TCREUR_Public/080404.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, April 4, 2008, Vol. 9, No. 67

                            Headlines


A U S T R I A

ENTSORGUNG KLUPS: Claims Registration Period Ends April 15
INTERBAU PRODUKTION: Claims Registration Period Ends April 30
KAONIK BAU: Claims Registration Period Ends April 23
PAROPA HANDEL: Claims Registration Period Ends April 7
SAMY YOUSSEF: Claims Registration Period Ends May 2

TAUFIN KFZ: Claims Registration Period Ends April 7


F R A N C E

ALCATEL-LUCENT: Moody's Holds Ratings; Outlook Revised to Neg.
RHODIA SA: Appoints Yolene Coppin as EVP for Human Resources


G E R M A N Y

A.S. FLACH: Claims Registration Ends April 23
ANA CALL: Claims Registration Ends April 23
ARQUANA INTERNATIONAL: Court Opens Bankruptcy Proceeding
AUTO-TEILE-UNGER: Moody's Holds Corporate Family Rating at Caa1
BACKEREI-KONDITOREI MEIER: Claims Period Ends April 25

BAUER PLANDUNGSGESELLSCHAFT: Claims Period Ends April 30
BAUTROCKENLEGUNG R. PETZOLD: Claims Registration Ends April 21
BBG SCULUNGS: Claims Registration Period Ends April 22
BRUNO 24 GMBH: Claims Registration Period Ends April 27
CLEANTEAM SERVICE: Claims Registration Period Ends April 22

D.H.L.R. GASTSTATTENBETRIEBS: Claims Registration Ends April 22
EURO-MARKET-ADVERTISING: Claims Registration Ends April 21
FAHRZEUGDIAGNOSE-SCHWENDOWIUS: Claims Registration Ends April 21
HAWO BETEILIGUNGSGESELLSCHAFT: Claims Registration Ends April 22
HAWO OEKOLOGISCHE: Claims Registration Period Ends April 22

HERMANN CORDES: Claims Registration Ends April 23
HL-HAUS GMBH: Claims Registration Ends April 23
HODORFF IT: Claims Registration Ends April 23
J.P. BACHEM: Cologne Court Opens Bankruptcy Proceedings
JP TRANSPORT: Claims Registration Period Ends April 21

KLEOPATRA LUX: Moody's Junks Corporate Family Rating
MBF METALLBAU: Claims Registration Period Ends April 21
OBERSTRASSE 135: Claims Registration Period Ends April 21
PROJEKT UND VERTRIEBSGESELLSCHAFT: Claims Period Ends April 10
PROTECH GMBH: Claims Registration Period Ends April 28

REISE-TV GMBH: Claims Registration Ends April 23
ROLF FLEISCHFEINKOST: Claims Registration Period Ends April 22
WESTLB AG: Plans to Downsize its Global Operations
WESTLB AG: Owners Put Risk Shield In Place
WESTLB AG: Names Heinz Hilgert as Chief Executive Officer

WISO GENERALBAU: Claims Registration Period Ends May 9


I R E L A N D

WATERFORD WEDGWOOD: Peter Cameron Resigns as CEO


I T A L Y

IT HOLDING: Appoints New Creative Directors for Gianfranco Brand


K A Z A K H S T A N

A-R: Creditors Must File Claims by May 2
BENAZIR & K: Claims Deadline Slated for May 2
CONTI PLUS: Claims Filing Period Ends May 2
ELEM NEDVIJIMOST: Creditors' Claims Due on May 2
ERA-PROGRESS: Claims Registration Ends May 2

G.A. TRADE: Creditors Must File Claims by May 2
PHARM MED: Claims Deadline Slated for May 2
SUNRISE REAL: Claims Filing Period Ends May 2
VIRAGE AUTO: Creditors' Claims Due on May 2
WEST-EAST COMPANY: Claims Registration Ends May 2


K Y R G Y Z S T A N

ENERGO DAN: Creditors Must File Claims by May 9
TERMINAL OJSC: Claims Filing Period Ends May 7


L U X E M B O U R G

EVRAZ GROUP: Earns US$2.14 Billion for Year Ended December 31
KLEOPATRA LUX: Moody's Junks Corporate Family Rating


N E T H E R L A N D S

X5 RETAIL: Completes Kama-Retail Takeover


P O R T U G A L

BOMBARDIER INC: Unit Sells Four Q400 Turboprops to Grupo SATA


R U S S I A

LEN-DOR-STROY-2: St. Petersburg Bankruptcy Hearing Set Aug. 5
EVRAZ GROUP: Earns US$2.14 Billion for Year Ended December 31
FML LTD: S&P Revises Outlook to Developing from Stable
NERCHINSKAYA GOLD-MINING: Creditors Must File Claim by May 1
NIZHNEKAMSKNEFTEKHIM: Fitch Holds Ratings; Outlook is Positive

PROJEKT UND VERTRIEBSGESELLSCHAFT: Claims Period Ends April 10
SIB-MOST-ZHELEZOBETON: Creditors Must File Claim by May 1
SIBIRSKAYA MARKA: Creditors Must File Claim by May 1
SOBOLIS LLC: Court Names V. Tarareev as Insolvency Manager
VELIKORUSSKOE-AGRO: Creditors Must File Claim by May 1

X5 RETAIL: Completes Kama-Retail Takeover
YAROSLAVL-BREAD OJSC: Yaroslavl Bankruptcy Hearing Set June 10


S W I T Z E R L A N D

AUTOLUGANO JSC: Creditors' Liquidation Claims Due by April 12
CAFE EGGHUS: Creditors' Liquidation Claims Due by April 11
ELEGANTY JSC: Creditors' Liquidation Claims Due by April 11
FANTAS FISCHE: Creditors' Liquidation Claims Due by April 12
IDEAL BURO: Creditors' Liquidation Claims Due by April 11

K + K AUTO: Creditors' Liquidation Claims Due by April 12
TANGLIN HOLDING: Creditors' Liquidation Claims Due by April 13
TELISTO JSC: Creditors' Liquidation Claims Due by April 12


T U R K E Y

* S&P Revises Outlook on Turkey's Ratings to Negative


U K R A I N E

CHMEL LLC: Creditors Must File Claims by April 12
KIEV YEAST: Creditors Must File Claims by April 13
KOCHUBEY LLC: Creditors Must File Claims by April 12
RUSIN CJSC: Proofs of Claim Deadline Set April 13
STAROBOLSK PROVISIONS: Creditors Must File Claims by April 12

TECHKIM SALE-5 LLC: Creditors Must File Claims by April 13
TULCHIN BUTTER: Creditors Must File Claims by April 12
VELIKIY MYTNIK: Creditors Must File Claims by April 12


U N I T E D   K I N G D O M

A M DISTRIBUTION: M. H. Abdulali Leads Liquidation Procedure
AFFORDABLE AUTOMATION: Taps Administrators from Milner Boardman
ARTHUR BRETT: Administrators Sell Assets to Globerite
CELTIC LTD: Appoints Leslie Ross as Liquidator
DUTY FREE: Brings In Liquidators from BDO Stoy Hayward

EMI GROUP: Douglas Merrill Leads Digital Music Business
FRANKLIN M & E: Appoints Administrators from Tenon Recovery
MARYLEBONE ROAD: Moody's Puts Notes' Ratings Under Review
MONUMENT GARAGE: Brings In Administrators from Tenon
NORTHERN ROCK: MPs Favor Public Ownership Share Transfer Order

PACIFIC CONTINENTAL: Taps Liquidators from Smith & Williamson
SBD FABRICATIONS: Claims Filing Period Ends April 30
SETTEN AND DURWARD: Sells Business to ZCOM
TOWERSPIRE PROPERTIES: Hires Liquidators from Mazars
TOYZONE LTD: Brings In KPMG to Administer Assets

TURBO EXPRESS: Taps Joint Administrators from Begbies Traynor
YOUNGSTERS LTD: Appoints Administrative Receivers from KPMG

* Beard Group Launches Intellectual Property Prospector

* BOOK REVIEW: Building American Cities: The Urban Real Estate
               Game


                            *********


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


ENTSORGUNG KLUPS: Claims Registration Period Ends April 15
----------------------------------------------------------
Creditors owed money by OG KS Entsorgung Klups (FN 188111i) have
until April 15, 2008, to file written proofs of claim to court-
appointed estate administrator Hans-Peter Pfluegl at:

          Mag. Hans-Peter Pfluegl
          Oberndorfer Ortsstrasse 56a
          3130 Herzogenburg
          Austria
          Tel: 02782/83 553
          Fax: 02782/83553/55
          E-mail: kanzlei@pfluegl-hutecek.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on June 5, 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 Herzogenburg, Austria, the Debtor declared
bankruptcy on March 6, 2008 (Bankr. Case No. 14 S 30/08i).


INTERBAU PRODUKTION: Claims Registration Period Ends April 30
-------------------------------------------------------------
Creditors owed money by LLC INTERBAU Produktion und Handel (FN
49344s) have until April 30, 2008, to file written proofs of
claim to court-appointed estate administrator Johannes Jaksch
at:

          Dr. Johannes Jaksch
          c/o Dr. Alexander Schoeller
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 713 44 33, 713 34 05
          Fax: 713 10 33
          E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 14, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 6, 2008 (Bankr. Case No. 2 S 30/08m).  Alexander
Schoeller represents Dr. Jaksch in the bankruptcy proceedings.


KAONIK BAU: Claims Registration Period Ends April 23
----------------------------------------------------
Creditors owed money by LLC KAONIK Bau (FN 127685y) have until
April 23, 2008, to file written proofs of claim to court-
appointed estate administrator Erwin Senoner at:

          Dr. Erwin Senoner
          c/o Dr. Georg Freimueller
          Alser Strasse 21
          1080 Vienna
          Austria
          Tel: 406 05 51
          Fax: 406 96 01
          E-mail: kanzlei@jus.atq

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 6, 2008 (Bankr. Case No. 3 S 21/08w).  Georg
Freimueller represents Dr. Senoner in the bankruptcy
proceedings.


PAROPA HANDEL: Claims Registration Period Ends April 7
------------------------------------------------------
Creditors owed money by LLC PAROPA Handel (FN 135060v) have
until April 7, 2008, to file written proofs of claim to court-
appointed estate administrator Gerd Kapeller at:

          Dr. Gerd Kapeller
          Kardinalschuett 9
          9020 Klagenfurt
          Austria
          Tel: 0463/59 09 46
          Fax: 0463/59 09 46-11
          E-mail: kapeller.gerd@utanet.at

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

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Meeting Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on March 6, 2008 (Bankr. Case No. 40 S 11/08w).


SAMY YOUSSEF: Claims Registration Period Ends May 2
---------------------------------------------------
Creditors owed money by LLC Samy Youssef (FN 123504z) have until
May 2, 2008, to file written proofs of claim to court-appointed
estate administrator Katharina Pitzal at:

          Mag. Katharina Pitzal
          c/o Dr. Hannelore Pitzal
          Paulanergasse 9
          1040 Vienna
          Austria
          Tel: 587 31 11, 587 31 12
          Fax: 587 87 50 50
          E-mail: office@pitzal-partner.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          17th Floor
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 6, 2008 (Bankr. Case No. 5 S 20/08p).  Hannelore Pitzal
represents Mag. Pitzal in the bankruptcy proceedings.


TAUFIN KFZ: Claims Registration Period Ends April 7
---------------------------------------------------
Creditors owed money by  LLC TAUFIN Kfz-Service (FN 211969w)
have until April 7, 2008, to file written proofs of claim to
court-appointed estate administrator Gernot Klocker at:

          Dr. Gernot Klocker
          Mozartstrasse 18
          6850 Dornbirn
          Austria
          Tel: 05572/386869
          Fax: 05572/386869-3
          E-mail: office@kgk.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 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 Dornbirn, Austria, the Debtor declared
bankruptcy on March 6, 2008 (Bankr. Case No. 13 S 12/08g).


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


ALCATEL-LUCENT: Moody's Holds Ratings; Outlook Revised to Neg.
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings for Alcatel-
Lucent which include a Ba3 corporate family rating for Alcatel-
Lucent and a Not-Prime for its short term debt, as well as Ba3
ratings for senior and B2 ratings for subordinated debt that was
issued originally by the predecessor companies Alcatel S.A. and
Lucent Technologies, Inc.

The outlook for the ratings was changed to negative to reflect
the heightened market risk in the industry and ongoing
restructuring challenges to adapt product range and cost
structure of the merged company to a very competitive
environment.

Wolfgang Draack, Senior Vice President and lead analyst for
Alcatel-Lucent, summarized: "The rating affirmation reflects our
expectation that Alcatel-Lucent has passed in 2007 the trough
level of profitability and that the benefits of restructuring
should increasingly be realized so that margins and operating
cash flow should gradually grow and reach in 2008 a coverage
level of interest and debt that is commensurate with the present
Ba3 rating.  We see several challenges to this endeavour
including an outlook for depressed orders from telecom operators
leading to stable demand at best, little evidence yet that more
selective bidding by certain equipment companies including
Alcatel-Lucent has alleviated the severe price pressure in the
industry, and the requirement for further extensive headcount
adjustments at the company.  The concern that these factors may
delay the turnaround at Alcatel-Lucent is captured in the
negative rating outlook."

Alcatel-Lucent's financial metrics for 2007 including an
interest coverage level of 0.3-times, net debt/EBITDA (net of
restructuring expenses) of 4.2-times and a negative free cash
flow of EUR1.2 billion are clearly below expectations for a Ba3
rating even considering the company's scale, diversification and
leading, broad technology position.  The Ba3 rating was affirmed
only on the basis of a clear near term path towards reasonable
operating profitability with only modest cash consumption during
2008.  This assessment does not rely on business growth, but on
internal cost savings that have been initiated in the merger and
synergy plan of late 2006.  These should become more prevalent
in 2008. These effects are expected to (i) improve materially
the operating profitability on an LTM basis, (ii) reduce net
debt/EBITDA well below 4-times, and (iii) have free cash flow
trend towards a positive amount, but not exceed a negative
EUR600 million including cash cost for restructuring in 2008;
all ratios to include Moody's adjustments.  These metrics are
more compatible with a Ba3 rating for a company with this
business profile and a very strong liquidity position.

The negative outlook for the rating reflects relatively high
uncertainty about management's ability to execute the
restructuring program and to achieve the cash flow and
profitability targets noted above in view of adverse demand
trends and unclear competitive responses (e.g. pricing
strategies) at this stage.  The seasonality in the industry,
where weak first calendar quarters and strong cash flow receipts
in the last quarter of a year are common, may make the progress
of restructuring and its benefits visible only in the latter
quarters of the year, with the effect of increasing uncertainty.

Moody's last rating action for Alcatel-Lucent was the rating
downgrade to Ba3 from Ba2 for the corporate family rating and
parallel changes for the instrument ratings on Nov. 7, 2007.

Headquartered in Paris, France, Alcatel-Lucent is one of the
world leaders in providing advanced solutions for
telecommunications systems and equipment to service providers,
enterprises and governments with sales of EUR17.8 billion in
fiscal year 2007.


RHODIA SA: Appoints Yolene Coppin as EVP for Human Resources
------------------------------------------------------------
Rhodia S.A. announced the appointment of Yolene Coppin as group
executive vice president, Human Resources.  She will be a member
of the general management committee.

Ms. Coppin succeeds Bernard Chambon, who will remain a member of
the general management committee and continue to supervise the
regions and serve as group executive vice president,
Communications and Sustainable Development.

Ms. Coppin will report to Jean-Pierre Clamadieu, Rhodia's
chairman and CEO.

                       About Rhodia

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

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

                         *     *     *

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

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

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


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


A.S. FLACH: Claims Registration Ends April 23
---------------------------------------------
Creditors of A.S. Flach- und Steildachabdichtungs 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 9:00 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
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Muenster opened bankruptcy proceedings
against A.S. Flach- und Steildachabdichtungs GmbH on March 12,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         A.S. Flach- und Steildachabdichtungs GmbH
         Attn: Peter Sommer, Manager
         Stripperhook 42a
         48653 Coesfeld-Lette
         Germany


ANA CALL: Claims Registration Ends April 23
-------------------------------------------
Creditors of ANA Call GmbH have until April 23, 2008 to register
their claims with court-appointed insolvency manager Dr. Nils
Freudenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27
         Fuerstenstr. 21-23
         09130 Chemnitz
         Germany


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

The insolvency manager can be reached at:

         Dr. Nils Freudenberg
         Ulmenstrasse 14
         09112 Chemnitz
         Germany
         Tel: (0371) 382260
         Fax: (0371) 3822623
         E-mail: http://www.tiefenbacher.de/

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

The Debtor can be reached at:

         ANA Call GmbH
         Attn: Bianca Troeger, Manager
         Geyersdorfer Strasse 9
         09456 Annaberg-Buchholz
         Germany


ARQUANA INTERNATIONAL: Court Opens Bankruptcy Proceeding
--------------------------------------------------------
The District Court of Neumuenster commenced April 1, 2008
bankruptcy proceedings against Arquana International Print &
Media AG and subsidiaries Johler Druck GmbH, Arquana Sales GmbH
and Arquana Media GmbH,

The court appointed Jens Soeren Schroeder as insolvency
administrator.

Inquiries can be addressed to:

         Jens Soeren Schroeder
         Insolvency Administrator
         Raboisen 38
         20095 Hamburg
         Germany

Headquartered in Neumuenster, Germany, Arquana International
Print & Media AG -- http://www.arquana.com/de/-- produces
brochures, magazines, catalogues, paper labels and cartons,
using state-of-the art printing technology.  The company has
eight production facilities in Cologne, Ellerbek, Neumuenster,
Pforzheim, Wanfried, Zell am See (Austria), Paris (France) and
Bienne (Switzerland).  The company also has offices in the U.K.


AUTO-TEILE-UNGER: Moody's Holds Corporate Family Rating at Caa1
---------------------------------------------------------------
Moody's Investors Service confirmed the Corporate Family Rating
of A.T.U Auto-Teile-Unger Investment GmbH & Co. KG at Caa1 and
the rating on the company's EUR 150 million senior notes at Caa3
(LGD 5, 88%).  The outlook is stable.  This concludes Moody's
rating review (direction uncertain) initiated on January 11,
2008 following further operating performance erosion during
Q4/2007 and the consecutive initiation of a business plan review
combined with a possible reassessment of the group's capital
structure.

The rating confirmation with a stable outlook was prompted by
ATU's announcement of an amendment to its capital structure with
the key element being an equity injection of EUR 140 million
from shareholders KKR and Doughty Hanson that will largely be
used to repay senior debt and provide additional liquidity.

Moody's views positively in its assessment this evidenced
support from the company's shareholders and also that a set of
measures is currently being implemented under new CEO Dr. Kern
in order to improve profitability.  At the same time, the rating
continues to reflect the erosion of ATU's earnings in recent
years which eventually resulted in a high leverage of 7.4x
Debt/EBITDA as per fiscal year end 2007 (based on preliminary
figures), or 6.9x pro forma for the capital structure amendment.

It also takes into account that profits in 2008 will likely be
burdened by restructuring costs and an ongoing challenging
operating environment, and that measures currently being
implemented are expected to pay off only over time so that
Moody's does not expect leverage or profitability to recover
before 2009.

ATU's restructuring efforts aim primarily at addressing the key
challenges identified in the recent business plan review: (i) a
very competitive environment driven by OEM dealerships and
independent garages, (ii) declining mileage and maintenance
spending for cars caused by higher fuel costs and (iii) a still
highly seasonal business. Moreover, the company will address
negative effects and inefficiencies that resulted from the rapid
expansion over recent years.  Core elements of the restructuring
program include efforts to (i) refocus ATU on customer attention
and on the basic business model of providing fast and fair
services at a reasonable price, (ii) slow down branch expansion,
(iii) adjust the company's costs to a revised business plan and
(iv) support revenues with less seasonal offerings and products,
e.g. through an expanded glass or fleet business.

As senior lenders agreed to support the restructuring program by
waiving a covenant breach occurred by Q4/2007 and accepting an
amended covenant set tailored to a revised financial planning,
Moody's believes ATU to have access to liquidity sources which
are expected to cover operating and financing costs as well as
cash cost of restructuring for the next 12 months.

The stable outlook reflects Moody's opinion that ATU now
addresses the main causes of its declining performance and is
currently in the process of realigning its operations.  As ATU's
business plan expects earnings to stabilize after a turnaround
year 2008 and to increase again over the medium, the ratings
could be upgraded should there be evidence that restructuring
efforts pay off and consequently leverage reduces significantly.

These ratings have been confirmed:

   -- Corporate Family Rating: Caa1
   -- Probability of Default Rating: Caa1
   -- EUR150 million senior notes: Caa3 (LGD 5, 88%)

Auto-Teile-Unger Investment GmbH & Co. KG is Germany's leading
operator of specialist auto retail stores and integrated, brand-
independent workshops.  The group operates more than 600
branches, mostly in Germany.  For the financial year ended 2007,
the group's total net revenues were EUR 1.4 billion.


BACKEREI-KONDITOREI MEIER: Claims Period Ends April 25
------------------------------------------------------
Creditors of Backerei-Konditorei Meier GmbH have until
April 25, 2008, to register their claims with court-appointed
insolvency manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Friedrich-Ebert-Str. 17
         42103 Wuppertal
         Germany
         Tel: 0202/40 86 150
         Fax: 0202/40 86 159

The District Court of Wuppertal opened bankruptcy proceedings
against Backerei-Konditorei Meier GmbH on March 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Backerei-Konditorei Meier GmbH
         Attn: Hans Gerd Meier, Manager
         Bismarckstr. 13
         40822 Mettmann
         Germany


BAUER PLANDUNGSGESELLSCHAFT: Claims Period Ends April 30
--------------------------------------------------------
Creditors of Bauer Plandungsgesellschaft mbH have until
April 30, 2008, to register their claims with court-appointed
insolvency manager Martin Benzing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 181
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Martin Benzing
         Charlottenstr. 29
         70182 Stuttgart
         Germany
         Tel: 0711/2489080

The District Court of Stuttgart opened bankruptcy proceedings
against Bauer Plandungsgesellschaft mbH on March 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauer Plandungsgesellschaft mbH
         Birkelstr. 21 c
         71384 Weinstadt
         Germany


BAUTROCKENLEGUNG R. PETZOLD: Claims Registration Ends April 21
--------------------------------------------------------------
Creditors of Bautrockenlegung R. Petzold GmbH have until
April 21, 2008, to register their claims with court-appointed
insolvency manager Oliver Junghanel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 p.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Oliver Junghanel
         Lessingstr. 25
         08058 Zwickau
         Germany

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

The Debtor can be reached at:

         Bautrockenlegung R. Petzold GmbH
         Dobia 47a
         07937 Vogtlan-disches
         Germany


BBG SCULUNGS: Claims Registration Period Ends April 22
------------------------------------------------------
Creditors of BBG Sculungs- und Betreuungsstatte fuer das
Bauwesen GmbH have until April 22, 2008, to register their
claims with court-appointed insolvency manager Wolf-R. von der
Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:02 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: 021113940
          Fax: +4902111394251

The District Court of Krefeld opened bankruptcy proceedings
against BBG Sculungs- und Betreuungsstatte fuer das Bauwesen
GmbH on Feb. 14, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          BBG Sculungs- und Betreuungsstatte fuer
          das Bauwesen GmbH
          Attn: Joachim Broetzmann, Manager
          Bahndamm 3
          41334 Nettetal
          Germany


BRUNO 24 GMBH: Claims Registration Period Ends April 27
-------------------------------------------------------
Creditors of Bruno 24 GmbH (formerly  Blue Rainbow 364.
Vermoegensverwaltungs-GmbH) have until April 27, 2008, to
register their claims with court-appointed insolvency manager
Gunter Neef.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Gunter Neef
         Laufertorgraben 4
         90489 Nuernberg
         Germany
         Tel: 0911/569448-0
         Fax: 0911/569448-9


The District Court of Nuernberg opened bankruptcy proceedings
against Bruno 24 GmbH (formerly  Blue Rainbow 364.
Vermoegensverwaltungs-GmbH) on March 26, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bruno 24 GmbH
         (formerly  Blue Rainbow 364.
         Vermoegensverwaltungs-GmbH)
         Attn: Nagihan Sinek, Manager
         Koenigstrasse 87
         90402 Nuernberg
         Germany


CLEANTEAM SERVICE: Claims Registration Period Ends April 22
-----------------------------------------------------------
Creditors of Cleanteam Service Textildienste GmbH have until
April 22, 2008, to register their claims with court-appointed
insolvency manager Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cologne
          Meeting Hall 1240
          12th 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:

          Andreas Amelung
          Wankelstr. 9
          50996 Cologne
          Germany
          Tel: 02236885880
          Fax: +4922368858838

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

The Debtor can be reached at:

          Cleanteam Service Textildienste GmbH
          Attn: Heinz-Otto Samerow, Manager
          Ferdinand-Porsche-Str. 10
          51149 Cologne
          Germany


D.H.L.R. GASTSTATTENBETRIEBS: Claims Registration Ends April 22
---------------------------------------------------------------
Creditors of D.H.L.R. Gaststattenbetriebs GmbH have until
April 22, 2008, to register their claims with court-appointed
insolvency manager Anja Commandeur.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 3, 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 Bochum
          Hall A 29
          Ground Floor
          Main Building
          Viktoriastrasse 14
          44787 Bochum
          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. Anja Commandeur
          Koenigsallee 200
          44799 Bochum
          Germany

The District Court of Bochum opened bankruptcy proceedings
against D.H.L.R. Gaststattenbetriebs GmbH on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          D.H.L.R. Gaststattenbetriebs GmbH
          Attn: Wilma Reimann, Manager
          Alte Bahnhofstr. 177
          44892 Bochum
          Germany


EURO-MARKET-ADVERTISING: Claims Registration Ends April 21
----------------------------------------------------------
Creditors of Euro-Market-Advertising Beratungsgesellschaft Fuer
Werbung im Internet mbH have until April 21, 2008, to register
their claims with court-appointed insolvency manager Dr. Moritz
Sponagel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         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. Moritz Sponagel
         Curienstr. 2
         20095 Hamburg
         Germany
         Tel: 040/30373680
         Fax: 040/303736829

The District Court of Tostedt opened bankruptcy proceedings
against Euro-Market-Advertising Beratungsgesellschaft Fuer
Werbung im Internet mbH on Feb. 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Euro-Market-Advertising Beratungsgesellschaft Fuer
         Werbung im Internet mbH
         Zunftstr. 4
         21244 Buchholz
         Germany


FAHRZEUGDIAGNOSE-SCHWENDOWIUS: Claims Registration Ends April 21
----------------------------------------------------------------
Creditors of Fahrzeugdiagnose-Schwendowius GmbH & Co. KG 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 9:05 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
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn
         Germany
         Tel: 0228/9852 10
         Fax: 0228/9852 122

The District Court of Bonn opened bankruptcy proceedings against
Fahrzeugdiagnose-Schwendowius GmbH & Co. KG on March 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fahrzeugdiagnose-Schwendowius GmbH & Co. KG
         Ernst-Robert-Curtius-Str. 7
         53117 Bonn
         Germany


HAWO BETEILIGUNGSGESELLSCHAFT: Claims Registration Ends April 22
----------------------------------------------------------------
Creditors of HAWO Beteiligungsgesellschaft mbH have until
April 22, 2008, to register their claims with court-appointed
insolvency manager Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Cottbus
          Hall 210
          First Floor
          Gerichtsplatz 2
          03046 Cottbus
          Germany

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

The insolvency manager can be reached at:

          Thomas Krafft
          Jagerallee 37 H
          14469 Potsdam
          Germany

The District Court of Cottbus opened bankruptcy proceedings
against HAWO Beteiligungsgesellschaft mbH on Feb. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          HAWO Beteiligungsgesellschaft mbH
          Schulstrasse 06
          04936 Hohenbucko
          Germany


HAWO OEKOLOGISCHE: Claims Registration Period Ends April 22
-----------------------------------------------------------
Creditors of HAWO oekologische Produktions-, und Handels- &
Logistik GmbH & Co. KG have until April 22, 2008, to register
their claims with court-appointed insolvency manager Ruediger
Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Cottbus
          Hall 210
          First Floor
          Gerichtsplatz 2
          03046 Cottbus
          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:

          Ruediger Wienberg
          Wasastrasse 15
          01219 Dresden
          Germany

The District Court of Cottbus opened bankruptcy proceedings
against HAWO oekologische Produktions-, und Handels- & Logistik
GmbH & Co. KG on Feb. 29, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          HAWO oekologische Produktions-, und Handels-
          & Logistik GmbH & Co. KG
          Schulstrasse 06
          04936 Hohenbucko
          Germany


HERMANN CORDES: Claims Registration Ends April 23
-------------------------------------------------
Creditors of Hermann Cordes Kuechen und Hausgerate GmbH have
until April 23, 2008 to register their claims with court-
appointed insolvency manager Nikolai Manke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Uelzen
         Hall 2
         Main Building
         Fritz-Roever-Str 5
         29525 Uelzen
         Germany

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

The insolvency manager can be reached at:

         Nikolai Manke
         Ringstrasse 9
         29525 Uelzen
         Germany
         Tel: 0581/9010-0
         Fax: 0581/901020

The District Court of Uelzen opened bankruptcy proceedings
against Hermann Cordes Kuechen und Hausgerate GmbH on
March 11, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Hermann Cordes Kuechen und Hausgerate GmbH
         Grund 6
         29525 Uelzen
         Germany

         Attn: Wulf Cordes, Manager
         Wiesengrund 31
         29525 Uelzen
         Germany


HL-HAUS GMBH: Claims Registration Ends April 23
-----------------------------------------------
Creditors of HL-Haus GmbH have until April 23, 2008 to register
their claims with court-appointed insolvency manager Thorsten
Snyders.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lingen (Ems)
         Hall Z 17
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         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:

         Thorsten Snyders
         Heideweg 72
         48529 Nordhorn
         Germany
         Tel: 05921/7139145
         Fax: 05921/7139146
         E-mail: Snyders@raehp.de

The District Court of Lingen (Ems) opened bankruptcy proceedings
against  HL-Haus GmbH on Feb. 20, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HL-Haus GmbH
         Attn: August Holtewert, Manager
         Frerener Strasse 8
         49809 Lingen
         Germany


HODORFF IT: Claims Registration Ends April 23
---------------------------------------------
Creditors of Hodorff IT Services GmbH have until April 23, 2008
to register their claims with court-appointed insolvency manager
Soenke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         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:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Hodorff IT Services GmbH
         Attn: Margrit Hodorff, Manager
         Fahltskamp 31a
         25421 Pinneberg
         Germany


J.P. BACHEM: Cologne Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The District Court of Cologne commenced April 2, 2008,
bankruptcy proceedings against J.P Bachem GmbH & Co KG, an
affiliate of Arquana International Print & Media AG.

The court appointed Dr. Chrsitoph Niering as insolvency
administrator.

Inquiries can be addressed to:

         Dr. Chrsitoph Niering
         Brabanter Str. 2
         50647 Cologne
         Germany

Headquartered in Neumuenster, Germany, Arquana International
Print & Media AG -- http://www.arquana.com/de/-- produces
brochures, magazines, catalogues, paper labels and cartons,
using state-of-the art printing technology.  The company has
eight production facilities in Cologne, Ellerbek, Neumuenster,
Pforzheim, Wanfried, Zell am See (Austria), Paris (France) and
Bienne (Switzerland).  The company also has offices in the U.K.


JP TRANSPORT: Claims Registration Period Ends April 21
------------------------------------------------------
Creditors of JP Transport & Service GmbH have until April 21,
2008, to register their claims with court-appointed insolvency
manager Kerstin Jeska-Zimmermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Kerstin Jeska-Zimmermann
         Hofwiesenpark 10
         07548 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
JP Transport & Service GmbH on March 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         JP Transport & Service GmbH
         Grobsdorfer Strasse 7
         07554 Korbussen
         Germany


KLEOPATRA LUX: Moody's Junks Corporate Family Rating
----------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Kleopatra Lux 1 S.a.r.l. (formerly Kloeckner-Pentaplast S.A.)
to Caa1 from B2.  The outlook is stable.

Rainer Neidnig, Moody's lead analyst for Kloeckner-Pentaplast
(Kleopatra), said: "The downgrade reflects primarily ongoing
pressure on the company's earnings against our previous
expectation of improving profitability in the current year."
Main reasons for this development have been operational
difficulties, especially in the PET business, rising input costs
which could not yet be fully recouped through price increases
and lower than expected volumes.

While the rating considers that management is in the process of
addressing operational issues and is working on the gradual pass
through of higher raw material costs, it also reflects the
company's highly leveraged capital structure as well as lower
than expected EBITDA against the background of tightening
covenant headroom under its senior credit facilities.

The rating continues to benefit from Kloeckner-Pentaplast's
rather large size with leading positions in most of its business
areas and further expansion into growth markets in Asia and
Latin America.  Moreover, stable end markets should add some
degree of stability to cash flow generation. But the recovery to
previously expected cash-flow generation may take some time in
Moody's view.

The stable outlook reflects the expectation that Kloeckner-
Pentaplast can stabilize its earnings situation on the back of a
successful pass-through of higher input costs and benefits from
further cost reductions.  Moody's also incorporates an
expectation that shareholder Blackstone would continue to be
supportive in case of need.

Kleopatra Lux 1 S.a.r.l., headquartered in Montabaur, Germany
with legal domicile in Luxemburg, is a global leader in the
manufacturing of rigid plastic film for the pharmaceutical,
food, medical, electronics and other packaging industry. The
company generated about EUR 1.1 billion of sales during FY2007
(ending September), app. 60% of which came from Europe and app.
40% from the US, Canada and Latin America.  The company also
generates a smaller portion of revenues in Asia.  Kloeckner-
Pentaplast oday has 20 manufacturing sites in 10 countries with
approximately 3,500 employees.  The company is owned by private
equity group Blackstone.


MBF METALLBAU: Claims Registration Period Ends April 21
-------------------------------------------------------
Creditors of MBF Metallbau GmbH have until April 21, 2008, to
register their claims with court-appointed insolvency manager
Michael Woelte.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Woelte
         Pferdemarkt 6
         45127 Essen
         Germany

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

The Debtor can be reached at:

         MBF Metallbau GmbH
         Centrumstr. 19
         45307 Essen
         Germany


OBERSTRASSE 135: Claims Registration Period Ends April 21
---------------------------------------------------------
Creditors of Grundstuecksgesellschaft Oberstrasse 135 mbH have
until April 21, 2008, to register their claims with court-
appointed insolvency manager Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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. Gideon Boehm
         Bachstr. 85a
         22083 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Grundstuecksgesellschaft Oberstrasse 135 mbH on March 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Grundstuecksgesellschaft Oberstrasse 135 mbH
         Lausitzer Weg 2
         23617 Stockelsdorf
         Germany


PROJEKT UND VERTRIEBSGESELLSCHAFT: Claims Period Ends April 10
--------------------------------------------------------------
Creditors of Projekt und Vertriebsgesellschaft International
GmbH have until April 10, 2008, to register their claims with
court-appointed insolvency manager Juergen Pflug.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Juergen Pflug
         Wilhelmshoeher Allee 169
         D 34121 Kassel
         Germany
         Tel: 0561/2075680
         Fax: 0561/20756820
         E-mail: info@pflug-achenbach.de

The District Court of Kassel opened bankruptcy proceedings
against Projekt und Vertriebsgesellschaft International GmbH on
March 7, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Projekt und Vertriebsgesellschaft International GmbH
         Attn: Dieter Katzwinkel und
               Andreas Mueller, Managers
         Rosenstrasse 2
         34253 Lohfelden
         Germany


PROTECH GMBH: Claims Registration Period Ends April 28
------------------------------------------------------
Creditors of PROTECH GmbH have until April 28, 2008, to register
their claims with court-appointed insolvency manager Martin
Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf
         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:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Muenchen
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against PROTECH GmbH on March 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PROTECH GmbH
         Attn: Irina Rodica Negru, Manager
         Kreuzdornweg 11
         83555 Gars-Bahnhof
         Germany


REISE-TV GMBH: Claims Registration Ends April 23
------------------------------------------------
Creditors of Reise-TV GmbH & Co. KG have until April 23, 2008 to
register their claims with court-appointed insolvency manager
Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Hannover opened bankruptcy proceedings
against Reise-TV GmbH & Co. KG on March 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Reise-TV GmbH & Co. KG
         Attn: Michael McNabb, Manager
         Expo Plaza 12
         30539 Hannover
         Germany


ROLF FLEISCHFEINKOST: Claims Registration Period Ends April 22
--------------------------------------------------------------
Creditors of Rolf Fleischfeinkost GmbH have until April 22,
2008, to register their claims with court-appointed insolvency
manager Axel Klages.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Osnabrueck
          Hall N 301
          Kollegienwall 10
          49074 Osnabrueck
          Germany

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

The insolvency manager can be reached at:

          Axel Klages
          Schlossstrasse 26
          49074 Osnabrueck
          Germany
          Tel: (0541) 77063-0
          Fax: (0541) 77063-33
          E-mail: info@kanzlei-tkb.de

The District Court of Osnabrueck opened bankruptcy proceedings
against Rolf Fleischfeinkost GmbH on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Rolf Fleischfeinkost GmbH
          Attn: Thomas Rolf, Manager
          Werner-von-Siemens Strasse 05
          49124 Georgsmarienhuett
          Germany


WESTLB AG: Plans to Downsize its Global Operations
--------------------------------------------------
WestLB plans to downsize in order to recoup a EUR1.6 billion
(US$2.5 billion) loss in 2007 owe the subprime crisis, the
Financial Times reports.

According the the report, the company will “focus on core
competencies” and cut jobs in Germany and other locations by at
least 20%. In London, around 50 employees have been retrenched.

WestLB employs about 4,500 people in Germany and 2,000 abroad,
the report adds.
                        About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

In January 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.


WESTLB AG: Owners Put Risk Shield In Place
------------------------------------------
WestLB AG disclosed that the risk shield for previously AG
announced by the owners on Feb. 8, 2008, is now in place.  The
complex transaction will be implemented in two stages.  The
first stage was implemented successfully in a very short space
of time.

As a result WestLB has been freed from the risks from the
structured securities portfolios, which have now been ring-
fenced off the balance sheet in a Special Purpose Vehicle.  The
resulting losses reported in the annual financial statements for
2007 will also be almost entirely absorbed.  The provision of a
comprehensive risk shield means that a capital contribution by
the owners will not be necessary.

"This is good news for WestLB. The solution found will provide
stability for the Bank. We will now concentrate all our efforts
on the required restructuring of the Bank so that WestLB can
make an active contribution to the consolidation of the
Landesbank sector," Alexander Stuhlmann, chairman of the
managing board of WestLB AG, said.

WestLB posted a pre-tax loss of EUR1.50 billion last year as a
result of losses from spread positions in proprietary trading
and the consequences of the financial market crisis.  These two
factors eclipsed the successes achieved by WestLB in its
customer business.

In the net trading result, WestLB recognized valuation losses of
EUR1.30 billion in income from the financial market crisis
alone.  For financial instruments in other categories, a total
of EUR406 million was included in the impairment charge for
credit losses and the result from financial investments in the
statement of income as a result of an impairment charge which is
expected to be permanent.  Additionally, there were valuation
losses of EUR301 million which are reported in the revaluation
reserve.

Higher Net Interest and Commission Income–Sharply Reduced Costs:

Net interest income rose by EUR78 million to EUR1.09 billion
compared with the previous year.  The increase was largely
driven by successes in our customer business and first-time
consolidations.  Downside factors stemmed from the financial
market crisis and lower income from financial participations.

Net allocations of EUR238 million have been reported under the
impairment charge for credit losses, including EUR221 million in
connection with the financial market crisis.  Net fee and
commission income rose by EUR81 million to EUR406 million.  This
encouraging development was attributable in large measure to the
lending and syndicated lending business.

The net trading result totaled negative EUR1.62 billion,
following EUR561 million the year before.  The sharp drop is the
result of losses from spread positions in our proprietary
trading activities and valuation losses of EUR1.30 million in
our structured securities portfolios in connection with the
crisis in the international financial markets.

Capital gains in our private equity and equity investments
business fueled the EUR291 million result from financial
investments.  Impairments on ABS and CDO holdings as a
consequence of the financial market crisis kept the result from
being even higher.  Specific allowances attributable to these
holdings totaled EUR185 million.

Administrative expenses were reduced considerably by EUR254
million, or 14%, to EUR1.58 billion.  Personnel expenses fell by
20% to EUR823 million.  In addition, there were savings of EUR46
million in other administrative expenses, reflecting the
progress made through our Lean Bank initiative launched in 2006.

The net figure for other operating income and expense stood at
EUR107 million.  The figure for the previous year included
positive effects from the deconsolidation of a number of group
companies.

The turmoil in the financial markets also had a significant
impact on the segment results.  Thanks to the strong customer
business, pre-tax profit in the Corporates & Sparkassen segment
rose by EUR184 million to EUR264 million, while pre-tax profit
in the Capital Markets segment fell to negative EUR1.78 billion.
A successful treasury business enabled the Asset Liability
Management segment to report a pre-tax profit of EUR111 million
despite the extensive market upheavals.

WestLB Group´s total assets rose slightly by EUR1.2 billion to
EUR286.5 billion compared to the previous year.  Given the
crisis in the financial markets, the effects from the inclusion
of additional companies in the consolidated financial statements
were almost entirely offset by an overall decline in the money
market business.

The profit participation certificates issued by the bank will be
serviced in full.  Moreover, in the context of the annual
financial statements prepared by the managing board, it is
planned to service voluntarily the hybrid capital issued in
2005.

                Risk Shield Creates Stable Basis

The risk shield which is now in place creates a stable,
sustainable basis for WestLB´s future development.  It will not
only ensure that WestLB does not incur further earnings losses
in the future due to possible fluctuations in the prices of the
transferred structured securities, but will also largely absorb
the related losses reported in the 2007 annual financial
statements.  A capital contribution by the owners will therefore
not be necessary.

The ring-fenced securities portfolio of approximately EUR23
billion, which was transferred at the nominal value, comprises
EUR15 billion invested in the three Structured Investment
Vehicles Harrier, Kestrel and Greyhawk and EUR8 billion of
existing balance sheet business.

The new special purpose company will fund the purchase of the
securities through the issue of Senior and Junior Notes.  The
financing of the Junior Notes is secured by a guarantee from the
owners of up to EUR5 billion to cover actual payment defaults.

The owners will meet any possible losses from these securities
portfolios in line with their shareholdings in WestLB up to an
amount of EUR2 billion.  Any further losses up to EUR3 billion
will be borne by the State of North Rhine-Westphalia.

The risk shield has been established in agreement with the
supervisory authorities and registered with the European
Commission.  WestLB continues to maintain a close dialogue with
the Commission.

"The comprehensive solution which has been found not only means
that the Bank will be freed from most of the burdens resulting
from the crisis in the financial markets, but also has the
advantage for the owners that they do not need to inject cash
funds.  Yet we will still reach our targets: The balance sheet
ratios will improve, and a stable basis will be created for
ensuring the future viability of the Bank.” As a result, the
core capital ratio is expected to rise again to approximately
7%," Mr. Stuhlmann added.

Viable Business Model for the Future: Reduced Risk, Lower Costs
and Improved Earnings Quality

WestLB has already made substantial progress regarding the
detailed planning of the restructuring process and the
strengthening of its business model.

"In the very short space of time since the framework plan was
submitted, we have identified the key measures that are required
and have now begun to implement those measures without delay.
These include, above all, our mid-cap and savings bank
initiative.  In Investment Banking we will concentrate on our
core areas of expertise and expand our customer business.  Both
measures will help to reduce our earnings volatility and improve
the risk profile of the Bank on a sustainable basis," Mr.
Stuhlmann said.

The framework plan envisages annual cost savings of EUR300
million up to the year 2010, which will be achieved by
increasing efficiency and adjusting the business.  This will
also involve a reduction in headcount of approximately 1,350
employees during the planning period.  The managing board
outlined the current planning situation to the supervisory board
at its meeting on April 1, 2008.

                          Outlook

"We are embarking on the restructuring process in what remain
extremely challenging market conditions. The uncertainties in
the capital market continue, and the margin and competitive
pressure is undiminished.  The unavoidable restructuring
measures will again have an adverse impact on our results in
2008 and must be viewed as an investment in the future viability
of the Bank. With the restructuring measures we have introduced,
and shielded from future risks stemming from the financial
market crisis, our aim is to increase the return on equity
before taxes to a double-digit figure by 2010." Dr. Hans-Juergen
Niehaus, WestLB's chief financial officer disclosed.

                        About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

In January 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.


WESTLB AG: Names Heinz Hilgert as Chief Executive Officer
---------------------------------------------------------
WestLB AG's supervisory board has unanimously appointed Heinz
Hilgert to be the new CEO of the bank.  He will succeed the
present CEO Alexander Stuhlmann who was appointed on May 1,
2007.

Michael Breuer, the chairman of the supervisory board, hailed
the appointment as decisive for the future of the bank.

"Heinz Hilgert is a man of concrete action and his vision of the
future of WestLB convinced us all," Mr. Breuer said.

Mr. Hilgert has extensive experience in all areas of banking.
From 1996 to 2007 he was a board member of DZ bank, latterly as
deputy CEO.

"Above all from this time Heinz Hilgert has considerable
experience in the successful restructuring of business models
with regard to Verbund business.  He is a man of concrete ideas
and action and has considerable experience with regard to the
merger and restructuring of banking processes," Mr. Breuer
commented.

Before working for the cooperative credit institutions Mr.
Hilgert held posts at Chase Manhattan Bank and Sal.Oppenheim.

The unanimous appointment of Mr. Hilgert underlined the
supervisory board’s determination along with WestLB’s
shareholders and workforce to play an active role in the
Landesbanken consolidation process.  The unanimity and cohesion
of the shareholders has been further emphasized by the
completion of the agreement to construct a special purpose
vehicle to absorb most of the bank’s liabilities arising from
structured securities.

"The combination of the new risk shield, new business model and
the strong industrial potential of the state of North Rhine
Westphalia married to WestLB’s international expertise will
allow the bank to go into the consolidation process with
confidence," Mr. Breuer noted.

                        About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

In January 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.


WISO GENERALBAU: Claims Registration Period Ends May 9
------------------------------------------------------
Creditors of WISO Generalbau-GmbH have until May 9, 2008, to
register their claims with court-appointed insolvency manager
Dr. Michael Miersch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 11, 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 Traunstein
         Meeting Hall C 001
         Herzog-Otto-Road 1
         83278 Traunstein
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael Miersch
         Kufsteiner Str. 14
         83022 Rosenheim
         Germany
         Tel: 08031/3677-0
         Fax: 08031/3677-36

The District Court of Traunstein opened bankruptcy proceedings
against WISO Generalbau-GmbH on March 26, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         WISO Generalbau-GmbH
         Muehlenstr. 27
         83236 Uebersee
         Germany


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


WATERFORD WEDGWOOD: Peter Cameron Resigns as CEO
------------------------------------------------
Waterford Wedgwood Plc disclosed that Peter B. Cameron has
stepped down as Chief Executive Officer and as a Director of the
Group to pursue his own business interests.

Waterford Wedgwood has appointed David W. Sculley, currently a
Director of Waterford Wedgwood plc and non-executive chairman of
both Josiah Wedgwood & Sons Ltd and Royal Doulton Ltd, as
interim Chief Executive Officer.  Mr. Sculley will remain as
interim CEO until the Board has made a permanent appointment to
the post.

"Peter Cameron has provided great service to this group, as
Chief Executive since September 2005, before that as Chief
Operating Officer and, originally, as CEO of our former Group
subsidiary, All Clad," Sir Anthony O'Reilly, Chairman of the
Group, said.  "These have been demanding years in which Peter
has led a very substantial rationalization of the business and
has championed a number of marketing initiatives which will bear
fruit in the years ahead.  He has won our admiration for his
determined leadership, and our lasting friendship. We wish
him well."

"David Sculley will provide the ideal leadership for the group
at this time," Sir O'Reilly adds.  "He has an outstanding resume
in global branding and marketing and a proven track record in
identifying and nurturing talent.  As a Group director since
1997, he knows Waterford Wedgwood inside out.  He has been in
the forefront of drawing up and implementing the programs which
have yielded substantial cost savings for the Group, and he has
worked closely with all of our executive leadership.  We
are most fortunate to have a person of David Sculley's
seniority, acknowledged talent and experience at the helm.

"During my association with Waterford Wedgwood, we have done
much to lay the foundation for a return to profitability,"
Cameron said.  "I have enjoyed my years with the Group, and in
particular my association with many fine people, with the
Chairman and with my fellow Directors.  I wish the Group well
going forward and I know that with the appointment of David
Sculley as interim CEO, the Group's leadership is in capable
hands."

"I am pleased to accept this challenge and look forward to
leading the Group for an interim period," Mr. Sculley said.  The
appointment of Anthony Jones as CFO and the recent investment in
our Group by Corporate Partners II, a private equity fund of
Lazard Alternative Investments LLC, have been significant
milestones, and I hope to build on much of Peter Cameron's fine
work as we take the Group forward.  I join the Chairman in
wishing Peter well."

Headquartered in Waterford, Ireland, Waterford Wedgwood plc
-- http://www.waterfordwedgwood.com/-- manufactures premium-
priced goods including crystal, ceramics and cookware.  The
company has leading positions in its key markets in the US,
Europe and Japan.

At Sept. 30, 2007, the Group's consolidated balance sheet showed
EUR683.2 million in total assets, EUR767.7 million in total
liabilities, and EUR84.5 million in stockholders' deficit.

                          *    *    *

As of April 3, 2008, Waterford Wedgwood Plc carries Caa1
Corporate Family and Probability-of-Default; and Caa2 Senior
Subordinate ratings from Moody's Investor Service, which says
the Outlook is Negative.

The company also carries CCC+ Foreign and Local Issuer Credit
ratings from Standard & Poor's Rating Services, which says the
Outlook is Negative.

Waterford carries CCC Long-Term Issuer Default, C Short-Term
Issuer Default, CC Subordinated Debt, and B- Bank Loan Debt
ratings from Fitch Ratings, which said the Outlook is Negative.


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


IT HOLDING: Appoints New Creative Directors for Gianfranco Brand
----------------------------------------------------------------
IT Holding S.p.A.'s Gianfranco Ferre brand appointed Tommaso
Aquilano and Roberto Rimondi as creative directors of the
Gianfranco Ferre womenswear.  They will debut in their new role
at Gianfranco Ferre with the Spring/Summer 2009 Women’s
collection.

"I am sure that Tommaso Aquilano e Roberto Rimondi have the
talent – now recognized internationally – to interpret
Gianfranco Ferre’s aesthetic codes in the best of ways, making
the most of the brand’s extraordinary potential while remaining
true to the qualities of excellence, sheer sophistication and
contemporary allure for which it is famously known.  I thank
them for the first-class work they did as Malo Creative
Directors," Tonino Perna, IT Holding chairman and CEO disclosed.

"Tommaso Aquilano e Roberto Rimondi shift easily between cool
classic and contemporary femininity," underlines  Michela  Piva,
CEO of Gianfranco Ferre S.p.A., "Their designs are rigorous,
their feel for quality infallible.  These characteristics
correspond exactly to what Gianfranco Ferré always upheld."

"We are honored and happy to carry forward the name of a great
brand like Gianfranco Ferre,"  Tommaso Aquilano and Roberto
Rimondi said.  "We have always drawn inspiration from the
example of the eminent couturiers.  Precisely Gianfranco Ferre
has always had mythical status for us.  His natural aptitude for
the grandiose gesture, his sense of the dramatic in link with an
architectonic severity, and his peerless knowledge of materials
are now for us a great source of motivation.  We would like to
be worthy of him."

Headquartered in Milan, Italy, IT Holding S.p.A.
-- http://www.itholding.it/-- controls a group of companies
that design, produce and distribute high-quality products under
owned brands -- Ferre, Malo, Exte -- as well as under license
agreements -- D&G, Versus, Versace Jeans Couture, Just Cavalli,
C'N'C Costume National.  Worldwide distributing network includes
29 directly operated stores, 111 other mono-brand stores and
over 4,000 highly selected department and specialty stores.  IT
Holding has over 1,700 employees.  It went public on November
1997 and its shares are traded on Milan Stock Exchange.

                          *     *     *

As of Feb. 12, 2008, IT Holding S.p.A. carries Moody's B3
Corporate Family and Probability-of-Default rating.   Moody's
said the outlook is stable.

The company also carries Standard & Poor's B- long-term foreign
issuer credit rating, 'B-' long-term local issuer credit rating
with stable outlook.


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


A-R: Creditors Must File Claims by May 2
----------------------------------------
LLP Adverticement Agency A-R has declared insolvency. Creditors
have until May 2, 2008, to submit written proofs of claims to:

         LLP Adverticement Agency A-R
         Baizakov Str. 289-44
         Almaty
         Kazakhstan


BENAZIR & K: Claims Deadline Slated for May 2
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Benazir & K insolvent.

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

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


CONTI PLUS: Claims Filing Period Ends May 2
-------------------------------------------
LLP Conti Plus has declared insolvency.  Creditors have until
May 2, 2008, to submit written proofs of claims to:

         LLP Conti Plus
         Office 18
         Jybek joly Str./Dostyk ave. 50/2/39
         Almaty
         Kazakhstan


ELEM NEDVIJIMOST: Creditors' Claims Due on May 2
------------------------------------------------
LLP Elem Nedvijimost has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP Elem Nedvijimost
         Dimitrov Str. 24
         Temirtau
         Karaganda
         Kazakhstan


ERA-PROGRESS: Claims Registration Ends May 2
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Era-Progress insolvent.

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

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


G.A. TRADE: Creditors Must File Claims by May 2
-----------------------------------------------
LLP G.A. Trade has declared insolvency.  Creditors have until
May 2, 2008, to submit written proofs of claims to:

         LLP G.A. Trade
         Micro District Molodejny/4, 20-32
         Taldykorgan
         Almaty
         Kazakhstan


PHARM MED: Claims Deadline Slated for May 2
-------------------------------------------
LLP Pharm Med Snub has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP Pharm Med Snub
         Bostandyk Str. 55
         Semey
         East Kazakhstan
         Kazakhstan


SUNRISE REAL: Claims Filing Period Ends May 2
---------------------------------------------
LLP Sunrise Real has declared insolvency.  Creditors have until
May 2, 2008, to submit written proofs of claims to:

         LLP Sunrise Real
         Tole bi Str. 157-23
         Almaty
         Kazakhstan


VIRAGE AUTO: Creditors' Claims Due on May 2
-------------------------------------------
LLP Virage Auto has declared insolvency.  Creditors have until
May 2, 2008, to submit written proofs of claims to:

         LLP Virage Auto
         Estaya Str. 152
         140000, Pavlodar
         Kazakhstan


WEST-EAST COMPANY: Claims Registration Ends May 2
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP West-East Company Ltd. insolvent on Feb. 29, 2008.

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

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


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


ENERGO DAN: Creditors Must File Claims by May 9
-----------------------------------------------
LLC Energo Dan has declared insolvency.  Creditors have until
May 9, 2008 to submit written proofs of claim to:

         LLC Energo Dan
         Koenkozov Str. 122
         Bishkek
         Kyrgyzstan


TERMINAL OJSC: Claims Filing Period Ends May 7
----------------------------------------------
OJSC Terminal has declared insolvency.  Creditors have until
May 7, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 21-27-62.


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


EVRAZ GROUP: Earns US$2.14 Billion for Year Ended December 31
-------------------------------------------------------------
Evraz Group S.A. reported US$2.14 billion in consolidated net
profit on US$12.81 billion in consolidated net revenues for year
ended Dec. 31, 2007, compared with US$1.38 billion in
consolidated net profit on US$8.29 billion in consolidated net
revenues for year ended Dec. 31, 2006.

As of Dec. 31, 2007, Evraz Group had US$16.38 billion in total
assets and US$10.02 billion in total liabilities, resulting to
US$6.36 billion in total shareholders' equity.

“Evraz, led by its results-driven international management team,
reported another strong financial year," Alexander Frolov, Evraz
Group’s Chairman and CEO, commented.  "Together with the
successful integration of our new assets and the organic
growth of our existing plants we have achieved record results in
our business.  Our solid platform positions the company for an
even better performance in 2008."

                          2008 Outlook

"Despite the global challenges following on the uncertainties in
the world’s financial markets, Evraz is confident about its
prospects for 2008," Mr. Frolov said. "The market outlook for
steel appears robust: the global demand for steel products is
growing amid capacity constraints and structurally limited
supply in some regions and as a consequence steel products
prices are strong.

"Raw materials cost increases create additional opportunities
for Evraz.  Being a vertically integrated producer, Evraz is
largely protected from increasing costs of raw materials.  We
have leveraged the operations in our key market, Russia, where
we continue to grow.  Our goal is to transform Evraz into a
truly global business with a diversified geographic structure.

"We are confident in our ability to close successfully the three
transactions we announced recently, i.e. the acquisitions of
Delong Hodings, of IPSCO Canada plate and tubular
business and of a number of assets in Ukraine, as well as
successfully integrating the recent acquisitions into the
group’s business."

"We anticipate that our 2008 annual crude steel and steel
products output will reach 18.9 million tons and 18.7 million
tons, respectively, Mr. Frolov added.  "It is anticipated that
Evraz’s coal companies will produce approximately 15.1 million
tons of coal, including 10.5 million tons of coking coal, in
2008.

"The Company will stay focused on improving operating
performance and managing costs.  US$1,070 million are budgeted
for capital investments, including US$545 million for
investment projects and US$523 million for maintenance.


"In the first half of 2008, Evraz’s consolidated revenues are
expected to increase by 60-65% vs. US$6 billion in the first
half of 2007, and EBITDA is expected to grow to approximately
US$3 billion."

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd., following Evraz's
announcement of the planned acquisition of a majority stake in
Singapore-listed steel producer Delong Holdings Ltd.  At the
same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

In addition, Standard & Poor's assigned its 'BB-' long-term debt
rating to a US$3.2 billion structured credit facility.  Evraz is
the borrower, guaranteed by Mastercroft.


As reported in the TCR-Europe on Feb. 26, 2008, Fitch Ratings
affirmed Evraz Group SA's Long-term Issuer Default and senior
unsecured ratings at 'BB' and Short-term IDR at 'B'.

The affirmation follows the company's announcement that it has
agreed to purchase up to 51% of China-based, Singapore-listed
steel producer, Delong Holdings Limited.  At the same time,
Fitch has affirmed the ratings of Mastercroft Limited (Evraz's
core subsidiary with most of its assets concentrated in Russia)
at Long-term IDR 'BB' and Short-term IDR 'B'.  Evraz Securities
SA's (ES) senior unsecured rating is affirmed at 'BB'. The
Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs
are Stable.

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.


KLEOPATRA LUX: Moody's Junks Corporate Family Rating
----------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Kleopatra Lux 1 S.a.r.l. (formerly Kloeckner-Pentaplast S.A.)
to Caa1 from B2.  The outlook is stable.

Rainer Neidnig, Moody's lead analyst for Kloeckner-Pentaplast
(Kleopatra), said: "The downgrade reflects primarily ongoing
pressure on the company's earnings against our previous
expectation of improving profitability in the current year."
Main reasons for this development have been operational
difficulties, especially in the PET business, rising input costs
which could not yet be fully recouped through price increases
and lower than expected volumes.

While the rating considers that management is in the process of
addressing operational issues and is working on the gradual pass
through of higher raw material costs, it also reflects the
company's highly leveraged capital structure as well as lower
than expected EBITDA against the background of tightening
covenant headroom under its senior credit facilities.

The rating continues to benefit from Kloeckner-Pentaplast's
rather large size with leading positions in most of its business
areas and further expansion into growth markets in Asia and
Latin America.  Moreover, stable end markets should add some
degree of stability to cash flow generation. But the recovery to
previously expected cash-flow generation may take some time in
Moody's view.

The stable outlook reflects the expectation that Kloeckner-
Pentaplast can stabilize its earnings situation on the back of a
successful pass-through of higher input costs and benefits from
further cost reductions.  Moody's also incorporates an
expectation that shareholder Blackstone would continue to be
supportive in case of need.

Kleopatra Lux 1 S.a.r.l., headquartered in Montabaur, Germany
with legal domicile in Luxemburg, is a global leader in the
manufacturing of rigid plastic film for the pharmaceutical,
food, medical, electronics and other packaging industry. The
company generated about EUR 1.1 billion of sales during FY2007
(ending September), app. 60% of which came from Europe and app.
40% from the US, Canada and Latin America.  The company also
generates a smaller portion of revenues in Asia.  Kloeckner-
Pentaplast oday has 20 manufacturing sites in 10 countries with
approximately 3,500 employees.  The company is owned by private
equity group Blackstone.


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


X5 RETAIL: Completes Kama-Retail Takeover
-----------------------------------------
X5 Retail Group N.V. has completed its acquisition of
Kama-Retail company -– a former Pyaterochka franchisee in the
Perm region.

As announced on March 25, 2008, X5 Group acquired 28 soft
discount stores in Perm and the Perm region with a net selling
area of 9,300 sq. m. for a total consideration of around
US$18 million, including debt.

The total area of purchased stores is 19,900 sq. m., of which
1,900 sq. m. are wholly owned.

                        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 R T U G A L
===============


BOMBARDIER INC: Unit Sells Four Q400 Turboprops to Grupo SATA
-------------------------------------------------------------
Bombardier Aerospace, a subsidiary of Bombardier Inc., disclosed
Monday that Grupo SATA (Sociedade Acoriana de Transportes
Aereos, S.A.) of Ponta Delgada, Portugal has signed a contract
to acquire four Q400 NextGen aircraft for its SATA Air Acres
regional airline.

Based on the list price of the Q400 NextGen aircraft, the value
of the contract is approximately US$113 million U.S.

SATA Air Açores has been in operation for more than sixty years
and serves all nine islands of the Azores as well as Madeira and
the Canary Islands.  Its Q400 aircraft will be configured with
80 passenger seats.

“Our current aircraft have been in service for a number of years
and it is time to replace them with new-technology, more
economical aircraft,” said António Gomes de Menezes, Chairman,
Grupo SATA.  “The Bombardier Q400 aircraft meets all of our
requirements for increased passenger and cargo capacity, cabin
comfort, lower fuel consumption and improved environmental
compatibility.”

Mr. Gomes de Menezes and the SATA team were joined by
Bombardier's Senior Vice-President of Sales, Jim Dailly, and
five other Bombardier executives in Ponta Delgada Monday for a
signing ceremony.

“The Q400 airliner continues to lead the resurgence of the
turboprop market and we are delighted that SATA Air Açores has
selected the aircraft for its fleet replacement,” said  Steven
Ridolfi, President, Bombardier Regional Aircraft.  “The
aircraft’s low operating costs, near-jet speed and excellent
cabin amenities make it a perfect solution for many short- to
medium-haul regional airline operations.”

The order disclosed Monday increases firm orders for Q400
aircraft to 300, with 190 delivered as of Jan. 31, 2008. Grupo
SATA is the fifth new customer for Bombardier Regional Aircraft
this year.

                    About Bombardier Aerospace

Bombardier Aerospace designs and manufactures aviation products
and services for the business, regional and amphibious aircraft
markets.  The company has facilities in the U.S. and Canada and
distribution centers in China, Germany, Brazil, Singapore,
Australia and Japan.

                     About Bombardier Inc.

Headquartered in Canada, Bombardier Inc. --
http://www.bombardier.com/-- (TSE:BBD.B) manufactures
innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.

The company manufactures rail equipment through its Bombardier
Transportation unit. Bombardier Transport's Europe management
office is located in Germany. The company also has production
facilities in France, Spain, Switzerland, Belgium, Italy,
Austria, Hungary, Czech Republic, Poland, Denmark, Sweden,
Norway an the United Kingdom.  Other production facilities are
located at Brazil, China, India and Australia.

                          *     *     *

As reported in the TCR-Europe on March 5, 2008, Standard &
Poor's Ratings Services said its ratings, including the 'BB'
long-term corporate credit rating, on Montreal-based Bombardier
Inc. remain on CreditWatch with positive implications, pending a
review of the company's future business and financial plans.

In January 2008, Fitch Ratings upgraded Bombardier Inc.'s
ratings, including the company's Issuer Default Rating to 'BB'
from 'BB- ', and removed the ratings from Rating Watch Positive
following the company's  early redemption of approximately
US$1.0 billion of debt.  The Rating Outlook is Positive.



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


LEN-DOR-STROY-2: St. Petersburg Bankruptcy Hearing Set Aug. 5
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 2:40 p.m. on Aug. 5, 2008, to hear the bankruptcy
supervision procedure on CJSC Building Enterprise Len-Dor-
Stroy-2.  The case is docketed under Case No. A56-53265/2007.

The Temporary Insolvency Manager is:

         V. Danilov
         Truda Str. 37
         180019 Pskov
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Building Enterprise Len-Dor-Stroy-2
         Toreza Pr. 8
         194021 St. Petersburg
         Russia


EVRAZ GROUP: Earns US$2.14 Billion for Year Ended December 31
-------------------------------------------------------------
Evraz Group S.A. reported US$2.14 billion in consolidated net
profit on US$12.81 billion in consolidated net revenues for year
ended Dec. 31, 2007, compared with US$1.38 billion in
consolidated net profit on US$8.29 billion in consolidated net
revenues for year ended Dec. 31, 2006.

As of Dec. 31, 2007, Evraz Group had US$16.38 billion in total
assets and US$10.02 billion in total liabilities, resulting to
US$6.36 billion in total shareholders' equity.

“Evraz, led by its results-driven international management team,
reported another strong financial year," Alexander Frolov, Evraz
Group’s Chairman and CEO, commented.  "Together with the
successful integration of our new assets and the organic
growth of our existing plants we have achieved record results in
our business.  Our solid platform positions the company for an
even better performance in 2008."

                          2008 Outlook

"Despite the global challenges following on the uncertainties in
the world’s financial markets, Evraz is confident about its
prospects for 2008," Mr. Frolov said.  "The market outlook for
steel appears robust: the global demand for steel products is
growing amid capacity constraints and structurally limited
supply in some regions and as a consequence steel products
prices are strong.

"Raw materials cost increases create additional opportunities
for Evraz.  Being a vertically integrated producer, Evraz is
largely protected from increasing costs of raw materials.  We
have leveraged the operations in our key market, Russia, where
we continue to grow.  Our goal is to transform Evraz into a
truly global business with a diversified geographic structure.

"We are confident in our ability to close successfully the three
transactions we announced recently, i.e. the acquisitions of
Delong Hodings, of IPSCO Canada plate and tubular
business and of a number of assets in Ukraine, as well as
successfully integrating the recent acquisitions into the
group’s business."

"We anticipate that our 2008 annual crude steel and steel
products output will reach 18.9 million tons and 18.7 million
tons, respectively, Mr. Frolov added.  "It is anticipated that
Evraz’s coal companies will produce approximately 15.1 million
tons of coal, including 10.5 million tons of coking coal, in
2008.

"The Company will stay focused on improving operating
performance and managing costs.  US$1,070 million are budgeted
for capital investments, including US$545 million for
investment projects and US$523 million for maintenance.


"In the first half of 2008, Evraz’s consolidated revenues are
expected to increase by 60-65% vs. US$6 billion in the first
half of 2007, and EBITDA is expected to grow to approximately
US$3 billion."

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd., following Evraz's
announcement of the planned acquisition of a majority stake in
Singapore-listed steel producer Delong Holdings Ltd.  At the
same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

In addition, Standard & Poor's assigned its 'BB-' long-term debt
rating to a US$3.2 billion structured credit facility.  Evraz is
the borrower, guaranteed by Mastercroft.


As reported in the TCR-Europe on Feb. 26, 2008, Fitch Ratings
affirmed Evraz Group SA's Long-term Issuer Default and senior
unsecured ratings at 'BB' and Short-term IDR at 'B'.

The affirmation follows the company's announcement that it has
agreed to purchase up to 51% of China-based, Singapore-listed
steel producer, Delong Holdings Limited.  At the same time,
Fitch has affirmed the ratings of Mastercroft Limited (Evraz's
core subsidiary with most of its assets concentrated in Russia)
at Long-term IDR 'BB' and Short-term IDR 'B'.  Evraz Securities
SA's (ES) senior unsecured rating is affirmed at 'BB'. The
Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs
are Stable.

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.


FML LTD: S&P Revises Outlook to Developing from Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Isle of Man-registered FML Ltd. (East Line Group) to
developing from stable.

At the same time the 'B-' long-term corporate credit and
'ruBBB-' Russia national scale ratings were affirmed.  East Line
is a holding company for Russia-based East Line Group, which
operates Moscow's largest airport, Domodedovo International
Airport (DME).

"The developing outlook reflects the lack of visibility
regarding East Line's creditworthiness, as it could either
improve or weaken over the next one-two years, depending on the
results of debt refinancing and litigation," said Standard &
Poor's credit analyst Eugene Korovin.

upgrade could follow the improvement of East Line's liquidity
position after the refinancing of its short-term debt and the
full resolution of outstanding litigation, with East Line
retaining control over DME.  In addition, the terms of any
financial settlements would need to not substantially impair the
group's financial profile.

A downgrade could follow East Line's failure to secure
sufficient liquidity reserves to cover its short-term debt
maturities by the end of April 2008.  If East Line loses control
over DME as a result of the pending litigation, or the final
settlement terms significantly deviate from expectations, or if
other litigation or regulatory rulings arise that significantly
impair the group's operations and financial profile, the ratings
could also come under pressure.

"The ratings remain constrained by the group's substantial
litigation risks; complex, opaque structure; and high reliance
on the leasehold and operations of DME," said Mr. Korovin.

Heavy dependence on the chairperson of East Line, limited access
to capital markets, and continuing exposure to information risk
also constrain the ratings, as do the high legal and regulatory
risks inherent in the Russian business environment and weak
liquidity in light of substantial refinancing requirements.

In March 2008, the 10th appeals arbitrage court of second
instance upheld the decision of the court of first instance to
transfer ownership of the DME airport passenger terminal to the
state.  East Line plans to appeal this decision in courts of
higher instance in the near future.

These factors are mitigated somewhat by steady growth in
passenger traffic in Moscow as an aviation hub; DME's
competitive advantage in terms of better quality, facilities,
and services; East Line management's track record in
implementing its modernization program and growth strategy at
DME; and the group's moderate debt leverage and financial
policy.

According to information provided by East Line, the group's
available liquidity reserves at March 31, 2008, were
insufficient to cover its short-term debt maturities in 2008.

East Line plans to refinance its debt maturities and secure
sufficient liquidity resources in April 2008.


NERCHINSKAYA GOLD-MINING: Creditors Must File Claim by May 1
------------------------------------------------------------
Creditors of CJSC Nerchinskaya Gold-Mining Company have until
May 1, 2008, to submit proofs of claim to:

         S. Karpov
         Insolvency Manager
         Post User Box 734
         Central Post Office
         672000 Chita
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A78-4422/2007-B -339.

The Debtor can be reached at:

         CJSC Nerchinskaya Gold-Mining Company
         Zhuravleva Str. 10
         673420 Nerchinsk
         Russia


NIZHNEKAMSKNEFTEKHIM: Fitch Holds Ratings; Outlook is Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Russia-based petrochemicals producer
OAO Nizhnekamskneftekhim's ratings at Long-term Issuer Default
'B+', senior unsecured 'B+' and Short-term IDR 'B'.  The
National Long-term rating is affirmed at 'A(rus)'.  The Outlooks
for the Long-term ratings have been changed to Positive from
Stable.

The change in Outlooks reflects Fitch's view that the NKNK's
US$889m 2006-10 capital expenditure programme is being
successfully carried out.  The associated execution risk has
reduced as NKNK completed around 63% of the planned projects in
2007.  This sizeable programme aims to improve integration, gain
economies of scale and develop high margin products (plastics,
synthetic rubbers).  Projects completed total US$560m and
include a new 180kt/year polyprolylene plant, a power plant and
upgrades/ramp-up at existing polystyrene and HIIR rubber
facilities.  These projects have consolidated NKNK's market
positions in Russia and abroad, which should support future
growth.  In line with management guidance and trends observed in
H107, Fitch expects the capacity investments and cost
rationalisation measures to translate into higher operating
earnings and improved margins for FY07.  Leverage has also
benefited from those trends and reduced from peak levels of FY05
when Gross Debt/EBITDA reached 2.7x.

NKNK's ratings are underpinned by the company's position as one
of the largest petrochemical producers in Russia, market
leadership in selected products, geographic revenue
diversification and adequate profitability.  While acting as an
economically independent company, NKNK is a key player in the
regional petrochemical industry, which, along with the oil and
gas sectors, has been identified as a strategic priority in the
development programme of the Republic of Tatarstan
('BB+'/Stable).

The ratings remain constrained by NKNK's dependence on a small
number of regional suppliers, by margins consistently below
petrochemical peers' and the continuing pressure on FCF
generation created by the execution of the remainder of the
capital expenditure programme.

In FY06, NKNK's revenue grew by 12% to RUB53.9bn with operating
EBITDAR of 11.9%. H107 unaudited accounts show revenues of
RUB32.5bn, i.e. a 20.7% growth on FY06 sales on an annualised
basis.  EBITDA was RUB4.4bn and the EBITDA margin improved to
13.7% in H107 from 11.9% in FY06. Net Debt/EBITDA reduced to
1.4x at H107 (considering annualised EBITDA) from 2.1x at FYE06
as a result of the higher operating earnings and working capital
improvements.


PROJEKT UND VERTRIEBSGESELLSCHAFT: Claims Period Ends April 10
--------------------------------------------------------------
Creditors of Projekt und Vertriebsgesellschaft International
GmbH have until April 10, 2008, to register their claims with
court-appointed insolvency manager Juergen Pflug.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Juergen Pflug
         Wilhelmshoeher Allee 169
         D 34121 Kassel
         Germany
         Tel: 0561/2075680
         Fax: 0561/20756820
         E-mail: info@pflug-achenbach.de

The District Court of Kassel opened bankruptcy proceedings
against Projekt und Vertriebsgesellschaft International GmbH on
March 7, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Projekt und Vertriebsgesellschaft International GmbH
         Attn: Dieter Katzwinkel und
               Andreas Mueller, Managers
         Rosenstrasse 2
         34253 Lohfelden
         Germany


SIB-MOST-ZHELEZOBETON: Creditors Must File Claim by May 1
---------------------------------------------------------
Creditors of LLC SIB-Most-Zhelezobeton have until May 1, 2008,
to submit proofs of claim to:

         V. Ross
         Insolvency Manager
         Post User Box 29
         630126 Novosibirsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-11689/07-29/43.

The Debtor can be reached at:

         LLC Sib-Most-Zhelezobeton
         Sadovaya Str. 7
         Toguchin
         633456 Novosibirsk
         Russia


SIBIRSKAYA MARKA: Creditors Must File Claim by May 1
----------------------------------------------------
Creditors of LLC Sibirskaya Marka have until May 1, 2008, to
submit proofs of claim to:

         V. Fursov
         Insolvency Manager
         Post User Box 300
         630102 Novosibirsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A67-2745/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sibirskaya Marka
         Staraya Yuvala
         Kozhevnikovskiy
         Tomsk
         Russia


SOBOLIS LLC: Court Names V. Tarareev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk appointed V. Tarareev as
Insolvency Manager for LLC Sobolis.  He can be reached at:

         V. Tarareev
         Post User Box 27772
         660094 Krasnoyarsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-14001/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Sobolis
         Taezhnyj
         Boguchanskiy
         Krasnoyarsk
         Russia


VELIKORUSSKOE-AGRO: Creditors Must File Claim by May 1
------------------------------------------------------
Creditors of LLC Velikorusskoe-Agro have until May 1, 2008, to
submit proofs of claim to:

         A. Lyasman
         Insolvency Manager
         Lermontova Str. 127/1
         644001 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-14999/2007.

The Debtor can be reached at:

         LLC Velikorusskoe-Agro
         Bolnichnaya Str.
         Velikorusskoe
         Kalachinskiy
         646923 Omsk
         Russia


X5 RETAIL: Completes Kama-Retail Takeover
-----------------------------------------
X5 Retail Group N.V. has completed its acquisition of
Kama-Retail company -– a former Pyaterochka franchisee in the
Perm region.

As announced on March 25, 2008, X5 Group acquired 28 soft
discount stores in Perm and the Perm region with a net selling
area of 9,300 sq. m. for a total consideration of around
US$18 million, including debt.

The total area of purchased stores is 19,900 sq. m., of which
1,900 sq. m. are wholly owned.

                        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.


YAROSLAVL-BREAD OJSC: Yaroslavl Bankruptcy Hearing Set June 10
--------------------------------------------------------------
The Arbitration Court of Yaroslavl will convene at 10:00 a.m.
on June 10, 2008, to hear the bankruptcy supervision procedure
on OJSC Yaroslavl-Bread.  The case is docketed under Case No.
A82-13865/07-30-B/68.

The Temporary Insolvency Manager is:

         V. Kondratyev
         Post User Box 42
         152935 Tybinsk-35
         Russia

The Debtor can be reached at:

         OJSC Yaroslavl-Bread
         Bazovaya Str. 2
         Yaroslavl
         Russia


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


AUTOLUGANO JSC: Creditors' Liquidation Claims Due by April 12
-------------------------------------------------------------
Creditors of JSC Autolugano have until April 12, 2008, to submit
their claims to:

         Alfredo Tosi
         Via Stazio 10
         6900 Massagno
         Lugano TI
         Switzerland

The Debtor can be reached at:

         JSC Autolugano
         Lugano TI
         Switzerland


CAFE EGGHUS: Creditors' Liquidation Claims Due by April 11
----------------------------------------------------------
Creditors of LLC Cafe Egghus have until April 11, 2008, to
submit their claims to:

         Elisabeth Hofer-Arnold
         Seilergasse 3
         6460 Altdorf UR
         Switzerland

The Debtor can be reached at:

         LLC Cafe Egghus
         Altdorf UR
         Switzerland


ELEGANTY JSC: Creditors' Liquidation Claims Due by April 11
-----------------------------------------------------------
Creditors of JSC Eleganty have until April 11, 2008, to submit
their claims to:

         Josef Kuonen
         Liquidator
         Terbinerstrasse 60
         3930 Visp VS
         Switzerland

The Debtor can be reached at:

         JSC Eleganty
         Fribourg
         Switzerland


FANTAS FISCHE: Creditors' Liquidation Claims Due by April 12
------------------------------------------------------------
Creditors of LLC Fantas Fische have until April 12, 2008, to
submit their claims to:

         Fanta Vera
         Grossmattstrasse 13
         4614 Hagendorf
         Olten SO
         Switzerland

The Debtor can be reached at:

         LLC Fantas Fische
         Herbetswil
         Thal SO
         Switzerland


IDEAL BURO: Creditors' Liquidation Claims Due by April 11
---------------------------------------------------------
Creditors of JSC Ideal Buro have until April 11, 2008, to submit
their claims to:

         Herbert Burgisser
         Im Erlimoos 2
         8355 Aadorf
         Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Ideal Buro
         Aadorf
         Frauenfeld TG
         Switzerland


K + K AUTO: Creditors' Liquidation Claims Due by April 12
---------------------------------------------------------
Creditors of JSC K+K Auto und Handel have until April 12, 2008,
to submit their claims to:

         Stefan Kanel
         Industriestrasse 5
         2557 Studen
         Nidau BE
         Switzerland

The Debtor can be reached at:

         JSC K+K Auto und Handel
         Studen
         Nidau BE
         Switzerland


TANGLIN HOLDING: Creditors' Liquidation Claims Due by April 13
--------------------------------------------------------------
Creditors of JSC Tanglin Holding have until April 13, 2008, to
submit their claims to:

         LLC SH Services
         Stampfenbachstrasse 52
         8006 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Tanglin Holding
         Zurich
         Switzerland


TELISTO JSC: Creditors' Liquidation Claims Due by April 12
----------------------------------------------------------
Creditors of JSC Telisto have until April 12, 2008, to submit
their claims to:

         Paul Scherer
         Liquidator
         Seemattstrasse 21a
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC Telisto
         Cham ZG
         Switzerland


===========
T U R K E Y
===========


* S&P Revises Outlook on Turkey's Ratings to Negative
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
ratings of the Republic of Turkey to negative from stable owing
to the increasingly fraught political and global environment
that the country faces in the near term.

At the same time, the 'BB-' long-term foreign currency and 'BB'
long-term local currency, 'B' short-term foreign and local
currency sovereign credit ratings on the Republic, and 'trAA+'
long-term and 'trA-1' short-term Turkish national scale
ratings were affirmed.  The 'BB+' transfer and convertibility
assessment on Turkey was also affirmed.

"The deteriorating macroeconomic environment threatens to
aggravate Turkey's external vulnerability and skew the risks to
its fiscal and economic prospects to the downside," said
Standard & Poor's credit analyst Farouk Soussa.

Turkey's current account registered a deficit of 5.7% of GDP and
25.0% of current account receipts in 2007. Although net inward
foreign direct investment offset 52.6% of the deficit, and
portfolio equity another 9.0%, external borrowing remained
substantial.

Since 2003, the cumulative net portfolio and debt inflow into
Turkey has amounted to 17.0% of 2007 GDP, almost 30.0% of which
was invested in domestic debt and equity markets.  This massive
cumulative inflow has subjected the relatively shallow Turkish
domestic and foreign exchange markets to pronounced downswings
when foreign investors withdraw their funds en masse in response
to either changing global liquidity conditions, or a perceived
increase in domestic risk.  Such swings may have a detrimental
effect on Turkey's creditworthiness if they are prolonged,
raising the government's financing costs and negatively
impacting the domestic economy.

"In recent months, global liquidity conditions have been
deteriorating, darkening Turkey's financing outlook, and
heightened domestic political uncertainty significantly
exacerbates this effect," added Mr. Soussa.

The ratings on Turkey remain supported by the government's track
record of sound economic and fiscal management, and the
significant structural improvements these have yielded to
Turkey's public finances since 2001.  Moreover, since 2003,
privatization and foreign investment have picked up
considerably, and real economic growth has averaged almost 7%.

"The increasingly challenging political and global environment
that Turkey faces in the near term raises the likelihood of a
prolonged deterioration in Turkey's financing conditions," added
Mr. Soussa.

The outlook will revert to stable if the government demonstrates
that it can successfully manage the deterioration in the global
economic environment and the political uncertainties it faces.
At the same time, S&P expects the sovereign to maintain most of
what it has achieved in recent years through prudent fiscal and
monetary policies.  Conversely, a significant fiscal
slippage, or further prolonged deterioration in financing
conditions, could put pressure on the ratings.


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


CHMEL LLC: Creditors Must File Claims by April 12
-------------------------------------------------
Creditors of LLC Firm Chmel (code EDRPOU 33270424) have until
April 12, 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 proceedings
against the company after finding it insolvent on Feb. 5, 2008.
The case is docketed as 21/5b.

The Debtor can be reached at:

         LLC Firm Chmel
         Oboronnaya Str. 112a
         91000 Lugansk
         Ukraine


KIEV YEAST: Creditors Must File Claims by April 13
--------------------------------------------------
Creditors of OJSC Kiev Yeast Plant (code EDRPOU 00383314) have
until April 13, 2008, to submit proofs of claim to:

         Pavel Solomianiuk
         Liquidator
         Apartment 1
         Baseynaya Str. 13
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 28, 2008.
The case is docketed as 23/18-b.

The Court is located at:

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


KOCHUBEY LLC: Creditors Must File Claims by April 12
----------------------------------------------------
Creditors of LLC Kochubey (code EDRPOU 30403956) 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 Jan. 30, 2008.
The case is docketed as 43/448.

The Debtor can be reached at:

         LLC Kochubey
         Melnikov Str. 12
         Kiev
         Ukraine


RUSIN CJSC: Proofs of Claim Deadline Set April 13
-------------------------------------------------
Creditors of CJSC Rusin (code EDRPOU 21644026) have until
April 13, 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 the bankruptcy supervision
procedure on the company Jan. 23, 2008.  The case is docketed as
43/652.

The Debtor can be reached at:

         CJSC Rusin
         Druzhkovskaya Str. 6
         Kiev
         Ukraine


STAROBOLSK PROVISIONS: Creditors Must File Claims by April 12
-------------------------------------------------------------
The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 22, 2008.
The case is docketed as 22/63b.
Creditors of LLC Starobolsk Provisions Plant (code EDRPOU
00377360) have until April 13, 2008, to submit proofs of claim
to:

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

The Debtor can be reached at:

         LLC Starobolsk Provisions Plant
         Lugovaya Str. 1
         Starobolsk
         Lugansk
         Ukraine


TECHKIM SALE-5 LLC: Creditors Must File Claims by April 13
----------------------------------------------------------
Creditors of LLC Techkim Sale-5 (code EDRPOU 33921846)have until
April 13, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B 11/046-08.

The Debtor can be reached at:

         LLC Techkim Sale-5
         Lenin Str. 57
         Siniak
         Vishgorod District
         07351 Kiev
         Ukraine


TULCHIN BUTTER: Creditors Must File Claims by April 12
------------------------------------------------------
Creditors of OJSC Tulchin Butter Cheese Plant (code EDRPOU
004445447) have until April 12, 2008, to submit proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 14, 2008.
The case is docketed as 10/209-07.

The Debtor can be reached at:

         OJSC Tulchin Butter Cheese Plant
         Colonel Ganzha Str. 16
         Tulchin
         Vinnica
         Ukraine


VELIKIY MYTNIK: Creditors Must File Claims by April 12
------------------------------------------------------
Creditors of OJSC Velikiy Mytnik Poultry Factory (code EDRPOU
05521175) have until April 12, 2008, to submit proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 19, 2008.
The case is docketed as 10/173-05.

The Debtor can be reached at:

         OJSC Velikiy Mytnik Poultry Factory
         Velikiy Mytnik
         Hmelnik District
         Vinnica
         Ukraine


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


A M DISTRIBUTION: M. H. Abdulali Leads Liquidation Procedure
------------------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of A M
Distribution UK Ltd. on March 12 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England


AFFORDABLE AUTOMATION: Taps Administrators from Milner Boardman
---------------------------------------------------------------
Gary Corbett and Darren Brookes of Milner Boardman & Partners
were appointed joint administrators of Affordable Automation
Ltd. (Company Number 02678818) on March 25, 2008.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides
financial accounting and business advisory services.

The company can be reached at:

          Affordable Automation Ltd.
          Unit 21
          The Bridgewater Centre
          Manchester
          Lancashire
          M41 7TE
          England
          Tel: 0161 747 1890
          Fax: 0161 747 1891
          Web site: http://www.affordableautomation.co.uk/


ARTHUR BRETT: Administrators Sell Assets to Globerite
-----------------------------------------------------
Deloitte & Touche LLP, the administrators of Arthur Brett & Sons
Ltd. Disclosed the sale of the business and assets as a going
concern to Globerite Limited, a subsidiary of McLaren Interiors.
Globerite is a new company set up for the transaction.

The sale includes Arthur Brett’s showrooms in Chelsea, Pimlico
and North Carolina and all 22 staff will be transferred to the
new owners.

"Customers, suppliers and employees of the company have been
extremely supportive during the period of administration
trading.  This successful outcome is a testament to the hard
work of the workforce under very difficult circumstances," Angus
Martin, Arthur Brett's administrator disclosed.

McLaren Interiors Ltd. specializes in manufacturing and
supplying the highest quality furniture to the designer and
specifier markets worldwide under the David Salmon brand.

"Acquiring Arthur Brett was a natural choice for our group, it
sits well with our existing business that currently operates at
the highest quality level and will play a key role in
implementing our growth strategy.  We very much look forward to
continuing Arthur Brett in the very best tradition of quality
and service," David Salmon, McLaren's managing director said.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in Norwich, England, Arthur Brett & Sons Ltd. --
http://www.arthurbrett.com/-- manufactures furniture.


CELTIC LTD: Appoints Leslie Ross as Liquidator
----------------------------------------------
Leslie Ross of Grant Thornton UK LLP was appointed liquidator of
Celtic (Gwynedd) Ltd. on March 19 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Grant Thornton UK LLP
         4 Hardman Square
         Spinningfields
         Manchester
         M3 3EB
         England


DUTY FREE: Brings In Liquidators from BDO Stoy Hayward
------------------------------------------------------
Dermot Justin Power and Toby Scott Underwood of BDO Stoy Hayward
LLP were appointed joint liquidators of Duty Free Warehousing
Ltd. on March 14 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1WE
         England


EMI GROUP: Douglas Merrill Leads Digital Music Business
-------------------------------------------------------
EMI Music has appointed Google's chief information officer and
one of its most senior global executives, Douglas Merrill, to
lead its growing digital music business.

As president of EMI Music's digital business, Mr. Merrill will
head a new global function which brings together for the first
time leadership responsibility for all of the company's digital
strategy, innovation, business development, supply chain and
global technology activities.

"Douglas is a proven agent of change who combines broad business
intellect with a deep engineering background.  He has been a key
member of the management team at Google which has created more
value than any other consumer internet company by focusing
relentlessly on tools that enable consumers to do things more
effectively.  His experience, talents and his ability to drive
innovation will be enormously valuable to EMI and to its
artists," Guy Hands, CEO of Terra Firma and chairman of EMI
Group disclosed.

"I have two passions.  One is creating platforms and tools that
make it easier for consumers to achieve their goals.  The other
is music.  This exciting new role at EMI is a unique opportunity
for me to be able to put those two passions to work together and
help deliver EMI’s objective of providing the best services in
the world to consumers and musicians," Mr. Merrill said.

Merrill starts work at EMI on April 28, 2008, and will be based
at EMI Music’s Los Angeles headquarters in the Capitol Tower.
He will report to Guy Hands.

Douglas Merrill joined Google late in 2003.  During his five
years with the company, he rose to become chief information
officer and vice president of engineering, responsible for all
billing and revenue technology and processes for Google
worldwide, together with internal engineering and support
worldwide.

He has led multiple strategic efforts including Google’s 2004
IPO and its related investor program and regulatory activities.
He was also responsible for the 2006 launch of Google Checkout,
which is now a multi-billion dollar business.  In 2007 he was
tasked with leading the turnaround of Google’s radio advertising
business which he put back on a growth trajectory.  Most
recently, he was asked by Google CEO, Eric Schmidt, to drive
Google’s strategy and business development activity in the
Middle East and sub-Saharan Africa, the two fastest growing
broadband populations in the world.

Previously, Douglas was a senior vice president at Charles
Schwab and Co, one of America’s largest financial services
providers.  At Schwab, he was responsible for such functions as
information security, common infrastructure, and human resources
strategy and operations.  Prior to his tenure there, Douglas
worked at Price Waterhouse in security implementation practices.
Before that, he was an information scientist at the RAND
Corporation, where he studied topics such as computer simulation
in education, team dynamics and organizational effectiveness.

Douglas holds a BA from the University of Tulsa in Social and
Political Organisation, and an MA and Ph.D. in Psychology from
Princeton University.


FRANKLIN M & E: Appoints Administrators from Tenon Recovery
-----------------------------------------------------------
T.J. Binyon and D.R. Beat of Tenon Recovery were appointed joint
administrators of Franklin M & E Services Ltd. (Company Number
1809715) on March 27, 2008.

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

Headquartered in London, England, Franklin M & E Services Ltd.
is engaged in general mechanical engineering.


MARYLEBONE ROAD: Moody's Puts Notes' Ratings Under Review
---------------------------------------------------------
Moody's Investors Service placed the ratings of three classes of
notes issued by Marylebone Road CBO 3 B.V. on watch for possible
downgrade.  The transaction is a synthetic CDO referencing
mainly North American and European corporate names.  This action
has has been prompted by a gradual deterioration in the general
credit quality of the reference portfolio since our last review.

The rating actions are:

Marylebone Road CBO 3 B.V.:

       (1) EUR38,250,000 Class A-1 Floating Rate Credit-Linked
           Notes due 2013

           Current Rating: Aaa, on review for downgrade
           Prior Rating: Aaa

       (2) EUR21,250,000 Class A-2 Floating Rate Credit-Linked
           Notes due 2013

           Current Rating: A1, on review for downgrade
           Prior Rating: A1

       (3) EUR29,750,000 Class A-3 Floating Rate Credit-Linked
           Notes due 2013

           Current Rating: Ba1, on review for downgrade
           Prior Rating: Ba1


MONUMENT GARAGE: Brings In Administrators from Tenon
----------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint administrators of Monument Garage Ltd.
(Company Number 01834268) on March 25, 2008.

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

The company can be reached at:

          Monument Garage Ltd.
          Chapel Street
          Bridlington
          North Humberside
          YO15 1LH
          England
          Tel: 01262 850 326


NORTHERN ROCK: MPs Favor Public Ownership Share Transfer Order
--------------------------------------------------------------
To the dismay of the Conservative Party, MPs voted 322 to 124 in
favor of transferring Northern Rock plc's shares to public
ownership in the wake of a European Commission probe into the
bank's business plan, Breaking News reports.

However, shadow Treasury minister Mark Hoban argued "the
Government has gambled our future and our money on Ron Sandler
and his management team," claiming Northern Rock will lose its
highest quality mortgage customers over the coming years,
Breaking News relates.

"The overall quality of the loan book will deteriorate as people
who can't find an alternative are forced to stick with the
standard variable rate that Northern Rock offers," Mr. Hoban was
quoted by Breaking News as saying.

The shadow Treasury minister, Breaking News reveals, also
expressed doubts on the ability of the bank to repay its
GBP24 billion (EUR30.45 billion) public debt by 2010.

Treasury Chief Secretary Yvette Cooper, on the other hand,
claimed the share transfer order provides the best deal for the
taxpayer, Breaking News discloses.

Mrs. Cooper, the paper adds, called Conservative Party's bid to
reverse the share transfer "an utterly irresponsible approach,"
considering the global credit crunch.

                     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.


PACIFIC CONTINENTAL: Taps Liquidators from Smith & Williamson
-------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint liquidators of Pacific
Continental Securities (UK) Ltd. on March 21 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


SBD FABRICATIONS: Claims Filing Period Ends April 30
----------------------------------------------------
Creditors of SBD Fabrications Ltd.  (formerly Azzmoore Ltd) have
until April 30, 2008  to prove their debts by sending written
statements of the amount they claim to be due to them from the
company to:

         Frank Wessely
         Joint Liquidator
         Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Frank Wessely and Peter Hughes-Holland of Vantis were appointed
joint liquidators of the company on March 20 for the creditors'
voluntary winding-up proceeding.


SETTEN AND DURWARD: Sells Business to ZCOM
------------------------------------------
Setten and Durward Ltd.'s joint administrators Rob Lewis and
Ross Connock of PricewaterhouseCoopers LLP disclosed the sale of
the business as a going concern to ZCOM Limited who will
continue to trade the company as Setten IXL.

The sale secures the employment of 150 people at its factory in
Llandrindod Wells in Powys, Wales.

ZCOM Limited is a company owned by Alan Morris who has 17 years
experience in the stationery industry and has other companies in
the same field.

"We are very pleased to be able to announce the sale of Setten
and Durward, which ensures a well respected local company can
continue to trade into the future and over 150 local jobs have
been secured.  The sale was completed following an eight week
period of trading in administration, throughout which we were
delighted by the support of the employees, customers and
suppliers and I would like to thank them for their help
throughout this very difficult time," Rob Lewis disclosed.

"The company has gone through major upheaval and what we must do
now is work hard and be positive for the future," Alan Morris,
Setten IXL managing director added.

Setten and Durward called in administrators on Feb. 5, 2008.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Llandrindod Wells, Wales, Setten and Durward
Ltd. specializes in the manufacture of stationery products such
as ringbinders, lever arch files and boxfiles, for supply
primarily to stationery suppliers and wholesalers and also to
the retail industry.  The company employs around 150 people at
its factory.


TOWERSPIRE PROPERTIES: Hires Liquidators from Mazars
----------------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of Towerspire Properties Ltd. on Feb. 28 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         8 New Fields
         2 Stinsford Road
         Poole
         BH17 0NF
         England


TOYZONE LTD: Brings In KPMG to Administer Assets
------------------------------------------------
David Crawshaw and Richard Hill of KPMG Restructuring were
appointed joint administrators of toy retailer Toyzone Ltd. and
administrative receivers of its parent company Youngsters Ltd.

"Unfortunately, conditions in the sector over the Christmas
period, which is traditionally the peak time for toy retailers,
were tougher than expected resulting in increased cash flow
pressure which the companies could no longer sustain.  We are
now reviewing options for both parts of the group and hope to
secure a buyer for its business and assets," Mr. Crawshaw
disclosed.

Youngsters Ltd.  is the ultimate parent company of Toyzone Ltd.
and acts as a buying group for independent toy retailers
throughout the U.K.  It operates from a warehouse facility in
Wallingford, South Oxfordshire, employing 20 people.

Following the appointment, all 20 stores will continue to trade
while the administrators seek a buyer for the stores either as
chain or as individual outlets.

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.

Toyzone Ltd. operates 20 retail outlets in locations in the
South East, South West, Wales, the Thames Valley, Yorkshire,
Durham and Northern Ireland and employs 200 members of staff.


TURBO EXPRESS: Taps Joint Administrators from Begbies Traynor
-------------------------------------------------------------
David Paul Hudson and Mark Fry of Begbies Traynor (South) LLP
were appointed joint administrators of Turbo Express Freight
Ltd. (Company Number 02998037) on March 17, 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:

          Turbo Express Freight Ltd.
          10 Homefield Road
          Haverhill
          Suffolk
          CB9 8QP
          England
          Tel: 01440 705 544
          Fax: 01440 708 146


YOUNGSTERS LTD: Appoints Administrative Receivers from KPMG
-----------------------------------------------------------
David Crawshaw and Richard Hill of KPMG Restructuring were
appointed joint administrators of toy retailer Toyzone Ltd. and
administrative receivers of its parent company Youngsters Ltd.

"Unfortunately, conditions in the sector over the Christmas
period, which is traditionally the peak time for toy retailers,
were tougher than expected resulting in increased cash flow
pressure which the companies could no longer sustain.  We are
now reviewing options for both parts of the group and hope to
secure a buyer for its business and assets," Mr. Crawshaw
disclosed.

Toyzone Ltd. operates 20 retail outlets in locations in the
South East, South West, Wales, the Thames Valley, Yorkshire,
Durham and Northern Ireland and employs 200 members of staff.

Following the appointment, all 20 stores will continue to trade
while the administrators seek a buyer for the stores either as
chain or as individual outlets.

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.

Youngsters Ltd.  is the ultimate parent company of Toyzone Ltd.
and acts as a buying group for independent toy retailers
throughout the U.K.  It operates from a warehouse facility in
Wallingford, South Oxfordshire, employing 20 people.


* Beard Group Launches Intellectual Property Prospector
-------------------------------------------------------
The Beard Group has developed the Intellectual Property
Prospector weekly e-newsletter to support the efforts of firms
and individuals interested in identifying opportunities in the
specific area of intellectual property, which includes patents,
trademarks, trade secrets, and licenses, among others.

The Intellectual Property Prospector identifies United States
and foreign companies filing for bankruptcy or reporting other
financial difficulty and profiles their ownership of
intellectual property.  It is compiled weekly and delivered
electronically to subscribers every Monday.

A six-month subscription to the Intellectual Property Prospector
is available at US$575, payable in advance and can be obtained
by calling Beard Group Customer Service at 240-629-3300, ext. 1
or by visiting the Intellectual Property Data Depot at
http://www.ipdatadepot.com.  All subscriptions entered are
continued until canceled.

The Beard Group, based outside of Washington, D.C. in Frederick,
Maryland, offers a comprehensive range of leading-edge products
and services to legal and business professionals.  The Beard
Group produces both print and web publishing products, databank
document search and delivery, and conferences.

      Contact: Beard Group Customer Service
      Telephone: 240-629-3300, ext. 1
      subscriptions@beard.com
      http://www.ipdatadepot.com

      Beard Group
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      Voice 240-629-3300 (USA 011).
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* BOOK REVIEW: Building American Cities: The Urban Real Estate
               Game
-------------------------------------------------------------

Author:     Joe R. Feagin and Robert E. Parker
Publisher:  Beard Books
Paperback:  332 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIn/1587981483/internetbankru
pt

This book is a volatile story of social conflict that rends the
very fabric of our society, but in the end gives shape to our
urban centers.

This second edition is the startling story of how American
cities emerge, grow, change, contract, decay, and become
resuscitated.

With keen insight, the authors analyze urban social processes,
such as population migration to suburbia and the effect of
foreign capital investment on U.S. real estate ventures.

Examining patterns in the location, development, financing, and
construction decisions of small and large corporations, the book
looks at the interplay of industrial and development
corporations with various levels of government.

In addition to political aspects, it reflects on the social
costs of unbridled urban growth and decline, pollution, wasted
energy, congestion, and the negative impact on minorities.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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