TCREUR_Public/080331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 31, 2008, Vol. 9, No. 64

                            Headlines




A U S T R I A

A. ZANKL SOEHNE: Claims Registration Period Ends April 21
BIOKOENIG HANDEL: Claims Registration Period Ends April 14
HOLZERNTE HOLZ: Claims Registration Period Ends April 15
IEC BIOGAS: Claims Registration Period Ends April 2
IFT TRADING: Claims Registration Period Ends April 14

SPEDEX-INTERNATIONALE: Claims Registration Period Ends April 10
VEREIN ZUR FOERDERUNG: Claims Registration Period Ends April 25


D E N M A R K

PRIME BRICKS: S&P Rates EUR11.95 Million Class F Notes at BB


F I N L A N D

ADVANCED MEDICAL: Posts US$192MM Net Loss for Year Ended 2007


F R A N C E

CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says
CLEAR CHANNEL: Extends Offer's Expiration Date to April 4
CLEAR CHANNEL: Defers First Quarter Dividend
CLEAR CHANNEL: S&P Maintains Negative CreditWatch on Ratings
DELPHI CORP: Moody's Ups Rating on New 2nd Lien Loan to (P)B2

RHODIA SA: Shareholders' Meeting Slated for May 16
SMOBY SA: Ex-CEO Under Police Custody Over Embezzlement Probe


G E R M A N Y

ASAT HOLDINGS: Nasdaq Delistes Securities Effective March 27
AVT GMBH: Claims Registration Ends April 16
BELSDORFER BAU: Claims Registration Period Ends April 16
BPZ BLUT: Claims Registration Period Ends April 16
COREALCREDIT BANK: Fitch Holds Rating on Sub. Obligations at BB

DACHSEL-GRUETZNER: Claims Registration Period Ends April 16
FBB GMBH: Claims Registration Period Ends April 16
FIGARO FRISEUR: Claims Registration Period Ends April 16
GERU IM: Claims Registration Period Ends April 16
ICE WORLD: Claims Registration Period Ends April 23

KUNSTSTOFF-TECHNIK KRUEGER: Claims Period Ends April 8
MEGA STAR: Claims Registration Period Ends April 8
NATURSTEIN NORDO: Claims Registration Period Ends April 18
NATURSTEINE HANDEL: Claims Registration Ends April 15
OBJEKT + WOHNEN: Claims Registration Ends April 15

PRO.DIRECT GMBH: Claims Registration Period Ends April 18
QUEBECOR WORLD: Seeks Authority to Assume Various Contracts
R & G SYSTEMBAU: Claims Registration Period Ends April 14
SCHULZE-FAHRZEUGSERVICE GMBH: Claims Registration Ends April 15
UNIVERSUS 24: Claims Registration Ends April 15


G E O R G I A

* Fitch Affirms Georgia's Issuer Default Ratings at BB-


I R E L A N D

SMURFIT KAPPA: Irish Unit Inks Software Deal with VantagePoint


I T A L Y

ALITALIA SPA: Mediobanca, Eni Deny Report on Possible Offer
ALITALIA SPA: Mulls Extending Union Talks Period Beyond Today


K A Z A K H S T A N

AUTO SPETS: Creditors Must File Claims by May 7
KOSTANAI TRANSIT: Claims Deadline Slated for May 14
MELINVEST LLP: Claims Filing Period Ends May 14
SEMEY SU: Creditors' Claims Due on May 9
SUN GRAIN: Claims Registration Ends May 7

VLAD ZERNO: Claims Deadline Slated for May 14


K Y R G Y Z S T A N

BISHKEK AIR: Creditors Must File Claims by April 25
ULTRAS-TRUCK LLC: Claims Filing Period Ends April 25


N E T H E R L A N D S

X5 RETAIL: Convening Shareholders Over Formata Financing Details
X5 RETAIL: Completes Syndication of US$1 Billion Loan


N O R W A Y

FRONTIER DRILLING: S&P Puts B- Rating on Negative CreditWatch


R U S S I A

COBALT LLC: Proofs of Claim Deadline Set May 15
COMSTAR-UNITED: RTC Unit Elects Board of Directors
INVEST-DOM-STROY LLC: Proofs of Claim Deadline Set May 15
KSM CJSC: Proofs of Claim Deadline Set May 15
MOSALSKIY CHEESE: Proofs of Claim Deadline Set May 15

NEGA S: Creditors Must File Claims by May 15
PMK-23 OJSC: Proofs of Claim Deadline Set April 15
ROSNEFT OIL: Investing RUR65 Billion to Hike Gas Refining Rate
RUSSIAN FACTORING: Fitch Puts RUR500 Million Facility at BB
SIB-STROY-SERVICE: Proofs of Claim Deadline Set May 15

SITRONICS JSC: Buys Melrose Holding's 36% Kvazar-Micro Stake
SPROS-SERVICE LLC: Creditors Must File Claims by April 15
TSNA CJSC: Proofs of Claim Deadline Set May 15
WIMM-BILL-DANN FOODS: Commences Production at Omsk Site
X5 RETAIL: Convening Shareholders Over Formata Financing Details

* S&P Ups Bashkortostan's Long-Term Issuer Credit Rating to BB+


S P A I N

EMPRESAS TDA: Moody's Rates EUR60 Million Series C Notes at Ba3
SMURFIT KAPPA: Closes Valladolid Recycled Container Board Mill


S W I T Z E R L A N D

BUROHAUS DES: Creditors' Liquidation Claims Due by April 2
DIAMOND PURCHASES: Creditors' Liquidation Claims Due by April 2
GIVABAU JSC: Creditors' Liquidation Claims Due by April 2
GOL LLC: Creditors' Liquidation Claims Due by April 2
IMMOBILIEN UND: Creditors' Liquidation Claims Due by April 2

LATELLANA JSC: Creditors' Liquidation Claims Due by April 3
LIVANI LUXURY: Creditors' Liquidation Claims Due by April 1
LOGAD MANAGEMENT: Creditors' Liquidation Claims Due by April 2
ORANIA JSC: Creditors' Liquidation Claims Due by April 3
PRIMSOL JSC: Creditors' Liquidation Claims Due by April 2

SONIC PLAYGROUND: Creditors' Liquidation Claims Due by April 2


U K R A I N E

DELTA LLC: Creditors Must File Claims by April 3
FINANCIAL SERVICE: Creditors Must File Claims by April 4
GETMAN LLC: Creditors Must File Claims by April 4
STAYKI CJSC: Creditors Must File Claims by April 4
SVITANOK-1 LLC: Creditors Must File Claims by April 4

UKRAINIAN WEST: Creditors Must File Claims by April 3
ZAPOROZHYE PROJECT-CONSTRUCTOR: Creditors' Claim Due April 3

* Moody's Puts Ratings on 22 Banks Under Review and May Upgrade


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Canadian Unit Has going Concern Doubt
ABITIBIBOWATER INC: Disclosed Preliminary Results of Offer
ABITIBIBOWATER INC: Extends Exchange Offer's Withdrawal Deadline
BAKER STREET: Fitch Places Ratings Under Negative Watch
BIASCO LTD: Taps Joint Administrators from BDO Stoy

BILSING AUTOMATION: Brings In Administrators from Menzies
CHRYSLER LLC: Clarifies Misleading Coverage of Discount Programs
CLIFTON STREET: Fitch Puts Ratings Under Negative Watch
CORBY BOTTLERS: Appoints KPMG to Administer Assets
DARLINGTON WINES: Hires Joint Administrators from KPMG

DORSET STREET: Fitch Puts Ratings on 9 Note Classes Under Watch
FGIC CORP: Fitch Slashes Long-term Issuer Rating to 'BB'
FORD MOTOR: Jaguar & Land Rover Sale Won't Affect S&P's Ratings
FOUNTASIA LTD: Brings In Vantis to Administer Assets
HALIFAX TOWN: Appoints Begbies as Joint Administrators

HANOVER STREET: Fitch Puts Ratings on Ten Notes on Neg. Watch
HIGH FREQUENCY: Creditors' Meeting Slated for April 9
HIGH FREQUENCY: Creditors' Meeting Slated for April 9
HUGHES NETWORK: Net Income Ups 161% to US$50 Million in 2007
LED SCREEN: S. J. Parker Leads Liquidation Procedure

MAXJET AIRWAYS: Court Okays Sale of Assets to MAAG for US$1 Mln
MENTON CDO III: Moody's Junks Ratings on Two Note Classes
MILLENNIUM REPRO: Creditors' Meeting Slated for April 7
MONITOR OIL: Fails to Secure US$3.5 Funds from Creditors
MONITOR OIL: Could Become Administratively Insolvent

OXFORD STREET: Fitch Puts Note's Ratings- on Negative Watch
PEMBRIDGE SQUARE: Fitch Places Notes' Ratings on Negative Watch
QUEBECOR WORLD: Wants to Pay US$3,175,111 Sales Commissions
REGENT STREET: Notes' Ratings Put on Negative Watch by Fitch
ROYAL MAIL: To Close Final Salary Pension Scheme

SCOTTISH RE: Further Delays December 2007 Form 10-K Filing
SYDNEY STREET: Nine Ratings Put on Negative CreditWatch by Fitch
SYMMETRY MEDICAL: Delays 2007 Form 10-K Filing to April1 14

* Fitch Says Tight Lending Criteria Threatens UK RMBS
* Fitch Says FGIC & XLCA Ratings Cuts Won't Affect European ABCP


* BOND PRICING: For the Week March 24 to March 28, 2008




                            *********

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


A. ZANKL SOEHNE: Claims Registration Period Ends April 21
---------------------------------------------------------
Creditors owed money by  LLC A. Zankl Soehne, Lack- und
Farbenwerke (FN 57308b) have until April 21, 2008, to file
written proofs of claim to court-appointed estate administrator
Christian Atzwanger at:

          Mag. Christian Atzwanger
          Luefteneggerstrasse 12
          4020 Linz
          Austria
          Tel: 0732/7788670
          Fax: 0732/7832644
          E-mail: office@schuh-atzwanger.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on March 4, 2008 (Bankr. Case No. 12 S 19/08v).  


BIOKOENIG HANDEL: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors owed money by LLC Biokoenig Handel (FN 250327d) have
until April 14, 2008, to file written proofs of claim to court-
appointed estate administrator Rafaela Zenz - Zajc at:

          Dr. Rafaela Zenz - Zajc
          Rainerstrasse 5
          5310 Mondsee
          Austria
          Tel: 06232/27270
          Fax: 06232/27270-7
          E-mail: ihrrecht@mondsee-rechtsanwalt.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 Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Oberwang, Austria, the Debtor declared
bankruptcy on March 3, 2008 (Bankr. Case No. 20 S 25/08i).  


HOLZERNTE HOLZ: Claims Registration Period Ends April 15
--------------------------------------------------------
Creditors owed money by LLC Holzernte Holz-Verarbeitung (FN
251795m) have until April 15, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Handler at:

          Mag. Peter Handler
          LLC Handler Rechtsanwalt   
          Hauptplatz 33
          8530 Deutschlandsberg
          Austria
          Tel: 03462/4141
          Fax: 03462/414141
          E-mail: office@handler.at  

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

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

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


IEC BIOGAS: Claims Registration Period Ends April 2
---------------------------------------------------
Creditors owed money by LLC IEC Biogas Betrieb (FN 239178h) have
until April 2, 2008, to file written proofs of claim to court-
appointed estate administrator Florian Gehmacher at:

          Dr. Florian Gehmacher
          c/o Dr. Matthias Schmidt
          Dr. Karl Lueger-Ring 12
          1010 Wien
          Austria
          Tel: 01/533 16 95
          Fax: 01/535 56 86
          E-mail: schmidt@preslmayr.at
  
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 16, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Wolfsthal, Austria, the Debtor declared
bankruptcy on March 3, 2008 (Bankr. Case No. 36 S 23/08m).  
Matthias Schmidt represents Dr. Gehmacher in the bankruptcy
proceedings.


IFT TRADING: Claims Registration Period Ends April 14
-----------------------------------------------------
Creditors owed money by LLC IFT Trading (FN 251057b) have until
April 14, 2008, to file written proofs of claim to court-
appointed estate administrator Karl Bergthaler at:

          Dr. Karl Bergthaler
          Marktstrasse 1
          4813 Altmuenster
          Austria
          Tel: 07612/88273 or 89425
          Fax: 07612/88273-15
          E-Mail: ra.haf-berg@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on April 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Pinsdorf, Austria, the Debtor declared
bankruptcy on March 3, 2008 (Bankr. Case No. 20 S 27/08h).  


SPEDEX-INTERNATIONALE: Claims Registration Period Ends April 10
---------------------------------------------------------------
Creditors owed money by LLC Spedex-Internationale Spedition (FN
173704y) have until April 10, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Bubits at:

          Mag. Peter Bubits
          c/o Mag. Andrea Prochaska
          Elisabethstrasse 2
          2340 Moedling
          Austria
          Tel: 02236/89 31 61
          Fax: 02236/42210-25
          E-mail: peter.bubits@bkb-partner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 Brunn am Gebirge, Austria, the Debtor declared
bankruptcy on March 3, 2008 (Bankr. Case No. 10 S 23/08y).   
Andrea Prochaska represents Mag. Bubits in the bankruptcy
proceedings.


VEREIN ZUR FOERDERUNG: Claims Registration Period Ends April 25
---------------------------------------------------------------
Creditors owed money by Verein zur Foerderung des
Gesundheitssports in Oesterreich have until April 25, 2008, to
file written proofs of claim to court-appointed estate
administrator Stefan Jahns at:

          Mag. Stefan Jahns     
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 532 17 11
          Fax: 532 17 11 11
          E-mail: kanzlei@jahns.co.at  

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 3, 2008 (Bankr. Case No. 28 S 35/08p).  


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D E N M A R K
=============


PRIME BRICKS: S&P Rates EUR11.95 Million Class F Notes at BB
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the EUR178.65 million floating-rate credit-linked notes
issued by Prime Bricks 2008-1 GmbH.

This is the second transaction, following Prime Bricks 2007-1
GmbH, to transfer credit risk on loans originated by Danske Bank
A/S and its subsidiary Realkredit Denmark A/S granted to small
to midsized enterprises across Denmark.  A major part of loans
in the reference portfolio are granted to cooperative housing
companies and individuals for financing mortgages for letting
purposes.  The transaction is structured as a synthetic,
partially funded transaction.
  
The collateral backing the notes is certificates of indebtedness
issued by KfW (AAA/Stable/A-1+).  The ratings on the notes
depend on the credit quality of KfW.  Potential changes to the
rating on KfW during the life of this transaction could,
therefore, have a direct effect on the ratings on the notes.
  
Losses are allocated to the notes for the outstanding amount of
a reference loan minus the foreclosure proceeds received by
Danske Bank, plus related enforcement costs during the
foreclosure process.
  
                           Ratings List

                      Prime Bricks 2008-1 GmbH
         EUR178.65 Million Floating-Rate Credit-Linked Notes
  
          Class          Rating            Amount
          -----          ------            ------
          A+             AAA              EUR100,000
          A              AAA              EUR59,750,000
          B              AA               EUR55,300,000
          C              A                EUR17,200,000
          D              BBB              EUR23,150,000
          E              BBB              EUR11,200,000
          F              BB               EUR11,950,000


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F I N L A N D
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ADVANCED MEDICAL: Posts US$192MM Net Loss for Year Ended 2007
-------------------------------------------------------------
Advanced Medical Optics Inc. incurred a net loss of
US$192 million on US$1 billion of net sales for the year ended
Dec. 31, 2007, compared to earnings of US$79 million on net
sales of US$997 million for the year ended Dec. 31, 2006.

The company's net sales for 2007 rose 9.4% to
US$1,090.8 million.  The rise reflects the IntraLase and
WaveFront Sciences acquisitions, organic growth in cataract
implant and laser vision corrections sales and a 2.9% increase
related to foreign currency, which were partially offset by
recall-related declines in eye care sales.

The company had a GAAP net loss for 2007 of US$192.9 million, or
a net loss of US$3.22 per share.  The per share loss was
increased by an estimated US$2.26 due to an US$87.0 million
charge for in-process R&D, approximately US$38.2 million in
transaction-related charges, a US$1.3 million deferred financing
cost write-off, a US$6.1 million loss on derivative instruments
and an estimated US$2.8 million tax effect.

The company reported a fourth-quarter net loss under GAAP of
US$12.3 million, compared to a net loss of US$7.6 million, in
2006's fourth quarter.  These results included the impacts of
the November 2006 and May 2007 recalls.  The fourth-quarter 2007
results also included these items, which combined to increase
the net loss per share by US$0.17:

  * US$10.7 million in pre-tax charges related to integration of
    acquisitions;

  * US$3.4 million pre-tax loss on derivative instruments; and

  * estimated tax effects totaling US$3.8 million.

The company's fourth-quarter 2007 net sales rose 25% to
US$304.6 million on organic growth, the acquisitions of
IntraLase Corp. and WaveFront Sciences, Inc., and includes a
5.3% increase related to foreign currency impacts.  On a pro
forma basis, the company's fourth-quarter sales rose 7.3%.  The
pro forma sales growth rate reflects comparisons that include
the IntraLase and WaveFront Sciences performance as if the
acquisitions had occurred in all periods presented.  Fourth-
quarter sales growth was partially offset by lost sales and
returns associated with the company's May 2007 contact lens care
solution recall.

Advanced Medical had total assets of US$2.7 billion, total
liabilities of US$2.1 billion, and a stockholders' equity of
US$598 million at Dec. 31, 2007, compared to total assets of
US$2 billion, total liabilities of US$1.2 billion, and a
stockholders' equity of US$715 million at Dec. 31, 2006.

                  Plans to Reduce Fixed Costs

The company disclosed plans to reduce its fixed costs in order
to further enhance its global competitiveness, operating
leverage and cash flow.

The plan includes a net workforce reduction of approximately 150
positions, or about 4% of the company's global workforce.  In
addition, AMO plans to consolidate certain operations to improve
its overall facility utilization.  To complete this plan, AMO
expects to incur charges between US$25 million and US$30 million
in 2008 and estimates that the vast majority will be cash.  Upon
full implementation, the company expects these actions to result
in annualized savings of approximately US$10 million to
US$12 million.

In 2008, the company estimates savings related to these actions
in the range of US$4 million to US$7 million, which are
reflected in the current guidance.  The charges outlined above
are in addition to the US$11 million to US$13 million in charges
the company expects to take in 2008 to consolidate its equipment
manufacturing, which was announced in December 2007.

"Our fourth-quarter performance represented a strong finish to
2007, in which we advanced our strategy and moved aggressively
to overcome challenges," said Jim Mazzo, chairman and chief
executive officer.  "Our cataract/implant business delivered
growth across all product categories, and we are entering 2008
on track to launch a range of new technologies to position us
for future growth.  Our eye care business continued to rebound,
with fourth-quarter 2007 sales up 20% on a sequential basis.  In
addition, this business is now launching our first-ever product
to relieve dry eye symptoms.  Demonstrating the competitive
power of our dual excimer and femtosecond laser platform, our
laser vision correction business achieved double-digit sales
growth on a pro forma basis.  With the planned 2008 release of
new LASIK innovations, we intend to continue to expand our
leadership position.

"To ensure we are maximizing the earnings and cash flow power of
the global footprint we have created, we need to be diligent in
our effort to improve efficiency and productivity.  We expect to
accomplish this through staff reductions and infrastructure
changes designed to reduce fixed costs, improve operating
leverage and enhance long-term cash flow.

"We remain confident in the strength of our global businesses,
technologies, new product pipeline and strategy.  However, after
the first six weeks of 2008, we have seen the deteriorating U.S.
economy negatively impact our domestic LASIK procedure volumes.
We have multiple, unique growth drivers that we believe will
mitigate our exposure to a slowdown in the elective refractive
procedure market, but we feel a more conservative view is
prudent at this time," concludes Mr. Mazzo.

                     About Advanced Medical

Headquartered in Santa Ana, Calif., Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  AMO employs
employs approximately 4,200 worldwide.  Outside the U.S., the
company has operations in Australia, Brazil, Canada, China,
Denmark, Finland, France, Germany, Hong Kong, India, Ireland,
Italy, Japan, Korea, Malaysia, Netherlands, New Zealand, Puerto
Rico, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand
and the United Kingdom

                         *     *     *

Advanced Medical Optics, Inc. continue to carry Moody's
Investors Service's B2 Corporate Family Rating and Probability
of Default Rating with a stable outlook.


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F R A N C E
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CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says
-----------------------------------------------------------
Clear Channel Communication Inc. faces another potential
struggle aside from facing a possible collapse of its sale to
Thomas H. Lee Partners LP and Bain Capital Partners LLC,
according to Sarah McBride of The Wall Street Journal.  The
report said the company stands to go alone in "a faltering radio
industry."

As reported in the Troubled Company Reporter-Europe on March 28,
2008, District Court Judge John D. Gabriel of Bexar County,
Texas, awarded a Temporary Restraining Order in favor of Clear
Channel after the company sued the banks that committed to
financing the debt connected to their USUS$26 billion merger for
tortuous interference on March 26, 2008.

WSJ said, "If the deal isn't completed, Clear Channel will be
back to square one in a business that has declined sharply
during the months it has chased the sale."  The advertising
sector is suffering in general and radio advertising in
particular, the report noted.  Some of Clear Channel's radio
operations have suffered while the sale is pending.  At the time
of the proposed sale, the company owned 1,150 stations.  The
number is now down to about 1,000, the report said.

Clear Channel could depend on its promising billboard
advertising to perform well, but worries remain that broader
economic woes might drag down the sector, according to the
report.

The report supported the idea posited by Bear Stearns analyst
Victor Miller to separate its slower-growing radio business from
the more promising billboard category to restore some confidence
and boost shares.  Mr. Miller also suggested the company could
sell its international outdoor business, the report said.

What the report sees as the bright side at Channel Communication
is the company's lower debt than most similar companies -- which
was noted by Bernstein Research analyst Michael Nathanson.  
Clear Channel has a ratio for debt-to-EBITDA of 2.6 for 2008.

Clear Channel had anticipated closing the merger agreement it
entered into in May 2007 by March 31, 2008.  The company's
shareholders approved the adoption of the merger agreement, as
amended, in which Clear Channel would be acquired by CC Media
Holdings Inc., a corporation formed by private-equity funds co-
sponsored by Lee Partners and Bain Capital.  The deal includes
US$19.4 billion of equity and US$7.7 billion of debt.

If the deal is not pushed through, Channel Communications would
get a breakup fee of US$500 million to US$600 million, and it
wouldn't have to sell six radio stations as required under the
privatization.

The banks that agreed to finance the deal include Citigroup
Inc., Morgan Stanley, Deutsche Bank AG, Credit Suisse Group,
Royal Bank of Scotland PLC and Wachovia Corp.

                      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 Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a 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, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 28,
2008, In line with previous guidance, Fitch Ratings stated that
Clear Channel's 'BB-' Issuer Default Rating and Senior Unsecured
Ratings would remain in place if the going-private transaction
is not completed.

Similarly, Moody's Investors Service's said that 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.  Moody's had previously stated in
December 2007 that it would likely downgrade the company's
Corporate Family Rating to B2 when its change of control is
completed.  


CLEAR CHANNEL: Extends Offer's Expiration Date to April 4
---------------------------------------------------------
In connection with Clear Channel Communications, Inc.'s
previously announced tender offer for its outstanding 7.65%
Senior Notes due 2010 (CUSIP No. 184502AK8) and Clear Channel's
subsidiary AMFM Operating Inc.'s previously announced tender
offer for its outstanding 8% Senior Notes due 2008 (CUSIP No.
158916AL0), the company disclosed that it has extended the date
on which the tender offers are scheduled to expire (the "Offer
Expiration Date") from 8:00 a.m. New York City time on March 27,
2008 to 8:00 a.m. New York City time on April 4, 2008 and the
consent payment deadline for the Notes from 8:00 a.m. New York
City time on March 27, 2008 to 8:00 a.m. New York City time on
April 4, 2008.

The Offer Expiration Date and the Consent Payment Deadline are
subject to extension by Clear Channel, with respect to the CCU
Notes, and AMFM, with respect to the AMFM Notes, in their sole
discretion.

The completion of the tender offers and consent solicitations
for the Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger by and between Clear Channel, CC Media Holdings, Inc. and
BT Triple Crown Merger Co., Inc., dated November 16, 2006, as
amended by Amendment No. 1, dated April 18, 2007, and Amendment
No. 2, dated May 17, 2007 and the closing of the merger
contemplated by the Merger Agreement.  The closing of the Merger
has not occurred.

On March 26, 2008, Clear Channel, joined by CC Media Holdings,
Inc., filed a lawsuit in the Texas State Court in Bexar County,
Texas, against Citigroup, Deutsche Bank, Morgan Stanley, Credit
Suisse, The Royal Bank of Scotland, and Wachovia, the banks who
had committed to provide the debt financing for the Merger.  

Clear Channel intends to complete the tender offers and consent
solicitations for the CCU Notes, and AMFM intends to complete
the tender offers and consent solicitations for the AMFM Notes,
upon consummation of the Merger.

Clear Channel previously announced on January 2, 2008, that it
had received, pursuant to its previously announced tender offer
and consent solicitation for the CCU Notes, the requisite
consents to adopt the proposed amendments to the CCU Notes and
the indenture governing the CCU Notes applicable to the CCU
Notes, and that AMFM had received, pursuant to its previously
announced tender offer and consent solicitation for the AMFM
Notes, the requisite consents to adopt the proposed amendments
to the AMFM Notes and the indenture governing the AMFM Notes.  
As of 8:00 a.m. on March 27, 2008, approximately 87.47% of the
AMFM Notes had been validly tendered and not withdrawn and
approximately 98.58 percent of the CCU Notes had been validly
tendered and not withdrawn.   The Clear Channel tender offer and
consent solicitation is being made pursuant to the terms and
conditions set forth in the Clear Channel Offer to Purchase and
Consent Solicitation Statement for the CCU Notes dated December
17, 2007, and the related Letter of Transmittal and Consent.  
The AMFM tender offer and consent solicitation is being made
pursuant to the terms and conditions set forth in the AMFM Offer
to Purchase and Consent Solicitation Statement for the AMFM
Notes dated December 17, 2007, and the related Letter of
Transmittal and Consent.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the tender offers should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).  Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

               About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a 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, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 28,
2008, In line with previous guidance, Fitch Ratings stated that
Clear Channel's 'BB-' Issuer Default Rating and Senior Unsecured
Ratings would remain in place if the going-private transaction
is not completed.

Similarly, Moody's Investors Service's said that 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.  Moody's had previously stated in
December 2007 that it would likely downgrade the company's
Corporate Family Rating to B2 when its change of control is
completed.  


CLEAR CHANNEL: Defers First Quarter Dividend
--------------------------------------------
Clear Channel Communications, Inc. said Friday that its Board of
Directors has determined to defer consideration of a first
quarter dividend payable to shareholders.  Historically, the
Board has declared a dividend to shareholders of record on the
last day of a quarter, with payment on or before the 15th of the
following month.

The Board of Directors took this action after receiving a
request from Bain Capital and Thomas H. Lee Partners to defer
the payment date in light of the delayed closing of Clear
Channel's merger with CC Media Holdings, Inc.  In support of
their continued efforts to close the merger, the company has
agreed to honor that request.

                      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 Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a 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, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 28,
2008, In line with previous guidance, Fitch Ratings stated that
Clear Channel's 'BB-' Issuer Default Rating and Senior Unsecured
Ratings would remain in place if the going-private transaction
is not completed.

Similarly, Moody's Investors Service's said that 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.  Moody's had previously stated in
December 2007 that it would likely downgrade the company's
Corporate Family Rating to B2 when its change of control is
completed.  


CLEAR CHANNEL: S&P Maintains Negative CreditWatch on Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.  S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.  The
company's proposed leveraged buyout, led by Thomas H. Lee
Partners L.P. and Bain Capital Partners LLC, received FCC
approval on Jan. 24, 2008.

"This CreditWatch update follows unconfirmed news reports that
there could be complications surrounding the proposed financing
for the LBO, which includes roughly US$18.4 billion of senior
secured credit facilities and US$2.6 billion of senior unsecured
notes," explained Standard & Poor's credit analyst Michael
Altberg.

The company still intends to close the deal before the end of
the first quarter.

As S&P has previously indicated, if the deal fails to close, S&P
would expect to raise the ratings, but not back to investment
grade; the proposed LBO has changed S&P's financial policy
expectations for Clear Channel.  In addition, Clear Channel's
contingency plans to increase shareholder value if the pending
deal falls through are uncertain, and could be further
complicated by the currently tight credit environment.

S&P will continue to monitor developments surrounding the
proposed merger.  If the deal successfully closes, and barring
any material changes due to the divestiture of certain assets or
change in financing terms, S&P expects to lower Clear Channel's
long-term corporate credit rating to 'B' from 'B+'.  At the same
time, S&P would expect to lower its rating on the company's
existing senior unsecured notes to 'CCC+' (two notches below the
expected corporate credit rating) from 'B-'.  If the deal fails
to close, the ultimate rating would depend on management's
alternative plans for increasing shareholder value, as well as
its long-term business and financial strategies.


DELPHI CORP: Moody's Ups Rating on New 2nd Lien Loan to (P)B2
-------------------------------------------------------------
Moody's Investors Service raised the rating on Delphi
Corporation's revised second lien term loan to (P)B2 from (P)B3
and affirmed the company's Corporate Family Rating and
Probability of Default Ratings of (P)B2, Speculative Grade
Liquidity rating of SGL-2, first lien term loan rating of
(P)Ba2, and stable outlook.

The revision to the rating on the second lien facility follows a
change in the composition of the term loans from the structure
Moody's rated on March 14, 2008.

The total amount of secured term loans Delphi requires to emerge
from bankruptcy is unchanged at US$4.525 billion.  However, the
first lien term loan will be reduced to US$1.7 billion from
US$3.7 billion and the second lien term loan will be increased
to US$2.825 billion from US$0.825 billion as the full US$2.0
billion of what was to be the B-2 tranche of the first lien term
loan has been moved to the second lien facility.  The first lien
term loan will continue to be split between US$1.5 billion
lodged at the parent and US$0.2 billion at a European
subsidiary.

The previous B-2 tranche was designed as a "second out" portion
of the first lien term loan, and remains junior to the US$1.7
billion of the first lien term loan.  However, it will now be
documented as part of an enlarged second lien term loan.  An
affiliate of General Motors Corporation has agreed to accept up
to US$2.825 billion of the second lien term loan as part of the
settlement for GM's claims.

Major terms of the first lien term loan have not been altered
from those of the B-1 tranche in the earlier structure.  As
those terms involved initial amortization of 1% per year, by
moving US$2.0 billion to the second lien term loan, which does
not require any scheduled amortization prior to final maturity,
Delphi's annual repayment obligations post emergence will be
lowered by US$20 million a year.

Nonetheless, Delphi's financial leverage will not be affected by
these changes nor will its expected operating performance, and
key coverage metrics will not experience any material change
from previous expectations.  Consequently, Moody's affirmed
Delphi's Corporate Family and Probability of Default ratings as
well its liquidity rating and outlook.

Although the amount of the first lien term loan will be reduced,
its rating of (P)Ba2 is unchanged; the amounts of debt that are
superior, equally ranked, or junior in the overall waterfall are
unchanged.  The (P)B2 rating on the increased size of the second
lien term loan is one notch higher than the earlier rating and
level with that of the Corporate Family Rating.  This develops
from a lower amount of senior debt ahead of its claims and its
higher proportion of the debt capital, both of which tend to
boost its expected recovery rate.

Rating revised:

      -- US$2.825 billion second lien term loan, (P)B2, LGD-4,
         52% from (P)B3, LGD-4, 65%

Rating withdrawn:

      -- US$2.0 billion B-2 tranche of first lien term loan,
         (P)B2, LGD-3, 47%

Delphi Corporation, headquartered in Troy, Michigan, is a global
tier-1 automotive supplier with products and services addressing
electrical or electronic architecture, electronics & safety,
powertrain systems, thermal systems, and aftermarket product and
service solutions.  The company expects to have revenues from
continuing operations of roughly US$20 billion and employs
approximately 171,000 people at 163 manufacturing sites around
the world.

Delphi has regional headquarters in Japan, Brazil and France.


RHODIA SA: Shareholders' Meeting Slated for May 16
--------------------------------------------------
Rhodia S.A. informed its shareholders of a combined
shareholders' meeting at 3:00 p.m. on May 16, 2008 to be held
at:

          Pavillon d'Armenonville
          Allee de Longchamps
          Bois de Boulogne
          75116 Paris
          France

At the shareholders' meeting, approval will be requested for:

   -- a dividend of EUR0.25 per share that would be payable on
      May 23, 2008;

   -- the authorization of a share buyback program and the right
      to cancel the shares thus purchased;

   -- the renewal of the appointment as director of Yves Rene
      Nanot, Jerome Contamine and Michel de Fabiani to allow the
      board to continue to benefit from their expertise and
      experience; and

   -- the election as director of Laurence Danon, who is
      currently a member of the management board of Rothschild
      Corporate Finance.  Her election will increase the number
      of independent board members to eight.

All documents and information relating to the meeting will be
available to shareholders under the terms and conditions
specified by current regulations.  The invitation to the meeting
is scheduled for April 18, 2008.

Laurence Danon has been a member of the Management Board of
Rothschild Corporate Financ since 2007.  She chairs the New
Generations Commission at Medef, the French employer's
association and she is a board member of Diageo Plc, Experian
Plc, Plastic Omnium SA and Lafuma.

                          About Rhodia

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

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

                         *     *     *

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

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

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


SMOBY SA: Ex-CEO Under Police Custody Over Embezzlement Probe
-------------------------------------------------------------
Jean-Christophe Breuil, former chief executive officer of Smoby
SA, has been taken into police custody in Dijon, France as part
of an investigation into an alleged embezzlement of funds at the
company, Heather Smith writes for Bloomberg News.

The report discloses that according to Annie David, Mr. Breuil's
lawyer, Mr. Breuil "can't be questioned except while in custody
because he could be charged in the investigation."

Mr. Breuil was named suspect by the state prosecutor in Lons-le-
Saunier but claimed that he had always managed Smoby in a
completely transparent way.

The probe, which commenced in October 2007, aims to determine
whether the transfer of funds from Smoby accounts to foreign
companies made the toymaker more vulnerable, Bloomberg adds.

                         About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.  Its Latin America operations are found
in Argentina, Brazil and Mexico.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005.


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


ASAT HOLDINGS: Nasdaq Delistes Securities Effective March 27
------------------------------------------------------------
The Nasdaq Hearings Panel determined to delist ASAT Holdings
Limited's securities from The Nasdaq Stock Market, and suspended
trading in the company's shares on March 27, 2008.

The company received notice from the staff of the Nasdaq Stock
Market regarding the Nasdaq Hearing Panel's determination on the
company's non-compliance with Nasdaq continuing listing
requirements, including maintaining the market value of its
listed securities above US$35 million, its stockholders equity
above US$2.5 million, and its net income of at least US$500,000
from continuing operations for the most recently completed
fiscal year or two of the last three most recently completed
fiscal years.

After delisting from the Nasdaq Stock Market, the company
expects that its American Depositary Shares will be traded on
the OTC Bulletin Board.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company also has operations in Hong Kong, China
and Germany.

                         *     *     *

Standard & Poor's placed ASAT Holdings Limited's long-term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


AVT GMBH: Claims Registration Ends April 16
-------------------------------------------
Creditors of AVT GmbH & Co. KG have until April 16, 2008 to
register their claims with court-appointed insolvency manager
Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.311
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Marc Schmidt-Thieme
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621/87708-0
         Fax: 0621/8770820

The District Court of Darmstadt opened bankruptcy proceedings
against AVT GmbH & Co. KG on March 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AVT GmbH & Co. KG
         Feringastrasse 9 a
         85774 Unterfoehring
         Germany

         Attn: Stefan Kramer, Manager
         Kocherbach 19
         69483 Wald-Michelbach
         Germany


BELSDORFER BAU: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of Belsdorfer Bau-GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager
Andre Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Magdeburg
          Hall 13
          Justizzentrum Magdeburg
          Breiter Weg 203 - 206
          39104 Magdeburg
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Andre Loeffler
          Klewitzstr. 15
          39112 Magdeburg
          Tel: 0391/7324630 o. 39
          Fax: 0391/7324633
          E-mail: magdeburg@loeffler-insolvenzverwalter.de  

The District Court of Magdeburg opened bankruptcy proceedings
against Belsdorfer Bau-GmbH on March 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Belsdorfer Bau-GmbH
          Attn: Frank Trager, Manager
          Alleringerslebener Str. 25
          39365 Wefensleben - Belsdorf
          Germany


BPZ BLUT: Claims Registration Period Ends April 16
--------------------------------------------------
Creditors of BPZ Blut-Plasma-Zentrum GmbH have until April 16,
2008, to register their claims with court-appointed insolvency
manager Hans-Ulrich Ruenger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 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 Fuerth
          Room 216
          II Dienstgebaude
          Baumenstr. 28
          Fuerth
          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. Hans-Ulrich Ruenger
          Prinzregentenufer 9
          90489 Nuremberg
          Germany
          Tel: 0911/955188
          Fax: 0911/9551866

The District Court of Fuerth opened bankruptcy proceedings
against BPZ Blut-Plasma-Zentrum GmbH on March 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          BPZ Blut-Plasma-Zentrum GmbH
          Maxstr. 44
          90763 Fuerth
          Germany


COREALCREDIT BANK: Fitch Holds Rating on Sub. Obligations at BB
---------------------------------------------------------------
Fitch Ratings affirmed Germany-based Corealcredit Bank AG's  
ratings at Long-term Issuer Default 'BBB-'  with Stable Outlook,
Short-term IDR 'F3', Support '2', and Individual rating 'D'.

The Support Rating Floor is also affirmed at 'BBB-'.  At the
same time, the bank's subordinated obligations are affirmed at
'BB' and its profit participation rights (Genussscheine) are
affirmed at 'CC'/'RR5'.

"The Long- and Short-term IDRs of Corealcredit, formerly known
as Allgemeine Hypothekenbank Rheinboden AG, reflect Fitch's
opinion that the probability of external support remains high,
should it be required," says Michael Steinbarth, Director in
Fitch's Financial Institutions team.

In case of financial difficulties, Fitch believes that Germany's
private-sector banks would arrange timely support for the bank's
senior unsecured obligations, in line with the action taken in
2005.  However, it appears likely that obligations that form
part of the bank's regulatory capital could be expected to
absorb losses, resulting in a lower, but still moderate,
probability of support for subordinated debt.  Accordingly,
Fitch has widened its traditional notching between senior and
subordinated instruments to reflect this possibility. With the
continuing restructuring of Corealcredit, its position as a
major issuer of Pfandbriefe is likely to further weaken.

Therefore, Fitch will continue to monitor developments as the
bank downsizes and repositions itself and will continue to
review the agency's position on support as the bank's franchise
and market position evolves, which may affect the likelihood of
external support for the senior unsecured obligations.  The
ratings do not place any reliance on institutional support being
provided by the bank's owner, Lone Star Fund V German
Investments, L.P.

The Individual rating reflects the satisfactory progress made in
the bank's restructuring and an adequate level of capital held.  
This is balanced by an unproven track record of operating
performance, a still elevated level of non-performing loans and
the reliance on wholesale funding in a challenging operating
environment.  The Individual rating would benefit from a track
record of recurring operating profitability, a greater
diversification of funding sources and from a marked reduction
in NPLs.  In 2007, the bank successfully launched its banking
operations under a new identity.  While Fitch notes that
Corealcredit has no exposure to US sub-prime-related business or
structured credits, the agency believes that the bank's
stringent focus on domestic commercial real estate lending makes
it more vulnerable to changes in its operating environment, as
this business line can be volatile.

The ratings of the bank's public sector and mortgage Pfandbriefe
remain unaffected by the rating action.


DACHSEL-GRUETZNER: Claims Registration Period Ends April 16
-----------------------------------------------------------
Creditors of Dachsel-Gruetzner GmbH Riemsdorf have until
April 16, 2008, to register their claims with court-appointed
insolvency manager Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Dr. Christoph Junker
          Karcherallee 25 a
          01277 Dresden
          Germany
          E-mail: http://www.junker-kollegen.de/  

The District Court of Dresden opened bankruptcy proceedings
against Dachsel-Gruetzner GmbH Riemsdorf on March 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Dachsel-Gruetzner GmbH Riemsdorf
          Ullendorfer Strasse 11
          01665 Klipphausen
          Germany


FBB GMBH: Claims Registration Period Ends April 16
--------------------------------------------------
Creditors of FBB GmbH i.L. Finowfurt have until April 16, 2008,
to register their claims with court-appointed insolvency manager
Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Frankfurt (Oder)
          Hall 401
          Muellroser Chaussee 55
          15236 Frankfurt (Oder)
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Axel Raap
          Herrengraben 5
          20459 Hamburg
          Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against FBB GmbH i.L. Finowfurt on Feb. 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          FBB GmbH i.L. Finowfurt
          Regattastrasse 132
          12527 Berlin
          Germany


FIGARO FRISEUR: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of "FIGARO" Friseur- und Kosmetik GmbH have until
April 16, 2008, to register their claims with court-appointed
insolvency manager Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Leipzig
          Hall 145
          First Floor
          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. Stephan Thiemann
          Schorlemmerstrasse 2
          04155 Leipzig
          Germany
          Tel: 0341/4903650
          Fax: 0341/4903699
          E-mail: leipzig@pluta.net  

The District Court of Leipzig opened bankruptcy proceedings
against "FIGARO" Friseur- und Kosmetik GmbH on Feb. 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          "FIGARO" Friseur- und Kosmetik GmbH
          Attn: Marco Rentzsch, Manager
          Gustav-Adolf-Strasse 38
          04105 Leipzig
          Germany


GERU IM: Claims Registration Period Ends April 16
-------------------------------------------------
Creditors of GERU Im- und Export GmbH have until April 16, 2008,
to register their claims with court-appointed insolvency manager
Thomas Wulsten.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Frankfurt (Oder)
          Hall 401
          Muellroser Chaussee 55
          15236 Frankfurt (Oder)
          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 Wulsten
          Rudolf-Breitscheid-Strasse 33
          14482 Potsdam
          Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against GERU Im- und Export GmbH on March 3, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          GERU Im- und Export GmbH
          Fuchsbau 9
          15345 Eggersdorf
          Germany


ICE WORLD: Claims Registration Period Ends April 23
---------------------------------------------------
Creditors of ICE world GmbH have until April 23, 2008, to
register their claims with court-appointed insolvency manager
Kilian Goergen.

Creditors and other interested parties are encouraged to attend
the meeting at 12:10 p.m. on May 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         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:

         Kilian Goergen
         Richtstr. 1-3
         54338 Schweich
         Germany
         Tel: 06502-939134
         Fax: 06502-939136

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

The Debtor can be reached at:

         ICE world GmbH
         Attn: Damar Ferullah, Manager
         Moselstr. 15
         56841 Traben-Trarbach
         Germany


KUNSTSTOFF-TECHNIK KRUEGER: Claims Period Ends April 8
------------------------------------------------------
Creditors of Kunststoff-Technik Krueger GmbH have until
April 8, 2008, to register their claims with court-appointed
insolvency manager Peter Engelmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Peter Engelmann
         Archivstrasse 3
         90408 Nuernberg
         Germany
         Tel: (0911) 59781 -22
         Fax: (0911) 59781 -44

The District Court of Nuernberg opened bankruptcy proceedings
against Kunststoff-Technik Krueger GmbH on March 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kunststoff-Technik Krueger GmbH
         Neumarkter Strasse 39
         90584 Allersberg
         Germany


MEGA STAR: Claims Registration Period Ends April 8
--------------------------------------------------
Creditors of Mega Star Logistik GmbH have until April 8, 2008,
to register their claims with court-appointed insolvency manager
Dr. Steffen Koch.

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

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (0 40) 8 99 56 - 0
         Fax: (0 40) 8 99 56 - 41

The District Court of Walsrode opened bankruptcy proceedings
against Mega Star Logistik GmbH on March 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Mega Star Logistik GmbH
         Heinrich-Hertz-Strasse 13
         29664 Walsrode
         Germany

         Attn: Hans-Dieter Warnecke, Manager
         Schneeheide 21
         29664 Walsrode
         Germany


NATURSTEIN NORDO: Claims Registration Period Ends April 18
----------------------------------------------------------
Creditors of Naturstein Nord GmbH have until April 18, 2008, to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Stralsund
         Hall AE 26
         Ground Floor
         House A
         Bielkenhagen 9
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Naturstein Nord GmbH
         Attn: Peter Heine, Manager
         Rostocker Chaussee 26
         18437 Stralsund
         Germany  


NATURSTEINE HANDEL: Claims Registration Ends April 15
-----------------------------------------------------
Creditors of Natursteine Handel Zwickau GmbH have until
April 15, 2008 to register their claims with court-appointed
insolvency manager Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         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:

         Wolfgang Hauser
         Poetenweg 36
         08056 Zwickau
         Germany
         Tel: (0375) 273660
         Fax: (0375) 2736613

The District Court of Chemnitz opened bankruptcy proceedings
against Natursteine Handel Zwickau GmbH on Feb. 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Natursteine Handel Zwickau GmbH
         Attn: Joerg Nebel, Manager
         Schubertstr. 37
         08058 Zwickau
         Germany


OBJEKT + WOHNEN: Claims Registration Ends April 15
--------------------------------------------------
Creditors of Objekt + Wohnen Projektentwicklung GmbH have until
April 15, 2008 to register their claims with court-appointed
insolvency manager Klaus W. Gerling.

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

         Klaus W. Gerling
         Mediapark 6 B
         50670 Cologne
         Germany
         Tel: 57 43-71 40
         Fax: +4922157437149

The District Court of Cologne opened bankruptcy proceedings
against Objekt + Wohnen Projektentwicklung GmbH on March 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Objekt + Wohnen Projektentwicklung GmbH
         Ringstr. 20
         50996 Cologne
         Germany

         Attn: Martina Maass, Manager
         Ringstr. 20
         50996 Cologne
         Germany


PRO.DIRECT GMBH: Claims Registration Period Ends April 18
---------------------------------------------------------
Creditors of Pro.direct GmbH have until April 18, 2008, to
register their claims with court-appointed insolvency manager
Dr. Michael Miersch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Room 112
         Rosenheim
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael Miersch
         Kufsteiner Strasse 14/II
         83022 Rosenheim
         Germany
         Tel: 0 80 31/ 36 77 0
         Fax: 0 80 31/ 36 77 36

The District Court of Rosenheim opened bankruptcy proceedings
against Pro.direct GmbH on March 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Pro.direct GmbH
         Kufsteiner Str. 40
         83088 Kiefersfelden
         Germany  


QUEBECOR WORLD: Seeks Authority to Assume Various Contracts
-----------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to
assume executory contracts with various entities.

1. Hell Gravure, GMBH & Co. KG

The Debtors want to assume four executory contracts with Hell
Gravure, GMBH & Co. KG to which the Debtors would buy certain
rotogravure printing equipment and related software from Hell
Gravure:

  (a) Quebecor Worlfd Atglen Inc. and Hell Gravure Agreement for
      purchase of two K6 Engravers for the Debtors' Atglen,
      Pennsylvania facility;

  (b) Quebecor World Mt. Morris II LLC and Hell Gravure
      Agreement for the purchase of two K6 Engravers for the
      Debtors' Mt. Morris, Illinois Facility;

  (c) QW Atglen and Hell Gravure Agreement for the purchase of
      two K6 Engravers for the Debtors' Franklin, Kentucky
      facility; and

  (d) A purchase order between QW Memephis Corp. and Hell
      Gravure for K6 upgrades to existing K406 Engravers for the
      Debtors' Dickson, Tennessee facility.

The Debtors owe EUR1,872,938 to Hell Gravure under the
contracts.

The Debtors seek the Court's authority to pay its cure amounts
and provide Hell Gravure with adequate assurance of future
performance in accordance with Section 365 of the Bankruptcy
Code.

Michael Canning, Esq., at Arnold & Porter LLP, in New York, says
that assumption of the contracts is critical to the Debtors'
business.

2. Maschinenfabrik K. Walter GMBH & Co. KG

The Debtors seek the Court's authority to assume two contracts
with Maschinenfabrik K. Walter GMBH & Co. KG for the purchase of
copper tanks used to plate the cylinders used in the rotogravure
printing process.

Quebecor World Nevada Inc. entered into an Equipment Purchase
Agreement with K. Walter dated Sept. 3, 2007, for the purchase
of one copper tank for the Debtors' Fernley, Nevada facility,
and Quebecor World Atglen, Inc. entered into an Equipment
Purchase Agreement with K. Walter dated Sept. 19, 2007, for the
purchase of one copper tank for the Debtors' Franklin, Kentucky
facility.

The Debtors also ask Judge James M. Peck's permission to pay a
US$240,000 cure amount on account of the equipment for the
Fernley plant.  The Debtors will provide K. Walter with adequate
assurance of future performance.

Mr. Canning says the Cylinder Plating Equipment is necessary to
the Debtors' business, and the favorable terms of the Agreements
make it a valuable asset of the Debtors' bankruptcy estates.

3. SIM Products Inc.

Debtor Quebecor World Logistics Inc. and SIM Products Inc.
entered into a contract, wherein the Debtor would purchase six
30-Pocket Co-Mailing Systems from SIM.  Co-Mailers are used by
the Debtors in connection with their direct mail business.  A
30-Pocket Co-Mailer system consists of software and equipment
capable of integrating subscriber lists from up to 30 different
publishers and then bundling the related publications according
to mail carrier routes and postal ZIP codes established by the
U.S. Postal Service, so that magazines, catalogs and other
materials published by multiple customers that are destined for
the same geographic area are grouped together prior to delivery
to the Postal Service.

As of March 10, 2008, the Debtors have made down payments and
installment payments totaling 39% of the total purchase price.
The unpaid prepetition amount currently due and owing on account
of the Co-Mailers is US$541,965, which is the amount that would
be required to cure the Debtors' defaults under the Agreement
pursuant to Section 365(b) of the Bankruptcy Code.

The Debtors ask Judge Peck for permission to assume the
contract, pay the Cure Amount to cure existing defaults, and
provide SIM with adequate assurance of future performance.  The
Co-Mailers are necessary to the Debtors' business, and the
favorable terms of the Agreement make it a valuable asset of the
Debtors' bankruptcy estates, Mr. Canning says.

4. Goss International Americas Inc.

Debtor Quebecor World Waukee Inc. and Goss International
Americas Inc. entered into a contract, wherein Waukee would
purchase a Universal 45 Four-High Tower Add-On with related
equipment from Goss.

According to Mr. Canning, the Tower would be added as an
additional tower to an existing Goss Universal 45 press at the
Debtors' facility in Waukee, Iowa.  The Goss U45 Press is used
primarily in the Debtors' telephone directory business.  The
Tower would provide additional page and color capability to the
existing Goss U45 Press.  "Increasing the range of page and
color capability that the Debtors are able to offer to their
customers will substantially increase their ability to generate
revenue in the telephone directory business," Mr. Canning says.

Mr. Canning relates that beginning mid-April 2008, the Waukee
facility will lose a substantial amount of earnings each week
the Tower is not operational, as it will have to outsource a
substantial amount of work produced on the Goss U45 Press.
Installation of the Tower was scheduled for March-April because
the facility is less busy during this time and could more easily
afford to take the Goss U45 Press offline for the time it will
take to complete the installation and testing for the Tower.  As
of March 10, 2008, the Tower has been manufactured and shipped
to Waukee, and Goss has represented to the Debtors that it is
prepared to begin installation of the Tower immediately
following assumption of the Agreement, Mr. Canning says.

As of March 10, 2008, the Debtors have made down payments and
installment payments totaling 45% of the total purchase price.
The unpaid amount currently due and owing on account of the
Tower is US$705,458, which is the amount that would be required
to cure the Debtors' defaults under the Agreement pursuant to
Section 365(b) of the Bankruptcy Code.

The Debtors seek the Court's authority to assume the Agreement,
pay the Cure Amount to cure existing defaults, and provide Goss
with adequate assurance of future performance.

Mr. Canning relates that the Tower is necessary to the Debtors'
telephone directory business and will allow the Debtors to avoid
outsourcing work related to that line of business.  "Moreover,
because the Debtors have already installed the Goss U45 Press at
their Waukee facility, Goss is the only manufacturer that
produces a tower add-on that is compatible with the Debtors'
existing equipment."

                     About Quebecor World

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

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

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

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

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

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

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


R & G SYSTEMBAU: Claims Registration Period Ends April 14
---------------------------------------------------------
Creditors of R & G Systembau GmbH have until April 14, 2008, to
register their claims with court-appointed insolvency manager
Olaf Seidel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Olaf Seidel
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         Web site: http://www.worako.de/  

The District Court of Dresden opened bankruptcy proceedings
against R & G Systembau GmbH on March 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         R & G Systembau GmbH
         Jagdweg 1 - 3
         01159 Dresden
         Germany


SCHULZE-FAHRZEUGSERVICE GMBH: Claims Registration Ends April 15
---------------------------------------------------------------
Creditors of Schulze-Fahrzeugservice GmbH have until April 15,
2008 to register their claims with court-appointed insolvency
manager Kai Dellit.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27 E
         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:

         Kai Dellit
         Michaelstrasse 71
         09116 Chemnitz
         Germany
         Tel: (0371) 381770
         Fax: (0371) 3817730
         E-mail: chemnitz@hww-kanzlei.de   

The District Court of Chemnitz opened bankruptcy proceedings
against  Schulze-Fahrzeugservice GmbH on March 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schulze-Fahrzeugservice GmbH
         Attn: Werner Strecke and Anja Schuhmann, Managers
         Barensteiner Str.11
         09456 Annaberg-Buchholz
         Germany


UNIVERSUS 24: Claims Registration Ends April 15
-----------------------------------------------
Creditors of Universus 24 GmbH have until April 15, 2008 to
register their claims with court-appointed insolvency manager
Dr. jur. Rainer Eckert.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against Universus 24 GmbH on Feb. 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Universus 24 GmbH
         Attn: Pavel Mass, Manager
         Lilienthalstrasse 13
         30179 Hannover
         Germany


=============
G E O R G I A
=============


* Fitch Affirms Georgia's Issuer Default Ratings at BB-
-------------------------------------------------------
Fitch Ratings affirmed Georgia's Long-term local and foreign
currency Issuer Default ratings at 'BB-' with Stable Outlooks.

At the same time, the agency has affirmed Georgia's Country
Ceiling at 'BB-' and Short-term foreign currency IDR at 'B'.

"Georgia's sovereign ratings are supported by its moderate
government debt burden of 25% of GDP and dynamic economic growth
rate that averaged 9.7% in the five years to 2007, propelled by
an impressive record of structural reforms and massive foreign
direct investment inflows," says Edward Parker, Head of Emerging
Europe sovereigns at Fitch.  "However, political and economic
weaknesses, including a substantial current account deficit,
pose risks to the country's rapid development path."

Fitch forecasts real GDP growth of around 9% this year, after
12.4% in 2007.  Georgia's economic revival and foreign direct
investment inflows of around 15% of GDP last year are testament
to the liberal reform agenda of the government.  The improvement
in the business climate is underscored by Georgia's rank of 18th
in the 2008 World Bank Doing Business Survey, the highest of any
sub-investment grade country, up from 112th in 2006.

The rating is also underpinned by Georgia's public finances.
Fitch estimates that public debt was a moderate 25% of GDP at
end-2007, below the 'BB' range median of 34%, and has declined
from 71% at end-2002.  The 2008 budget envisages a tightening in
the general government deficit to around 2.3% of GDP (counting
privatisation receipts below the line), after strong expenditure
pressures induced a pro-cyclical widening to 4.7% of GDP last
year.  A recent amendment to the Budget Systems Law prohibits
deficits from 2009.  Although the government indicates that it
plans to place the proceeds from its prospective debut eurobond
into its two newly-created sovereign wealth funds, there is a
risk that the proceeds could be used for general fiscal
financing.

Fitch views Georgia's external finances as a rating weakness.  
It estimates the current account deficit at close to 20% of GDP
in 2007, albeit largely driven and financed by strong FDI.  The
global credit crunch heightens external financing risks.

Georgia's liquidity ratio (which measures liquid foreign assets
over foreign liabilities falling due over the next 12 months) is
111% in 2008, below the 'BB' range median of 243%; Fitch
estimates net external debt was equivalent to 22% of GDP at end-
2007, compared with the 'BB' range median of 0. Bank credit to
the private sector surged by 64% in real terms last year, though
it remains moderate at 28% of GDP at end-2007.  Inflation picked
up to 11% at end-2007, reflecting both supply side shocks and
strong monetary growth. Reassuringly, the National Bank of
Georgia has tightened monetary policy this year; a new law
clarifies price stability as its primary objective, but it
failed to unambiguously increase its independence from political
influence.

Fitch views political risks as a material constraint on
Georgia's ratings.  Notwithstanding, improvements in governance
since the "Rose Revolution" in 2003, democratic institutions are
immature and political instability has increased since November.

President Mikheil Saakashvili won a second term in January and
his party appears likely to win another majority in
parliamentary elections in May.  However, there is a risk that
instability could persist with potential adverse consequences
for investor confidence, capital inflows, economic policy and
the credit outlook.  Relations with Russia are tense and the
risk of a flare up in the frozen conflict with the secessionist
territories of Abkhazia and South Ossetia weigh on the ratings.


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


SMURFIT KAPPA: Irish Unit Inks Software Deal with VantagePoint
--------------------------------------------------------------
Smurfit Kappa Ireland, a part of Smurfit Kappa Group plc, has
signed a contract to implement Business VantagePoint(TM),
VantagePoint Systems Inc.'s flagship business software for the
corrugated packaging industry, in their operations.  Business
VantagePoint software will be implemented at Smurfit Kappa's
three corrugated plants and seven specialty packaging plants in
Ireland.

Business VantagePoint(TM) is an estimate-to-cash business
software solution for multi-plant packaging manufacturing
operations, and provides functionality in the areas of
estimating, order processing, inventory, manufacturing control,
job costing, shipping and invoicing.  Smurfit Kappa will utilize
Business VantagePoint software together with Planning &
Scheduling software from OM Partners and ArtiosCAD design
software, as a part of a best-of-breed software approach.  All
three software solutions will be seamlessly integrated, with
information being passed between the applications automatically.

"We are impressed with the way Business VantagePoint displays
open order data, and the flexibility to move jobs between
plants.  The software provides us with full visibility of all
orders being processed in all plants, across the whole
organization, and allows us to establish optimum order routing
for cost savings and maximum efficiency," Paul Cash, head of
Information Technology for Smurfit Kappa Ireland, commented.

"Business VantagePoint will enable us to run our operations as
efficiently as possible allowing us to focus on our mission of
creating value to our customers," John O'Loughlin, CEO of
Smurfit Kappa Ireland, stated.

"We first started working with Smurfit Kappa Ireland a year ago,
and quickly realized that their business offered an exciting
opportunity; they are focused on delivering the perfect order to
their customers, while operating ten business units in two
countries.  We look forward to implementing Business
VantagePoint in Smurfit Kappa's operations over the next 12
months," Peter Dobell, vice President, CTO of VantagePoint,
commented.

                  About Smurfit Kappa Group

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

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

                        *     *     *

As of Feb. 18, 2008, Smurfit Kappa Group plc carries Moody's
long-term corporate family rating of 'Ba3' with stable outlook.

Standard & Poor's gave SKG 'BB-' rating for long-term foreign
issuer credit and 'BB-' rating on long-term local issuer credit
with stable outlook.


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


ALITALIA SPA: Mediobanca, Eni Deny Report on Possible Offer
-----------------------------------------------------------
Mediobanca S.p.A. and Eni S.p.A. denied local reports that they
will join an Italian consortium that will submit a counteroffer
for the government's 49.9% stake in Alitalia S.p.A., Alessandra
Migliaccio writes for Bloomberg News.

Mediobanca and Eni both told Bloomberg News that they have no
interest in acquiring a stake in Alitalia.

Former Prime Minister Silvio Berlusconi, denied mentioning
Mediobanca and Eni as possible consortium members, stressing
that "these are only journalistic suppositions."  

Mr. Berlusconi, expected to return to his post following the
upcoming election, has vowed to reject Air France's offer,
saying he prefers an Italian buyer for Alitalia.

AirOne S.p.A. declared March 21, 2008, it will submit an
alternative bid for Alitalia in three weeks, stressing that it
needs more time to draft a proposal since it was excluded from
conducting due diligence on the national carrier.

Deutsche Lufthansa AG may join AirOne in the counteroffer.

As recently reported in the TCR-Europe, Alitalia and the present
government have accepted Air France-KLM SA's binding offer,
subject to several conditions including union approval.  Air
France, so far, has yet to convince the unions to accept its
business plan, which foresees around 2,100 job cuts.

                          About Alitalia

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

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

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


ALITALIA SPA: Mulls Extending Union Talks Period Beyond Today
-------------------------------------------------------------
Alitalia S.p.A. Board of Directors acknowledges the progress of
the trade unions negotiations following the meetings held on
March 18, 20 and 25, 2008.

To date, those meetings have not led to identify solutions
shared by the trade unions, even though those meetings
highlighted a clear availability to further discuss the key
aspects.

Air France-KLM have indicated its availability to postpone the
terms of the effectiveness clauses provided for by the framework
agreement, including the deadline of March 31, 2008.

Trade union organizations and the professional associations for
the sector have both expressed the need for more time to
evaluate and to carry out required consultations.

In this context, the Board of Directors decided to initiate the
required in-depth legal-financial analysis, and decided to
convene again shortly to take the consequent decisions.

                          About Alitalia

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

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

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


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


AUTO SPETS: Creditors Must File Claims by May 7
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Auto Spets Contract insolvent.

Creditors have until May 7, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


KOSTANAI TRANSIT: Claims Deadline Slated for May 14
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai Transit Service insolvent.

Creditors have until May 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


MELINVEST LLP: Claims Filing Period Ends May 14
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Commercial-Manufacturing Company Melinvest
insolvent.

Creditors have until May 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


SEMEY SU: Creditors' Claims Due on May 9
----------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared CJSC Semey Su insolvent on Feb. 14, 2008,

Creditors have until May 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ibraev Str. 156-51
         Semey
         East Kazakhstan
         Kazakhstan


SUN GRAIN: Claims Registration Ends May 7
-----------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Sun Grain insolvent.

Creditors have until May 7, 2008, to submit written proofs of
claims to:

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


VLAD ZERNO: Claims Deadline Slated for May 14
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Vlad Zerno insolvent.

Creditors have until May 14, 2008, to submit written proofs of
claims to:

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


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


BISHKEK AIR: Creditors Must File Claims by April 25
---------------------------------------------------
LLC Bishkek Air has declared insolvency.  Creditors have until
April 25, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-543) 86-43-45.


ULTRAS-TRUCK LLC: Claims Filing Period Ends April 25
----------------------------------------------------
LLC Ultras-Truck has declared insolvency.  Creditors have until
April 25, 2008 to submit written proofs of claim to:

         LLC Ultras-Truck
         Gorodok Stroitelei, 2-48
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 26-30-61


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


X5 RETAIL: Convening Shareholders Over Formata Financing Details
----------------------------------------------------------------
X5 Retail Group N.V.'s Supervisory Board and Management Board
have decided to convene an Extraordinary General Meeting of
Shareholders on April 21, 2008, in Amsterdam, the Netherlands.
The record date for the EGM is March 28, 2008.

The purpose of the EGM is to authorize the Company's Supervisory
Board and Management Board to make certain decisions with
respect to financing of the potential acquisition of Formata
Holding B.V.

X5 Retail is proceeding as planned with the due diligence on
Formata and will announce its decision on the acquisition as
soon as such a decision is approved by the Supervisory Board,
subject to the Company's satisfaction with the results of the
due diligence.

The financing structure for the potential acquisition of Formata
is still being determined, with different forms of equity
financing currently under consideration, including the
possibility of granting existing GDR holders rights to subscribe
for additional GDRs on a pro rata pre-emptive basis (subject to
applicable legal requirements).

To make possible equity financing options technically feasible,
the Supervisory Board requires extended authority to approve the
issuance of shares and the granting of rights to subscribe for
shares.

Should the Company decide to proceed with the acquisition, it
anticipates to raise equity financing of around US$1 billion in
the first half of this year.

Additionally, as the Call Option Agreement provides that, at the
Company's discretion, up to 25% of the Option Price can be
satisfied by newly issued X5 Retail Group shares, the
Supervisory Board needs to have authorization of the EGM on the
right to approve such an in kind share payment and respective
share issuance.

If X5 Retail Group were to select the Share Consideration
option, it intends to exclude the pre-emptive rights in respect
of the related share issuance.  In connection, the Company also
seeks authorisation from the EGM for the Supervisory Board to
approve the exclusion or limitation of the pre-emptive right
with respect to a contribution in kind.

As provided in the Call Option Agreement, the Share
Consideration is based on the volume weighted average price of
an X5 ordinary share for the 30-day period immediately prior to
the date of the Option Notice.  The Option Notice was sent to
Formata shareholders on Jan. 2 2008.

It should be noted that the Company intends to use the Share
Consideration option only if it is more advantageous from a
financial perspective than a cash payment.

Thus the convocation of the EGM is a technical step to prepare
for the potential acquisition of Formata.  These authorizations
for the Supervisory Board will ensure that the implied capital
raising can be tailored to meet the Company's needs to fund the
acquisition and that the Company has sufficient flexibility in
deciding on the funding format, including an option to issue
shares on a pre-emptive basis, among other financing
possibilities.

                        About X5 Retail

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

                          *     *     *

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

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


X5 RETAIL: Completes Syndication of US$1 Billion Loan
-----------------------------------------------------
X5 Retail Group N.V. disclosed Thursday that syndication for the
US$1,100,000,000 3 year Term Loan Facility was successfully
completed on terms announced prior to the launch.

The syndication was launched by BNP Paribas, CALYON, HSBC Bank
plc, ING Bank N.V. and Raiffeisen Zentralbank Osterreich AG,
each an "Initial Mandated Lead Arranger and Bookrunner, on Jan.
25, 2008.  The Facility was fully pre-funded by the Bookrunners
in December 2007.

Societe Generale and Unicredit joined the transaction as
Mandated Lead Arrangers.  In total, 12 banks joined the
Facility.

As the company stated on Dec. 18, 2007, the Facility pays a
margin of 225 bps p.a. over LIBOR out of the box for the first
year.  Subsequently, the margin will move in accordance with a
Net Debt/EBITDA grid with a maximum margin at the top of the
grid of 200 bps p.a. over LIBOR.

CFO of X5 Retail Group Evgeny Kornilov commented:

"The successful completion of this syndication in the current
market environment reflects appreciation of X5's business
strategy and healthy financial position by established
international financial institutions.  We are convinced that our
strong growth prospects and prudent financial management will
ensure the Company's stable access to debt financing
irrespective of market conditions.  We are comfortable with our
current debt structure where over 80% of existing obligations
mature in more than two and a half years.  Moreover, with
US$260 million already available to the Company in fully
committed credit lines, X5 Retail Group confidently continues to
invest in its future growth and unrivalled market leadership."

                        About X5 Retail

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

                          *     *     *

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

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


===========
N O R W A Y
===========


FRONTIER DRILLING: S&P Puts B- Rating on Negative CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Service placed the ratings, including
the 'B-' corporate credit rating, on marine contract drilling
company Frontier Drilling ASA on CreditWatch with negative
implications.

"The CreditWatch listing reflects concern about the company's
ability to fund its planned 2008 capital spending program," said
Standard & Poor's credit analyst Jeffrey B. Morrison.

Given project cost overruns beyond initial estimates and weaker-
than-expected cash flow from operations, S&P believes that
Frontier Drilling will need to raise additional capital over the
near term, a risk heightened by a currently turbulent credit
market.

Costs of upgrading and maintaining the company's drillships and
delays in recontracting in early 2008 will likely cause cash
flow from operations to fall short of projections.  If the
company is unable to secure additional financing by June 2008
and successfully recontract its Southeast Asian unit at
a favorable dayrate, S&P would likely downgrade Frontier
Drilling to 'CCC+' and assign a developing outlook.

S&P is aware that Frontier Drilling's private-equity sponsors
have made equity infusions in the past to meet the company's
capital needs in funding both internal and growth initiatives.  
Although we have not yet received Frontier Drilling's audited
financial statements for fiscal 2007, S&P notes that the company
in March drew down the full amount on its US$60 million senior
secured revolving credit facility.


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


COBALT LLC: Proofs of Claim Deadline Set May 15
-----------------------------------------------
Creditors of LLC Cobalt have until May 15, 2008, to submit
proofs of claim to:

         Y. Akulshin
         Insolvency Manager
         Litovskaya Str. 12a
         305023 Kursk
         Russia

The Arbitration Court of Kursk has commenced bankruptcy
proceedings against the company after declaring it insolvent.  
The case is docketed as ?35-4622/07 g.

The Court is located at:

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

The Debtor can be reached at:

         LLC Cobalt
         XXI Partsjezda Str. 9
         Zheleznogorsk
         307170 Kursk
         Russia


COMSTAR-UNITED: RTC Unit Elects Board of Directors
--------------------------------------------------
The extraordinary general shareholders meeting of JSC Regional
Technical Center, a unit of Comstar - United TeleSystems JSC,
has approved new members of Board of Directors.

These members were elected to the Board of Directors:


    * Kirill Andreychenko, Director for corporate governance and
      legal issues, JSC Comstar-UTS;

    * Denis Badretdinov, Director of the network strategic
      development Department, JSC Comstar-UTS;

    * Dmitri Karmanov, HR Director, JSC Comstar-UTS;

    * Victor Koresh, Vice president for regional development,
      JSC COMSTAR-UTS;

    * Anatoly Krainev, Director of Department for management and
      business development of Subsidiaries of JSC Comstar-UTS;

    * Oleg Filippov, Director of research and analytics
      Department, JSC Comstar-UTS;

    * Vladislav Yablonskikh, Director of planning and management
      accounts Department, JSC Comstar-UTS.

Mr. V. Koresh was elected Chairman of Board.

                       About Comstar-UTS

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

                           *    *    *

As of March 27, 2008, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.

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


INVEST-DOM-STROY LLC: Proofs of Claim Deadline Set May 15
---------------------------------------------------------
Creditors of LLC Invest-Dom-Stroy have until May 15, 2008, to
submit proofs of claim to:

         A. Razmakhova
         Insolvency Manager
         Tsiolkovskogo Str. 33/19
         248000 Kaluga
         Russia

The Arbitration Court of Kaluga has commenced bankruptcy
proceedings against the company after declaring it insolvent.  
The case is docketed as ?23-2017/07B-7-113.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         LLC Invest-Dom-Stroy
         Darvina Str. 2A
         Kaluga
         Russia


KSM CJSC: Proofs of Claim Deadline Set May 15
---------------------------------------------
Creditors of CJSC KSM have until May 15, 2008, to submit proofs
of claim to:

         E. Portnova
         Insolvency Manager
         Post User Box 964
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg has commenced bankruptcy
proceedings against the company after declaring it insolvent.  
The case is docketed as ?47-8856/07-14 GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC KSM
         Stroiteley Str. 44
         462401 Orsk
         Russia


MOSALSKIY CHEESE: Proofs of Claim Deadline Set May 15
-----------------------------------------------------
Creditors of OJSC Mosalskiy Cheese have until May 15, 2008, to
submit proofs of claim to:

         A. Leonov
         Insolvency Manager
         Revolyutsii Str. 56A
         Mosalsk
         249930 Kaluga
         Russia

The Arbitration Court of Kaluga has commenced bankruptcy
proceedings against the company after declaring it insolvent.  
The case is docketed as ?23-2337/07B-17-156-8-133.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         OJSC Mosalskiy Cheese
         Revolyutsii Str. 56A
         Mosalsk
         249930 Kaluga
         Russia


NEGA S: Creditors Must File Claims by May 15
--------------------------------------------
Creditors of LLC Nega S have until May 15, 2008, to submit
proofs of claim to:

         S. Garloeva
         Temporary Insolvency Manager
         Vidanskaya Str. 15V
         Petrozavodsk
         185031 Kareliya Republic
         Russia

The Arbitration Court of Kareliya Republic has commenced
bankruptcy supervision procedure on the company.  The case is
docketed as ?26-5156/2007.

The Debtor can be reached at:

         LLC Nega S
         Apartment 310
         40 Let VLKSM Str. 19
         Sortavala
         186792 Kareliya Republic
         Russia


PMK-23 OJSC: Proofs of Claim Deadline Set April 15
--------------------------------------------------
Creditors of OJSC PMK-23 have until April 15, 2008, to submit
proofs of claim to:

         A. Popov
         Insolvency Manager
         Post User Box 345
         115230 Moscow
         Russia

The Arbitration Court of Vladimir will convene on Feb. 13, 2009,
to hear bankruptcy proceedings against the company.  The case is
docketed as ?41-K2-9033/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC PMK-23
         Kasimovskoe Shosse 41a
         Egoryevsk
         Russia


ROSNEFT OIL: Investing RUR65 Billion to Hike Gas Refining Rate
--------------------------------------------------------------
OAO Rosneft Oil Co. plans to invest RUR65 billion in associated
petroleum gas processing to increase its refining rate to 95% by
2011, RIA Novosti reports, citing CEO Sergei Bogdanchikov.

Mr. Bogdanchikov told RIA Novosti that Rosneft will construct
five electric power plants to process a third of associated
petroleum gas by 2011.

Rosneft will send another third of the associated petroleum gas
to refining facilities for conversion into chemical products and
stripped gas, which will be supplied to OAO Gazprom.

The remaining third will be used to maintain stratum pressure to
boost deposit yields, Mr. Bogdanchikov added to RIA Novosti.

                          About Rosneft

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

                        *     *     *

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


RUSSIAN FACTORING: Fitch Puts RUR500 Million Facility at BB
-----------------------------------------------------------
Fitch Ratings has today assigned final ratings to Russian
Factoring No. 1 S.A.'s debt obligations as:

   -- RUB11.25bn senior asset-backed notes: 'BBB';
      Outlook Stable

   -- RUB0.5bn mezzanine facility: 'BB'; Outlook Stable

At the same time Fitch has confirmed the ratings in response to
an increase of the balance of the senior asset-backed notes.  
This follows a request by the originator to increase the funding
provided by the originator Eurokommerz FC to meet further asset
growth.  The total amount Eurokommerz FC advanced was
approximately RUB 26bn at 31 January 2008 and RUB 27.2bn at
Feb. 29, 2008.  As such, the securitisation programme is now
approximately 43% of total advanced amounts.  In line with
further asset growth, Fitch expects this ratio to shrink over
time.

The notional amount of the senior asset-backed notes has been
increased by RUB3.75bn to RUB11.25bn from RUB7.5bn.  The
subordinated loan, which provides credit enhancement required by
the deal's documentation, has also been increased to support the
ratings.

The final ratings address the timely and full payment of
principal and interest.  The ratings exclude any claim by the
lenders to receive prepayment charges and interest payments
equal to a step-up margin.

Fitch will monitor the transaction on a regular basis and as
warranted by events.  Its structured finance performance
analytics team ensures that the assigned ratings remain, in the
agency's view, an appropriate reflection of the issued notes'
credit risk.


SIB-STROY-SERVICE: Proofs of Claim Deadline Set May 15
------------------------------------------------------
The Arbitration Court of Khakasiya Republic has commenced
bankruptcy proceedings against the company after declaring it
insolvent.  The case is docketed as ?74-1946/2007.

Creditors of LLC Sib-Stroy-Service have until May 15, 2008, to
submit proofs of claim to:


The Debtor can be reached at:

         LLC Sib-Stroy-Service
         Chertygasheva Str. 150-34.
         655017 Abakan
         Russia

         V. Miroshnik
         Insolvency Manager
         Post User Box 2455
         660018 Krasnoyarsk
         Russia


SITRONICS JSC: Buys Melrose Holding's 36% Kvazar-Micro Stake
------------------------------------------------------------
JSC Sitronics acquired a 36% stake in Kvazar-Micro from Melrose
Holding Company for US$116.9 million.  The acquisition was
financed by a combination of cash and Sitronics' stock.  

As a result of the transaction, SITRONICS now owns an 87% stake
in Kvazar-Micro.  Melrose Holding, now has a 3.07% stake in
Sitronics.

Kvazar-Micro plans to acquire the remaining 13% from Melrose
Holding within two years.

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

As of Feb. 2, 2008, JSC Sitronics still holds Fitch Ratings'
Long-term Issuer Default Rating of 'B-' with a Stable Outlook.


SPROS-SERVICE LLC: Creditors Must File Claims by April 15
---------------------------------------------------------
Creditors of LLC Spros-Service have until April 15, 2008, to
submit proofs of claim to:

         S. Pogosyan
         Temporary Insolvency Manager
         Kolkhoznaya Str. 351
         352120 Tikhoretsk
         Russia

The Arbitration Court of Krasnodar has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
?-32-22180/2007-43/519-B.

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Spros-Service
         Partizanskaya Str. 18/3
         Lazarevskiy
         Sochi
         Russia


TSNA CJSC: Proofs of Claim Deadline Set May 15
----------------------------------------------
Creditors of CJSC TSNA have until May 15, 2008, to submit proofs
of claim to:

         V. Kuzin
         Insolvency Manager
         Sovetskaya Str. 118
         Tambov
         Russia

The Arbitration Court of Tambov will convene on Feb. 16, 2009,
to hear bankruptcy proceedings against the company.  The case is
docketed as ?64-3802/07-21.

The Court is located at:

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

The Debtor can be reached at:

         CJSC TSNA
         Rasskazovo
         Tambov
         Russia


WIMM-BILL-DANN FOODS: Commences Production at Omsk Site
-------------------------------------------------------
Wimm-Bill-Dann Foods OJSC has commenced production of Agusha
baby food and Imunele functional products in Omsk Region.

The baby-food production facility is located on the territory of
Wimm-Bill-Dann's Manros-M factory, the largest milk-processing
plant in Omsk Region.

The new production complex has its own reception point for raw-
milk deliveries, a warehouse for finished products and three
production lines by Tetra Pak, Hassia and Ave.  It is the
largest production site for dairy products for children in
Russia located east of the Ural Mountains.  Its designed
production capacity is over than 50 tons per day.  The total
investment in the facility amounted to US$14 million.

The full range of baby foods under the Agusha brand as well as
Imunele functional products will be manufactured at the Omsk
plant. Manros-M will supply the products to all of Russia's
regions from the Urals to the Far East.

"The launch of production of the baby food and Imunele at Omsk
is a strategic step forward in the development of the company,"
said Dmitry Mironchikov, who heads Western Siberia for Wimm-
Bill-Dann.  "We are seriously strengthening our presence in one
of the fastest growing segments of the food market in Siberia
and making it far simpler to supply the Urals, Eastern-Siberian
and Far-East regions."

                      About Wimm-Bill-Dann

Headquartered in Moscow, Russia, Wimm-Bill-Dann Foods OJSC --
http://www.wbd.com/-- manufactures dairy and juice products.   
It  distributes products through a variety of channels,
including independent distributors and wholesalers, supermarket
chains, small- and medium-sized grocery stores, open-air markets
and restaurants.

                        *     *     *

As of March 27, 2008, Wimm-Bill-Dann Foods OJSC carries Ba3
Corporate Family, Senior Unsecured Debt, and Probability-of-
Default ratings from Moody's Investors Service, which said the
outlook is stable.

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


X5 RETAIL: Convening Shareholders Over Formata Financing Details
----------------------------------------------------------------
X5 Retail Group N.V.'s Supervisory Board and Management Board
have decided to convene an Extraordinary General Meeting of
Shareholders on April 21, 2008, in Amsterdam, the Netherlands.
The record date for the EGM is March 28, 2008.

The purpose of the EGM is to authorize the Company's Supervisory
Board and Management Board to make certain decisions with
respect to financing of the potential acquisition of Formata
Holding B.V.

X5 Retail is proceeding as planned with the due diligence on
Formata and will announce its decision on the acquisition as
soon as such a decision is approved by the Supervisory Board,
subject to the Company's satisfaction with the results of the
due diligence.

The financing structure for the potential acquisition of Formata
is still being determined, with different forms of equity
financing currently under consideration, including the
possibility of granting existing GDR holders rights to subscribe
for additional GDRs on a pro rata pre-emptive basis (subject to
applicable legal requirements).

To make possible equity financing options technically feasible,
the Supervisory Board requires extended authority to approve the
issuance of shares and the granting of rights to subscribe for
shares.

Should the Company decide to proceed with the acquisition, it
anticipates to raise equity financing of around US$1 billion in
the first half of this year.

Additionally, as the Call Option Agreement provides that, at the
Company's discretion, up to 25% of the Option Price can be
satisfied by newly issued X5 Retail Group shares, the
Supervisory Board needs to have authorization of the EGM on the
right to approve such an in kind share payment and respective
share issuance.

If X5 Retail Group were to select the Share Consideration
option, it intends to exclude the pre-emptive rights in respect
of the related share issuance.  In connection, the Company also
seeks authorisation from the EGM for the Supervisory Board to
approve the exclusion or limitation of the pre-emptive right
with respect to a contribution in kind.

As provided in the Call Option Agreement, the Share
Consideration is based on the volume weighted average price of
an X5 ordinary share for the 30-day period immediately prior to
the date of the Option Notice.  The Option Notice was sent to
Formata shareholders on Jan. 2 2008.

It should be noted that the Company intends to use the Share
Consideration option only if it is more advantageous from a
financial perspective than a cash payment.

Thus the convocation of the EGM is a technical step to prepare
for the potential acquisition of Formata.  These authorizations
for the Supervisory Board will ensure that the implied capital
raising can be tailored to meet the Company's needs to fund the
acquisition and that the Company has sufficient flexibility in
deciding on the funding format, including an option to issue
shares on a pre-emptive basis, among other financing
possibilities.

                        About X5 Retail

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

                          *     *     *

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

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


* S&P Ups Bashkortostan's Long-Term Issuer Credit Rating to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on the Russian Republic of Bashkortostan to 'BB+'
from 'BB'.  The outlook is stable.

"The upgrade reflects the republic's sound financial position,
which we expect to continue," said Standard & Poor's credit
analyst Boris Kopeykin.

The rating is still constrained by the republic's low budget
predictability and flexibility, due to federal controls; a
concentration of major taxpayers in the oil processing and
extraction industries; long-term expenditure pressures; and
still-low wealth in the international context.

These constraints are mitigated by the republic's low debt,
strong liquidity, and growing economy.

Bashkortostan demonstrates a very prudent approach to debt and
liquidity.  Tax-supported debt is currently about 10% of total
revenues, and S&P does not expect it to exceed a low 15% until
2010.  The republic's large cash reserves were about one-half of
operating expenditures at year-end 2007.  S&P expects
Bashkortostan to remain a net creditor, with reserves exceeding
debt service at least until 2011.  In addition, the republic has
liquid assets valued at more than 100% of the budget, including
financial assets, industrial enterprises, and real estate.

Budgetary performance is likely to deteriorate somewhat in 2009-
2010, but will nevertheless remain sound, with operating
surpluses of about 11%-15% of operating revenues and only small
deficits after capital expenditures.

"We expect Bashkortostan's prudent financial management and
gradual economic growth to help the republic maintain sound
financial indicators, despite expenditure pressures and the
consequent, likely deterioration of balances after capital
expenditures," said Mr. Kopeykin.

A positive rating action could result from increased visibility
in the republic's medium-term reserve- and asset-management
strategy, which should confirm our expectations of prudent
financial policies, and the creation of a reliable medium-term
investment plan, which will lead to noticeably improved
infrastructure and wealth levels.

In contrast, a negative rating action could result from a more
aggressive financial policy, with rapid depletion of cash
reserves and a significant deterioration in financial
performance to weaker-than-8%-10% of operating balances.  Any
significant negative economic or intergovernmental developments
resulting in a major reduction in revenues -- although S&P does
not currently consider this likely -- could also pressure the
rating.


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


EMPRESAS TDA: Moody's Rates EUR60 Million Series C Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the debt issued by Empresas TDA CAM 6, Fondo de
Titulizacion de Activos:

    -- Aaa to the EUR635 million Series A1 notes
    -- Aaa to the EUR240 million Series A2 notes
    -- A3 to the EUR65.0 million Series B notes
    -- Ba3 to the EUR60.0 million Series C notes

Empresas TDA CAM 6, Fondo de Titulizaci˘n de Activos is the
sixth SME transaction carried out by Caja de Ahorros del
Mediterr neo (CAM). The portfolio consists of loans to Spanish
small-and medium-sized enterprises (SMEs) granted by CAM.

In Moody's view, strengths of the transaction include, among
others: (1) a strong swap agreement guaranteeing an excess
spread of 0.50%; (2) a 6.50% cash reserve, funded up front,
providing both liquidity and credit protection to the structure;
and (3) a 12-month artificial write-off mechanism.  However,
weaknesses of this deal include: (1) geographical concentration
in the regions of Valencia (44.25%), Murcia (13.45%), Madrid
(10.12%), and Catalu¤a (10.88%); (2) a high concentration in the
Building and Real Estate sector; (3) a significant portion of
unsecured loans; and (4) pro-rata amortisation of the notes,
which negatively impacts the more senior series.  These risks
were considered in Moody's quantitative analysis.

The definitive portfolio of underlying assets amounts to
EUR1,000,000,000 and is composed of 5,690 loans and 4,895
borrowers.  The loans have been originated between 1994 and
2007, with a weighted average seasoning of 1.39 years, and a
weighted average remaining life of 7.34 years.  Around 31% of
the outstanding of the portfolio is secured by mortgage
guarantee over different types of properties (with a weighted
average LTV of 53.23%).

According to Moody's, the definitive ratings take into account -
- among other factors: (i) an evaluation of the underlying
portfolio of loans; (ii) historical performance information;
(iii) the swap agreement hedging the interest rate risk; (iv)
the credit enhancement provided by the guaranteed excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Series A1, A2, B and C
notes by the legal final maturity.  Moody's ratings address only
the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

Moody's assigned provisional ratings to this transaction on
March 14, 2008.

Moody's will monitor this transaction on an ongoing basis.


SMURFIT KAPPA: Closes Valladolid Recycled Container Board Mill
--------------------------------------------------------------
Smurfit Kappa Group plc is implementing further recycled
containerboard capacity rationalization as part of its capacity
management program.

SKG plans to permanently close 130,000 tons of less efficient
containerboard capacity.  It will also reduce 2008 production by
up to 80,000 tonnes through market-related downtime.

SKG intends to permanently close its Valladolid recycled
containerboard mill in Northern Spain in the second quarter of
2008.  The Valladolid mill has an annual capacity of 130,000
tons.  The closure will have the effect of reducing
recycled capacity by 70,000 tonnes in 2008.  The objective is to
reduce operating costs and to maximize the continuing efficiency
of our mill system.

In addition, SKG will take up to 80,000 tons of market-related
downtime, the majority of which will be taken during March/April
2008) to optimize the Group's supply-demand balance and to
address an increase in inventory levels of recycled
containerboard.

SKG will continue to review its production capacity, the cost
profile of its mills relative to integration requirements,
broader market demand and industry inventory levels.

The cash cost of these actions is expected to be mitigated
through exceptional gains in 2008.  Further details of both the
cash costs and impairment charges will be provided in SKG's 2008
first quarter results scheduled for release on May 9, 2008.
  
                 About Smurfit Kappa Group

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

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

                        *     *     *

As of Feb. 18, 2008, Smurfit Kappa Group plc carries Moody's
long-term corporate family rating of 'Ba3' with stable outlook.

Standard & Poor's gave SKG 'BB-' rating for long-term foreign
issuer credit and 'BB-' rating on long-term local issuer credit
with stable outlook.


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


BUROHAUS DES: Creditors' Liquidation Claims Due by April 2
----------------------------------------------------------
Creditors of JSC Burohaus des SMUV Winterthur have until
April 2, 2008, to submit their claims to:

         Trade Union UNIA
         Weltpoststrasse 20
         3000 Bern 15
         Switzerland

The Debtor can be reached at:

         JSC Burohaus des SMUV Winterthur
         Winterthur ZH
         Switzerland


DIAMOND PURCHASES: Creditors' Liquidation Claims Due by April 2
---------------------------------------------------------------
Creditors of Diamond Purchases Ltd have until April 2, 2008, to
submit their claims to:

         Dr. Andreas Renggli
         Baarerstrasse 8
         6300 Zug
         Switzerland

The Debtor can be reached at:

         Diamond Purchases Ltd
         Zug
         Switzerland


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

         JSC Givabau
         Burglistrasse 18
         8600 Dubendorf
         Uster ZH
         Switzerland


GOL LLC: Creditors' Liquidation Claims Due by April 2
-----------------------------------------------------
Creditors of LLC Gol have until April 2, 2008, to submit their
claims to:

         LLC Gol
         Hohlstrrasse 90
         8004 Zurich
         Switzerland


IMMOBILIEN UND: Creditors' Liquidation Claims Due by April 2
------------------------------------------------------------
Creditors of JSC Immobilien und Verwaltungsgesellschaft
Aussersihl have until April 2, 2008, to submit their claims to:

         Trade Union UNIA
         Weltpoststrasse 20
         3000 Bern 15
         Switzerland

The Debtor can be reached at:

         JSC Immobilien und Verwaltungsgesellschaft Aussersihl
         Zurich
         Switzerland


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

         Stefan Breitenstein
         Liquidator
         JSC Treuhand von Flue
         Baarerstrasse 95
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Latellana
         Zug
         Switzerland


LIVANI LUXURY: Creditors' Liquidation Claims Due by April 1
-----------------------------------------------------------
Creditors of LIVANI LUXURY GOODS LTD LIAB. CO. have until
April 1, 2008, to submit their claims to:

         Dr. Martin Lenz
         Elisabethenstrasse 15
         Mail box: 430
         4010 Basel BS
         Switzerland

The Debtor can be reached at:

         LIVANI LUXURY GOODS LTD LIAB. CO.
         Zug
         Switzerland


LOGAD MANAGEMENT: Creditors' Liquidation Claims Due by April 2
--------------------------------------------------------------
Creditors of LLC Logad Management have until April 2, 2008, to
submit their claims to:

         Dr. Marco Balmelli
         Christen Rickli Partner
         Mail box 257
         4010 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Logad Management
         Muttenz
         Arlesheim BL
         Switzerland


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

         JSC CONTIGESTION HOLDING
         Neuve-du-Molard 5
         1204 Geneva
         Switzerland

The Debtor can be reached at:

         JSC Orania
         Zurich
         Switzerland


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

         Heinz Merz
         Obergass 8
         8260 Stein am Rhein SH
         Switzerland

The Debtor can be reached at:

         JSC Primsol
         Rumlang
         Dielsdorf ZH
         Switzerland


SONIC PLAYGROUND: Creditors' Liquidation Claims Due by April 2
--------------------------------------------------------------
Creditors of LLC SONIC PLAYGROUND have until April 2, 2008, to
submit their claims to:

         LLC SONIC PLAYGROUND
         Schulhausstrasse 7
         5618 Bettwil
         Muri AG
         Switzerland


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


DELTA LLC: Creditors Must File Claims by April 3
------------------------------------------------
Creditors of LLC Delta (code EDRPOU 30884299) have until
April 3, 2008 to submit 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
against the company after finding it insolvent on Feb. 13, 2008.  
The case is docketed as B-19/14-08.

The Debtor can be reached at:

         LLC Delta
         Lenin Avenue 27-A
         61072 Kharkov
         Ukraine


FINANCIAL SERVICE: Creditors Must File Claims by April 4
--------------------------------------------------------
Creditors of LLC Financial Service (code EDRPOU 31670503) have
until April 4, 2008 to submit proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 9, 2008.  
The case is docketed as 1/159-B.

The Debtor can be reached at:

         LLC Financial Service
         Rovno Str. 105
         Lutsk
         Volin
         Ukraine


GETMAN LLC: Creditors Must File Claims by April 4
-------------------------------------------------
Creditors of LLC Getman (code EDRPOU 13366912) have until
April 4, 2008 to submit proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 9, 2008.  
The case is docketed as 1/158-B.

The Debtor can be reached at:

         LLC Getman
         Volia Avenue 29/74
         Lutsk
         Volin
         Ukraine  


STAYKI CJSC: Creditors Must File Claims by April 4
--------------------------------------------------
Creditors of Stayki CJSC (code EDRPOU 23243863) have until
April 4, 2008 to submit proofs of claim to:
         
         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.  
The case is docketed as B 11/452-07.

The Debtor can be reached at:

         Stayki CJSC
         Stayki
         Kagarlyk District
         09210 Kiev
         Ukraine


SVITANOK-1 LLC: Creditors Must File Claims by April 4
-----------------------------------------------------
Creditors of LLC Svitanok-1 (code EDRPOU 23237348) have until
April 4, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.  
The case is docketed as B 11/451-07.

The Debtor can be reached at:

         LLC Svitanok-1
         Novoselki
         Kagarlyk District
         09223 Kiev
         Ukraine


UKRAINIAN WEST: Creditors Must File Claims by April 3
-----------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 20, 2008.
The case is docketed as 43/179.  

Creditors of LLC Ukrainian West Building (code EDRPOU 32854837)
have until April 3, 2008 to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Ukrainian West Building
         Apartment 272
         Sviatoshyn Square 1
         03115 Kiev
         Ukraine


ZAPOROZHYE PROJECT-CONSTRUCTOR: Creditors' Claim Due April 3
------------------------------------------------------------
Creditors of OJSC Zaporozhye Project-Constructor and
Technological Institute of Motorcar Industrial Welding (code
EDRPOU 00234815) have until April 3, 2008 to submit proofs of
claim to:

         Nikolay Vereschak
         Liquidator
         Apartment 16
         Constantine Veliky Str. 16
         69002 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Feb. 18, 2008.  The case is docketed as 19/11/08.

The Court is located at:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Debtor can be reached at:

         OJSC Zaporozhye Project-Constructor and Technological
         Institute of Motorcar Industrial Welding
         Metallurgov Avenue 30
         69006 Zaporozhje
         Ukraine


* Moody's Puts Ratings on 22 Banks Under Review and May Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed the B2 long-term foreign-
currency deposit ratings of twenty-two Ukrainian banks on review
for possible upgrade.  The ratings of foreign currency debt
instruments issued by six Ukrainian have also been placed on
review for possible upgrade.

This rating action has been triggered by the review for possible
upgrade of the B1 local- and foreign-currency bond ratings of
the Ukrainian government and Ukraine's B2 country ceiling for
foreign-currency deposits announced Friday.  Ukraine's Ba3
country ceiling for foreign-currency bonds was also placed on
review for possible upgrade, whilst the A3 country ceilings for
local-currency bonds and the Baa1 country ceiling for local-
currency deposits were affirmed with a stable outlook.  Short-
term ratings remained at Non-Prime.

The only Ukrainian bank ratings that were placed on review for
possible upgrade were those whose foreign-currency deposit
ratings are currently constrained by the B2 country ceiling for
foreign-currency deposits.  Specifically, the B2 long-term
foreign-currency deposit ratings of these banks were placed on
review for possible upgrade:

    -- Alfa Bank Ukraine
    -- Bank Finance and Credit
    -- Bank Nadra
    -- Bank NRB
    -- Calyon Bank Ukraine
    -- First Ukrainian International Bank
    -- Forum Bank
    -- Index-Bank
    -- ING Bank Ukraine
    -- Kreditprombank
    -- OTP Bank Ukraine
    -- Pivdennyi Bank
    -- Pravex-Bank
    -- Privatbank Commercial Bank
    -- Prominvestbank
    -- Raiffeisen Bank Aval
    -- Savings Bank of Ukraine
    -- Swedbank Invest
    -- Swedbank OJSC ( former Tas-Kommerzbank)
    -- Ukreximbank
    -- Ukrsibbank
    -- Ukrsotsbank

Also, the long-term foreign currency debt ratings of these banks
were placed on review for possible upgrade:

    -- Forum Bank -- the Ba3 long-term foreign currency senior          
       unsecured debt rating

    -- Ukreximbank -- the Ba2 long-term foreign currency senior
       unsecured debt ratings

    -- Privatbank -- the Ba3 long-term foreign currency
       subordinated debt rating

    -- Ukrsibbank -- the Ba2 long-term foreign currency senior
       unsecured debt rating

    -- Savings Bank of Ukraine -- the Ba2 long-term foreign
       currency senior unsecured debt rating

    -- Ukrsotsbank - the Ba2 long-term foreign currency senior
       unsecured debt rating


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


ABITIBIBOWATER INC: Canadian Unit Has going Concern Doubt
---------------------------------------------------------
AbitibiBowater Inc. disclosed in its 2007 annual report that its
wholly owned subsidiary, Abitibi-Consolidated Inc. "is currently
experiencing a liquidity shortfall and liquidity problems and
there is substantial doubt about Abitibi's ability to continue
as a going concern."

The company's independent auditor, PricewaterhouseCoopers LLP in
Montreal, Quebec, Canada, said, "In the United States, reporting
standards for auditors require the addition of an explanatory
paragraph (following the opinion paragraph) when the financial
statements are affected by conditions and events that cast
substantial doubt on the company's ability to continue as a
going concern."

PwC further said, "Our report to the shareholders dated
March 21, 2008, is expressed in accordance with Canadian
reporting standards which do not permit a reference to such
events and conditions in the auditor's report when these are
adequately disclosed in the financial statements."

                       Abitibi-Consolidated

Abitibi-Consolidated is currently experiencing a liquidity
shortfall and faces significant near-term liquidity challenges.  
For the year ended Dec. 31, 2007, Abitibi reported a net loss of
CDN$714 million, negative cash flows from operating activities
of
CDN$468 million and reported an accumulated deficit of CDN$1.591
billion as at Dec. 31, 2007.

At Dec. 31, 2007, Abitibi-Consolidated's balance sheet showed
CDN$6.572 billion in total assets, CDN$5.026 billion in total
liabilities, and CDN$1.546 billion in total stockholders'
equity.

Abitibi's balance sheet at Dec. 31, 2007, showed strained
liquidity with CDN$1.009 billion in total current assets
available
to pay CDN$1.416 billion in total current liabilities.

Abitibi has a total of $346 million of long-term debt that
matures
in 2008:

   -- $196 million principal amount of its 6.95% Notes due
      April 1, 2008, and

   -- $150 million principal amount of 5.25% Notes due June 20,
      2008, issued by Abitibi-Consolidated Company of Canada, a
      wholly owned subsidiary of Abitibi.  

Abitibi also has revolving credit facilities with commitments
totalling $710 million maturing in the fourth quarter of 2008.  
None of these debts have yet been refinanced.  These
circumstances lend substantial doubt as to the ability of
Abitibi to meet its obligations as they come due and,
accordingly, substantial doubt as to the appropriateness of the
use of accounting principles applicable to a going concern.

To address these near-term liquidity challenges, Abitibi, and
its parent company, AbitibiBowater Inc., have developed a
refinancing plan to address upcoming debt maturities and general
liquidity needs designed to enable Abitibi to repay the $346
million due in April and June 2008 and to repay all its
maturities due in 2009, while continuing to fund Abitibi's
operations, debt service and capital expenditures, so it can
continue as a going concern.

This refinancing plan is expected to consist of:

   -- a $200 million to $300 million of new senior unsecured
      exchange notes due 2010;

   -- up to $450 million of a new 364-day senior secured term
      loan secured by substantially all of Abitibi's assets
      other than fixed assets;

   -- approximately $400 million of new senior secured notes or
      a term loan due 2011 secured by fixed assets; and

   -- $200 million to $300 million of new convertible notes of
      AbitibiBowater.

The current state of the credit markets is a significant
impediment to securing the necessary financing for Abitibi.

                    Amended 2007 Annual Report

AbitibiBowater Inc. filed on March 20, 2008, an amended annual
report on Form 10-K for the fiscal year ended Dec. 31, 2007,
that was originally filed on March 17, 2008.

for the purpose of making minor revisions to

   -- insert the name and electronic signature of the
      Independent Registered Accounting Firm, and

   -- make certain minor edits and conforming changes, including
      changes to its Feb. 29, 2008, cash balance disclosures.

In addition, AbitibiBowater is also including as exhibits to
this Amendment the certifications required pursuant to Sections
302 and 906 of the Sarbanes-Oxley Act of 2002.

                    AbitibiBowater Financials

For the year ended Dec. 31, 2007, AbitibiBowater posted a
$490 million net loss on $3.876 billion of sales as compared
with a $138 million net loss on $3.530 billion of sales for the
same period in 2006.

At Dec. 31, 2007, AbitibiBowater's balance sheet showed
$10.319 billion in total assets, $8.420 billion in total
liabilities, and $1.899 in total stockholders' equity.

AbitibiBowater's balance sheet at Dec. 31, 2007, showed strained
liquidity with $2.142 billion in total current assets available
to pay $2.178 billion in total current liabilities.

Full-text copies are available for free at:

   -- 2007 annual report of AbitibiBowater Inc.
      http://ResearchArchives.com/t/s?2983  

   -- 2007 amended 2007 annual report of AbitibiBowater Inc.
      http://ResearchArchives.com/t/s?2984  

   -- audited financial statements of Abitibi-Consolidated Inc.
      http://ResearchArchives.com/t/s?2985  

                       About AbitibiBowater

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 27,
2008, Moody's Investors Service assigned a B1 rating to the
proposed new US$450 million secured term loan at Abitibi-
Consolidate Inc.'s subsidiary Abitibi-Consolidated Company of
Canada.

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

At the same time, Standard & Poor's Ratings Services assigned
its issue and recovery ratings to Abitibi-Consolidated Co. of
Canada's proposed US$415 million senior secured notes.  ACCC is
a subsidiary of Abitibi-Consolidated Inc. (B-/Watch Neg/--).

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

As reported in the Troubled Company Reporter-Europe on March 12,
2008, Fitch Ratings downgraded the debt of Abitibi-Consolidated
Inc., (a subsidiary of AbitibiBowater Inc., as: Issuer Default
Rating to 'CC' from 'CCC'; Senior unsecured debt to 'CC/RR4 from
'CCC/RR4'; and Secured revolver to 'CCC-/RR3' from 'CCC+/RR3'.

The ratings remain on Rating Watch Negative.

Fitch also said that the ratings of parent AbitibiBowater Inc.'s
CCC Issuer Default Rating and Bowater Inc.'s CCC issuer Default
Rating remain unchanged and on Watch Negative.


ABITIBIBOWATER INC: Disclosed Preliminary Results of Offer
----------------------------------------------------------
AbitibiBowater Inc. said Thursday that the withdrawal rights of
noteholders in the exchange offers by Abitibi-Consolidated
Company of Canada, an indirect subsidiary of AbitibiBowater,
expired at 5:00 p.m. New York City time, on March 27, 2008.

These exchange offers are for the 6.95% Senior Notes due 2008,
5.25% Senior Notes due 2008 and 7.875% Senior Notes due 2009. As
of the withdraw deadline, approximately 89.3% of the outstanding
6.95% Senior Notes, 91.8% of the outstanding 5.25% Senior Notes
and 93.2% of the outstanding 7.875% Senior Notes had been
validly tendered in the exchange offers.

Based on these preliminary results, ACCC has elected to waive
the minimum tender condition with respect to the exchange
offers.  The exchange offers expire at 12:00 midnight, New York
City time, on April 4, 2008.

The exchange offers are being made only to qualified
institutional buyers and institutional accredited investors
inside the United States and to certain non-U.S. investors
located outside the United States.

                       About AbitibiBowater

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 27,
2008, Moody's Investors Service assigned a B1 rating to the
proposed new US$450 million secured term loan at Abitibi-
Consolidate Inc.'s subsidiary Abitibi-Consolidated Company of
Canada.

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

At the same time, Standard & Poor's Ratings Services assigned
its issue and recovery ratings to Abitibi-Consolidated Co. of
Canada's proposed US$415 million senior secured notes.  ACCC is
a subsidiary of Abitibi-Consolidated Inc. (B-/Watch Neg/--).

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

As reported in the Troubled Company Reporter-Europe on March 12,
2008, Fitch Ratings downgraded the debt of Abitibi-Consolidated
Inc., (a subsidiary of AbitibiBowater Inc., as: Issuer Default
Rating to 'CC' from 'CCC'; Senior unsecured debt to 'CC/RR4 from
'CCC/RR4'; and Secured revolver to 'CCC-/RR3' from 'CCC+/RR3'.

The ratings remain on Rating Watch Negative.

Fitch also said that the ratings of parent AbitibiBowater Inc.'s
CCC Issuer Default Rating and Bowater Inc.'s CCC issuer Default
Rating remain unchanged and on Watch Negative.


ABITIBIBOWATER INC: Extends Exchange Offer's Withdrawal Deadline
----------------------------------------------------------------
AbitibiBowater Inc. disclosed that Abitibi-Consolidated Company
of Canada, an indirect subsidiary of AbitibiBowater, has
extended the withdrawal deadline for its exchange offers for the
6.95% Senior Notes due 2008, the 5.25% Senior Notes due 2008 and
the 7.875% Senior Notes due 2009.

The withdrawal deadline for the exchange offers has been
extended until 5:00 p.m., New York City time, on March 27, 2008.
The withdrawal deadline had been schedule to expire on March 26,
2008.  Neither the consent payment deadline nor the expiration
date for the exchange offers has been modified and the exchange
offers will expire at 12:00 midnight, New York City time, on
April 4, 2008.

The exchange offers are being made only to qualified
institutional buyers and institutional accredited investors
inside the United States and to certain non-U.S. investors
located outside the United States.

                       About AbitibiBowater

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 27,
2008, Moody's Investors Service assigned a B1 rating to the
proposed new US$450 million secured term loan at Abitibi-
Consolidate Inc.'s subsidiary Abitibi-Consolidated Company of
Canada.

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

At the same time, Standard & Poor's Ratings Services assigned
its issue and recovery ratings to Abitibi-Consolidated Co. of
Canada's proposed US$415 million senior secured notes.  ACCC is
a subsidiary of Abitibi-Consolidated Inc. (B-/Watch Neg/--).

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

As reported in the Troubled Company Reporter-Europe on March 12,
2008, Fitch Ratings downgraded the debt of Abitibi-Consolidated
Inc., (a subsidiary of AbitibiBowater Inc., as: Issuer Default
Rating to 'CC' from 'CCC'; Senior unsecured debt to 'CC/RR4 from
'CCC/RR4'; and Secured revolver to 'CCC-/RR3' from 'CCC+/RR3'.

The ratings remain on Rating Watch Negative.

Fitch also said that the ratings of parent AbitibiBowater Inc.'s
CCC Issuer Default Rating and Bowater Inc.'s CCC issuer Default
Rating remain unchanged and on Watch Negative.


BAKER STREET: Fitch Places Ratings Under Negative Watch
-------------------------------------------------------
Fitch Ratings placed eleven classes of notes issued by Baker
Street Finance Limited and nine classes of notes issued by Baker
Street Finance USD Limited on Rating Watch Negative.  Affected
notes total EUR748 OR US$45.5 million respectively.

These classes are placed on Rating Watch Negative, effective
immediately:

  -- EUR137,500,000 class A-1a notes 'AAA';
  -- EUR110,000,000 class A-1b notes 'AAA';
  -- EUR92,400,000 class A-1c notes 'AAA';
  -- EUR90,200,000 class A2 notes 'AAA';
  -- EUR89,100,000 class B notes 'AA+';
  -- EUR68,750,000 class C notes 'AA';
  -- EUR55,000,000 class D notes 'AA-';
  -- EUR39,600,000 class E notes 'A';
  -- EUR24,200,000 class F notes 'A-';
  -- EUR22,000,000 class G notes 'BBB;
  -- EUR19,250,000 class H notes 'BB+'.
  -- US$8,400,000 class A-1 notes 'AAA';
  -- US$8,200,000 class A-2 notes 'AAA';
  -- US$8,100,000 class B notes 'AA+';
  -- US$6,250,000 class C notes 'AA';
  -- US$5,000,000 class D notes 'AA-';
  -- US$3,600,000 class E notes 'A';
  -- US$2,200,000 class F notes 'A-';
  -- US$2,000,000 class G notes 'BBB';
  -- US$1,750,000 class H notes 'BB+'.

Baker Street is a synthetic collateralized debt obligation that
references a EUR2.75 billion or US$250 million portfolio of
primarily investment grade corporate bonds referenced via direct
investments (50% of the total referenced amount), and indirectly
through ten inner tranche credit default swaps (30% of the total
referenced amount), as well as various asset backed securities
(ABS) (20% of total referenced amount).   

The transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.  KBC also
has the right, subject to trading guidelines set at the closing
of the transaction, to adjust the portfolio via additions,
removals, and replacements of reference entities and reference
obligations.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.

Fitch's rating actions primarily reflect the negative credit
rating migration within the ABS portion of the underlying
collateral, which currently comprises 20% of the total
portfolio.   The ABS exposure consists primarily of structured
finance CDOs and residential mortgage-backed securities backed
by Alternative-A and subprime mortgages from the 2005, 2006, and
2007 vintages, whose performance has deteriorated in recent
periods.  Approximately 23.5% of the ABS portion of the
portfolio (4.7% of the entire portfolio) carries a current
rating of 'CCC+' or lower.

Absent any remedial actions on the part of KBC and any further
credit deterioration occur in the portfolio, Fitch expects to
take negative rating actions.  Such actions may be more
pronounced on the mezzanine and lower rated classes of notes.


BIASCO LTD: Taps Joint Administrators from BDO Stoy
---------------------------------------------------
Geoffrey Stuart Kinlan and William John Turner of BDO Stoy
Hayward LLP were appointed joint administrators of Biasco Ltd.
(Company Number 03584388) on March 11, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

          Biasco Ltd.
          Hillgrove Business Park
          Waltham Abbey
          Essex
          EN9 2HB
          England
          Tel: 01992 892 289
          Fax: 01992 893 930


BILSING AUTOMATION: Brings In Administrators from Menzies
---------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Bilsing Automation (UK) Ltd. (Company Number 03985014) on March
17, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Bilsing Automation (UK) Ltd.
          Bentwaters Parks
          Woodbridge
          Suffolk
          IP12 2TW
          England
          Tel: 01394 460 646
          Fax: 01394 460 958


CHRYSLER LLC: Clarifies Misleading Coverage of Discount Programs
----------------------------------------------------------------
Some recent reports suggested that Chrysler LLc's Friends
Program discounts on purchases of new Chrysler, Jeep(R), or
Dodge vehicles had been discontinued.

Chrysler employees can still help an immediate family member or
a friend get a great deal on a new Chrysler, Jeep(R), or Dodge
vehicle. U.S. employees can enable 6 vehicle purchase or lease
discounts (at 1% below dealer invoice) for extended family and
friends.  This is in addition to the 6 vehicle purchase or lease
discounts for the employees, retirees and their eligible family
members -- a total of 12 discounts on most new Chrysler, Jeep &
Dodge vehicles.  All 12 discounts provide major savings and
include relevant incentives in effect.

The recent news coverage on these employee programs was
misleading in that it made people think that the Friends Program
was eliminated.  The program continues for employees and
retirees.  Only The Employee Choice program has been cancelled
which ended Jan. 2, 2008 -- all other Chrysler LLC employee
purchase programs remain in effect.

With all the Chrysler Employee Advantage programs, employees
have the ability to be true product and sales ambassadors for
the company.  Employees can continue to drive Chrysler sales by
encouraging their friends, family, neighbors and acquaintances
to buy or lease a new Chrysler product.  Now is the time to get
great deals with affordable financing or lease payments with 0%
APR financing for 60 months available on most 2008 models.

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 13,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


CLIFTON STREET: Fitch Puts Ratings Under Negative Watch
-------------------------------------------------------
Fitch Ratings placed nine classes of notes issued by Clifton
Street Finance Limited on Rating Watch Negative.  Affected notes
total EUR261 million.

These classes are placed on Rating Watch Negative, effective
immediately:

  -- EUR53,250,000 class A1 notes 'AAA';
  -- EUR48,750,000 class A2 notes 'AAA';
  -- EUR37,500,000 class B notes 'AA+';
  -- EUR32,000,000 class C notes 'AA';
  -- EUR30,000,000 class D notes 'AA-';
  -- EUR17,500,000 class E notes 'A';
  -- EUR15,000,000 class F notes 'A-';
  -- EUR15,000,000 class G notes 'BBB';
  -- EUR12,000,000 class H notes 'BB+'.

Clifton Street is a synthetic collateralized debt obligation
that references a EUR1.5 billion portfolio which consists of
primarily investment grade corporate obligations referenced via
direct investments (50% of the total referenced amount) and
indirectly through ten inner single-tranche credit default swaps
(30% of the total referenced amount), as well as various asset
backed securities (20% of the total referenced amount).

The transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.  KBC also
has the right, subject to trading guidelines set at the closing
of the transaction, to adjust the portfolio via additions,
removals, and replacements of reference entities and reference
obligations.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.

Fitch's rating actions primarily reflect the negative credit
rating migration within the ABS portion of the underlying
collateral, which currently comprises 20% of the total
portfolio.   The ABS exposure consists primarily of structured
finance CDOs and residential mortgage-backed securities backed
by Alternative-A and subprime mortgages from the 2005, 2006, and
2007 vintages, whose performance has significantly deteriorated
in recent periods.   Approximately 27.6% of the ABS portion of
the portfolio (5.5% of the entire portfolio) carries a current
rating of 'CCC+' or lower.

Absent any remedial actions on the part of KBC and any further
credit deterioration occur in the portfolio, Fitch expects to
take negative rating actions.  Such actions may be more
pronounced on the mezzanine and lower rated classes of notes.


CORBY BOTTLERS: Appoints KPMG to Administer Assets
---------------------------------------------------
Andrew Stephen McGill and Richard James Philpott of KPMG LLP
were appointed joint administrators of Corby Bottlers Plc
(Company Number 02120678) on March 18, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

          Corby Bottlers Plc
          Brunel Road
          Earltrees Industrial Estate South
          Corby
          Northamptonshire
          NN17 4JW
          England
          Tel: +44 (0) 1536 446000
          Fax: +44 (0) 1536 446001
          Web site: http://www.corbybottlers.com/   


DARLINGTON WINES: Hires Joint Administrators from KPMG
------------------------------------------------------
Andrew Stephen McGill and Richard James Philpott of KPMG LLP
were appointed joint administrators of Darlington Wines Ltd.
(Company Number 01278872) on March 18, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

          Darlington Wines Ltd.
          Crown House
          Gretton Brook Road
          Corby
          NN17 4BA
          England
          Tel: 01536 276070
          Fax: 01536 276071
          Web site: http://www.darlingtonwines.com/


DORSET STREET: Fitch Puts Ratings on 9 Note Classes Under Watch
---------------------------------------------------------------
Fitch Ratings placed nine classes of notes issued by Dorset
Street Finance Limited on Rating Watch Negative.  Affected notes
total EUR546 million.

These classes are placed on Rating Watch Negative, effective
immediately:

  -- EUR45,000,000 class A1 notes 'AAA';
  -- EUR75,000,000 class A2 notes 'AAA';
  -- EUR98,250,000 class B notes 'AA+';
  -- EUR91,500,000 class C notes 'AA';
  -- EUR75,000,000 class D notes 'AA-';
  -- EUR60,000,000 class E notes 'A';
  -- EUR37,500,000 class F notes 'A-';
  -- EUR33,750,000 class G notes 'BBB';
  -- EUR30,000,000 class H notes 'BB+'.

Dorset Street is a synthetic collateralized debt obligation that
references a EUR3.0 billion portfolio of primarily investment
grade corporate bonds, referenced via direct investments (51.7%
of the total referenced amount), and through ten inner tranche
credit default swaps (30% of the total referenced amount), as
well as asset backed securities (ABS) (18.3% of total referenced
amount).  

The transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.  KBC also
has the right, subject to trading guidelines set at the closing
of the transaction, to adjust the portfolio via additions,
removals, and replacements of reference entities and reference
obligations.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.

Fitch's rating actions primarily reflect the negative credit
rating migration within the ABS portion of the underlying
collateral, which currently comprises 18.3% of the total
portfolio.  The ABS exposure consists primarily of structured
finance CDOs and residential mortgage-backed securities backed
by Alternative-A and subprime mortgages from the 2005, 2006, and
2007 vintages, whose performance has deteriorated in recent
periods.   Approximately 17.5% of the ABS portion of the
portfolio (3.2% of the entire portfolio) carries a current
rating of 'CCC+' or lower.

Absent any remedial actions on the part of KBC and any further
credit deterioration occur in the portfolio, Fitch expects to
take negative rating actions.  Such actions may be more
pronounced on the mezzanine and lower rated classes of notes.


FGIC CORP: Fitch Slashes Long-term Issuer Rating to 'BB'
--------------------------------------------------------
Fitch Ratings downgraded these ratings on FGIC Corporation and
its financial guaranty insurance subsidiaries Financial Guaranty
Insurance Company and FGIC UK Ltd. to:

FGIC

FGIC UK Ltd.

-- Insurer financial strength (IFS) to 'BBB' from 'AA'.

FGIC Corp.

-- Long-term Issuer to 'BB' from 'A';

-- US$325 million of 6% senior notes due Jan. 15, 2034 'BB'
    from 'A'.

Fitch has also removed the affected ratings from Rating Watch
Negative, where they were originally placed on Dec. 17, 2007.  
The Rating Outlook is Negative.

The downgrade on FGIC is based on Fitch's updated assessment of
the company's capital position, a review by Fitch of FGIC's
updated business plan, consideration of various qualitative
ratings factors, and an update on Fitch's current views of U.S.
subprime related risks.

Fitch believes that FGIC's US$5 billion claims paying resources
as of Sept. 30, 2007 is commensurate with capital guidelines for
a 'BBB' IFS rating.  In addition, Fitch believes the claims
paying resources fall below the agency's targeted 'AAA', 'AA',
and 'A' IFS ratings ranges by these amounts:

-- 'AAA' capital shortfall of US$5.1 to US$5.3 billion;
-- 'AA' capital shortfall of US$3.1 to US$3.5 billion;
-- 'A' capital shortfall of US$800 million to US$1.7 billion.

Fitch notes that FGIC's future business plans include a focus on
its traditional lower-risk global municipal finance and
infrastructure businesses, while avoiding the more riskier
structured finance business lines.  FGIC has proposed to the New
York Insurance Department a restructuring of its operations
calling for the establishment of a newly licensed insurance
entity that will focus solely on global municipal finance and
infrastructure.

In the interim, with the loss of its top credit ratings from all
three of the major global rating agencies, an inability to date
to raise new external capital, and a recognition that the
company could fall below prescribed regulatory minimum capital
requirements under New York State Insurance law, FGIC has
decided to cease underwriting new financial guaranty business
for a period of time to preserve capital.  The suspension of new
underwritings should help improve FGIC's capital position as the
company will benefit from the amortization of existing insured
obligations, some of which exhaust a material amount of targeted
capital resources.

Going forward, Fitch believes that it will be very difficult to
stabilize the ratings of FGIC until the company can both raise
external capital and more effectively limit the downside risk
from its SF CDOs through reinsurance or other risk mitigation
initiatives.  Fitch does not anticipate removing the Negative
Rating Outlook over the near-to-intermediate-term until the risk
of loss on the SF CDOs portfolio can be more definitively
quantified.

Furthermore, future rating actions will likely depend on
clarification of FGIC's long-term management and leadership
direction, and demonstration that management can successfully
execute its strategic business plans.  These qualitative
business, management and franchise-related factors will take on
added consideration in future ratings reviews.

Favorably, Fitch notes that FGIC maintains solid liquidity, as
the company would not be expected to pay a majority of its
future claims, particularly on SF CDOs, for many years into the
future.  In addition, FGIC is subject to few collateral posting
or termination provisions that could effectively accelerate the
draw on its existing capital resources.

FGIC has recently filed suit in Supreme Court of the State of
New York against several parties, alleging they fraudulently
induced FGIC to enter into a commitment to issue a financial
guaranty policy.  The financial guaranty policy would cover the
risk of losses on a large SF CDO, known as Havenrock II, which
is deteriorating rapidly.  Projected losses on the Havenrock II
transaction account for a material percentage of the aggregate
SF CDO losses Fitch expects FGIC will incur.  Via the lawsuit,
FGIC is seeking to terminate its commitment.  While Fitch is not
in a position to opine on the validity or merits of the existing
legal dispute, Fitch notes that a ruling in FGIC's favor could
positively impact the company's capital position and credit
ratings in the future.  Fitch believes it could be several years
before the dispute is settled.

Fitch notes that the downgrade incorporates the agency's updated
analysis of FGIC's US$12.9 billion gross exposure to SF CDOs,
and the implications this analysis has on Fitch's view of FGIC's
overall capital adequacy position.  Fitch currently believes
that expected losses on FGIC's SF CDO portfolio will ultimately
fall within a range of US$2.8 to US$3.8 billion.  These totals
reflect Fitch's current estimates of the range of future losses
that FGIC would be expected to incur over the life of these
transactions, stated on a present value basis.  The range of
outcomes reflects the unknown magnitude of residential mortgage
losses on SF CDOs insured by FGIC.  From a present value
perspective, Fitch discounts the expected future loss rates by
5% over a two-year period for CDO-squareds, five years for
mezzanine SF CDOs and seven years for high-grade SF CDOs.

Fitch's analysis of expected losses includes an assumption that
underlying cumulative loss rates on residential mortgages
supporting outstanding subprime residential mortgage-backed
securities pools will average 21% in the 2006 vintage year and
26% for the 2007 vintage year.  These assumed cumulative loss
rates are consistent with those currently used by Fitch for its
ratings of outstanding RMBS transactions.

Given Fitch's current projected loss estimates for 2006-2007
vintage subprime RMBS, it is expected that a high percentage of
the underlying tranches that were originally rated below 'AAA'
will potentially default and suffer significant losses.  This
development is expected to result in losses elevating high into
the capital structure for many SF CDOs.  Only those RMBS and SF
CDO transactions from the 2006-2007 vintages that maintained
very healthy levels of initial subordination are expected to
avoid experiencing losses in the future.

Fitch believes for modeling purposes that its expected loss
estimates for SF CDOs fall approximately to an 'A' level ratings
stress.  Accordingly, in order to address the necessary level of
capital to support a financial guarantor at the highest rating
levels, expected losses are further stressed to arrive at 'AA'
and 'AAA' capital thresholds.  This is done to capture the risk
that losses could grow higher than expected due to a more severe
downturn in the economy, sharper than expected declines in home
prices, higher than expected loan defaults, or other adverse
developments beyond expectations.  These additional stresses
were included in the capital targets highlighted above.

Fitch's assessment of FGIC's capital adequacy also incorporated
existing deterioration to the company's insured RMBS portfolio,
particularly transactions backed by prime second-lien mortgages,
which totaled approximately US$19.1 billion as of Sept. 30, 2007
or subprime RMBS transactions.  Given current market conditions,
many of these transactions have come under considerable ratings
pressure, which increases capital requirements, and several
transactions are ultimately expected to result in claims.  
Stress related to both SF CDOs and RMBS were largely responsible
for FGIC Corp. posting in the fourth quarter of 2007, loss and
loss adjustment expenses expense of US$1.2 billion.  In addition
to the loss and LAE expense, FGIC also took a US$751 million
permanent impairment against its SF CDO written via credit
derivative execution.

Fitch will comment on the impact of the downgrade of FGIC's IFS
rating on the ratings of securities insured by FGIC in a
separate release.

FGIC Corp. is a U.S. holding company whose primary operating
financial guaranty subsidiaries are FGIC and FGIC U.K Ltd. For
Dec. 31, 2007, FGIC Corp. reported consolidated assets under
Generally Accepted Accounting Principles of US$6.4 billion and
shareholders' equity of approximately US$584 million.  On an
aggregated basis, net par outstanding for FGIC totaled
US$314 billion as of Dec. 31, 2007.


FORD MOTOR: Jaguar & Land Rover Sale Won't Affect S&P's Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) for US$2.3 billion (before US$600
million of pension contributions by Ford for Jaguar-Land Rover).

The sale will bolster Ford's adequate liquidity.  As of Dec. 31,
2007, cash and marketable securities totaled US$32.7 billion,
and the company had an US$11.5 billion secured revolving credit
facility with US$10.9 billion available for use.  There are no
financial maintenance covenants on this facility other than a
borrowing-base calculation, which was not restrictive at year-
end 2007.  S&P sees insignificant risk in Ford's plans to
temporarily provide components and technologies to Jaguar and
Land Rover as well as provide financing for Jaguar and Land
Rover dealers and customers for up to a year.


FOUNTASIA LTD: Brings In Vantis to Administer Assets
----------------------------------------------------
Nicholas Hugh O'Reilly and Simon Elliott Glyn of Vantis Business
Recovery Services were appointed joint administrators of
Fountasia Ltd. (Company Number 03085250) on March 11, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

The company can be reached at:

          Fountasia Ltd.
          Orchard Business Park
          Badsell Road
          Tonbridge
          Kent
          TN12 6QU
          England
          Tel: 01892 835 632
          Fax: 01892 838 086


HALIFAX TOWN: Appoints Begbies as Joint Administrators
------------------------------------------------------
Rob Sadler and Peter Sargent of Begbies Traynor were appointed
joint administrators of Halifax Town Association Football Club
Ltd. (Company Number 00116844) on March 14, 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:

          Halifax Town Association Football Club Ltd.
          The Shay Stadium
          Shaw Hill
          Halifax
          West Yorkshire
          HX1 2YT
          England
          Fax: 01422 349 487


HANOVER STREET: Fitch Puts Ratings on Ten Notes on Neg. Watch
-------------------------------------------------------------
Fitch Ratings placed ten classes of notes issued by Hanover
Street Finance Limited on Rating Watch Negative.  Affected notes
total EUR484.15 million.

These classes are placed on Rating Watch Negative, effective
immediately:

  -- EUR72,200,000 class A1 notes 'AAA';
  -- EUR80,500,000 class A2 notes 'AAA';
  -- EUR80,500,000 class B notes 'AA+';
  -- EUR70,000,000 class C notes 'AA';
  -- EUR50,400,000 class D notes 'AA-';
  -- EUR30,450,000 class E notes 'A+';
  -- EUR29,400,000 class F notes 'A';
  -- EUR28,000,000 class G notes 'A-';
  -- EUR24,500,000 class H notes 'BBB';
  -- EUR18,200,000 class I notes 'BB+'.

Hanover Street is a synthetic collateralized debt obligation
that references a EUR2.1 billion portfolio, which consists of
primarily investment grade corporate obligations referenced via
direct investments (45% of the total referenced amount) and
indirectly through ten inner single-tranche credit default swaps
(35% of the total referenced amount), as well as various asset
backed securities (20% of the total referenced amount).  

The transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.  KBC also
has the right, subject to trading guidelines set at the closing
of the transaction, to adjust the portfolio via additions,
removals, and replacements of reference entities and reference
obligations.

Fitch's rating actions primarily reflect the negative credit
rating migration within the ABS portion of the underlying
collateral, which currently comprises 20% of the total
portfolio.   The ABS exposure consists primarily of structured
finance CDOs and residential mortgage-backed securities backed
by Alternative-A and subprime mortgages from the 2005, 2006, and
2007 vintages, whose performance has deteriorated in recent
periods.  Approximately 22.8% of the ABS portion of the
portfolio (4.6% of the entire portfolio) carries a current
rating of 'CCC+' or lower.

Absent any remedial actions on the part of KBC and any further
credit deterioration occur in the portfolio, Fitch expects to
take negative rating actions.  Such actions may be more
pronounced on the mezzanine and lower rated classes of notes.


HIGH FREQUENCY: Creditors' Meeting Slated for April 9
-----------------------------------------------------
Creditors of High Frequency Solutions (Audio and Visual) Ltd.
will meet at 2:00 p.m. on April 9, 2008, at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire  
         AL1 1HD
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 8, 2008, at:

         M.W. Young
         Joint Administrator
         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire  
         AL1 1HD
         England

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.


HIGH FREQUENCY: Creditors' Meeting Slated for April 9
-----------------------------------------------------
Creditors of High Frequency Solutions Ltd. will meet at 10:00
a.m. on April 9, 2008, at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire  
         AL1 1HD
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 8, 2008, at:

         M.W. Young  
         Joint Administrator
         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire  
         AL1 1HD
         England

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.


HUGHES NETWORK: Net Income Ups 161% to US$50 Million in 2007
------------------------------------------------------------
Hughes Communications, Inc. reported financial results for the
fourth quarter and year ended Dec. 31, 2007.

The company's consolidated operations are currently classified
into four reportable segments: North America VSAT; International
VSAT; Telecom Systems; and Corporate and Other.  The North
America VSAT, International VSAT and Telecom Systems segments
represent all the operations of Hughes Network Systems, LLC,
Hughes' principal operating subsidiary.

The company and its affiliates reported a net income of US$43.5
million on US$970.6 million of total revenues for the year ended
Dec. 31, 2007, compared to 2006 where the group incurred a net
loss of US$39.1 million on total revenues of US$858.6 million.

The group had US$1.1 billion in total assets, US$859.1 million
in total liabilities, and a stockholders' equity of
US$247.4 million at Dec. 31, 2007, compared to total assets of
US$912.3 million, total liabilities of US$709.4 million, and a
stockholders' equity of US$198.3 million at Dec. 31, 2006.

"HNS delivered strong financial results in 2007," said president
and chief executive officer, Pradman Kaul.  "Revenues increased
by 13% over 2006 to US$970 million and our profitability in 2007
was also very strong.  Operating Income for the year was US$90
million, a growth of 56% over 2006; EBITDA increased by 28% to
US$139 million in 2007 over 2006, and Net Income increased by
161% to US$50 million.  All of the segments showed robust
growth.  The major revenue growth contributors were the
consumer, international and the mobile satellite markets with
growth rates of 13%, 11% and 77% respectively in 2007 over 2006.
The consumer base grew to 379,900 subscribers at Dec. 31, 2007,
a growth of 16% over the subscriber base at Dec. 31, 2006.  Our
North America and International enterprise groups provided a
solid revenue base contributing in aggregate over half of HNS'
total revenue in 2007.  I am also very pleased to report that we
were awarded a record US$1.1 billion of new orders in 2007
representing a growth of 30% over 2006."

"These impressive full-year results were a result of sustained
quarterly performances, including a strong fourth quarter,"
continued Mr. Kaul.  "We grew fourth quarter 2007 Revenues by
15%, Operating Income by 39% and Net Income by 95% over the
fourth quarter of 2006.  The revenue growth engines in the
fourth quarter of 2007 were the consumer, international, and
mobile satellite markets with growth rates of 14%, 25% and 52%
respectively over the fourth quarter of 2006.  We were awarded
US$333 million of new orders in the fourth quarter of 2007,
including significant orders from Camelot, State Bank of India,
Best Western, Sherwin Williams, Walmart, Blockbuster, Hess, BP,
Harris and Hughes Telematics."

Some of the company's selected highlights:

  -- Hughes Network Systems, LLC accepted the in-orbit handover
     of the SPACEWAY(TM) 3 commercial communications satellite
     from Boeing. HNS will utilize the Boeing-built satellite
     to provide HughesNet(R) broadband satellite services
     throughout North America.  The satellite is currently
     going through the system testing phase and the company
     expects to commence service later in the first quarter of
     2008.

  -- Hughes Network Systems' wholly owned European subsidiary
     Hughes Network Systems Ltd. signed an amendment to the
     contract previously executed in August 2007 with U.K.
     lottery operator Camelot PLC for providing managed network
     services for over 27,000 lottery sites in the U.K.  The
     amendment extends the contract's term to 10 years and also
     provides additional functionality.  This brings the total
     value of the 10 year contract to over US$150 million
     making it the largest single order awarded to Hughes
     Network Systems in 2007.

  -- Hughes entered into a definitive agreement to acquire
     Helius, Inc., a portfolio company of Canopy Ventures. The
     acquisition will combine the skills of Helius, a
     recognized leader in providing business IPTV solutions for
     applications such as training, corporate communications
     and digital signage, with the extensive broadband
     networking experience and customer base of Hughes.  Hughes
     plans to deploy Helius' innovative IP video technologies
     to enhance its existing HughesNet service offerings.

  -- Hughes Network Systems signed an agreement with Dow
     Electronics to be a distributor of HughesNet satellite
     broadband Internet service in the Southeastern United
     States, home to many consumers who are not served by high-
     speed landline Internet providers. Under the terms of the
     agreement, Dow Electronics will market primarily to
     retailers in Florida, Alabama, Georgia, Mississippi,
     Louisiana, South Carolina, North Carolina, Arkansas,
     Tennessee, Puerto Rico and the U.S. Virgin Islands who
     will sell and install the HughesNet satellite broadband
     access service.

  -- Hughes Network Systems signed an agreement with CVS
     Systems, Inc. to be a distributor of HughesNet satellite
     broadband Internet service in the Midwest and Great Lakes
     region of the country, home to many consumers who are not
     served by high-speed landline Internet providers.  Under
     the terms of the agreement, CVS will market primarily to
     retailers in Illinois, Indiana, Kansas, Kentucky,
     Michigan, Missouri and Ohio who will sell and install the
     HughesNet satellite broadband access service.

Mr. Kaul said, "We are very pleased with the strong and balanced
financial results that we have delivered in 2007.  We are
currently at an advanced stage in the in-orbit system testing of
SPACEWAY 3 and we are looking forward to commencing service on
SPACEWAY 3 by the end of this quarter.  We expect that SPACEWAY
3 will provide us significant cost benefits and also open up new
revenue opportunities going forward in the North American
enterprise and consumer markets.  We have a robust orders
backlog coming into 2008 as a result of an outstanding new
orders performance in 2007.  All of these have positioned HNS
very well for 2008 and beyond."

Commenting on Hughes' financial performance, executive vice
president and chief financial officer, Grant Barber said, "Our
revenue and profitability showed strong growth in the fourth
quarter of 2007.  For the twelve months ended December 2007,
Hughes delivered earnings per share of US$2.26 compared to a
loss of US$2.43 in the same period in 2006, both on a fully
diluted basis.  We also generated cash from operations of US$93
million in 2007 and closed the year with a healthy consolidated
cash and marketable securities position of US$151 million."

                 About Hughes Network Systems

Based in Germantown, Maryland, Hughes Network Systems LLC
(NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.
In Europe, Hughes maintains operations facilities and sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                         *     *     *

Moody's Investors Service assigned a B1 rating to Hughes Network
Systems LLC's proposed US$115 million senior unsecured term
loan, due 2014.  In addition, the ratings agency affirmed the B1
corporate family rating, the B1 rating on the existing US$450
million senior notes due 2014 and the Ba1 rating on the US$50
million senior secured revolving credit facility.  The proceeds
of the new term loan will be used primarily to fund capital
expenditures and for general corporate purposes.


LED SCREEN: S. J. Parker Leads Liquidation Procedure
----------------------------------------------------
S. J. Parker of Tenon Recovery was appointed liquidator of Led
Screen Hire Co. Ltd. on Jan. 26 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


MAXJET AIRWAYS: Court Okays Sale of Assets to MAAG for US$1 Mln
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized MAXjet Airways Inc. to sell its assets including
operating certificate from the United States Federal Aviation
Administration for US$1,000,000, Bill Rochelle of Bloomberg News
reports.

The Debtor sold its assets to MAXjet Airways Acquisition Group
LLC.  All proceeds from the sale of the Debtor's assets will be
for the benefit of its creditors, but not for the shareholders.

MAAG was required to transfer US$736,000 of non-refundable
payment to pay the Debtor's operational cost incurred for the
during the period March 12, 2008, until April 23, 2008.

The Debtor told the Court that any balance remaining after all
cost accrued until April 23, 2008, are paid will be returned to
MAAG.

A full-text copy of the asset purchase agreement is available
for free at http://ResearchArchives.com/t/s?294b

                     About MAXjet Airways

Headquartered in Dulles, Virginia, MAXjet Airways Inc. --
http://www.maxjet.com/-- is an all-business class, long-haul
airline company.  It has introduced scheduled services with
flights from London Stansted Airport to New York.  As of
December, 2006, it leased five B767 aircraft.  Its customers are
both business and leisure travelers.  At the airport, its
product features check-in facilities located in primary
terminals, security and a business class departure lounge and
arrivals facility.  Its flights features deep-recline seats (170
degree) spaced at a 60 inch pitch, portable entertainment
systems, stowage space and business class catering.

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP and Pillsbury Winthrop Shaw
Pittman LLP as its bankruptcy counsels.  The Debtor selected
Epiq Bankruptcy Services LLC as claims, noticing and claims
agent.  Arent Fox LLP represents the Official Committee of
Unsecured Creditors.  The Debtor's summary of schedules shows
assets of US$14,836,147 and debts of US$23,601,824.


MENTON CDO III: Moody's Junks Ratings on Two Note Classes
---------------------------------------------------------
Moody's Investors Service downgraded two classes of notes issued
by Menton CDO III plc.

The transaction is a managed synthetic CDO, with the underlying
portfolio containing 20% RMBS and 42% ABS CDOs of the 2005,
2006, and 2007 vintages.  Of the entire portfolio, 12.55% of the
portfolio by volume (all ABS CDOs) is currently rated C.

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

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

The rating actions are:

Menton III CDO PLC:

      (1) US$54,000,000 Class A-1 Secured Floating Rate Notes
          due 2057

          Current Rating: C
          Prior Rating: B3, on review for downgrade

      (2) US$15,000,000 Class A-2 Secured Floating Rate Notes
          due 2057

          Current Rating: C
          Prior Rating: Caa3, on review for downgrade


MILLENNIUM REPRO: Creditors' Meeting Slated for April 7
-------------------------------------------------------
Creditors of Millennium Repro Ltd. (Company Number 03542209)
will meet at noon on April 7, 2008, at:

          Tenon Recovery
          Clive House
          Clive Street
          Bolton
          Lancashire
          BL1 1ET
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 4, 2008 at:

          Matthew Colin Bowker and Christopher Ratten
          Joint Administrators
          Tenon Recovery
          Clive House
          Clive Street
          Bolton
          Lancashire
          BL1 1ET
          England

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


MONITOR OIL: Fails to Secure US$3.5 Funds from Creditors
--------------------------------------------------------
Shai Waisman, Esq., at Weil, Gotshal & Manges LLP in New York,
representing Credit Suisse Group, on March 26, 2008, told Judge
Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York that Monitor Oil Plc's remaining cash
stands at US$75,000 after it failed to secure US$3.5 million
from creditors, Tiffany Kary writes for Bloomberg News.

Mr. Waisman told Judge Glenn that the amount may dwindle to
US$53,000 by April 4, 2008, when the court resumes hearing,
Bloomberg News reports.

Judge Glenn urged Monitor's bondholders and second-lien lenders,
represented by Credit Suisse, to reach an agreement soon,
Bloomberg News relates.

                        About Monitor Oil

Headquartered in the Cayman Islands, Monitor Oil, Plc --
http://www.monitoroil.com/-- provides oil and gas production  
solutions, offshore services and engineering services.  The
Monitor Group has operations in London, England; Aberdeen,
Scotland; Stavanger, Norway; Caldicot, Wales; Shanghai, China
and New York, United States.

The company and two of its affiliates,  Monitor Single Lift 1,
Ltd., and Monitor US FinCo, Inc., filed for Chapter 11
Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  
Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P.,
represents the Debtor.  The U.S. Trustee for Region 2 appointed
five creditors to serve on an Official Committee of Unsecured
Creditors in the Debtors' cases.  Ira L. Herman, Esq., at
Thompson & Knight, LLP, represents the Committee.  

As of Dec. 31, 2007, the company disclosed total assets of
US$98,340,000 and total debts of US$56,125,000.


MONITOR OIL: Could Become Administratively Insolvent
----------------------------------------------------
Michael Foreman, Esq., at Dorsey & Whitney LLP in New York, told
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York that Monitor Oil Plc could become
"administratively insolvent" or unable to pay legal fees for its
bankruptcy, Bloomberg News reports.

According to Mr. Foreman, the report adds, the company's new
board is currently seeking loans to finance operations and exit
bankruptcy.

Mr. Foreman adds that the board is looking for replacement
financing in order to allow recovery for second-lien lenders and
bondholders.

Mr. Foreman said Monitor may sell a US$10 million contract with
Siemens AG, to get more funds.

                        About Monitor Oil

Headquartered in the Cayman Islands, Monitor Oil, Plc --
http://www.monitoroil.com/-- provides oil and gas production  
solutions, offshore services and engineering services.  The
Monitor Group has operations in London, England; Aberdeen,
Scotland; Stavanger, Norway; Caldicot, Wales; Shanghai, China
and New York, United States.

The company and two of its affiliates, Monitor Single Lift 1,
Ltd., and Monitor US FinCo, Inc., filed for Chapter 11
Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  
Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P.,
represents the Debtor.  The U.S. Trustee for Region 2 appointed
five creditors to serve on an Official Committee of Unsecured
Creditors in the Debtors' cases.  Ira L. Herman, Esq., at
Thompson & Knight, LLP, represents the Committee.  

As of Dec. 31, 2007, the company disclosed total assets of
US$98,340,000 and total debts of US$56,125,000.


OXFORD STREET: Fitch Puts Note's Ratings- on Negative Watch
-----------------------------------------------------------
Fitch Ratings placed nine classes of notes issued by Oxford
Street Finance Limited on Rating Watch Negative.  Affected notes
total EUR382 million.

These classes are placed on Rating Watch Negative, effective
immediately:

  -- EUR87,000,000 class A1 notes 'AAA';
  -- EUR80,000,000 class A2 notes 'AAA';
  -- EUR64,000,000 class B notes 'AA+';
  -- EUR43,000,000 class C notes 'AA';
  -- EUR33,000,000 class D notes 'AA-';
  -- EUR28,000,000 class E notes 'A';
  -- EUR17,000,000 class F notes 'A-';
  -- EUR16,000,000 class G notes 'BBB';
  -- EUR14,000,000 class H notes 'BB+'.

Oxford Street is a synthetic CDO (collateralized debt
obligation) that references a EUR2.0 billion portfolio of
primarily investment grade corporate bonds, referenced via
direct investments (55% of the total referenced amount), and
indirectly through ten inner tranche credit default swaps (30%
of the total referenced amount), as well as various asset backed
securities (ABS) (15% of total referenced amount).   

The transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.  KBC also
has the right, subject to trading guidelines set at the closing
of the transaction, to adjust the portfolio via additions,
removals, and replacements of reference entities and reference
obligations.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.

Fitch's rating actions primarily reflect the negative credit
rating migration within the ABS portion of the underlying
collateral, which currently comprises 15% of the total
portfolio.   The ABS exposure consists primarily of structured
finance CDOs and residential mortgage-backed securities backed
by subprime mortgages from the 2005, 2006, and 2007 vintages,
whose performance has deteriorated in recent periods.  
Approximately 25.6% of the ABS portion of the portfolio (3.8% of
the entire portfolio) carries a current rating of 'CCC+' or
lower.

Absent any remedial actions on the part of KBC and any further
credit deterioration occur in the portfolio, Fitch expects to
take negative rating actions.  Such actions may be more
pronounced on the mezzanine and lower rated classes of notes.


PEMBRIDGE SQUARE: Fitch Places Notes' Ratings on Negative Watch
---------------------------------------------------------------
Fitch Ratings placed nine classes of notes issued by Pembridge
Square Finance Limited on Rating Watch Negative.  Affected notes
total EUR380 million.

These classes are placed on Rating Watch Negative, effective
immediately:

  -- EUR17,000,000 class A1 'AAA';
  -- EUR80,000,000 class A2 'AAA';
  -- EUR70,000,000 class B notes 'AA+';
  -- EUR60,000,000 class C notes 'AA';
  -- EUR50,000,000 class D notes 'AA-';
  -- EUR40,000,000 class E notes 'A';
  -- EUR25,000,000 class F notes 'A-';
  -- EUR22,000,000 class G notes 'BBB';
  -- EUR16,000,000 class H notes 'BB+'.

Pembridge Square is a synthetic collateralized debt obligation
that references a EUR2.0 billion portfolio, which consists of
primarily investment grade corporate obligations referenced via
direct investments (50% of the total referenced amount) and
indirectly through ten inner single-tranche credit default swaps
(35% of the total referenced amount), as well as various asset
backed securities (15% of the total referenced amount).

The transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.  KBC also
has the right, subject to trading guidelines set at the closing
of the transaction, to adjust the portfolio via additions,
removals, and replacements of reference entities and/or
reference obligations.

Fitch's rating actions primarily reflect the negative credit
rating migration within the ABS portion of the underlying
collateral, which currently comprises 15% of the total
portfolio.   The ABS exposure consists primarily of structured
finance CDOs and residential mortgage-backed securities backed
by Alternative-A and subprime mortgages from the 2005, 2006, and
2007 vintages, whose performance has deteriorated in recent
periods.  Approximately 16.5% of the ABS portion of the
portfolio (2.5% of the entire portfolio) carries a current
rating of 'CCC+' or lower.

Absent any remedial actions on the part of KBC and any further
credit deterioration occur in the portfolio, Fitch expects to
take negative rating actions.  Such actions may be more
pronounced on the mezzanine and lower rated classes of notes.


QUEBECOR WORLD: Wants to Pay US$3,175,111 Sales Commissions
---------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to pay
prepetition sales commissions currently owing to 108 sales
representatives.  Of these 108 sales representatives, 107 are
owed accrued prepetition commissions by no later than March 31,
2008.  The other employee is owed US$15,000 for meeting specific
sales and budget attainment goals in 2007.  This payment was due
at the end of January 2007, and the Debtors seek authority to
pay this employee for successfully achieving the target sales
goal.

The total amount of the sales commissions due to these 108
individuals is US$3,175,111.  Of this amount, US$2,224,373
reflects amounts in excess of US$10,950 per employee, with the
proposed prepetition payments per employee ranging from US$142
to US$251,441.

Michael Canning, Esq., at Arnold & Porter LLP, in New York,
notes that along with the sales commissions due in March, there
are certain prepetition commission obligations that have not yet
been fully resolved.

Mr. Canning says the Debtors reserve the right to file a motion
to seek the Court's authority to pay additional prepetition
sales commissions, which the Debtors currently estimate to be
approximately US$550,000.

          First Motion to Pay Prepetition Commissions

As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court gave the Debtors permission to pay accrued prepetition
commissions due and owing as of Feb. 1, 2008, to their sales
representatives.

The TCR said on Feb. 19, 2008, Mr. Canning related that the
Debtors' sales representatives are located in plants or in
regional offices throughout North America, Europe and Latin
America, and customers are able to coordinate simultaneous
printing throughout the Debtors' network through a single sales
representative.

Mr. Canning said that the Debtors owe 59 sale representatives,
as of February 1, US$1,792,993.  Of this amount, US$1,234,641
reflects amounts in excess of US$10,950 per employee, with the
proposed prepetition payments per employee ranging from US$933
to US$117,868.

The Debtors intends to provide the Office of the United States
Trustee and counsel to the Official Committee of Unsecured
Creditors a schedule showing for each employee scheduled to
receive sales commissions on Feb. 1, 2008, the amount of payment
and the amount of additional compensation previously received by
the employee on account of 2007.

                     About Quebecor World

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

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

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

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

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

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

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


REGENT STREET: Notes' Ratings Put on Negative Watch by Fitch
------------------------------------------------------------
Fitch Ratings placed nine classes of notes issued by Regent
Street Finance Limited on Rating Watch Negative.  Affected notes
total EUR688.55 million.

These classes are placed on Rating Watch Negative, effective
immediately:

  -- EUR93,550,000 class A-1 notes 'AAA';
  -- EUR120,000,000 class A-2 notes rated 'AAA';
  -- EUR112,500,000 class B notes 'AA+';
  -- EUR105,000,000 class C notes 'AA';
  -- EUR82,500,000 class D notes 'AA-';
  -- EUR67,500,000 class E notes 'A';
  -- EUR40,000,000 class F notes 'A-';
  -- EUR37,500,000 class G notes 'BBB';
  -- EUR30,000,000 class H notes 'BB+'.

Regent Street is a synthetic collateralized debt obligation that
references a EUR3.0 billion portfolio, which consists of
primarily investment grade corporate obligations referenced via
direct investments (50% of the total referenced amount) and
indirectly through ten inner credit default swaps (35% of the
total referenced amount), as well as various asset backed
securities (15% of the total referenced amount).  The
transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.  KBC also
has the right, subject to trading guidelines set at the closing
of the transaction, to adjust the portfolio via additions,
removals, and replacements of reference entities and reference
obligations.

Fitch's rating actions primarily reflect the negative credit
rating migration within the ABS portion of the underlying
collateral, which currently comprises 15% of the total
portfolio.   The ABS exposure consists primarily of structured
finance CDOs and residential mortgage-backed securities backed
by Alternative-A and subprime mortgages from the 2005, 2006, and
2007 vintages, whose performance has deteriorated in recent
periods.  Approximately 30.4% of the ABS portion of the
portfolio (4.5% of the entire portfolio) carries a current
rating of 'CCC+' or lower.

Absent any remedial actions on the part of KBC and any further
credit deterioration occur in the portfolio, Fitch expects to
take negative rating actions.  Such actions may be more
pronounced on the mezzanine and lower rated classes of notes.


ROYAL MAIL: To Close Final Salary Pension Scheme
------------------------------------------------
Royal Mail Group Plc will conclude its final-salary pension
scheme to new members by the end of March 2008, The Scotsman
reports.

With over 45,000 scheme members, Royal Mail was forced to close
the scheme over longer life expectancy and a sharp rise in
pension cost.  The pension scheme has a GBP5 billion deficit,
Scotsman relates.

According to the report, starting April 1, 2008, the pension
scheme will move to benefits based on average salary.

As reported in the TCR-Europe on March 27, 2008, Royal Mail told
its unions that pension fund trustees may be legally required to
put the company into liquidation to pay its pension deficit.

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

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


SCOTTISH RE: Further Delays December 2007 Form 10-K Filing
----------------------------------------------------------
Scottish Re Group Limited will be postponing the release of
results for the fourth quarter and the filing of its Form 10-K
for the year ended Dec. 31, 2007.

As previously reported in Troubled Company Reporter-Europe, the
company said will delay the filing of its Form 10-K for the year
ended Dec. 31, 2007 and currently expected to make the filing on
or about April 1, 2008.  The company also previously said that
it expected to report results for the fourth quarter of 2007
after the market closes on March 27, 2008 and expected to host
an earnings conference call to discuss the fourth quarter and
full year results on March 28, 2008.

On March 12, 2008, the company filed a Form 12b-25 with the
Securities and Exchange Commission stating that it was
postponing the filing of its Annual Report on Form 10-K for the
year ended Dec. 31, 2007 beyond the due date and that it
intended to file its Form 10-K on or about April 1, 2008 so that
the Company could:

    * complete its process of evaluating mark-to-market
      valuations and other-than-temporary impairments in the
      carrying value of its available-for-sale securities;

    * address the accounting and disclosure requirements arising
      from the Company's recently announced change in strategy;
      and

    * allow sufficient time for the Company's independent
      registered public accounting firm, Ernst & Young LLP, to
      complete its audit of the Company's consolidated financial
      statements for the year ended Dec. 31, 2007.

The company, on March 27, 2008, filed with the Securities and
Exchange Commission an amendment to its Form 12b-25..

In light of continuing deterioration in the credit markets and
the resulting further declines in the market value of the
company's investment portfolio subsequent to the fiscal year
end, the company has determined, in consultation with Ernst &
Young LLP, that additional work is required to evaluate and
conclude on the amount of other-than-temporary impairment
charges to be recognized in the consolidated financial
statements in accordance with U.S. GAAP.

The company's determination of other-than-temporary impairments
for securities classified as available-for-sale involves a
variety of assumptions and estimates and includes assessments of
risks and uncertainties associated with general economic
conditions as well as specific conditions affecting specific
issuers.  The company's other-than-temporary impairment
methodology includes an analysis of gross unrealized losses for
securities where the estimated fair value has declined
significantly below cost or amortized cost.

Factors being considered by the company include:

    * the length of time fair value has been below cost;

    * credit worthiness of the issuer;

    * position of the security in the issuer's capital
      structure;

    * the presence and estimated value of collateral or other
      credit enhancement,

    * length of time to maturity,

    * interest rates and the Company's intent; and

    * ability to hold the security until the market value
      recovers.

Given the concentration of the company's investment portfolio in
residential mortgage-backed securities backed by sub-prime and
Alt-A mortgages, the company has supplemented its assessment of
other-than-temporary impairments with specific procedures
related to these securities including best estimate cash flow
simulations of projected principal losses.

For certain investments in beneficial interests in securitized
financial assets of less than high quality with contractual cash
flows, including asset backed securities, the Company is
required to apply Emerging Issues Task Force No. 99-20
Recognition of Interest Income and Impairment on Purchased
Beneficial Interests that Continue to Be Held by a Transferor in
Securitized Financial Assets (EITF 99-20) which requires a
periodic update of the company's best estimate cash flows over
the life of the security, utilizing assumptions and estimates
that a market participant would use.

The company is conducting a detailed review in conjunction with
Ernst & Young LLP of its current and past accounting practices
for other-than-temporary impairments of lower credit quality
structured securities pursuant to the requirements of EITF 99-
20.  Although the Company is currently unable to specify the
amount of other-than-temporary impairments to be included in
realized investment losses for the fourth quarter of 2007, the
Company believes that the amounts will significantly exceed
those previously reported for prior periods.

The time and effort required to complete the foregoing
evaluation is proving to be greater than the Company had
previously anticipated.  The company is also examining whether
this analysis would require a restatement of previously reported
financial results.

As a result, additional time is required for the company to
complete its work in the foregoing areas and for Ernst & Young
LLP to complete its audit procedures of the Company's
consolidated financial statements.  Consequently, the company
will be unable to file its Form 10-K for the year ended
Dec. 31, 2007 with the Securities and Exchange Commission by
April 1, 2008.  The company is diligently working on completing
the Form 10-K but is unable to specify at this time when it will
be in a position to make the filing.

The company anticipates that its full year 2007 results as
compared with the corresponding period for 2006 will show that
revenues have decreased primarily as a result of realized
investment losses representing other-than-temporary impairments
on investments.  Total benefits and expenses for 2007 are
expected to be comparable with that of the prior year.

In light of changes in our assessment of other-than-temporary
impairment charges since March 12, 2008, the company currently
anticipates that its net loss after tax for the year ended
Dec. 31, 2007 will be higher than its net loss reported for the
year ended Dec. 31, 2006, although the exact amount of such
change cannot be determined at this time.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 26, 2008, Fitch Ratings has downgraded Scottish Re Group
Limited's Issuer Default Rating to 'B' from 'BB-' and the
Insurer Financial Strength ratings of its primary operating
subsidiaries to 'BB' from 'BBB-'.  All ratings have been placed
on Rating Watch Negative with the exception of Scottish Re
Limited which has been placed on Rating Watch Evolving.

As reported in the Troubled Company Reporter-Europe on
Feb. 21, 2008, Moody's Investors Service placed Scottish Re
Group Limited's Senior unsecured  shelf of (P)Ba3; subordinate
shelf of (P)B1; junior subordinate shelf of (P)B1; preferred
stock of B2; and preferred stock shelf of (P)B2 ratings on
review for downgrade.

As reported in the Troubled Company Reporter-Europe on
Feb. 5, 2008, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B' from
'B+'.   At the same time, it lowered its counterparty credit and
financial strength ratings on Scottish Re's operating companies
to 'BB' from 'BB+' and also lowered the ratings on all these
companies' dependent unwrapped securitized deals by one notch.
In addition, S&P placed the ratings on all these companies on
CreditWatch with negative implications.


SYDNEY STREET: Nine Ratings Put on Negative CreditWatch by Fitch
----------------------------------------------------------------
Fitch Ratings placed nine classes of notes issued by Sydney
Street Finance Limited on Rating Watch Negative.  Affected notes
total EUR376.8 million.

These classes are placed on Rating Watch Negative, effective
immediately:

  -- EUR70,000,000 class A1 notes 'AAA';
  -- EUR66,700,000 class A2 notes 'AAA';
  -- EUR60,000,000 class B notes 'AA+';
  -- EUR46,700,000 class C notes 'AA';
  -- EUR44,000,000 class D notes 'AA-';
  -- EUR26,700,000 class E notes 'A';
  -- EUR21,350,000 class F notes 'A-';
  -- EUR21,350,000 class G notes 'BBB';
  -- EUR20,000,000 class H notes 'BB+'.

Sydney Street is a synthetic collateralized debt obligation that
references a EUR2.0 billion portfolio of primarily investment
grade corporate bonds, referenced via direct investments (50% of
the total referenced amount), and through ten inner tranche
credit default swaps (30% of the total referenced amount), as
well as various asset backed securities (20% of total referenced
amount).    

The transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.  KBC also
has the right, subject to trading guidelines set at the closing
of the transaction, to adjust the portfolio via additions,
removals, and replacements of reference entities and reference
obligations.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.

Fitch's rating actions primarily reflect the negative credit
rating migration within the ABS portion of the underlying
collateral, which currently comprises 20% of the total
portfolio.   The ABS exposure consists primarily of structured
finance CDOs and residential mortgage-backed securities backed
by Alternative-A and subprime mortgages from the 2005, 2006, and
2007 vintages, whose performance has deteriorated in recent
periods.  Approximately 17.0% of the ABS portion of the
portfolio (3.4% of the entire portfolio) carries a current
rating of 'CCC+' or lower.

Absent any remedial actions on the part of KBC and any further
credit deterioration occur in the portfolio, Fitch expects to
take negative rating actions.  Such actions may be more
pronounced on the mezzanine and lower rated classes of notes.


SYMMETRY MEDICAL: Delays 2007 Form 10-K Filing to April1 14
-----------------------------------------------------------
Symmetry Medical Inc. disclosed on March 27, 2007, that it was
delaying the filing its 2007 Annual Report on Form 10-K with the
Securities and Exchange Commission.  The Annual Report was due
on March 28.

The company said that it delayed its 10-K filing in order to
provide its Audit committee, independent auditors and management
team adequate time to complete work associated with responding
to the discovery of accounting irregularities at its Sheffield,
UK operating unit, including completing the final review of the
required filings.

               Audit Committee Investigation

The investigation by outside counsel under the direction of the
Company's Audit Committee, which is substantially complete,
indicates that the irregularities were limited to the company's
Sheffield operating unit.  Appropriate remedial measures either
have been, or are in the process of being implemented following
the investigation, including the:

    -- departure or suspension of key personnel at the company's
       Sheffield operating unit;

    -- appointment of new management at the Sheffield operating
       unit; and

    -- strengthening of internal controls throughout the Company
       to ensure strict compliance.

                    SEC Informal Inquiry

In October 2007, following discovery of the accounting
irregularities at the Company's Sheffield operating unit, the
Audit Committee self reported the matter to the Staff of the
Securities and Exchange Commission and has apprised the Staff of
developments since that time.  The Staff is currently conducting
an informal inquiry into this matter and has requested that the
Company voluntarily provide documentation.  The company intends
to fully cooperate with the SEC.

The company is working diligently with its Audit Committee and
outside auditors to finalize its review of the financial
results.  The company will file its Annual Report on Form 10-K
for fiscal year 2007, which will include restated financial
statements for its fiscal years ended 2005 and 2006, as soon as
possible and expects that it will be no later than April 14,
2008.

                      Restatement

The company confirms that restatement of the accounting
irregularities remains within the previously stated range of
US$24 million to US$28 million.  Approximately US$10 million of
the adjustment relates to the period prior to the acquisition of
the Sheffield operating unit in June 2003 and will be reflected
in the restated financial statement as an increase to goodwill
associated with the Sheffield acquisition, with the remainder
reflected as a reduction to earnings.

Furthermore, as a result of the company's annual evaluation of
goodwill and intangibles, the Company will recognize a non-cash
impairment charge of US$33.3 million in the period ended
Dec. 29, 2007.  This non-cash charge recognizes the impairment
to acquired goodwill and intangibles associated with our
Sheffield operating unit.

The expenses incurred for outside assistance relating to the
investigation and restatement process included in 2007 results
are approximately US$3.5 million.  The company expects these
expenses in 2008 to be approximately US$3.0 million.

                          Waiver

The company notified its lead bank and lenders of possible
violation of covenants contained in its December 14, Amendment
and Waiver to the company's Amended Credit Agreement.  The
company has secured a second waiver from its lenders to the
incremental covenants included in the Dec. 14, 2007 Amendment,
which waiver includes an extension for the filing until
April 14, 2008.

                       CEO's Comments

Brian Moore, President and Chief Executive Officer, said, "We
are in the final stages of this episode and are working
diligently to file our financial results no later than April 14.  
Our finance team is fully committed to the accurate completion
of our financials and we believe this updated timetable is
achievable.  Our business continues to experience the positive
effects of the strengthened overall orthopedic market and the
order volume we have experienced in early 2008 continues to be
very strong."

                      Financial Guidance

The following estimates regarding 2008 revenue guidance are
based on current market conditions and foreign currency
comparisons and are forward- looking.  Actual results may differ
materially and we refer you to the statement on forward-looking
statements appearing at the end of this press release.

The company confirmed its full year 2008 revenue guidance to be
in the range of US$350 million to US$360 million.

                       Notice of Default

In a press release dated Oct. 4, 2007, the company said that
based on the initial review of the company's  Audit Committee
regarding apparent improper accounting activities at its
Sheffield, UK operating unit, management estimated that the
overstatement of revenue and income before taxes for the entire
9-year period amounts to approximately US$12 million to US$16
million.

The Audit Committee said that it was necessary for the company
to restate its financial statements for the periods subsequent
to the date of the Sheffield, UK acquisition.  As a result, the
Company's historic financial statements for those periods can no
longer be relied upon.

As a result of these events, the company's lead bank has
informed the company that an event of default has occurred under
the company's credit agreement.  

On Oct. 10, 2007, the company entered into a forbearance
agreement with Wachovia Bank, National Association, as
Administrative Agent, Issuing Lender, Swingline Lender, and
Lender, General Electric Capital Corporation, as Syndication
Agent and Lender, RBS Citizens, N.A., as Documentation Agent and
Lender, Antares Capital Corporation, Navigator CDO 2004, LTD,
Fifth Third Bank, National City Bank, Wells Fargo HSBC Trade
Bank, N.A., The Northern Trust Company, and Comerica Bank, as
Lenders.

Pursuant to the Forbearance Agreement the Lenders have agreed to
forbear, until Jan. 7, 2008, from exercising their rights and
remedies available to them under the Credit Agreement with
respect to the events of default, including their right to
accelerate the financial obligations of the company under the
Credit Agreement.  During the Forbearance Period, revolving
loans, swingline loans and letters of credit will not be
available to the company.  Also, upon the expiration of the
applicable interest period for each of the Company's LIBOR
loans, the LIBOR loans will convert to base rate loans.

                     About Symmetry Medical

Based in Warsaw, Indiana, Symmetry Medical Inc. (NYSE: SMA) -
http://www.symmetrymedical.com/-- provides implants and related   
instruments and cases to the orthopedic device industry.  The
company also designs, develops and produces these products for
companies in other segments of the medical device market,
including arthroscopy, dental, laparoscopy, osteobiologic and
endoscopy sectors and provides limited specialized products and
services to non-healthcare markets, such as the aerospace
market.  The company has operations in the United Kingdom,
Ireland, France, Switzerland and Malaysia.


* Fitch Says Tight Lending Criteria Threatens UK RMBS
-----------------------------------------------------
Fitch Ratings said that the gathering pace of tightening lending
criteria in the UK mortgage market could have negative asset
performance consequences across the wider RMBS market.  However,
these developments should not have any immediate, negative
impact on UK RMBS ratings.

The credit crunch has already impacted the UK non-conforming
RMBS market in terms of product withdrawals and re-pricing.  
Now, however, it has started to impact the mainstream mortgage
market with conforming lenders tightening criteria at the
riskier end of their product ranges, most noticeably with
respect to loan-to-value mortgages.  Nevertheless, Fitch says
that its rating outlook for transactions remains unchanged.  
Ratings are expected to remain stable for conforming, buy-to-let
and most non-conforming RMBS, with the exception of more recent
vintage non-conforming transactions, which have a general
negative rating outlook.

"Existing UK RMBS with higher exposures to such mortgage types
can be expected to see relatively lower prepayment rates and
higher arrears levels.  Nevertheless no downgrades of UK
conforming RMBS are expected in the foreseeable future as a
result of this," says Gregg Kohansky, Senior Director and Head
of the EMEA RMBS team at Fitch.

Over the past several years, mainstream and non-conforming
mortgage lenders looking to achieve origination growth targets
loosened their underwriting criteria (for example, allowing
higher LTV or debt-to-income levels).  While this 'criteria
creep' has yet to bring about significant increases in arrears
and repossessions in RMBS backed by mortgages originated by
these lenders, such mortgages originated at the fringe of the
risk spectrum are likely to perform worse in a general economic
downturn.

Due to current market conditions, mainstream lenders have been
withdrawing and/or re-pricing many of their higher LTV
mortgages.   This 'reverse criteria creep' has affected
prospective first-time buyers who will not only need to fund
more of their house purchase through equity deposits, but will
also need to pay a larger rate premium for taking out such a
product in the first place.   According to the UK's Council of
Mortgage Lenders, the average FTB now needs to put down 12% in
equity, versus 10% in December 2007.   Products that allowed
borrowers to take out a high LTV mortgage combined with
unsecured borrowings have also largely disappeared from the
market.

Furthermore, existing mainstream borrowers on such high LTV
mortgages and who are coming off short 'teaser' rate periods and
looking to refinance could find it more difficult to locate
cheaper mortgage deals than before.  Staying with their existing
borrower could result in a mortgage payment shock, given the
much higher levels of lender standard variable rates.  Following
recent increases in GBP LIBOR (current LIBOR-Bank of England
base rate define differential is now 75bp), some lenders
apparently have not been passing on policy rate cuts to
borrowers, as many mainstream lenders fund in the interbank
lending market.


* Fitch Says FGIC & XLCA Ratings Cuts Won't Affect European ABCP
----------------------------------------------------------------
Fitch Ratings confirmed that there is no immediate impact on
European asset-backed commercial paper conduit ratings following
the downgrade of Financial Guaranty Insurance Company (FGIC) to
'BBB' from 'AA' and the downgrade of XL Capital Assurance (XLCA)
to 'BB' from 'A'.  There is minimal exposure to these two
monoline guarantors in European ABCP conduits rated by Fitch;
therefore, these downgrades have no significant impact on
European conduit ratings.

Generally, exposure to monoline guarantors in ABCP conduits
comes via monoline insurance 'wraps' on particular securities
purchased by ABCP conduits.  Securities-arbitrage conduits
usually benefit from dynamic credit enhancement; thus, if the
credit quality of the underlying portfolio of securities
deteriorates, more credit enhancement is provided.  If more
credit enhancement is not provided, the conduit will be unable
to issue further CP and must use its liquidity support to redeem
maturing CP.  ABCP conduits can also be exposed to monoline
guarantors where monolines are providers of credit enhancement;
however, this does not impact any European conduits rated by
Fitch.


* BOND PRICING: For the Week March 24 to March 28, 2008
-------------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
HTM Sport und
  Freizeitgerate AG       8.500    02/01/14     EUR      60.97
Immofinanz Immobilien
  Anlagen AG              2.750    01/20/14     EUR      74.58
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      65.42
                          0.250    10/14/26     CDN      40.15
Raiffeisen Centrobank AG  9.250    12/19/08     EUR      62.23
Republic of Austria       4.000    06/22/22     EUR      75.71
                          1.740    08/04/25     EUR      65.75
                          0.000    10/10/25     EUR      63.70

BULGARIA
--------
Petrol AD Sofia           8.375    10/26/11     EUR      74.00


FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      75.71
Muni Finance PLC          1.000    03/09/13     AUD      73.44
                          0.500    04/26/13     AUD      70.73
                          1.000    11/21/16     NZD      57.78
                          1.000    10/30/17     AUD      56.49
                          1.000    02/27/18     AUD      55.78
                          0.500    09/24/20     CDN      61.96
                          0.250    06/28/40     CDN      20.74

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.31
Altran Technologies S.A.  3.750    01/01/09     EUR      12.02
Calyon                    6.000    06/18/47     EUR      46.37
CAP Gemini S.A.           2.500    01/01/10     EUR      51.76
                          1.000    01/01/12     EUR      43.90
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.11
                          4.375    11/01/10     EUR      47.42
Europcar Groupe SA        8.130    05/15/14     EUR      65.90
Havas S.A.                4.000    01/01/09     EUR      10.62
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.71
Ingenico                  2.750    01/01/12     EUR      19.64
Maurel & Prom             3.500    01/01/10     EUR      20.55
Publicis Group            0.750    07/17/08     EUR      28.86
                          1.000    01/18/18     EUR      42.09
Rhodia S.A.               0.500    01/01/14     EUR      35.53
Scor S.A.                 4.125    01/01/10     EUR       2.08
Soc Air France            2.750    04/01/20     EUR      23.42
Soitec                    4.625    12/20/09     EUR       4.04
Theolia S.A.              2.000    01/01/14     EUR      22.76
Wavecom S.A.              1.750    01/01/14     EUR      20.70
Wendel Invest S.A.        2.000    06/19/09     EUR      42.88
                          4.880    05/26/16     EUR      74.96
                          4.380    08/09/17     EUR      68.81

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      68.54
                          0.500    12/19/17     EUR      68.34
                          1.250    07/07/20     EUR      72.14
                          5.000    07/21/25     EUR      74.37
                          5.000    09/01/25     EUR      71.55
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.92
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.29


GREECE
------
Hellenic Republic         0.990    07/17/24     EUR      69.17

ICELAND
-------
Kaupthing Bank            7.130    05/19/16     EUR      69.78
                          6.130    10/04/16     EUR      74.87
                          6.130    10/04/16     EUR     102.34
                          6.500    02/03/45     EUR      50.50

IRELAND
-------
Banesto Finance Plc       6.170    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      49.19
                          0.250    07/08/33     CDN      28.27
Magnolia Finance IV Plc   1.050    12/20/45     US$      20.27
Ono Finance II            8.000    05/16/14     EUR      71.42

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      52.85

LUXEMBOURG
----------
Hayes Lemmerz Finance     8.250    06/15/15     EUR      70.13
Nell AF S.A.              8.380    08/15/15     EUR      72.70
                          8.380    08/15/15     EUR      73.07



NETHERLANDS
-----------
ABN Amo Bank B.V.         6.250    06/29/35     EUR      65.88
                          9.000    02/23/09     ZAR      97.52
Air Berlin Finance B.V.   1.500    04/11/27     EUR      67.50
Biopetrol Finance B.V.    4.000    02/21/12     EUR      72.85    
BK Ned Gemeenten          0.500    06/27/18     CDN      69.81
                          0.500    02/24/25     CDN      49.23
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.54
Gerling Global N.V.       6.630    08/16/21     EUR      67.09
Hypo Real ES Finance      5.500    08/20/08     EUR      42.79
IVG Finance B.V.          1.750    03/29/17     EUR      74.08
Kazkommerts
  International B.V.      6.880    02/13/17     EUR      72.12
                          8.500    06/13/17     US$      74.13
KBC Ifimqa N.V.           5.880    02/07/25     US$      77.95
Lehman Bros TSY B.V.      4.170    02/16/17     EUR      71.78
                          6.000    02/15/35     EUR      63.43
                          8.250    03/16/35     EUR      53.17
                          7.000    05/17/35     EUR      59.03
                          7.250    10/05/35     EUR      55.04
Montell Finance B.V.      8.100    03/15/27     US$      66.53
Ned Waterschapbk          6.000    06/01/35     EUR      70.77
                          6.500    08/15/35     EUR      67.14
                          6.000    06/30/45     EUR      61.80
NXP B.V.                  8.630    10/15/15     EUR      73.54
Rabobank Groep N.V.       6.000    02/22/35     EUR      67.16
                          5.000    02/28/35     EUR      64.41
                          7.000    03/23/35     EUR      63.81
                          6.000    05/09/35     EUR      71.41

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.73
Norske Skogindustrier ASA 7.000    06/26/17     EUR      65.52

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.94

SWITZERLAND
-----------
UBS AG                    1.000     06/28/12    NZD      74.57
                          1.000     07/30/12    NZD      74.16

UNITED KINGDOM
--------------
Alliance & Leicester Plc  5.250     03/06/23    GBP      75.48
                          5.880     08/14/31    GBP      69.11
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      49.10
BAA Plc                   5.130     02/15/23    GBP      71.52
Bank of Scotland Plc      0.000     02/15/23    EUR      67.75
                          6.000     02/07/35    EUR      52.44
Britannia Building
   Society                5.880     03/28/33    GBP      75.07
FCE Bank Plc              7.130     01/16/12    EUR      73.10
Ford Credit Europe Plc    7.130     01/15/13    EUR      70.57
Ineos Group Holding       7.880     02/15/16    EUR      71.17
                          7.880     02/15/16    EUR      70.64
Jaztel Plc                5.000     04/29/10    EUR      70.23
National Grid Gas Plc     1.754     10/17/36    GBP      39.85
                          1.771     03/30/37    GBP      39.83
Rexam Plc                 6.750     06/29/67    EUR      73.14
Royal BK Scotland         7.000     06/09/25    EUR      63.33
                          3.310     06/29/30    EUR      65.35

                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *