TCREUR_Public/080403.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, April 3, 2008, Vol. 9, No. 66

                            Headlines


A U S T R I A

ADIGHIBE KEG: Claims Registration Period Ends April 22
B U. G BAU: Claims Registration Period Ends April 7
B U. G BAU & CO: Claims Registration Period Ends April 7
LEICHTFRIED HOLZBAU: Claims Registration Period Ends April 15
R.I.G.A.-BAU: Claims Registration Period Ends April 25

ULTIMA MANAGEMENT: Claims Registration Period Ends April 7


B E L G I U M

FLOWSERVE: S&P Changes Outlook to Positive; Holds BB- Rating


G E R M A N Y

A G N ROHSTOFFVERWERTUNG: Claims Registration Ends April 21
A.S. BAU: Claims Registration Period Ends May 9
ALPHA-BAUSTOFFE GMBH: Claims Registration Ends April 10
B.I.P. BAUPROJEKTIERUNGS: Claims Registration Ends April 20
COACH AND WIN: Claims Registration Ends April 22

CONCORDE GMBH: Claims Registration Period Ends April 21
EUROPEAN ENERGY: Claims Registration Period Ends April 29
FIRST COMPONENTS: Claims Registration Ends April 22
HELMUT RODIEK: Claims Registration Period Ends April 18
I.T. BAU: Claims Registration Period Ends April 18

ID ENTERTAINMENT: Claims Registration Period Ends April 23
IKB DEUTSCHE: BayernLB Mulls Acquiring Firm's Healthy Parts
KLETT HAUSTECHNIK: Claims Registration Period Ends April 18
KRAUTWASSER GMBH: Claims Registration Period Ends April 18
MARK ENGELS: Claims Registration Period Ends April 18

MAXFIELD GMBH: Claims Registration Ends May 6
POL IMPEX: Claims Registration Period Ends May 8
PONTO GMBH: Claims Registration Period Ends April 18
RED HAT: Revenue Growth Cues S&P's Rating Upgrade to 'BB-'
REINIGUNGSSERVICE E. HASSLER: Claims Registration Ends April 20

SCHWENDOWIUS VERWALTUNGS: Claims Registration Ends April 21
SPUMAX SCHAUM: Claims Registration Ends April 21
STM STEUERBERATUNGSGESELLSCHAFT: Claims Period Ends May 5
VON BORSTEL: Claims Registration Period Ends April 18
WEIHE GMBH: Claims Registration Period Ends April 18


I T A L Y

ALITALIA SPA: Air France Talks Fail; Maurizio Prato Quits
ALITALIA SPA: Group Net Debt at EUR1.37 Bln as of February 29
ALITALIA SPA: Airlines Challenge Air Enac Traffics Agreement
FIAT SPA: Discloses Results of 2008 Annual General Meeting
FIAT SPA: Releases Details of Shares Purchase Programme

PARMALAT SPA: Acquisition Search to Commence After AGM
PARMALAT SPA: Magistrate Seeks Extortion Charge v Cesare Geronzi


K A Z A K H S T A N

AK-TRAIN SERVICE: Creditors Must File Claims by May 2
ASIA TECHNO: Claims Deadline Slated for May 2
CENTRAL-ASIAN TOURISTIC LLP: Claims Filing Period Ends May 2
DASTAN LLP: Creditors' Claims Due on May 2
DAURIA LLP: Claims Registration Ends May 2

ECO-STROY-AKTOBE LLP: Creditors Must File Claims by May 2
KAZDON: Claims Deadline Slated for May 2
KAZKOMMERTSBANK JSC: Taps Bureau Veritas to Check Kuat's Works
LVK-AUDIT-ENERGO CJSC: Claims Filing Period Ends May 2
SEVKAZ COMMERTS: Creditors' Claims Due on May 2

TRANS STROY: Claims Registration Ends May 2


K Y R G Y Z S T A N

ADELINA & KIR-TAJ: Creditors Must File Claims by May 9
NUR ENERGO: Claims Filing Period Ends May 9


N E T H E R L A N D S

OI EUROPEAN: Moody's Ups Rating on EUR300 Million Notes to Ba3
X5 RETAIL: Launches Green Perekrestok Supermarket Format


P O L A N D

AMERICAN AXLE: Moody's Places Ratings under Review


R U S S I A

BORGES CJSC: Moscow Bankruptcy Hearing Slated for July 8
BORSKIE MEAT: Court Starts Bankruptcy Supervision Procedure
CONSORTIUM 1 CJSC: Moscow Bankruptcy Hearing Slated for June 17
ETALON TZ: Bashkortostan Bankruptcy Hearing Slated for July 30
ISKITIMSKIY MEAT-PACKING: Names V. Semenikhin to Manage Assets

MORKINOGORSKIY FLAX: Creditors Must File Claims by May 1
OGK-5 OAO: Board Names Valery Nazarov as Director General
ROSNEFT OIL: Moscow Court to Rule on TGK-11 Case May 7
VOZROZHDENIE LLC: Volgograd Bankruptcy Hearing Set May 22
X5 RETAIL: Launches Green Perekrestok Supermarket Format

* S&P Lifts Ufa City's Long-Term Issuer Credit Rating to BB-


S W I T Z E R L A N D

BAREN HEITERSCHEN: Creditors' Liquidation Claims Due by April 11
C.D. INDICATOR: Creditors' Liquidation Claims Due by April 30
COIFFEUR – ATELIER: Creditors Must File Claims by April 21
DORO AUDIOLINE: Creditors' Liquidation Claims Due by April 15
NEW KELLER: Creditors' Liquidation Claims Due by April 16

NOVELIS INC: S&P Changes Outlook to Stable; Confirms 'BB-' Rtng.
OWENS ILLINOIS: Moody's Ups Corporate Family Rating to Ba3
PIERRE-HERVE: Creditors' Liquidation Claims Due by April 27
PLANETAZUL LLC: Creditors' Liquidation Claims Due by April 10
RISTORANTE PIZZERIA: Creditors Must File Claims By April 30


U K R A I N E

ALDAGIR LLC: Creditors Must File Claims by April 12
KASKAD LLC: Proofs of Claim Deadline Set April 12
KRASNOKUTSK AGRICULTURAL: Creditors Must File Claims by April 12
MOSHUROV CJSC: Creditors Must File Claims by April 12
PRADO TV: Creditors Must File Claims by April 12

PROMIN LLC: Proofs of Claim Deadline Set April 11
SUMYAL MARKETING: Proofs of Claim Deadline Set April 12
TRADEEXPRESS LTD: Creditors Must File Claims by April 12


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Completes Series of Financing Deals
ABITIBIBOWATER INC: Fitch Removes Ratings from Negative Watch
ASHTON HAULAGE: Appoints Joint Administrators from Tenon
BRITISH AIRWAYS: Eyes to Operate 92% of Flying Program
COMMERCIAL MOVE: Brings In Liquidators from KPMG

ESM LTD: Brings In Administrators from Begbies Traynor
FASTWATER ENTERPRISES: Appoints Duncan R. Beat as Liquidator
FASTWATER HOLDINGS: Claims Filing Period Ends May 17
FRALICE RECRUITMENT: Calls In Liquidators from Tenon Recovery
LAUREL PUB: Robert Tchenquiz Buys Back 293 Outlets

METRONET RAIL: Concludes Delivering Line Upgrades Negotiations
NORTHERN ROCK: EU Launches In-Depth Probe Into Rescue Package
NORTHERN ROCK: Posts GBP32.3 Billion Gross Lending in 2007
NORTHERN ROCK: Shows Further Details of Business Plan
PARTITIONING PLUS: Joint Liquidators Take Over Operations

PENTAGON CAPITAL: Confirms Liquidation of Hedge Funds
SLEEP DEPOT: Kroll Appointed as Administrators

* S&P Cuts Ratings on 33 Tranches Issued by European CDOs

* KPMG Names Richard Reid as New London Chairman

* Upcoming Meetings, Conferences and Seminars


                            *********

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


ADIGHIBE KEG: Claims Registration Period Ends April 22
------------------------------------------------------
Creditors owed money by KEG Adighibe (FN 265327m) have until
April 22, 2008, to file written proofs of claim to court-
appointed estate administrator Arno Maschke at:

          Dr. Arno Maschke
          c/o Dr. Philipp Dobner
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: maschke@sup.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 5, 2008 (Bankr. Case No. 4 S 29/08d).  Philipp Dobner
represents Dr. Maschke in the bankruptcy proceedings.


B U. G BAU: Claims Registration Period Ends April 7
---------------------------------------------------
Creditors owed money by LLC B u. G Bau (FN 200372s) have until
April 7, 2008, to file written proofs of claim to court-
appointed estate administrator Herbert Steinwandter at:

          Mag. Herbert Steinwandter
          Peraustrasse 9
          9500 Villach
          Austria
          Tel: 04242/28 122
          Fax: 04242/28122-22
          E-mail: villach@reifundpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 14, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on March 5, 2008 (Bankr. Case No. 41 S 17/08k).


B U. G BAU & CO: Claims Registration Period Ends April 7
--------------------------------------------------------
Creditors owed money by LLC B u. G Bau & Co KG  (FN 200375w)
have until April 7, 2008, to file written proofs of claim to
court-appointed estate administrator Herbert Steinwandter at:

          Mag. Herbert Steinwandter
          Peraustrasse 9
          9500 Villach
          Austria
          Tel: 04242/28 122
          Fax: 04242/28122-22
          E-mail: villach@reifundpartner.at

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

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on March 5, 2008  (Bankr. Case No. 41 S 18/08g).


LEICHTFRIED HOLZBAU: Claims Registration Period Ends April 15
-------------------------------------------------------------
Creditors owed money by LLC Leichtfried Holzbau (FN 191682k)
have until April 15, 2008, to file written proofs of claim to
court-appointed estate administrator Hans-Joerg Haftner at:

          Dr. Hans-Joerg Haftner
          c/o Mag. Markus Mayer
          Wiener Strasse 12
          3100 St. Poelten
          Austria
          Tel: 02742/35 42 34
          Fax: 02742/35 14 48
          E-mail: office@plusjus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Statzendorf, Austria, the Debtor declared
bankruptcy on March 5, 2008 (Bankr. Case No. 14 S 28/08w).
Markus Mayer represents Dr. Haftner in the bankruptcy
proceedings.


R.I.G.A.-BAU: Claims Registration Period Ends April 25
------------------------------------------------------
Creditors owed money by LLC R.I.G.A.-Bau & Co. (FN 209989h) have
until April 25, 2008, to file written proofs of claim to court-
appointed estate administrator Norbert Abel at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 5, 2008 (Bankr. Case No. 28 S 36/08k).


ULTIMA MANAGEMENT: Claims Registration Period Ends April 7
----------------------------------------------------------
Creditors owed money by  LLC ULTIMA Management Consulting (FN
289272a) have until April 7, 2008, to file written proofs of
claim to court-appointed estate administrator Surena Ettefagh
at:

          Dr. Surena Ettefagh
          c/o Dr. Hannes Rauch
          Johannitergasse 6
          6800 Feldkirch
          Austria
          Tel: 05522/84990
          Fax: 05522/84990-9
          E-mail: office@ra-ettefagh.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Feldkirch
          Meeting Room 45
          First Floor
          Feldkirch
          Austria

Headquartered in Rankweil, Austria, the Debtor declared
bankruptcy on March 5, 2008 (Bankr. Case No. 13 S 11/08k).
Hannes Rauch represents Dr. Ettefagh in the bankruptcy
proceedings.


=============
B E L G I U M
=============


FLOWSERVE: S&P Changes Outlook to Positive; Holds BB- Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Flowserve Corp. to positive from stable.  At the same time, S&P
affirmed all ratings, including the 'BB-' corporate credit
rating.

"The outlook revision reflects the improved credit quality
resulting from Flowserve's progress in alleviating certain
regulatory and investigative issues while achieving good
operating performance and maintaining financial discipline,"
said Standard & Poor's credit analyst John R. Sico.

S&P could raise the rating one notch in the near term if these
conditions continue absent any significant debt-funded
acquisition or large shareholder-friendly cash uses.

The ratings on Irving, Texas-based Flowserve, a manufacturer of
engineered pumps, valves, and mechanical seals, reflect the
company's satisfactory business risk profile and somewhat
aggressive financial risk profile.  The financial risk stems
partially from the company's past debt-financed acquisitions,
and has been mitigated somewhat by the resolution of certain
legal and investigatory issues.  Management has focused on
managing debt and improving internal cash generation, resulting
in better credit metrics.  Meanwhile, the company's end markets
are good, with the oil and gas markets robust, and should
sustain over the intermediate term.

S&P could raise the ratings by one notch in the near term if
Flowserve maintains acquisitive and financial discipline.  Given
its geographic and product diversity, along with its substantial
aftermarket business, Flowserve should maintain its strong
internal cash generation.  Current managers have demonstrated
financial discipline by keeping debt reduction a priority, to
the benefit of credit measures.  S&P could lower the ratings if
management's financial policies and the company's performance
deteriorate beyond current expectations.

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.


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


A G N ROHSTOFFVERWERTUNG: Claims Registration Ends April 21
-----------------------------------------------------------
Creditors of A G N Rohstoffverwertung GmbH have until April 21,
2008, to register their claims with court-appointed insolvency
manager Rainer Michael Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Hannover
          Hall 226
          Second Floor
          Service Bldg.
          Hamburger Allee 26
          30161 Hannover
          Germany

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

The insolvency manager can be reached at:

          Rainer Michael Bahr
          Prinzenstr. 14
          30159 Hannover
          Germany
          Tel: 0511 8503058-0
          Fax: 0511 8503058-8

The District Court of Hannover opened bankruptcy proceedings
against A G N Rohstoffverwertung GmbH on March 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          A G N Rohstoffverwertung GmbH
          Attn: Dr. Kexue Li, Manager
          Woehren 1
          30559 Hannover
          Germany


A.S. BAU: Claims Registration Period Ends May 9
-----------------------------------------------
Creditors of A.S. Bau- & Projektbegleitungs GmbH have until
May 9, 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 June 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against A.S. Bau- & Projektbegleitungs GmbH on March 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         A.S. Bau- & Projektbegleitungs GmbH
         Am Damm 5
         23970 Wismar
         Germany


ALPHA-BAUSTOFFE GMBH: Claims Registration Ends April 10
-------------------------------------------------------
Creditors of alpha-Baustoffe GmbH have until April 10, 2008 to
register their claims with court-appointed insolvency manager
Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on April 22, 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 101 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. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 02871/2354877
         Fax: +4928712354879

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

The Debtor can be reached at:

         alpha-Baustoffe GmbH
         Robert-Bosch-Strasse 12
         46397 Bocholt
         Germany

         Attn: Josef Hensengerth, Manager
         Kaiserweg 263
         46286 Dorsten
         Germany


B.I.P. BAUPROJEKTIERUNGS: Claims Registration Ends April 20
-----------------------------------------------------------
Creditors of B.I.P. Bauprojektierungs- und Management GmbH have
until April 20, 2008, to register their claims with court-
appointed insolvency manager Philipp Hacklander.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report 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. Philipp Hacklander
          Genthiner Str. 48
          10785 Berlin
          Germany

The District Court of Charlottenburgopened bankruptcy
proceedings against B.I.P. Bauprojektierungs- und Management
GmbH on Jan. 18, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          B.I.P. Bauprojektierungs- und Management GmbH
          Dorfstr. 31
          13059 Berlin
          Germany


COACH AND WIN: Claims Registration Ends April 22
------------------------------------------------
Creditors of coach and win GmbH have until April 22, 2008 to
register their claims with court-appointed insolvency manager
Edgar Groenda.

Claims will be verified at 9:30 a.m. on June 5, 2008 at:

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

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

The insolvency manager can be reached at:

         Edgar Groenda
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421-3686-0
         Fax: 0421-3686-100
         E-mail: InsOBremen@schubra.de
         Web site: http://www.schubra.de/

The District Court of Bremen opened bankruptcy proceedings
against coach and win GmbH on March 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         coach and win GmbH
         Konsul-Schmidt-Str. 8 i
         28217 Bremen
         Germany


CONCORDE GMBH: Claims Registration Period Ends April 21
-------------------------------------------------------
Creditors of Concorde GmbH have until April 21, 2008, to
register their claims with court-appointed insolvency manager
Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Ingolstadt
          Meeting Hall 28 I
          Schrannenstr. 3
          85049 Ingolstadt
          Germany

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

The insolvency manager can be reached at:

          Dr. Hans von Gleichenstein
          Rottmannstrasse 11 a
          80333 Munich
          Germany
          Tel: 089/5427300
          Fax: 089/54273015

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

The Debtor can be reached at:

          Concorde GmbH
          Attn: Servet Yildirim, Manager
          Herrnstrasse 1
          85283 Wolnzach
          Germany


EUROPEAN ENERGY: Claims Registration Period Ends April 29
---------------------------------------------------------
Creditors of European Energy Converter GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 29, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

         Ulrike Hoge-Peters
         Cronstettenstrasse 30
         D 60322 Frankfurt am Main
         Germany
         Tel: 069/9591100
         Fax: 069 / 959110-12

The District Court of Frankfurt/Main opened bankruptcy
proceedings against European Energy Converter GmbH on
March 20, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         European Energy Converter GmbH
         Attn: Gerrit Retzlaff, Manager
         Industriepark Hoechst G 810
         65926 Frankfurt-Unterliederbach
         Germany


FIRST COMPONENTS: Claims Registration Ends April 22
---------------------------------------------------
Creditors of First Components GmbH Herstellung und Vertrieb
elektronischer Produkte have until April 22, 2008 to register
their claims with court-appointed insolvency manager Dr. Michael
Jaffe.

Claims will be verified at 9:10 a.m. on June 3, 2008 at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael Jaffe
         Franz-Joseph-Str. 8
         80801 Munich
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

The District Court of Munich opened bankruptcy proceedings
against First Components GmbH Herstellung und Vertrieb
elektronischer Produkte on Feb. 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         First Components GmbH Herstellung und
         Vertrieb elektronischer Produkte
         Attn: Norbert Wilkat, Manager
         Hoerselbergstrasse 5
         81677 Munich
         Germany


HELMUT RODIEK: Claims Registration Period Ends April 18
-------------------------------------------------------
Creditors of Helmut Rodiek Installation GmbH & Co. KG have until
April 18, 2008, to register their claims with court-appointed
insolvency manager Dr. Bernd Sundermeier.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven
         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. Bernd Sundermeier
          Sozietat HSM
          Alte Wiefelsteder Str. 3
          26316 Varel
          Germany
          Tel: 04451/9138 80
          Fax: 04451/9138 39

The District Court of Bremerhaven opened bankruptcy proceedings
against Helmut Rodiek Installation GmbH & Co. KG on March 6,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Helmut Rodiek Installation GmbH & Co. KG
         Poststrasse 47
         27576 Bremerhaven
         Germany


I.T. BAU: Claims Registration Period Ends April 18
--------------------------------------------------
Creditors of I.T. Bau GmbH have until April 18, 2008, to
register their claims with court-appointed insolvency manager
Fatma Kreft.

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

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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:

         Fatma Kreft
         Neue Mainzer Strasse 84
         60311 Frankfurt am Main
         Germany
         Tel: (069) 6773677-0
         Fax: (069) 6773677-20
         E-mail: frankfurt@reuss-insol.com

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against I.T. Bau GmbH on March 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         I.T. Bau GmbH
         Pfingstweide 2
         61169 Friedberg
         Germany


ID ENTERTAINMENT: Claims Registration Period Ends April 23
----------------------------------------------------------
Creditors of ID Entertainment GmbH have until April 23, 2008, to
register their claims with court-appointed insolvency manager
Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 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:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917829

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

The Debtor can be reached at:

         ID Entertainment GmbH
         Daruper Strasse 12
         48301 Nottuln
         Germany

         Attn: Sebastian Drossmann, Manager
         Kiefernweg 8
         32676 Luegde
         Germany


IKB DEUTSCHE: BayernLB Mulls Acquiring Firm's Healthy Parts
-----------------------------------------------------------
Bayerische Landesbank is considering acquiring parts of IKB
Deutsche Industriebank AG that were not affected by the recent
sub-prime crisis, BBC News reports.

A BayernLB spokesman told BBC News that it would look at IKB's
books to determine whether to submit an offer.

"We certainly consider ourselves to be in a position to
participate in the bidding process [for IKB] otherwise we
wouldn't be doing it," he told BBC News.

As previously reported in the Troubled Company Reporter-Europe,
several investors -- including Ripplewood, Lone Star, Cerberus,
JC Flowers, and Goldman Sachs -- have expressed interest in
acquiring IKB's EUR6,000,000,000 portfolio.

Major shareholder KfW Bankengruppe AG has decided to sell IKB's
small and medium enterprise financing and its investment
portfolio separately.  The enterprise financing division is
expected to be sold between EUR700-EUR800 million.  The
investment portfolio could likely be given away for free.

KfW also intends to sell its 43% stake in the bank.  Stiftung
Industriesforschung is also planning to sell its 12% holdings.

                       Rescue Efforts

As previously reported, the German government has decided to
infuse EUR1.5 billion in fresh capital into IKB, pledging to
provide EUR1 billion of the rescue fund, while the local banking
industry will furnish EUR500 million.

In December 2007, a KfW-led banking pool agreed to cover
US$520 million in risks for IKB, which brought the cost of the
rescue to EUR6.15 billion.

As reported in the TCR-Europe on Feb. 29, 2008, IKB said that it
needed up to EUR2 billion in fresh capital, EUR500 million of
which is needed in the short term.  KfW was likely to bail out
IKB for the third time after the bank's other shareholders
refused to finance the company's restructuring.

                      About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- 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 April 2, 2008, Moody's Investors
Service downgraded these ratings of IKB: bank financial strength
rating to E from E+.  The outlook on the BFSR is now stable
(previously developing); IKB's subordinated debt ratings were
downgraded to Ba2.  The outlook on is negative; IKB's short-term
ratings were downgraded to Prime-3; IKB's junior subordinated
securities 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.

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.


KLETT HAUSTECHNIK: Claims Registration Period Ends April 18
-----------------------------------------------------------
Creditors of Klett Haustechnik GmbH have until April 18, 2008,
to register their claims with court-appointed insolvency manager
Dr. Marc d'Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on May 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Marc d'Avoine
          Doeppersberg 19
          42103 Wuppertal
          Germany

The District Court of Cologne opened bankruptcy proceedings
against Klett Haustechnik GmbH on Feb. 25, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Klett Haustechnik GmbH
         Am Stauweiher 25
         51688 Wipperfuerth
         Germany


KRAUTWASSER GMBH: Claims Registration Period Ends April 18
----------------------------------------------------------
Creditors of Krautwasser GmbH Meisterbetrieb fuer Dach-und
Fassadenarbeiten have until April 18, 2008, to register their
claims with court-appointed insolvency manager Manuel Ast.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Manuel Ast
         Archivstr. 3
         90408 Nuernberg
         Germany
         Tel: 0911/5978122
         Fax: 0911/5978144

The District Court of Fuerth opened bankruptcy proceedings
against Krautwasser GmbH Meisterbetrieb fuer Dach-und
Fassadenarbeiten on March 7, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Krautwasser GmbH Meisterbetrieb fuer Dach-und
         Fassadenarbeiten
         Nuernberger Strasse 27
         90762 Fuerth
         Germany


MARK ENGELS: Claims Registration Period Ends April 18
-----------------------------------------------------
Creditors of Mark Engels GmbH have until April 18, 2008, to
register their claims with court-appointed insolvency manager
Dr. Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Hall H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany
         Tel: 0211 13940
         Fax: +4902111394251

The District Court of Krefeld opened bankruptcy proceedings
against Mark Engels GmbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Mark Engels GmbH
         Niedieckstr. 150
         41334 Nettetal
         Germany


MAXFIELD GMBH: Claims Registration Ends May 6
---------------------------------------------
The court-appointed insolvency manager for Maxfield GmbH,
Michael Bremen will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
May 6, 2008.

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

         The District Court of Duesseldorf
         Meeting Hall L 111
         First Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on June 3, 2008 at:

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

Creditors have until April 22, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Maxfield GmbH
         Attn: Franjo Pooth and Sven Kurschus, Manager
         Kaistrasse 2
         40221 Duesseldorf
         Germany


POL IMPEX: Claims Registration Period Ends May 8
------------------------------------------------
Creditors of Pol-Impex Im- und Export GmbH have until
May 8, 2008, to register their claims with court-appointed
insolvency manager Dr. Christian Willmer.

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

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstrasse 5
         D 27283 Verden
         Germany
         Tel: 04231-884-0
         Fax: 04231-884-55

The District Court of Syke opened bankruptcy proceedings against
Pol-Impex Im- und Export GmbH on March 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Pol-Impex Im- und Export GmbH
         Attn: Manfred Lachnit, Manager
         Bahnhofstrasse 34
         27239 Twistringen
         Germany


PONTO GMBH: Claims Registration Period Ends April 18
----------------------------------------------------
Creditors of Ponto GmbH have until April 18, 2008, to register
their claims with court-appointed insolvency manager Dr. Juergen
Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Juergen Wallner
         Karl-Heine-Strasse 25b
         04229 Leipzig
         Germany
         Tel: 0341-2534760
         Fax: 0341-2534761

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

The Debtor can be reached at:

         Ponto GmbH
         Feuerbachstrasse 9
         04105 Leipzig
         Germany


RED HAT: Revenue Growth Cues S&P's Rating Upgrade to 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Raleigh, North Carolina-based Red Hat Inc. to 'BB-'
from 'B+'.  The upgrade reflects Red Hat's consistent growth in
revenues and operating earnings and improving financial profile.
The outlook is stable.

"The ratings on Red Hat reflect the company's relatively narrow
business profile, modest scale relative to other rated software
companies, rapid technology evolution, and high leverage--based
on total debt," said Standard & Poor's credit analyst Molly
Toll-Reed.  "These concerns are offset partially by barriers to
entry provided by the large number of independent software and
hardware vendors, who certify their products to work with Red
Hat, and liquidity and cash flow that are strong for the rating
level."

Red Hat provides open-source operating and middleware software
and related services predominantly to large enterprise
customers.

Headquartered in Raleigh, North Carolina Red Hat, Inc.
-- http://www.redhat.com/-- is an open source and Linux
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.  The
company has offices in Singapore, Germany, and Argentina, among
others.


REINIGUNGSSERVICE E. HASSLER: Claims Registration Ends April 20
---------------------------------------------------------------
Creditors of Reinigungsservice E. Hassler GmbH have until
April 20, 2008, to register their claims with court-appointed
insolvency manager Hubert Ampferl.

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 Nuremberg
          Meeting Hall 152/I
          Flaschenhofstr. 35
          Nuremberg
          Germany

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

The insolvency manager can be reached at:

          Dr. Hubert Ampferl
          Stahlstr. 17,
          90411 Nuremberg
          Germany
          Tel: 0911/951285-0
          Fax: 0911/951285-10

The District Court of Nuremberg opened bankruptcy proceedings
against Reinigungsservice E. Hassler GmbH on March 12, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Reinigungsservice E. Hassler GmbH
          Schoepfstr. 33
          90480 Nuremberg
          Germany


SCHWENDOWIUS VERWALTUNGS: Claims Registration Ends April 21
-----------------------------------------------------------
Creditors of Schwendowius Verwaltungsgesellschaft mbH have until
April 21, 2008 to register their claims with court-appointed
insolvency manager Dr. Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall W 1.26
         First Floor
         Wilhelmstr. 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. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn
         Germany
         Tel: 0228/985210
         Fax: 0228/9852122

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

The Debtor can be reached at:

         Schwendowius Verwaltungsgesellschaft mbH
         Ernst-Robert-Curtius-Str. 7
         53117 Bonn
         Germany

         Attn: Harald Schwendowius, Manager
         Meisengrund 9
         53227 Bonn
         Germany


SPUMAX SCHAUM: Claims Registration Ends April 21
------------------------------------------------
Creditors of Spumax Schaum GmbH have until April 21, 2008 to
register their claims with court-appointed insolvency manager
Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         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:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

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

The Debtor can be reached at:

         Spumax Schaum GmbH
         Attn: Klaus-Werner Roedelius, Manager
         Vogelweide 40
         22081 Hamburg
         Germany


STM STEUERBERATUNGSGESELLSCHAFT: Claims Period Ends May 5
---------------------------------------------------------
Creditors of STM Steuerberatungsgesellschaft mbH have until
May 5, 2008, to register their claims with court-appointed
insolvency manager Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Room 91
         Untermarkt 17
         Muehlhausen
         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. Frank Kreuznacht
         Untermarkt 23
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against STM Steuerberatungsgesellschaft mbH on March 5, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         STM Steuerberatungsgesellschaft mbH
         Attn: Hartmut Steiner, Manager
         Im Kittel 01
         99706 Sondershausen
         Germany


VON BORSTEL: Claims Registration Period Ends April 18
-----------------------------------------------------
Creditors of von Borstel GmbH have until April 18, 2008, to
register their claims with court-appointed insolvency manager
Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Norderstedt
          Hall B
          Rathausallee 80
          22846 Norderstedt
          Germany

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

The insolvency manager can be reached at:

          Dr. Mark Zeuner
          Lehmweg 17
          20251 Hamburg
          Germany

The District Court of Norderstedt opened bankruptcy proceedings
against von Borstel GmbH on March 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          von Borstel GmbH
          Attn: Frank Elsner, Manager
          Hamburger Strasse 102
          24558 Henstedt-Ulzburg
          Germany


WEIHE GMBH: Claims Registration Period Ends April 18
----------------------------------------------------
Creditors of Weihe GmbH & Co. Kommanditgesellschaft have until
April 18, 2008, to register their claims with court-appointed
insolvency manager Juergen M. Thiel.

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 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:

          Dr. Juergen M. Thiel
          Markt 8
          32423 Minden
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Weihe GmbH & Co. Kommanditgesellschaft on March 11,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Weihe GmbH & Co. Kommanditgesellschaft
          Sundernkamp 19
          32130 Enger
          Germany


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


ALITALIA SPA: Air France Talks Fail; Maurizio Prato Quits
---------------------------------------------------------
Alitalia S.p.A., labor unions, professional associations, and
Air France-KLM SA have stopped negotiations over the sale of the
Italian government's 49.9% stake in the national carrier.

The parties failed to reach an agreement that would accomplish
the sale's effectiveness conditions, satisfaction of which would
finalize the acceptance by Alitalia and Italy of Air France's
binding offer.

The effectiveness conditions for Air France's offer include:

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

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

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

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

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

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

      -- the official withdrawal from the claim;

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

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

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

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

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

Air France-KLM had reiterated its planned 2,100 job cuts  --
1,600 jobs in Alitalia Fly and 500 more in Alitalia Servizi --
in its revised proposal submitted to the Italian carrier's
unions.

Air France also maintained plans to:

    * ground some flights;

    * close Alitalia's cargo unit by 2010; and

    * terminate contract out of ground handling and aircraft
      maintenance.

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

The unions said Air France's offer "re-proposes in substance and
in format what was already shown."

"I acknowledge with regret the collapse of the negotiations,
which wasn't caused by us," Air France CEO Jean-Cyril Spinetta
told Bloomberg News.

Meanwhile, Alitalia said Maurizio Prato resigned as its
chairman, while its board will convene today to "take the
necessary and opportune resolutions."

                       Creditor Protection

Italian Finance Minister Tommaso Padoa-Schioppa, meanwhile, said
Alitalia may seek protection from creditors, Bloomberg News
reports.

Mr. Padoa-Schioppa had warned if the sale to Air France fails,
the government would appoint a special commissioner to initiate
bankruptcy proceedings, The Financial Times relates.

The government had pledged to grant Alitalia a EUR300 million
bridging loan if Air France's takeover pushes through.  Alitalia
badly need more funds as it had less than EUR200 million in cash
and credit available at March 31, 2008.

                  Aeroflot Expresses Interest

OAO Aeroflot had said it may submit a proposal to acquire the
Italian government's 49.9% stake in Alitalia S.p.A. if talks
between Air France-KLM SA and the national carrier's unions
fail, Thomson Financial relates, citing a Radiocor interview
with the Russian firm's spokesman.

"If the talks break down and new acceptable proposals are made
we are ready to examine them," the spokesman told Radiocor.

Aeroflot and financial backer UniCredit S.p.A. had joined the
preliminary rounds of bidding for Alitalia, but withdrew.

                          About Alitalia

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

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

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


ALITALIA SPA: Group Net Debt at EUR1.37 Bln as of February 29
-------------------------------------------------------------
The Alitalia Group's net debt as of Feb. 29, 2008, amounted to
EUR1.368 billion, showing an increase in net indebtedness of
EUR88 million, compared to the situation on Jan. 31, 2008.  This
trend is due to the typical seasonality of this month's proceeds
and payments.

The net debt of the parent company Alitalia S.p. A. including
short-term financial credits for subsidiaries on Feb. 29, 2008,
including short-term financial credits of subsidiaries, amounted
to EUR1.357 billion showing an increase of EUR92 million
compared to net debt as of Jan. 31, 2008.

The Group's cash-to-hand and short-term financial credits as of
Feb. 29, 2008, at the Group level and for Alitalia, amounted to
EUR180 million and EUR191 million respectively.

It should be noted that as of Feb. 29, 2008, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR81 million -- whose capital share, including
lease closure value, amounted to EUR93 million, of which
EUR12 million represent the current capital share falling due
within 12 months of the reference date, with EUR10 millionheld
by the parent company).

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During February 2008, repayments were made of medium/long-term
financing amounting to about EUR14 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Feb. 29, 2008, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

    * an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million(two
      decrees);

    * an injunction issued by a supplier of on-board movies for
      EUR1.2 million (two decrees);

    * an injunction has been issued by an IT services supplier
      for EUR812,000;

    * an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EUR288,000;

    * another injunction issued by a maintenance services
      supplier for EUR492,000;

    * an injunction has been issued by the special manager of a
      firm for presumed debts relating to air ticket sales, for
      EUR3.2 million;

    * one injunction issued by a fuel supplier for about
      EUR1 million;

    * an injunction issued by an airport management company for
      limited failure to pay handling fees about EUR375,000; and

    * an injunction issued by four suppliers, for EUR188,000.

There are no other executive actions undertaken by creditors
notified as of Feb. 29, 2008, nor are there any threats by
suppliers to suspend operations.

It should be pointed out that, as part of ordinary management
practices, the Company is committed to maintaining commercial
relations with its customers and suppliers who guarantee –- in
the absence of critical situations or operational emergencies
-– the necessary financial flexibility in support of cash-to-
hand requirements.

                         About Alitalia

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

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

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


ALITALIA SPA: Airlines Challenge Air Enac Traffics Agreement
------------------------------------------------------------
Air One, Blue Panorama, Eurofly, Air Italy and Neos are
contemplating a legal challenge over the air traffic rights
agreement between Alitalia S.p.A. and Italian civil aviation
authority Ente Nazionale per l'Aviazione Civile (Enac), the
Financial Times reports.

The airlines, the FT relates, are urging Enac to release details
of the agreement, which according to industry and official
sources was pushed through by the government to expedite Air
France-KLM's takeover bid.

Meanwhile, industry and government sources claimed the agreement
reassigns airline traffic rights that would be of interest to
Air France.  Alitalia is also assigned traffic rights that
belonged to Volare under the agreement, the FT adds.

An Enac official, on the other hand, argued the agreement was
completely normal, saying there was no political motivation
involved.  The official disclosed Enac is set to release the
details of the agreement, the FT states.

The agreement was signed on March 14, 2008, the same day Air
France made its binding for Alitalia, the paper discloses.

                          About Alitalia

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

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

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


FIAT SPA: Discloses Results of 2008 Annual General Meeting
----------------------------------------------------------
Fiat S.p.A. disclosed that at the Annual General Meeting held
last March 31, 2008, shareholders approved the 2007 Financial
Statements and distribution of a gross dividend of:

    -- EUR0.40 per ordinary share,
    -- EUR0.40 per preference share and
    -- EUR0.555 per savings share,

to be paid April 24 (ex-dividend date April 21).

                       Board Appointment

Shareholders also confirmed the appointment of Rene Carron to
the Board of Directors, who was co-opted on July 24, 2007.  Mr.
Carron will serve for the remainder of the Board’s current term
of office, which expires on the date of the 2009 Annual General
Meeting called to approve the 2008 Financial Statements.

           Authorisation to Purchase and Dispose Shares

The authorisation to purchase and dispose of own shares, either
directly or through Group subsidiaries, was also renewed and, to
the extent not yet exercised, the previous authorisation given
by Shareholders on April 5, 2007 was revoked.

Under the new authorisation, an aggregate total of shares, for
all three classes combined, representing a maximum of 10% of
share capital or a purchase value of EUR1.8 billion - including
the EUR0.6 billion of Fiat shares held by the Company - may be
purchased.  Such purchases must take place within the next
eighteen months, conform to applicable laws and regulations and
the purchase price may not be a maximum of 10% higher or lower
than the previous day’s official market price.

                        Incentive Plan

Finally, Shareholders approved the incentive plan passed by the
Board of Directors on February 26 which allows the periodic
granting of up to a maximum of 4 million stock options or stock
appreciation rights.  As already announced, in terms of
performance criteria, vesting period and exercise period (from
2011 to 2014), the structure of this plan is similar to the
stock option plan approved Nov. 3, 2006.

The strike price shall be equivalent to the arithmetic average
of the official daily market price published by Borsa Italiana
S.p.A. for the month preceding the grant date.

Participants in the plan are those executives that hold a key
role having a significant impact on business results and who
have been recruited or promoted since the Nov. 3, 2006 stock
option assignment or executives who have taken on increased
responsibilities since that date or who may particularly warrant
additional recognition.  The Chief Executive Officer and other
members of the Board of Directors are excluded from the plan.
Turin, March 31, 2008.

                        Financial Results

The company also disclosed in its website that for the year
2007, the Group regained market shares in all sectors and
exceeded its 2007 full-year targets.

For 2007, the company reported net income EUR2.054 billion on
revenues of EUR58.529 billion compared to net income of
EUR1.151 billion on revenues of EUR51.832 for 2006.

Trading profits also increased to EUR3.233 billion in 2007 from
EUR1.951 billion in 2006.

Fiat Group also said that it extinguished its net industrial
debt in 2007 and closed the year with EUR355 million net cash.
For 2006, the company had EUR1.773 billion in debt.

With these, Fiat CEO Sergio Marchionne said that the company “is
now ready to enter the next level that will transform it into a
major global company.”

For 2008, the company expects:

    -- revenues to exceed EUR60 billion,
    -- trading profit between EUR3.4 and EUR3.6 billion,
    -- net income between EUR2.4 and EUR2.6 billion euros, and
    -- net cash on hand of at least EUR1.5 billion.

The targets we have set are based

In 2007, trading profit totalled 3.2 billion euros, revenues
reached 58.5 billion euros, while net industrial debt was
extinguished (December 31, 2006: negative by 1.8 billion euros).
At December 31, 2007, the Group had a net industrial cash
position of 355 million euros.

The targets, according to the company, are based on the
conviction that the current turbulence in financial markets will
have a limited impact on the real economy and, in the worst
case, will be confined to the United States.

                           About Fiat

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


FIAT SPA: Releases Details of Shares Purchase Programme
-------------------------------------------------------
Fiat S.p.A. disclosed the details of the relevant Purchase
Programme following the authorisation given by Shareholders to
purchase its own shares at the Annual General Meeting.

The Programme, aimed at the investment of liquidity and at
servicing incentive plans, allows for the purchase of a total
number of shares, for all three classes combined, not to exceed
10% of share capital and a total purchase value of
EUR1.8 billion, which is to include EUR0.6 billion related to
the Fiat shares already held by the company, and will be carried
out on the regulated market as:

   -- it will end on Sept. 30, 2009 or once the maximum purchase
      value of EUR1.8 billion (including EUR0.6 billion related
      to Fiat shares already held by the Company) or a number of
      shares equivalent to 10% of share capital is reached;

   -- the maximum purchase price may not be a maximum of 10%
      higher than the previous day’s official market price;

   -- the maximum number of shares purchased daily shall not
      exceed 20% of the total daily trading volume for each
      class of shares.

Should purchases be carried out, Fiat will daily communicate to
the market and competent authorities the transactions it has
executed, specifying the number of shares purchased, the average
price, the total number of purchased shares as of the date of
the communication and the total invested amount as of such date.
As of March 31, 2008, Fiat owns 32,877,458 ordinary shares
equivalent to 2.75% of the capital having voting rights.

The shareholders’ authorization does not compel the company to
make purchases and may be therefore executed only in part.  The
company will therefore be guided by the principle that it will
only repurchase its shares if such repurchase is value accretive
to the shareholders of Fiat, and subject to any negative
repercussions a given repurchase may have on its credit ratings.

                           About Fiat

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


PARMALAT SPA: Acquisition Search to Commence After AGM
------------------------------------------------------
Parmalat S.p.A. will start looking for possible acquisitions
after its annual general meeting on April 8 or 9, 2008, Thomson
Financial says, citing an unsourced Il Corriere della Sera
report.

According to Il Corriere della Sera, Lehman Brothers estimates
that Parmalat has budgeted EUR1.7 billion in existing cash and
possible loans to finance possible acquisitions in Eastern
Europe, Africa, India or New Zealand.

                        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.


PARMALAT SPA: Magistrate Seeks Extortion Charge v Cesare Geronzi
----------------------------------------------------------------
Italian magistrate Roberto Spano has asked Parma prosecutors to
elevate the charge filed against Mediobanca S.p.A. Chairman
Cesare Geronzi from fraudulent bankruptcy to extortion, in
connection to Parmalat S.p.A. acquisition of Eurolat S.p.A.,
Sara Gay Worden writes for Bloomberg News.

Prosecutors probed the role Mr. Geronzi played as Banca di Roma
S.p.A.'s chief in Parmalat's purchase of Eurolat from Cirio
Finanziaria S.p.A.

"If Banca di Roma threatened it would revoke Parmalat's credit
lines if it didn't buy Eurolat at a high price, then the correct
charge should be extortion," Mr. Spano told Bloomberg News.

Mr. Geronzi has been indicted for fraudulent bankruptcy in the
main trial that commenced March 14.

According to Bloomberg News, conviction for fraudulent
bankruptcy carries a prison sentence of up to 15 years if
aggravating factors are considered, while a conviction for
extortion carries a sentence of five to 10 years in prison,
which can be extended to 20 years with aggravating factors.

                        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.


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


AK-TRAIN SERVICE: Creditors Must File Claims by May 2
-----------------------------------------------------
LLP AK-Train Service has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP AK-Train Service
         Baimuhanov Str. 33a-21
         Atyrau
         Kazakhstan


ASIA TECHNO: Claims Deadline Slated for May 2
---------------------------------------------
LLP Asia Techno NT has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP Asia Techno NT
         Abdirov Str. 34/3-59
         Karaganda
         Kazakhstan


CENTRAL-ASIAN TOURISTIC LLP: Claims Filing Period Ends May 2
------------------------------------------------------------
LLP Joint Enterprise Central-Asian Touristic Corporation has
declared insolvency.  Creditors have until May 2, 2008, to
submit written proofs of claims to:

         LLP Joint Enterprise Central-Asian
         Touristic Corporation
         Micro District 8, 10-2
         Aktau
         130000, Mangistau
         Kazakhstan


DASTAN LLP: Creditors' Claims Due on May 2
------------------------------------------
The Specialized Inter-Regional Economic Court Almaty has
declared LLP Dastan insolvent on Feb. 8, 2008.

Creditors have until May 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court Almaty
         Post Office Box 508
         Main Post Office
         050000, Almaty
         Kazakhstan
         Tel: 8 777 223 62-01


DAURIA LLP: Claims Registration Ends May 2
------------------------------------------
The Specialized Inter-Regional Economic Court North Kazakhstan
has declared LLP Dauria insolvent on Feb. 8, 2008.

Creditors have until May 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court North
         Chkalov Str. 49-219
         Petropavlovsk
         North Kazakhstan
         Kazakhstan
         Tel: 8 (3152) 42-65-32


ECO-STROY-AKTOBE LLP: Creditors Must File Claims by May 2
---------------------------------------------------------
LLP Eco-Stroy-Aktobe has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP Eco-Stroy-Aktobe
         Turgenev Str. 10/29
         Aktobe
         Aktube
         Kazakhstan


KAZDON: Claims Deadline Slated for May 2
----------------------------------------
LLP Kazdon Service has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP Kazdon Service
         Bigeldinov Str. 56
         Saryarka
         Astana
         Kazakhstan


KAZKOMMERTSBANK JSC: Taps Bureau Veritas to Check Kuat's Works
--------------------------------------------------------------
JSC Kazkommertsbank has appointed Bureau Veritas SA as
independent technical auditor for a delayed residential projects
undertaken by KUAT Corp. JSC in Kazakhstan, Nariman Gizitdinov
writes for Bloomberg News.

"The increasing risks of lending to the construction industry
have compelled the bank to improve its ability to ensure the
proper use of money received from the government's emergency
investment program," Kazkommertsbank told Bloomberg News.

Bureau Veritas will check project cost estimates, spending and
work quality, Kazkommertsbank said.

According to Bloomberg News, Kuat stalled constructions of more
than 140 in Almaty and Astana projects after it ran out of
funds.  The Kazakh government was forced to provide US$4 billion
in emergency funding to Kuat for the works to resume.

                    About Kazkommertsbank

Headquartered in Almaty, Kazakhstan, JSC Kazkommertsbank --
http://www.kazkommertsbank.com/-- accepts deposits and provides
loans and credit facilities in Tenge and foreign currencies.
The Bank is also a major participant in the securities market
and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As of April 2, 2008, JSC Kazkommertsbank carries Ba1 Foreign and
Local Bank Deposit ratings; Ba3 Subordinated and Junior
Subordinated Debt ratings; and D- Bank Financial Strength rating
from Moody's Investor Service, which said the Outlook is stable.

The bank also carries BB Long-Term Local and Foreign Issuer
Credit ratings; and B Short-Term Local and Foreign Issuer Credit
ratings from Standard & Poor's Rating Services, which said the
Outlook is negative.

Kazkommertsbank also carries BB+ Long-Term Foreign Issuer
Default and Senior Unsecured Debt ratings; BB Subordinated Debt
rating; and B Short-Term rating from Fitch Ratings, which said
the Outlook is negative.


LVK-AUDIT-ENERGO CJSC: Claims Filing Period Ends May 2
------------------------------------------------------
CJSC Scientific-Manufacturing Union LVK-Audit-Energo in Ust-
Kamenogorsk has declared insolvency.  Creditors have until
May 2, 2008, to submit written proofs of claims to:

         CJSC Scientific-Manufacturing Union
         LVK-Audit-Energo in Ust-Kamenogorsk
         Voroshilov Str. 4
         Kamenogorsk
         East Kazakhstan
         Kazakhstan


SEVKAZ COMMERTS: Creditors' Claims Due on May 2
-----------------------------------------------
The Specialized Inter-Regional Economic Court North has declared
LLP Sevkaz Commerts Zlak insolvent on Feb. 8, 2008,

Creditors have until May 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court North
         Chkalov Str. 49-219
         Petropavlovsk
         North Kazakhstan
         Kazakhstan
         Tel: 8 (3152) 42-65-32


TRANS STROY: Claims Registration Ends May 2
-------------------------------------------
LLP Trans Stroy Plus has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP Trans Stroy Plus
         Bigeldinov Str. 11-7
         Saryarka
         Astana
         Kazakhstan


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


ADELINA & KIR-TAJ: Creditors Must File Claims by May 9
------------------------------------------------------
Joint American-Kyrgyz-Tajik LLC Adelina & Kir-Taj has declared
insolvency.  Creditors have until May 9, 2008 to submit written
proofs of claim to:

         Joint American-Kyrgyz-Tajik LLC Adelina & Kir-Taj
         Frunze Str. 124
         Bishkek
         Kyrgyzstan


NUR ENERGO: Claims Filing Period Ends May 9
-------------------------------------------
LLC Nur Energo has declared insolvency.  Creditors have until
May 9, 2008 to submit written proofs of claim to:

         LLC Nur Energo
         Bekabad
         Suzaksky District
         Djalal-Abad
         Kyrgyzstan


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


OI EUROPEAN: Moody's Ups Rating on EUR300 Million Notes to Ba3
--------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Owens Illinois, Inc. (O-I) to Ba3.  Additional instrument
ratings are detailed below.

The rating outlook is positive.

Moody's took these rating actions for Owens Illinois, Inc.:

    -- Upgraded Corporate Family Rating to Ba3 from B2

    -- Upgraded Probability of Default Rating to Ba3 from B2

    -- Upgraded US$750.0 million senior unsecured notes and
       debentures due 2008-2018 to B2 (LGD 6, 90%) from Caa1
       (LGD 6, 92%)

    -- Upgraded Speculative Grade Liquidity Rating to SGL-2 from
       SGL-3

Moody's took these rating actions for Owens-Brockway Glass
Container,, Inc.:

    -- Upgraded US$900 million senior secured first lien
       revolving credit facility maturing June 15, 2012 to Baa3
       (LGD 2 12%) from Ba2 (LGD 2, 21%)

    -- Upgraded US$200 million senior secured first lien term
       loan B due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2
       (LGD2, 21%)

    -- Upgraded EUR 225 million senior unsecured notes due
       December 1, 2014 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%)

    -- Upgraded US$850.0 million senior unsecured notes due
       2013-2014 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%)

    -- Withdrew US$1,925 million senior secured notes due 2009-
       2012, Ba2 (LGD 2, 21%)

Moody's took these rating actions for OI European Group BV
(Netherlands):

    -- Upgraded EUR200 million senior secured first lien term
       loan D due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2
       (LGD2, 21%)

    -- Upgraded EUR300 million senior unsecured notes due
       March 31, 2017 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%)

Moody's took these rating actions for ACI Operations Pty. Ltd.
and O-I Canada Corp:

    -- Upgraded AUD 300 million senior secured first lien term
       loan A due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2
       (LGD2, 21%)

    -- Upgraded CAD 138 million senior secured first lien term
       loan C due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2
       (LGD2, 21%)

The upgrade of the Corporate Family Rating to Ba3 reflects O-I's
leading position in the industry and continued successful
execution of its strategic turnaround plan.  The company's focus
on pricing rather than volume and improving operating
efficiencies have improved cash flows.  Reduced asbestos
liabilities and recent debt repayment have strengthened its
balance sheet.  O-I is one of only a few major players that have
the capacity and scale to serve larger customers.  The company
maintains strong market shares globally including faster growing
emerging markets.  The positive outlook reflects Moody's
expectation that the company will continue to focus on its
strategic plan (including exploring potential capacity
rationalization) and further improve credit metrics.

The ratings are constrained by the inherent uncertainty
surrounding the asbestos liabilities, mature state of the
industry and customer concentration.  A consumer driven
recession may pressure revenues and margins over the
intermediate term, as glass packaging is generally viewed as a
premium product.  Moreover, the potential for further
substitution into plastic packaging still exists and the
company's efforts to increase product pricing may re-ignite that
trend.

Headquartered in Perrysburg, Ohio, Owens-Illinois, Inc. ("O-I"),
is one of the world's largest global manufacturers of glass
containers.  For the twelve months ended December 31, 2007, O-I
had revenue of approximately US$7.5 billion.


X5 RETAIL: Launches Green Perekrestok Supermarket Format
--------------------------------------------------------
X5 Retail Group N.V. has launched a new premium-class
supermarket concept under the "Green Perekrestok" brand name.
The first branded store is scheduled to open in July 2008.

Green Perekrestok supermarkets will offer a high level of
service and a unique assortment of products that target
customers with discriminating tastes.  The main competitive
advantages of Green Perekrestok supermarkets will be the
opportunity to purchase both everyday necessities and select
exclusive goods.

X5 Retail says customers will be offered a wide assortment of
high-quality prepared foods and a broad range of additional
services, including individual consultations for gourmet
products such as cheese, fish, meat, wine and liquor.  The
stores will have their own bakeries and delis, and at checkout
purchases will be bagged for the customers.

"Thanks to the impressive development of the Russian economy
over the last several years, the prosperity of many Russians has
grown steadily, and this indisputably positive factor enables us
to extend our service offering, in line with our multi-format
strategy," X5 Retail Group’s Chief Operational Officer Antonio
Melo said.  "According to estimates, there are thousands of
consumers in the premium goods segment in large cities and
individual regions.

"We are launching the Green Perekrestok project with these
customers in mind.  The premium class format has only recently
emerged in the Russian market, but it is already successful and
we intend to take a leadership position in this segment as well,
through the Green Perekrestok supermarket concept.  We aim to
build strong customer loyalty by offering a high level of
service, a broad assortment of exclusive products, conveniently
located stores, and a distinguished contemporary design in the
stores that creates a warm and comfortable atmosphere."

The first Green Perekrestok store will open in Rostov-on-the-Don
in the Astor Plaza shopping center, where an existing
Perekrestok supermarket will be re-branded.  The new store’s
selling area will be 1,400 sq. m. and the product assortment
will include approximately 14,000 SKUs.

In the future, new premium class supermarkets will be opened
after either re-branding existing Perekrestok stores or
acquiring new spaces.

                        About X5 Retail

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

                          *     *     *

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

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


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


AMERICAN AXLE: Moody's Places Ratings under Review
--------------------------------------------------
Moody's Investors Service placed the ratings of American Axle &
Manufacturing Holdings, Inc., Corporate Family -- Ba3, under
review for downgrade.  In a related action, American Axle's
Speculative Grade Liquidity Rating was lowered to SGL-2 from
SGL-1.

The review will consider the potential near term implications of
the protracted work stoppage by American Axle's UAW employees on
the company's financial metrics and liquidity, balanced against
the potential long term benefits of any eventual settlement.
While Moody's believes that any eventual settlement with the UAW
will incorporate terms that support the company's long term
competitive position in the domestic auto parts business, the
near term disruption caused by the protracted strike (now in its
sixth week) and the potential cash use associated with the
strike and any negotiated settlement, represent key credit
concerns.  The review will also consider the potential effects
of increasing economic uncertainty in the U.S. and higher fuel
costs resulting in weaker consumer automotive demand.

The UAW elected to implement a work stoppage on February 25,
2008 at five of American Axle's facilities in Michigan and New
York involving approximately 3,650 UAW employees. The underlying
issues involve, among other items, American Axle's goal of
reducing its all-in hourly labor cost, estimated to be
approximately US$73.48 under the expired labor contract, to
levels competitive with other domestic automotive suppliers.
Currently, the work stoppage is into its second month and
published reports indicate that progress is being made on some
items.  However, there appears to be little movement on major
wage and benefit discussions. Moody's will continue to monitor
developments of the ongoing negotiations between the company and
the UAW and consider rating actions as necessary based on new
information.

In lowering the Speculative Grade Liquidity Rating to SGL-2 from
SGL-1, Moody's expects that the protracted work stoppage will
consume some cash and has the potential to weaken the company's
liquidity profile if not resolved in the near term.  Moody's had
anticipated the company to be free cash flow generative in 2008,
but the combined effects of the strike, weak automotive demand,
and lower productions levels at the company's largest customer
(GM at 78% of revenues) may create headwinds.  At year-end 2007
the company reported US$344 million of cash and had US$572
million of availability under its US$600 million revolving
credit facility.  American Axle maintains ample cushion under
its principal financial covenants which measure net debt to
EBITDA (excluding certain non-recurring charges from the
measurement of EBITDA) and net worth.  This cushion should
enable the company to maintain significant availability of the
facility over the near term.  All of the company's bank
obligations and notes are currently unsecured, which establishes
some flexibility to generate alternative liquidity, if needed,
subject to lien baskets and sale/leaseback limitations in the
respective indentures.  The company has made progress in
reducing its cost structure as a result of recent restructuring
initiatives.  As of December 31, 2007 debt/EBITDA (including
Moody's Standard Adjustments) was 2.4x, EBIT/Interest was 2.4x,
and free cash flow to debt approximated 14%.

These ratings are under review for downgrade:

American Axle & Manufacturing Holdings, Inc.

   -- Corporate Family, Ba3
   -- Probability of Default, Ba3
   -- Unsecured guaranteed convertible note, Ba3 (LGD-4, 56%)

American Axle & Manufacturing, Inc.

   -- Unsecured guaranteed notes, Ba3 (LGD-4, 56%)
   -- Unsecured guaranteed term loan, Ba3 (LGD-4, 56%)

Ratings lowered:

   -- Speculative Grade Liquidity, to SGL-2 from SGL-1

Holdings' obligations are guaranteed by American Axle and vice
versa.

The last rating action was November 26, 2007 when American
Axle's ratings were affirmed and the Outlook changed to Stable.

American Axle & Manufacturing, Inc., headquartered in Detroit,
MI, is a world leader in the manufacture, design, engineering
and validation of driveline systems and related components and
modules, chassis systems, and metal formed products for light
truck, SUV's and passenger cars.  The company has manufacturing
locations in the USA, Mexico, the United Kingdom, Brazil, China
and Poland.  The company reported revenues of $3.2 billion in
2007.


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


BORGES CJSC: Moscow Bankruptcy Hearing Slated for July 8
--------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:30 p.m. on
July 8, 2008, to hear the bankruptcy supervision procedure on
CJSC Joint Editing House Borges.  The case is docketed under
Case No. A40-395/08-71-2B.

The Temporary Insolvency Manager is:

         S. Fedyunin
         Post User Box 16
         127566 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Joint Editing House Borges
         Vavilova Str. 17
         Moscow
         Russia


BORSKIE MEAT: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
supervision procedure on LLC Borskie Meat Products (TIN
5246027379).  The case is docketed under Case No. A43-30714/
2007, 27-343.

The Temporary Insolvency Manager is:

         E. Eremeev
         Office 13
         Betankura Str. 2
         603086 Nizhniy Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         LLC Borskie Meat Products
         Ostrovskogo Str. 14A
         Bor
         Nizhniy Novgorod
         Russia


CONSORTIUM 1 CJSC: Moscow Bankruptcy Hearing Slated for June 17
---------------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:30 p.m. on
June 17, 2008, to hear the bankruptcy supervision procedure on
CJSC Moscow Industrial Building Consortium 1.  The case is
docketed under Case No. A40-913/08-36-2 B.

The Temporary Insolvency Manager is:

         A. Zharkov
         NGAU
         Lesteva Str. 18
         115162 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Moscow Industrial Building Consortium 1
         Varshavskoe Shosse 129A
         Moscow
         Russia


ETALON TZ: Bashkortostan Bankruptcy Hearing Slated for July 30
--------------------------------------------------------------
The Arbitration Court of Bashkortostan will convene on July 30,
2008, to hear the bankruptcy supervision procedure on OJSC
Etalon TZ (TIN 0269026887).  The case is docketed under Case No.
A07-17052/07-G-ShAB.

The Temporary Insolvency Manager is:

         D. Murtazin
         Post User Box 10
         Post Office 2
         Oktyabrskiy
         452602 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Etalon TZ
         Lenina Per. 1a
         Tuymazy
         452650 Bashkortostan
         Russia


ISKITIMSKIY MEAT-PACKING: Names V. Semenikhin to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Novosibirsk appointed V. Semenikhin as
Insolvency Manager for CJSC Iskitimskiy Meat-Packing Combine.
He can be reached at:

         V. Semenikhin
         Apt. 89
         Lenina Str. 55
         630004 Novosibirsk
         Russia

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Iskitimskiy Meat-Packing Combine
         Yubileynyj Pr. 6
         Iskitim
         633208 Novosibirsk
         Russia


MORKINOGORSKIY FLAX: Creditors Must File Claims by May 1
--------------------------------------------------------
Creditors of OJSC Morkinogorskiy Flax Factory have until May 1,
2008, to submit proofs of claim to:

         Y. Smirnov
         Insolvency Manager
         Office 509
         Chaykovskogo Pr. 19a
         170034 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. A66-4196/2007.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Morkinogorskiy Flax Factory
         Morkiny Gory
         Bezhetskiy
         Tver
         Russia


OGK-5 OAO: Board Names Valery Nazarov as Director General
---------------------------------------------------------
The Board of Directors of OAO OGK-5 elected on March 31, 2008,
Valery Nazarov, previously Deputy Director General for
Production of OGK-5, as Director General of the company.

The Board of Directors appointed Sergey Uzornikov as First
Deputy Director General – Financial Director of OGK-5.

Mr. Uzornikov had worked as Deputy Head of the Russian office of
ENEL Produzione S.p.A for Financial Control.

The Board also appointed Anastasia Titova as HR Director. Ms.
Titova had worked as Head of the HR Department in the Russian
office of ENEL Produzione S.p.A.

Mr. Uzornikov and Ms. Titova were also elected to the Executive
Board of OAO OGK-5.

                           About OGK-5

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

                          *     *     *

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


ROSNEFT OIL: Moscow Court to Rule on TGK-11 Case May 7
------------------------------------------------------
The Arbitration Court of Moscow will issue a ruling on a lawsuit
filed by OOO Neft Aktiv, a unit of OAO Rosneft Oil Co., against
TGK-11 on May 7, 2008, Nadia Popova writes for The Moscow Times.

As previously reported in the TCR-Europe, Neft Aktiv is
questioning the shareholders' meeting in which TomskEnergo
agreed to merge into the power producer.  Nefft-Aktiv claims not
receiving an absentee ballot to vote at the meeting.

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

Matvey Taits, a utilities analyst at UralSib, told Moscow Times
that Rosneft maybe trying to delay placement of shares in TGK-11
to buy time to raise enough funds for the sale.

According to Moscow Times, the TGK-11 auction, of a 28.9% state
stake and a 26% additional share placement, was initially set
before end of March.   The Arbitration Court of Novosibirsk,
however, issued an injunction order on the placement of new
shares at TGK-11, in light of a lawsuit filed by Neft Aktiv.

Moscow Times adds that further delays in the case could prevent
UES selling off TGK-11 before it is wound up July 1, 2008.

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

                          About Rosneft

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

                        *     *     *

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


VOZROZHDENIE LLC: Volgograd Bankruptcy Hearing Set May 22
---------------------------------------------------------
The Arbitration Court of Volgograd will convene at 11:00 a.m. on
May 22, 2008, to hear the bankruptcy supervision procedure on
LLC Vozrozhdenie (TIN 3405010500).  The case is docketed under
Case No. A12-18912/07-s55.

The Temporary Insolvency Manager is:

         V. Sizonenko
         Akademicheskaya Str. 7
         400074 Volgograd
         Russia

The Debtor can be reached at:

         LLC Vozrozhdenie
         Pichuga
         Dubovskiy
         Volgograd
         Russia


X5 RETAIL: Launches Green Perekrestok Supermarket Format
--------------------------------------------------------
X5 Retail Group N.V. has launched a new premium-class
supermarket concept under the "Green Perekrestok" brand name.
The first branded store is scheduled to open in July 2008.

Green Perekrestok supermarkets will offer a high level of
service and a unique assortment of products that target
customers with discriminating tastes.  The main competitive
advantages of Green Perekrestok supermarkets will be the
opportunity to purchase both everyday necessities and select
exclusive goods.

X5 Retail says customers will be offered a wide assortment of
high-quality prepared foods and a broad range of additional
services, including individual consultations for gourmet
products such as cheese, fish, meat, wine and liquor.  The
stores will have their own bakeries and delis, and at checkout
purchases will be bagged for the customers.

"Thanks to the impressive development of the Russian economy
over the last several years, the prosperity of many Russians has
grown steadily, and this indisputably positive factor enables us
to extend our service offering, in line with our multi-format
strategy," X5 Retail Group’s Chief Operational Officer Antonio
Melo said.  "According to estimates, there are thousands of
consumers in the premium goods segment in large cities and
individual regions.

"We are launching the Green Perekrestok project with these
customers in mind.  The premium class format has only recently
emerged in the Russian market, but it is already successful and
we intend to take a leadership position in this segment as well,
through the Green Perekrestok supermarket concept.  We aim to
build strong customer loyalty by offering a high level of
service, a broad assortment of exclusive products, conveniently
located stores, and a distinguished contemporary design in the
stores that creates a warm and comfortable atmosphere."

The first Green Perekrestok store will open in Rostov-on-the-Don
in the Astor Plaza shopping center, where an existing
Perekrestok supermarket will be re-branded.  The new store’s
selling area will be 1,400 sq. m. and the product assortment
will include approximately 14,000 SKUs.

In the future, new premium class supermarkets will be opened
after either re-branding existing Perekrestok stores or
acquiring new spaces.

                        About X5 Retail

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

                          *     *     *

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

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


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

At the same time, the Russia national scale rating was raised to
'ruAA-' from 'ruA+'.  Ufa is the administrative center of the
Republic of Bashkortostan (BB+/Stable/--) in the Urals Region of
the Russian Federation (foreign currency BBB+/Positive/A-2;
local currency A-/Positive/A-2; Russia national scale 'ruAAA').

"The upgrade reflects dynamic investments in the city's economy
and robust growth of budget revenues," said Standard & Poor's
credit analyst Pavel Kochanov.

The ratings reflect the concentrated structure of Ufa's economy;
the city's dependence on federal and regional decisions; and
high capital-expenditure requirements to upgrade and expand
local utilities, due to accelerated civil construction in the
city.

The ratings are supported, however, by the city's improving
economy, continued strong financial performance, and moderate
debt levels.

Given the city's limited use of debt financing, we expect the
municipal government's total debt to remain less than 20% of
total revenues over the next three years.

"We expect that the observed economic growth in the region will
continue to diversify Ufa's economy and revenues, as well as
improving per capita budget revenues," said Mr. Kochanov.

Further ratings upside could follow the city government's
achievement of greater revenue and expenditure stability and
predictability, combined with a prudent financial policy and
economic improvement.

Conversely, a negative rating action could occur if the city
experiences continued fast growth of operating and capital
expenditures, along with significant weakening of revenue
generation, a riskier debt policy, rapid debt accumulation, and
increased involvement in commercial projects.


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


BAREN HEITERSCHEN: Creditors' Liquidation Claims Due by April 11
----------------------------------------------------------------
Creditors of JSC Baren Heiterschen have until April 11, 2008, to
submit their claims to:

         JSC JCA Treuhand
         alte Buchserstrasse 8c
         8113 Boppelsen
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         JSC Baren Heiterschen
         Wangi
         Munchwilen TG
         Switzerland


C.D. INDICATOR: Creditors' Liquidation Claims Due by April 30
-------------------------------------------------------------
Creditors of JSC C.D. Indicator have until April 30, 2008, to
submit their claims to:

         JSC C.D. Indicator
         Tannweg 5
         5712 Beinwil am See
         Kulm AG
         Switzerland


COIFFEUR – ATELIER: Creditors Must File Claims by April 21
----------------------------------------------------------
Creditors of LLC Coiffeur-atelier haar-art have until April 21,
2008, to submit their claims to:

         Peter Hauser
         Liquidator
         Marwilerstrasse 19
         9504 Friltschen
         Weinfelden TG
         Switzerland

The Debtor can be reached at:

         LLC Coiffeur-atelier haar-art
         Eschlikon
         Munchwilen TG
         Switzerland


DORO AUDIOLINE: Creditors' Liquidation Claims Due by April 15
-------------------------------------------------------------
Creditors of LLC Doro Audioline have until April 15, 2008, to
submit their claims to:

         Reto Wandfluh
         Liquidator
         Kappelenstrasse 5c
         3270 Aarberg BE
         Switzerland

The Debtor can be reached at:

         LLC Doro Audioline
         Koniz BE
         Switzerland


NEW KELLER: Creditors' Liquidation Claims Due by April 16
---------------------------------------------------------
Creditors of LLC New Keller Technologies have until April 16,
2008, to submit their claims to:

         JSC Triadvice
         Dreikonigstrasse 8
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC New Keller Technologies
         Gruningen
         Hinwil ZH
         Switzerland


NOVELIS INC: S&P Changes Outlook to Stable; Confirms 'BB-' Rtng.
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Atlanta-based Novelis Inc. to stable from negative.  At the same
time, S&P affirmed its ratings, including the 'BB-' long-term
corporate credit rating, on Novelis.  Standard & Poor's also
withdrew its 'B-2' short-term counterparty credit rating on the
company, due to lack of market need.

"The outlook revision to stable factors in an expected
improvement in Novelis' financial performance, the parent-
subsidiary link between Hindalco and Novelis, and expected
support from the parent to the subsidiary entity," said Standard
& Poor's credit analyst Donald Marleau.  "As the credit quality
of Novelis and Hindalco are linked to some extent, any change in
the credit quality of Hindalco would have a similar effect on
the Novelis ratings in the short-to-medium term," Mr. Marleau
added.

The ratings on Novelis reflect the company's aggressive
financial risk profile, characterized by a heavy debt burden,
poor cash generation, and unstable margins.  Alleviating these
weaknesses are the company's leading position in the global
aluminum rolled products market, and extensive geographic and
product diversity.  The ratings also reflect the support of its
parent, Hindalco Industries Ltd., for which Novelis is a long-
term, strategically important investment.  Standard & Poor's
believes that this strategic importance provides good incentive
for Hindalco to support its US$3.5 billion investment.

Notwithstanding poor results in the last two years, Novelis'
weak financial performance should improve through 2008 despite
the economic slowdown in North America and Europe, as the
company improves its ability to manage the operating margin and
liquidity risks associated with can-sheet price ceilings and
strong aluminum prices.  Hindalco acquired Novelis in May 2007,
only two years after Novelis was spun out of integrated aluminum
producer Alcan Inc. (BBB+/Watch Pos/A-2).

The outlook is stable.  The outlook factors in an expected
improvement in Novelis' financial performance, the parent-
subsidiary link between Hindalco and Novelis, and expected
support from the parent to the subsidiary entity.  Nevertheless,
Novelis' standalone credit quality will continue to face
pressure from debt that is persistently high for the rating, as
well as slowing core markets.

Downward pressure on the Novelis ratings is likely if
the combination of hedging strategies and changes to its sales
contracts does not effectively reduce its exposure to commodity
metals prices in the next 12-18 months, such that cash flow
stability and the debt reduction pace do not improve.  With some
debt reduction in the next several years, the company's capital
structure could better correspond to its satisfactory business
risk, thereby putting upward pressure on the ratings.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.


OWENS ILLINOIS: Moody's Ups Corporate Family Rating to Ba3
----------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Owens Illinois, Inc. (O-I) to Ba3.  Additional instrument
ratings are detailed below.

The rating outlook is positive.

Moody's took these rating actions for Owens Illinois, Inc.:

    -- Upgraded Corporate Family Rating to Ba3 from B2

    -- Upgraded Probability of Default Rating to Ba3 from B2

    -- Upgraded US$750.0 million senior unsecured notes and
       debentures due 2008-2018 to B2 (LGD 6, 90%) from Caa1
       (LGD 6, 92%)

    -- Upgraded Speculative Grade Liquidity Rating to SGL-2 from
       SGL-3

Moody's took these rating actions for Owens-Brockway Glass
Container,, Inc.:

    -- Upgraded US$900 million senior secured first lien
       revolving credit facility maturing June 15, 2012 to Baa3
       (LGD 2 12%) from Ba2 (LGD 2, 21%)

    -- Upgraded US$200 million senior secured first lien term
       loan B due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2
       (LGD2, 21%)

    -- Upgraded EUR 225 million senior unsecured notes due
       December 1, 2014 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%)

    -- Upgraded US$850.0 million senior unsecured notes due
       2013-2014 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%)

    -- Withdrew US$1,925 million senior secured notes due 2009-
       2012, Ba2 (LGD 2, 21%)

Moody's took these rating actions for OI European Group BV
(Netherlands):

    -- Upgraded EUR 200 million senior secured first lien term
       loan D due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2
       (LGD2, 21%)

    -- Upgraded EUR 300 million senior unsecured notes due
       March 31, 2017 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%)

Moody's took these rating actions for ACI Operations Pty. Ltd.
and O-I Canada Corp:

    -- Upgraded AUD 300 million senior secured first lien term
       loan A due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2
       (LGD2, 21%)

    -- Upgraded CAD 138 million senior secured first lien term
       loan C due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2
       (LGD2, 21%)

The upgrade of the Corporate Family Rating to Ba3 reflects O-I's
leading position in the industry and continued successful
execution of its strategic turnaround plan.  The company's focus
on pricing rather than volume and improving operating
efficiencies have improved cash flows.  Reduced asbestos
liabilities and recent debt repayment have strengthened its
balance sheet.  O-I is one of only a few major players that have
the capacity and scale to serve larger customers.  The company
maintains strong market shares globally including faster growing
emerging markets.  The positive outlook reflects Moody's
expectation that the company will continue to focus on its
strategic plan (including exploring potential capacity
rationalization) and further improve credit metrics.

The ratings are constrained by the inherent uncertainty
surrounding the asbestos liabilities, mature state of the
industry and customer concentration.  A consumer driven
recession may pressure revenues and margins over the
intermediate term, as glass packaging is generally viewed as a
premium product.  Moreover, the potential for further
substitution into plastic packaging still exists and the
company's efforts to increase product pricing may re-ignite that
trend.

Headquartered in Perrysburg, Ohio, Owens-Illinois, Inc. ("O-I"),
is one of the world's largest global manufacturers of glass
containers.  For the twelve months ended December 31, 2007, O-I
had revenue of approximately US$7.5 billion.

Established in 1903, the company employs more than 25,000 people
with 83 manufacturing facilities in 22 countries.  The company's
European headquarters is based in Lausanne, Switzerland, and it
also has plants are located in the Czech Republic, Estonia,
Finland, France, Germany, Hungary, Italy, Netherlands, Poland,
Spain, and the United Kingdom.  In the Asia Pacific region, the
company has ten glass plants and two mould shops located in
Australia, New Zealand, China and Indonesia.  The company's
Latin America facilities, located in Brazil, Colombia, Ecuador,
Peru, Venezuela and the Caribbean, concentrates on the
manufacture of glass containers.


PIERRE-HERVE: Creditors' Liquidation Claims Due by April 27
-----------------------------------------------------------
Creditors of DELPHI ADVISORS Ltd have until April 27, 2008, to
submit their claims to:

         JSC Forensis Treuhand
         Hubelistrasse 28
         4603 Olten SO
         Switzerland

The Debtor can be reached at:

         LLC Pierre-Herve Pache
         Aarburg
         Zofingen AG
         Switzerland


PLANETAZUL LLC: Creditors' Liquidation Claims Due by April 10
-------------------------------------------------------------
Creditors of LLC Planetazul have until April 10, 2008, to submit
their claims to:

         Margrit Aguilar-Frei
         Zurcherstrasse 37f
         8852 Altendorf
         March SZ
         Switzerland

The Debtor can be reached at:

         LLC Planetazul
         Lachen
         March SZ
         Switzerland


RISTORANTE PIZZERIA: Creditors Must File Claims By April 30
-----------------------------------------------------------
Creditors of LLC Ristorante Pizzeria Sporting have until
April 30, 2008, to submit their claims to:

         LLC Ristorante Pizzeria Sporting
         Kirchenfeldstrasse 70
         3005 Berne
         Switzerland


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


ALDAGIR LLC: Creditors Must File Claims by April 12
---------------------------------------------------
Creditors of LLC Aldagir (code EDRPOU 34750570) have until
April 12, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 12, 2008.
The case is docketed as 23/49-b.

The Debtor can be reached at:

         LLC Aldagir
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


KASKAD LLC: Proofs of Claim Deadline Set April 12
-------------------------------------------------
Creditors of LLC Kaskad (code EDRPOU 14248241) have until
April 12, 2008, to submit proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy supervision
procedure on the company on Jan. 15, 2008.  The case is docketed
as 9/41b.

The Debtor can be reached at:

         LLC Kaskad
         Mechnikov Str. 3
         Bakhmach
         16500 Chernigov
         Ukraine


KRASNOKUTSK AGRICULTURAL: Creditors Must File Claims by April 12
----------------------------------------------------------------
Creditors of CJSC Krasnokutsk Agricultural Technical Service
(code EDRPOU 30957219) have until April 12, 2008, to submit
proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 28, 2008.
The case is docketed as B-19/18-03.

The Debtor can be reached at:

         CJSC Krasnokutsk Agricultural Technical Service
         Kuybishev Str. 109
         Krasnokutsk
         Kharkov
         Ukraine


MOSHUROV CJSC: Creditors Must File Claims by April 12
-----------------------------------------------------
Creditors of Moshurov CJSC (code EDRPOU 03794182) have until
April 12, 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 on Feb. 28, 2008.
The case is docketed as 14-10/322.

The Debtor can be reached at:

         Moshurov CJSC
         October Str. 5
         Moshurov
         Talnovsky District
         20432 Cherkassy
         Ukraine


PRADO TV: Creditors Must File Claims by April 12
------------------------------------------------
Creditors of LLC Broadcasting Company Prado TV (code EDRPOU
34294996) have until April 12, 2008, to submit proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 12, 2008.
The case is docketed as 23/40-b.

The Debtor can be reached at:

         LLC Broadcasting Company Prado TV
         Miloslavskaya Str. 58
         02097 Kiev
         Ukraine


PROMIN LLC: Proofs of Claim Deadline Set April 11
-------------------------------------------------
Creditors of Agricultural LLC Promin (code EDRPOU 25368391) have
until April 11, 2008, to submit proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company on Jan. 30, 2008.  The case is docketed
as 20/17b.

The Debtor can be reached at:

         Agricultural LLC Promin
         Musieyevka
         Milovsky District
         Lugansk
         Ukraine


SUMYAL MARKETING: Proofs of Claim Deadline Set April 12
-------------------------------------------------------
Creditors of LLC Sumyal Marketing Center (code EDRPOU 31651648)
have until April 12, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on Feb. 19, 2008.  The case is docketed
as 27/310B.

The Debtor can be reached at:

         LLC Sumyal Marketing Center
         Svetlogradskaya Str. 15
         83005 Donetsk
         Ukraine


TRADEEXPRESS LTD: Creditors Must File Claims by April 12
--------------------------------------------------------
Creditors of LLC Tradeexpress Ltd. (code EDRPOU 34643729) have
until April 12, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on March 6, 2008.
The case is docketed as 7/398-07-9087.

The Debtor can be reached at:

         LLC Tradeexpress Ltd.
         1st May Str. 3
         Illichevsk
         Odessa
         Ukraine


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


ABITIBIBOWATER INC: Completes Series of Financing Deals
-------------------------------------------------------
AbitibiBowater Inc. disclosed that it has successfully completed
a series of previously announced financing transactions designed
to address upcoming debt maturities and general liquidity needs,
principally at its Abitibi-Consolidated Inc. subsidiary.

The transactions included:

     -- A private placement, by Abitibi-Consolidated Company of
        Canada, a wholly-owned subsidiary of Abitibi, of
        US$413,000,000 of 13.75% senior secured notes due 2011;

     -- A US$400,000,000 364-day senior secured term loan to
        ACCC;

     -- A private placement of US$350,000,000 of 8% convertible
        notes, due 2013, issued by AbitibiBowater; and

     -- A private exchange offer whereby ACCC exchanged a
        combination of new senior unsecured notes and cash for
        an aggregate of approximately US$453,000,000 of
        outstanding notes issued by Abitibi, ACCC and Abitibi-
        Consolidated Finance L.P., a wholly-owned subsidiary of
        Abitibi.

In the private placement of senior secured notes, ACCC issued
US$413,000,000 principal amount of 13.75% notes due 2011.  The
notes are guaranteed by Abitibi and certain of its subsidiaries,
and are secured by mortgages on certain pulp and paper mills
owned by, and security interests in and pledges of certain other
assets of, ACCC and the guarantors.

ACCC entered into a Credit and Guaranty Agreement among ACCC,
Abitibi, certain of Abitibi's subsidiaries and affiliates, and a
syndicate of lenders.  Goldman Sachs Credit Partners L.P. is
serving as syndication agent, documentation agent,
administrative agent and collateral agent under the Credit
Agreement.  The Credit Agreement provides for
a US$400,000,000 senior secured term loan (the "Term Loan") with
a term of 364 days and a coupon of LIBOR + 800 basis points,
with a 3.5% LIBOR floor.  ACCC is required to repay US$50
million of the Term Loan with certain proceeds from the
previously announced sale of its Snowflake, Arizona newsprint
mill as well as a portion of the cash, if any, reserved but
unused in connection with the exchange offer by ACCC.

Simultaneously with these transactions, AbitibiBowater
consummated the sale of US$350,000,000 of 8% convertible notes
due 2013 to Fairfax Financial Holdings Limited and certain of
its designated subsidiaries.  The convertible notes bear
interest at a rate of 8% per annum (10% per annum if
AbitibiBowater elects to pay interest through the issuance of
additional convertible notes as "pay in kind") and are fully and
unconditionally guaranteed by Bowater Incorporated, a wholly-
owned subsidiary of AbitibiBowater.  The notes are convertible
into shares of AbitibiBowater common stock at an initial
conversion price of US$10.00 per share.

The company also announced that, as a result of the consummation
of the above transactions, the financing condition had been
satisfied in connection with ACCC's private offer to exchange a
combination of cash and new 15.5% unsecured notes, due 2010,
issued by ACCC for three series of outstanding notes:

    (i) up to US$195,612,000 principal amount of 6.95% senior
        notes due April 1, 2008, issued by Abitibi,

    (ii)up to US$150,000,000 principal amount of 5.25% senior
        notes due June 20, 2008, issued by ACCC, and

  (iii) up to US$150,000,000 principal amount of 7.875%
        senior notes due August 1, 2009, issued by ACF.

The company had previously waived the minimum tender condition
with respect to the exchange offer and, as of March 31, 2008,
had received tenders for approximately 89% of the 6.95% notes,
92% of the 5.25% notes, and approximately 95% of the 7.875%
notes.  The exchange offer remains open until 12:00 midnight New
York City time, on April 4, 2008.  The exchange offers are being
made upon the terms and conditions set forth in the Second
Amended and Restated Offering Circular and Consent Solicitation
Statement dated March 18, 2008, as supplemented, and the related
Letter of Transmittal and Consent.  Further details about the
terms and conditions of the exchange offer are set forth in
the Offering Circular.

The senior secured notes, the Term Loan, the convertible notes
and the exchange offer form the basis of the Company's
previously announced refinancing plan.

"Our efforts to complete the necessary refinancing were complex
in light of the current turmoil in the credit markets," stated
Executive Chairman John W. Weaver.  "We took a comprehensive
approach to the task, having developed a refinancing plan that
went beyond our immediate maturities.  We are pleased to have
this project behind us and look forward with optimism to the
future."

In commenting on Tuesday's announcement and upcoming
developments, President and Chief Executive Officer David J.
Paterson stated, "We have accomplished much during our first six
months as AbitibiBowater.  We continue to reach out to a range
of stakeholders as we actively prepare for the second phase of
our strategic review. We remain committed to taking concrete
steps to return AbitibiBowater to profitability and position the
Company to emerge as the great turnaround story of the
industry."

None of the senior secured notes, the convertible notes or the
Exchange Notes have been or will be registered under the
Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption to the registration requirements.

                 About AbitibiBowater

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

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


ABITIBIBOWATER INC: Fitch Removes Ratings from Negative Watch
-------------------------------------------------------------
Fitch Ratings expects to assign a 'CCC/RR1' rating to Abitibi-
Consolidated Inc.'s new US$400 million 364-day senior secured
term loan and new US$413 million senior secured 13.75% notes due
2011.

ACI's new 15.5% senior unsecured notes due 2010 being issued as
partial consideration for the tender of upcoming maturing bonds
have been assigned an expected rating of 'CC/RR4'.

In addition, Fitch has affirmed all of ACI's ratings and removed
them from Rating Watch Negative, where they were placed on
March 11, 2008.  The Rating Outlook is Negative.  The rating
assignments are contingent on the probable completion of ACI's
US$1.4 billion refinancing package which also includes a
US$350 million 8% convertible notes offering.  A portion of the
net proceeds from the refinancing will be used to repay ACI's
secured bank revolver maturing later this year, whose ratings
will be withdrawn.

The ratings on the term loan and the secured notes reflect a
superior collateral coverage securing that indebtedness.  The
term loan is secured by accounts receivable not sold, inventory
and ultimately by ACI's interest in the Alabama River and
Augusta, GA pulp and paper mills.  Fitch estimates that a
distressed value of these assets is worth more than 2 times the
principal amount of the term loan.  The secured notes are
collateralized by ACI's ownership interests in 13 pulp and paper
mills, 15 sawmills, four other lumber re-manufacturing
facilities and the company's ownership interests in eight
hydroelectric facilities plus other tangible and intangible
assets.  Fitch believes that at distressed values the secured
notes are covered close to 3x.  The unsecured indebtedness of
ACI is estimated to have a 30% or so potential recovery factor,
behind ACI's secured obligations.

ACI's Issuer Default Rating and unsecured ratings reflect the
still considerable challenges facing the company's predominantly
Canadian newsprint and lumber businesses.  These include
shrinking demand from newsprint publishers in the case of the
former and a poor U.S. residential construction market in the
case of the latter.  Both businesses are also being squeezed by
inflationary cost factors, principally the cost and economic
availability of wood, wood chips and the price of energy.
Margins have also been pressured by the declining value of the
U.S. dollar in which ACI's products are sold.  Fitch believes
that if these trends remain unchanged, the liquidity issues that
ACI has just avoided could reappear within a year.

These debt ratings and IDR of Bowater, Inc., ACI's sister
company, Bowater Canadian Forest Products Inc., and the IDR of
AbitibiBowater Inc., ACI's parent, are affirmed and removed from
Rating Watch Negative; the Rating Outlook is Negative.

Abitibi-Consolidated Inc.

-- IDR 'CC';
-- Long-term unsecured 'CC/RR4';
-- Long-term secured 'CCC/RR1'.

AbitibiBowater Inc.

-- IDR 'CCC'.

Bowater Incorporated

-- IDR 'CCC';
-- Senior unsecured debt 'CCC/RR4';
-- Secured revolver 'B/RR1'.

Bowater Canadian Forest Products Inc.

-- IDR 'CCC';
-- Senior unsecured debt 'B-/RR2';
-- Secured revolver 'B/RR1'.

ACI is the largest Canadian newsprint producer in North America
with 15 paper mills and a major producer of supercalendered,
high-bright and directory papers in addition to lumber for
residential and commercial construction.  ACI is a wholly owned
subsidiary of ABH, which was formed by the combination of ACI
and BOW on Oct. 29, 2007.


ASHTON HAULAGE: Appoints Joint Administrators from Tenon
--------------------------------------------------------
Matthew Colin Bowker and Christopher Benjamin Barrett of Tenon
Recovery were appointed joint administrators of Ashton Haulage
Ltd. (Company Number 03800220) on March 26, 2008.

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

The company can be reached at:

          Ashton Haulage Ltd.
          Unit 50 Thetis Road
          Lune Industrial Estate
          Lancaster
          LA1 5QP
          England
          Web site: http://www.ashtonhaulage.co.uk/


BRITISH AIRWAYS: Eyes to Operate 92% of Flying Program
------------------------------------------------------
British Airways plc is operating the vast majority of flights to
and from Heathrow Terminal 5.  It continues to work towards
increasing the number of flights it operates in the days ahead
and plan to fly 92% of its flying program to and from Terminal 5
today, Thursday, April 3, 2008.

Longhaul flights from Terminal 5 will operate as planned.  Some
domestic and European flights have been canceled.

Today, Thursday, April 3, 2008, 364 flights out of 396 will
operate to and from Terminal 5.

On Friday, April 4, 2008, 360 flights out of 394 will operate to
and from Terminal 5.

All customers traveling to and from Terminal 5 will be able to
check in with both hand and hold baggage.

Flights to and from Heathrow Terminals 1 and 4 continue to
operate normally.

As previously reported in the TCR-Europe on April 2, 2008, BA
could face costs of more than GBP20 million over flight
cancellations during the opening weekend of Heathrow's GBP4.3
billion Terminal 5.

Howard Wheeldon of BGC Partners said "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 canceled more than 200 flights since Thursday's opening after
the new terminal's baggage system failed, affecting more than
20,000 passengers.

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.

                  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.


COMMERCIAL MOVE: Brings In Liquidators from KPMG
------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG LLP were
appointed joint liquidators of Commercial Move Management Ltd.
(formerly Stablemobile Enterprises Ltd.) on March 26 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


ESM LTD: Brings In Administrators from Begbies Traynor
------------------------------------------------------
Simon J. Lundy and Andrew D. Haslam of Begbies Traynor were
appointed joint administrators of ESM (North East) Ltd. (Company
Number 4689589) on March 25, 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:

          ESM (North East) Ltd.
          c/o Begbies Traynor
          2 Collingwood Street
          Newcastle Upon Tyne
          NE1 1JF
          England


FASTWATER ENTERPRISES: Appoints Duncan R. Beat as Liquidator
------------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Fastwater Enterprises Ltd. on March 19 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


FASTWATER HOLDINGS: Claims Filing Period Ends May 17
----------------------------------------------------
Creditors of Fastwater Holdings Ltd. have until May 17, 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 19 for the creditors' voluntary winding-up
procedure.


FRALICE RECRUITMENT: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Fralice Recruitment LLP on March 17 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


LAUREL PUB: Robert Tchenquiz Buys Back 293 Outlets
--------------------------------------------------
Robert Tchenguiz bought back 293 of the 383 outlets of Laurel
Pub Company from administrator Kroll for an undisclosed sum, the
Daily Telegraph reports.

According to the report, Bay Restaurants Group Ltd. and Town &
City Pub Co., two new companies set up by Mr. Tchenguiz, will
run Laurel separately with Ian Payne as chairman.

Bay Restaurants will operate 132 sites, including La Tasca, Slug
& Lettuce and Ha Ha Bar & Canteen, while Town & City Pubs will
control 161 outlets, most of them Yates's site.  Paul Symonds,
former Laurel chief executive, will head Bay Restaurants.  Toby
Smith, former Laurel senior executive, on the other hand, will
oversee Town & City Pubs, the Daily Telegraph relates.

The Daily Telegraph reveals Mr. Tchenguiz also injected GBP50
million-GBP60 million into Laurel under a refinancing deal.

Mr. Tchenguiz, the Daily Telegraph adds, put Laurel into
administration on Thursday, March 27, 2008, after being hit by
the smoking ban and consumer slowdown,

The Financial Times says the property tycoon opted for
administration following pressure from his bankers, Dresdner
Kleinwort and Kaupthing.  The bankers refused to refinance
Laurel if it retained 90 loss-making bars with onerous leases.

Laurel employs around 8,000 staff, the FT discloses.

Formed in 2004, Laurel Pub Co. has grown rapidly to become one
of the UK's leading managed pub and restaurant operators, with
around 460 drinking and eating establishments, including 11 in
Scotland and 9 in Wales.


METRONET RAIL: Concludes Delivering Line Upgrades Negotiations
--------------------------------------------------------------
Metronet's entry into administration has caused a significant
number of challenges for the planned modernization program for
the London Underground network.  Metronet has made changes to
the structure and timing of works, which has affected many of
their suppliers and sub-suppliers.

Since Metronet entered into administration, LUL has been seeking
to agree with the administrator the basis upon which the
Metronet undertakings can be transferred to LUL nominee
companies.

The result of those negotiations, among other things, is that
the BCV program, currently working to upgrade the Victoria Line
with Bombardier's new trains and Westinghouse's new signaling
system, will continue and complete its implementation as
originally anticipated.

The Sub-Surface Line upgrade program, which is less advanced in
its implementation, is being revisited in light of issues unique
to those lines.  Bombardier will continue to deliver new trains
on SSL, and Westinghouse will continue to improve the existing
signaling system to enable those trains to operate on those
lines.  The signaling upgrade works will be re-tendered in
accordance with procurement rules as a consequence of the
successful transfer of Metronet from administration.

"I look forward to the successful commissioning of
Westinghouse's new signaling system on the Victoria Line and to
the completion of its work on the existing signaling system on
SSL and hope Westinghouse will participate in the re-tender of
the signaling system for SSL," Tim O'Toole, LUL Managing
Director, said.

"We continue to support LUL through this difficult time and look
forward to the successful completion of the BCV re-signaling
program," James Drummond, CEO and president of Invensys Rail
Group, which owns Westinghouse, said.  "In the longer term, as
Metronet emerges from Administration, we will continue to work
with LUL and Metronet and utilize our signaling technologies to
deliver the increase in safety, performance and capacity of the
Tube network that London needs," Mr. Drummond adds.

"Bombardier has always performed on its contracts to date and
will continue to do so," Andre Navarri, president of Bombardier
Transportation said.  We are committed to the successful
completion of the BCV program as planned and we look forward to
the continuation of the delivery of our trains for the SSL
lines.  Bombardier is fully committed to offer the best to the
users of the London Underground."

                        About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.

                            *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services lowered its long-term and underlying
debt ratings on the GBP2.6 billion combined senior secured bank
loans and debt issued by U.K.-based underground rail
infrastructure financing companies Metronet Rail BCV Finance PLC
and Metronet Rail SSL Finance PLC (Metronet BCV and Metronet
SSL; the Metronet companies) to 'CC' from 'BB+'.

In July 2007, Moody's Investors Service downgraded to B1 from
Ba2 the senior secured unguaranteed debt ratings of both
Metronet Rail BCV Finance plc and of Metronet Rail SSL Finance
Plc.


NORTHERN ROCK: EU Launches In-Depth Probe Into Rescue Package
-------------------------------------------------------------
The European Commission, on Wednesday, April 2, 2008, launched
an in-depth investigation under the EC Treaty's rules on state
aid into the UK authorities' package of measures to support the
restructuring of Northern Rock plc, the UK mortgage bank.  The
Commission received the notification of these measures on
March 17, 2008.  The opening of an in-depth investigation gives
interested parties the possibility to comment on the proposed
measures but it does not prejudge the outcome.

"The Commission needs to open a formal investigation into UK
measures to restructure Northern Rock to ensure legal certainty,
notably in view of the large scale of the aid measures, the
background of current conditions in financial markets and the
risks of distortion of competition.  I look forward to
continuing to work closely with the UK authorities and other
parties during our investigation," Competition Commissioner
Neelie Kroes said.

Northern Rock was the UK's 5th largest mortgage bank with a
balance-sheet total of GBP101 billion (then EUR150 billion) as
of December 31, 2006.  Northern Rock's core activity is
residential mortgage lending, which represents more than 90% of
all outstanding loans made by the bank.

On December 5, 2007 the Commission authorized state aid measures
the UK had taken in favor of Northern Rock on September 17 and
October 9, 2007, finding that they complied with the rescue aid
provisions of the Community Guidelines on state aid for rescuing
and restructuring firms in difficulty. [Wednes]day's decision
also authorizes another rescue aid measure taken on December 18,
2007.

Rescue aid must be temporary and reversible.  It must not be
given for a duration exceeding 6 months, unless it is converted
into restructuring aid through the submission of a restructuring
plan.  The notification of the Northern Rock restructuring plan
on March 17, 2008 (six months after the first rescue aid
measure) means that the rescue aid measures for Northern Rock
may remain in place while the Commission examines the
restructuring plan.  The notified aid measures may be declared
compatible with EC law if they comply with the Guidelines on
rescue and restructuring aid.  This requires notably three
conditions:

   i) restoration of long-term viability without further state
      support

  ii) aid limited to the minimum necessary to implement the
      restructuring and

iii) avoidance of undue distortions of competition.

The plan submitted by the UK authorities provides for a
reduction in Northern Rock's lending operations and in the size
of its balance sheet.  Over the period of the plan, the bank
would repay the loans made by the Bank of England and the UK
Government guarantees on its funding operations in the deposit
and wholesale funding markets would gradually be phased out.
The bank would need to find funding from other sources, notably
by rebuilding the level of its retail deposits.

Not all details of the plan have been communicated to the
Commission and [Wednes]day's decision requests further
information from the UK authorities.  The decision also invites
third parties to comment on whether the plan's proposals for
avoiding undue distortions of competition are adequate.

                         Background

As a consequence of the ongoing turbulence in the world's
financial markets, a significant rationing of funds in the
sterling money markets occurred in August and September 2007 and
the mortgage securitization market virtually closed.  This
created severe liquidity difficulties for Northern Rock whose
business model was particularly reliant on frequently raising
finance in these markets.

The recent turbulence in the financial market has caused
problems for other institutions which in some cases have also
prompted public authorities to intervene. On February 27, 2008
the Commission opened state aid investigations concerning the
state bail-outs of IKB and Sachsen LB in Germany.  It is
important to stress that the three cases each present important
differences, reflecting the different operations of the
institutions concerned and the way in which the conditions in
the financial markets have therefore affected them.

                     About Northern Rock plc

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

                          *     *     *

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

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


NORTHERN ROCK: Posts GBP32.3 Billion Gross Lending in 2007
----------------------------------------------------------
Northern Rock Plc issued its annual report and accounts for the
year ended Dec. 31, 2007.  The 2007 results reflect the impact
of deteriorating market conditions and effects of significant
liquidity and funding constraints in the company.

                      Operating Performance

   -- total gross lending for 2007 of GBP32.3 billion compared
      with GBP33 billion gross lending for 2006, total net
      lending of GBP12.2 billion compared with GBP16.6 billion
      net lending for the same period in 2006;

   -- performance reflects a significant slowdown in lending
      during the second half of 2007, in response to funding
      constraints; and

   -- credit quality reflects deteriorating market conditions
      with 0.57% of mortgage accounts three months or more in
      arrears compared to the CML industry average of 1.10%.

                            Funding

   -- tightening of longer term liquidity and closure of
      securitization and medium term financing markets led to
      the need to arrange a liquidity support facility from the
      Bank of England in the second half of 2007;

   -- the Bank of England loan facilities to Northern Rock as at
      Dec. 31, 2007, stood at GBP26.9 billion and have since
      fallen to around GBP24 billion;

   -- full year net outflow of retail funds of GBP12.2 billion
      reflects significant withdrawals by retail depositors
      during the second half of 2007; and

   -- level of retail deposits since stabilized and showing
      signs of improvement in 2008.

                              Costs

   -- total operating expenses of GBP276.1 million compared with
      GBP277.5 million operating expenses for the same period in
      2006; and

   -- non-recurring expenses of GBP127.2 million incurred during
      the second half of 2007, representing costs incurred as a
      result of the strategic review process and impairment
      charges mainly on properties.

                          Profitability


   -- statutory loss before tax of GBP167.6 million compared
      with GBP626.7 million profit in 2006 due to exceptional
      costs related to the company's strategic review and
      impairments to treasury and other assets reflecting the
      global financial market conditions, and increased
      impairment provisions on mortgages and unsecured loans
      reflecting deteriorating market conditions and an increase
      in default rates; and

   -- underlying profit before tax, excluding treasury
      impairments and non-recurring costs, of GBP421.9 million
      compared with GBP587.2 million in 2006.

                            Outlook

In 2008, the business is expected to be significantly loss-
making, contributed to by the anticipated one-off restructuring
costs, higher funding costs and a deteriorating credit
environment.

The provisional business plan anticipates an improvement in
profit before tax to breakeven in 2011, followed by progressive
profit improvement thereafter.

                   About Northern Rock plc

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

                          *     *     *

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

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


NORTHERN ROCK: Shows Further Details of Business Plan
-----------------------------------------------------
Northern Rock Plc disclosed further detail of the provisional
business plan which has been approved by the HM Treasury on
March 31, 2008, subject to state aid approval.

The business plan will pursue four strategic priorities in order
to meet the Tripartite Authorities' objectives; these are
outlined below.  Those aspects of the plan that deal with
staffing issues will be subject to consultation with
Unite and other employee representatives.

Repay the facilities provided by the Bank of England by:

   -- contracting to a smaller and more sustainable business
      reducing the balance sheet from around GBP107 billion in
      2007 to approximately GBP50 billion by the end of 2011;

   -- accelerating mortgage redemptions, with a target
      redemption level of about 60% after end of customer
      product period; and

   -- discontinuing unsecured lending and it is proposed to also
      discontinue commercial lending, in addition to the closure
      of the Danish retail savings branch.

Align the organization and operations of Northern Rock by:

   -- strengthening of executive management team and appointment
      of new non-executive directors;

   -- reducing underlying operating costs by about 20%;

   -- proposing to reduce staff levels by about one third over
      the next three years based on projected business volumes
      with the majority of this reduction expected to occur in
      the first year; and

   -- introducing a staff incentive scheme linked to achievement
      of the Tripartite Authorities' objectives under Temporary
      Public Ownership.

Build a stand-alone funding and capital position by:

   -- repaying the Bank of England debt by the end of 2010;

   -- completing release of HM Treasury guarantee arrangements
      by the end of 2011;

   -- establishing a funding strategy with retail deposits
      representing approximately 50% of total funding by 2012;
      and

   -- achieving a long-term credit rating of at least A- on a
      standalone basis.

Strengthen the risk and control environment by:

   -- concluding the review that is presently underway aimed at
      strengthening of risk management and controls, and
      starting the implementation of the review's findings
      during June/July 2008.

                      Competitive Framework

Northern Rock recognizes the responsibilities it has during the
State aid period and the need to avoid competitive distortions
in the markets in which it operates.  With this in mind,
Northern Rock has committed itself to a 'Competitive Framework',
which is subject to European Commission approval, to provide
stakeholders and market participants with confidence that it
will not use its support from HM Treasury to compete on an
unfair basis during this period.

The principles of the Framework provide that, while in receipt
of State aid, Northern Rock:

   -- does not promote the Bank's offering on the basis of
      Government guarantee arrangements;

   -- does not sustain prolonged presence as market leader in
      the marketplace or in any product category;

   -- maintains market shares at well below historic levels;

   -- seeks to achieve greater competitive differentiation
      through service and innovation;

   -- treats all customers fairly; and

   -- regularly monitors and reviews adherence to the framework.

Specific commitments within the framework include the provisions
that Northern Rock will limit its share of retail deposit
balances to 1.5% in the U.K. and 0.8% in Ireland, and its share
of gross new mortgage origination to no more than 2.5%, and that
it will not rank in the top three in any of the major retail
savings products categories during 2008.

"The 2007 results reflect the impact of deteriorating market
conditions and the liquidity and funding constraints experienced
in the second half of the year by the company," Ron Sandler,
Northern Rock's executive chairman disclosed.

"Looking ahead, we have developed a business plan that we
believe will help drive the bank back towards profitability, and
ensure it has a sustainable future and remains an important
employer in the North East."

"In doing so, we have worked hard to strike a sensible balance
between our requirement not to use Government support to compete
unfairly, and our commitment to meet Government's objectives by
creating a business that is sufficiently secure financially for
taxpayer support to be progressively withdrawn.  To this end, we
have today launched a Competitive Framework comprising a set of
principles and specific restraints that will be carefully
monitored.  Without distorting competition, we are determined to
create a viable business to be returned to the private sector,"
Mr. Sandler concluded.

                    About Northern Rock plc

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

                          *     *     *

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

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


PARTITIONING PLUS: Joint Liquidators Take Over Operations
---------------------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint liquidators of
Partitioning Plus Ltd. on March 18 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


PENTAGON CAPITAL: Confirms Liquidation of Hedge Funds
-----------------------------------------------------
Pentagon Capital Management Plc confirmed it is to close its
hedge funds in the face of tough operating conditions.

Pentagon Sterling Multi-Strategy Fund, Ltd., Pentagon
Investment Capital International, Ltd. and Pentagon High
Performance Fund, Ltd. announced on March 25, 2008, that it had
suspended all subscriptions, redemptions and switches into an
out of the funds, and the calculation of net asset value.

In a company statement, Pentagon Capital learned on March 21,
2008, that the U.S. Securities and Exchange Commission intends
to file civil complaints in respect of certain activities of
Pentagon.

Pentagon believes that they will be directed against Pentagon,
its Chief Executive Officer, Lewis Chester, and a now dormant
investment fund.

Pentagon understands that the complaints relate to U.S. mutual
fund trading activity conducted by the dormant fund through U.S.
regulated broker-dealers during the period 1999-2003, and not to
any of the funds.

Pentagon and Lewis Chester believe there are substantial factual
and legal defenses to any civil action that the SEC may bring
and intend to vigorously fight the action.

In the circumstances, Pentagon recommended to the board of each
of the funds that the best interests of all investors would be
served by winding down each of the funds in an orderly manner
and returning money to investors.

Pentagon will continue to manage the funds to maximize value
during the period of wind-down, and to return proceeds pro-rata
to all investors in the funds as cash becomes available for
distribution.

Headquartered in London, England, Pentagon Capital Management
Plc -- http://www.pentagoncapital.com/-- is a private company
whose principal activity is providing independent financial
advisors and fund managers for a variety of regulated and
unregulated investment funds.


SLEEP DEPOT: Kroll Appointed as Administrators
----------------------------------------------
James Gleave and Anne O'Keefe of  Kroll’s Corporate Advisory &
Restructuring Group were appointed joint administrators of The
Sleep Depot Ltd. on March 31, 2008.

According to the company, during the past few months management
have made strenuous efforts to arrange a financial restructuring
of the company.  These efforts were not successful and as a
result, they were left with option but to place the company in
administration.

"The trading environment for all retailers is particularly tough
at present and following a thorough evaluation of the company,
we have regrettably concluded that it is impossible for The
Sleep Depot Ltd. to continue to trade," James Gleave commented.

"This decision will mean the immediate closure of 72 Land of
Leather concessions, 31 Paul Simon concessions and nine
independent stores.  These closures will result in 367
redundancies, including head office and warehouse staff," Mr.
Gleave added.

"We are in the process of speaking to employees and concessions
to make them aware of the situation. We appreciate that this is
a difficult time for everyone involved and I would like to take
this opportunity to thank all employees, store concessions and
customers for their support during the administration process,"
Mr. Gleave said.

The administration and subsequent closure of Sleep Depot will
mean no orders can be fulfilled.  However, since March 2, 2008,
the company has operated a trust account into which all customer
deposits have been paid.

As a result, all customers who ordered the goods after March 2,
2008 should be entitled to a full refund.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in Blackburn, England, The Sleep Depot Ltd. --
http://www.thesleepdepot-beds.co.uk/-- is a retail business
which sells beds, mattresses and bedroom furniture both online
and through concessions in Land of Leather and Paul Simon
stores.


* S&P Cuts Ratings on 33 Tranches Issued by European CDOs
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered the
ratings on 33 tranches issued by several European CDO of ABS
transactions.  At the same time, six tranches issued by
Palmer Square 2 PLC remain on CreditWatch with negative
implications, and one  tranche issued by Avebury Finance CDO PLC
and one issued by Cairn High Grade  ABS CDO I PLC were removed
from CreditWatch negative and affirmed.

Most of the affected tranches were originally placed on
CreditWatch negative on Jan. 30, 2008.  This is with the
exception of the tranches issued by Fiorente Funding, which had
already been downgraded and placed on CreditWatch negative on
Jan. 10, 2008.  The CreditWatch negative placements were in
anticipation of the effect of revised correlation assumptions
for CDOs of ABS backed by U.S. RMBS and CDO of ABS tranches.

The revised correlation assumptions, have resulted in
significantly increased levels of expected defaults for
transactions backed by U.S. RMBS and CDO of ABS assets issued
during and after Q4 2005.

The ratings in the affected transactions have also been affected
by the credit migration of the underlying assets.  These changes
are reflected in the revised ratings.

Standard & Poor's has received notices of event of default for
Halyard I LLC and Fiorente Funding Ltd., and we will continue to
closely monitor the performance of these transactions in the
coming months.

                        RATINGS LIST

     Ratings Removed from Creditwatch Negative and Lowered

                   Avebury Finance CDO PLC



                                Rating
                                ------
            Class         To              From
            -----         --              ----
            A-1A rev      BB              AAA/Watch Neg
            A-2           CCC+            AAA/Watch Neg
            B             CCC-            AA/Watch Neg
            C             CCC-            A/Watch Neg
            D             CCC-            BBB/Watch Neg
            E             CCC-            BB/Watch Neg

                 Cairn High Grade ABS CDO I PLC

                                Rating
                                ------
            Class         To              From
            -----         --              ----
            A1            AA-             AAA/Watch Neg
            A2            A+              AAA/Watch Neg
            B             A               AA/Watch Neg
            C             BBB+            A/Watch Neg

                          CAMBER 4 PLC

                                Rating
                                ------
            Class         To              From
            -----         --              ----
            A1-A          AA+             AAA/Watch Neg
            A1-B          AA+             AAA/Watch Neg
            A2            AA              AAA/Watch Neg
            A3            AA              AAA/Watch Neg
            B             A-              AA/Watch Neg
            C             B+              BBB/Watch Neg

                         Halyard I LLC

                                Rating
                                ------
            Class         To              From
            -----         --              ----
            A             CC              BBB-/Watch Neg
            B             CC              BBB-/Watch Neg
            C             CC              BBB-/Watch Neg
            D             CC              B/Watch Neg
            E             CC              CCC+/Watch Neg



    Ratings Lowered and Remaining on Creditwatch Negative

                      Palmer Square 2 PLC

                                Rating
                                ------
            Class         To              From
            -----         --              ----
            A2-A          AA+/Watch Neg   AAA/Watch Neg
            A2-B          AA+/Watch Neg   AAA/Watch Neg
            A3-A          BBB/Watch Neg   AAA/Watch Neg
            A3-B          BBB/Watch Neg   AAA/Watch Neg
            B-1           BBB-/Watch Neg  AA/Watch Neg
            B-2           BBB-/Watch Neg  AA/Watch Neg
            C             BB-/Watch Neg   A/Watch Neg

                     Fiorente Funding Ltd.

                                Rating
                                ------
            Class         To              From
            -----         --              ----
            A             CCC-/Watch Neg  AA+/Watch Neg
            B             CCC-/Watch Neg  AA-/Watch Neg
            C             CCC-/Watch Neg  BBB/Watch Neg
            D-1           CCC-/Watch Neg  CCC+/Watch Neg
            D-2           CCC-/Watch Neg  CCC+/Watch Neg

           Ratings Remaining on Creditwatch Negative

                      Palmer Square 2 PLC

                                Rating
                                ------
            Class         To              From
            -----         --              ----
            A1-M-A        AAA/Watch Neg   AAA/Watch Neg
            A1-M-B        AAA/Watch Neg   AAA/Watch Neg
            A1-Q-A        AAA/Watch Neg   AAA/Watch Neg
            A1-Q-B        AAA/Watch Neg   AAA/Watch Neg
            X-1           AAA/Watch Neg   AAA/Watch Neg
            X-2           AAA/Watch Neg   AAA/Watch Neg


    Ratings Removed from Creditwatch Negative and Affirmed

                 Avebury Finance CDO PLC

                                Rating
                                ------
            Class         To              From
            -----         --              ----
            X             AAA             AAA/Watch Neg

                 Cairn High Grade ABS CDO I PLC

                                Rating
                                ------
            Class         To              From
            -----         --              ----
            E             BB-p            BB-p/Watch Neg


* KPMG Names Richard Reid as New London Chairman
------------------------------------------------
KPMG LLP has announced the appointment of Richard Reid as its
London Chairman, as of April 1, 2008.  He will take over from
Ian Barlow, who is retiring having held the role since January
2002.

Mr. Reid, who joined KPMG in 1980, will continue to build on Mr.
Barlow's work in increasing links with business leaders and
communities across London- helping to promote the city as a
leading international center for professional services.

He takes on the role at a time when KPMG is preparing to move
4,000 of its 6,000 London staff to new, purpose built
headquarters in Canary Wharf, due to be completed in 2010.  A
third of staff will remain in two of KPMG’s current offices in
the City of London.  His term will also see the opening of the
City of London KPMG Academy in Hackney in 2009.

Mr. Reid, who is currently U.K. Vice Chairman and Chairman of
the UK Firm’s Consumer and Industrial Markets Group, said:

"I am taking on this role at a very exciting time, not just in
KPMG’s history.  This is a key role within the firm as KPMG, and
its people have an immensely important role to play within the
diverse business and social communities that operate in London.
Thanks to Ian’s hard work and consistent efforts, I am taking on
this role at a time when KPMG’s reputation for being a community
and business leader is stronger than it has ever been."

During his term in the role, Mr. Barlow has been heavily
involved in London’s business community, chairing the London
Business Board, Think London and the 2012 London Business
Network.  This reflects his view that as a leading employer in
London KPMG should pay its full part in supporting the growth
and prosperity of London.  He is also a Board member of London
First.

"The last few years have been an exciting time to be in London,
a hugely successful city but nevertheless one where there are
many social and economic challenges.  At KPMG we take a
particular interest in supporting our local communities with the
focus on education and the disadvantaged including the
homeless," Mr. Barlow said.

Mr. Barlow is the founder Chairman of the Safer London
Foundation, the charitable arm of the Metropolitan Police, of
which KPMG have been an important supporter and has championed
the joint sponsorship with the Corporation of London of a new
City Academy in Hackney.

"I would like to thank Ian for his immense contribution to the
firm - and to the City - over the last 35 years. I look forward
to working with Richard in the years to come," John Griffith-
Jones, Co-Chairman of KPMG Europe LLP disclosed.

Mr. Barlow will continue as an adviser to KPMG and plans to
remain involved in London’s business community through his
external chairmanships.

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

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

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

                    *      *      *

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *