TCREUR_Public/080402.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, April 2, 2008, Vol. 9, No. 66

                            Headlines


A U S T R I A

FAIRWORK PERSONALMANAGEMENT: Claims Registration Ends April 22
GNS GASTROSZENE: Claims Registration Period Ends April 9
ISO-TEAM LLC: Claims Registration Period Ends April 30
LIFE IMMOBILIEN: Claims Registration Period Ends April 15
ROBNIK LLC: Claims Registration Period Ends April 21

UBUYO TRADING: Claims Registration Period Ends April 21


F R A N C E

PERNOD RICARD: Fitch Lowers Ratings on Vin & Spirit Buy
QUIKSILVER INC: S&P Puts BB- Credit Rating under Negative Watch
REALOGY CORP: S&P Revises Recovery Rating on Senior Debt to '4'
REALOGY CORP: CFO Hull Comments on S&P's March Outlook Action
THOMSON: Board to Implement Separation of Chairman & CEO Roles

THOMSON S.A.: Moody's Holds Ratings but Revises Outlook to Neg.


G E R M A N Y

AUTOHAUS FRITZ: Claims Registration Period Ends April 18
AUTOHAUS PIRSCH: Claims Registration Period Ends April 23
AZL MODERN: Claims Registration Period Ends April 21
BELLA CERAMIKA: Claims Registration Period Ends April 19
DIABETES-KLINIK: Claims Registration Period Ends April 18

DIAMOND FEUERWERK: Claims Registration Period Ends April 14
EBERHARDT GMBH: Claims Registration Period Ends April 25
EMMERS & GUNTERMANN: Claims Registration Period Ends April 18
FLIESEN-GEISSER: Claims Registration Period Ends April 18
GFB GMBH: Claims Registration Period Ends April 18

IKB DEUTSCHE: Werner Oerter Named as Supervisory Board Chairman
IKB DEUTSCHE: Moodys Downgrades Ratings After Review
KETTERMANN UND VETTE: Claims Registration Ends April 17
KROEGER-UMZUEGE GMBH: Claims Registration Ends April 17
MTA PRAXISFLACHEN: Claims Registration Ends April 17

POMERIA TOURISTIK: Claims Registration Period Ends April 16
PARKETT-WELT GMBH: Claims Registration Period Ends April 24
REHA-ZENTRUM KLARA: Claims Registration Ends April 17
REHDER BETEILIGUNGS: Claims Registration Ends April 17
RICHTER HOLZBAUELEMENTE: Claims Registration Ends April 16

ROSTOCKER BAUGESELLSCHAFT: Claims Registration Ends April 16
SW EXCLUSIVE: Claims Registration Period Ends April 16
TIB TECHNOLOGIE: Claims Registration Ends April 17
TIEFBAU KOERKEMEYER: Claims Registration Period Ends April 16
TROBAU GMBH: Claims Registration Period Ends April 16

WBG WILKE: Claims Registration Period Ends April 17


G R E E C E

FAGE DAIRY: Moody's Lowers Corporate Family Rating to B3


I R E L A N D

ELAN CORP: Court Dismisses Tysabri Investor Lawsuit


I T A L Y

PARMALAT SPA: Warrant Exercise Hikes Capital by EUR6.29 Million
TISCALI SPA: Names JPMorgan & Banca IMI as Financial Advisors


K A Z A K H S T A N

ADAI STS: Creditors Must File Claims by May 4
AGROLUXE-2004 LLP: Claims Deadline Slated for May 4
AZIMUT PRODUCTION: Claims Filing Period Ends  May 4
BIRLIK LLP: Creditors' Claims Due on  May 4
BOZ BIE: Claims Registration Ends  May 4

JELDORBROKER CJSC: Creditors Must File Claims by May 4
KAMKOR INC: Claims Deadline Slated for May 4
STAL PROM: Claims Filing Period Ends May 4
STANKAL CONTRACT: Creditors' Claims Due on April 29


K Y R G Y Z S T A N

INSAN-DAEWOO: Creditors Must File Claims by May 14
SALKYNSUU OJSC: Claims Filing Period Ends May 14
N E T H E R L A N D S
NUMONYX B.V.: S&P Withdraws B Long-Term Corporate Credit Rating
PLAYLOGIC ENTERTAINMENT: Closes US$6.75 Million Financing


P O L A N D

SEVERSTAL OAO: Severstallat Unit Acquires Technologie Buczek


R U S S I A

ARCTIC FOOD: Court Names Yu. Belyaev as Insolvency Manager
COMSTAR-UNITED: Unit Launches Sales Center in Moscow
DEMBI-PORT CJSC: Creditors Must File Claims by May 1
ENERGY 2: Creditors Must File Claims by May 1
KALININSKAYA LLC: Creditors Must File Claims by May 1

MANILOVSK CJSC: Creditors Must File Claims by May 1
OGK-5 OAO: Completes Reftinskaya GRES's Unit 10 Restoration
SATELLITE LLC: Creditors Must File Claims by May 1
SEVERSTAL OAO: Severstallat Unit Acquires Technologie Buczek
YUKOS-SERVICE: Creditors Must File Claims by May 1


S W I T Z E R L A N D

ASPRO LLC: Creditors' Liquidation Claims Due by April 12
BIG BAU-ARMIERUNGEN: Zug Court Starts Bankruptcy Proceedings
CASUS JSC: Aargau Court Starts Bankruptcy Proceedings
HELIOCOPTER SERVICES: Aargau Court Starts Bankruptcy Proceedings
MEDICASOFT CONSULT: Creditors Must Files Claims by April 13

MODE EMPORIO: Creditors' Liquidation Claims Due by April 17
RUCK-ZUCK: Creditors' Liquidation Claims Due by April 30
VEGANO LLC: Basel-Country Court Starts Bankruptcy Proceedings


U K R A I N E

CHANCE LLC: Creditors Must File Claims by April 5
DZHERELTSE OJSC: Creditors Must File Claims by April 11
LVOV PRODUCTION: Creditors Must File Claims by April 11
PRAVDA LLC: Creditors Must File Claims by April 11
RITA LLC: Proofs of Claim Deadline Set April 11

SPECIAL BUILDING: Proofs of Claim Deadline Set April 11
TRONKA LLC: Creditors Must File Claims by April 11
WEST 2000: Creditors Must File Claims by April 11
ZELENKOVKA LLC: Proofs of Claim Deadline Set April 11
* S&P Puts B Rating to Lugansk's Proposed Senior Unsec. Bonds


U N I T E D   K I N G D O M

BELL AT TANWORTH: Appoints Baker Tilly to Administer Assets
BOURNEMOUTH & BOSCOMBE: Creditors' Meeting Slated for April 7
BRITISH AIRWAYS: Facing GBP20Mln Costs Over Flight Cancellations
BRITISH ENERGY: Suez Declares Lack of Interest in Buying Stake
CANDU ENTERTAINMENT: Brings In Administrators from Ernst & Young

CHAMBERLAIN ESTATE: Hires Liquidator from Mazars
DOT MOBILE: Appoints Smith & Williamson as Administrators
FIREMASTER EXTINGUISHER: Taps Liquidators from Tenon Recovery
FORMDIRECT LTD: Brings In Joint Administrators from Tenon
GAP TILING: Claims Filing Period Ends May 18

HPE TECHNOLOGY: Appoints Begbies Traynor as Administrators
MAGMA BARS: Claims Filing Period Ends April 21
MARLBOROUGH LEISURE: Joint Liquidators Take Over Operations
METANOVA LTD: Claims Filing Period Ends April 30
NINEPLUS LTD: Taps Joint Administrators from BDO Stoy

NO CATCH: Sale Possible this Week as Buyers Queue
OPERAX LTD: Appoints Liquidator from Vantis Business Recovery
PETROLEOS DE VENEZUELA: Earns US$6.27 Billion in 2007
PETROLEOS DE VENEZUELA: Assets Increase US$27.143 Bln. in 2007
RUSTON ELECTRONICS: Taps Joint Administrators from Baker Tilly

SCOTTISH RE: S&P Delayed Form 10-K Filing Won't Affect Ratings
SPARTAN EUROPE: Creditors' Meeting Slated for April 10
STEWART SAUNDERS: Goes Into Liquidation Following Sales Slowdown
TALISMAN SOLUTIONS: Simon Paterson Leads Liquidation Procedure
* FTI Widens UK Presence with Forensic Accounting Buyout

* CRG Partners Forms Strategic Alliance with Smith & Williamson


                            *********


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


FAIRWORK PERSONALMANAGEMENT: Claims Registration Ends April 22
--------------------------------------------------------------
Creditors owed money by LLC FairWork Personalmanagement (FN
249745y) have until April 22, 2008, to file written proofs of
claim to court-appointed estate administrator Eva Riess at:

          Dr. Eva Riess
          c/o Dr. Leopold Riess
          Zeltgasse 3
          1080 Vienna
          Austria
          Tel: 402 57 01
          Fax: 402 57 01-21
          E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 4, 2008 (Bankr. Case No. 4 S 28/08g).  Leopold Riess
represents Dr. Riess in the bankruptcy proceedings.


GNS GASTROSZENE: Claims Registration Period Ends April 9
--------------------------------------------------------
Creditors owed money by LLC GNS Gastroszene und Betrieb (FN
269033m) have until April 9, 2008, to file written proofs of
claim to court-appointed estate administrator Kurt Schick at:

          Mag. Kurt Schick
          c/o Mag. Thomas Stenitzer
          Bahnstrasse 1 A
          2130 Mistelbach
          Austria
          Tel: 02572/320 20-0
          Fax: 02572/320 20 32
          E-mail: kanzlei-laa@ra-stenitzer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Kleinharras, Austria, the Debtor declared
bankruptcy on March 4, 2008 (Bankr. Case No. 36 S 24/08h).
Thomas Stenitzer represents Mag. Schick in the bankruptcy
proceedings.


ISO-TEAM LLC: Claims Registration Period Ends April 30
------------------------------------------------------
Creditors owed money by LLC ISO-Team (FN 290384k) have until
April 30, 2008, to file written proofs of claim to court-
appointed estate administrator Guenther Hoedl at:

          Dr. Guenther Hoedl
          c/o Dr. Andrea Simma
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 16 55
          Fax: DW 33
          E-Mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 14, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 4, 2008 (Bankr. Case No. 2 S 27/08w).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


LIFE IMMOBILIEN: Claims Registration Period Ends April 15
---------------------------------------------------------
Creditors owed money by JSC Life Immobilien (FN 230245x) have
until April 15, 2008, to file written proofs of claim to court-
appointed estate administrator Otto Werschitz at:

          Dr. Otto Werschitz
          LLC CGO Masseverwaltung
          Neutorgasse 47/I
          8010 Graz
          Austria
          Tel: 0316/820620
          Fax: 0316/820620-4
          E-mail: office@cgo-masseverwaltung.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 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 Graz, Austria, the Debtor declared bankruptcy
on March 4, 2008 (Bankr. Case No. 26 S 29/08x).


ROBNIK LLC: Claims Registration Period Ends April 21
----------------------------------------------------
Creditors owed money by LLC Robnik (FN 173945b) have until
April 21, 2008, to file written proofs of claim to court-
appointed estate administrator Wolfgang Dlaska at:

          Mag. Wolfgang Dlaska
          Joanneumring 11/4
          8010 Graz
          Austria
          Tel: 0316/825580
          Fax: 0316/825580-10
          E-mail: office@dlaska.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:00 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 227
          Graz
          Austria

Headquartered in Pirka, Austria, the Debtor declared bankruptcy
on March 4, 2008  (Bankr. Case No. 25 S 21/08p).


UBUYO TRADING: Claims Registration Period Ends April 21
-------------------------------------------------------
Creditors owed money by LLC uBUYo Trading (FN 281598s) have
until April 21, 2008, to file written proofs of claim to court-
appointed estate administrator Johannes Muehllechner at:

          Mag. Johannes Muehllechner
          Graben 21/3
          4020 Linz
          Austria
          Tel: 77 22 00
          Fax: 77 22 004
          E-mail: muehllechner@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on March 4, 2008 (Bankr. Case No. 12 S 18/08x).


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


PERNOD RICARD: Fitch Lowers Ratings on Vin & Spirit Buy
-------------------------------------------------------
Fitch Ratings downgraded French Wine and Spirit maker Pernod
Ricard SA's Long-term Issuer Default and senior unsecured
ratings to 'BB+' from 'BBB-' (BBB minus).  The Short-term IDR
has also been downgraded to 'B' from 'F3'.  The Outlook for the
Long-term IDR has been changed to Negative from Stable.

These rating actions follow the March 31, 2008 announcement by
Pernod that it will be paying EUR5.6bn cash, including assumed
debt of EUR366m, for the acquisition of Swedish alcoholic
beverages group Vin & Sprit.

"While this transaction enables Pernod to address its two main
relative weaknesses compared to industry leader Diageo, namely
the lack of adequate critical mass in the important US market
and the lack of a comparably strong presence in the high growth
vodka category, the high and fully debt-funded acquisition price
takes the group's leverage to the 'BB' rating category," says
Giulio Lombardi, Senior Director in Fitch's Retail and Consumer
Products Group.

Following the V&S acquisition, leverage (as calculated on a
lease and pension adjusted basis) will increase to above 6.0x.
Excluding any exceptional cash charges, Pernod, together with
V&S, should be able to generate an annual Free Cash Flow of
approximately EUR300-400m, which Fitch assumes would be mostly
applied to debt reduction.

However, Fitch calculates that it could take at least three
years for Pernod to reach credit metrics consistent with an
investment grade rating, a timeframe that makes it difficult to
justify affirming the ratings.  During the next three years,
Pernod will also be faced with a slowing outlook for consumer
spending in western Europe and the US, as well as challenges to
implement budgeted synergies, as it will initially not fully
control the distribution channels for Absolut Vodka in the US
and internationally.

Additionally, the group's growth ambitions could potentially
prevail over any commitment to return to investment grade
ratings.  Through this acquisition, Pernod strengthens its
number two position in the global western-style spirits
industry, reaching a market share of 18.6% in volume terms.
However, Diageo's advantage (24.2% global market share) remains
strong, thanks to net sales (in value terms) of approximately
1.5x Pernod's in each of the European and US markets and a less
fragmented product portfolio.  Pernod's ambitions to further
close its gap with Diageo might require more acquisition
spending.

The combination of risks from the integration, payments to sever
ties with distribution partners, as well as possible acquisition
spending and slower EBITDA growth might even prejudice the
achievement of 'BB+' credit metrics, thus underpinning the
current Negative Outlook.


QUIKSILVER INC: S&P Puts BB- Credit Rating under Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Quiksilver Inc., including its 'BB-' corporate credit rating, on
CreditWatch with negative implications.  The Huntington Beach,
Calif.-based apparel company had about US$996 million in debt
outstanding at Jan. 31, 2008.

The CreditWatch placement reflects the much weaker-than-expected
credit measures reported for the first quarter ended January
2008.  "While we expected that results would be lower due to the
company's current difficulties with its Rossignol hard-good
equipment business," said Standard & Poor's credit analyst
Susan Ding, "financial measures for the last 12 months came in
well below our expectations, despite the US$100 million debt
reduction from the sale of its Cleveland Golf business in
December 2007."

Standard & Poor's originally expected that leverage would be
about 4.7x at year end (adjusted for the sale of Cleveland
Golf).  However, due to losses at the Rossignol business that
depressed the EBITDA base significantly, leverage climbed to
close to 6x for the 12 months ended January 2008 versus about
5.7x for the 12 months ended October 2007.  Total debt also
increased as a result of increased capitalized operating leases,
due to the new retail stores opened during the year.  Although
the company announced it will explore selling the Rossignol
business, it is uncertain when and if the company would be able
to effect a transaction, in light of the current economic
environment, and what the magnitude would be of any potential
debt reduction from the application of sale proceeds and ensuing
improvement in credit measures.

"We will meet with management to further discuss Quiksilver's
operating trends and forecasts in order to resolve the
CreditWatch," said Ms. Ding.

Quiksilver, Inc. (NYSE:ZQK) -- http://www.quiksilverinc.com/--
is an outdoor sports lifestyle company, which designs, produces
and distributes a diversified mix of branded apparel,
wintersports equipment, footwear, accessories and related
products.  The company’s products are sold in over 90 countries
in a wide range of distribution, including surf shops, ski
shops, skateboard shops, snowboard shops, its proprietary
Boardriders Club shops, other specialty stores and select
department stores.  Quiksilver’s corporate and Americas’
headquarters are in Huntington Beach, California, while its
European headquarters are in St. Jean de Luz and St. Jean de
Moirans, France, and its Asia/Pacific headquarters are in
Torquay, Australia.


REALOGY CORP: S&P Revises Recovery Rating on Senior Debt to '4'
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on Realogy Corp.'s senior unsecured debt to '4', indicating that
lenders can expect average (30% to 50%) recovery in the event of
a payment default, from '3'.  The issue-level rating on these
securities remains unchanged at 'B' (at the same level as the
'B' corporate credit rating on the company).

The recovery rating revision reflects Standard & Poor's reduced
cash flow expectations for Realogy, which also resulted in S&P's
outlook change on the company to negative from stable last week

                         Ratings List

Realogy Corp.

Corporate Credit Rating   B/Negative/--

                         Rating Revised

Realogy Corp.
                           To                   From
                           --                   ----
Senior Unsecured          B                    B
   Recovery Rating         4                    3



REALOGY CORP: CFO Hull Comments on S&P's March Outlook Action
-------------------------------------------------------------
Standard & Poor's Ratings Services, on March 27, 2008, affirmed
Realogy Corp.'s “B” corporate rating, but revised its outlook
from “Stable” to “Negative.”

According to S&P credit analyst Emile Courtney, "[t]he outlook
revision reflects a significantly lower expectation for EBITDA
generation in 2008 than we had previously anticipated, as well
as the resultant narrowing of the EBITDA cushion in the
company's senior secured credit facilities leverage covenant[.]"

CFO Anthony E. Hull, as disclosed in the company's website,
however said that the S&P report does not explicitly mention
three key factors that are important to reiterate:

     -- Realogy's interest cost in 2008 will be significantly
        less than previously expected and 2007 pro forma levels.

     -- Realogy's proactive cost savings and cash maximization
        initiatives that have been successfully implemented
        (including exit from the government at-risk business
        that will free up US$50 million of cash this year) will
        continue to enhance our ability to tap into our bank
        debt revolver.

     -- Due to the seasonality of the real estate market, first
        quarter of any year is historically our slowest quarter
        (not just 2008).  As we are only one-quarter into the
        year, the company has 85% to 90% of its EBITDA
        opportunity ahead of it.

While the revised outlook was based primarily upon the
continuing downturn in the residential real estate market, the
S&P report concluded with the following astute statement:
“Even though a return to growth in sides and price metrics in
the industry could be at least one year away (in early 2009),
our expectation remains that Realogy will benefit meaningfully
in terms of growth in EBITDA and cash flow generation when the
cycle turns upward, and that credit measures would improve.”

                  About Realogy Corporation

Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.


THOMSON: Board to Implement Separation of Chairman & CEO Roles
--------------------------------------------------------------
The Board of Directors of Thomson met on March 28, 2008 at the
Group’s headquarters in Paris under the chairmanship of Frank
Dangeard in order to call the May 22, 2008 Annual General
Meeting and finalize the resolutions for that meeting, and also
to review current trading and other Group matters.

In 2004, the Thomson Board defined a strategy that led to the
Group’s exit from its consumer electronics activities and to the
creation of a technology company specialised in digital video
solutions.  This transformation has been successfully completed
and the Group is now firmly positioned in the Internet and
broadband equipment and services sector.

Taking into account the completion of the Group’s transformation
which opens a new period for the Group, the Board has resolved,
as announced on Feb. 14, 2008, to implement right now a new
governance structure that entails the separation of the roles of
Chairman and Chief Executive, and brings to a close Frank
Dangeard’s combined roles of Chairman & CEO.

              Frank Dangeard to Leave as Chairman

The Board offered the role of Chairman to Frank Dangeard, a
proposal he has decided to decline believing that the role of
Chairman and future of the Group as envisaged by the Board would
be better overseen by someone other than himself in that role.
However, in the interests of the Group Frank Dangeard has agreed
to be Chairman until April 12, 2008 at the latest, in order to
assist with the transition period, and the Board has therefore
appointed him to the position under these terms with immediate
effect.

The Board warmly recognised Frank Dangeard’s achievements and
leadership in the successful transformation of the Group in all
of its aspects, thereby repositioning Thomson in new and
attractive markets focused on “video solutions” in which the
Groups today occupies world leading positions.

In consideration of the above, the Board resolved to grant Frank
Dangeard a severance payment as envisaged under motions passed
at the Annual General Meeting of May 10, 2005.  The Board also
accepted Frank Dangeard’s proposal to reduce the amount of this
payment to the equivalent of 18 months of his 2007 remuneration,
in line with the governance policy that the Group wants to apply
in the future.

                         Interim CEO

The Board also appointed Julian Waldron as interim CEO, at the
proposal of the Group’s Nominations and Governance Committee,
this appointment to last until the process for the selection of
a permanent CEO has been completed.  That process is proceeding
according to the plan and schedule established by the Board.
Julian Waldron will chair an unchanged Executive Committee and
will combine his existing Chief Financial Officer role with that
of Chief Executive Officer.

Taking full account of the crisis in the global financial and
credit markets, the Board has been closely monitoring the
Group’s liquidity position and funding situation.  The Board
confirms its position as set out in the March 11, 2008 press
release which stated that the Group has “sufficient liquidity to
refinance its short-term and long-term debt falling due in 2008
and 2009”.  In the same release it added that “It has no plans
for a capital increase”.

Thomson indicated in its press release of Feb. 14, 2008 that the
first months of the 2008 year would be challenging.  The
slowdown in the Access Products activities of the Systems
Division has continued into the first quarter with reduced
orders from broadband operator customers.  In the Services
Division, the Hollywood writers strike, while now over, has
negatively affected the Film Services and Content Services
businesses.  As a consequence Group revenues for the first
quarter are likely to show a sharp decrease on a constant
currency basis compared to the first quarter of 2007.  The Group
will comment further upon the release its quarterly revenues.

Activity has been more stable in other areas of the Group’s
business such as the Service Division’s DVD activity and the
Systems Division’s Broadcast & Networks activity.  In addition,
the last weeks of March showed an improvement in activity in the
Access Products business indicating renewed investment by the
Group’s customers.  On the basis of the current outlook, the
Group would expect a more positive evolution of second quarter
revenues, even if these will still be lower than those recorded
in the same period last year on a constant currency basis.

The Board confirms the Group’s overall strategic orientation
with its mission to build a world leader in “video solutions”.
Thomson has unique assets in the broadband equipment and network
services sector, and is also constantly optimizing the perimeter
of all three of its divisions. The Group is already a major
player in “video solutions” with number one or two positions
worldwide in its chosen markets and an exceptional client list.

                           About Thomson

Thomson SA -- http://www.thomson.net/-- (Euronext Paris: 18453;
NYSE: TMS) provides technology, services, and systems to help
its Media, Entertainment & Communications clients - content
creators, content distributors and users of its technology -
realize their business goals and optimize their performance in a
rapidly changing technology environment.


THOMSON S.A.: Moody's Holds Ratings but Revises Outlook to Neg.
---------------------------------------------------------------
Moody's Investor's Service affirmed the Ba1 Corporate Family
Rating for Thomson S.A. and the Ba3 junior subordinated rating
for Thomson's perpetual junior subordinated bonds.  The outlook
has been changed to negative from stable.

The rating action was mainly triggered by somewhat increased
uncertainty with regard to corporate strategy.  Following the
decision to implement a new corporate governance structure that
entails the separation of the roles of Chairman and Chief
Executive Officer, it was announced that Frank E. Dangeard,
currently chairman and CEO, to leave the company on April 12,
2008 at the latest.  Thomson has now to nominate two new
managers for key positions at a time when the company is
focusing on preserving the flexibility and cost savings
generated under Dangeard's leadership.

During the interim period until nomination of a new CEO, Julian
Waldron, CFO, has agreed to take over responsibility as interim
CEO.  Moody's expects that this will assist providing stability
during the critical transition period.

Thomson has largely completed its business transformation
process in 2007.  Though Moody's recognizes that the company has
now built a portfolio of businesses with sound competitive
positions and a stable revenue stream from the licensing
portfolio, the agency also notes that Thomson still has to prove
that it can deliver on a sustainable basis a solid operating
performance from each of the components of its business profile.
Moody's notes in this context that the company has announced
that it expects group revenues to show some decline in the first
semester of the 2008 year.  The actual quarterly sales
performance year-on-year and its potential impact on overall
profitability and cash generation as well as the turnaround of
the situation at Broadcast and Networks, which was loss making
in 2007, will continue to be the focus of the agency's
monitoring.

Outlook Actions:

Issuer: Thomson S.A.

   -- Outlook, Changed To Negative From Stable

The last rating action for Thomson has been on March 11, 2008,
when Moody's downgraded the ratings to Ba1 / Ba3.

Headquartered in Paris, France, Thomson is a leading provider of
technology, systems and service solutions for integrated media
and entertainment companies operating in three business
segments: Thomson's Services division offers end-to-end
management of services for the media and entertainment industry,
from finishing movie content (post-production) to content
replication of film and DVD and distribution.  The Systems
division provides professional broadcasting and network
equipment for TV stations and other network operators as well as
broadband access products.  The Technology division combines
Thomson's research and exploitation of its patent portfolio
through licensing programs.  In fiscal year 2007 the company
generated revenues from continuing operations of EUR5.6 billion.


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


AUTOHAUS FRITZ: Claims Registration Period Ends April 18
--------------------------------------------------------
Creditors of Autohaus Fritz Schillinger GmbH have until
April 18, 2008, to register their claims with court-appointed
insolvency manager Stefano Buck.

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

The meeting of creditors will be held at:

          The District Court of Offenburg
          Hall 0.005
          Hindenburgstr. 5
          77654 Offenburg
          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:

          Stefano Buck
          Eisenbahnstr. 19-23
          77855 Achern
          Germany

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

The Debtor can be reached at:

          Autohaus Fritz Schillinger GmbH
          Attn: Fritz Schillinger, Manager
          Geroldsecker Vorstadt 12-26
          77933 Lahr
          Germany


AUTOHAUS PIRSCH: Claims Registration Period Ends April 23
---------------------------------------------------------
Creditors of Autohaus Pirsch GmbH have until April 23, 2008, to
register their claims with court-appointed insolvency manager
Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.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 Kleve
         Meeting Hall D 177
         Schlossberg 1
         47533 Kleve
         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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151/80580
         Fax: 02151/805858

The District Court of Kleve opened bankruptcy proceedings
against Autohaus Pirsch GmbH on March 20, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus Pirsch GmbH
         Duisburger Strasse 62
         46446 Emmerich am Rhein
         Germany

         Attn: Harald Pirsch, Manager
         Korschener Weg 24
         46446 Emmerich am Rhein
         Germany


AZL MODERN: Claims Registration Period Ends April 21
----------------------------------------------------
Creditors of AZL modern Telecommunications GmbH have until
April 21, 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 9:00 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         William-Strasse 23
         53111 Bonn
         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
         Simrockstr. 7
         53113 Bonn
         Germany
         Tel: 0228/94 98 20
         Fax: 0228/9459829

The District Court of Bonn opened bankruptcy proceedings against
AZL modern Telecommunications GmbH on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AZL modern Telecommunications GmbH
         Bundeskanzlerplatz 2/10
         53113 Bonn
         Germany

         Attn: Joachim Zweifel, Manager
         Tannallee 37
         53721 Siegburg
         Germany

         and

         Bernd Lambrecht, Manager
         n der Kehreswiese 37
         53721 Siegburg
         Germany


BELLA CERAMIKA: Claims Registration Period Ends April 19
--------------------------------------------------------
Creditors of Bella Ceramika GmbH have until April 19, 2008, to
register their claims with court-appointed insolvency manager
Dr. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 16, 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 Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg
         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. Axel Kampmann
         Goethestrasse 24
         59755 Arnsberg
         Germany

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

The Debtor can be reached at:

         Bella Ceramika GmbH
         Muehlenberg 7
         59759 Arnsberg
         Germany

         Attn: Thomas Stahlschmidt, Manager
         Einlaubstrasse 77
         67487 Maikammer
         Germany


DIABETES-KLINIK: Claims Registration Period Ends April 18
---------------------------------------------------------
Creditors of Diabetes-Klinik Bevensen Dr. W. Ingenhorst
Grundstuecksverwaltungsgesellschaft mbH have until April 18,
2008, to register their claims with court-appointed insolvency
manager Gert Wasner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 Uelzen
          Hall 1
          Main Building
          Fritz-Roever-Str 5
          29525 Uelzen
          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. Gert Wasner
          Veersser Strasse 41
          29525 Uelzen
          Tel: 0581/16006
          Fax: 0581/17159

The District Court of Uelzen opened bankruptcy proceedings
against Diabetes-Klinik Bevensen Dr. W. Ingenhorst
Grundstuecksverwaltungsgesellschaft mbH on Feb. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Diabetes-Klinik Bevensen Dr. W. Ingenhorst
          Grundstuecksverwaltungsgesellschaft mbH
          Attn: Martin Prehn, Manager
          Rosengarten 66
          29549 Bad Bevensen
          Germany


DIAMOND FEUERWERK: Claims Registration Period Ends April 14
-----------------------------------------------------------
Creditors of DIAMOND Feuerwerk Vertrieb GmbH have until
April 14, 2008, to register their claims with court-appointed
insolvency manager Boris Reski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Pinneberg
         Hall 5
         Station Route 17
         25421 Pinneberg
         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:

         Boris Reski
         Moltkestrasse 3-5
         25421 Pinneberg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against DIAMOND Feuerwerk Vertrieb GmbH on March 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DIAMOND Feuerwerk Vertrieb GmbH
         Att: Harald Juergs, Manager
         Neuer Weg 75
         25489 Haselau
         Germany


EBERHARDT GMBH: Claims Registration Period Ends April 25
--------------------------------------------------------
Creditors of Eberhardt GmbH Pflugfabrik Agrartechnik und
Metallbau Spezialmaschinenbau Metallbe und Verarbeitung have
until April 25, 2008, to register their claims with court-
appointed insolvency manager Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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 Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Eberhardt GmbH Pflugfabrik Agrartechnik und Metallbau
Spezialmaschinenbau Metallbe und Verarbeitung on March 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Eberhardt GmbH Pflugfabrik Agrartechnik und Metallbau
         Spezialmaschinenbau Metallbe und Verarbeitung
         Kampaweg 1
         14822 Linthe
         Germany

         Attn: Udo Herre, Manager
         Am Weidenfeld 39
         37574 Einbeck
         Germany


EMMERS & GUNTERMANN: Claims Registration Period Ends April 18
-------------------------------------------------------------
Creditors of Emmers & Guntermann GmbH have until April 18, 2008,
to register their claims with court-appointed insolvency manager
Rainer Frelich.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Rainer Frelich
          Vohwinkeler Str. 58
          42329 Wuppertal
          Germany
          Tel: 0202/7470430
          Fax: 0202/7470431
          Web site: http://www.kuebler-gbr.de/

The District Court of Wuppertal opened bankruptcy proceedings
against Emmers & Guntermann GmbH on March 12, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Emmers & Guntermann GmbH
          Attn: Kai Markus Emmers, Manager
          Lindenbaumstr. 60
          42659 Solingen
          Germany


FLIESEN-GEISSER: Claims Registration Period Ends April 18
---------------------------------------------------------
Creditors of Fliesen-Geisser GmbH have until April 18, 2008, to
register their claims with court-appointed insolvency manager
Klaus-Christof Ehrlicher.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on May 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Klaus-Christof Ehrlicher
          Rosenauer Strasse 22
          96450 Coburg
          Germany
          Tel: 09561/80340
          Fax: 09561/803434

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

The Debtor can be reached at:

          Fliesen-Geisser GmbH
          Attn: Willi Meinecke, Manager
          Schauensteiner Weg 13a
          95119 Naila
          Germany


GFB GMBH: Claims Registration Period Ends April 18
--------------------------------------------------
Creditors of GfB GmbH have until April 18, 2008, to register
their claims with court-appointed insolvency manager Stephan
Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Dortmund
          Hall 3.201
          Second Floor
          Gerichtsplatz 1
          44135 Dortmund
          Germany

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

The insolvency manager can be reached at:

          Stephan Heinrichsmeyer
          Hermannstrasse 40-42
          44263 Dortmund
          Germany

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

The Debtor can be reached at:

          GfB GmbH
          Attn: Ramadan Awad Allah, Manager
          Lindenhorster Str. 80-82
          44147 Dortmund
          Germany


IKB DEUTSCHE: Werner Oerter Named as Supervisory Board Chairman
---------------------------------------------------------------
The Supervisory Board of IKB Deutsche Industriebank AG has
elected Werner Oerter as its new chairman.

Mr. Oerter joined the Supervisory Board following the Annual
General Meeting on March 27, 2008, and is, following his
appointment, taking over from Dr. Ulrich Hartmann.

M. Oerter is also taking over the presidency of the IKB
Executive Committee of the Supervisory Board and will be member
of the Audit and Finance Committee.  Mr. Oerter is Director of
KfW Banking Group and Member of the Board of KfW
Beteiligungsholding GmbH.

In addition, Dieter Pfundt, who also joined the  Supervisory
Board following the Annual General Meeting, was elected deputy
chairman.  Mr. Pfundt will also become member of the Executive
Committee of the Supervisory Board and of the Audit and Finance
Committee of the IKB Supervisory Board.

Detlef Leinberger, who also chairs the Audit and Finance
Committee, remains deputy chairman of the IKB supervisory board.

                       About IKB Deutsche

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

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

                          *     *     *

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


IKB DEUTSCHE: Moodys Downgrades Ratings After Review
----------------------------------------------------
Moody's Investors Service downgraded these ratings of IKB
Deutsche Industriebank:

     1) The bank financial strength rating was downgraded to E
        from E+.  The outlook on the BFSR is now stable
        (previously developing).

     2) IKB's long-term debt and deposit ratings were downgraded
        to Baa3 from A3 and the subordinated debt ratings to Ba2
        from Baa1.  The outlook on these ratings is negative.

     3) IKB's short-term ratings were downgraded to Prime-3 from
        Prime-2.

     4) IKB's junior subordinated securities (profit
        participation certificates) were downgraded to Ca from
        Caa1.  Its hybrid capital instruments eligible for
        Tier 1 capital (silent participations) and the preferred
        securities of IKB Funding Trust I & II were downgraded
        to Caa3 from Caa1.  All hybrid ratings now have a stable
        outlook.

These rating actions conclude the review initiated on July 31,
2007 and maintained in several subsequent rating actions, most
recently on January 22, 2008.

"T[he] downgrade of IKB's BFSR to E (the lowest category on
Moody's scale for this rating) chiefly reflects our concern that
the bank's core franchise, in its role as a lender to German
SMEs, may be rapidly eroding in view of the ongoing
deterioration in its financial profile, the difficulties it is
facing in containing the risk relating to its structured credit
investments, and the protracted delays in the bank's sale to a
third party," says Katharina Barten, lead analyst for IKB at
Moody's.

Moody's does take into account that the planned capital increase
and the possibility of a sale of IKB to a committed new owner
could eventually lead to a recovery of the bank's financial
strength. However, with regard to the BFSR downgrade to E, the
rating agency's primary concerns are as follows:

      1) IKB's continued weak and highly exposed financial
         profile, which could result in the need for further
         support, in addition to the EUR8.5 billion in cash and
         commitments that has already been provided, to avoid a
         default

      2) The difficulties IKB is encountering in effecting its
         targeted sale of its EUR3.1 billion higher-risk
         portfolio of structured credit products ('NewCo',
         representing ca. 54% of IKB's total structured credit
         investments) due to the continued volatility in the
         financial markets

     3) The somewhat challenging prospects for IKB to maintain
        its core business and future profitability, in light of
        (i) the weakened investor confidence and resulting
        constraints for inter-bank funding as well as increased
         funding costs, (ii) the fact that a sizeable portfolio
         of structured credit investments will need to remain on
         the balance sheet (even if the higher-risk portfolio is
         sold), which could continue to place constraints on
         IKB's economic and regulatory capitalisation should the
         difficult market conditions persist, and (iii) the
         additional obligation under the EUR1.05 billion debtor
         warrant, which may constrain the bank's capital
         generation capacity and liquidity for many years to
         come.

"Moody's regards the rating impact of IKB's debtor warrant as
considerable, as it represents a new liability that will need to
be paid out of future profits and ranks senior to future coupon
payments on hybrids, future write-back of hybrids, which will be
written down in the year 2007/08, and also dividends," Ms Barten
explains.  More specifically, in Moody's view, the debtor
warrant may prove an additional obstacle to the efforts of
Kreditanstalt fuer Wiederaufbau (KfW, Aaa/P-1) to find a new
investor for its 43.4% stake in IKB, while KfW remains under
political pressure to sell its shareholding.  The resulting
likely delay in a successful divestment could mean for IKB that
its future role and business model will remain uncertain for
some time, as these will to a considerable extent depend on its
future main shareholder.  Moody's remains concerned that this
uncertainty could result in a rapid loss of key staff and
customers, thereby eroding the remaining franchise value of the
bank.

With regard to the multi-notch downgrade of the senior unsecured
debt and deposit ratings to Baa3 and of the subordinated debt
ratings to Ba2, Moody's commented that both downgrades reflected
the weakened intrinsic strength of IKB, combined with the
increased uncertainty of a successful sale in the short term to
an interested third party that could preserve the company's
remaining franchise value.  In spite of the reduced capacity of
KfW to provide support from its own resources, Moody's continues
to deem it highly likely that further support for IKB's senior
unsecured deposits and outstanding senior debt issues -- most
likely from the central government -- would be forthcoming if
necessary, justifying a low investment-grade rating at Baa3.
This is also supported by KfW's commitment towards the German
regulator to subscribe to EUR1.25 billion in fresh capital,
which is planned to be issued later in 2008. The downgrade to
sub-investment-grade at Ba2 and the wider notching of the
subordinated debt reflect the increased risk described above and
is in line with Moody's notching policy.

Commenting on the downgrade of the hybrid instruments to Ca and
Caa3, Moody's said that the additional liability under the
debtor warrant would severely constrain IKB's scope for internal
capital generation, exacerbated by its likely inability to
replace maturing hybrid capital instruments, with a negative
impact on the bank's total capital ratio.  This liability will
also likely make it impossible for the bank to make profits that
would be available for the future write-back of principal (as a
write-down is certain to happen for the year 2007/08) and coupon
payments on its hybrids -- especially the upper Tier-2
instruments (Genussscheine), which will mature between 2009 and
2017.  The debtor warrant does not have a maturity, i.e. it only
falls away once the whole amount has been repaid to the
beneficiary, KfW.  Therefore, the downgrade of IKB's hybrid
ratings reflects the severity of the currently expected write-
downs of principal and/or accumulated future coupon deferrals
over a period of around 10 years (or shorter periods as
applicable to instruments with shorter time-to-maturity).  The
one-notch higher rating for the silent participations and the
preferred securities of IKB Funding Trust I & II at Caa3
reflects their lower expected loss, as the principal has so far
not been affected and the expected loss so far only reflects the
coupon payments that Moody's expects to be missed for at least
the next several years.

The stable outlook on IKB's E BFSR reflects (i) the fact that
the rating is already at its lowest possible level and (ii)
Moody's view that upward pressure -- i.e. without external
support -- is unlikely in the near term given the erosion in
franchise value.

The stable outlook on the Ca ratings for IKB's profit
participation rights reflects the limited further downside while
the ratings already factor in a likely loss of over 50%. T he
same applies to the stable outlook on the Caa3 ratings for
preferred shares (Funding Trust I & II) and silent
participations, although with somewhat lower loss expectations
on a ten-year horizon. The outlook on the bank's senior
unsecured debt and deposit and the subordinated debt ratings is
negative, given the ongoing uncertainty about the bank's sale to
a third party and the potential impact on the company's ultimate
credit profile.

Headquartered in Duesseldorf, Germany, IKB reported total assets
of EUR63.5 billion (restated) at the end of March 2007. Group
net profit was EUR37.9 million.

KETTERMANN UND VETTE: Claims Registration Ends April 17
-------------------------------------------------------
Creditors of Kettermann und Vette Buerosysteme GmbH & Co. KG
have until April 17, 2008 to register their claims with court-
appointed insolvency manager Dr. Stephan Thiemann.

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 Muenster
         Meeting Hall 112 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Ludgeristr. 54
         48143 Muenster
         Germany
         Tel: 0251/16283-0
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against Kettermann und Vette Buerosysteme GmbH & Co. KG on
Feb. 15, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Kettermann und Vette Buerosysteme GmbH & Co. KG
         Muensterstrasse 74-76
         48249 Duelmen
         Germany

         Attn: Georg Kettermann, Manager
         Stockhover Weg 90
         48249 Duelmen
         Germany


KROEGER-UMZUEGE GMBH: Claims Registration Ends April 17
-------------------------------------------------------
Creditors of Kroeger-Umzuege 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 11:30 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstr. 6
         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 Kroeger-Umzuege GmbH on March 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kroeger-Umzuege GmbH
         Attn: Siegfried Kroeger, Managers
         Mindener Str. 156
         32049 Herford
         Germany


MTA PRAXISFLACHEN: Claims Registration Ends April 17
----------------------------------------------------
Creditors of MTA Praxisflachen Verwaltungs GmbH have until
April 17, 2008 to register their claims with court-appointed
insolvency manager Rolf Wesseloh.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall E3
         Burgfeld 7
         23568 Luebeck
         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 Wesseloh
         Otto-Passarge-Strasse 4
         23564 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against MTA Praxisflachen Verwaltungs GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MTA Praxisflachen Verwaltungs GmbH
         Attn: Thomas Thomsen, Manager
         Maria-Goeppert-Str. 1
         23562 Luebeck
         Germany


POMERIA TOURISTIK: Claims Registration Period Ends April 16
-----------------------------------------------------------
Creditors of Pomeria Touristik GmbH i.L. have until April 16,
2008, to register their claims with court-appointed insolvency
manager Stefan Schuppa.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Stefan Schuppa
         Bleichstrasse 15
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Pomeria Touristik GmbH i.L. on March 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Pomeria Touristik GmbH i.L.
         Attn: Detlef Ehlert, Manager
         Seestrasse 41
         17424 Seebad Heringsdorf
         Germany


PARKETT-WELT GMBH: Claims Registration Period Ends April 24
-----------------------------------------------------------
Creditors of Parkett-Welt GmbH have until April 24, 2008, to
register their claims with court-appointed insolvency manager
Bardo M. Sigwart.

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

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.308
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim
         Germany
         Tel: 06155-60930
         Fax: 06155-66297.

The District Court of Darmstadt opened bankruptcy proceedings
against Parkett-Welt GmbH on March 20, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Parkett-Welt GmbH
         Attn: Uwe Schamber, Manager
         Adolf-Kolping-Strasse 6
         64521 Gross-Gerau
         Germany


REHA-ZENTRUM KLARA: Claims Registration Ends April 17
-----------------------------------------------------
Creditors of REHA-Zentrum Klara- Stift GmbH & Co. KG  have until
April 17, 2008 to register their claims with court-appointed
insolvency manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.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 Muenster
         Meeting Hall 112 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Ludgeristr. 54
         48143 Muenster
         Germany
         Tel: 0251/16283-0
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against REHA-Zentrum Klara- Stift GmbH & Co. KG on Feb. 29,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         REHA-Zentrum Klara- Stift GmbH & Co. KG
         Attn: Markus Glaser, Manager
         Andreas-Hofer-Strasse 72-76
         48145 Muenster
         Germany


REHDER BETEILIGUNGS: Claims Registration Ends April 17
------------------------------------------------------
Creditors of Rehder Beteiligungs- u. Verwaltungsgesellschaft mbH
have until April 17, 2008 to register their claims with court-
appointed insolvency manager Wilhelm Salim Khan Durani.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Kiel
         Deliusstr. 22
         Kiel
         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:

         Wilhelm Salim Khan Durani
         Sell Speicher/Wall 55
         24103 Kiel
         Germany
         Tel: 0431/600530
         Fax: 0431/6005360

The District Court of Kiel opened bankruptcy proceedings against
Rehder Beteiligungs- u. Verwaltungsgesellschaft mbH on Feb. 20,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Rehder Beteiligungs- u. Verwaltungsgesellschaft mbH
         Attn: Tim Rehder, Manager
         Rotenhahner Weg 16 a
         24254 Rumohr
         Germany


RICHTER HOLZBAUELEMENTE: Claims Registration Ends April 16
----------------------------------------------------------
Creditors of Richter Holzbauelemente GmbH & Co.KG have until
April 16, 2008, to register their claims with court-appointed
insolvency manager Helgi Heumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

          Helgi Heumann
          Reichsstrasse 29
          09112 Chemnitz
          Germany
          Tel: (0371)356 0051
          Fax: (0371) 356 0568
          E-mail: insolvenz@raheumann.de

The District Court of Chemnitz opened bankruptcy proceedings
against Richter Holzbauelemente GmbH & Co.KG on Feb. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Richter Holzbauelemente GmbH & Co.KG
         Oststrasse 3
         09619 Mulda
         Germany


ROSTOCKER BAUGESELLSCHAFT: Claims Registration Ends April 16
------------------------------------------------------------
Creditors of Rostocker Baugesellschaft mbH have until April 16,
2008, to register their claims with court-appointed insolvency
manager Ulrich Rosenkranz.

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Lange Strasse 50
         18311 Ribnitz-Damgarten
         Germany

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

The Debtor can be reached at:

         Rostocker Baugesellschaft mbH
         Attn: Uwe Borck, Manager
         Platz der Freundschaft 1
         18055 Rostock
         Germany


SW EXCLUSIVE: Claims Registration Period Ends April 16
------------------------------------------------------
Creditors of SW Exclusive Karosseriedesign und
Leistungsoptimierungs GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Maschmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 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:

          Ulrich Maschmann
          Martha-von-Opel-Weg 9
          65307 Bad Schwalbach
          Germany
          Tel: 06124-706 70
          Fax: 06124-706 720
          E-mail: info@maschmann.com

The District Court of Wiesbaden opened bankruptcy proceedings
against SW Exclusive Karosseriedesign und Leistungsoptimierungs
GmbH on Feb. 18, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         SW Exclusive Karosseriedesign und Leistungsoptimierungs
         GmbH
         Mainzer Strasse 97
         65189 Wiesbaden
         Germany


TIB TECHNOLOGIE: Claims Registration Ends April 17
--------------------------------------------------
Creditors of TIB Technologie - Industrie -
Beteiligungsgesellschaft mbH have until April 17, 2008 to
register their claims with court-appointed insolvency manager
Roland Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Oldenburg
         Meeting Hall 2
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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:

         Roland Lehnert
         Hauptstrasse 5
         26122 Oldenburg
         Germany
         Tel: 0441 950910
         Fax: 0441 9509177
         E-mail: RA Lehnert OL@t-online.de

The District Court of Oldenburg opened bankruptcy proceedings
against  TIB Technologie - Industrie -Beteiligungsgesellschaft
mbH on Feb. 18, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         TIB Technologie - Industrie -Beteiligungsgesellschaft
         mbH
         Holler Landstr. 77
         26135 Oldenburg
         Germany

         Attn: Dr. Dietmar Brand, Manager
         Hermannstr. 73
         26135 Oldenburg
         Germany


TIEFBAU KOERKEMEYER: Claims Registration Period Ends April 16
-------------------------------------------------------------
Creditors of Tiefbau Koerkemeyer GmbH have until April 16, 2008,
to register their claims with court-appointed insolvency manager
Dr. Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany
         Tel: 05246/9275-0
         Fax: +495246927511

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

The Debtor can be reached at:

         Tiefbau Koerkemeyer GmbH
         Von-Liebig-Strasse 9
         48324 Sendenhorst
         Germany


TROBAU GMBH: Claims Registration Period Ends April 16
-----------------------------------------------------
Creditors of TroBau GmbH have until April 16, 2008, to register
their claims with court-appointed insolvency manager Dr. Martin
van Buehren.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         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. Martin van Buehren
         Bochumer Strasse 6
         51145 Cologne
         Germany
         Tel: 02203-97712-50

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

The Debtor can be reached at:

         TroBau GmbH
         Sauerbruchstr. 36
         53844 Troisdorf
         Germany


WBG WILKE: Claims Registration Period Ends April 17
---------------------------------------------------
Creditors of WBG Wilke Bauunternehmung GmbH have until April 17,
2008, to register their claims with court-appointed insolvency
manager Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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
          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:

          Stephan Heinrichsmeyer
          Spiekergasse 6-8
          33330 Guetersloh
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against WBG Wilke Bauunternehmung GmbH on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          WBG Wilke Bauunternehmung GmbH
          Attn: Siegfried Sowa, Manager
          Osnabruecker Str. 109
          33790 Halle
          Germany


===========
G R E E C E
===========


FAGE DAIRY: Moody's Lowers Corporate Family Rating to B3
--------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
and probability of default rating of Fage Dairy Industry S.A. to
B3 from B2.  Concurrently, Moody's downgraded the rating on the
EUR130 million Senior Notes due 2015 to B3, 50%-LGD4 from B2,
50%-LGD4. The outlook on all ratings remains negative.  The
rating action follows an earlier one-notch downgrade on Jan. 31,
2008.

"T[he] downgrade of Fage's ratings reflects a number of factors,
including the impact on the company's metrics of the reduced
profitability resulting from increased competitive pressures in
the domestic market, coupled with the increase in debt
experienced over the past two years, mainly to fund the new
plant the company has built in the US, as well as Moody's
expectation that competitive pressures will continue in the
medium term, raising questions with regard to the company's
ability to maintain current market shares while increasing
margins.  It additionally reflects the limited visibility as to
the extent and timing of the potential benefits to the company's
cost structure from the start-up of the operations in the US and
growing concerns with regard to the company's liquidity
position," said Stefano del Zompo, lead analyst for Fage at
Moody's.

Moody's notes the rapid deterioration in the company's metrics
over the last 12 months, as the company reported an increase in
the Debt/EBITDA ratio to 14.6x from 5.1x reported in 2006, in a
context of decreasing adjusted EBITA margins from 7.2% to 0.7%
and negative free cash flow generation.  "In Moody's opinion,
the factors behind the negative performance, which include
aggressive promotional activities in the local market, adverse
exchange rate movements and higher raw material prices, are
expected to persist in 2008 although potentially with mildly
moderated effects," added Mr. del Zompo.

Moody's views with concern the continuation in 2007 of the
declining trend experienced by the company's market shares in
the yoghurt, UHT milk and cheese segments in the previous years,
despite the aggressive promotional activities to maintain its
positions in the domestic market.

"In this context, the rating downgrade reflects Moody's concern
that, excluding about EUR45 million of renewable committed
credit facilities still available to the company, Fage's cash
flow and about EUR31.7 million of cash on balance sheet at
December 20007 might not be sufficient to fund an additional
EUR8.8 million as the final instalment for the US plant, about
EUR2.5 million in debt amortisation scheduled for 2008, EUR10
million of short-term debt and maintenance capex of around EUR8
million," added Mr del Zompo.

The negative outlook reflects Moody's expectation that in the
short term Fage's domestic market will continue to be
challenging and its liquidity will remain weak in light of its
commitments.  Further downgrades are likely in the event of
evidence of a weaker competitive position in the local market or
slower growth in international sales, leading to EBITDA margins
in the low single digits and negative free cash flow generation,
a Debt/EBITDA ratio not well below 9.0x on a sustainable basis
and tighter liquidity.

Affected ratings are:

     -- B2 Corporate Family Rating and Probability of Default
        Rating at Fage Dairy Industry S.A. downgraded to B3;

     -- B2, 50%-LGD4 Senior Unsecured rating of the
        EUR130 million notes due 2015 issued by Fage Dairy
        Industry S.A. downgraded to B3, 50%-LGD4.

Headquartered in Athens, Fage is one of the leading dairy
companies in Greece, with activities in the yoghurt,
refrigerated milk and packaged cheese segments.  In the
financial year ended December 2007, Fage reported consolidated
net sales of EUR334.8 million and operating profit of EUR1.8
million.


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


ELAN CORP: Court Dismisses Tysabri Investor Lawsuit
----------------------------------------------------
U.S. District Judge Richard Holwell has thrown out a class
action lawsuit brought by investors against Elan Corp PLC and
its executives over its multiple sclerosis drug Tysabri, Reuters
reports.

Reuters recounts that the plaintiffs accused Elan and its
executives of misrepresentations and omissions regarding the
safety, commercial viability and projected market share of
Tysabri, causing the company's stock price to be artificially
inflated.

In an opinion posted on March 28, 2008, Judge Holwell, who sits
in Federal court in Manhattan, said that the plaintiffs had
failed to adequately show that Elan and its executives had
motive and opportunity to commit fraud.

Judge Holwell said that the plaintiffs could file a motion for
permission to amend their complaint.

Reuters explains that Tysabri, which is made by Biogen Idec Inc
and Elan, was temporarily suspended from the market in 2005
after some patients developed a potentially deadly brain
infection.  The drug was allowed back on the market in 2006 with
certain restrictions after U.S. regulators decided multiple
sclerosis patients were willing to accept the risks in return
for the potential benefits.

                       About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *    *    *

As of April 1, 2008, Elan Corp. plc carries Moody's long-term
corporate family rating of B3, probability of default rating of
B2 with positive outlook.

Standard & Poors gave the company B rating on long-term foreign
issuer credit and B rating on long-term local issuer credit with
positive outlook.


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


PARMALAT SPA: Warrant Exercise Hikes Capital by EUR6.29 Million
--------------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR6,289,038 to EUR1,667,496,728 from EUR1,661,207,690.

The share capital increase is due to the exercise of 6,289,038
warrants.

                     Share Allotment Status

Shares totaling 32,464,186 representing around 1.9% of the share
capital are still in a deposit account c/o Parmalat S.p.A., of
which:

    * 13,369,205 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,388,617 shares as at Feb. 29, 2008); and

    * 19,094,981 or 1.1% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged); and

      -- 18,974,981 or 1.1% of the share capital that pertain to
         currently undisclosed creditors (compared with
         19,653,870 shares as at Feb. 29, 2008).

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


TISCALI SPA: Names JPMorgan & Banca IMI as Financial Advisors
-------------------------------------------------------------
Tiscali S.pA. has appointed JPMorgan Chase and Banca IMI S.p.A
as financial advisors.

This appointment follows the decision of the Board of Directors
to empower the CEO Mario Rosso to commence a process aimed at
maximizing the strategic value of the Group.  Borghesi Colombo &
Associati will act as advisor of the Company.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

As reported in the TCR-Europe on Feb. 12, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating to 'B+' from 'B' on Tiscali S.p.A.

The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd.  These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.

At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali.  The outlook is stable.


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


ADAI STS: Creditors Must File Claims by May 4
---------------------------------------------
LLP Adai STS Trade has declared insolvency.  Creditors have
until May 4, 2008, to submit written proofs of claims to:

         LLP Adai STS Trade
         Office 215
         Polejaev Str. 92a
         Almaty
         Kazakhstan


AGROLUXE-2004 LLP: Claims Deadline Slated for May 4
---------------------------------------------------
LLP Agroluxe-2004 has declared insolvency.  Creditors have until
May 4, 2008, to submit written proofs of claims to:

         LLP Agroluxe-2004
         Jambyl Str. 3-22
         Karaganda
         Kazakhstan


AZIMUT PRODUCTION: Claims Filing Period Ends  May 4
---------------------------------------------------
LLP Azimut Production Ltd. has declared insolvency.  Creditors
have until May 4, 2008, to submit written proofs of claims to:

         LLP Azimut Production Ltd.
         Rayimbek ave. 221b
         Almaty
         Kazakhstan


BIRLIK LLP: Creditors' Claims Due on  May 4
-------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Mts Birlik insolvent on Feb. 22, 2008,

Creditors have until May 4, 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


BOZ BIE: Claims Registration Ends  May 4
----------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Boz Bie insolvent on Feb. 4, 2008.

Creditors have until May 4, 2008, to submit written proofs of
claims to:

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


JELDORBROKER CJSC: Creditors Must File Claims by May 4
------------------------------------------------------
Representation of CJSC Jeldorbroker in Petropavlovsk has
declared insolvency.  Creditors have until May 4, 2008, to
submit written proofs of claims to:

         CJSC Jeldorbroker in Petropavlovsk
         Libkneht Str. 15-163
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KAMKOR INC: Claims Deadline Slated for May 4
---------------------------------------------
LLP Kamkor Inc. has declared insolvency.  Creditors have until
May 4, 2008, to submit written proofs of claims to:

         LLP Kamkor Inc.
         Micro District Orbita-2, 28b
         050000, Almaty
         Kazakhstan


STAL PROM: Claims Filing Period Ends May 4
------------------------------------------
LLP Stal Prom Invest has declared insolvency.  Creditors have
until May 4, 2008, to submit written proofs of claims to:

         LLP Stal Prom Invest
         Ratushny Str. 88
         Almaty
         Kazakhstan


STANKAL CONTRACT: Creditors' Claims Due on April 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Stankal Contract insolvent on Feb. 15, 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


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


INSAN-DAEWOO: Creditors Must File Claims by May 14
--------------------------------------------------
Joint Kyrgyz-Korean Enterprise Insan-Daewoo has declared
insolvency.  Creditors have until May 14, 2008 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 67-04-54.


SALKYNSUU OJSC: Claims Filing Period Ends May 14
------------------------------------------------
OJSC Salkynsuu has declared insolvency.  Creditors have until
May 14, 2008 to submit written proofs of claim to:

         OJSC Salkynsuu
         Toktogul Str. 23
         Djalal-Abad
         Kyrgyzstan


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


NUMONYX B.V.: S&P Withdraws B Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B' long-
term corporate credit rating on Dutch semiconductor manufacturer
Numonyx B.V. at the company's request.  The 'BB-' senior secured
debt rating and '1' recovery rating were also withdrawn.

All ratings on Numonyx, the result of a merger between the NOR
flash memory businesses of Intel Corp. (A+/Stable/A-1+) and
STMicroelectronics N.V. (A-/Stable/A-2), had already been
suspended on March 10, 2008.

Numonyx, whose setup was completed on March 31, 2008, has
entered into financing arrangements for a US$450 million term
loan and a US$100 million committed revolving credit facility.
Intel and STMicroelectronics, which will remain 48.6% and 45.1%
shareholders, respectively, have each granted a 50% guarantee,
not joint and several, for these credit facilities.

S&P has not reviewed or monitored the business or financial
assumptions underpinning the initial ratings on Numonyx
published on Dec. 21, 2007, and do not at this point expect to
assign a rating to Numonyx's new debt.


PLAYLOGIC ENTERTAINMENT: Closes US$6.75 Million Financing
---------------------------------------------------------
Playlogic Entertainment Inc. disclosed that on March 27, 2008,
it closed on a private placement financing totaling
approximately US$6,750,000.  The financing consisted of
approximately US$2,750,000 in equity and US$4,000,000 in debt.

The company relates that as a result of this transaction, the
substantial doubt about its ability to continue as a going
concern has been alleviated.

                    Substantial Doubt

The company had earlier raised substantial doubts about its
ability to continue as a going concern, citing a working capital
deficit of approximately US$900,000 at Dec. 31, 2007.  The
company's said that its continued existence as a going concern
is dependent upon its ability to generate sufficient cash flows
to support its ongoing operations by meeting its current
obligations as they come due and servicing its long-term debt on
a timely basis.  The company's management believes that in order
to satisfy its working capital requirements through the second
quarter of 2007, it will need to obtain additional financing
from third parties.

                    Financial Results

The company reported a net income of US$743,729 on sales of
US$10,099,746 for the year ended Dec. 31, 2007, compared with a
net loss of US$12,548,400 on sales of US$5,042,516 for the year
ended Dec. 31, 2006.

At Dec. 31, 2007, the company's balance sheet showed
US$10,081,962 in total assets, US$9,386,209 in total liabilities
and US$695,753 in shareholders' equity.

                 About Playlogic Entertainment

Headquartered in Amsterdam, Netherlands, Playlogic Entertainment
Inc. publishes interactive entertainment products, such as video
game software and other digital entertainment products.   The
company publishes for most major interactive entertainment
hardware platforms, like Sony's PlayStation2, Microsoft's Xbox
and Nintendo's Game Cube, PCs, next generation consoles and
handheld (such as Nintendo's Game Boy, Nintendo DS, and PSP) and
mobile devices.


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


SEVERSTAL OAO: Severstallat Unit Acquires Technologie Buczek
------------------------------------------------------------
JSC Severstallat, a venture of OAO Severstal, has acquired the
assets of Technologie Buczek S.A. for EUR15 million.  A new
company, Severstallat Silesia Sp. z o.o., has now been
established and incorporated under the Polish law as a wholly
owned subsidiary of JSC Severstallat.

Technologie Buczek S.A. owned 4 pipe mills with a capacity of
70,000 tons of pipes a year.  The business also owned 2 slitting
lines, a 50.72% stake in LLC Buczek Automotive -- a producer of
stock for car exhaust silencers -- and a 100% stake in LLC
Przedsi?biorstwo Us?ug Transportowych SAMKOL, a transportation
company.  The company employs 260 people.

JSC Severstallat plans to use the assets to set up a production
and storage facility for the processing and distribution of
metal products along the similar lines similar to its existing
business.

According to Anatoly Kruchinin, Chairman of the Council of JSC
Severstallat, the acquisition is a logical and complementary
step.

"Severstallat has run a metals trading business for 15 years,"
Mr. Kruchinin said.  Our experience means we will be able to
exploit the opportunities of the emerging Polish market very
efficiently manner, expanding both the depot supply and the
production/service components of our local business.  In
particular, we believe there are considerable opportunities in
the structural pipes segment."

                         About Severstal

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

                         *     *     *

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

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

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


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


ARCTIC FOOD: Court Names Yu. Belyaev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Stavropol appointed Yu. Belyaev as
Insolvency Manager for CJSC Arctic Food Company (OGRN
1022603630433).  He can be reached at:

         Yu. Belyaev
         Office 19
         45th Parallel 26
         Stavropol
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-2454/07-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Arctic Food Company
         Krasnaya Str.
         Kurshava
         Andropovskiy
         357086 Stavropol
         Russia


COMSTAR-UNITED: Unit Launches Sales Center in Moscow
----------------------------------------------------
Comstar-Direct CJSC, part of Comstar–United TeleSystems JSC, has
launched a Service Sales & Customer Service Center in Moscow,
Russia.

Comstar-Direct's Service Sales & Customer Service Center is
located in one of the most upbeat areas in Moscow -- in
immediate proximity to the Kievskaya subway station at 1 Ul.
Mozhaiskiy Val.

This brings the number of Comstar-Direct’s own Service Sales
Centers to the current 15.  It is planned that about six more
Offices will be opened in 2008 in different parts of Moscow.

The total number of outlets, including the official dealers’
sales points -- Alt Telecom, Bely Veter, Dixi’s, Evroset,
Svyaznoi, Technosila, Eldorado, ION, etc. -- through which the
STREAM products are now sold, amounts to 1168.  Besides,
beginning from December 2007, STREAM’s boxed product can be
purchased in all of the Moscow offices of Sky Link, which
provides Internet mobile broadband access and voice
communication services.

Extension of the sales net, particularly by opening Comstar-
Direct’s own distribution points, seeks to improve availability
and demand for the Internet broadband access service and value-
added interactive services offered by the Company under the
STREAM brand.

In line with the approved marketing strategy of COMSTAR-UTS
Group, the operator will embark this year on implementation of
an integrated Action Program aiming to improve sales efficiency,
the quality of service, promote relations with the existing
users and win potential subscribers to the Internet high-speed
access and pay TV services.

                       About Comstar-UTS

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

                           *    *    *

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

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


DEMBI-PORT CJSC: Creditors Must File Claims by May 1
----------------------------------------------------
Creditors of CJSC Dembi-Port have until May 1, 2008, to submit
proofs of claim to:

         N. Fomin
         Insolvency Manager
         Post User Box 131
         664025 Irkutsk
         Russia
         Tel: (3952) 34-21-09

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-4085/2007-9.

The Debtor can be reached at:

         CJSC Dembi-Port
         Partisan 42-1
         Sovetskaya Gavan 15
         Khabarovsk
         Russia


ENERGY 2: Creditors Must File Claims by May 1
---------------------------------------------
Creditors of LLC Energy 2 (TIN 2815005685) have until May 1,
2008, to submit proofs of claim to:

         O. Yakimov
         Insolvency Manager
         Office 315
         ABK 8
         Leningradskaya Str. 28
         680013 Khabarovsk
         Russia


The Arbitration Court of Amur commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A04-6289/07-10/311B.

The Debtor can be reached at:

         LLC Energy 2
         Magistralnaya Str. 15
         Zeya
         676246 Amur
         Russia


KALININSKAYA LLC: Creditors Must File Claims by May 1
-----------------------------------------------------
Creditors of LLC Agricultural Company-Kalininskaya (TIN
7440006983) have until May 1, 2008, to submit proofs of claim
to:

         V. Fursov
         Insolvency Manager
         Post User Box 50
         Lenina Str. 25-12
         457040 Yuzhnouralsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-8500/2007-32-111/34-449.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company-Kalininskaya
         Oktyabrskaya Str. 1
         Shumakovo
         Uvelskiy
         457012 Chelyabinsk
         Russia


MANILOVSK CJSC: Creditors Must File Claims by May 1
---------------------------------------------------
Creditors of CJSC Manilovsk (TIN 8501004628) have until May 1,
2008, to submit proofs of claim to:

         V. Leskov
         Insolvency Manager
         Post User Box 9
         Cheremkhovo
         Irkutsk
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-16532/07-8.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Manilovsk
         Nagornaya Str. 10
         Kutulik
         Alarskiy
         669452 UOBAO
         Russia


OGK-5 OAO: Completes Reftinskaya GRES's Unit 10 Restoration
-----------------------------------------------------------
Unit 10 of Reftinskaya GRES, a production branch of OAO OGK-5,
with the installed capacity of 500 MW was put back into
operation, following its full and expeditious restoration after
the accident of Dec. 20, 2006.  Presently, all of the ten units
of the largest coal-fired plant in Russia are in operation.

Accident management was not limited to repairing and restoration
activities only.  Emphasis was laid on actions related to the
reconstruction and upgrade of the unit’s main and auxiliary
equipment.

The turbine life was significantly extended, new turbine
generator, main transformer and own needs transformer were
installed, more than 90% of cable and impulse lines, metering
devices and electric drives were renewed.  The total amount of
restoration and upgrade costs was as much as RUR2.2 billion.

It should be noted that about 40% of the said amount was
compensated by SAK Energogarant, the insurance company, which
timely and correctly performed its obligations for the insurance
of the power plant’s property.

"Unit 10 at Reftinskaya GRES is a vivid example of the fact that
the team of OGK-5 has learnt not only to win but also to bear
the brunt," Mikhail Krupin, the First Deputy Director General –
Financial Director of Reftinskaya GRES, noted.  "I believe we
can compare it to the launch of a defense plant during WWII."

"No such wide-scale activities have been carried out at
Reftinskaya GRES since the commissioning of the power plant’s
last unit; that is why the repairs of Unit 10, done in record
short time, can be compared to building a new generating unit,"
Nikolai Derkach, the Director of Reftinskaya GRES, said.

                           About OGK-5

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

                          *     *     *

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


SATELLITE LLC: Creditors Must File Claims by May 1
--------------------------------------------------
Creditors of LLC Company Satellite (TIN 2721050925) have until
May 1, 2008, to submit proofs of claim to:

         E. Kruchinina
         Insolvency Manager
         Post User Box 10/12
         Central Post Office
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-7037/2007-36.

The Debtor can be reached at:

         LLC Company Satellite
         Shevchenko Str. 3
         680000 Khabarovsk
         Russia


SEVERSTAL OAO: Severstallat Unit Acquires Technologie Buczek
------------------------------------------------------------
JSC Severstallat, a venture of OAO Severstal, has acquired the
assets of Technologie Buczek S.A. for EUR15 million.  A new
company, Severstallat Silesia Sp. z o.o., has now been
established and incorporated under the Polish law as a wholly
owned subsidiary of JSC Severstallat.

Technologie Buczek S.A. owned 4 pipe mills with a capacity of
70,000 tons of pipes a year.  The business also owned 2 slitting
lines, a 50.72% stake in LLC Buczek Automotive -- a producer of
stock for car exhaust silencers -- and a 100% stake in LLC
Przedsi?biorstwo Us?ug Transportowych SAMKOL, a transportation
company. The company employs 260 people.

JSC Severstallat plans to use the assets to set up a production
and storage facility for the processing and distribution of
metal products along the similar lines similar to its existing
business.

According to Anatoly Kruchinin, Chairman of the Council of JSC
Severstallat, the acquisition is a logical and complementary
step.

"Severstallat has run a metals trading business for 15 years,"
Mr. Kruchinin said.  Our experience means we will be able to
exploit the opportunities of the emerging Polish market very
efficiently manner, expanding both the depot supply and the
production/service components of our local business.  In
particular, we believe there are considerable opportunities in
the structural pipes segment."

                         About Severstal

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

                         *     *     *

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

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

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


YUKOS-SERVICE: Creditors Must File Claims by May 1
--------------------------------------------------
Creditors of CJSC Yukos-Service have until May 1, 2008, to
submit proofs of claim to:

         E. Tsay
         Insolvency Manager
         Kedrovaya Str. 127a
         Tyumen
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-16485/07-88-67B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Yukos-Service
         Krymskiy Val Str. 8
         Moscow
         Russia


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


ASPRO LLC: Creditors' Liquidation Claims Due by April 12
--------------------------------------------------------
Creditors of LLC aspro have until April 12, 2008, to submit
their claims to:

         Jurg Akeret
         A-Z Treuhand
         Reitweg 2
         8400 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC aspro
         Risch ZG
         Switzerland


BIG BAU-ARMIERUNGEN: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Big Bau-Armierungen on Feb. 19, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Big Bau-Armierungen
         Zugerstrasse 31
         6330 Cham ZG
         Switzerland


CASUS JSC: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Casus on Feb. 22, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Casus
         Oltnerstrasse 93
         4663 Aarburg
         Zofingen AG
         Switzerland


HELIOCOPTER SERVICES: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Heliocopter Services on Feb. 20, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Baden
         5402 Baden/WS
         Switzerland

The Debtor can be reached at:

         LLC Heliocopter Services
         Zurcherstrasse 23/25
         5401 Baden AG
         Switzerland


MEDICASOFT CONSULT: Creditors Must Files Claims by April 13
-----------------------------------------------------------
Creditors of JSC MedicaSoft Consult have until April 13, 2008,
to submit their claims to:

         JSC FCCF Finance and Consulting
         Bahnhofstrasse 9
         Mail box: 155
         6341 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC MedicaSoft Consult
         Baar ZG
         Switzerland


MODE EMPORIO: Creditors' Liquidation Claims Due by April 17
-----------------------------------------------------------
Creditors of LLC Mode Emporio have until April 17, 2008, to
submit their claims to:

         LLC Mode Emporio
         Spitalstr. 5
         8630 Ruti ZH
         Switzerland


RUCK-ZUCK: Creditors' Liquidation Claims Due by April 30
--------------------------------------------------------
Creditors of LLC Ruck-Zuck have until April 30, 2008, to submit
their claims to:

         Ottilie Maurer
         Liquidator
         Bagerstrasse 44
         3185 Schmitten FR
         Switzerland

The Debtor can be reached at:

         LLC Ruck-Zuck
         Wunnewil-Flamatt
         Sense FR
         Switzerland


VEGANO LLC: Basel-Country Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Sissach in Basel-Country commenced
bankruptcy proceedings against LLC Vegano on Feb. 21, 2008.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC Vegano
         Bahnhofstrasse 7
         4450 Sissach BL
         Switzerland


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


CHANCE LLC: Creditors Must File Claims by April 5
-------------------------------------------------
Creditors of Agricultural LLC Chance (code EDRPOU 31413043) have
until April 5, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 01/5998.

The Debtor can be reached at:

         Agricultural LLC Chance
         Kotovsky Str. 10
         Zolotonosha District
         Sineokovka
         19761 Cherkassy
         Ukraine


DZHERELTSE OJSC: Creditors Must File Claims by April 11
-------------------------------------------------------
Creditors of OJSC Dzhereltse (code EDRPOU 23948210) have until
April 11, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 28, 2008.
The case is docketed as 29/207.

The Debtor can be reached at:

         OJSC Dzhereltse
         Sagaydachny Str. 1
         Velikiye Mosty
         Sokal District
         80074 Lvov
         Ukraine


LVOV PRODUCTION: Creditors Must File Claims by April 11
-------------------------------------------------------
Creditors of LLC Lvov Production Industrial Company (code EDRPOU
32409436) have until April 11, 2008, to submit proofs of claim
to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 8/241.

The Debtor can be reached at:

         LLC Lvov Production Industrial Company
         Zelenaya Str. 149a
         79000 Lvov
         Ukraine


PRAVDA LLC: Creditors Must File Claims by April 11
--------------------------------------------------
Creditors of LLC Agricultural Firm Pravda (code EDRPOU 30155307)
have until April 11, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Feb. 25, 2008.  The case is docketed as 19/166/08.

The Debtor can be reached at:

         LLC Agricultural Firm Pravda
         Gvardeyskaya Str. 12
         Bolshaya Bielozerka
         Velikobielozersky District
         71401 Zaporozhje
         Ukraine


RITA LLC: Proofs of Claim Deadline Set April 11
-----------------------------------------------
Creditors of LLC Rita (code EDRPOU 30996814) have until
April 11, 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
supervision procedure on the company.  The case is docketed as B
24/452-07.

The Debtor can be reached at:

         LLC Rita
         Lermontov Str.
         Marganets
         Dnipropetrovsk
         Ukraine


SPECIAL BUILDING: Proofs of Claim Deadline Set April 11
-------------------------------------------------------
Creditors of OJSC Special Building Assembly (code EDRPOU
00233537) have until April 11, 2008, to submit proofs of claim
to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company.  The case is docketed as 8/312.

The Debtor can be reached at:

         OJSC Special Building Assembly
         Koniushynnaya Str. 7
         79000 Lvov
         Ukraine


TRONKA LLC: Creditors Must File Claims by April 11
--------------------------------------------------
Creditors of LLC Tronka (code EDRPOU 22367221) have until
April 11, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 29/176.

The Debtor can be reached at:

         LLC Tronka
         B. Hmelnitsky Str. 273/62
         79000 Lvov
         Ukraine


WEST 2000: Creditors Must File Claims by April 11
-------------------------------------------------
Creditors of LLC West 2000 (code EDRPOU 30538341) have until
April 11, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.
The case is docketed as 6/54-8/99.

The Debtor can be reached at:

         LLC West 2000
         V. Veliky Str. 5/23
         79000 Lvov
         Ukraine


ZELENKOVKA LLC: Proofs of Claim Deadline Set April 11
-----------------------------------------------------
Creditors of Zelenkovka LLC (code EDRPOU 30864466) have until
April 11, 2007 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 supervision
procedure on the company on Feb. 18, 2008.  The case is docketed
as 8/24-08.

The Debtor can be reached at:

         Zelenkovka LLC
         Zelenkovka
         Nedrigaylovsky District
         42125 Sumy
         Ukraine


* S&P Puts B Rating to Lugansk's Proposed Senior Unsec. Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services said today that it assigned
its 'B' long-term local currency debt rating and 'uaBBB+'
Ukraine national scale debt rating to the proposed Ukrainian
hryvnia 50 million (about US$10 million) senior unsecured bond
to be issued by the City of Lugansk (B/Stable/--; Ukraine
national scale 'uaBBB+').

"The issue will have quarterly, fixed coupon payments of less
than 16% per year and a five-year maturity," said Standard &
Poor's credit analyst Boris Kopeykin.

The city plans to place the issue in July-August 2008. Proceeds
from the bond will be used for capital investments, including
public transport, housing utilities, heating, and waste
collection.

The ratings on the bond are the same as those on the city, an
industrial center in Eastern Ukraine, and reflect the poor
financial position of the city's municipal utilities, as well as
Lugansk's low financial flexibility and high infrastructure
needs," said Mr. Kopeykin.

These constraints are offset by Lugansk's low debt; modest,
stable financial performance; and growing revenues.


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


BELL AT TANWORTH: Appoints Baker Tilly to Administer Assets
-----------------------------------------------------------
Lynn Robert Bailey and Guy Edward Brooke Mander of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of The Bell at Tanworth in Arden Ltd. (Company
Number 05077507) on March 17, 2008.

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

The company can be reached at:

          The Bell at Tanworth in Arden Ltd.
          New Grove House
          3 Tansley Close
          Dorridge
          Solihull
          B93 8UB
          England


BOURNEMOUTH & BOSCOMBE: Creditors' Meeting Slated for April 7
-------------------------------------------------------------
Creditors of Bournemouth & Boscombe Athletic Community FC Ltd.
(Company Number 03333372) will meet at 11:00 a.m. on April 7,
2008, at:

          Fitness First Stadium
          Dean Court
          Bournemouth
          Dorset
          BH7 7AF
          England

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

          Gerald M Krasner
          Joint Administrator
          Begbies Traynor
          Burley House
          12 Clarendon Road
          Leeds
          LS2 9NF
          England

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


BRITISH AIRWAYS: Facing GBP20Mln Costs Over Flight Cancellations
----------------------------------------------------------------
British Airways plc could face costs of more than GBP20 million
over flight cancellations during the opening weekend of
Heathrow's GBP4.3 billion Terminal 5, the Daily Telegraph
reports, citing analysts.

Howard Wheeldon of BGC Partners told the Daily Telegraph "BA's
got the cost of the cancellations, compensation, as well as
hotels for stranded passengers," who according to a lawyer, may
take legal action against BA, particularly Americans.

BA, the Daily Telegraph relates, canceled more than 200 flights
since Thursday's opening after the new terminal's baggage system
failed, affecting more than 20,000 passengers.

FT says the situation compelled BA to transfer large numbers of
bags to a contractor in Milan, Italy, for re-sorting and onward
shipment by road or air.

                British Airways Statement

"Since Thursday, when Terminal 5 opened, we have made clear that
the service we have provided has not been good enough.  We
apologize sincerely to our customers.

"The baggage system is now generally working better.  From time
to time problems have developed that were not encountered during
the extensive trials.  These issues are being addressed as they
arise by a team of engineers and IT specialists from BAA and BA.

"A backlog of undelivered bags has built up.  This backlog is
not affecting the day-to-day operation of the baggage system,
and we are making every effort to reunite delayed bags with
their owners.

"We have more than 400 volunteers from across the airline
supporting this effort.

"This work takes time as delayed bags must undergo enhanced
levels of security screening.  Much of this process has to be
done manually because we have been unable to use the Terminal 5
baggage system to process these bags automatically.

"We are sorry for the disruption and inconvenience caused to
customers whose flights have been canceled or whose bags have
been delayed.  We will not rest until our service has been
restored to the high standard customers rightly expect.

"We continue to work towards increasing the number of services
in the days ahead.

"Both British Airways and BAA have invested an enormous amount
of time and effort to create Terminal 5.  We remain confident
that these early difficulties can be overcome, and that the
terminal will be highly valued by customers and our staff in the
near future and for many years to come."

Today, April 2, 2008, the airline plans to operate 342 out of
392 flights to and from Terminal 5.

                   About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


BRITISH ENERGY: Suez Declares Lack of Interest in Buying Stake
--------------------------------------------------------------
France's Suez is not interested in acquiring a stake in British
Energy Group plc, the Scotsman reports.

Gerard Mesrallet, chief executive of Suez, however, stated the
French utility firm is open to a potential deal with BE under
which it will take part in the development and production of
reactors, the Scotsman relates.

"If we can play an industrial role, let's talk about it but if
this is strictly a financial role, then we are not interested.
If they say a stake in British Energy and that's it, then we are
absolutely not interested.  But if they want to involve us in
development and production of one or several reactors then we
are willing to have discussions," Mr. Mesrallet was quoted by
the the paper as saying.

                  About British Energy

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

                        *     *     *

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

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

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


CANDU ENTERTAINMENT: Brings In Administrators from Ernst & Young
----------------------------------------------------------------
Alan Hudson and R. Hunter Kelly of Ernst & Young LLP were
appointed joint administrators of CanDu Entertainment Group Ltd.
(Company Number 05415747) and CanDu Entertainment Ltd. (Company
Number 04836872) on March 20, 2008.

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.

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


CHAMBERLAIN ESTATE: Hires Liquidator from Mazars
------------------------------------------------
Martin Dominic Pickard of Mazars LLP were appointed joint
liquidators of Chamberlain Estate Agents Ltd. on March 20 for
the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Mazars LLP
         Sovereign Court
         Witan Gate
         Milton Keynes
         MK9 2HP
         England


DOT MOBILE: Appoints Smith & Williamson as Administrators
---------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner  of Smith &
Williamson Ltd. were appointed joint administrators of Dot
Mobile Ltd. (Company Number 05020919) on March 18, 2008.

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

The company can be reached at:

          Dot Mobile Ltd.
          140 Buckingham Palace Road
          London
          SW1W 9SA
          England


FIREMASTER EXTINGUISHER: Taps Liquidators from Tenon Recovery
-------------------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Tenon Recovery were
appointed joint liquidators of Firemaster Extinguisher Ltd. on
March 17 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Dukesbridge House
         23 Duke Street
         Reading
         Berkshire
         RG1 4SA
         England


FORMDIRECT LTD: Brings In Joint Administrators from Tenon
----------------------------------------------------------
Ian William Kings of Tenon Recovery was named administrator of
Formdirect Ltd. (Company Number 03690753) on March 19, 2008.

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

Headquartered in Sunderland, England, Formdirect Ltd. retails
bedroom and furniture.  It trades under Woodbridge Bedroom &
Furniture Superstore.


GAP TILING: Claims Filing Period Ends May 18
--------------------------------------------
Creditors of Gap Tiling Ltd. have until May 18, 2008  to detail
their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on March 20 for the creditors' voluntary winding-up
procedure.


HPE TECHNOLOGY: Appoints Begbies Traynor as Administrators
----------------------------------------------------------
David Acland and Sarah Bell of Begbies Traynor were appointed
joint administrators of HPE Technology Ltd. (Company Number
04623309) on March 19, 2008.

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

The company can be reached at:

          HPE Technology Ltd.
          The Old Tannery
          Eastgate
          Accrington
          Lancashire
          BB5 9PW
          England


MAGMA BARS: Claims Filing Period Ends April 21
----------------------------------------------
Creditors of Magma Bars Ltd. have until April 21, 2008 to send
their names and addresses and particulars of their claims to:

         Matthew Colin Bowker and David Antony Willis
         Joint Liquidators
         Tenon Recovery
         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England

Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of the company on March 18 for
the creditors' voluntary winding-up proceeding.


MARLBOROUGH LEISURE: Joint Liquidators Take Over Operations
-----------------------------------------------------------
G. Mummery and J. S. French of Vantis Business Recovery Services
were appointed joint liquidators of Marlborough Leisure (Capital
& Project Management) Ltd. on March 19 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


METANOVA LTD: Claims Filing Period Ends April 30
------------------------------------------------
Creditors of Metanova Ltd. (formerly Pirrico 2685) have until
April 30, 2008 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their solicitors (if any) to:

         Steven Draine
         Joint Liquidator
         Moore Stephens LLP
         3/5 Rickmansworth Road
         Watford
         Herts
         WD18 0GX
         England

Steven Draine of Moore Stephens LLP was appointed liquidator of
the company on March 14 by resolutions of members and creditors.


NINEPLUS LTD: Taps Joint Administrators from BDO Stoy
-----------------------------------------------------
Mark Peter George Roach and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Nineplus Ltd.
(Company Number 03883433) on March 20, 2008.

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

Headquartered in Bristol, England, Nineplus Ltd. --
https://www.nineplus.com/ -- wholesales surf-ware.


NO CATCH: Sale Possible this Week as Buyers Queue
-------------------------------------------------
Grant Thorton LLP, administrator at No Catch Cod Farm, said an
agreement to sell the company as whole may be signed this week,
Fishupdate.com reports.

Robert Caven of Grant Thorton told Fishupdate.com that a number
of Norwegian fish farm group have expressed interest in
acquiring No Catch.

The company went into administration on Feb. 20, 2008, due to
GBP41 million in debts.

No Catch Cod Farm has 130 personnel who harvest shellfish, sea
trout and salmon in the Shetland area.  It operates 27 farms.


OPERAX LTD: Appoints Liquidator from Vantis Business Recovery
-------------------------------------------------------------
Simon Elliott Glyn and Nicholas Hugh O'Reilly of Vantis Business
Recovery Services were appointed joint liquidators of Operax
(UK) Ltd. on March 18 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         PO BOX 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


PETROLEOS DE VENEZUELA: Earns US$6.27 Billion in 2007
-----------------------------------------------------
Petroleos de Venezuela SA's earnings increased 15% to
US$6.27 billion in 2007, compared to US$5.45 billion in 2006.

Business News Americas relates that Petroleos de Venezuela's
revenue dropped 3% to US$96.2 billion in 2007, compared to
US$99.3 billion in 2006.  Petroleos de Venezuela spent some
US$154 million on exploration in 2007, compared to US$100
million in 2006.

According to Petroleos de Venezuela, its contributions to the
Venezuelan state increased 11% to US$43.7 billion in 2007,
compared to US$39.3 billion in 2006.

Petroleos de Venezuela said in February that it earned
US$896 million in the first half of 2007, BNamericas states.

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.


PETROLEOS DE VENEZUELA: Assets Increase US$27.143 Bln. in 2007
--------------------------------------------------------------
Petroleos de Venezuela SA's assets have increased
US$27.143 billion in 2007, compared to 2006, Prensa Latina
reports, citing official sources.

Petroleos de Venezuela's 2007 management report indicated assets
for US$107.672 billion, Venezuela's Energy and Oil Minister
Rafael Ramirez told reporters.

According to Prensa Latina, Petroleos de Venezuela reported a
profit of US$4.150 million dollars in 2007, compared to a
US$14.150 billion deficit in 2006.

Petroleos de Venezuela's expenditures of crude oil purchases
abroad dropped US$10.641 billion in 2007, compared to 2006,
Prensa Latina states.

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.


RUSTON ELECTRONICS: Taps Joint Administrators from Baker Tilly
--------------------------------------------------------------
Mark John Wilson and Matthew Richard Meadley Wild of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Ruston Electronics Ltd. (Company Number
00858900) on March 26, 2008.

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

Headquartered in Luton, England, Ruston Electronics Ltd.
manufactures electrical components.


SCOTTISH RE: S&P Delayed Form 10-K Filing Won't Affect Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (B/Watch Neg/--) and related entities
were not affected by the company's March 27, 2008, notification
of late filing of its 2007 10-K.  This is because S&P already
took into account the securities valuation and the other factors
Scottish Re gave for the delay when S&P placed the ratings on
CreditWatch negative.

On Jan. 31, 2008, Standard & Poor's lowered its ratings on
Scottish Re and placed them on CreditWatch negative because of
the company's continuing exposure to increasing investment
losses and meaningful risk of losing some reserve credits
secured through Ballantyne Re plc.   As previously stated,
Standard & Poor's will resolve the CreditWatch status of the
ratings when it completes its independent process of assessing
expected losses given the ongoing market deterioration for these
securities and assesses the risk of the company incurring loss
of reserve credits.


SPARTAN EUROPE: Creditors' Meeting Slated for April 10
------------------------------------------------------
Creditors of Spartan Europe Ltd. (Company Number 01357178) will
meet at 10:30 a.m. on April 10, 2008 at:

          Begbies Traynor
          65 St. Edmunds Church Street
          Salisbury
          Wiltshire
          SP1 1EF
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 9, 2008 at:

          Julie Anne Palmer
          Joint Administrator
          65 St. Edmunds Church Street
          Salisbury
          Wiltshire
          SP1 1EF
          England

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


STEWART SAUNDERS: Goes Into Liquidation Following Sales Slowdown
----------------------------------------------------------------
Edinburgh, Scotland-based independent estate agency Stewart
Saunders has gone into liquidation, leaving 10 people jobless,
the Scotsman reports.

Stewart Saunders, which is shutting down with immediate effect,
called in liquidator Tom MacLennon of Tenon Recovery following a
slowdown in sales as lending criteria by mortgage companies
tightened due to the global credit crunch, affecting consumer
confidence, the Scotsman relates.

In 2006 Stewart Saunders recorded sales of about GBP65 million,
up 25% from the previous year, the Scotsman discloses.

Meanwhile, the company's properties that are up for sale are
being placed with other agencies by the liquidator, the paper
states.

Headquartered in Edinburgh, U.K., Stewart Saunders --
http://www.stewartsaunders.co.uk/-- is the largest independent
Estate Agents in Edinburgh.


TALISMAN SOLUTIONS: Simon Paterson Leads Liquidation Procedure
--------------------------------------------------------------
Simon Paterson of Moore Stephens LLP was appointed liquidator of
Talisman Solutions 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


* FTI Widens UK Presence with Forensic Accounting Buyout
--------------------------------------------------------
FTI Consulting Inc. acquired Forensic Accounting LLP, a
consultancy firm which is expected to enhance its U.K. presence
and breadth of service offerings.  Terms of the transaction were
not disclosed.  The transaction is expected to close early next
week.

Forensic Accounting is the UK's independent forensic accounting
practice, providing accountancy based expert witness and
investigation services in disputes, regulatory inquiries and due
diligence reviews.  Its clients are a mix of public and private
sector organizations, including several UK regulators and magic
circle law firms.

FA will be integrated into the company's Forensic and Litigation
Consulting Segment, and will serve as the U.K.-based hub for
FLC's Investigations and Forensic Accounting practice in the
Europe, Middle East and Africa region.

Andrew Mainz, Raj Bairoliya, Julia Wallace-Walker and Dominic
Wreford, co-founders of FA, and Ian Trumper, a partner at the
firm, have joined FTI as senior managing directors.
Additionally, 31 FA employees will be joining FTI.

"One of our key strategic objectives has been to replicate the
broad service platform that we have established in the major
business and financial centers in the U.S.," Jack Dunn,
president and CEO of FTI, commented.  "The acquisition of
Forensic Accounting is a strategic step that provides the
foundation on which to build our forensic accounting offering in
London to meet the escalating demand in the market."

"Equally important, the acquisition of FA, along with the
purchases of Brewer Consulting and Sante and the launch of our
restructuring practice within the past year, has made London
FTI's largest office in the world, with over 400 professionals
advising clients in the U.K. and Europe," Mr. Dunn continued.
'We are now able to offer an integrated range of forensic
accounting, investigations, corporate finance/restructuring and
communications consulting services in one of the world's most
important centers of global commerce and finance."

"We know FA well from the joint assignments we have worked on
with its excellent consultants," Mr. Dunn added.  "It perfectly
complements FLC's current presence in the United States, South
America and Asia and, with its extensive regulatory work, gives
us immediate credibility and relationships with the U.K.
Regulatory authorities that further enhance our reputation for
independence and diligence in this critical market.  As FLC's
hub in Europe, FA will better enable us to service Global 1000
clients and the law firms and financial services institutions
that support them both at home and abroad."

"We are delighted to become part of the FTI team," Andrew Mainz,
chairman of Forensic Accounting LLP, said.  "FA will be able to
maintain the independent nature of our work and our focus on
high standards of successful client service.  This approach has
made us the UK's leading independent forensic accounting
practice, from a standing start in 2000."

"Going forward, we shall be able to use FTI's resources to
improve the level of service we offer our international
clients," added Mr. Mainz.  "With FTI's additional capabilities
and relationships, we look forward to substantially increasing
the scope of our business."

                 About Forensic Accounting LLP

Headquartered in London, Forensic Accounting LLP --
http://www.forensicaccounting.co.uk/-- has the resources needed
to complete large assignments and offer a genuine alternative to
the Big 4 accounting firms.  The company's partners, directors
and staff have experience, accumulated over many years, in the
specialised areas of damages assessment, financial modeling,
valuation, fraud investigation, reconstruction of accounts and
asset tracing.  Forensic Accounting is committed to making a
genuine contribution towards the successful resolution of
disputes.

                    About FTI Consulting

FTI Consulting (NYSE: FCN) -- http://www.fticonsulting.com/--
is a business advisory firm dedicated to helping organizations
protect and enhance enterprise value in an increasingly complex
legal, regulatory and economic environment.  With more than
2,400 professionals located in most major business centers in
the world, the company works closely with clients every day to
anticipate, illuminate, and overcome complex business challenges
in areas such as investigations, litigation, mergers and
acquisitions, regulatory issues, reputation management and
restructuring.


* CRG Partners Forms Strategic Alliance with Smith & Williamson
---------------------------------------------------------------
New York-based CRG Partners, a leading provider of turnaround
and restructuring services, is entering into a strategic
alliance with the United Kingdom’s Smith & Williamson Limited, a
financial services group with preeminent expertise in
restructuring and recovery within Europe.  The alliance will
develop joint opportunities for the respective firms’ global
restructuring activities.

“Through Smith & Williamson, CRG Partners will continue to grow
its overseas practice and meet the ever increasing demand of our
North American clients’ overseas activities as well as the
activities of our European-based clients,” said Michael Epstein,
a Managing Partner of CRG Partners.  “It will further our
ability to serve our clients with a broader array of consulting
services.”

CRG Partners and Smith & Williamson expect this venture will
enable both firms to expand their professional reach in multiple
countries simultaneously, providing multi-national clients with
superior and efficient resources.

“We are extremely pleased to work with CRG Partners to increase
our North American presence and resources,” said Stephen Cork,
Head of Restructuring and Recovery at Smith & Williamson. “We
will now be able to better support our clients’ international
activities and growth.”

CRG Partners and Smith & Williamson each offer a comprehensive
suite of restructuring services, including turnaround
consulting, interim management, crisis management, performance
improvement, and financial restructuring and advisory services.

Both firms focus on developing and implementing operational and
financial initiatives to maximize the value of underperforming
companies.

                        About CRG Partners

CRG Partners -– http://www.crgpartners.com/-- provides
operational and financial restructuring services, specializing
in creating value for the stakeholders of underperforming
companies. CRG Partners has offices in Atlanta; Bethesda;
Boston; Charlotte; Chicago; Dallas; Los Angeles; New York; and
Vienna, Austria.

   About Smith & Williamson’s Restructuring and Recovery Team

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is a
professional and financial group with a private bank, investment
house and accountancy firm operating from key U.K. locations
with offices overseas.  Smith & Williamson’s restructuring and
recovery team has a market-leading reputation built upon
innovation and performance.  New offices have been opened in the
British Virgin Islands and the Cayman Islands as part of Smith &
Williamson’s commitment to providing offshore expertise.  Smith
& Williamson’s clients include leading European banks, overseas
financial institutions and corporations with the asset value of
the assignments up to £16 billion.

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

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

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

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

                            *********


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

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

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

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

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

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


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