents, including:

   * the monthly income statements and balance sheets of each
     subsidiary of DURA, or subsidiaries of subsidiaries, and
     subsidiaries of subsidiaries of subsidiaries, of DURA for
     the past two years until the end of February 2008;

   * the general ledger for each subsidiary for the past two
     years up until the end of February 2008;

   * the detail of the analysis of the goodwill of each
     subsidiary whereby the Debtor last certified that goodwill
     and then wrote off that goodwill in November 2006;

   * the notes and aggregation statements that form the basis
     for all Monthly Operating Reports filed in the Court;

   * a specific written statement line by line from the Debtor
     on how the planned Fresh Start balance sheet will differ
     from the balance sheet included in the Monthly Operating
     Reports and justification for the differences;

   * the contracts and any amendments with the Debtors and Alix
     Partners and Miller Buckfire and Kirkland & Ellis LLP;

   * the background notes and compilations that went into
     creating the latest Disclosure Statement;

   * copies of the presentation to potential lenders for the
     failed Exit Financing in December 2007;

   * the original underwriting files for the bonds including all
     notes regarding the creation of each issue's indenture and
     the original proposals by the underwriters for those issues
     along with the underwriting agreements;

   * detailed analysis behind the income projections for the
     next three years as stated in the Disclosure Statement; and

   * invoices and notes from the trustees for the senior or
     subordinated bonds.

                           About DURA

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

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

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

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

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

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


FORD MOTOR: Selling Jaguar & Land Rover to Tata for US$2.3BB
------------------------------------------------------------
Ford Motor Co. entered March 26, 2008, into a definitive
agreement to sell its Jaguar Land Rover operations to Tata
Motors.

The transaction is the culmination of Ford's decision last
August to explore strategic options for the Jaguar Land Rover
business, as the company accelerates its focus on its core Ford
brand and “One Ford” global transformation.

The sale is expected to close by the end of the next quarter and
is subject to customary closing conditions, including receipt of
applicable regulatory approvals.

The total amount to be paid in cash by Tata Motors for Jaguar
Land Rover upon closing will be around US$2.3 billion.  At
closing, Ford will then contribute up to around US$600 million
to the Jaguar Land Rover pension plans.

"Jaguar and Land Rover are terrific brands," said Alan Mulally,
president and CEO, Ford Motor Company.  "We are confident that
they are leaving our fold with the products, plan and team to
continue to thrive under Tata's stewardship.  Now, it is time
for Ford to concentrate on integrating the Ford brand globally,
as we implement our plan to create a strong Ford Motor Company
that delivers profitable growth for all."

"This is a good agreement.  It provides the Jaguar Land Rover
management team and employees with the assurances needed to
maintain their focus on delivering the best results for the
business," said Lewis Booth, executive vice president, Ford
Motor Company, who has responsibility for Ford of Europe, Volvo
and Jaguar Land Rover.  "I am confident that, under its new
owner, Jaguar Land Rover will continue to build upon the
significant improvements and product successes it has achieved
in recent years."

As part of the transaction, Ford will continue to supply Jaguar
Land Rover for differing periods with powertrains, stampings and
other vehicle components, in addition to a variety of
technologies, such as environmental and platform technologies.
Ford also has committed to provide engineering support,
including research and development, plus information technology,
accounting and other services.

Ford Motor Credit Company will provide financing for Jaguar and
Land Rover dealers and customers during a transitional period,
which can vary by market, of up to 12 months.

The parties believe these arrangements will support Jaguar Land
Rover's current product plans, while providing Jaguar Land Rover
freedom to develop its own stand-alone capabilities in the
future that will best serve its premium manufacturer
requirements.

The parties do not anticipate any significant changes to Jaguar
Land Rover employees' terms of employment on completion.

"We are very pleased at the prospect of Jaguar and Land Rover
being a significant part of our automotive business," Ratan N.
Tata, Chairman of Tata Sons and Tata Motors, commented.  "We
have enormous respect for the two brands and will endeavor to
preserve and build on their heritage and competitiveness,
keeping their identities intact.  We aim to support their
growth, while holding true to our principles of allowing the
management and employees to bring their experience and expertise
to bear on the growth of the business."

Jaguar Land Rover's employees, trade unions and the U.K.
Government have been kept informed of developments as the sale
process progressed and have indicated their support for the
agreement.

"Jaguar Land Rover's management team is very pleased that Ford
and Tata Motors have come to an agreement," Geoff Polites,
Jaguar Land Rover CEO said.  "Our team has been consulted
extensively on the deal content and feels confident that it
provides for the business needs of both our brands going
forward."

"We have also had the opportunity to meet senior executives from
Tata Motors and the Tata group," Mr. Polites continued.  "They
have expressed confidence in the team that has delivered
significant improvements in Jaguar Land Rover's business
performance.  We feel confident that we can forge a strong
working relationship with our new parent company, and we look
forward to a bright and successful future for Jaguar Land
Rover."

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        About Ford Motor

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

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

                          *     *     *

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

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


HM91 LTD: Brings In PwC to Administer Assets
--------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of HM91 Ltd. (fka Meadgate Holdings Ltd.) (Company Number
04359662) and WM81 Ltd. (fka Meadgate Western Ltd.) (Company
Number 04808641) on March 11, 2008.

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

Headquartered in Usk, Wales, the companies develops residential
properties.


IRON MOUNTAIN: Moody's Lifts Rating to B1 on Strong Performance
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
Iron Mountain Incorporated to B1 from B2.  Other ratings on
outstanding debt instruments were also upgraded.  The outlook
for the ratings is stable.

Notwithstanding higher than anticipated capital expenditures and
year-end compensation and benefit accruals, the upgrade
recognizes continued strength in operating performance,
including continued strong growth in storage revenues and
improved debt maturity structure and overall liquidity following
last year's refinancing activity.  Importantly, the upgrade also
incorporates Moody's belief that the primary focus of the
company has shifted from growth through acquisitions to
achieving increased operational efficiencies.  Although
acquisitions are likely to continue, the size of acquired
entities is likely to be substantially less material in relation
to Iron Mountain's size than has been the case in the past.

The Corporate Family Rating of B1 is supported by the company's
prominent position as a global leader in information storage and
data protection, including its strategic expansion in the
digital market in recent years, as well as Moody's expectation
of reduced emphasis on acquisitions relative to the company's
current size going forward.  The ratings benefit from the
company's historical revenue stability, geographical
diversification and low customer concentration.  The ratings
continue to be constrained by high financial leverage, the
significant amount of goodwill and intangibles in relation to
total assets and the low level of pro forma free cash flow
(defined as cash from operations less capital expenditures less
dividends) relative to debt.  Interest coverage for the rating
category of adjusted EBITDA less capital expenditures to
interest expense of 1.3 times is weak for the category. The
ratings also reflect a capital intensive business with most
revenues deriving from paper document storage and related
services which require significant customized physical space.

Moody's took these rating actions:

   -- Upgraded the Corporate Family Rating to B1 from B2;

   -- Upgraded the Probability of Default Rating to B1 from B2;

   -- Upgraded the US$790 million global revolving credit
      facility due 2012 to Ba1 (LGD2, 16%) from Ba2 (LGD2, 13%);

   -- Upgraded the US$410 million IMI term loan facility to Ba1
      (LGD2, 16%) from Ba2 (LGD2, 13%);

   -- Upgraded the C$175 million 7.5% senior subordinated notes
      due 2017 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the EUR 225 million 6.75% Euro senior
      subordinated notes due 2018 to B2 (LGD5, 71%) from B3
      (LGD4, 68%);

   -- Upgraded the US$72 million 8.25% senior subordinated notes
      due 2011 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$200 million 8.75% senior subordinated
      notes due 2018 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$448 million 8.625% senior subordinated
      notes due 2013 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$300 million 7.25% GBP senior subordinated
      notes due 2014 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$438 million 7.75% senior subordinated
      notes due 2015 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$316 million 6.625% senior subordinated
      notes due 2016 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the secured drawings under the existing shelf to
      (P)Ba1 (LGD2, 16%) from (P)Ba2 (LGD2, 13%);

   -- Upgraded the unsecured drawings under the existing shelf
      to (P)Ba1 (LGD2, 16%) from (P)Ba3 (LGD2, 27%);

   -- Upgraded the subordinated draws under the existing shelf
      to (P)B2 (LGD5, 71%) from (P)B3 (LGD4, 68%);

   -- Upgraded the preferred stock draws under the existing
      shelf to (P)B3 (LGD6, 97%) from (P)Caa1 (LGD6, 97%);

   -- Upgraded the Trust preferred stock shelf to (P)B2 (LGD5,
      71%) from (P)B3 (LGD4, 68%);

   -- The Speculative Grade Liquidity rating is SGL-3.

   -- The outlook for the ratings is stable.

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated is an international provider of information storage
and protection related services.  The company offers
comprehensive records management and data protection solutions,
along with the expertise to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery.  Founded in 1951, Iron
Mountain has more than 100,000 corporate clients throughout
North America, Europe, Latin America, and Asia Pacific.  Revenue
for the twelve months ended Dec. 31, 2007 was approximately
US$2.7 billion.


PETROLEOS DE VENEZUELA: To Ask Exxon Compensation for Damages
-------------------------------------------------------------
Petroleos de Venezuela SA's President and Venezuelan Oil and
Energy Minister Rafael Ramirez has indicated that the company
will seek compensation for damages that Exxon Mobil Corp.'s
lawsuit brought to the firm, Venezuelanalysis.com reports.

Minister Ramirez told Venezuelanalysis.com that damages include
a sharp drop in bond ratings after the asset freeze.

As reported in the Troubled Company Reporter-Europe on March 24,
2008, Judge Paul Walker of London Court dissolved an injunction
freezing US$12 billion assets belonging to Petroleos de
Venezuela.  Petroleos de Venezuela won the legal battle because
the dispute has no connection with the U.K. Exxon, which has
battled in arbitration to bag compensation for an oil field
President Hugo Chavez seized last year.

According to Venezuelanalysis.com, the Venezuelan government
gave Exxon Mobil until last Thursday to undo the damage it had
done to the international reputation of Petroleos de Venezuela
for pursuing a US$12 billion freeze of its assets during
international arbitration in a dispute over the nationalization
of the Orinoco Oil Belt project.

Minister Ramirez told Venezuelanalysis.com that Exxon repeatedly
tried to deceive the court by claiming that Petroleos de
Venezuela isn't a state enterprise, that it is broken, and that
the Venezuelan government has brought it "to a state of
financial precariousness."

Exxon Mobil could be obligated to pay over US$1 billion in
damages to Petroleos de Venezuela, which would cancel out what
the Venezuelan firm owed the US company's nationalized stake in
the Cerro Negro project, and Exxon Mobil would have to deal with
"grave consequences, not only in terms of international
prestige... but in what they will face with their stockholders,"
Venezuelanalysis.com notes, citing David Paravisini, Venezuelan
Ambassador to Guatemala and an engineer and expert on petroleum
policy.

Reports say that Exxon Mobil legal representative Alan Jeffers
said that no appeal will be made on Judge Walker's decision.

The court decision didn't challenge Exxon Mobil's overall goals
against Petroleos de Venezuela, but instead established that the
London court lacked jurisdiction over the case, Mr. Jeffers told
Venezuelanalysis.com.

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

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

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

                        *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook is negative.


REDBY COACHES: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Redby Coaches Ltd. on March 14
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


ROYAL MAIL: Pension Fund Trustees May Force Liquidation
-------------------------------------------------------
Royal Mail Group Plc told its unions that pension fund trustees
may be legally required to put the company into liquidation to
pay a GBP3.4 billion deficit, Bloomberg News reports citing the
Times.

The Times said that the company's profit for the financial year
2011 may be as low as GBP50 million.

Royal Mail is in disagreement with unions over plans to close
its final-salary pension plan, raise the retirement age from 60
to 65 and reduce its contributions to the plan, Bloomberg
relates.

Headquartered in London, England, Royal Mail Group Plc --
http://www.royalmailgroup.com/-- is responsible for the
universal mail collection and delivery service in the U.K.  The
company also offers a range of distribution services.


TOTALROCK MUSIC: Claims Filing Period Ends April 17
---------------------------------------------------
Creditors of TotalRock Music ltd. have until April 17, 2008 to
send in their names, their addresses and descriptions, full
particulars of their debts and claims, and names and addressess
of their solicitors (if any) to:

         S. J. Parker
         Joint Liquidator
         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England

S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of the company on March 17 by resolutions of
members and creditors.


WORLDWIDE PALLET: Taps Liquidators from Mazars
----------------------------------------------
Tim Alan Askham and Robert David Adamson of Mazars LLP were
appointed joint liquidators of Worldwide Pallet Distribution
Ltd. on March 14 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Merchant Exchange
         Whitworth Street West
         Manchester
         M1 5WG
         England


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

                   Featured Conferences

Beard Conferences presents:

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

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

                     *      *      *

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *