TCREUR_Public/080401.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, April 1, 2008, Vol. 9, No. 63

                            Headlines


A U S T R I A

HOLZ & MORE: Claims Registration Period Ends May 19
KBM MASCHINEN: Claims Registration Period Ends April 18
PALO BAU: Claims Registration Period Ends May 2
SOUL & COCKTAIL: Claims Registration Period Ends April 21
STRAWA PERSONALSERVICE: Claims Registration Period Ends May 2

WALTER BERGER: Claims Registration Period Ends May 2


F R A N C E

CLEAR CHANNEL: Trial Regarding Financing of Merger Set April 8
PERNOD RICARD: To Acquire Vin & Spirit for EUR5.6 Billion
PERNOD RICARD: S&P Revises Outlook on Vin & Spirits Acquisition
SR TELECOM: Selling Assets to Groupe Lagasse for US$6 Million


G E R M A N Y

B & B BAU: Claims Registration Ends April 17
BAUKRA WARTUNGSDIENST: Claims Registration Ends April 17
BRAKEMANN VERPACKUNGEN: Claims Registration Ends April 17
COMLOGIC FRANKFURT: Claims Registration Ends April 17
FORMWELL VERPACKUNGSWERK: Claims Registration Ends April 17

FUN HOUSE: Claims Registration Period Ends April 25
GRENZENLOS GMBH: Claims Registration Period Ends April 16
GYM L.E. SPORTS: Claims Registration Period Ends April 28
INNOKOM BAU GMBH: Claims Registration Period Ends April 14
INTERMEDICAL PROMOTION: Claims Registration Period Ends April 16

JUNIOR TIEFBAU: Claims Registration Period Ends April 16
KAPPE PROJEKTBAUGESELLSCHAFT: Claims Registration Ends April 17
KELLER & PARTNER: Claims Registration Period Ends April 16
LAUSITZER HOLZ: Claims Registration Period Ends April 16
LINES UP: Claims Registration Period Ends April 16

OCEAN STAR: Fitch Holds Low-B Ratings on Two Notes Classes
OEKO SERVICE: Claims Registration Period Ends April 16
REISE-TV VERWALTUNGS: Claims Registration Period Ends April 14
REXOHN GMBH: Claims Registration Period Ends April 14
SALZER HOCH: Claims Registration Period Ends April 17

TECMEDIC TECHNOLOGY: Claims Registration Period Ends April 14
UMWELT-VERFAHREN: Claims Registration Period Ends April 14
VIVA HANDELS: Claims Registration Period Ends April 15
WABIO BIOTECHNIK: Claims Registration Period Ends April 14
ZETA ANLAGENTECHNIK: Claims Registration Period Ends April 21


H U N G A R Y

PROPEX INC: Wants to Implement Employee Incentive Plan
PROPEX INC: Court Approves Navigant Capital as Financial Advisor


I R E L A N D

SIRVA INC: Court Okays Sale of U.K. & Ireland Operations to TEAM


I T A L Y

ALITALIA SPA: Air France Refuses to Trim Planned Job Cuts
ALITALIA: Italian Unions Reject Air France-KLM's New Offer


K A Z A K H S T A N

AKTOBE SYSTEM: Creditors Must File Claims by April 29
KONTEK ILPA: Claims Deadline Slated for May 2
MACRO CONSTRUCTION: Claims Filing Period Ends May 5
OPTORG-PRODUCT-2006 LLP: Creditors' Claims Due on April 29
PRESTIGE JSC: Claims Registration Ends April 29

SABINAL LLP: Creditors Must File Claims by April 29
TAMERLAN ENTERPRISES: Claims Deadline Slated for May 5
TEPLO ENERGO: Claims Filing Period Ends April 29


K Y R G Y Z S T A N

FOND RAZVITIYA: Creditors Must File Claims by April 25
TKANI OT: Claims Filing Period Ends April 25


L U X E M B O U R G

AMERICAN AXLE: Likely to Outsource Work if Union Talks Fail
PIN Group: 2,200 More Employees Likely to Lose Jobs


N E T H E R L A N D S

ELM B.V.: S&P Lowers then Withdraws Rating on EUR10 Mln Notes
PETROLEOS DE VENEZUELA: Exxon Mobil Brings Case to Netherlands


R U S S I A

ELAN-FERM-MASH: Volgograd Bankruptcy Hearing Set June 24
CHISTOPOLSKOE BREEDING: Court Starts Bankruptcy Supervision
KUMYLZHENSKAYA OJSC: Volgograd Bankruptcy Hearing Set June 24
NAFTOGAZ UKRAINNY: No Bankruptcy Risk, Says Prime Minister
NIKOLAEVSKIY-NA-AMURE: Creditors Must File Claims by April 1

RESOURCES OF CHEMICAL: Tatarstan Bankruptcy Hearing Set June 19
ROSNEFT OIL: Novosibirsk Court Halts TGK-11 Share Sale
TALION LLC: Creditors Must File Claims by April 1
UKHTINSKIY ENGINEERING: Komi Bankruptcy Hearing Set May 20
YUKOS OIL: Dutch Court Grants US$850 Million to Shareholders


S P A I N

AYT COLATERALES: Fitch Puts BB- Rating on EUR3.6 Million Notes


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
MERISANT COMPANY: Moody's Rates US$245 Million Loans at B3
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
X-RITE INC: Moody's Cuts Ratings on Covenant Compliance Concerns


U K R A I N E

AMEKSIM-AUTO LLC: Creditors Must File Claims by April 5
AQUAPLAST LLC: Proofs of Claim Deadline Set April 5
AVIATION OF UKRAINE: Creditors Must File Claims by April 5
DNISTER LLC: Creditors Must File Claims by April 4
CITYLINE LLC: Creditors Must File Claims by April 4

IRBIS LLC: Creditors Must File Claims by April 5
MAYAK LLC: Creditors Must File Claims by April 5
MAYSTER-3BK: Creditors Must File Claims by April 4
RICHKI LLC: Creditors Must File Claims by April 4
UKRAINIAN NATURAL: Creditors Must File Claims by April 4


U N I T E D   K I N G D O M

ACORN STRUCTURAL: Appoints Neil Francis Hickling as Liquidator
AE 2007: Matthew Colin Bowker Leads Liquidation Procedure
AVISTAR COMMS: To Reduce 25% of U.S. and European Workforce
AVISTAR COMMS: Dec. 31 Balance Sheet Upside-Down by US$9.8 Mln
BRETT ESSEX: Joint Liquidators Take Over Operations

DIOMED LIMITED: Steven Law Named as Administrator
DOVECOTE NURSING: Brings In Liquidators from KPMG
ELITE BUILDING: Taps David Elliott to Liquidate Assets
EURAM CORPORATE: Taps Liquidators from Smith & Williamson
GUARDIA SECURITY: Claims Filing Period Ends April 25

JOHN SAWYER: Calls In Liquidators from Tenon Recovery
MAINLAND LEISURE: Names M.C. Bowker Liquidator
MAPLE LEAF: Hires Liquidators from Tenon Recovery
MOONSTICK LTD: Claims Filing Period Ends May 31
OAKDALE HOLDINGS: Appoints Liquidators from KPMG

PROMETAL LTD: Calls In Liquidators from KPMG

* Large Companies with Insolvent Balance Sheet


                            *********


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


HOLZ & MORE: Claims Registration Period Ends May 19
---------------------------------------------------
Creditors owed money by LLC Holz & more Vertrieb (FN 279330f)
have until May 19, 2008, to file written proofs of claim to
court-appointed estate administrator Berthold Martin Breitwieser
at:

          Dr. Berthold Martin Breitwieser
          Johann Strauss Strasse 1
          4701 Bad Schallerbach
          Austria
          Tel: 07249/48286-0
          Fax: 07249/48286-4
          E-mail: kanzlei@ra-breitwieser.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          Wels
          Austria

Headquartered in Eferding, Austria, the Debtor declared
bankruptcy on March 11, 2008 (Bankr. Case No. 20 S 29/08b).


KBM MASCHINEN: Claims Registration Period Ends April 18
-------------------------------------------------------
Creditors owed money by LLC KBM Maschinen (FN 268772d) have
until April 18, 2008, to file written proofs of claim to court-
appointed estate administrator Gerhard Petrowitsch at:

          Dr. Gerhard Petrowitsch
          Kadagasse 11
          8430 Leibnitz
          Austria
          Tel: 03452/82837-7
          Fax: 03452/82837
          E-mail: office@petrowitsch.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 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 Bad Radkersburg, Austria, the Debtor declared
bankruptcy on March 11, 2008 (Bankr. Case No. 26 S 32/08p).


PALO BAU: Claims Registration Period Ends May 2
-----------------------------------------------
Creditors owed money by KG Palo Bau & Handel (FN 291062h) have
until May 2, 2008, to file written proofs of claim to court-
appointed estate administrator Philipp Dobner at:

          Dr. Philipp Dobner
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: dobner@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 16, 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 11, 2008 (Bankr. Case No. 28 S 41/08w).


SOUL & COCKTAIL: Claims Registration Period Ends April 21
---------------------------------------------------------
Creditors owed money by LLC Soul & Cocktail Gastronomie (FN
249023k) have until April 21, 2008, to file written proofs of
claim to court-appointed estate administrator Michael Axmann at:

          Dr. Michael Axmann
          Kalchberggasse 10
          8010 Graz
          Austria
          Tel: 0316/832515
          Fax: 0316/816778
          E-mail: office@anwalt-graz.info

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 4:00 p.m. on May 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall L
          Room 230
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on March 12, 2008 (Bankr. Case No. 25 S 12/08i).


STRAWA PERSONALSERVICE: Claims Registration Period Ends May 2
-------------------------------------------------------------
Creditors owed money by LLC STRAWA Personalservice (FN 195278z)
have until May 2, 2008, to file written proofs of claim to
court-appointed estate administrator Klemens Dallinger at:

          Dr. Klemens Dallinger
          c/o Dr. Guenther Hoedl
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 28 33
          Fax: 513 16 55 33
          E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 11, 2008 (Bankr. Case No. 5 S 21/08k).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.


WALTER BERGER: Claims Registration Period Ends May 2
----------------------------------------------------
Creditors owed money by LLC Walter Berger Versicherungsmakler
(FN 200758h) have until May 2, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Schulyok at:

          Dr. Peter Schulyok
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00 Serie
          Fax: 526 72 74
          E-mail: schulyok-unger@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on May 16, 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 12, 2008 (Bankr. Case No. 28 S 43/08i).


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


CLEAR CHANNEL: Trial Regarding Financing of Merger Set April 8
--------------------------------------------------------------
A full trial on a temporary restraining order issued by a Texas
court to force financiers of the proposed acquisition of Clear
Channel Communications Inc. to honor a financing deal is set
April 8, 2008.

As reported in the Troubled Company Reporter-Europe on March 28,
2008, District Court Judge John D. Gabriel of Bexar County,
Texas, on March 26, awarded a Temporary Restraining Order in
favor of Clear Channel.

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

     1) refusing to fund the Merger transaction,

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

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

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

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

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

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

                       About Bain Capital

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

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

                     About Thomas Lee Partners

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

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

                       About Clear Channel

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 31,
2008, 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.

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.


PERNOD RICARD: To Acquire Vin & Spirit for EUR5.6 Billion
---------------------------------------------------------
Pernod Ricard disclosed the signing of a contract with the
Kingdom of Sweden for the acquisition of 100% of the shares of
the Vin & Sprit Group, the owner of Absolut vodka.

The acquisition does not include V&S’ 10% interest in Beam
Global Spirits & Wine, Inc.  This acquisition represents an
outstanding opportunity for Pernod Ricard and will result in the
Group becoming co-leader in the global wine & spirits industry.

The acquisition of V&S also provides Pernod Ricard with a
leading position in the Nordic wine & spirits market through its
portfolio of local brands.  In addition, V&S also brings other
attractive opportunities, notably Cruzan rum, a dynamic brand in
the United States (circa 600,000 cases sold in 2007 up +27%) and
Level, the number 4 brand in the super-premium vodka category in
the United States.

With the acquisition of V&S, Pernod Ricard becomes the co-leader
in the global wine & spirits industry with:

  -- Global spirits volumes of 91 million cases.

  -- The number 1 position in premium spirits with a 27% market
     share.

In the United States, the largest spirits market worldwide,
Pernod Ricard’s position increases from number 4 to number 2
with a market share of close to 14%.  V&S brands are currently
distributed in the US by Future Brands (a joint venture held 49%
by V&S and 51% by Fortune Brands) through a distribution
agreement currently in place until beginning of 2012. From an
operating stand point, V&S controls the marketing and A&P
strategy for its brands.  Furthermore, Absolut distributors are
already largely aligned with Pernod Ricard’s distributors in the
US.

In the rest of the world, Absolut will benefit from the strength
of Pernod Ricard’s globally integrated distribution network,
both in mature Western European markets as well as in high-
growth emerging regions.  Excluding the US and Nordic countries,
V&S’ brands are currently distributed through Maxxium, a joint
venture between V&S, Fortune Brands, The Edrington Group and
Remy Cointreau, each partner having a 25% shareholding.  Pernod
Ricard will exit Maxxium within 2 years from closing for a low
contractual cost.

Pernod Ricard will therefore enhance the growth of Absolut in
every region by combining its role as a brand-owner and its
global footprint in conjunction with the existing distribution
efforts of Future Brands and Maxxium.  Pernod Ricard will
immediately reap the benefit of Absolut’s presence in its
portfolio.

The acquisition of V&S will result in the end of the Stolichnaya
distribution contract which Pernod Ricard will continue to
perform during a short transitional period until SPI identifies
a new distributor.

                       Transaction Value

The price paid for V&S by Pernod Ricard will be EUR1,450 million
plus US$6,050 million, i.e. EUR5,280 million at the current
Euro/USD exchange rate.  Pernod Ricard will also assume net debt
of EUR346 million as of Dec. 31, 2007 resulting in a total
enterprise value of EUR5,626 million.

V&S will pay the Swedish government a dividend of EUR85 million
before closing of the transaction, and the purchase price of the
shares will be increased by a pro-rated annual interest charge
of 2.0% from 1st January 2008 until the effective closing date
of the transaction.  In exchange, Pernod Ricard will benefit
from the full cash flow generated by V&S over this period.

The transaction will be financed through a new syndicated loan
underwritten by six first-class banks: BNP Paribas, Calyon,
JPMorgan, Natixis, The Royal Bank of Scotland plc and Societe
Generale.  Pernod Ricard’s opening leverage will be at circa 6x
the new group’s pro forma EBITDA, in line with leverage levels
of the group after the Seagram and Allied Domecq transactions.
Strong cash flow generation and strong EBITDA growth will allow
for a fast deleveraging.  The initial cost of debt should be
around 5%.

This transaction will generate significant pre-tax synergies
estimated at between EUR125 and 150 million on an annual basis.
These synergies are expected to be fully extracted over two to
four years, depending on the timing of exit from the Future
Brands and Maxxium distribution agreements.

Based on V&S 2007 EBITDA of EUR270 million, the price paid
corresponds to implied multiples of 20.8x EBITDA pre-synergies,
or 14.2x post-synergies.

Based on a V&S 2007 CAAP(5) of EUR400 million estimated by
Pernod Ricard, the price implies CAAP multiples of 14.1x pre-
synergies and 12.4x post-synergies.  These multiples compare
favorably to those observed on recent comparative transactions.

Altogether, this acquisition will reinforce the growth profile
of Pernod Ricard and will generate significant value creation
for Pernod Ricard’s shareholders.  The impact of the transaction
on the earnings per share, excluding non-recurring items, is
expected to be neutral in year one and significantly positive
thereafter.  The return on investment should exceed Pernod
Ricard’s cost of capital by year 4 at the latest.

Pernod Ricard is confident the transaction will be completed
during summer 2008 after receiving the necessary regulatory
clearances.

Patrick Ricard, Chairman and CEO of Pernod Ricard, stated:
“The acquisition of V&S by Pernod Ricard is a fantastic
opportunity and represents our third transformational
acquisition since the Seagram and Allied Domecq transactions.
Absolut is an exceptional brand.  Its integration within our
portfolio of premium brands combined with the strength of our
worldwide distribution network paves the way for outstanding
growth prospects.  We become thus the co-leader of the global
wine and spirits industry.”

Pierre Pringuet, Managing Director, added:

“We are eager to welcome the V&S teams into the Pernod Ricard
Group.  The integration will be made easier by our decentralised
organisation model.  The integrity of the V&S group will be
maintained and it will become a new “brand-owner” and a
distribution platform for the Group in Nordic countries.”

Pernod Ricard has been assisted by the following advisers on
this transaction:

     -- JP Morgan, Deutsche Bank, and PK Partners as financial
        advisors

     -- Gernandt & Danielsson, Debevoise & Plimpton,
        Macfarlanes, and Gide Loyrette Nouel as legal advisors

     -- Ernst & Young as financial advisor

     -- Springtime as communication advisor

                    About Pernod Ricard

Created by the merger between Pernod and Ricard (1975) --
http://www.pernod-ricard.com/-- the Group has undergone
sustained development, based on both organic growth and
acquisitions.  The purchase of part of Seagram (2001) and the
acquisition of Allied Domecq (2005) have made Pernod Ricard the
second largest player in the wine and spirits with industry
sales of EUR6.4 billion in 2006/07; it is also the leader in the
“ultra premium” spirits market.

Pernod Ricard benefits from a portfolio comprising some of the
most prestigious brands in the sector: Ricard aniseed,
Ballantine’s, Chivas Regal and The Glenlivet Scotch whiskies,
Jameson Irish Whiskey, Martell cognac, Havana Club rum, ,
Beefeater gin, Kahlúa and Malibu liqueurs, Mumm and Perrier-
Jouët champagnes, as well as Jacob’s Creek and Montana wines.
The Group favours a decentralised organisation, with "Brand
Owners" and "Distribution" companies established in each key
market, and employs a workforce of around 18,000 in 70
countries.

In addition, Pernod Ricard is strongly committed to a policy of
Corporate Social Responsibility and encourages responsible
consumption in order to prevent alcohol misuse and abuse.


PERNOD RICARD: S&P Revises Outlook on Vin & Spirits Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services changed the outlook on French
spirits manufacturer Pernod Ricard S.A. to negative from stable,
due to a deterioration in Pernod's financial profile following
the group's announcement of its fully debt-financed acquisition
of Swedish Vin & Sprits Group for about EUR5.6 billion.

At the same time, Standard & Poor's affirmed its 'BB+/B' long-
and short-term corporate credit and 'BB+' debt ratings on the
group.

"The ratings on Pernod continue to reflect its highly leveraged
capital structure and opportunistic acquisition strategy," said
Standard & Poor's credit analyst Michael Seewald. "They benefit,
however, from Pernod's enhanced position as a leading
manufacturer and marketer in the stable and cash-generative
spirits industry.

The group's adjusted net debt was EUR7 billion at Dec. 31, 2007.

"The negative outlook reflects Pernod's high post-acquisition
leverage of more than 6x, which compares with our guidance of 5x
for the current rating," said Mr. Seewald.

In order to maintain a 'BB+' rating, S&P expects the group to
deleverage back to adequate levels in a reasonable time frame,
in line with its track record from previous transactions.  S&P
also expects the group to keep its enhanced business risk
profile, which should ensure the resilience of the group's cash
generation capacity.

In addition, Standard & Poor's expects Pernod to sustain sales
momentum at least in line with the industry, notwithstanding its
increased exposure to potentially slowing U.S. markets, while
improving profitability through economies of scale and an
enhanced product mix.

S&P might revise the outlook back to stable if the group
restores and maintains leverage of fully adjusted net debt to
EBITDA at less than 5x, which we do not expect in the short
term.

The ratings could come under pressure if the group loses sales
momentum, or if reaching and sustaining adjusted net debt to
EBITDA of about 5x and FFO to net debt at about 15% within the
24 months following the acquisition becomes unrealistic.


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

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

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

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

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

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

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

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

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


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


B & B BAU: Claims Registration Ends April 17
--------------------------------------------
Creditors of B & B Bau GmbH have until April 17, 2008 to
register their claims with court-appointed insolvency manager
Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany
         Tel: 0211/540680192

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

The Debtor can be reached at:

         B & B Bau GmbH
         Attn: Herbert Steinkellner, Manager
         Gladbecker Str. 435
         45329 Essen
         Germany


BAUKRA WARTUNGSDIENST: Claims Registration Ends April 17
--------------------------------------------------------
Creditors of Baukra Wartungsdienst GmbH have until April 17,
2008 to register their claims with court-appointed insolvency
manager Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall D 1.409
         First Floor
         Adalbertsteinweg 92
         52070 Aachen
         Germany

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

The insolvency manager can be reached at:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

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

The Debtor can be reached at:

         Baukra Wartungsdienst GmbH
         Helmholtzstrasse 38
         52428 Juelich
         Germany

         Attn: Heinz-Juergen Balcarek, Manager
         Bertastrasse 13
         52428 Juelich
         Germany


BRAKEMANN VERPACKUNGEN: Claims Registration Ends April 17
---------------------------------------------------------
Creditors of Brakemann Verpackungen GmbH & Co. KG have until
April 17, 2008 to register their claims with court-appointed
insolvency manager Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

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

The Debtor can be reached at:

         Brakemann Verpackungen GmbH & Co. KG
         Meschbruchstr. 27
         32257 Buende
         Germany

         Attn: Uwe Brakemann and Joerg Brakemann, Managers
         Kaiser-Wilhelm-Str. 19
         32257 Buende
         Germany


COMLOGIC FRANKFURT: Claims Registration Ends April 17
-----------------------------------------------------
Creditors of ComLogic Frankfurt Systeme GmbH have until
April 17, 2008 to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt am Main
         Germany
         Tel: 069/9623340
         Fax: 069/96233422
         Web site: http://www.brinkmann-partner.de/

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against ComLogic Frankfurt Systeme GmbH on March 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         ComLogic Frankfurt Systeme GmbH
         Lyoner Strasse 44-48
         60528 Frankfurt (Main)
         Germany


FORMWELL VERPACKUNGSWERK: Claims Registration Ends April 17
-----------------------------------------------------------
Creditors of Formwell Verpackungswerk GmbH have until April 17,
2008 to register their claims with court-appointed insolvency
manager Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

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

The Debtor can be reached at:

         Formwell Verpackungswerk GmbH
         Buessingstr. 32-36
         32257 Buende
         Germany

         Attn: Uwe Brakemann, Manager
         Kaiser-Wilhelm-Str. 19
         32257 Buende
         Germany


FUN HOUSE: Claims Registration Period Ends April 25
---------------------------------------------------
Creditors of Fun House GmbH have until April 25, 2008, to
register their claims with court-appointed insolvency manager
Vera Mai.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 26, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Vera Mai
         Gerichtsstrasse 19
         44135 Dortmund
         Germany

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

The Debtor can be reached at:

         Fun House GmbH
         Attn: Bettina Pauli, Manager
         Brockhagener Strasse 14
         44581 Castrop-Rauxel
         Germany


GRENZENLOS GMBH: Claims Registration Period Ends April 16
---------------------------------------------------------
Creditors of Grenzenlos GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager T.
Heilmann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Erfurt
          Hall 12
          Judicial Center
          Rudolfstr. 46
          99092 Erfurt
          Germany

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

The insolvency manager can be reached at:

          T. Heilmann
          Melchior Bauer Strasse 1
          99094 Erfurt
          Germany
          Tel: 0361/550450

The District Court of Erfurt opened bankruptcy proceedings
against Grenzenlos GmbH on Feb. 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Grenzenlos GmbH
          Reisshausstrasse 5
          99085 Erfurt
          Germany


GYM L.E. SPORTS: Claims Registration Period Ends April 28
---------------------------------------------------------
Creditors of GYM L.E. Sports Club GmbH have until April 28,
2008, to register their claims with court-appointed insolvency
manager Rainer M. Bahr.

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 Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Rainer M. Bahr
         Prager Strasse 34
         04317 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: Leipzig@hermann-law.com

The District Court of Leipzig opened bankruptcy proceedings
against GYM L.E. Sports Club GmbH on March 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GYM L.E. Sports Club GmbH
         Attn: Christian Reiter, Manager
         Homannstrasse 7
         04129 Leipzig
         Germany


INNOKOM BAU GMBH: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors of InnoKom Bau GmbH Innovation und Kompetenz am Bau
have until April 14, 2008, to register their claims with court-
appointed insolvency manager Karina Schwarz.

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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 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:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/6286260
         Fax: 0391/6286266
         E-mail: magdeburg@Rechtsanwaelte-Schwarz.de

The District Court of Magdeburg opened bankruptcy proceedings
against InnoKom Bau GmbH Innovation und Kompetenz am Bau on
March 3, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         InnoKom Bau GmbH Innovation und Kompetenz am Bau
         Heinrichstr. 6a
         06449 Aschersleben
         Germany


INTERMEDICAL PROMOTION: Claims Registration Period Ends April 16
----------------------------------------------------------------
Creditors of IPS InterMedical Promotion Services GmbH have until
April 16, 2008, to register their claims with court-appointed
insolvency manager Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 11:01 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Krefeld
          Meeting Hall H 131
          First Floor
          Nordwall 131
          47798 Krefeld
          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 Houben
          Sternstrasse 58
          40479 Duesseldorf
          Germany
          Tel: 0211/49 144-0
          Fax: +4902114914434

The District Court of Krefeld opened bankruptcy proceedings
against IPS InterMedical Promotion Services GmbH on Feb. 12,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          IPS InterMedical Promotion Services GmbH
          Attn: Shaker Halab, Manager
          Hafelsstr. 209
          47809 Krefeld
          Germany


JUNIOR TIEFBAU: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of JUNIOR Tiefbau GmbH i.L. have until April 16, 2008,
to register their claims with court-appointed insolvency manager
Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Wiesbaden
          Hall E 36 A
          Third Floor
          Building E
          Moritzstrasse 5
          65185 Wiesbaden
          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 Laubereau
          c/o Pluta Rechtsanwalts GmbH - Buero Frankfurt/Main
          Trakehner Strasse 7-9
          Eingang A
          60487 Frankfurt am Main
          Germany
          Tel: 069/850 9693 0
          Fax: 069/850 9693 29
          E-mail: frankfurt@pluta.net
          Web site: http://www.pluta.net/

The District Court of Wiesbaden opened bankruptcy proceedings
against JUNIOR Tiefbau GmbH i.L. on Feb. 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          JUNIOR Tiefbau GmbH i.L.
          Muehlstr. 79
          65375 Oestrich-Winkel
          Germany


KAPPE PROJEKTBAUGESELLSCHAFT: Claims Registration Ends April 17
---------------------------------------------------------------
Creditors of Kappe Projektbaugesellschaft mbH have until
April 17, 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 11:00 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Dr. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: (0511) 6262870
         Fax: (0511) 62628710

The District Court of  Gifhorn opened bankruptcy proceedings
against Kappe Projektbaugesellschaft mbH on March 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kappe Projektbaugesellschaft mbH
         Attn: Kastanienallee 2
         31224 Peine
         Germany


KELLER & PARTNER: Claims Registration Period Ends April 16
----------------------------------------------------------
Creditors of Keller & Partner, Unternehmensberatungsgesellschaft
mbH have until April 16, 2006, to register their claims with
court-appointed insolvency manager Reinhard Schmid.

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

The meeting of creditors will be held at:

          The District Court of Ludwigsburg
          Hall 2008
          Palace Schuetz
          Schorndorfer Str. 28
          Ludwigsburg
          Germany

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

The insolvency manager can be reached at:

          Dr. Reinhard Schmid
          Hasenbergsteige 5
          70178 Stuttgart
          Germany
          Tel: 0711/66907-91

The District Court of Ludwigsburg opened bankruptcy proceedings
against Keller & Partner, Unternehmensberatungsgesellschaft mbH
on Feb. 29, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Keller & Partner,
          Unternehmensberatungsgesellschaft mbH
          Attn: Hans-Juergen Igel, Manager
          Riedstrasse 29
          71691 Freiberg/N.
          Germany


LAUSITZER HOLZ: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of Lausitzer Holz GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager
Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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:

          Bettina Schmudde
          Koenigstrasse 1
          01097 Dresden
          Germany
          E-mail: www.whitecaseinso.de

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

The Debtor can be reached at:

          Lausitzer Holz GmbH
          Attn: Helmut Neumann, Manager
          Strasse der Republik 84
          02791 Oderwitz
          Germany


LINES UP: Claims Registration Period Ends April 16
--------------------------------------------------
Creditors of Lines Up GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager
Christian Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Munich
          Meeting Hall 101
          Infanteriestr. 5
          80097 Munich
          Germany

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

The insolvency manager can be reached at:

          Dr. Christian Gerloff
          Nymphenburger Str. 139
          80636 Munich
          Germany
          Tel: 089/120260
          Fax: 089/12026127

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

The Debtor can be reached at:

          Lines Up GmbH
          Attn: Marcus Sahanek, Manager
          Implerstr. 24
          81371 Munich
          Germany


OCEAN STAR: Fitch Holds Low-B Ratings on Two Notes Classes
----------------------------------------------------------
Fitch Ratings affirmed all of Ocean Star 2004 PLC's and Ocean
Star 2005 PLC's credit-linked floating-rate notes due 2018 and
2012 respectively, as:

Ocean Star 2004:

   -- US$0.25m Class A+ notes (ISIN XS0199954537): affirmed at
      'AAA'; Outlook Stable

   -- US$52.75m Class A notes (ISIN XS0199957399): affirmed at
      'AAA'; Outlook Stable

   -- US$79.15m Class B notes (ISIN XS0199957472): affirmed at
      'AA'; Outlook Stable

   -- US$79.15m Class C notes (ISIN XS0199960005): affirmed at
      'A'; Outlook Stable

   -- US$53.80m Class D notes (ISIN XS0199961078): affirmed at
      'BBB-' (BBB minus); Outlook Stable

   -- US$19m Class E notes (ISIN XS0199963108): affirmed at
      'BB-' (BB minus); Outlook Stable

Ocean Star 2005:

   -- US$28.6m Class A notes (ISIN XS0230942152): affirmed at
      'AAA'; Outlook Stable

   -- US$25.7m Class B notes (ISIN XS0230942582): affirmed at
      'AA'; Outlook Stable

   -- US$42.8m Class C notes (ISIN XS0230942580): affirmed at
      'A'; Outlook Stable

   -- US$23.4m Class D notes (ISIN XS0230944281): affirmed at
      'BBB'; Outlook Stable

   -- US$9.7m Class E notes (ISIN XS0230944794): affirmed at
      'BB'; Outlook Stable

The affirmations follow the replenishments of the underlying
portfolios and a satisfactory review of both transactions'
performance to date.

Ocean Star 2004 and Ocean Star 2005 are revolving synthetic
securitisations of shipping loan obligations originated by HSH
Nordbank AG (HSH, rated 'AAA'/'F1+' for guaranteed obligations
and 'A'/'F1' for unguaranteed obligations) and its predecessors,
LB Kiel and Hamburgische Landesbank, with respect to reference
portfolios with an outstanding amount of up to USD1,054.7m and
USD570.1m, respectively.  The reference portfolio consists of
loans secured by ships.

This is Ocean Star 2004's seventh portfolio replenishment since
closing and Ocean Star 2005's fifth replenishment since closing.
The levels of available credit enhancement have not changed
since closing for both transactions.  No credit events, defaults
or losses for both transactions have occurred since inception.
No delinquencies have been reported since closing.  The rating
of collateral available to the issuer has not changed.  The
current portfolio characteristics meet the transactions' general
replenishment conditions and bear lower concentration risk
compared to the initial portfolios.

Fitch will continue to monitor both transactions.


OEKO SERVICE: Claims Registration Period Ends April 16
------------------------------------------------------
Creditors of Oeko Service Haus GmbH Bausysteme nach Mass have
until April 16, 2008, to register their claims with court-
appointed insolvency manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 DuesseldorfForderungen
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Oeko Service Haus GmbH Bausysteme nach Mass on
March 18, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Oeko Service Haus GmbH Bausysteme nach Mass
         Attn: Oliver Kirste, Manager
         Goetscher Weg 81
         40764 Langenfeld
         Germany


REISE-TV VERWALTUNGS: Claims Registration Period Ends April 14
--------------------------------------------------------------
Creditors of Reise-TV Verwaltungs GmbH have until April 14,
2008, to register their claims with court-appointed insolvency
manager Dr. Stefanie Kuche.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

          Dr. Stefanie Kuche
          Arthur-Menge-Ufer 5
          30169 Hannover
          Germany
          Tel: 0511 626287-0
          Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against Reise-TV Verwaltungs GmbH on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Reise-TV Verwaltungs GmbH
          Expo Plaza 12
          30539 Hannover
          Germany


REXOHN GMBH: Claims Registration Period Ends April 14
-----------------------------------------------------
Creditors of Rexohn GmbH have until April 14, 2008, to register
their claims with court-appointed insolvency manager Dr. Helmut
Hemmerling.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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. Helmut Hemmerling
          Heilbronner Str. 86
          70191 Stuttgart
          Germany
          Tel: 0711/25 97 290
          Fax: 0711/25 97 29 999

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

The Debtor can be reached at:

          Rexohn GmbH
          Stirnenweg 4
          70378 Stuttgart
          Germany


SALZER HOCH: Claims Registration Period Ends April 17
-----------------------------------------------------
Creditors of Salzer Hoch- und Trockenbau GmbH have until
April 7, 2008, to register their claims with court-appointed
insolvency manager Jochen Horch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jochen Horch
         Keplerstrasse 7
         74072 Heilbronn
         Germany
         Tel: 07131/7801-33
         Fax: 07131/7801-11

The District Court of Heilbronn opened bankruptcy proceedings
against Salzer Hoch- und Trockenbau GmbH on March 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Salzer Hoch- und Trockenbau GmbH
         Attn: Karl Gaal, Manager
         Roetelstrasse 11
         74172 Neckarsulm
         Germany


TECMEDIC TECHNOLOGY: Claims Registration Period Ends April 14
-------------------------------------------------------------
Creditors of TecMedic Technology & Medicine GmbH have until
April 14, 2008, to register their claims with court-appointed
insolvency manager Rolf Otto Neukirchen.

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

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

          Rolf Otto Neukirchen
          Zweigertstr. 28-30
          45130 Essen
          Germany

The District Court of Essen opened bankruptcy proceedings
against TecMedic Technology & Medicine GmbH on Feb. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          TecMedic Technology & Medicine GmbH
          Broessweg 40
          45897 Gelsenkirchen
          Germany


UMWELT-VERFAHREN: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors of Umwelt-Verfahren-Katalysatorentechnik GmbH have
until April 14, 2008, to register their claims with court-
appointed insolvency manager Reinhard Klose.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 3, 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:

         Reinhard Klose
         Leipziger Str. 58
         09113 Chemnitz
         Germany
         Tel:(0371)444610
         Fax: (0371)4446111
         E-mail: klose@handschumacher.de

The District Court of Chemnitz opened bankruptcy proceedings
against Umwelt-Verfahren-Katalysatorentechnik GmbH on March 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Umwelt-Verfahren-Katalysatorentechnik GmbH
         Attn: Fritz Grunert, Manager
         Borstendorfer Strasse 29
         09573 Leubsdorf
         Germany


VIVA HANDELS: Claims Registration Period Ends April 15
------------------------------------------------------
Creditors of Viva Handels GmbH have until April 15, 2008, to
register their claims with court-appointed insolvency manager
Matthias Lorenzen.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Matthias Lorenzen
         Walkerdamm 17
         24103 Kiel
         Germany

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

The Debtor can be reached at:

         Viva Handels GmbH
         Haart 224
         24539 Neumuenster
         Germany

         Attn: Hauke Hahn, Manager
         Parchimer Strasse 26
         24536 Neumuenster
         Germany


WABIO BIOTECHNIK: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors of Wabio Biotechnik GmbH have until April 14, 2008, to
register their claims with court-appointed insolvency manager
Andreas Schen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Andreas Schenk
         Schumannstrasse 9
         08056 Zwicka
         Germany

The District Court of Chemnitz opened bankruptcy proceedings
against Wabio Biotechnik GmbH on Feb. 26, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wabio Biotechnik GmbH
         Attn: Dr. Volker Friedrich, Manager
         Suedstrasse 29
         08066 Zwickau
         Germany


ZETA ANLAGENTECHNIK: Claims Registration Period Ends April 21
-------------------------------------------------------------
Creditors of Zeta Anlagentechnik GmbH have until April 21, 2008,
to register their claims with court-appointed insolvency manager
Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 2, 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:

         Rainer M. Bahr
         Obergraben 10
         01097 Dresden
         Germany
         Website: www.hermann-law.de

The District Court of Dresden opened bankruptcy proceedings
against Zeta Anlagentechnik GmbH on March 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Zeta Anlagentechnik GmbH
         Freiberger Str. 39
         01067 Dresden
         Germany


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


PROPEX INC: Wants to Implement Employee Incentive Plan
------------------------------------------------------
Propex Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
implement the Propex Employee Incentive Program.

Many of the Debtors' employees have developed valuable
institutional knowledge regarding relationships that are
critical to the Debtors' successful operations, Henry J. Kaim,
Esq., at King & Spalding, LLP, in Houston, Texas, states.
Likewise, a large portion of the Debtors' workforce holds highly
skilled and critical industry-specific positions necessary to
run the Debtors' day-to-day businesses.

The Debtors state that the successful management of their
ongoing business activities depends on maintaining a consistent,
focused, and enthusiastic effort by their employees and others.
However, Mr. Kaim says the Debtors' employees are currently
without any incentive compensation opportunity due to the lack
of an approved bonus program for 2008 and beyond.  Because of
this, the Debtors believe that their employees are likely to
experience increased employee distraction and, consequently,
reduced efficiency and productivity and uncontrolled attrition.

Mr. Kaim says the Incentive Program has been carefully
structured to balance the need to motivate and provide
appropriate market-competitive compensation to the Debtors'
workforce, while at the same time ensuring that the estates
receive enhanced value in exchange for payments made under the
Incentive Program.

The Incentive Program consists of (i) a "Rank and File" Bonus
Program, and (ii) a Key Employee Incentive Plan.  The core
components of the Incentive Program require the achievement of
certain levels of earnings before interest, taxes, depreciation,
and amortization for the Debtors before payments will be made.

                       Rank and File Plan

The Rank and File Plan is the historical standard annual bonus
program that is put in place each year and provides an incentive
compensation opportunity for all employees, from executives down
to plant workers.  The proposed Rank and File Program
essentially mirrors the Rank and File bonus programs established
in 2006 and 2007, Mr. Kaim says.

For 2008, the Rank and File Program has a minimum EBITDA
threshold of US$35,000,000.  Bonuses payable under this program
range from US$2,200,000 for EBITDA of US$35,000,000 to
US$4,300,000 for EBITDA of US$44,000,000.  The average amount
that an employee will receive will be between US$1,165 and
US$2,280 depending on EBITDA.

All bonus payments due under the Rank and File Program will be
made upon completion of the 2008 audit, expected to be completed
around March 31, 2009, except that if the company earns
US$35,000,000 of year to date EBITDA by November 30, 2008, bonus
payments will be paid on December 20, 2008.  All remaining bonus
payments due will be paid around March 31, 2009.

                 Key Employee Incentive Plan

The KEIP is a program that provides incentives to key employees
integral to maintaining operational stability, driving
profitability, and managing the Debtors' bankruptcy cases.

The KEIP provides for a cash-only award contingent upon the
achievement of certain financial performance thresholds.  KEIP
payments are separate from the payments made under the Rank and
File Program although participants in the KEIP are also eligible
for payments under the Rank and File Program.

The Debtors have identified 45 senior employees who will be
eligible to participate in the KEIP.  The key employees under
the KEIP are tiered into four categories, with each group (i)
having an ability to earn up to a certain percentage of base
salary depending on EBITDA performance, and (ii) remaining in
compliance with all covenants contained in the Debtors'
postpetition loan documents.

Group 1 is made up of five of the most senior level executives,
Group 2 has five employees, Group 3 has 17 employees, and
Group 4 has 18 employees.

Up to US$3,500,000 of payments made under the KEIP will be
excluded from Consolidated EBITDA for purposes of testing
financial covenants for the Debtors under the DIP Loan
Documents.  Payments due under the KEIP in excess of
US$3,500,000 will not be paid until the date the Debtors emerge
from bankruptcy, or upon the sale of substantially all of their
assets.  The Debtors' employees are projected to receive amounts
ranging from US$17,000 to US$300,000, based on US$35,000,000
EBITDA.  Amounts are projected to be higher at greater EBITDA
levels.

All payments due under the KEIP are due on the earlier of
March 31, 2009, or the emergence date, except that an interim
payment will be made on April 30, 2009, for participants of
Groups 2, 3, and 4 of the KEIP if the minimum EBITDA threshold
of US$4,600,000 is reached.

Moreover, to the extent that substantially all of the Debtors'
assets are sold before the outside payment date of March 31,
2008, payments will be made under the KEIP as though target
EBITDA thresholds have been met if year to date EBITDA is at
least at the minimum levels.

                           About Propex

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

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

(Propex Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Court Approves Navigant Capital as Financial Advisor
----------------------------------------------------------------
Propex Inc. and its debtor-affiliates sought and obtained
authority from the U.S. Bankruptcy Court for the Eastern
District of Tennessee to employ Navigant Capital Advisors, LLC,
as their financial advisor, nunc pro tunc to Feb. 6, 2008.

The Court also approved the terms and conditions contained in a
letter of agreement dated Feb. 20, 2008, with respect to
Navigant's employment, pursuant to Sections 327 and 328 of the
Bankruptcy Code and Rule 2014 of the Federal Rules of Bankruptcy
Procedure.

Navigant is a national financial advisory firm, with seven
offices in the United States, and more than 100 professionals.
Navigant provides financial advisory services, as well as
execution capabilities, in a variety of areas, including
financial restructuring.  Navigant is an affiliate of Navigant
Consulting, Inc., a publicly traded consulting firm, which
focuses on providing services to companies in various types of
distress, risk or litigation.  Additionally, Navigant's
Financial Restructuring Group has assisted numerous Chapter 11
Debtors in some of the largest and most complex restructuring
matters in the United States, including Beth Israel Hospital
Association of Passaic, among others.

Under the Engagement Agreement, Navigant is expected to:

   (a) assist the Debtors in the preparation and review of
       reports or filings as required by the Court or the Office
       of the United States Trustee, including schedules of
       assets and liabilities, statement of financial affairs,
       mailing matrix, and monthly operating reports; and

   (b) assist the Debtors in other matters requested for and
       agreed upon, consistent with Navigant's expertise.

The Debtors and Navigant have agreed to these compensation
rates:

          Professional                  Hourly Rate
          ------------                  -----------
          Senior Managing Directors     US$545 - US$695
          Managing Directors            US$545 - US$695
          Directors/Senior Advisors     US$475 - US$525
          Associate Directors           US$375 - US$475
          Managing Consultants          US$345 - US$375
          Consultants/Associates        US$235 - US$345
          Paraprofessionals             US$95

Lee McCarter, executive vice president and chief financial
officer of Propex, Inc., states that Navigant is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.  Mr. McCarter adds that Navigant has no
interest materially adverse to the Debtors, their creditors, and
shareholders, on matters for which Navigant is employed.

                           About Propex

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

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

(Propex Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


SIRVA INC: Court Okays Sale of U.K. & Ireland Operations to TEAM
----------------------------------------------------------------
Sirva Inc. and its debtor-affiliates received authority from the
U.S. Bankruptcy Court for the Southern District of New York to
consummate the Sale of their ownership shares in SIRVA Group
Holdings Limited and SIRVA Ireland, despite objections.

Triple Net Investments IX, LP, opposed the Debtors' request to
sell their ownership shares to companies managed by TEAM
Relocations Limited, for US$4,200,000.

Robert E. Nies, Esq., at Wolff & Samson PC, in New York, asked
the Court to delay approval of the Motion until the Debtors make
greater disclosure of the circumstances that require approval of
the "extraordinary and exigent sale."

Triple Net asked that:

   -- the first disclosure must address TEAM, and its "dual
      relationship" to the Purchasers and to the Committee; and

   -- a full disclosure of the Committee's process in reaching
      support of the Motion must be made.

Triple Net stated that the Motion and the contract of Sale is
not clear with regard to the legal exposure of SIRVA, Inc., the
parent company of the foreign non-debtor subsidiaries, after the
Sale.

According to Mr. Nies, notwithstanding the potential benefit of
the Debtors in discharging their obligations with respect to the
Sale, they need to explain in greater detail how the Motion will
benefit all unsecured creditors, particularly the Class 5
claimants.

Absent full disclosure, Triple Net insisted that despite the
need to fund SIRVA UK and avoid liquidation, the Motion should
be denied for having to abandon a normal sale process under
Section 363 of the Bankruptcy Code.

Judge James M. Peck authorized the Debtors to:

   * consummate the Sale of the shares to TEAM, pursuant to the
     terms of the Share Purchase Agreement;

   * close the Sale contemplated by in the Agreement; and

   * execute and close fully the Agreement.

Judge Peck determined that TEAM undertook the transactions
contemplated by the Agreement in accordance with Section 363(m)
of the Bankruptcy Code; hence (i) the reversal or modification
on appeal of the authorization to consummate the Sale will not
affect the validity of the Sale, and (ii) TEAM is entitled to
the full protections of Section 363(m).

Furthermore, Judge Peck approved the Notice of Sale to be served
on all parties-in-interest with respect to the Sale.

The sale of the shares by the Debtors to TEAM in a Private Sale
with no competitive bidding is approved and authorized in light
of, among others, the liquidity needs of SIRVA UK, Judge Peck
held.

All objections to the Motion were withdrawn at the hearing held
March 21, 2008.

                        About Sirva Inc.

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

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.  The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.

(Sirva Inc. Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)


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


ALITALIA SPA: Air France Refuses to Trim Planned Job Cuts
---------------------------------------------------------
Air France-KLM SA reiterated its planned 2,100 job cuts at
Alitalia S.p.A. in its revised proposal submitted to the Italian
carrier's unions, various reports say.

According to Bloomberg News, Air France maintained plans to cut
1,600 jobs in Alitalia Fly and 500 more in Alitalia Servizi.

Air France, BBC reports, also maintained plans to:

    * ground some flights;

    * close Alitalia's cargo unit by 2010; and

    * terminate contract out of ground handling and aircraft
      maintenance.

The French carrier, however, proposed new measures, which it
said would offer affected employees greater benefits, BBC News
reports.  Under the revised proposal, Air France will grant
Alitalia's employees more early retirement benefits or transers
to other positions or duties.

Eight of Alitalia's unions -- FILT CGIL, FIT CISL, Uiltrasporti,
UGL Trasporti, SDL inter-category, Union Piloti, ANPAV, and Avia
-- described the revised as "unacceptable," Bloomberg News
reports.

In a statement published by Agenzia Giornalitica Italia, the
unions said Air France "re-proposes in substance and in format
what was already shown to unions in the meeting of March 25, for
which reason the evaluation that the proposal was insufficient,
already made at that time, is re-confirmed by us."

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 2,100 job cuts.

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

The effectiveness conditions for Air France's offer include:

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

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

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

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

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

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

      -- the official withdrawal from the claim;

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

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

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

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

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

                          About Alitalia

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

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

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


ALITALIA: Italian Unions Reject Air France-KLM's New Offer
----------------------------------------------------------
(Checksource)
Italian unions rejected Air France-KLM's takeover offer for
Alitalia, the Financial Times reports.  Air France's bid is
subject to a condition that all nine unions must accept the
offer, the Financial Times reports.

In a joint statement, according to the report, eight unions said
that the new offer was essentially the same as before and still
inadequate.  They consented to carry on the negotiations with
Air France-KLM on March 31, 2008.

The main pilot's union did not sign the joint statement to show
they are not happy with the offer.

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


AKTOBE SYSTEM: Creditors Must File Claims by April 29
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe System Material Complect insolvent on
Feb. 8, 2008.

Creditors have until April 29, 2008, to submit written proofs of
claims to:

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


KONTEK ILPA: Claims Deadline Slated for May 2
---------------------------------------------
JSC Kontek Ilpa Insaat Ortak Girisim Anonim Sirketi has declared
insolvency.  Creditors have until May 2, 2008, to submit written
proofs of claims to:

         JSC Kontek Ilpa Insaat Ortak
         Girisim Anonim Sirketi
         Office 722
         Jybek Joly ave. 50
         Almaty
         Kazakhstan


MACRO CONSTRUCTION: Claims Filing Period Ends May 5
---------------------------------------------------
LLP Macro Construction Company has declared insolvency.
Creditors have until May 5, 2008, to submit written proofs of
claims to:

         LLP Macro Construction Company
         Azattyk Str. 101
         Atyrau
         Kazakhstan


OPTORG-PRODUCT-2006 LLP: Creditors' Claims Due on April 29
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Optorg-Product-2006 insolvent on Feb. 8, 2008.

Creditors have until April 29, 2008, to submit written proofs of
claims to:

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


PRESTIGE JSC: Claims Registration Ends April 29
-----------------------------------------------
JSC Joint-Stock Investment Fund of Risky Investing Prestige has
declared insolvency.  Creditors have until April 29, 2008, to
submit written proofs of claims to:

         JSC Joint-Stock Investment Fund of
         Risky Investing Prestige
         Pushkin Str. 64/30
         Almaty
         Kazakhstan


SABINAL LLP: Creditors Must File Claims by April 29
---------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Sabinal (RNN 091500004099).

Creditors have until April 29, 2008, to submit written proofs of
claims to:

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


TAMERLAN ENTERPRISES: Claims Deadline Slated for May 5
------------------------------------------------------
LLP Tamerlan Enterprises has declared insolvency.  Creditors
have until May 5, 2008, to submit written proofs of claims to:

         LLP Tamerlan Enterprises
         Azattyk Str. 74v
         Atyrau
         Kazakhstan


TEPLO ENERGO: Claims Filing Period Ends April 29
------------------------------------------------
LLP Firm Teplo Energo Centre has declared insolvency.  Creditors
have until April 29, 2008, to submit written proofs of claims
to:

         LLP Firm Teplo Energo Centre
         Micro District Koktem-3, 17
         Almaty
         Kazakhstan


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


FOND RAZVITIYA: Creditors Must File Claims by April 25
------------------------------------------------------
The Kantsky Branch of OJSC Microcredit Company Fond Razvitiya
Predprinimatelstva has declared insolvency.  Creditors have
until April 25, 2008 to submit written proofs of claim to:

         OJSC Fond Razvitiya Predprinimatelstva
         Lenin Str. 176
         Luxemburg
         Issyk-Kul
         Kyrgyzstan


TKANI OT: Claims Filing Period Ends April 25
--------------------------------------------
The branch of OJSC Kyrgyzsky Kamvolno-Sukonny Combinat Tkani OT
Kamvolnogo has declared insolvency.  Creditors have until
April 25, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 53-41-33.


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


AMERICAN AXLE: Likely to Outsource Work if Union Talks Fail
-----------------------------------------------------------
American Axle & Manufacturing Holdings Inc.'s Chief Executive
Officer Richard Dauch berated United Auto Workers union
representatives for the work stoppage that has caused a chain
reaction in the U.S. auto industry, Tom Walsh of the Detroit
Free Press reports.  The CEO added that the auto parts
manufacturer may end up outsourcing its manufacturing division
if talks with the UAW negotiations fail.

CEO Dauch said that the company has the right to outsource its
work since they have facilities all over the globe -- Mexico,
South America, Europe, and Asia, Mr. Walsh recounts.  Mr. Dauch
added that Axle will not be forced into bankruptcy.

Since the resumption of talks between Axle and UAW on March 13,
2008, as reported in the Troubled Company Reporter, the
discussions have been on and off, Mr. Walsh relates.

Axle spokeswoman Renee Rogers said letters were sent informing
workers, who were laid off before the strike, to come back to
work, The Associated Press reports.  If not, she added, these
workers could lose benefits.

As previously reported in the TCR, labor talks ceased on March
11 after a bargaining that lasted three days failed to produce
results.  Union officials weren't happy with the terms proposed
by the auto parts company.

Axle is demanding wage reductions of up to US$14 an hour as well
as elimination of future retiree health care and defined benefit
pensions for active workers.  Axle, which earned US$37 million
on US$3.25 billion sales in 2007, wanted a deal like those UAW
gave General Motors Corp., Ford Motor Co., Chrysler LLC, and
parts makers Delphi Corp. and Dana Corp., insisting that cutting
labor costs is essential to be competitive.  The auto parts
supplier is asking the union to approve US$20 to US$30 hourly
wage cuts from US$73 per hour to US$27 per hour, arguing that
its original U.S. locations incurred losses for three years.

The March 11 talks would have resolved a strike, which started
Feb. 26, 2008, of the 3,650 employees at master-contract plants
in Michigan and New York.

                     American Axle Statement

As previously reported, according to the company, it is not, and
never has been, an original equipment manufacturer.  AAM is a
Tier 1, Tier 2 and Tier 3 supplier to the automotive industry.
Yet, 14 years after the company was founded, AAM continues to
work under an uncompetitive OEM-style labor agreement with the
UAW.

The company disclosed that its "all-in labor costs" at the
original U.S. locations covered by this agreement with the UAW
are approximately 300% of the market rate of its competitors in
the United States.  AAM's UAW-represented facilities currently
affected by the work stoppage are not profitable and have not
been for years.

In formal and informal discussions that have occurred for more
than two years, AAM has presented the UAW with many alternatives
to address the company's need to transition to a market
competitive labor cost structure in the United States.

AAM has proposed to make a significant financial commitment to
fund retirement incentives, buy-outs and buy-downs to help
associates make the transition to a market competitive labor
cost structure.  This is AAM's preferred approach.  This
approach would allow AAM to continue operating at the original
U.S. locations and retain significant employment at these UAW-
represented facilities.

If a market competitive labor cost structure cannot be attained
at the original U.S. locations, AAM has advised the UAW that it
will consider additional capacity rationalization initiatives.

                     Strike Impact on Automakers

GM has about 29 facilities affected by the strike at Axle as the
supplier attempts to negotiate with the union.  GM president and
COO Frederick Henderson said GM won't meddle in the labor
dispute between AAM and the UAW.

As reported in the TCR on March 27, 2008, the month-long work
protest of union members at Axle is taking its toll on GM,
threatening the automaker's brake part plant in Lordstown, Ohio,
which has 2,400 workers.

Chrysler LLC is temporarily closing its vehicle assembly
facility in Newark, Delaware as the strike among UAW union
members at AAM  stretches.  AAM supplies Chrysler components for
the Dodge Durango and Chrysler Aspen sport utility vehicles in
Newark and two versions of the Dodge Ram pickup made in
Saltillo, Mexico.

                        About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on March 24, 2008,
Standard & Poor's Ratings Services placed the ratings on
American Axle & Manufacturing Holdings Inc. (BB/Watch Neg/--)
on CreditWatch with negative implications to reflects S&P's
decision to review the ratings in light of the extended American
Axle strike.


PIN Group: 2,200 More Employees Likely to Lose Jobs
---------------------------------------------------
Around 2,200 PIN Group AG employees is likely to be laid off
today, April 1, 2008, Thomson Financial disclosed citing a
report by German news agency dpa.

These cuts are in addition to the 2,770 employees already laid
off.


Headquartered in Luxembourg, PIN Group AG
-- http://www.pin-group.net/-- provides postal services across
Germany.  The group has more than 60 regional subsidiaries, and
in 2006 became a national integrated provider by setting up an
efficient nationwide distribution network.

As previously reported in the TCR-Europe report, PIN Group's
units filed for insolvency after Axel Springer AG, which holds a
71% stake, decided to stop funding the company.  Axel Springer
said the business in unviable following the German government's
decision to introduce minimum wages of EUR8-EUR9.80 for the
postal industry, which would PIN, which has 9,000 employees, up
to EUR45 million, although "most of the costs are expected to be
covered by a form of state reimbursement."


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


ELM B.V.: S&P Lowers then Withdraws Rating on EUR10 Mln Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services has taken rating actions on
the spread-based leveraged super senior secured credit-linked
notes series 35 issued by ELM B.V.

     -— The ratings are lowered to 'D' from 'CCC/Watch Neg' and
        withdrawn; and

     -— The restructured notes are assigned an 'A' rating.

The ratings on the notes were lowered to 'D' and removed from
CreditWatch with negative implications, since Standard & Poor's
considers the restructuring of the notes in a manner that does
not pay interest in accordance with the terms of the notes to be
a default.  Following the restructuring, the coupon paid on
the notes has been reduced.

The new ratings on the restructured notes reflect the new terms
and conditions of these notes.  Under the restructured notes the
leverage and trigger matrix have changed so that the ratings on
the notes are commensurate with an 'A' rating.

S&P originally assigned ratings to this transaction on Nov. 11,
2005, and the first rating action taken was to lower the rating
to 'BBB' from 'AAA' on Feb. 7, 2008.  S&P lowered the rating to
'CCC' and placed it on CreditWatch negative on March 6, 2008.

LSS transactions contain both credit and market value risks
associated with the underlying portfolio.  These transactions
have a market value trigger based on the weighted-average
portfolio spread and portfolio losses at a given point in time.

If this trigger is breached, the noteholders have the option to
participate in deleveraging the structure or proceeding to
unwind the transaction and their investment.  When assigning a
rating, S&P assesses the likelihood of breaching the attachment
point (credit risk) and the probability of breaching a specific
spread trigger (market value risk).

                        Ratings List

    Rating Lowered, Removed From CreditWatch Negative,
                      And Withdrawn

                         ELM B.V.

                                 Ratings
                                 -------
  Class                       To          From
  -----                       --          ----
  EUR10 Million Leveraged     D           CCC/Watch Neg
  Super Senior Secured        NR          D
  Notes Series 35

         Rating Assigned To Restructured Notes



  Class                       Rating
  -----                       ------
  EUR50 Million Leveraged        A
  Super Senior Secured
  Notes Series 35

                    NR — Not rated.


PETROLEOS DE VENEZUELA: Exxon Mobil Brings Case to Netherlands
--------------------------------------------------------------
El Universal reports that Exxon Mobil won a freezing injunction
hitting Petroleos de Venezuela SA's assets in both the
Netherlands and the Netherlands Antilles.

According to El Universal, Hildegard Rondon de Sanso, legal
counsel of PDVSA in the case against US oil major Exxon Mobil,
said that following a victory in the England High Court, the
conglomerate now has to advocate its viewpoint in the
Netherlands court where the US company filed an action.

Last week, Judge Paul Walker of the London High Court overturned
the freezing injunction against PDVSA.  While satisfied with the
ruling issued by Judge Walker, Ms. Rondon stressed that PDVSA
"has less arguments for defense in the Netherlands, as the
holding does own assets in the Netherlands, namely Bopec -- a
small oil storage terminal based in Bonaire -- and 220,000 bpd
Isla refinery in Curacao, which PDVSA operates under a leasing
agreement," El Universal relates.

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

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

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

                              *     *     *

To date, Petroleos de Venezuela SA carries Fitch's BB- long term
issuer default rating and local currency long term issuer
default rating.  Fitch said the ratings outlook was negative.


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


ELAN-FERM-MASH: Volgograd Bankruptcy Hearing Set June 24
--------------------------------------------------------
The Arbitration Court of Volgograd will convene at 11:00 a.m. on
June 24, 2008, to hear the bankruptcy supervision procedure on
OJSC Elan-Ferm-Mash.  The case is docketed under Case No.
A12-1490/08-S55.

The Temporary Insolvency Manager is:

         A. Kharlanov
         Post User Box 1100
         400087 Volgograd
         Russia

The Debtor can be reached at:

         OJSC Elan-Ferm-Mash
         Leninskaya Str. 79
         Elan
         403732 Volgograd
         Russia


CHISTOPOLSKOE BREEDING: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Tatarstan commenced bankruptcy
supervision procedure on OJSC Chistopolskoe Breeding
Enterprise (TIN 1652010331).  The case is docketed under Case
No. A65-30076/2007-SG4-40.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Chistopolskoe Breeding Enterprise
         Chistopol
         Tatarstan
         Russia


KUMYLZHENSKAYA OJSC: Volgograd Bankruptcy Hearing Set June 24
-------------------------------------------------------------
The Arbitration Court of Volgograd will convene at 10:00 a.m. on
June 24, 2008, to hear the bankruptcy supervision procedure on
OJSC Poultry Farm Kumylzhenskaya (TIN 3424006121).  The case is
docketed under Case No. A12-1493/08-s49.

The Temporary Insolvency Manager is:

         A. Minin
         Post User Box 199
         400050 Volgograd
         Russia

The Debtor can be reached at:

         OJSC Poultry Farm Kumylzhenskaya
         Let Oktyabrya Str. 85
         Kumylzhenskaya St. 50
         Kumylzhenskiy
         Volgograd
         Russia


NAFTOGAZ UKRAINNY: No Bankruptcy Risk, Says Prime Minister
----------------------------------------------------------
Ukrainian Prime Minister Yulia Timoshenko denied a statement by
President Viktor Yushchenko that NAK Naftogaz Ukrainy is nearing
bankruptcy due to US$2 billion unpaid debts,
RosBusinessConsulting reportts.

According to the report, Ms. Timoshenko said the government
would provide Naftogaz with necessary funds to remain afloat,
adding that her administration is set to approve the state-owned
company's balanced budget soon.

Ms. Timoshenko, Prime-Tass reports, earlier dismissed Mr.
Yushchenko's claims that Naftogaz had US$2 billion unpaid debts,
noting that the company only owes Russian-owned fuel giant OAO
Gazprom US$900 million for gas supplies.

Prime-Tass relates that Naftogaz had repaid US$$765 million of
its US$1.5 billion debt to Gazprom, which had claimed that the
company owed it US$1 billion gas supplies in November-December
2007 and US$500 million gas supplies since Jan. 1, 2008.

As reported in the TCR-Europe on March 19, 2008, Naftogaz
Ukrainy Oleg Dubyna and Gazprom Alexey Miller signed an
agreement, in which the Ukrainian party would pay US$179.5 per
1,000 cubic meters for gas supplies in January-December 2008, at
total volume of 49.8 billion cubic meters.

Naftogaz would also pay US$315 per 1,000 cubic meters for gas
supplied in January-February 2008, the cost of which should be
compensated through return of the appropriate volume of natural
gas.

Under the agreement, Gazprom would directly supply gas to
Naftogaz, dissolving of intermediaries Rosukrenergo AG and CJSC
UkrGazEnergo.

Negotiation on natural gas supply terms to Ukraine in 2009 and
the subsequent years will continue based on existing market
conditions for Central and Middle Asia gas purchase prices.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As of March 31, 2008, NAK Naftogaz Ukrainy carries a Ba3
Corporate Family Rating, a Ba2 Senior Unsecured Debt rating, and
a Ba3 Probability-of-Default rating from Moody's with stable
outlook.

Naftogaz also carries a Rating Watch Negative on its Long-term
foreign and local currency Issuer Default Ratings of 'B+',
senior unsecured rating of 'B+' and Recovery Rating of 'RR4'.


NIKOLAEVSKIY-NA-AMURE: Creditors Must File Claims by April 1
------------------------------------------------------------
Creditors of OJSC Nikolaevskiy-Na-Amure Shipyard have until
April 1, 2008, to submit proofs of claim to:

         A. Baranov
         Temporary Insolvency Manager
         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-13626/2006-38.

The Debtor can be reached at:

         OJSC Nikolaevskiy-Na-Amure Shipyard
         Sovetskaya Str. 126
         Nikolaevsk-na-Amure
         Russia


RESOURCES OF CHEMICAL: Tatarstan Bankruptcy Hearing Set June 19
---------------------------------------------------------------
The Arbitration Court of Tatarstan will conveneat 1:30 p.m. on
June 19, 2008, to hear the bankruptcy supervision procedure on
LLC Resources of Chemical Industry.  The case is docketed under
Case No. A65-23494/2007-SG4-40.

The Temporary Insolvency Manager is:

         V. Shevelev
         Post User Box 75
         Kazan
         420021 Tatarstan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Resources of Chemical Industry
         Vysokogorskiy
         Tatarstan
         Russia


ROSNEFT OIL: Novosibirsk Court Halts TGK-11 Share Sale
------------------------------------------------------
The Arbitration Court of Novosibirsk issued an injunction order
on the placement of new shares at TGK-11, in light of a lawsuit
filed against the power producer by OOO Neft Aktiv, a unit of
OAO Rosneft Oil Co., Reuters reports, citing a source privy to
the matter.

"This is already another Neft Aktiv case, which was filed in
Novosibirsk," the source told Reuters.  "But unlike the Moscow
court's decision, they asked in this case to take the
precautionary measure of blocking the placement of the new
shares."

As reported in the TCR-Europe on Feb. 21, 2008, Neft Aktiv filed
a lawsuit against TGK-11 at the Moscow Arbitration Court,
questioning the shareholders' meeting in which TomskEnergo
agreed to merge into the power producer.

The Moscow court, however, did not issue an order to stop
trading of shares or freezing assets of TGK-11, pending the
settlement of the lawsuit.

Reuters suggests that if the court rules that the meeting was
illegal, TGK-11 could be forced to split off TomskEnergo, which
makes up 26% of equity base and about a third of both its heat
and electricity production.  Rosneft holds a 5% stake in TGK-11.

Dmitry Terekhov, an analyst at Antanta Capital, told Reuters
said the lawsuit would negatively affect TGK-11's value, adding
that the legal filing may be planned let an investor buy either
all or part of the firm at a discount.

TGK-11 spokeswoman Oktyabrina Yermakova, however, told Reuters
that the meeting was organized in full compliance with the law.

According to Reuters, TGK-11 is a merger of TomskEnergo and the
Omsk Electricity Generation Co., two local utilities serving the
Omsk and Tomsk regions of Siberia.  Rosneft has major strategic
interests in the oil-producing Tomsk region, including a 50%
stake in Tomskneft, but not in Omsk region

                          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.


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

         A. Metelyagin
         Temporary Insolvency Manager
         Lenina Str. 16-78
         610004 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A28-337/07-205/6.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         LLC Talion
         Bazovaya Str. 8
         610035 Kirov
         Russia


UKHTINSKIY ENGINEERING: Komi Bankruptcy Hearing Set May 20
----------------------------------------------------------
The Arbitration Court of Komi will convene on May 20, 2008, to
hear the bankruptcy supervision procedure on LLC Ukhtinskiy
Engineering Plant (TIN 1102052754, KPP 110201001).  The case is
docketed under Case No. A29-9434/2007.

The Temporary Insolvency Manager is:

         A. Chernov
         Post User Box 106
         Yoshkar Ola
         424031 Mariy El
         Russia
         Tel: +7-9061-37-02-67
         Fax: (8362) 45-58-90

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         LLC Ukhtinskiy Engineering Plant
         Pionergorskiy Proezd 11-53
         Ukhta
         169309 Komi
         Russia


YUKOS OIL: Dutch Court Grants US$850 Million to Shareholders
------------------------------------------------------------
A Dutch Court awarded Moravel, a subsidiary of OAO Yukos Oil
Co.'s majority shareholder GML, a US$850 million repayment for
an outstanding loan, published reports say.

According to the reports, Moravel received the money on
March 14, 2008.  GML director Tim Osborne said that the money
will remain within GML and will go toward general purposes.

A copy of the court' ruling obtained by The Moscow Times stated
that GML received part of the proceeds that Yukos' Dutch
subsidiary, Yukos International received from the 2006 sale of
Mazeikiu Nafta to PKN Orlen.

                         About Yukos Oil

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

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

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

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

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

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

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

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


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


AYT COLATERALES: Fitch Puts BB- Rating on EUR3.6 Million Notes
--------------------------------------------------------------
Fitch Ratings assigned AyT Colaterales Global Hipotecario, FTA
Serie AyT Colaterales Global Hipotecario Caja Circulo I's
EUR150m mortgage-backed floating-rate notes due in November 2047
final ratings, as:

   -- EUR135m Class A: 'AAA'; Outlook Stable
   -- EUR6.3m Class B: 'A'; Outlook Stable
   -- EUR5.1m Class C: 'BBB-' (BBB minus); Outlook Stable
   -- EUR3.6m Class D: 'BB- ' (BB minus); Outlook Stable

This transaction is a cash flow securitisation of a EUR150m
static pool of first and second Spanish mortgage loans
originated and serviced by Caja de Ahorros y Monte de Piedad del
Circulo Catolico de Obreros de Burgos (Caja Circulo, rated 'A-'
(A minus)/'F2'/Outlook Negative).

The final ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Ahorro y Titulizacion S.A., S.G.F.T.'s
administrative capabilities.

Initial CE for the Class A to D notes is provided by
subordination and a reserve fund, which has been fully funded at
closing using a subordinated loan.

The final ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B, C and D notes, as
well as the repayment of principal by legal final maturity.
Should the deferral trigger on the Class B, C and D notes be
hit, interest on these notes will be deferred in the priority of
payments.  In this instance, interest payments might not be
received for a period of time, but will be received by legal
final maturity.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage certificates
(certificados de transmission de hipoteca, CTHs) acquired from
Caja Circulo. The CTHs are subscribed by Ahorro y Titulizacion
S.A., S.G.F.T., whose sole function is to manage asset-backed
notes on behalf of the fund.


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


MERISANT COMPANY: Moody's Rates US$245 Million Loans at B3
----------------------------------------------------------
Moody's Investors Service rated Merisant Company's proposed new
US$35 million bank revolving credit agreement and US$210 million
bank term loan at B3.  The new bank facilities will replace the
existing US$35 million revolving credit agreement and
approximately US$206 million in outstanding bank term loans,
whose ratings will be withdrawn when the new facilities are
executed.  Moody's affirmed Merisant's other ratings, including
its corporate family rating of Caa3 and its probability of
default rating of Caa3.  The rating outlook remains stable.

Rating assigned

Merisant Company

     -- New US$35 million senior secured revolving credit
        agreement at B3 (LGD2,16%)

     -- New US$210 million senior secured term loans at B3
        (LGD2,16%)

Ratings affirmed:

Merisant Worldwide, Inc.

     -- Corporate family rating at Caa3

     -- Probability of default rating at Caa3

     -- US$137 million senior subordinated discount notes
        maturing May 2014 at Ca (LGD6,91%)

Merisant Company

     -- US$35 million first lien senior secured revolving credit
        expiring in January 2009 at B3 (LGD2,16%)

     -- US$190 million first lien senior secured Term Loan B
        maturing in January 2010 at B3 (LGD2, 16%)

     -- US$15.7 million (original EU 50 million) 1st lien senior
        secured Term Loan A maturing in January 2009 at B3
        (LGD2, 16%)

Rating affirmed, and LGD % revised

Merisant Company

     -- US$225 million senior subordinated notes maturing in
        July 2013 at Ca (LGD4). LGD % to 63% from 65%

The new bank facilities, like the existing ones, will be senior
secured obligations.  Borrower will likewise be Merisant
Company, with guarantees from holding company Merisant Worldwide
and Merisant Company's direct and indirect domestic subsidiaries
and material foreign subsidiaries.  Security will be a first
priority lien on capital stock of Merisant Company, and
substantially all of the personal property assets of Merisant
Company and each guarantor (limited to 65% for first tier
foreign subsidiaries).  The proposed new revolving credit
agreement will expire in January 2012, and the new term loan
will mature in January 2013; this lengthening of maturities is a
credit positive.  However, the maturities of the new bank
facilities will be accelerated to the earliest date on or after
April 15, 2009 if the holding company or Merisant Company would
not be permitted by the terms of any indebtedness to make the
next scheduled cash payment of interest on the holding company's
senior subordinated discount notes due 2014, whose interest will
no longer be pay-in-kind as of May 2009.

The affirmation of Merisant's existing ratings is based on the
greater stability in the company's operating performance.
Reported operating profit margin in each of the first three
quarters of fiscal 2007 was stronger than in the same period in
the prior year, even when excluding US$30 million in other
income in the second quarter of fiscal 2007.  Profitability has
benefited from supply chain programs to streamline manufacturing
and from the introduction of new products such as Sweet
Simplicity(R).  Cost structure has also been helped by the
current excess of global aspartame supply.  Further cost savings
and the leveraging of manufacturing capacity through the
production of private label goods represent opportunities to
enhance profitability, while greater international expansion
could boost sales over the intermediate term.  Merisant is
anticipated to be able to fund working capital, capital
expenditures, and modest term debt repayments with cash on hand
(US$51 million at December 31, 2007), its US$35 million
revolving credit agreement, and modest operating cash flow.

Merisant's Caa3 corporate family rating reflects the company's
very heavy debt burden relative to its earnings and cash flow
and the likelihood, in Moody's view, that the company might need
to further restructure its debt in order to be able to meet
fierce competition and to invest in growth opportunities.

The rating outlook is stable, given that the current corporate
family rating adequately captures debt recovery expectations for
the enterprise.

Headquartered in Chicago, Merisant Worldwide, Inc. is a leading
global producer and marketing of low-calorie tabletop
sweeteners. Its premium-priced brands are Equal and Canderel,
which are sweetened with aspartame. Merisant has an estimated
21% dollar share of the global retail market for low-calorie
tabletop sweeteners, and sales of approximately $290 million for
the fiscal year ended December 31, 2007.

The company also has offices in Mexico City and 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


X-RITE INC: Moody's Cuts Ratings on Covenant Compliance Concerns
----------------------------------------------------------------
Moody's Investors Service lowered X-Rite, Inc.'s corporate
family rating to B2 from B1.  Moody's also lowered the rating on
the company's first lien senior secured credit facilities to B1
from Ba3 and the rating on the second lien term loan to Caa1
from B3.  All ratings were placed under review for possible
downgrade.

As part of this action, Moody's also lowered the company's
speculative grade liquidity rating to SGL-4 from SGL-1.

The review for possible further downgrade was prompted by
Moody's concern over the company's ability to comply with the
financial covenants governing its senior secured credit
facilities given softening demand from its key OEM customers and
slowing sales activity in the retail business unit.  Moody's
review will focus on X-Rite's plan to address any potential
covenant violations and its ability to secure a timely waiver or
amendment to its credit facilities.  The review will also focus
on the status of the Pantone and Amazys integrations as well as
an assessment of the company's operating performance, business
strategy, and liquidity.  The downgrade of the speculative grade
liquidity rating reflects Moody's opinion that there is
potential for covenant violations during the next twelve months,
and the likelihood that softening demand levels and a weak
economic environment will pressure the company's cash flows.

The ratings downgrade reflects the likelihood for weaker than
expected operating performance relative to Moody's expectations,
the concern that lower earnings will translate into credit
metrics that are no longer consistent with the B1 ratings
category, and concerns that a weak economic environment will
apply ongoing pressure to the company's operating performance.

These ratings were downgraded:

  -- Corporate family rating, to B2 from B1;

  -- Probability-of-default rating, to B2 from B1;

  -- US$40 million senior secured revolving credit facility due
     2012, to B1 (LGD3, 35%) from Ba3 (LGD3, 35%);

  -- US$270 million first lien senior secured term loan due
     2012, to B1 (LGD3, 35%) from Ba3 (LGD3, 35%);

  -- US$105 million second lien senior secured term loan due
     2013, to Caa1 (LGD5, 87%) from B3 (LGD5, 87%).

X-Rite, Inc.), headquartered in Grand Rapids, MI, is the world's
largest provider of color measurement systems offering hardware,
software, and support solutions that ensure color accuracy.  The
company reported sales of approximately US$249 million for the
fiscal year ended December 29, 2007.

The company's European headquarters is located at Switzerland.
In the Asia Pacific Region, the company's headquarters is
located at Hong Kong.


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


AMEKSIM-AUTO LLC: Creditors Must File Claims by April 5
-------------------------------------------------------
Creditors of LLC Ameksim-Auto (code EDRPOU 31102350) have until
April 5, 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 Feb. 21, 2008.
The case is docketed as 8/49-B.

The Debtor can be reached at:

         LLC Ameksim-Auto
         Dubnovskaya Str. 99a
         43010 Lutsk
         Volin
         Ukraine


AQUAPLAST LLC: Proofs of Claim Deadline Set April 5
---------------------------------------------------
Creditors of Ukrainian-Czech LLC Aquaplast (code EDRPOU
30805437) have until April 5, 2008, to submit proofs of claim
to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed as 5/70-08.

The Debtor can be reached at:

         Ukrainian-Czech LLC Aquaplast
         Lenin Str. 183
         Nemirov
         22800 Vinnica
         Ukraine

AVIATION OF UKRAINE: Creditors Must File Claims by April 5
----------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.
The case is docketed as 5/09-08.

Creditors of State Airline Agricultural Aviation of Ukraine
(code EDRPOU 25499207) have until April 5, 2008, to submit
proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         State Airline Agricultural Aviation of Ukraine
         Hmelnik Airport
         22000 Vinnica
         Ukraine


DNISTER LLC: Creditors Must File Claims by April 4
--------------------------------------------------
Creditors of Agricultural LLC Dnister (code EDRPOU 20095221)
have until April 4, 2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 8, 2008.
The case is docketed as 5/11-08.

The Debtor can be reached at:

         Agricultural LLC Dnister
         Mogilev-Podolsky District
         Bernashovka
         24020 Vinnica
         Ukraine


CITYLINE LLC: Creditors Must File Claims by April 4
---------------------------------------------------
Creditors of LLC Cityline (code EDRPOU 30483539) 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.  The case is
docketed as B 11/418-07.

The Debtor can be reached at:

         LLC Cityline
         Grushevsky Str. 17
         Vasilkov
         Kiev
         Ukraine


IRBIS LLC: Creditors Must File Claims by April 5
------------------------------------------------
Creditors of LLC Firm Irbis (code EDRPOU 30067656) have until
April 5, 2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/71-08.

The Debtor can be reached at:

         LLC Firm Irbis
         Yampol
         Lenin Str. 43
         24500 Vinnica
         Ukraine


MAYAK LLC: Creditors Must File Claims by April 5
------------------------------------------------
Creditors of Agricultural LLC Mayak (code EDRPOU 03771152) have
until April 5, 2008, to submit proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 18/295.

The Debtor can be reached at:

         Agricultural LLC Mayak
         Orlik
         Kobeliatsky District
         Poltava
         Ukraine


MAYSTER-3BK: Creditors Must File Claims by April 4
--------------------------------------------------
Creditors of LLC Mayster-3BK (code EDRPOU 32196717) have until
April 4, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Feb. 26, 2008.  The case is docketed as B 15/52-08.

The Debtor can be reached at:

         LLC Mayster-3BK
         Naberezhnaya Str. 115
         Sursko-Litovskoye
         52064 Dnipropetrovsk
         Ukraine


RICHKI LLC: Creditors Must File Claims by April 4
-------------------------------------------------
Creditors of LLC Agricultural Firm Richki (code EDRPOU 30196647)
have until April 4, 2008, to submit proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 14, 2008.
The case is docketed as 8/285-07.

The Debtor can be reached at:

         LLC Agricultural Firm Richki
         Bielopolye District
         Richki
         41832 Sumy
         Ukraine


UKRAINIAN NATURAL: Creditors Must File Claims by April 4
--------------------------------------------------------
Creditors of LLC Ukrainian Natural Juices (code EDRPOU 31496156)
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.  The case is
docketed as B 11/419-07.

The Debtor can be reached at:

         LLC Ukrainian Natural Juices
         Stayki
         Kagarlyk District
         09210 Kiev
         Ukraine


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


ACORN STRUCTURAL: Appoints Neil Francis Hickling as Liquidator
--------------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of Acorn Structural Solutions Ltd. on March 20 for
the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


AE 2007: Matthew Colin Bowker Leads Liquidation Procedure
---------------------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator
of AE 2007 Ltd. on March 21 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


AVISTAR COMMS: To Reduce 25% of U.S. and European Workforce
-----------------------------------------------------------
(UK)
Avistar Communications Corporation disclosed decisive cost
cutting measures.  As part of this cost management program, the
company will reduce its U.S. and European workforce by
approximately 25%, largely by the end of first quarter 2008.  In
addition, Avistar is suspending the formation of its previously-
announced China-based development capacity.  This cost structure
realignment is prompted in large part by Microsoft Corporation's
recent challenge to all of Avistar's US patents through the US
Patent and Trademark Office.

Following extended in-depth licensing discussions, Microsoft
moved to challenge all of Avistar's 29 US patents using the
USPTO's re-examination process.  "This single action against
Avistar's complete U.S. patent portfolio represents over 5% of
the entire 2007 third-party re-examination challenges at the
USPTO," observed Simon Moss, Avistar's CEO.  "This leads to only
one logical conclusion -- Microsoft must be taking our patent
portfolio very seriously in regard to it's relevance to their
present or future products.  Why else would it take such a
dramatic action?"

"Avistar has 80 U.S. and foreign patents in its current
portfolio relevant to the burgeoning unified communications
market.  The  patents submitted for re-examination have a 1993
priority date, have already been examined over a large body of
prior art, and include patents that have successfully withstood
two litigations," added Tony Rodde, Avistar's President;
Intellectual Property Division.  "Accordingly, we believe that
the re-examination process, if undertaken by the USPTO, will
validate these patents and make them even stronger."

Avistar remains hopeful of reaching a favorable resolution with
Microsoft on licensing Avistar's intellectual property in the
near future.  In the meantime, however, the prospect of an
extensive re-examination process and the potential impact on
Avistar's financial outlook have left Avistar with no
alternative but to proactively and decisively execute this set
of cost reductions in order to protect its intellectual property
and its associated product business.

These cost management efforts are structured to effectively
align operations to deal with Microsoft's challenges, while
still allowing Avistar to continue investing in its C3 video
communications and collaboration product line, as well as
continuing to license its intellectual property and technology.
In expanding its C3 product suite, Avistar has scheduled the
introduction of new, market-leading software solutions which
implement additional unified communication features, add
turnkey room-based videoconferencing solutions targeted at small
to medium meeting rooms and executive offices, as well as
incorporating significant progress in key community and supply
chain innovations.

Avistar is recognized as one of the early pioneers in unified
communications.  Wainhouse Research expects the market for
Unified Communications to expand 104% annually to US$16.6
billion by 2012.  The relevance of Avistar's patent portfolio
has never been more important to the firm.  An analysis
conducted last year by Ocean Tomo, LLC, a leading appraisal and
services firm with specialized expertise in valuing patents,
indicated that, subject to certain qualifications, the potential
net present value of monetizing Avistar's intellectual property
could represent an income of between US$300 and US$500 million.

                  About Avistar Communications

Headquartered in San Mateo, California, Avistar Communications
Corporation (NASDAQ: AVSR) -- http://www.avistar.com/-- holds a
portfolio of 76 patents for inventions in the primary areas of
video and network technology and offers technology and IP
licenses to companies in video conferencing, rich-media
services, public networking and related industries.  Current
licensees include Sony Corporation, Polycom Inc., Tandberg ASA,
Radvision Ltd. and Emblaze-VCON.  Outside the U.S., the company
has offices in the United Kingdom.


AVISTAR COMMS: Dec. 31 Balance Sheet Upside-Down by US$9.8 Mln
--------------------------------------------------------------
Avistar Communications Corporation disclosed that as of Dec. 31,
2007, the company's balance sheet showed US$10.6 million in
total assets, US$20.4 million in total liabilities, and US$9.8
million in total stockholders' deficit.

Its December 31 balance sheet also showed strained liquidity
with US$4.9 million in total current assets and US$15.6 million
in total current liabilities.

Revenue for the 12 months ended Dec. 31, 2007, of US$12.0
million, and income from settlement and patent licensing was
US$16.2 million for the same period.  This compared to revenue
of US$13.2 million and income from settlement and patent
licensing of US$4.2 million for the 12 months ended Dec. 31,
2006, representing a 61% year-over-year growth in the combined
metric of revenue plus income from settlement and patent
licensing activities, which management uses to monitor the
company's performance.

Avistar reported a net loss of US$2.9 million, for the 12 months
ended Dec. 31, 2007.  For the 12 months ended Dec. 31, 2006,
Avistar reported a net loss of US$8.1 million.  Included in
those net loss results were US$2.7 million and US$2.0 million of
employee stock compensation expense for 2007 and 2006,
respectively.

Revenue for the three months ended Dec. 31, 2007, was
US$1.9 million, compared to revenue of US$1.8 million for the
three months ended Sept. 30, 2007, and US$2.3 million for the
three months ended Dec. 31, 2006.    Income from settlement and
patent licensing was US$1.1 million for the three month period
ended Dec. 31, 2007, as well as for the three month periods
ended Sept. 30, 2007 and Dec. 31, 2006.

Avistar reported a net loss of US$3.7 million for the three
months ended Dec. 31, 2007.  Avistar reported a net loss of
US$4.1 million for the three months ended Sept. 30, 2007, and a
net loss of  US$3.2 million for the three months ended Dec. 31,
2006.  The net loss for the fourth quarter of 2007 reflects,
among other things, US$700,000 of employee stock compensation
expense.  Net loss for the three months ended Sept. 30, 2007
included US$700,000 of stock compensation expense, and net loss
for the three months ended  Dec. 31, 2006, included US$0.5
million of stock compensation expense.

As of Dec. 31, 2007, Avistar had cash and cash equivalents of
US$4.9 million.

"The velocity of change at Avistar is significant," said Simon
Moss, who became Chief Executive Officer of Avistar on Jan. 1,
2008.  "A new management team is in place to build off of the
positive developments of 2007.  The company has nearly completed
a significant organizational and financial restructuring and re-
focus -- the benefits of which we expect to realize in 2008.
There are risks in such a significant turn-around, but we are
bullish on the company's prospects for 2008.  Consistent with
our earlier projections, Avistar generated a slight adjusted
EBITDA profit for 2007, on a combined revenue plus income from
settlement and patent licensing activities growth rate of over
60% versus 2006.  This was the third year that we've
accomplished year-over-year growth of greater than 50% in this
combined metric.  And this is the first time the company has
been adjusted EBITDA-positive since its founding, marking a
tremendous milestone for the company, especially when viewed
against an adjusted EBITDA loss of greater than US$6 million in
2006."

"In the last four months, we've reduced corporate costs while
investing heavily in our go-to-market strategy, which
supplements our direct sales and patent licensing activities
with a reseller channel, a hosted product offering and an
expanded focus on technology licensing.  We have also increased
our research and development capacity through our new agreement
with Worksoft Creative Software Tech., Ltd. in China.  Seven
additional patents were allowed by the U.S. Patent and Trademark
Office (USPTO) and are in the issuance process, which will
supplement our rich portfolio of intellectual property."  Noting
that Wainhouse Research predicts that the unified communications
(UC) industry will reach US$16.5 billion in annual sales by
2012, Mr. Moss said that Avistar plans to license its technology
and intellectual property to other vendors in order to
accelerate growth, allow rapid development of industry
standards, and foster the development of new applications.

Mr. Moss continued, "All of these vectors influenced the recent
financing that we completed on Jan. 4, 2008, with Leucadia
National and company insiders, including a majority of the
Board.  This cash infusion, combined with the renewal of our
line of credit with a major financial institution, equips us to
execute our 2008 growth plan.  Although we expect our quarterly
revenue to continue to be lumpy, we expect profitable growth in
2008."

Mr. Moss cited a number of milestones that the company achieved
recently:


   -- Earlier this month, Avistar concluded a financing round of
      US$7 million of convertible debt, led by a US$4 million
      investment from Leucadia National Corporation (NYSE:LUK).
      Five of Avistar's seven directors were among the other
      investors who contributed US$3 million of the total.
      Raising working capital to fund implementation of its new
      "go-to-market" strategies is a central element of
      Avistar's turnaround strategy, as described by the company
      in a press release dated Nov. 8, 2007.

   -- The company announced this month that it had received
      notification from the USPTO of seven new patent allowances
      in the areas of real-time communications over wide area
      networks.  The patents specifically relate to technology
      for video communications, voice over Internet protocol and
      instant messaging.

   -- In December 2007, the company announced a 2,000 seat
      order, representing its largest customer expansion to
      date.  Avistar additionally announced on Jan. 17, 2008,
      that it had added Colgate-Palmolive as a new Fortune 100
      client.

   -- Earlier last year, Ocean Tomo, LLC, a leading appraisal
      and services firm with specialized expertise in valuing
      patents, provided Avistar with an analysis indicating
      that, subject to certain assumptions, the potential net
      present value of monetizing Avistar's intellectual
      property was between US$350 million and US$500 million.

   -- In November and December of 2007, Avistar was notified by
      the Staff of The NASDAQ Stock Market that Avistar was not
      in compliance with the continued listing standards of the
      NASDAQ Capital Market and is subject to de-listing.  An
      appeal hearing will be conducted on Jan. 24, 2008, with
      NASDAQ's Listing Qualification Panel to determine whether
      the company is allowed an additional period of time in
      which to re-establish listing compliance.

"So, 2007 was a decent year, though quarterly 'lumpiness'
remains a challenge.  For 2008, the components of our turnaround
are in place; our IP is a strong and expanding asset, the firm
is now better capitalized, the new leadership team brings proven
success in early-stage technology companies, and we are
addressing a market that offers great opportunity, the tough
reorganization is largely completed, and we are aggressively
focused on the challenges ahead."

                  About Avistar Communications

Headquartered in San Mateo, California, Avistar Communications
Corporation (NASDAQ: AVSR) -- http://www.avistar.com/-- holds a
portfolio of 76 patents for inventions in the primary areas of
video and network technology and offers technology and IP
licenses to companies in video conferencing, rich-media
services, public networking and related industries.  Current
licensees include Sony Corporation, Polycom Inc., Tandberg ASA,
Radvision Ltd. and Emblaze-VCON.  Outside the U.S., the company
has offices in the United Kingdom.


BRETT ESSEX: Joint Liquidators Take Over Operations
---------------------------------------------------
J. S. French and Glyn Mummery of Vantis Redhead French Limited
were appointed joint liquidators of The Brett Essex Golf Club
Ltd. on March 15 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


DIOMED LIMITED: Steven Law Named as Administrator
-------------------------------------------------
Steven Mark Law of Ensors has been named as administrator of
Diomed Limited, a wholly-owned subsidiary of Diomed Holdings,
Inc.

As reported in the TCR-Europe on March 17, 2008, Diomed Limited
filed for administration in the Cambridge County Court in
conjunction with Diomed Holdings' Chapter 11 filing with the
United States Bankruptcy Court for the District of
Massachusetts.

Diomed Holdings, and a U.S. subsidiary, filed for bankruptcy in
the U.S. in order to sell certain of its operating assets to
Biolitec AG.

Diomed Ltd. disclsoed in its website that it will remain
operational and assured customers that they can expect an
uninterrupted supply of EVLT(TM) products and services.

Diomed Limited employed 45 people as of December 2006.

Diomed (AMEX: DIO) -– http://www.evlt.vom/-- develops and
commercializes minimal and micro-invasive medical procedures
that use its proprietary laser technologies and disposable
products.  Diomed’s EVLT(R) laser vein ablation procedure is
used in varicose vein treatments.  Diomed also provides
photodynamic therapy for use in cancer treatments, and dental
and general surgical applications.  The EVLT(R) procedure and
the company’s related products were cleared by the United States
FDA in January of 2002.  Along with lasers and single-use
procedure kits for its EVLT(R) laser vein treatment, the Company
provides its customers with state of the art physician training
and practice development support.  The company's subsidiary,
Diomed, Ltd. -- http://www.diomeduk.com/-- operates in the
United Kingdom and its chief activities are product development,
manufacturing and international sales and marketing.


DOVECOTE NURSING: Brings In Liquidators from KPMG
-------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Dovecote Nursing Home Ltd. on
March 20 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


ELITE BUILDING: Taps David Elliott to Liquidate Assets
------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
Elite Building & Plumbing Services Ltd. on March 20 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England


EURAM CORPORATE: Taps Liquidators from Smith & Williamson
---------------------------------------------------------
Henry Anthony Shinners and Anthony Cliff Spicer of Smith &
Williamson Ltd. were appointed joint liquidators of Euram
Corporate Services Ltd. (formerly European American Investment
Corporate Services Ltd.), Euram Advisors Ltd. (European American
Investment Advisory Services Ltd.), and Euram Treasury Services
Ltd. on March 3 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England


GUARDIA SECURITY: Claims Filing Period Ends April 25
----------------------------------------------------
Creditors of Guardia Security (UK) Ltd. have until April 25,
2008 to send in their full names, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their solicitors (if any) to:

         Ian W. Kings and Steven P. Ross
         Joint Liquidators
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Ian W. Kings and Steven P. Ross of Tenon Recovery were appointed
joint liquidators of the company on March 14 by resolutions of
members and creditors.


JOHN SAWYER: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of John Sawyer Estate Agents Ltd. on March 19
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


MAINLAND LEISURE: Names M.C. Bowker Liquidator
----------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Mainland Leisure Ltd. on March 20 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


MAPLE LEAF: Hires Liquidators from Tenon Recovery
-------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Maple Leaf
Interiors Ltd. on March 19 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

MOONSTICK LTD: Claims Filing Period Ends May 31
-----------------------------------------------
Creditors of Moonstick Ltd. have until May 31, 2008 to send in
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their solicitors (if any) to:

         Dilip Dattani
         Liquidator
         Tenon Recovery
         1 Bede Island Road
         Bede Island Business Park
         Leicester
         LE2 7EA
         England

Dilip Dattani of Tenon Recovery was appointed liquidator of the
company on March 20 by resolutions of members and creditors.


OAKDALE HOLDINGS: Appoints Liquidators from KPMG
------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Oakdale Holdings Ltd. (formerly
Michco 414 Ltd.) on March 19 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


PROMETAL LTD: Calls In Liquidators from KPMG
--------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG LLP were
appointed joint liquidators of Prometal Ltd. on March 20 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


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

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


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


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


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


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

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


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

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

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

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


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


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


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


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


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


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


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


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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *