TCREUR_Public/080328.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

             Friday, March 28, 2008, Vol. 9, No. 63

                            Headlines


A U S T R I A

GEWERBEBAU FERTIGTEIL: Claims Registration Period Ends April 21
ING. JOHANN POSCH: Claims Registration Period Ends April 14
JUERGEN HERRMANN: Claims Registration Period Ends April 22
KRISTL BAUAUSFUEHRUNGEN: Claims Registration Ends April 23
PD-PERSONALBEREITSTELLUNG: Claims Registration Period Ends May 6

SUN LOGISTIK: Claims Registration Period Ends April 10


F I N L A N D

M-REAL: Inks Pension Liabilities Deal Related to UK Ops Sale


F R A N C E

CLEAR CHANNEL: Sues Banks Over US$26 Million Merger Delay
CLEAR CHANNEL: Get Temporary Restraining Order Against Banks
CLEAR CHANNEL: Fitch Says Ratings Hold if Going-Private Fails
CLEAR CHANNEL: Moody's Says Ratings Remain Under Review


G E R M A N Y

AGFAPHOTO: Former Workers to Receive Compensation, Court Rules
AMBIENTA WOHNBAU: Claims Registration Ends April 15
AMERICAN SPORTS: Claims Registration Ends April 15
AQUIS VERWALTUNGS: Creditors' Meeting Slated for March 12
AVU-VIDEO-VERTRIEBS: Claims Registration Period Ends April 14

BAUWERK WOHN: Claims Registration Period Ends April 15
BREEZE FINANCE: Fitch Withdraws BB- Ratings on Class B Notes
ELEKTRO SCHIFFMANN: Claims Registration Period Ends April 15
ERKA-MODEDRUCK: Claims Registration Period Ends April 15
FRANZ VOLK: Claims Registration Period Ends April 15

GESA DACH: Claims Registration Period Ends April 28
HANS WALISCHMILLER: Claims Registration Ends April 15
IBETECH GMBH: Claims Registration Ends April 15
IKB DEUTSCHE: Names Andreas Leimbach to Managing Director Board
KOSMOS BAUTRAGER: Claims Registration Period Ends April 14

MOHRS MALEREI: Claims Registration Period Ends April 15
SPEDITION & LOGISTIK: Claims Registration Period Ends April 26
TIMBER SYSTEMS: Claims Registration Period Ends April 16
WERBELICHT JEROMA: Claims Registration Ends April 15


I R E L A N D

IRON HILL: Moody's Rates US$16 Million Class C Notes at Ba3


K A Z A K H S T A N

AK BULAK: Creditors Must File Claims by April 25
ALMATY BIG: Claims Deadline Slated for April 25
DVS & K LLP: Claims Filing Period Ends April 25
FERRO TRANS: Creditors' Claims Due on April 25
KAZ TECHNO: Claims Registration Ends April 25

KDA-1 LLP: Creditors Must File Claims by April 25
LUCH 2007: Claims Deadline Slated for April 25
LUTA LLP: Claims Filing Period Ends April 25
OIL-2030 LLP: Creditors' Claims Due on April 25
SEVER-7 LLP: Claims Registration Ends April 25

* Fitch Lifts Mangistau Region's Ratings to BB+


K Y R G Y Z S T A N

GELEON TRADE: Creditors Must File Claims by April 29
MONTAGE ENERGO: Claims Filing Period Ends April 29


N E T H E R L A N D S

SABIC INNOVATIVE: Moody's Confirms Ratings with Stable Outlook


R U S S I A

BRATSK CITY: S&P Ups Long-Term Issuer Credit Rating to B+
CONSULTING BUSINESS: Bankruptcy Hearing Set June 30
KORKINSKIY DIARY: Creditors Must File Claims by April 15
LOKON CJSC: Creditors Must File Claims by April 15
MARIYSKIY MECHANICAL: Court Opens Bankruptcy Supervision Process

TAT-NEFTE-STROY OJSC: Bankruptcy Hearing Set July 1
TATNEFT OAO: Eyes Facilities for Mineral Recovery Tax Compliance
VIMPEL-COMMUNICATIONS: Altimo Files US$1BB Suit vs. Telenor

* Fitch Puts Tambov Region's Currency Ratings at BB-


S P A I N

GRUPO INMOBILIARIO: Files for Creditor Protection in Madrid
MARTINSA FADESA: Reaches Agreement with Lenders on EUR5.1BB Debt


S W I T Z E R L A N D

ANDRES ISENEGGER: Creditors' Liquidation Claims Due by March 31
APOLLO CARS: Creditors' Liquidation Claims Due by March 31
BACHTEL-RANCH LLC: Claims Registration Period Ends March 31
BMS MEXICO: Creditors' Liquidation Claims Due by March 31
BRUN FORDERTECHNIK: Creditors Must File Claims by March 30

COLINA JSC: Creditors' Liquidation Claims Due by March 31
COMPUTEROIL JSC: Creditors' Liquidation Claims Due by March 31
COSMOPORT SCHIFFSREISEN: Creditors Must File Claims by March 30
DANIEL NIEDERBERGER: Creditors Must File Claims by March 31
DK: Creditors' Liquidation Claims Due by March 31

EL-MART JSC: Creditors' Liquidation Claims Due by March 31
GARAGE AUTOFIT: Claims Registration Period Ends March 31
JMR IMMOBILIEN: Creditors' Liquidation Claims Due by March 31
R. UND F. ENZLER: Creditors' Liquidation Claims Due by March 31
RYMBOURNE LTD: Creditors' Liquidation Claims Due by March 31

SIMPLYLEARN LLC: Creditors' Liquidation Claims Due by March 31
SWISS EQUITY: Creditors' Liquidation Claims Due by March 31
VORSORGESERVICE JSC: Creditors Must File Claims by March 30


U K R A I N E

ANDREYEVKA REPAIR: Creditors Must File Claims by March 29
ASSISTANCE-SERVICE: Creditors Must File Claims by March 29
DOREKS LTD: Creditors Must File Claims by March 29
KAMIANKA LLC: Creditors Must File Claims by March 29
SKY BRIDGE: Creditors Must File Claims by March 29

UKRAINIAN BUILDING: Creditors Must File Claims by March 29
UKRAINIAN GAS: Creditors Must File Claims by March 29
UPPK LLC: Creditors Must File Claims by March 29


U N I T E D   K I N G D O M

CASTLE HOLDCO: Moody's Cuts Corporate Family Rating to B3
ERINACEOUS GROUP: Banks Commit to Provide On-going Funding
EXECUTION SERVICES: Brings In Liquidators from Mazars
INTERNATIONAL BUILDING: Taps Liquidators from Deloitte & Touche
LONDON BEACH: Claims Filing Period Ends May 12

M J T LANDSCAPES: Calls In Liquidators from Mazars
NORTHERN ROCK: FSA Identifies Key Supervisory Failings
OLYMPUS CIRCUITS: Hires Liquidators from PKF
OPEL CONSTRUCTION: Joint Liquidators Take Over Operations
OSPREY AIR: Taps Joint Administrators from Smith & Williamson

PRINTSCENE LTD: Appoints Administrators from Begbies Traynor
RAPOUR LTD: Appoints Liquidators from Mazars
STEWART'S LTD: Taps Baker Tilly as Administrators

* Smith & Williamson Names James Money as RRS Director

* BOOK REVIEW: Bankruptcy Investing: How to Profit from
               Distressed Companies (Revised Edition)


                            *********


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


GEWERBEBAU FERTIGTEIL: Claims Registration Period Ends April 21
---------------------------------------------------------------
Creditors owed money by LLC GEWERBEBAU Fertigteil- Vertrieb (FN
226996v) have until April 21, 2008, to file written proofs of
claim to court-appointed estate administrator Candidus
Cortolezis at:

          Dr. Candidus Cortolezis
          Hauptplatz 14
          8010 Graz
          Austria
          Tel: 0316/813973
          Fax: 0316/847797
          E-mail: office@cortolezis.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:35 p.m. on May 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall L
          Room 230
          Second Floor
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on March 3, 2008 (Bankr. Case No. 26 S 25/08h).


ING. JOHANN POSCH: Claims Registration Period Ends April 14
-----------------------------------------------------------
Creditors owed money by LLC Ing. Johann Posch Bau & Co KG (FN
12446d) have until April 14, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Handler at:

          Mag. Peter Handler
          LLC Handler Rechtanwalt
          Hauptplatz 33
          8530 Deutschlandsberg
          Austria
          Tel: 03462/4141
          Fax: 03462/4141-41
          E-mail: office@handler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Wies, Austria, the Debtor declared bankruptcy
on Feb. 29, 2008 (Bankr. Case No. 40 S 14/08v).


JUERGEN HERRMANN: Claims Registration Period Ends April 22
----------------------------------------------------------
Creditors owed money by LLC Juergen Herrmann Elektrotechnik (FN
201125y) have until April 22, 2008, to file written proofs of
claim to court-appointed estate administrator Norbert Abel at:

          Mag. Norbert Abel
          c/o Mag. Johanna Abel-Winkler
          Franz Josefs-Kai 49/19
          1010 Vienna
          Austria
          Tel: 533 52 72
          Fax: 533 52 72 15
          E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 6, 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 March 3, 2008 (Bankr. Case No. 4 S 27/08k).  Johanna Abel-
Winkler represents Mag. Abel in the bankruptcy proceedings.


KRISTL BAUAUSFUEHRUNGEN: Claims Registration Ends April 23
----------------------------------------------------------
Creditors owed money by LLC Kristl Bauausfuehrungen (FN 283249v)
have until April 23, 2008, to file written proofs of claim to
court-appointed estate administrator Horst Winkelmayr at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 29, 2008 (Bankr. Case No. 3 S 19/08a).


PD-PERSONALBEREITSTELLUNG: Claims Registration Period Ends May 6
----------------------------------------------------------------
Creditors owed money by KEG PD-Personalbereitstellung und
Fassandenbau Daurer (FN 276408h) have until May 6, 2008, to file
written proofs of claim to court-appointed estate administrator
Wolfgang Strasser at:

          Dr. Wolfgang Strasser
          c/o Dr. Christian Strasser
          Hauptplatz 11
          4300 St. Valentin
          Austria
          Tel: 07435/52 4 37
          E-mail: ra-strasserwolf@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on May 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on Feb. 29, 2008 (Bankr. Case No. 14 S 17/08k).  Christian
Strasser represents Dr. Strasser in the bankruptcy proceedings.


SUN LOGISTIK: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors owed money by LLC Sun Logistik (FN 290532d) have until
April 10, 2008, to file written proofs of claim to court-
appointed estate administrator Gerald Gerstacker at:

          Mag. Gerald Gerstacker
          Schrannenplatz 3/I
          2340 Moedling
          Austria
          Tel: 02236/864 567
          Fax: 02236/864 567-1
          E-mail: g.gerstacker@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 24, 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 Wiener Neudorf, Austria, the Debtor declared
bankruptcy on March 3, 2008 (Bankr. Case No. 10 S 17/08s).


=============
F I N L A N D
=============


M-REAL: Inks Pension Liabilities Deal Related to UK Ops Sale
------------------------------------------------------------
M-real Corp. has concluded an agreement with regard to the
pension liabilities of its U.K. industrial operations related to
the sale of the New Thames mill and the closure of the
Sittingbourne mill.

The combined impact of the sales agreement and the pension
liabilities arrangement on M-real's financial result is
positive, about EUR4 million, instead of being the neutral
effect that was foreseen, and the corresponding impact on cash
flow will be around EUR82 million instead of the previously
announced estimation of EUR60 million.

EUR65 million of the cash flow impact was incurred when the New
Thames sale and the pension agreement were completed, and around
EUR 17 million will be realized during the next 12 months.

                   About the M-real Oyj

Headquartered in Espoo, Finland, M-real Corp. --
http://www.M-Real.com/-- produces and distributes coated and
uncoated fine papers for printing and packaging industries.  The
company has operations in Brazil and Mexico.

                        *     *     *

As of Feb. 8, 2008, M-real Oyj carries a B2 long-term corporate
family rating and a B2 senior unsecured debt rating from
Moody's, which said the outlook is negative.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at B+ and  its short-term foreign and local
issuer credit at B.  The outlook is negative.


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


CLEAR CHANNEL: Sues Banks Over US$26 Million Merger Delay
---------------------------------------------------------
Clear Channel Communications Inc., jointed by CC Media Holdings,
Inc., a unit of Thomas H. Lee Partners, L.P. and Bain Capital
Partners, LLC, sued the banks who had committed to financing the
debt connected to their US$26 billion merger for tortious
interference on March 26, 2008.

The lawsuit, filed in Bexar County, Texas, alleges that the
banks are "refusing to execute necessary documents in an overt
effort to 'run out the clock' and cause [their] merger agreement
to collapse" and are "fabricating false reasons to refuse to
proceed with the transaction – all in an effort to deprive
Plaintiffs’ of their vested contractual rights under the Merger
Agreement which Defendants know must close by June 12, 2008."

Adding that the opportunity for CC Media Holdings to acquire
Clear Channel is "uniquely valuable and irreplaceable", the suit
further claims that the banks' recent actions create
"immeasurable damages exceeding the parties' agreement for US$26
billion".

The defendants are Citigroup, Morgan Stanley, Credit Suisse,
RBS, Wachovia, and Deutsche Bank.

"The financial risk to the banks in this suit dwarfs any risk
they think they have in funding the debt," said Mark Mays, CEO
of Clear Channel Communications.  "The behavior of these banks
is irresponsible, unprofessional and unjustified.  The
defendants have made clear that they are determined, by any
means possible, to destroy the merger and thus avoid their
obligation to fund, as they are required legally to do."

Bain Capital and THL Partners issued the following joint
statement: "We want to do this deal.  We are ready to close,
have funded the equity portion of the purchase consideration,
maintain our enthusiasm for the investment, and are fully
prepared to fulfill our contractual obligations to complete the
deal."

                         Going Private

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2008, the company disclosed that there were no remaining
regulatory approvals needed to close merger agreement entered
into with Thomas H. Lee Partners LP and Bain Capital Partners on
Sept. 25, 2007, and anticipated the merged to close on March 31,
2008.

The deal however appeared to be in danger of collapsing after
backers of the deal failed to reach agreement on the final
financing of the transaction.

The banks had agreed to finance the deal but negotiations
between the private-equity firms and the banks became mired over
details of the credit agreement.

                       About Bain Capital

Boston, Massachussetts-based Bain Capital Partners LLC --
http://www.baincapital.com/-- is a private investment firm with
approximately US$40 billion in assets under management.  Its
family of funds includes private equity, venture capital, public
equity and leveraged debt assets.  Absolute Return Capital LLC
is the global macro affiliate of Bain Capital. Bain Capital
Private Equity has raised nine funds and invested in more than
200 companies.  Bain Capital (Europe) Limited, an affiliate, is
dedicated to investment opportunities in the European market.
Bain Capital Venture Partners LLC is the venture capital arm of
Bain Capital.  Sankaty Advisors LLC, the credit affiliate of
Bain Capital LLC, is a private manager of high-yield debt
obligations.

In October 2006, Michaels Stores Inc. announced the completion
of its merger with affiliates of Bain Capital Partners LLC and
The Blackstone Group.  As a result, Bain Capital Partners LLC
and Blackstone own equal stakes in Michaels, and funds
affiliated with Highfields Capital Management own a minority
stake.

                     About Thomas Lee Partners

Boston, Massachussetts-based Thomas H. Lee Partners LP --
http://www.thlee.com/-- Thomas H. Lee Partners is the teddy
bear at the gate.  Known as a "friendly" leveraged buyout (LBO)
firm, the company uses a mix of debt, funds from institutional
investors, and its own money to buy companies.  Unlike the
fearsome LBO outfits of the 1980s, Thomas H. Lee Partners
eschews the axe for the handshake; it builds up a stake and
courts management cooperation.  Lee then usually sells the
revamped acquisitions or takes them public.  Thomas H. Lee, who
founded Thomas H. Lee Partners in 1974, left his namesake firm
in 2006 to start a long-planned rival hedge fund and private
equity venture.

The company has teamed up with Bain Capital to buy media titan
Clear Channel for almost US$20 billion.

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in mobile and on-demand
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside the United States, the company has operations in France,
Italy, Spain and the United Kingdom, as well as Australia and
China.


CLEAR CHANNEL: Get Temporary Restraining Order Against Banks
------------------------------------------------------------
District Court Judge John D. Gabriel of Bexar County, Texas, on
Wednesday night, awarded a Temporary Restraining Order in favor
of Clear Channel Communications Inc.

The company had sued the banks that committed to financing the
debt connected to their US$26 billion merger for tortious
interference on March 26, 2008.

Judge Gabriel ordered that the banks, among other things, must
not “interfere with or thwart consummation of the Merger
Agreement” by:

     1) refusing to fund the Merger transaction,

     2) insisting on terms that are inconsistent with the
        Commitment Letter, or

     3) refusing to act in good faith in the drafting of
        definitive loan documents.


In a statement released on their website, Clear Channels said
that with the ruling, “the banks and the purchasers will now be
able to move quickly to complete the loan documents and fund the
merger.”

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in mobile and on-demand
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside the United States, the company has operations in France,
Italy, Spain and the United Kingdom, as well as Australia and
China.


CLEAR CHANNEL: Fitch Says Ratings Hold if Going-Private Fails
-------------------------------------------------------------
In line with previous guidance, Fitch Ratings stated that Clear
Channel Communications 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Fitch originally downgraded Clear Channel's ratings to 'BB-'
from 'BBB-' on Nov. 16, 2006 after the company announced it had
executed a definitive merger agreement with a private equity
group to be acquired for over US$26 billion.  At that time,
Fitch stated that the consummation of the going-private
transaction would likely result in lower ratings, but that any
cancellation of the merger would not result in any upward
movement of the 'BB-' ratings, as management demonstrated a
tolerance for greater leverage. Clear Channel has significant
debt maturities coming due over the next three years, including
its bank facility.  Fitch believes the risk of financial policy
revisions must be properly reflected in the ratings on any
future market transactions that may be used to re-finance these
maturities. Executive management employment agreements extend
into 2014.


CLEAR CHANNEL: Moody's Says Ratings Remain Under Review
-------------------------------------------------------
On March 26, 2008, Clear Channel Communications, Inc. and
affiliates of the Thomas H. Lee Partners, L.P. and Bain Capital
Partners, LLC, filed a lawsuit against the banks who had
committed to financing the debt in connection with their US$26
billion merger.  Subsequently, a Texas judge issued a
restraining order in favor of Clear Channel.

The company's ratings remain under review for possible downgrade
pending closing of the acquisition.  Moody's will continue to
monitor developments in order to assess the likelihood that the
transaction will close.

If the buyout is completed, the company's pro-forma leverage is
expected to increase substantially and the post-acquisition
company will have significantly weaker credit metrics.  Assuming
the transaction is completed as currently contemplated, Clear
Channel will likely be assigned a Corporate Family Rating of B2
and the rating on the existing senior notes is likely to be
notched down to Caa1 based on their expected subordination to
the new senior secured debt facilities and the new senior notes.

In the event the proposed leveraged buyout does not close, Clear
Channel's ratings still have a high probability of being
downgraded to speculative grade based on the company's now
demonstrated predilection for shareholder friendly behavior.  If
the buyout does not close, the review will focus on the
company's business strategy and financial policy including
management's tolerance for financial risk.

Clear Channel Communications, Inc., with its headquarters in San
Antonio, Texas, is a global media and entertainment company
specializing in "gone from home" entertainment and information
services for local communities and premiere opportunities for
advertisers.  The company's businesses include radio and outdoor
displays.


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


AGFAPHOTO: Former Workers to Receive Compensation, Court Rules
--------------------------------------------------------------
The Federal Labor Court in Erfurt, Germany, on March 20, 2008,
gave its decision on three cases involving AgfaPhoto GmbH and
Agfa-Gevaert NV & Co. KG.

Former employees of AgfaPhoto had sued Agfa-Gevaert for
compensation and/or damages.

Subject to the motivation of the Federal Labour Court judgments,
to be released at a later date, Agfa-Gevaert states that in two
cases, the 8th Senate of the Federal Labor Court rules that the
plaintiffs are entitled to receive payments for their early
retirement because the October 2004 information letter on their
transfer to AgfaPhoto was partially incomplete.  In the court's
opinion each of the pending matter was decided on a case-by-case
basis because of the different factual backgrounds.

At the upcoming trial day on July 24, 2008, the Federal Labor
Court will presumably decide on approximately ten further cases.

Agfa-Gevaert welcomes the statement of the court as an important
contribution to the clarification of some hitherto unresolved
legal issues.  Agfa-Gevaert furthermore reiterates its opinion
that it fully and correctly informed all relevant parties, and
that it complied with all legal consultation requirements
against the background of an uncertain legal environment.  The
contents of the information letter were drafted together with
Mr. Emans and his advisors, and were subsequently approved by
the employee representatives.

In the third case, the court dismissed the claim filed by a
former AgfaPhoto employee.  The employee sued Agfa-Gevaert for a
severance payment as damages although he did not object to his
transfer to AgfaPhoto at the time.  The court stated that a
later objection against the business transfer cannot be declared
indefinitely.  Agfa-Gevaert considers this decision as a
confirmation of its position that there will no further claims
for damages beyond the current limited number of objections.

                     Sale to AgfaPhoto

At the time of the sale of the Consumer Imaging business to
AgfaPhoto in November 2004, Agfa-Gevaert was convinced that the
transaction was the best solution for the employees.  With a few
exceptions, all relevant employees transferred to AgfaPhoto, and
thus to a new, legally and operationally independent company.
Following the insolvency of AgfaPhoto, Agfa-Gevaert agreed to
support the financing of an employment and placement company
("Beschaftigungs- und Qualifizierungsgesellschaft" - "BQG") so
as to ease the social burden resulting from the insolvency for
its former employees.  Through this BQG many of the former
AgfaPhoto employees could be offered new jobs with third parties
within the one-year-period during which they were allowed to
remain within the BQG.

Also, Agfa-Gevaert offered financial support for many employees,
who -- due to their individual employment status -- would
otherwise have been affected severely as a result of the
AgfaPhoto insolvency.

Agfa-Gevaert finally declares: The allegation made by various
plaintiffs and repeated by the media that Agfa-Gevaert had
"threatened" former employees to agree to the business transfer,
is utterly wrong and unfounded.  At the time of the business
transfer the insolvency of AgfaPhoto GmbH was not predictable.
Agfa-Gevaert can therefore not be held responsible for the
social consequences caused by the insolvency.

As already mentioned before, Agfa-Gevaert has constituted
sufficient provisions for justified claims by former employees.

                     About AgfaPhoto GmbH

Headquartered in Cologne, Germany, AgfaPhoto GmbH --
http://www.agfaphoto.com/-- manufactures photographic film,
papers, chemicals, and disposable cameras.  It also offers
online print service, on-site processing, kiosk systems and
wholesale finishing.  The company has 1,800 employees.

Six months after it was sold to its management and a group of
investors, the company filed for insolvency at the district
court of Cologne and appointed Andreas Ringstmeier provisional
administrator.  The company blamed the growing popularity of
digital photography for its demise.  It has 32 subsidiaries
outside Germany that are not affected by the insolvency.  The
company owes money to suppliers and pension security body
Pensionssicherungsverein.


AMBIENTA WOHNBAU: Claims Registration Ends April 15
---------------------------------------------------
Creditors of AMBIENTA Wohnbau GmbH have until April 15, 2008 to
register their claims with court-appointed insolvency manager
Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Chemnitz
         Hall 27
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Fax: (0371) 4446111
         E-mail: merbecks@merbecks.de

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

The Debtor can be reached at:

         AMBIENTA Wohnbau GmbH
         Attn: Michael Hoffmann, Manager
         Theaterstrasse 44
         09111 Chemnitz
         Germany


AMERICAN SPORTS: Claims Registration Ends April 15
--------------------------------------------------
Creditors of American Sports GmbH have until April 15, 2008 to
register their claims with court-appointed insolvency manager
Dr. Norbert Heimann.

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

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Heimann
         Spichernstr. 55
         50672 Cologne
         Germany
         Tel: 9595925
         Fax: +49221514437

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

The Debtor can be reached at:

         American Sports GmbH
         Girlitzweg 30
         50829 Cologne
         Germany

         Attn: Walter Puetz, Manager
         Hauptstr. 117 f
         51143 Cologne
         Germany


AQUIS VERWALTUNGS: Creditors' Meeting Slated for March 12
---------------------------------------------------------
The court-appointed insolvency manager for AQUIS
Verwaltungsgesellschaft mbH & Co. Potsdamer Strasse 153 KG,
Christian Koehler-Ma will present his first report on the
Company's insolvency proceedings at a creditors' meeting at noon
on March 12, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:35 a.m. on June 11, 2008 at the same
venue.

Creditors have until April 15, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against AQUIS Verwaltungsgesellschaft mbH & Co.
Potsdamer Strasse 153 KG on Jan. 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AQUIS Verwaltungsgesellschaft mbH & Co.
         Potsdamer Strasse 153 KG
         Culemeyerstr. 2
         12277 Berlin
         Germany


AVU-VIDEO-VERTRIEBS: Claims Registration Period Ends April 14
-------------------------------------------------------------
Creditors of AVU-Video-Vertriebs GmbH have until April 14, 2008,
to register their claims with court-appointed insolvency manager
Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on May 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Kaiserslautern
          Hall 11
          Bahnhofstr. 24
          67655 Kaiserslautern
          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:

          Paul Wieschemann
          Flickerstal 2
          67657 Kaiserslautern
          Germany
          Tel: 0631/341950
          Fax: 0631/470269

The District Court of Kaiserslautern opened bankruptcy
proceedings against AVU-Video-Vertriebs GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          AVU-Video-Vertriebs GmbH
          Attn: Gerhard Dollman, Manager
          Erlenhoehe 1
          66871 Konken
          Germany


BAUWERK WOHN: Claims Registration Period Ends April 15
------------------------------------------------------
Creditors of BAUWERK Wohn- und Gewerbebau GmbH & Co KG have
until April 15, 2008, to register their claims with court-
appointed insolvency manager Ulf Spieker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Leer
          Hall 101
          Woerde 5
          26789 Leer
          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:

          Ulf Spieker
          Schuetzenstrasse 5
          26670 Uplengen-Remels
          Germany
          Tel: 04956/918518
          Fax: 04956/918520

The District Court of Leer opened bankruptcy proceedings against
BAUWERK Wohn- und Gewerbebau GmbH & Co KG on Feb. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          BAUWERK Wohn- und Gewerbebau GmbH & Co KG
          Attn: Inka Natelberg, Manager
          Sonnentau 22
          26817 Rhauderfehn
          Germany


BREEZE FINANCE: Fitch Withdraws BB- Ratings on Class B Notes
------------------------------------------------------------
Fitch Ratings has withdrawn the expected ratings of Breeze
Finance SA Compartment 2's (Breeze Four) secured notes.  The
withdrawn ratings are:

   -- EUR161.6 million Class A: 'BBB-'; Outlook Stable
   -- EUR46.8 million Class B: 'BB-'; Outlook Stable

The withdrawal of the expected rating follows the decision by
the lead manager, Bayerische Hypo- und Vereinsbank AG, not to
place the transaction with investors in the near future.


ELEKTRO SCHIFFMANN: Claims Registration Period Ends April 15
------------------------------------------------------------
Creditors of Elektro Schiffmann GmbH have until April 15, 2008,
to register their claims with court-appointed insolvency manager
Stephan Muenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 23, 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 Norderstedt
          Hall B
          Rathausallee 80
          22846 Norderstedt
          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 Muenzel
          Bachstrasse 85a
          22083 Hamburg
          Germany

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

The Debtor can be reached at:

          Elektro Schiffmann GmbH
          Beek 7
          24641 Stuvenborn
          Germany


ERKA-MODEDRUCK: Claims Registration Period Ends April 15
--------------------------------------------------------
Creditors of ERKA-Modedruck GmbH have until April 15, 2008, to
register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:25 p.m. on May 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Hof opened bankruptcy proceedings against
ERKA-Modedruck GmbH on March 3, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          ERKA-Modedruck GmbH
          Attn: Renate Kleeboth, Manager
          Dr.-Martin-Luther-Str. 18
          95233 Helmbrechts
          Germany


FRANZ VOLK: Claims Registration Period Ends April 15
----------------------------------------------------
Creditors of Franz Volk Verwaltungs-GmbH have until April 15,
2008, to register their claims with court-appointed insolvency
manager Nikolaus Gaede.

Creditors and other interested parties are encouraged to attend
the meeting on May 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 Augsburg
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

          Nikolaus Gaede
          Brienner Str. 55
          80333 Munich
          Germany

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

The Debtor can be reached at:

          Franz Volk Verwaltungs-GmbH
          Peter Doerfler Str. 33
          86199 Augsburg
          Germany


GESA DACH: Claims Registration Period Ends April 28
---------------------------------------------------
Creditors of Gesa Dach GmbH have until April 28, 2008, to
register their claims with court-appointed insolvency manager
Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Specks Hof Eingang C
         Nikolaistrasse 3-5
         04109 Leipzig
         Germany
         Tel: 0341/652200
         Fax: O341/65220111

The District Court of Leipzig opened bankruptcy proceedings
against Gesa Dach GmbH on March 17, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Gesa Dach GmbH
         Matthias-Erzberger-Strasse 10
         04425 Taucha
         Germany

         Attn: Gebhard Weinschenk, Manager
         Olbrichtstrasse 8
         04157 Leipzig
         Germany


HANS WALISCHMILLER: Claims Registration Ends April 15
-----------------------------------------------------
Creditors of Hans Walischmiller GmbH have until April 15, 2008
to register their claims with court-appointed insolvency manager
Dr. Volker Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Konstanz
         Hall 107
         First Floor
         Main Building
         Gerichtstrasse 9
         78462 Konstanz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on May 20, 2008 at:

         The District Court of Konstanz
         Hall 102
         First Floor
         Auxiliary Building
         Gerichtstrasse 9
         78462 Konstanz
         Germany

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

The insolvency manager can be reached at:

         Dr. Volker Grub
         Humboldtstr. 16
         70178 Stuttgart
         Germany

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

The Debtor can be reached at:

         Hans Walischmiller GmbH
         Attn: Wolfgang Walischmiller and
         Dr. Christoph Sauerwein, Managers
         Schiessstattweg 16
         88677 Markdorf
         Germany


IBETECH GMBH: Claims Registration Ends April 15
-----------------------------------------------
Creditors of IBETECH GmbH have until April 15, 2008 to register
their claims with court-appointed insolvency manager Axel
Gerbers.

Claims will be verified at 11:15 a.m. on May 29, 2008 at:

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

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

The insolvency manager can be reached at:

         Axel Gerbers
         Soegestr. 70
         28195 Bremen
         Germany
         Tel: 0421-178 998-0
         Fax: 0421-178 998-11
         E-mail: bremen@jnp.de
         Web site: http://www.jnp.de/

The District Court of Bremen opened bankruptcy proceedings
against IBETECH GmbH on Jan. 24, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         IBETECH GmbH
         Attn: Martin Buschmann, Manager
         Ottenhof 6
         28355 Bremen
         Germany


IKB DEUTSCHE: Names Andreas Leimbach to Managing Director Board
---------------------------------------------------------------
The Supervisory Board of KB Deutsche Industriebank AG has
appointed Andreas Leimbach to the Board of Managing Directors,
effective April 1, 2008.

Mr Leimbach will take over responsibility for the segment
Corporate Clients from CEO Guenther Braunig who had been in
charge of the segment in the interim.

The appointment of Andreas Leimbach highlights the importance of
IKB’s core business with corporate clients.  From 1988 to 2006
Andreas Leimbach held a number of positions within the corporate
and investment  banking business of Dresdner Bank AG, most
recently as senior general manager of the corporate banking
division.  Before this he was CEO of the corporate banking
franchise in Northern Germany.

"The business with corporate clients is of major importance to
IKB," Mr. Braunig said.  "Andreas Leimbach is a renowned expert
with a long standing experience in banking for corporate clients
and moreover, has considerable international capital markets
expertise."

The appointment of Mr. Leimbach is a consequent step within the
realignment of the bank’s business model.  Going forward, IKB
will focus on its core business segments Corporate Clients --
Domestic Corporate Clients, Leasing and Private Equity -- Real
Estate Financing and Structured Finance.

                      About IKB Deutsche

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

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

                         *     *     *

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

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


KOSMOS BAUTRAGER: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors of Kosmos Bautrager GmbH have until April 14, 2008, to
register their claims with court-appointed insolvency manager
Andreas Schoss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 252
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Andreas Schoss
         Alter Markt 9 - 13
         42275 Wuppertal
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Kosmos Bautrager GmbH on March 14, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kosmos Bautrager GmbH
         Attn: Monika Schmidt, Manager
         Moellenkotter Str. 3 f
         58332 Schwelm
         Germany


MOHRS MALEREI: Claims Registration Period Ends April 15
-------------------------------------------------------
Creditors of Mohrs Malerei GmbH have until April 15, 2008, to
register their claims with court-appointed insolvency manager
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at noon 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 Leipzig
          Hall 056
          Ground Floor
          Enforcement Court
          Bernhard Goering Strasse 64
          04275 Leipzig
          Germany

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

The insolvency manager can be reached at:

          Dr. Rainer Eckert
          Kathe-Kollwitz-Strasse 9
          04109 Leipzig
          Germany
          Tel: 0341/910470
          Fax: 0341/9104710
          E-mail: eckert-leipzig@rae-eckert.de

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

The Debtor can be reached at:

          Mohrs Malerei GmbH
          Leipziger Strasse 2
          04668 Grimma
          Germany


SPEDITION & LOGISTIK: Claims Registration Period Ends April 26
--------------------------------------------------------------
Creditors of Spedition & Logistik Schaarschmidt GmbH have until
April 26, 2008, to register their claims with court-appointed
insolvency manager Thomas Alter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Thomas Alter
         Schillerstr. 2
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Spedition & Logistik Schaarschmidt GmbH on
March 13, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Spedition & Logistik Schaarschmidt GmbH
         Attn: Bettina Schaarschmidt, Manager
         Nordstr. 5
         99427 Weimar
         Germany


TIMBER SYSTEMS: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of Timber Systems GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager
Undine Haller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Undine Haller
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel: 07131/173032
         Fax: 07131/171112

The District Court of Heilbronn opened bankruptcy proceedings
against Timber Systems GmbH on March 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Timber Systems GmbH
         Attn: Christopher Philipp, Manager
         Wittighauser Steige 2
         74547 Untermuenkheim
         Germany


WERBELICHT JEROMA: Claims Registration Ends April 15
----------------------------------------------------
Creditors of Werbelicht Jeroma GmbH & Co. Kommanditgesellschaft
have until April 15, 2008 to register their claims with court-
appointed insolvency manager Uwe Kuhmann.

Claims will be verified at 9:00 a.m. on May 29, 2008 at:

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

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

The insolvency manager can be reached at:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421-33061-0
         Fax: 0421-33061-10
         E-mail: info@kuhmann.eu
         Web site: http://www.kuhmann.eu/

The District Court of Bremen opened bankruptcy proceedings
against Werbelicht Jeroma GmbH & Co. Kommanditgesellschaft on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Werbelicht Jeroma GmbH & Co. Kommanditgesellschaft
         Attn: Bernd Hofer and Rudolf Jeroma, Managers
         Kerneck-Strasse 3
         28307 Bremen
         Germany


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


IRON HILL: Moody's Rates US$16 Million Class C Notes at Ba3
-----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to two
classes of notes issued by Iron Hill CLO Limited:

    -- Baa3 to the US$14,007,000 Class B Senior Secured
       Deferrable Floating Rate Notes due 2025; and

    -- Ba3 to the US$16,342,000 Class C Senior Secured
       Deferrable Floating Rate Notes due 2025.

The definitive ratings address the expected loss posed to
investors by the legal final maturity date in 2025.

This transaction features the EUR163.620m Class A-T Loan which
is a term loan, and the Class A-R Loan which is a revolver loan.
The Class A-R Loan can be drawn either in Euro, GBP or USD (up
to Euro 85.224m equivalent).  Initially, GBP/USD drawings will
be used to purchase GBP/USD denominated assets. Should such non-
Euro assets default, GBP/USD advances would not be fully
collateralised by GBP/USD assets and therefore Euro proceeds may
need to be converted into GBP/USD in order to redeem non-Euro
advances, thus creating a foreign exchange risk exposure.  This
currency risk is partially mitigated with foreign currency
options purchased by the Issuer at closing and has been
considered in Moody's analysis.  The proceeds from the issuance
of the Class B Notes and the Class C Notes will be used to
acquire USD denominated assets with at least the same principal
amount as these proceeds.

This transaction is a leveraged loan collateralised loan
obligation related to a Euro 296.23m portfolio of mostly
European senior and mezzanine loans (with a predominance of
senior secured loans).  The investments may also include other
CLO tranches.  This portfolio will be partially acquired at
closing and ramped up during the eight months ramp-up period in
compliance with portfolio guidelines.  Thereafter, the portfolio
of loans will be actively managed and the investment manager
will be able to buy or sell loans on behalf of the Issuer.  Any
addition or removal of loans will be subject to a number of
portfolio criteria.  Guggenheim Partners Europe Limited will act
as investment manager.  This is the first European leveraged
loan CLO managed by Guggenheim.

There are several events of default which could potentially
result in an enfocement of the deal, including the Class A
overcollateralisation ratio falling below 100%.  The calculation
of this ratio may involve application of several haircuts to the
numerator, including haircuts applied to reference obligations
acquired at a high discount or obligations rated less than B3.
This means that the calculated Class A OC ratio may fall below
100% and trigger an event of default, in cases under which the
actual collateral value of the portfolio exceeds the outstanding
principal balance of the Class A Loans.

This transaction is arranged by Wachovia Securities
International Limited.


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


AK BULAK: Creditors Must File Claims by April 25
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Firm Ak Bulak Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Borodin Str. 144-88
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 57-85-83


ALMATY BIG: Claims Deadline Slated for April 25
-----------------------------------------------
LLP Almaty Big House has declared insolvency.  Creditors have
until April 25, 2008, to submit written proofs of claims to:

         LLP Almaty Big House
         Kaldayakov Str. 39
         Almaty
         Kazakhstan


DVS & K LLP: Claims Filing Period Ends April 25
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP DVS & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


FERRO TRANS: Creditors' Claims Due on April 25
----------------------------------------------
LLP Ferro Trans Trade has declared insolvency.  Creditors have
until April 25, 2008, to submit written proofs of claims to:

         LLP Ferro Trans Trade
         Kunaev Str. 7
         Ekibastuz
         141200, Pavlodar
         Kazakhstan


KAZ TECHNO: Claims Registration Ends April 25
---------------------------------------------
LLP Kaz Techno Pol has declared insolvency.  Creditors have
until April 25, 2008, to submit written proofs of claims to:

         LLP Kaz Techno Pol
         Abai Str. 92
         Astana
         Kazakhstan


KDA-1 LLP: Creditors Must File Claims by April 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP KDA-1 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


LUCH 2007: Claims Deadline Slated for April 25
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Luch 2007 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Loboda Str. 4
         Karaganda
         Kazakhstan


LUTA LLP: Claims Filing Period Ends April 25
--------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Luta insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


OIL-2030 LLP: Creditors' Claims Due on April 25
-----------------------------------------------
LLP Oil-2030 has declared insolvency.  Creditors have until
April 25, 2008, to submit written proofs of claims to:

         LLP Oil-2030
         Kazybek bi Str. 132a
         Lenger
         Tolebyisky
         161100, South Kazakhstan
         Kazakhstan


SEVER-7 LLP: Claims Registration Ends April 25
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Sever-7 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


* Fitch Lifts Mangistau Region's Ratings to BB+
-----------------------------------------------
Fitch Ratings upgraded the Kazakhstan Region of Mangistau's
Long-term foreign and local currency ratings to 'BB+' from 'BB'.

The Short-term foreign currency rating is affirmed at 'B'.

Fitch has also upgraded its National Long-term rating to
'A(kaz)' from 'BBB+(kaz)'.

The Outlooks for the Long-term foreign and local currency and
National Long-term ratings remain Stable.

The upgrade reflects the region's almost debt-free status,
strong and improving budgetary performance and Fitch's
expectation of further improvement of operating balance
underpinned by changing intergovernmental relations between the
region and the central government.

The region maintained sound budgetary performance in 2007,
improving operating balance to 13.4% of operating revenue from
8.3% one year earlier.  The region expects a further increase in
its 2008 operating balance due to a reduction of withdrawals to
the national budget from KZT24.3bn in 2007 to KZT4.2bn in 2008.
This reduction will totally compensate the expected reduction in
2008 social tax proceeds from a planned tax rate cut.

The region possesses a strong, but highly concentrated local
economy.  The region's per capita GRP is the fourth-highest in
Kazakhstan (2.3x higher than the national average).  The
region's rich natural resources help boost its industrial
potential and aid its growing economy.  However, a strong bias
toward the oil industry causes extremely high tax concentration
in the region and makes the region's economy vulnerable to
exogenous shocks from the international oil market.

Regional capital expenditure has increased steadily to 21.8% in
2007 from 7.6% in 2003.  However, the regional budget remains
relatively inflexible.  Despite tight control of staff
expenditures by the regional government, which remained at the
average of 5.9% over 2003-07, current transfers remained high at
50% of total expenditure in 2007.  The region expected a
significant reduction of budget rigidity in 2008 due to the
sharp cut in the withdrawals to the central budget.

Currently, the region is prohibited from issuing bonds or
borrowing from banks; the only financing option available is
credit from the central government.  The region was debt free in
2001-04; in 2005-07, the region obtained three earmarked
interest-free loans from the central government, amounting to a
total of KZT1bn.  However, the debt burden remained negligible
at 1.1% of current revenue at end-2007.

The Region of Mangistau is located in the south-west of
Kazakhstan.  It covers 6.1% of the country's total area and
makes up around 2.5% of the total population.  The region has
one of the largest Caspian sea ports of the country, Aktau.  The
region contributed 5.8% of Kazakhstan's GDP in 2006, and its
economy is dominated by the oil industry, which contributes 90%
of total industrial production and 67% of the region's gross
regional product.


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


GELEON TRADE: Creditors Must File Claims by April 29
----------------------------------------------------
LLC Geleon Trade has declared insolvency.  Creditors have until
April 29, 2008, to submit written proofs of claim.

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


MONTAGE ENERGO: Claims Filing Period Ends April 29
--------------------------------------------------
LLC Montage Energo has declared insolvency.  Creditors have
until April 29, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 28-83-84, 44-26-15.


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


SABIC INNOVATIVE: Moody's Confirms Ratings with Stable Outlook
--------------------------------------------------------------
Moody's Investors Services has confirmed the Corporate Family
Rating and debt ratings of SABIC Innovative Plastics Holding
B.V. and its subsidiaries.

The outlook for all ratings is stable.

The rating action concludes the review for possible downgrade of
SIPH's ratings that was initiated on Dec. 21, 2007 following the
announcement of the group's results for the third quarter ended
Sept. 30, 2007.

Moody's said that the confirmation of SIPH's ratings reflects
the commitment demonstrated by Saudi Basic Industries
Corporation (A1, positive) to support its 100%-owned subsidiary,
which it regards as an integral part of its long-term strategy
to diversify away from its core petrochemical activities into
more specialty products with a view to capturing incremental
value along the chemical chain.  SABIC's strong parental support
was clearly evidenced by the recent approval by its board of
directors of sizeable capital contributions to SIPH in order to
ensure that the latter timely meets all its financial
obligations, including the financial covenants set out in its
bank credit facilities that are due to be first tested at the
end of the group's second fiscal quarter on June 30, 2008.  The
initial capital contribution, which Moody's assesses as having
the equity-like characteristics of an intercompany shareholder
loan, will be used to prepay acquisition debt and free up
availability under the company's revolving credit facility.

With the polycarbonate sector impacted by persistent input cost
inflation compounded by a toughening trading environment,
Moody's believes that SIPH's performance is likely to fall short
of its initial expectations.  Moody's expects that SABIC will
provide sufficient financial support to its subsidiary over the
next few quarters to ensure that SIPH does not contravene any
covenants under its financing arrangements.  Based on this
premise, the outlook on all SIPH's ratings is stable.  Looking
further ahead, Moody's however acknowledges that upward rating
pressure may arise should SABIC decide to implement further
support initiatives with a view to achieving a more permanent
and far reaching deleveraging of SIPH's capital structure.

These ratings were affected:

SABIC Innovative Plastics Holding B.V.

   -- Corporate Family Rating -- Ba2 / PD rating -- Ba2;

   -- US$1,500 m senior unsecured notes - B1 / LGD at 6 (91%);

SABIC Innovative Plastics Holding B.V. and its subsidiaries

   -- Senior secured bank facilities - Ba2 / LGD at 3 (40%).

Incorporated in The Netherlands, SABIC Innovative Plastics
Holding B.V. is a global leading manufacturer of engineering
thermoplastics.  Based on the combined financial statements of
GE Plastics, the group had total revenues of US$6.6 billion in
the twelve months ended Dec. 31, 2006.


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


BRATSK CITY: S&P Ups Long-Term Issuer Credit Rating to B+
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on the Russian city of Bratsk to 'B+' from 'B'.

The outlook is stable.

At the same time, the Russia national scale rating was raised to
'ruA+'.  Bratsk is located in Eastern Siberia, in the Russian
Federation (foreign currency BBB+/Positive/A-2; local currency
A-/Positive/A-2; Russia national scale 'ruAAA').

"The upgrade reflects the city's continued economic and budget
revenue growth, and the consequent stabilization of its
financial performance," said Standard & Poor's credit analyst
Pavel Kochanov.

Bratsk is the second-largest city in the Irkutsk Oblast
(B+/Stable/--).  The ratings reflect the city's high, although
slightly decreasing, economic concentration; expenditure
pressures; and dependence on federal and regional decisions.

The ratings are supported by the city's improved revenue and
expenditure stability, due to the recent municipal reform; low
debt; and relatively sophisticated management.

S&P expects deficits after capital expenditures to remain modest
until 2010.  The city will accumulate debt slowly from the
currently low 7%.  Consequently, S&P expects total tax-supported
debt to remain well below 25%-30% until the end of 2010.

"We expect Bratsk to benefit from continued healthy performance
of major taxpayers, operating budget surpluses at current
levels, and moderate accumulation of debt to support increased
capital expenditures," said Mr. Kochanov.

Further improvement of budgetary performance and diversification
could result in a positive rating action in the medium term.

Improvement in the Irkutsk Oblast's creditworthiness could also
have a positive impact on the ratings on Bratsk.

Conversely, weaker performance -- operating deficits combined
with debt accumulation above 30% in the medium term -- could
lead to a negative rating action.  Should Irkutsk Oblast's
credit quality deteriorate, it could also negatively affect the
ratings on Bratsk.


CONSULTING BUSINESS: Bankruptcy Hearing Set June 30
---------------------------------------------------
The Arbitration Court of Samara will convene on June 30, 2008,
to hear the bankruptcy supervision procedure on CJSC Consulting
Business Centre (TIN 6311056078).  The case is docketed as ?55-
17326/2007-36.

The Court is located at:

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

Creditors must submit proofs of claim to:

         V. Skornyakov
         Temporary Insolvency Manager
         Post User Box 19
         Sterlitamak-15
         453115 Bashkortostan Republic
         Russia


KORKINSKIY DIARY: Creditors Must File Claims by April 15
--------------------------------------------------------
Creditors of LLC Korkinskiy Diary (TIN 7412009164, OGRN
1057406008329) have until April 15, 2008, to submit proofs of
claim to:

         V. Evchenko
         Temporary Insolvency Manager
         Office 206
         Gagarina Str. 9
         454010 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk has commenced bankruptcy
supervision procedure on the company. The case is docketed as
?76-25486/2007-52-103.

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

The Debtor can be reached at:

         LLC Korkinskiy Diary
         Pushkova Str. 1
         Korkino
         Chelyabinsk
         Russia


LOKON CJSC: Creditors Must File Claims by April 15
--------------------------------------------------
Creditors of CJSC Lokon have until April 15, 2008, to submit
proofs of claim to:

         E. Shirova
         Temporary Insolvency Manager
         Post User Box 345
         115230 Moscow
         Russia

The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
?41-K2-810/08.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Lokon
         Tsentralnyj Avenue 4
         Orekhovo-Zuevo
         Moscow
         Russia


MARIYSKIY MECHANICAL: Court Opens Bankruptcy Supervision Process
----------------------------------------------------------------
The Arbitration Court of Mariy El Republic has commenced
bankruptcy supervision procedure on OJSC Scientific Production
Association Mariyskiy.

The case is docketed as ?-38-33/2008-9-35.

Creditors have to submit proofs of claim to:

         M. Fedyaev
         Temporary Insolvency Manager
         Apartment 35
         Yubileynyj Location 13
         Serebryannye Prudy
         142970 MO
         Russia

The Debtor can be reached at:

         OJSC Scientific Production Association
         Mariyskiy Mechanical Factory
         Lunacharskogo Str. 28
         Yoshkar Ola
         Mariy El Republic
         Russia


TAT-NEFTE-STROY OJSC: Bankruptcy Hearing Set July 1
---------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at
1:00 p.m. on July 1, 2008, to hear the bankruptcy supervision
procedure on OJSC Tat-Nefte-Stroy.  The case is docketed as ?65-
597/2008-SG4-27.

Creditors must submit proofs of claim to:

         I.  Gareev
         Temporary Insolvency Manager
         Post User Box 80
         Kazan
         420097 Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Tat-Nefte-Stroy
         Aznakaevo
         Tatarstan Republic
         Russia


TATNEFT OAO: Eyes Facilities for Mineral Recovery Tax Compliance
----------------------------------------------------------------
OAO Tatneft's Board of Directors plans to provide facilities to
comply with the terms of differentiated Mineral Recovery Tax
levied for the fields operated by Tatneft.  Under the Federal
Law FZ-151 five Tatneft's fields depleted for 80% and more and
with overall oil production of 16 million tons per year meet the
terms of differentiated Mineral Recovery Tax.

Since Jan. 1, 2007 the Company has been applying the
differentiated Mineral Recovery tax for the crude produced from
the Romashkino oilfield where in a short time the Company
managed to carry out a required scope of work to set up the
crude oil custody transfer metering facilities.

As a result of the work accomplished Tatneft's crude oil output,
which enjoyed the differentiated mineral tax in 2007, totaled
15.2 million tons or 94.6% of the total potential oil production
capacity subject to the tax relief terms.

In 2007, Mineral Recovery Tax benefits for OAO Tatneft amounted
to about RUR5 billion, a portion of which were allocated to
extend the economic life of the fields.  Currently the
individual crude oil custody transfer metering facilities are
being installed at four more fields, operated b? the Prikamneft
Oil and Gas Production Unit with overall oil output of about 1
million tons per year.

Since April 2007, Tatneft has been enjoying tax benefits (Zero
Mineral Recovery Tax) for the extra-viscous oil recovered from
the Ashalchinsky and the Mordovo-Karmalsky fields.

The Board of Directors requested the Executive Management to
continue these activities.

The Board of Directors also approved the budget performance
results for February and March and approved the budget for April
and the second quarter 2008.

The Board of Directors discussed the jubilee arrangements to
celebrate the 60th anniversary of the development of one of the
world's largest Romashkino oilfield.  The company intends to
hold an all-Russia Science and Technology Conference as well as
other jubilee activities dedicated to this remarkable event.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


VIMPEL-COMMUNICATIONS: Altimo Files US$1BB Suit vs. Telenor
-----------------------------------------------------------
Eco Telecom, a unit of OJSC Vimpel-Communications shareholder
Altimo, has filed an arbitration case against fellow investo
Telenor SA with an international tribunal in Geneva,
Switzerland, for breach of a shareholders agreement, RIA Novosti
reports.

Altimo claims that in 2004 and 2005, Telenor blocked Vimpelcom's
attempts to acquire Ukrainian Radio Systems, since the company
would directly compete with Kyivstar, a local firm in which the
Norwegian entity holds a majority stake, RIA Novosti relates.

"As a result of Telenor's actions, VimpelCom's strategic
purchase was put off for more than twelve months, after which
the company's shares plunged and VimpelCom lost profit on the
rapidly developing market," Altimo told RIA Novosti.

As previously reported in the TCR-Europe, the Supreme
Arbitration Court of Russia has ruled in favor of VimpelCom in
one of the three lawsuits filed by Telenor.  The court's
decision upheld the validity of the September 2005 shareholder
vote which approved the acquisition of URS as an interested
party transaction.

In 2005, VimpelCom bought URS for US$231 million.  Telenor
sought to invalidate the purchase, arguing that the price was
excessive and that it already had a presence in Ukraine via
Kyivstar, Telegeography relates.

Alfa Group is a majority owner of VimpelCom while Telenor has a
blocking stake in the company.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

As reported in the TCR-Europe on Feb. 25, 2008, Standard &
Poor's Ratings Services affirmed its 'BB+' long-term corporate
credit rating on Russian mobile operator Vimpel-Communications
(JSC), following the successful closing of its tender offer for
Russian alternative telecoms operator Golden Telecom Inc. (GT),
in which VimpelCom acquired about 90.5% of shares.

At the same time, VimpelCom's US$2 billion senior unsecured
syndicated loan and US$1.5 billion bridge loan, which have
three- year and one-year maturities, respectively, were assigned
'BB+' ratings.  At the same time, the long-term corporate credit
rating on GT was raised to 'BB+' from 'BB', equalizing the
rating with that on VimpelCom.

The outlook on both VimpelCom and GT is stable.

The company also carries Ba2 Corporate Family, Probability-of-
Default and Senior Unsecured Debt Ratings from Moody's Investors
Service.


* Fitch Puts Tambov Region's Currency Ratings at BB-
----------------------------------------------------
Fitch Ratings assigned the Russian Tambov region Long-term
foreign and local currency ratings of 'BB-' (BB minus), Short-
term foreign currency rating of 'B' and National Long-term
rating of 'A+(rus)'.  The Outlooks for the Long-term foreign and
local currency ratings and National Long-term rating are Stable.

The ratings reflect the region's sound and stable budget
performance, low debt burden and high quality of budgetary
management.  The ratings also factor in the modest scale of
Tambov's economy, relatively high dependence on financial aid
from the federal government and short-term debt profile.

The Stable Outlooks reflect Fitch's expectation that prudent
fiscal discipline and economic growth will continue to support
revenue growth, allowing the region to consolidate its budget
performance.

Tambov demonstrated consistent budget revenue growth over the
last five years.  In nominal terms, the revenue of the regional
budget had more then doubled during 2003-07, with tax revenue
increasing to RUB7bn in 2007 from RUB3.1bn in 2003.  As a
result, operating and current margins in 2005-07 stabilised at
the 10% level.  Capital expenditure increased to 17.8% of the
total spending in 2007 from the average of 10.3% in 2003-06.

The region demonstrates relatively high dependence on federal
government financial aid.  Transfers from the federal budget
accounted for 49.7% of total revenue in 2007.  However, those
transfers include matched grants and grants for delegated
responsibilities.  The share of direct financial aid from the
federal budget accounted for 23.6% of total revenue in 2007, and
it gradually declining from a peak of 32.3% in 2003.

Tambov's total debt burden is low at 7.7% of current revenue in
2007.  Its debt-to-current balance ratio has remained under nine
months since 2005.  The region's debt structure has changed
since 2003 when it was dominated by budget loans.  In 2007, bank
loans accounted for 89% of total direct indebtedness, however,
the profile of the direct debt of the region is short-term.

Per capita gross regional product was 45% of average per capita
GRP of all the Russian regions in 2005.  Tambov's agricultural
sector represents a notable share of the regional economy, but
is not very profitable, thus impacting the region's tax base
scale and expansion.  The region's economy is dispersed with no
particular company leading economic development.

Tambov region is located in the south-central part of Russia.
The region contributed 0.4% of the RF's GDP in 2005 and
accounted for 0.8% of the country's population.


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


GRUPO INMOBILIARIO: Files for Creditor Protection in Madrid
-----------------------------------------------------------
Grupo Inmobiliario Cosmani confirmed that it has filed for
creditor protection at a court in Madrid, Spain, Bloomberg News
reports, citing Expansion.

According to the report, Cosmani is in discussions with 20
banks, seeking to delay repayments of its EUR350 million
(US$545 million) debt.

The real estate company, whose assets stood at EUR1.6 billion,
is also asking for a reduction of its principal owed, Esteban
Duarte writes for Bloomberg.


MARTINSA FADESA: Reaches Agreement with Lenders on EUR5.1BB Debt
----------------------------------------------------------------
Martinsa Fadesa SA disclosed that an agreement had been reached
with its lenders regarding the renegotiated terms of its
EUR5.1 billion debt, the Thomson Financial reports.

According to the report, citing a statement by the company,
Martinsa expects to enter intro similar agreements with other
lenders.

In a report by Reuters, the company, which is currently in
default, wants to defer the debt as well as the payment for the
interest.

Headquartered in Corunna, Spain, Martinsa-Fadesa SA --
http://www.martinsafadesa.com/-- is a real estate developer.
The company specializes in the development of residential and
commercial property projects, including hotels, shopping centers
and golf courses, as well as industrial projects, among others.
Martinsa-Fadesa owns land property of approximately 30 million
square meters, and is present in 14 countries and 21 provinces
in Spain.  The company operates in Portugal; Romania; Hungary;
Ireland; France; Bulgaria; Mexico; the Dominican Republic; the
Czech Republic; Slovakia; Poland, through Fadesa Prokom Polska
SA, and Morocco, through Addoha-Fadesa Real Estate and Tourist
Consortium.  In addition, it has commercial offices in the
United Kingdom, Germany, Ireland and Sweden.


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


ANDRES ISENEGGER: Creditors' Liquidation Claims Due by March 31
---------------------------------------------------------------
Creditors of LLC Andres Isenegger have until March 31, 2008, to
submit their claims to:

         Andres Isenegger
         Liquidator
         Wildensteinerstrasse 7
         4416 Bubendorf
         Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Andres Isenegger
         Bubendorf
         Liestal BL
         Switzerland


APOLLO CARS: Creditors' Liquidation Claims Due by March 31
----------------------------------------------------------
Creditors of JSC Apollo Cars have until March 31, 2008, to
submit their claims to:

         JSC Apollo Cars
         Neugasse 22
         6300 Zug
         Switzerland


BACHTEL-RANCH LLC: Claims Registration Period Ends March 31
-----------------------------------------------------------
The Bankruptcy Service of Wetzikon in Zuriech commenced
bankruptcy proceedings against LLC Bachtel-Ranch on Jan. 31,
2008.

Creditors have until March 31, 2008, to file their written
proofs of claim.

The Bankruptcy Service of Wetzikon can be reached at:

         Bankruptcy Service of Wetzikon
         8622 Wetzikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Bachtel-Ranch
         Unterbachstrasse 2/Orn
         8342 Wernetshausen ZH
         Switzerland


BMS MEXICO: Creditors' Liquidation Claims Due by March 31
---------------------------------------------------------
Creditors of LLC BMS Mexico International Holding have until
March 31, 2008, to submit their claims to:

         Martin Frey
         Liquidator
         Neuhofstrasse 6
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         LLC BMS Mexico International Holding
         Baar ZG
         Switzerland


BRUN FORDERTECHNIK: Creditors Must File Claims by March 30
----------------------------------------------------------
Creditors of LLC Brun Fordertechnik have until March 30, 2008,
to submit their claims to:

         JSC FFT Fritz Fischer Treuhand
         Liquidator
         Schulhausweg 10
         5442 Fislisbach
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Brun Fordertechnik
         Bellikon
         Baden AG
         Switzerland


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

         JSC Collina
         Seestrasse 7a
         6052 Hergiswil NW
         Switzerland


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

         JSC netnetnet (Europe)
         Thurgauerstrasse 40
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC ComputerOil
         Dubendorf
         Uster ZH
         Switzerland


COSMOPORT SCHIFFSREISEN: Creditors Must File Claims by March 30
---------------------------------------------------------------
Creditors of JSC Cosmoport Schiffsreisen have until March 30,
2008, to submit their claims to:

         JSC Stohl-Air Voyages
         1274 Signy-Centre
         Switzerland

The Debtor can be reached at:

         JSC Cosmoport Schiffsreisen
         Zurich
         Switzerland


DANIEL NIEDERBERGER: Creditors Must File Claims by March 31
-----------------------------------------------------------
Creditors of LLC Daniel Niederberger have until March 31, 2008,
to submit their claims to:

         LLC Daniel Niederberger
         Zwarackerweg
         4145 Gempen
         Dorneck SO
         Switzerland


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

         Stephan K. Nyffenegger
         Nyffenegger Rechtsanwalte
         Kuttelgasse 4
         800 Zurich
         Switzerland

The Debtor can be reached at:

         LLC DK Freizeitunternehmungen
         Hittnau
         Pfaffikon ZH
         Switzerland


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

         Reto Volland
         Ifangstrasse 103
         8153 Rumlang
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         JSC EL-MART
         Rumlang
         Dielsdorf ZH
         Switzerland


GARAGE AUTOFIT: Claims Registration Period Ends March 31
--------------------------------------------------------
The Bankruptcy Service of Aussersihl-Zurich commenced bankruptcy
proceedings against LLC Garage Autofit on Dec. 11, 2007.

Creditors have until March 31, 2008, to file their written
proofs of claim.

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

         Bankruptcy Service of Aussersihl-Zurich
         8004 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Garage Autofit
         Badenerstrasse 292
         8004 Zurich
         Switzerland


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

         Josef Martin Rohrer
         Gartnerstrasse 10
         4323 Wallbach
         Rheinfelden AG
         Switzerland

The Debtor can be reached at:

         LLC JMR Immobilien und Handel
         Wallbach
         Rheinfelden AG
         Switzerland


R. UND F. ENZLER: Creditors' Liquidation Claims Due by March 31
--------------------------------------------------------------
Creditors of JSC R. und F. Enzler have until March 31, 2008, to
submit their claims to:

         Felix Enzler
         Liquidator
         Lerchenstrasse 22a
         9304 Bernhardzell SG
         Switzerland

The Debtor can be reached at:

         JSC R. und F. Enzler
         Waldkirch SG
         Switzerland


RYMBOURNE LTD: Creditors' Liquidation Claims Due by March 31
------------------------------------------------------------
Creditors of Rymbourne Ltd. have until March 31, 2008, to submit
their claims to:

         Karin Helbling
         Liquidator
         JSC Grimm Helbling Treuhandpartner
         Klausstrasse 43
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         Rymbourne Ltd.
         Zug
         Switzerland


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

         LLC SimplyLearn
         Harossenstrasse 40B
         8311 Brutten
         Winterthur ZH
         Switzerland


SWISS EQUITY: Creditors' Liquidation Claims Due by March 31
-----------------------------------------------------------
Creditors of LLC Swiss Equity have until March 31, 2008, to
submit their claims to:

         Marcel P. Opfer
         Werdholzlistrasse 12
         8048 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Swiss Equity
         Zurich
         Switzerland


VORSORGESERVICE JSC: Creditors Must File Claims by March 30
-----------------------------------------------------------
Creditors of JSC Vorsorgeservice have until March 30, 2008, to
submit their claims to:

         BDO Visura
         Entfelderstrasse 1
         5000 Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Vorsorgeservice
         Zurich
         Switzerland


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


ANDREYEVKA REPAIR: Creditors Must File Claims by March 29
---------------------------------------------------------
Creditors of LLC Andreyevka Repair Enterprise (code EDRPOU
00907680) have until March 29, 2008, to submit written proofs of
claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
on the company after finding it insolvent.  The case is docketed
under Case No. B-19/17-08.

The Debtor can be reached at:

         LLC Andreyevka Repair Enterprise
         Petrovsky Str. 2-A
         Andreyevka
         Balakleya District
         Kharkov
         Ukraine


ASSISTANCE-SERVICE: Creditors Must File Claims by March 29
----------------------------------------------------------
Creditors of LLC Firm Assistance Service (code EDRPOU 32176706)
have until March 29, 2008, to submit written proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
on the company after finding it insolvent.  The case is docketed
under Case No. 5/35B.

The Debtor can be reached at:

         LLC Firm Assistance Service
         Yasnogorskaya Str. 35
         Shakhtersk
         86200 Donetsk
         Ukraine


DOREKS LTD: Creditors Must File Claims by March 29
--------------------------------------------------
Creditors of LLC Doreks Ltd. (code EDRPOU 33300591) have until
March 29, 2008, to submit written proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. B 13/014-08.

The Debtor can be reached at:

         LLC Doreks Ltd.
         Khreschatik Str. 10
         Boyarka
         Kiev
         Ukraine


KAMIANKA LLC: Creditors Must File Claims by March 29
----------------------------------------------------
Creditors of LLC Kamianka (code EDRPOU 32792336) have until
March 29, 2008, to submit written proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. B 14/103-08.

The Debtor can be reached at:

         LLC Kamianka
         Lenin Str. 55
         Ustimovka
         Vasilkov District
         Kiev
         Ukraine


SKY BRIDGE: Creditors Must File Claims by March 29
--------------------------------------------------
Creditors of LLC Sky Bridge (code EDRPOU 32816849) have until
March 29, 2008, to submit written proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. B 14/102-08.

The Debtor can be reached at:

         LLC Sky Bridge
         Kirov Str. 5
         Fastov
         Kiev
         Ukraine


UKRAINIAN BUILDING: Creditors Must File Claims by March 29
----------------------------------------------------------
Creditors of LLC Ukrainian Building Capital (code EDRPOU
34615817) have until March 29, 2008, to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. 23/2-b.

The Debtor can be reached at:

         LLC Ukrainian Building Capital
         Krasnoarmeyskaya Str. 51
         03150 Kiev
         Ukraine


UKRAINIAN GAS: Creditors Must File Claims by March 29
-----------------------------------------------------
Creditors of LLC Ukrainian Gas Set (code EDRPOU 32382142) have
until March 29, 2008, to submit written proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings on
the company after finding it insolvent.  The case is docketed
under Case No. B 13/015-08.

The Debtor can be reached at:

         LLC Ukrainian Gas Set
         Khreschatik Str. 10
         Boyarka
         Kiev
         Ukraine


UPPK LLC: Creditors Must File Claims by March 29
------------------------------------------------
Creditors of LLC UPPK (code EDRPOU 32562926) have until
March 29, 2008, to submit written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
on the company after finding it insolvent.  The case is docketed
under Case No. B-50/197-07.

The Debtor can be reached at:

         LLC UPPK
         Vishnevaya Str. 25
         61036 Kharkov
         Ukraine


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


CASTLE HOLDCO: Moody's Cuts Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
and probability of default rate of Castle Holdco 4, Ltd, the
parent holding company for Countrywide plc to B3 from B2.

Concurrently, Moody's downgraded the rating on the:

    -- GBP100 million revolving credit facility to Ba3, 5%-LGD1
       from Ba2, 6%-LGD1,

    -- B2, 51%-LGD4 rating on the GBP470 million senior secured
       notes to B3, 49%-LGD3 and

    -- Caa1, 91%-LGD6 rating on the GBP170 million Senior Notes
       to Caa2, 91%-LGD6.

The outlook on all ratings is negative from stable.

The downgrade reflects: (i) the persistence of a negative
outlook for the UK housing market, with key indicators all
pointing to a slowdown in both house price growth and the number
of houses exchanged; ii) Moody's expectation that weak market
conditions will likely result in a deterioration in
Countrywide's credit metrics in 2008 to levels not compatible
with a B2 rating and (iii) the risk that a prolonged downturn of
the UK housing market beyond 2008 could weaken the company's
liquidity and reduce its flexibility to cover its interest
burden.

"Current ratings for Countrywide plc reflect the persisting
signs of weakness in the UK housing markets, as the Halifax,
Royal Institute of Chartered Surveyors and Nationwide house
price indexes all point to a slowdown in house price growth and
a sharp reduction in the number of houses purchased.  As a
result, Moody's expects this year a marked contraction in
company's turnover and particularly in its estate agency
division, where revenues are very sensitive to changes in house
prices on which fee levels are calculated and to the number of
transactions, while fee rates should remain broadly stable",
said Stefano Del Zompo, lead analyst for Countrywide at Moody's.

"Moody's expects Countrywide's EBITDA margins to move towards
mid-double digits in the current year, leading to a temporary
increase in leverage up to double digit levels by the end of
2008 and to a deterioration of the company's coverage ratios
below par, implying the company will probably use part of the
available liquidity to make the interest payments scheduled this
year.  More positively, profitability will likely be cushioned
by the company's high proportion of variable costs and high
turnover rates of its workforce", added Mr. Del Zompo.

Moody's receives comfort from Countrywide's currently solid
liquidity position, which with around GBP73 million of cash on
balance sheet and a fully undrawn GBP100 million revolving
credit facility would be sufficient to cover about three years
of interest payments.  Moody's also notes the company's limited
capex and working capital requirements, historically around GBP5
million, no debt amortisation over the next six years and the
presence of the GBP100 million toggle notes, which could reduce
the interest burden if needed.

The rating outlook is negative, reflecting the general outlook
for the UK housing market and the risk that a more pronounced
market downturn might delay the recovery in the company's
metrics beyond 2008 and reduce the financial flexibility
acquired through the strong cash flow generation demonstrated by
the company over the past few quarters.  Should the UK housing
market environment stabilize, and provided Countrywide's
liquidity remains satisfactory the outlook could be stabilized.

A negative action on the current ratings might result from a
prolonged downturn in the UK housing market, triggered for
example by a deterioration in the job market, tight lending
conditions or a delay in interest rates cuts, leading to a rapid
worsening of the company's liquidity position.

Countrywide plc is the leading residential property service
agency in the UK, providing estate agency services, surveying,
financial services, commercial and residential lettings and
residential property conveyancing.  In fiscal year 2007, the
company reported revenues and EBITDA (before exceptionals) of
GBP632.7 million and GBP96.3 million, respectively.


ERINACEOUS GROUP: Banks Commit to Provide On-going Funding
----------------------------------------------------------
The board of Erinaceous Group PLC updated shareholders on the
progress made with the on-going strategic review, which is
investigating a range of options to reduce the group's
unsustainable debt levels.

Erinaceous' banks have committed to provide on-going funding to
the group and the board is in the advanced stages of a plan to
achieve a solvent financial solution for the group.

As part of this plan, the board also continues to review whether
a sale its insurance division, Erinaceous Insurance Services
would be in the best interests of the group.

According to the company, EIS is a highly profitable business
and enjoys strong and leading positions in attractive niche
markets.  The newly appointed senior management team within EIS
can see significant opportunities for developing the business
which is largely insulated from the issues facing the parent.

However, following a significant number of approaches from
parties interested in acquiring EIS, the Board has decided to
review whether a sale of EIS at this time would be in the best
interests of the group.

The board has concluded that it is highly unlikely that any
value can be attributed to the group's existing ordinary shares,
regardless of whether the plan is successful or not.

Headquartered in Croydon, England, Erinaceous Group PLC --
http://www.erinaceous.com/-- provides accommodation, management
and technical services to its subsidiary companies.  The company
provides services to a range of private and public sector
property clients through its residential property services,
commercial property services and property insurance services
divisions.

As previously reported in the TCR-Europe, Erinaceous confirmed
that it was in discussions with its lenders regarding the terms
of its credit facilities and certain breaches of the covenants
in its credit agreement.  The banks indicated their ongoing
support for the group by providing waivers of covenant breaches.

In its interim results for the six months ended June 30, 2007,
Erinaceous revealed that there remains a material uncertainty
which may cast significant doubt as to the group's ability to
continue as a going concern and therefore it may be unable to
realize its assets and discharge its liabilities in the normal
course of business.


EXECUTION SERVICES: Brings In Liquidators from Mazars
-----------------------------------------------------
Roderick John Weston and Nigel Heath Sinclair of Mazars LLP were
appointed joint liquidators of Execution Services Group Ltd. on
March 13 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Tower Bridge House
         St. Katharine's Way
         London
         E1W 1DD
         England


INTERNATIONAL BUILDING: Taps Liquidators from Deloitte & Touche
---------------------------------------------------------------
N. B. Kahn and N. J. Dargan of Deloitte & Touche LLP were
appointed joint liquidators of International Building Products
France SA on March 10 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         Athene Place
         66 Shoe Lane
         London
         EC4A 3WA
         England


LONDON BEACH: Claims Filing Period Ends May 12
----------------------------------------------
Creditors of London Beach Store Ltd. have until May 12, 2008, to
send in their full names, their addresses and descriptions full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Nigel Fox
         Joint Liquidator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of the company on
March 12 by resolutions of members and creditors.


M J T LANDSCAPES: Calls In Liquidators from Mazars
----------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of M J T Landscapes Ltd. on March 14
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         The Broadway
         Dudley
         West Midlands
         DY1 4PY
         England


NORTHERN ROCK: FSA Identifies Key Supervisory Failings
------------------------------------------------------
The Financial Services Authority, on March 26, 2008, published a
summary of a review carried out by its internal audit division
into its supervision of Northern Rock plc.  The review
identifies a number of areas for improvement in the execution of
supervision, which will be advanced urgently by the FSA's
management, via a dedicated supervisory enhancement program.
This program also includes a number of improvements already in
train.

The Board of the FSA, having considered the internal audit
report and the program of work set out by the management in
response, confirmed its support for the FSA's fundamental
philosophy of outcomes-focused, more principles-based
regulation.  It reiterated that the boards and managements of
regulated firms carry the primary responsibility for ensuring
their institutions' financial soundness.  The Board also noted
that, even if supervision had been carried out at a level
acceptable to the FSA, it was by no means the case that that
would have changed the outcome.

The Internal Audit review identifies these four key failings
specifically in the case of Northern Rock:

   1. A lack of sufficient supervisory engagement with the firm,
      in particular the failure of the supervisory team to
      follow up rigorously with the management of the firm on
      the business model vulnerability arising from changing
      market conditions.

   2. A lack of adequate oversight and review by FSA line
      management of the quality, intensity and rigor of the
      firm's supervision.

   3. Inadequate specific resource directly supervising the
      firm.

   4. A lack of intensity by the FSA in ensuring that all
      available risk information was properly utilized to inform
      its supervisory actions.

The review concluded that, overall, the supervision of Northern
Rock was at the extreme end of the spectrum within the firms
reviewed in respect of these failings and that its supervision
did not reflect the general practice of supervision of high-
impact firms at the FSA.

The main features of the FSA's supervisory enhancement program
are:

    * A new group of supervisory specialists will regularly
      review the supervision of all high-impact firms to ensure
      procedures are being rigorously adhered to.

    * The numbers of supervisory staff engaged with high-impact
      firms will be increased, with a mandated minimum level of
      staffing for each firm.

    * The existing specialist prudential risk department of the
      FSA will be expanded following its upgrading to divisional
      status, as will the resource of the relevant sector teams.

    * The current supervisory training and competency framework
      for FSA staff will be upgraded.

    * The degree of FSA senior management involvement in direct
      supervision and contact with high-impact firms will be
      increased.

    * There will be more focus on liquidity, particularly in the
      supervision of high-impact retail firms.

    * There will be raised emphasis on assessing the competence
      of firms' senior management.

"This program is the response of the management of the FSA to
the weaknesses identified in the particular case of the
supervision of Northern Rock.  It is clear from the thorough
review carried out by the Internal Audit team that our
supervision of Northern Rock in the period leading up to the
market instability of late last summer was not carried out to a
standard that is acceptable, although whether that would have
affected the outcome in this case is impossible to judge.
However, I am determined through the program of work that I am
announcing today, that proper standards will apply to all
significant firms supervised by the FSA," Hector Sants, chief
executive of the FSA, said.

"This represents our specific supervisory contribution to the
package of measures introduced by the Tripartite Authorities to
prevent a similar situation to Northern Rock undermining
financial stability.  That does not mean a "no failure" regime.
However, together with the proposed reform of the insolvency
regime for banks -- and an improved deposit protection scheme --
it creates a platform to strengthen financial stability and
better protect the interests of consumers.

"Demonstrating our willingness to examine ourselves critically
and learn lessons is central to giving the financial services
industry and consumers confidence in the FSA, although, like any
organization, we cannot and do not claim infallibility, and we
cannot, and should not, attempt to remove all risk from the
system."

The internal audit review, commissioned late last year by Hector
Sants, makes seven high level recommendations for firms'
supervision in the future.

"The review supports the general risk-based approach and high-
level framework for its application which is currently in place
at the FSA.  The issue is principally the manner in which it has
been applied," Rosemary Hilary, director of Internal Audit of
the FSA, said.  "Our recommendations are designed to ensure that
the framework is properly applied, with good record-keeping,
good information flows, the appropriate levels of challenge and
the right amount of engagement and supervision of front-line
staff by management.  While the recommendations are designed to
apply to the supervision of all high impact firms, many are more
generally applicable."

The principal high level recommendations in the report are:

    * FSA senior management to have increased engagement with
      high impact firms;

    * FSA to increase the rigor of its day to day supervision;

    * FSA to increase its focus on prudential supervision,
      including liquidity and stress testing;

    * FSA to improve its use of information and intelligence in
      its supervision;

    * FSA to improve the quality and resourcing of its financial
      and sectoral analysis;

    * FSA to strengthen supervisory resources;

    * FSA senior management to increase the level of oversight
      of firms' supervision.

A full version of the report, with redactions to protect
commercial and individual confidentiality, will be made
available not later than the end of April.

                 About Northern Rock plc

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

                          *     *     *

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

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


OLYMPUS CIRCUITS: Hires Liquidators from PKF
--------------------------------------------
Matthew Gibson and Jonathan Newell of PKF (UK) LLP were
appointed joint liquidators of Olympus Circuits Ltd. (t/a NHT
Circuits) on March 7 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


OPEL CONSTRUCTION: Joint Liquidators Take Over Operations
---------------------------------------------------------
Gareth David Rusling and Kevin Roy Mawer of The P&A Partnership
and Richard Dixon Fleming of KPMG LLP were appointed joint
liquidators of Opel Construction Ltd. on March 6 for the
creditors' voluntary winding-up proceeding.

Mr. Rusling and Mr. Mawer can be reached at:

         The P&A Partnership
         93 Queen Street
         Sheffield
         S1 1W
         England

Mr. Fleming can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


OSPREY AIR: Taps Joint Administrators from Smith & Williamson
-------------------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint administrators of Osprey
Air Ltd. (Company Number 05571214) on March 17, 2008.

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

          Osprey Air Ltd.
          93 Fairview Avenue
          Gillingham
          Kent
          ME8 0QD
          England
          Tel: 01634 268 700
          Fax: 01634 268 400


PRINTSCENE LTD: Appoints Administrators from Begbies Traynor
------------------------------------------------------------
David Paul Hudson and Alan John Clark of Begbies Traynor were
appointed joint administrators of Printscene Ltd. (Company
Number 02781177) on March 11, 2008.

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

The company can be reached at:

          Printscene Ltd.
          Unit 6
          Arden Press Way
          Letchworth Garden City
          Hertfordshire
          SG6 1LH
          England
          Tel: 01462 670 689
          Fax: 01462 675 965


RAPOUR LTD: Appoints Liquidators from Mazars
--------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Rapour Ltd. on March 17 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


STEWART'S LTD: Taps Baker Tilly as Administrators
-------------------------------------------------
Andrew Sheridan and Bruce Mackay of Baker Tilly Restructuring
and Recovery LLP were appointed joint administrators of
Stewart's (Wales) Ltd. (Company Number 01485585) on March 12,
2008.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

          Stewart (Wales) Ltd.
          Greyfriar's Shopping Centre
          Blue Street
          Carmarthen
          SA31 3LE
          Wales
          Tel: 01267 232208


* Smith & Williamson Names James Money as RRS Director
------------------------------------------------------
Smith & Williamson, the leading accountancy and investment
management group, is delighted to announce the appointment of
James Money as a director within the Restructuring & Recovery
Services team.

Based in the firm's central London office, James has 20 years'
insolvency experience across a range of sectors including
banking, engineering, transport, energy, agriculture, and pubs
and clubs. He has also acted as court-appointed receiver in
fraud investigations.

"Smith & Williamson is known for its strong reputation in
restructuring and recovery work," says James.  "Our paths would
cross regularly when pitching for new business and Smith &
Williamson would consistently demonstrate an imaginative,
innovative approach to assignments.  They offer a high-quality
alternative to larger firms."

James is a chartered accountant and licensed insolvency
practitioner.  He is a regular speaker at restructuring seminars
and courses.

Smith & Williamson -– http://www.smith.williamson.co.uk/-- is
an independent professional and financial services group
employing over 1,400 people.  The group is a leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices and mid-size
corporates.  It operates from offices in London, Belfast,
Bristol, Glasgow, Guildford, Maidstone, Salisbury, Southampton
and Worcester.

Directors acting as insolvency practioners contract without
personal liability.  James Money is licensed to act as an
insolvency practioner by the Institute of Chartered Accountants
in England and Wales.


* BOOK REVIEW: Bankruptcy Investing: How to Profit from
               Distressed Companies (Revised Edition)
--------------------------------------------------------
Author:     Ben Branch and Hugh Ray
Publisher:  Beard Books
Paperback:  344 pages
List Price: $39.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981211/internetbankru
pt

The book Bankruptcy Investing: How to Profit from Distressed
Companies, is written by Ben Branch and Hugh Ray.

Corporate bankruptcies are at an all-time high, and this trend
is likely to continue.  Bankruptcy Investing introduces
investors to the risky but lucrative opportunities to invest in
the securities of troubled companies.

Every area of this exciting field is described in complete
detail.  Real-world examples illustrate the explanations.
Companies in distress may go through an informal or formal
workout of problems, or they may enter Chapter 11 or Chapter 7
bankruptcy.

The investment implications for the securities of firms in each
of these stages are considered in full.  Everything the investor
needs to know is contained in this book.  The authors show why
it can be smart to invest in troubled companies.

Whether you are a savvy investor or experienced fund manager (or
aspire to be one), Bankruptcy Investing introduces you to the
risky but lucrative opportunities for investing in the
securities of troubled companies.

This timely new book describes in detail the rules of the game
and how to apply them to pick the winners.

The authors, both experts in the legal and financial aspects of
bankruptcy investing, explain everything you need to know about
investing in distressed companies, including estimating
bankruptcy values, how to use timing to your advantage,
quantitative techniques to minimize risks, evaluating available
data, characteristics of various types of short-term and long-
term debt instruments, investment strategies, and sources of
additional information.

You'll fully understand all the implications of investing in the
securities of firms in all stages of financial distress--from
informal or formal workouts to Chapter 11 or Chapter 7
bankruptcy--as well as investing in both debt and equity
securities.

Real-world examples illustrate how you can profit from investing
in troubled companies and what risks are incurred.  An extensive
glossary defines legal, economic and financial terms.

Bankruptcy Investing translates the often-confusing lexicon of
bankruptcy into a profitable investment program that you can
implement immediately.

You too will discover an exciting way to find new investment
winners.

Two financial experts guide you through the risky but lucrative
investment opportunities available in troubled companies.

Whether your interests are informal or formal workouts, Chapter
11 or Chapter 7 bankruptcies, debt or equity securities, this
book will explain everything you need to know about investing in
distressed corporations.

Topics include estimating bankruptcy values, how to use timing
to your advantage, quantitative techniques to minimize risk,
evaluating available data, the characteristics of various types
of short-term and long-term debt instruments, and investment
strategies.

                            *********

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.


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