TCREUR_Public/080407.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, April 7, 2008, Vol. 9, No. 68

                            Headlines


A U S T R I A

CERCLE DELUXE: Claims Registration Period Ends April 30
DR. E. SPINDLBOECK: Claims Registration Period Ends April 9
HOCHSEILGARTEN DONNERSKIRCHEN: Claims Registration Ends April 21
INDASIA LTD: Claims Registration Period Ends April 15
PROT. FIRMA: Claims Registration Period Ends April 25

SCHLOSSRESTAURANT THUERNLHOF: Claims Registration Ends April 25


G E R M A N Y

AUTO-TEILE-UNGER: S&P Holds Ratings on Covenant Waiver
AUTOHAUS FRIEDRICHSORT: Claims Registration Ends April 24
BAUTROCKENLEGUNG R. PETZOLD: Claims Registration Ends April 21
BRACHMANN SILOSPEDITION: Claims Period Ends April 29
BRILLIANCE GEBAUDEREINIGUNG: Claims Period Ends April 21

ELCO-PRO INDUSTRIEAUTOMATION: Claims Period Ends May 2
EURO-MARKET-ADVERTISING: Claims Registration Ends April 21
FAHRZEUGDIAGNOSE-SCHWENDOWIUS: Claims Registration Ends April 21
GAS BISCHOFF: Claims Registration Ends April 24
HQL HODORFF: Claims Registration Period Ends April 23

JAN ERDWIRTSCHAFT: Claims Registration Ends April 24
JP TRANSPORT: Claims Registration Period Ends April 21
K & M EXPRESS: Claims Registration Period Ends April 23
KOESTER-JARGOW GMBH: Claims Registration Ends April 24
L&J BAUGESELLSCHAFT: Claims Registration Period Ends April 23

LUTHER GMBH: Claims Registration Period Ends April 23
MBF METALLBAU: Claims Registration Period Ends April 21
MIDLOG GMBH: Claims Registration Ends April 24
MODELLBAHN OEHLER: Claims Registration Period Ends May 5
OBERSTRASSE 135: Claims Registration Period Ends April 21

OEZ GMBH: Claims Registration Ends April 24
PROMISE-K 2006-1: Moody's Ups Ratings on Notes
SPECTRUM BRANDS: Shareholders' Meeting Scheduled on April 9
SPECTRUM BRANDS: Fitch Holds CCC ID Rating with Negative Outlook
TOP TWO: Claims Registration Period Ends April 23

VERSATEL AG: S&P Lowers Long-Term Corporate credit Rating to B+
WEIN-FUER-ALLE: Claims Registration Period Ends April 23
WILDE GASTRO: Claims Registration Period Ends May 2


H U N G A R Y

SZOBI SZORP: Bankrupt and Undergoing Liquidation


I T A L Y

ALITALIA SPA: Board Names Aristide Police as Chairman
MELIORBANCA SPA: Fitch Cuts Individual Rating to 'D' from 'C/D'


K A Z A K H S T A N

EXPO-TRADE LTD: Creditors Must File Claims by May 2
FK TRANS: Claims Deadline Slated for  May 2
JARTAS LLP: Claims Filing Period Ends May 2
KAZ HIDES: Creditors' Claims Due on  May 2
MANGISTAU LAND: Claims Registration Ends May 2

MARAL-2 LLP: Creditors Must File Claims by May 2
RENDESERVICE LLP: Claims Deadline Slated for May 2
S-INVEST LLP: Claims Filing Period Ends May 2
SPETS TECH: Creditors' Claims Due on May 2
TECHNO-PARTNER LLP: Claims Registration Ends May 2


K Y R G Y Z S T A N

GOLDEN WINGS: Creditors Must File Claims by May 2
PROGRESS LTD: Claims Filing Period Ends May 7


L U X E M B O U R G

EVRAZ GROUP: Launches Syndication of US$2.1 Billion Loan
PIN GROUP: Administrator Say 1,800 Jobs Already Saved


N E T H E R L A N D S

HEXION SPECIALTY: Dec. 31 Balance Sheet Upside-Down by US$1 Bil.


N O R W A Y

NORSKE SKOG: Objects to Analyst's “Technically Bankrupt” Opinion
NORSKE SKOGINDUSTRIER: Election Committee Proposes Board Members


R U S S I A

AGRO-INVEST CJSC: Belgorod Bankruptcy Hearing Slated for June 26
AKTEON LLC: Ryazan Bankruptcy Hearing Slated for June 10
FURNITURE-MAKER: Creditors Must File Claims by May 15
KOMPAS CJSC: Creditors Must File Claims by April 15
MARKET-TRADE LLC: Moscow Bankruptcy Hearing Slated for June 24

MOBILE TELESYSTEMS: Offers US$1 Bln to Buy 97% of Smarts
NEFTEK CJSC: Tambov Court Names O. Feldman as Insolvency Manager
ROSNEFT OIL: Total Proved Reserves Hikes 8% in 2007
SHATSKIY LIQUEUR-VODKA: Asset Sale Slated for April 15
SISTEMA JSFC: Sistema-Hals Sells 22 Rochdelskaya Project

YURYEVSKIY BAKERY: Creditors Must File Claims by April 15


S P A I N

LABARO GRUPO: Seeks Protection from Creditors
MARTINSA-FADESA SA: Inks Restructuring Deal with Creditors


S W I T Z E R L A N D

BE & KA FLACHDACH: Creditors' Liquidation Claims Due by April 14
FELNAG JSC: Creditors' Liquidation Claims Due by April 14
GSB TRUST: Creditors' Liquidation Claims Due by April 15
JOSEF GANDER: Creditors' Liquidation Claims Due by April 14
MERISANT COMPANY: Moody's Withdraws Ratings on US$245MM Loans

ONDULBOX JSC: Creditors' Liquidation Claims Due by April 13
PNEU CENTER: Creditors' Liquidation Claims Due by April 13
SAGAFIL JSC: Creditors' Liquidation Claims Due by April 14
WIREMAS JSC: Creditors' Liquidation Claims Due by April 13
X-RITE INC: Provides Update on 1Q 2008 Revenue Expectations


T U R K E Y

EXPORT CREDIT BANK: S&P Revises Outlook to Negative from Stable

* Istanbul's Ratings Outlook Revised to Negative by S&P

* S&P Revises Outlook on Seven Financial Institutions


U K R A I N E

ASTRA LLC: Creditors Must File Claims by April 13
BEKAS LLC: Creditors Must File Claims by April 13
LISICHANSK COMBINE: Creditors Must File Claims by April
REMPLER LLC: Creditors Must File Claims by April 13
SOLO-CAPITAL: Creditors Must File Claims by April 13

UKRAINAIN FUEL: Creditors Must File Claims by April 13
UMT-1 LLC: Proofs of Claim Deadline Set April 13


U N I T E D   K I N G D O M

ARLINGTON LEISURE: Brings In Administrators from Baker Tilly
BAKER AND EDGOOSE: Taps Liquidators from Baker Tilly
BRITISH AIRWAYS: T5 Opening Financial Impact Reaches GBP16 Mln
CASTLE FINANCE: S&P Cuts Rating on Series 4 Notes to BB+
CELLTEK COMMUNICATIONS: Goes Into Liquidation

CHALLENGE EMPLOYMENT: Creditors' Meeting Slated for April 9
JEREMY WATSON: Appoints Administrators from P&A
NORTHERN ROCK: Treasury Must Assure Preference Holders' Priority
OIC RUN-OFF: Scheme Creditors to Get Additional 3%
QUEBECOR WORLD: Obtains Final Nod on US$1 Bln. DIP Facility

QUEBECOR WORLD: Payment of US$3 Mil. Sales Commissions Approved
QUEBECOR WORLD: Has Until June 4 to File Schedules & Statements
R G C CONTRACTING: Brings In Liquidators from Vantis
RANK GROUP: Genting Dismisses Speculation Over Takeover Offer
RARE INNS: Taps Joint Administrators from Baker Tilly

ROBS VALETING: Calls In Liquidators from Tenon Recovery
SPLASHPOWER LTD: Names Joint Administrators from Baker Tilly


* BOND PRICING: For the Week March 31 to April 4, 2008


                            *********


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


CERCLE DELUXE: Claims Registration Period Ends April 30
-------------------------------------------------------
Creditors owed money by LLC Cercle Deluxe Marketing (FN 292075y)
have until April 30, 2008, to file written proofs of claim to
court-appointed estate administrator Susanne Fruhstorfer at:

          Dr. Susanne Fruhstorfer
          c/o  Dr. Michael Guenther
          Seilerstatte 17
          1010 Vienna
          Austria
          Tel: 512 57 76
          E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 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 29/08i).  Michael
Guenther represents Dr. Fruhstorfer in the bankruptcy
proceedings.


DR. E. SPINDLBOECK: Claims Registration Period Ends April 9
-----------------------------------------------------------
Creditors owed money by LLC Dr. E. Spindlboeck (FN 192135b) have
until April 9, 2008, to file written proofs of claim to court-
appointed estate administrator Georg Freimueller at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Gerasdorf bei Wien, Austria, the Debtor
declared bankruptcy on March 7, 2008  (Bankr. Case No. 36 S
27/08z).  Erwin Senoner represents Dr. Freimueller in the
bankruptcy proceedings.


HOCHSEILGARTEN DONNERSKIRCHEN: Claims Registration Ends April 21
----------------------------------------------------------------
Creditors owed money by LLC Hochseilgarten Donnerskirchen Er-
richtungs-und Betriebs & Co KEG (FN 262759k) are encouraged to
attend the creditors' meeting at 9:45 a.m. on April 21, 2008.

The creditors' meeting will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Donnerskirchen, Austria, the Debtor declared
bankruptcy on March 7, 2008 (26 S 25/08s). Peter Hajek jun.
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

          Dr. Peter Hajek jun.
          Blumengasse 5
          7000 Eisenstadt
          Austria
          Tel: 02682/63108
          Fax: 02682/65640
          E-mail: eisenstadt@hbw.co.at


INDASIA LTD: Claims Registration Period Ends April 15
-----------------------------------------------------
Creditors owed money by Indasia Ltd. (FN 229928f) have until
April 15, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Schwarz at:

          Dr. Michael Schwarz
          Josefstrasse 13
          3100 St. Poelten
          Austria
          Tel: 02742/72 222
          Fax: 02742/72 222-10
          E-mail: kanzlei@tws-rae.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on March 6, 2008 (Bankr. Case No. 14 S 31/08m).


PROT. FIRMA: Claims Registration Period Ends April 25
-----------------------------------------------------
Creditors owed money by LLC prot. Firma Sabine Tschenet (FN
235382a) have until April 25, 2008, to file written proofs of
claim to court-appointed estate administrator Christian Bachmann
at:

          Dr. Christian Bachmann
          Opernring 8
          1010 Vienna
          Austria
          Tel: 512 87 01
          Fax: 513 82 50
          E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 7, 2008 (Bankr. Case No. 28 S 40/08y).


SCHLOSSRESTAURANT THUERNLHOF: Claims Registration Ends April 25
---------------------------------------------------------------
Creditors owed money by LLC Schlossrestaurant Thuernlhof
Veranstaltung u. Betrieb (FN 233062p) have until April 25, 2008,
to file written proofs of claim to court-appointed estate
administrator Johannes Mueller at:

          Dr. Johannes Mueller
          Landhausgasse 4
          Minoritenplatz 6
          1010 Vienna
          Austria
          Tel: 535 06 82
          Fax: 535 06 829
          E-mail: borth.mueller@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 7, 2008 (Bankr. Case No. 28 S 39/08a).


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


AUTO-TEILE-UNGER: S&P Holds Ratings on Covenant Waiver
------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B-' long-term
corporate credit rating on Germany-based auto parts retailer and
integrated workshop operator A.T.U. Auto-Teile-Unger.

S&P also affirmed the 'CCC' debt rating on the EUR150 million
subordinated bond, maturing 2014, issued by finance vehicle
A.T.U Auto-Teile-Unger Investment Gmbh & Co. KG, which is
guaranteed by ATU.  The ratings were removed from CreditWatch,
where they were placed on Jan. 11, 2008, with negative
implications, owing to S&P's concern that, as of financial
year-end 2007, the company could have breached its consolidated
leverage ratio covenants under its bank credit agreement.  The
outlook is negative.

The rating affirmation and removal from CreditWatch follow ATU's
announcement that it has been granted a covenant waiver, as well
as an amendment to its senior credit facility.  Both are subject
to the injection of EUR140 million equity by the company's
shareholders Kohlberg Kravis Roberts & Co. and Doughty Hanson.

ATU's lenders have agreed to suspend financial covenants
relating to its senior debt for the first three quarters of 2008
and to renegotiate new covenants.  "This should give the company
enough headroom to comply with lenders' requirements, assuming
its weak 2007 operating performance doesn't deteriorate
further," said Standard & Poor's credit analyst Anna Stegert.

ATU's new operating strategy is to focus primarily on improving
its customer-service orientation, lowering the group's high
dependence on weather-dependent winter-tire sales, and reducing
its fixed-cost base.  Although the benefits of the first two
measures can only be realized in the medium to long term, the
cost reductions are likely to have a more immediate effect on
operating results.

Standard & Poor's expects the company's liquidity to improve
significantly after KKR's EUR140 million equity injection,
planned for April 2008.  However, the outlook is negative
because we also expect market conditions to remain challenging.
"This could lead to continued weak operating performance,
particularly if the company's reviewed strategy fails," said Ms.
Stegert.


AUTOHAUS FRIEDRICHSORT: Claims Registration Ends April 24
---------------------------------------------------------
Creditors of Autohaus Friedrichsort Beteiligungsgesellschaft mbH
have until April 24, 2008 to register their claims with court-
appointed insolvency manager Ute Jacob.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Deliusstr. 22
         Kiel
         Germany

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

The insolvency manager can be reached at:

         Ute Jacob
         Lorentzendamm 19
         24103 Kiel
         Germany
         Tel: 0431/319110
         Fax: 0431/3191111

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

The Debtor can be reached at:

         Autohaus Friedrichsort Beteiligungsgesellschaft mbH
         Attn: Jens Rathje, Manager
         Friedrichsorter Str. 74
         24159 Kiel
         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


BRACHMANN SILOSPEDITION: Claims Period Ends April 29
----------------------------------------------------
Creditors of Brachmann Silospedition und Baustoffe GmbH have
until April 29, 2008, to register their claims with court-
appointed insolvency manager Dr. Christoph Munz.

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 Erfurt
         Hall 12
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Munz
         Domplatz 11
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Brachmann Silospedition und Baustoffe GmbH on
March 27, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Brachmann Silospedition und Baustoffe GmbH
         Attn: Ronald Brachmann, Manager
         Am Arzbach 1
         99869 Sonneborn
         Germany


BRILLIANCE GEBAUDEREINIGUNG: Claims Period Ends April 21
--------------------------------------------------------
Creditors of Brilliance Gebaudereinigung & Dienstleistungen GmbH
have until April 21, 2008, to register their claims with court-
appointed insolvency manager Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on 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 Darmstadt
         Hall 4.312
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Darmstadt opened bankruptcy proceedings
against Brilliance Gebaudereinigung & Dienstleistungen GmbH on
March 26, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Brilliance Gebaudereinigung &
         Dienstleistungen GmbH
         Erlenbacher Str. 4
         64711 Erbach
         Germany

         Attn: Ali Kaydul, Manager
         Heinrich-Heine-Str. 32
         64711 Erbach
         Germany


ELCO-PRO INDUSTRIEAUTOMATION: Claims Period Ends May 2
------------------------------------------------------
Creditors of ELCO-PRO Industrieautomation, Entwicklungs- und
Produktions Verwaltungs GmbH have until May 2, 2008, to register
their claims with court-appointed insolvency manager Dr. Petra
Mork.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against ELCO-PRO Industrieautomation, Entwicklungs- und
Produktions Verwaltungs GmbH on March 20, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         ELCO-PRO Industrieautomation, Entwicklungs- und
         Produktions Verwaltungs GmbH
         Olpe 16
         44135 Dortmund
         Germany

         Attn: Roland Giller, Manager
         Friedhofstr. 15
         44536 Luenen
         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


GAS BISCHOFF: Claims Registration Ends April 24
-----------------------------------------------
Creditors of gAs Bischoff GmbH have until April 24, 2008 to
register their claims with court-appointed insolvency manager
Carl-Heinrich Klek.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Carl-Heinrich Klek
         Berliner Str. 2, D
         63065 Offenbach am Main
         Germany
         Tel: 069/8290000
         Fax: 810403
         E-mail: klek@klek-offenbach.de

The District Court of Offenbach am Main opened bankruptcy
proceedings against gAs Bischoff GmbH on Feb. 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         gAs Bischoff GmbH
         Hochstadter Str. 4
         63110 Rodgau
         Germany


HQL HODORFF: Claims Registration Period Ends April 23
-----------------------------------------------------
Creditors of HQL Hodorff Qualitatslogistik GmbH have until
April 23, 2008, to register their claims with court-appointed
insolvency manager Gideon Boehm.

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

The meeting of creditors will be held at:

          The District Court of Hamburg
          Hall B 405
          Fourth Floor
          Civil Justice Bldg.
          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:

          Dr. Gideon Boehm
          Bachstrasse 85 a
          22083 Hamburg
          Germany

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

The Debtor can be reached at:

          HQL Hodorff Qualitatslogistik GmbH
          Attn: Heinrich Gerd Hodorff, Manager
          Banksstrasse 28
          20097 Hamburg
          Germany


JAN ERDWIRTSCHAFT: Claims Registration Ends April 24
----------------------------------------------------
Creditors of JAN Erdwirtschaft GmbH have until April 24, 2008 to
register their claims with court-appointed insolvency manager
Falk Eppert.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Falk Eppert
         Vietmannsdorfer Str. 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against JAN Erdwirtschaft GmbH on March 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         JAN Erdwirtschaft GmbH
         Neuer Schwanebecker Weg 2
         16356 Ahrensfelde
         Germany


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


K & M EXPRESS: Claims Registration Period Ends April 23
-------------------------------------------------------
Creditors of K & M Express Logistik GmbH have until April 23,
2008, to register their claims with court-appointed insolvency
manager Olaf Boerner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

          Olaf Boerner
          Brueder-Grimm-Platz 4
          D 34117 Kassel
          Germany
          Tel: 0561/71200-25
          Fax: 0561/71200-69
          E-mail: boerner@branomo.de

The District Court of Kassel opened bankruptcy proceedings
against K & M Express Logistik GmbH on Feb. 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          K & M Express Logistik GmbH
          Attn: Doren Heinrich, Manager
          Hafen 12
          34125 Kassel
          Germany


KOESTER-JARGOW GMBH: Claims Registration Ends April 24
------------------------------------------------------
Creditors of Koester-Jargow GmbH have until April 24, 2008 to
register their claims with court-appointed insolvency manager
Michael Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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 Krause
         Putlitzer Strasse 30
         16928 Pritzwalk
         Germany

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

The Debtor can be reached at:

         Koester-Jargow GmbH
         Dorfstr. 13
         19348 Retzin
         Germany


L&J BAUGESELLSCHAFT: Claims Registration Period Ends April 23
-------------------------------------------------------------
Creditors of L&J Baugesellschaft mbH have until April 23, 2008,
to register their claims with court-appointed insolvency manager
Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Frankfurt (Oder)
          Hall 401
          Muellroser Chaussee 55
          15236 Frankfurt (Oder)
          Germany

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

The insolvency manager can be reached at:

          Udo Feser
          Uhlandstrasse 165/166
          10719 Berlin
          Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against L&J Baugesellschaft mbH on March 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          L&J Baugesellschaft mbH
          Alexander-Giertz-Str. 11
          15370 Petershagen
          Germany


LUTHER GMBH: Claims Registration Period Ends April 23
-----------------------------------------------------
Creditors of Luther GmbH have until April 23, 2008, to register
their claims with court-appointed insolvency manager Stefan
Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 of Bielefeld
          Hall 4065
          Fourth Floor
          Gerichtstrasse 66
          33602 Bielefeld
          Germany

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

The insolvency manager can be reached at:

          Stefan Meyer
          Ostertorstr. 7
          32312 Luebbecke
          Germany

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

The Debtor can be reached at:

          Luther GmbH
          Attn: Ernst-August Luther, Manager
          Snatweg 7
          32257 Buende
          Germany


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


MIDLOG GMBH: Claims Registration Ends April 24
----------------------------------------------
Creditors of MIDLOG GmbH & Co KG have until April 24, 2008 to
register their claims with court-appointed insolvency manager
Sebastian Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sebastian Nolte
         Peterstr.- 5
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against MIDLOG GmbH & Co KG on Feb. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MIDLOG GmbH & Co KG
         August Broehmel Strasse
         99310 Arnstadt
         Germany


MODELLBAHN OEHLER: Claims Registration Period Ends May 5
--------------------------------------------------------
Creditors of Modellbahn Oehler GmbH have until May 5, 2008, to
register their claims with court-appointed insolvency manager
Jutta Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 13, 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 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:

         Jutta Ruedlin
         Am Markt 4
         34212 Melsungen
         Germany
         Tel: 05661 926280
         Fax: 05661 9262820
         E-mail: melsungen@Henningsmeier.de

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

The Debtor can be reached at:

         Modellbahn Oehler GmbH
         Attn: Gerhard Oehler, Manager
         Treppenstr. 9
         34117 Kassel
         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


OEZ GMBH: Claims Registration Ends April 24
-------------------------------------------
Creditors of OEZ GmbH have until April 24, 2008 to register
their claims with court-appointed insolvency manager Dr. Stephan
Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Stephan Schlegel
         Hauptstrasse 83
         65760 Eschborn
         Germany
         Tel: 06196/779060
         Fax: 06196/7790620

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against OEZ GmbH on March 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         OEZ GmbH
         Emmerich-Josef-Strasse 20a
         65929 Frankfurt
         Germany

         Attn: Hueseyin Oezcelik, Manager
         Berliner Strasse 207
         63067 Offenbach
         Germany



PROMISE-K 2006-1: Moody's Ups Ratings on Notes
----------------------------------------------
Moody's Investors Service has upgraded the long-term credit
ratings these notes issued by PROMISE-K 2006-1 GmbH:

    -- Euro 63,000,000 Class B Floating Rate Credit Linked
       Notes, upgraded to Aaa from Aa2;

    -- Euro 15,750,000 Class C Floating Rate Credit Linked
       Notes; upgraded to Aa1 from A1;

    -- Euro 49,550,000 Class D Floating Rate Credit Linked
       Notes; upgraded to A1 from Baa2;

    -- Euro 18,700,000 Class E Floating Rate Credit Linked
       Notes; upgraded to Baa1 from Ba2.

The above rating actions were prompted by (a) better-than-
expected collateral performance, (b) seasoning of the portfolio,
and (c) significant increase in the level of the credit
enhancement available in the transaction. These improvements
more than offset a slightly negative migration of the weighted
average Dresdner Bank's internal rating of the reference
portfolio (from 6.58 at closing to 7.16 currently), and an
increase of the portfolio concentration (top 20 debtors
currently represent 31% of the total portfolio versus 17.8% at
closing).

After twenty-six months since issuance, the cumulative credit
events represent 0.03% of the original portfolio balance and the
cumulative realised losses are equal to 0.00% of the original
portfolio balance.  These levels are well below Moody's
expectations at closing.

In relation to the level of credit enhancement, the excess
spread ledger is at the required amount, more than 95% of the
Senior CDS have been repaid, and in particular the subordination
below the Class E Notes has increased from the 2.35% at closing
to currently 14.55%.

PROMISE-K 2006-1 GmbH closed in February 2006.  In this
transaction, Dresdner Bank AG (Aa2/P-1/C) transferred the credit
risk associated with the reference portfolio of commercial loans
to German small and medium sized companies, which included 3,541
reference claims at closing for a volume of approximately
EUR2.1 billion.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Moody's will continue to monitor closely the performance of the
reference portfolio.


SPECTRUM BRANDS: Shareholders' Meeting Scheduled on April 9
----------------------------------------------------------
Spectrum Brands, Inc. will hold its annual shareholders' meeting
on Tuesday, April 29, 2008 at 8:00 a.m. ET at the Westin Atlanta
Perimeter North, located at 7 Concourse Parkway in Atlanta, GA.

Shareholders of record as of March 15, 2008 will be entitled to
vote at the meeting.  At the meeting, shhareholders will be
asked to vote on these proposals:

      (1) the election of two Class I directors to the Board of
          Directors for a three-year term;

      (2) the ratification of the appointment of KPMG LLP as the
          company's independent registered public accounting
          firm for the 2008 fiscal year and

      (3) a shareholder proposal regarding declassification of
          the board of directors.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of
batteries, portable lighting, lawn and garden products,
household insect control, shaving and grooming products,
personal care products and specialty pet supplies.  The
company's European unit, Rayovac Europe GmbH, is headquartered
in Sulzbach, Germany.  Outside the United States, the company
has manufacturing facilities in Brazil, Columbia and China.


SPECTRUM BRANDS: Fitch Holds CCC ID Rating with Negative Outlook
----------------------------------------------------------------
Fitch Ratings has affirmed Spectrum Brands, Inc.'s ratings as:

  -- Issuer default rating 'CCC';

  -- US$1 billion term loan B maturing March 30, 2013 'B/RR1';

  -- US$225 million ABL maturing Sept. 28, 2011 'B/RR1';

  -- EUR262 million term loan maturing March 30, 2013 'B/RR1';

  -- US$700 million 7.375% senior sub note maturing Feb. 1, 2015
     'CCC-/RR5';

  -- US$2.9 million 8.5% senior sub note, maturing Oct. 1, 2013
     'CCC-/RR5';

  -- US$347 million 11.25% variable-rate toggle senior sub note,
     maturing Oct. 2, 2013 'CCC-/RR5'.

The Rating Outlook remains Negative.

The ratings reflect SPC's high leverage and relatively low
liquidity.  On a pro-forma basis for the last 12 months ended
Dec. 30, 2007, total debt/EBITDA was 9 times and EBITDA/Cash
Interest 1.3x. The metrics are on a pro-forma basis to include
the EBITDA and interest allocation of the Lawn & Garden
operation which is accounted for as a discontinued operation.
The rating also reflects stability and some improvement in
operations as exemplified by three straight quarters of EBITDA
improvement.  At Dec. 30, 2007 SPC had US$166.4 million in cash
and availability under the ABL.  With this level of liquidity,
Fitch expects that the company should be able to finance peak
working capital requirements during its second quarter.

The Negative Outlook encompasses the deterioration in financial
and credit protection measures since 2005 as well an uncertain
business profile given that parts of the company are up for
sale.   However, if SPC can continue to demonstrate continued
improvement in its operations over the next two to three
quarters, the Outlook may be reviewed with a view toward
stabilization.  Any change in the company due to a material sale
of a business segment will prompt a review of the Outlook and
rating at that time.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of
batteries, portable lighting, lawn and garden products,
household insect control, shaving and grooming products,
personal care products and specialty pet supplies.  The
company's European unit, Rayovac Europe GmbH, is headquartered
in Sulzbach, Germany.  Outside the United States, the company
has manufacturing facilities in Brazil, Columbia and China.


TOP TWO: Claims Registration Period Ends April 23
-------------------------------------------------
Creditors of TOP TWO Handels-GmbH have until April 23, 2008, to
register their claims with court-appointed insolvency manager
Reinhard Bohlig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Fritzlar
          Meeting Hall 17
          Building A
          Schladenweg 1
          34560 Fritzlar
          Germany

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

The insolvency manager can be reached at:

          Reinhard Bohlig
          Briloner Landstrasse 14
          34497 Korbach
          Germany
          Tel: 05631/950970
          Fax: 05631/950919

The District Court of Fritzlar opened bankruptcy proceedings
against TOP TWO Handels-GmbH on March 12, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          TOP TWO Handels-GmbH
          Attn: Jutta Becker, Manager
          Brunnenallee 28
          34537 Bad Wildungen
          Germany


VERSATEL AG: S&P Lowers Long-Term Corporate credit Rating to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German facilities-based alternative
telecommunications operator Versatel AG to 'B+' from 'BB-'.  The
outlook is stable.

At the same time, S&P lowered the senior secured debt ratings on
Versatel's EUR525 million floating-rate notes (FRN), due 2014,
and on the EUR75 million super-priority revolving credit
facility, due 2012, to 'BB' from 'BB+'.  Both issues have a
recovery rating of '1', indicating S&P's expectation of very
high recovery of principal (90%-100%) for senior bondholders.

"The downgrade follows Versatel's significantly lower EBITDA and
free operating cash flow (FOCF) generation than we expected for
2007, primarily because of much higher competitive pressures in
the German telecoms market, including fierce price competition
for broadband and voice telephony services offered to
residential and business customers," said Standard & Poor's
credit analyst Matthias Raab.  "What's more, we see no reprieve
in fierce competition through 2008 because growth potential for
broadband services is slowing and the German fixed-line telecoms
market is still crowded."

These factors will likely result in further strong price
declines for broadband services and high residential subscriber
acquisition costs, which are likely to constrain Versatel's
profitability and cash flow over the medium term.

Nevertheless, the ratings are still supported by the company's
extensive proprietary high-density multilocal network covering
about 10.0 million households, or 25% of German homes, and a
satisfactory digital subscriber line (DSL) broadband market
share of about 15% in its network coverage area.

On Dec. 31, 2007, Versatel's lease-adjusted total debt-to-EBITDA
ratio stood at 3.9x (3.5x unadjusted), which is in line with the
rating.

"The stable outlook reflects our expectation that Versatel will
be able to report at least stable EBITDA over 2008 and
significantly improve its negative FOCF generation, despite
continued strong competitive pressure, through its new strategy
to focus on profitable growth, cost savings from its announced
restructuring program, and lower one-time capital expenditures,"
said Mr. Raab.


WEIN-FUER-ALLE: Claims Registration Period Ends April 23
--------------------------------------------------------
Creditors of wein-fuer-alle.de Handelsgesellschaft mbH have
until April 23, 2008, to register their claims with court-
appointed insolvency manager Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Potsdam
          Hall 301
          Third Floor
          Nebenstelle Lindenstrasse 6
          14467 Potsdam
          Germany

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

The insolvency manager can be reached at:

          Stephan Mitlehner
          Walter-Benjamin-Platz 6
          10629 Berlin
          Germany

The District Court of Potsdam opened bankruptcy proceedings
against wein-fuer-alle.de Handelsgesellschaft mbH on March 5,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          wein-fuer-alle.de Handelsgesellschaft mbH
          Attn: Frau Beata Kuper, Manager
          Oderstrasse 23-25
          14513 Teltow
          Germany


WILDE GASTRO: Claims Registration Period Ends May 2
---------------------------------------------------
Creditors of Wilde Gastro GmbH have until May 2, 2008, to
register their claims with court-appointed insolvency manager
Stefan Schuppa.

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

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall AE 26
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Stefan Schuppa
         Bleichstrasse 15
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Wilde Gastro GmbH on March 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Wilde Gastro GmbH
         Attn: Horst Wilde, Manager
         Rathausplatz 9
         17438 Wolgast
         Germany


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


SZOBI SZORP: Bankrupt and Undergoing Liquidation
------------------------------------------------
Szobi Szorp Zrt. Is now bankrupt and undergoing liquidation,
Bloomberg News reports citing Napi Gazdasag.

The report relates that according to liquidator Marta Peter, the
company has total debts of HUF3.6 billion (US$2.8 million).

Hungary-based Szobi Szorp Zrt. Manufactures syrups and juices.


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


ALITALIA SPA: Board Names Aristide Police as Chairman
-----------------------------------------------------
Alitalia S.p.A.'s Board of Directors appointed April 3, 2008,
Aristide Police as chairman following the resignation of
Maurizio Prato, and reaffirmed its support for the binding offer
submitted by Air France-KLM SA, various reports say.

Mr. Prato resigned April 2, 2008, after efforts to sell the
Italian government's stake in Alitalia to Air France failed the
same day.

As reported in the TCR-Europe on April 3, 2008, Alitalia S.p.A.,
labor unions, professional associations, and Air France-KLM SA
have stopped negotiations after failing to reach an agreement
that would accomplish the sale's effectiveness conditions,
satisfaction of which would finalize the acceptance by Alitalia
and Italy of Air France's binding offer.

Air France had failed to get union's approval the majority of
each category of Alitalia’s employees, regarding the
implementation of the carrier's Industrial Plan, rules of
employment, the plan related to the social shock absorbers and
the contemplated transaction.

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

Air France also maintained plans to:

    * ground some flights;

    * close Alitalia's cargo unit by 2010; and

    * terminate contract out of ground handling and aircraft
      maintenance.

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

Unions, following Air France's pullout, have expressed readiness
to return to the negotiation table.

Mr Spinetta was quoted as saying he was willing to restart
negotiations, but only on the basis of his revised proposal.

                          Lack of Funds

Alitalia's board said it would review it financial options
before deciding on April 8, 2008, whether to continue its
operations or to file for bankruptcy proceedings, The New York
Times reports.

Airline officials told the Financial Times that Alitalia will
not request for appointment of a special commissioner to begin
the liquidation process under bankruptcy protection until the
latest possible moment.

Italian Finance Minister Tommaso Padoa-Schioppa said that if the
sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings.

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


                          About Alitalia

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

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


MELIORBANCA SPA: Fitch Cuts Individual Rating to 'D' from 'C/D'
---------------------------------------------------------------
Fitch Ratings downgraded Italy's Meliorbanca SpA's Long-term
Issuer Default rating (IDR) to 'BB' from 'BBB-' (BBB minus),
Short-term IDR to 'B' from 'F3', and Individual rating to 'D'
from 'C/D'.  At the same time the agency also affirmed Melior's
Support rating of '5'.  The Support Rating Floor of 'No Floor'
remains unchanged.  The Outlook for the Long-term IDR is Stable.

The rating action reflects Fitch's view that the absence of a
clear commercial strategy, a weak franchise and lack of critical
mass in Melior's chosen businesses are no longer consistent with
an investment grade IDR.  The three-year plan set forth in July
2006 has seen little progress to date and the bank is currently
looking for a strategic partner.  It is Fitch's view that the
options currently under examination would not completely address
the bank's weaknesses, particularly in terms of achieving
stability of core earnings and reaching critical mass in its
chosen fields.  Fitch will continue to monitor Melior's ratings
in the light of any strategic initiative undertaken.

The bank's 2007 results emphasise Fitch's concerns. Although net
interest revenue rose in line with greater loan volumes, mainly
in its corporate lending business, the bank's other businesses,
including asset management, capital market trading,
advisory/origination suffered from the ongoing uncertainties in
the capital markets and failed to generate an adequate increase
in commissions.  Trading income was negative, partly as a result
of write downs on swap contracts on its securitisation vehicles
and partly as a result of lower revenues from its market making
activity on fixed income securities.  In addition, the recent
disposal of its Swiss-based asset management arm has depleted
the bank's revenue generating base.  Overall, according to
Fitch's reclassification, Melior reported a small operating loss
for 2007.

Melior's credit risk arises mainly from its corporate lending
book, where levels of concentration tend to be high, albeit
lower than in the past.  A higher-than-average concentration in
the real estate sector is also evident.  Asset quality is
acceptable, with gross impaired loans decreasing in relation to
total loans, but remaining at a high 7.78%. On the other hand,
appetite for market risk remains modest.

The bank's funding model relies on wholesale funds, partly in
the form of securitisations, with only 29% of its liabilities
obtained from customer deposits.  However, the current lack of
liquidity in the securitisation market has implied a narrowing
of available funding options for Melior, with increasing
recourse to interbank lines (including from shareholders').

The bank's capitalisation is adequate given its risk profile,
particularly its risk concentrations.

Melior is a small, niche bank based in Milan carrying out
diverse businesses.  It is active in four areas: private
banking, investment banking, corporate lending and consumer
lending. Seven core shareholders, mainly Italian co-operative
banks (banche popolari) own over 56% of the bank, while another
13.4% is owned by Italian public sector entities.  The remainder
is widely held and listed on the Milan Stock Exchange.


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


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

         LLP Expo-Trade Ltd.
         Kemengeruly Str. 23/1
         Astana
         Kazakhstan


FK TRANS: Claims Deadline Slated for  May 2
-------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP FK Trans Global Group 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


JARTAS LLP: Claims Filing Period Ends May 2
-------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Jartas insolvent on Feb. 26, 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


KAZ HIDES: Creditors' Claims Due on  May 2
------------------------------------------
LLP Kaz Hides Ltd has declared insolvency.  Creditors have until
May 2, 2008, to submit written proofs of claims to:

         LLP Kaz Hides Ltd
         Micro District Samal-3, 25/2
         Almaty
         Kazakhstan


MANGISTAU LAND: Claims Registration Ends May 2
----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Mangistau Land insolvent on Feb. 22, 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


MARAL-2 LLP: Creditors Must File Claims by May 2
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Maral-2 insolvent on Feb. 11, 2008.

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

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


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

         LLP Rendeservice
         Marechek Str. 1/8
         Almaty
         Kazakhstan


S-INVEST LLP: Claims Filing Period Ends May 2
---------------------------------------------
LLP Micro Credit Organization S-Invest has declared insolvency.
Creditors have until May 2, 2008, to submit written proofs of
claims to:

         LLP Micro Credit Organization S-Invest
         Tauke han ave. 62/1
         Shymkent
         South Kazakhstan
         Kazakhstan


SPETS TECH: Creditors' Claims Due on May 2
------------------------------------------
LLP Spets Tech Snub-PV has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP Spets Tech Snub-PV
         Kunaev Str. 7
         Ekibastuz
         141200, Pavlodar
         Kazakhstan


TECHNO-PARTNER LLP: Claims Registration Ends May 2
--------------------------------------------------
LLP Techno-Partner has declared insolvency.  Creditors have
until May 2, 2008, to submit written proofs of claims to:

         LLP Techno-Partner
         Abdirov Str. 47/1-64
         Karaganda
         Kazakhstan


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


GOLDEN WINGS: Creditors Must File Claims by May 2
-------------------------------------------------
LLC Golden Wings Airways has declared insolvency.  Creditors
have until May 2, 2008 to submit written proofs of claim to:

         LLC Golden Wings Airways
         Micro District 7, 45-17
         Bishkek
         Kyrgyzstan


PROGRESS LTD: Claims Filing Period Ends May 7
---------------------------------------------
LLC Progress Ltd. has declared insolvency.  Creditors have until
May 7, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 61-15-54


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


EVRAZ GROUP: Launches Syndication of US$2.1 Billion Loan
--------------------------------------------------------
Evraz Group has started the syndication of a US$2.1 billion,
one-year bridge loan to support its acquisition of IPSCO’s
Canadian plate and pipe business from Svenskt Stal AB, Reuters
reports citing a banking source.

As reported in the Troubled Company Reporter-Europe on March 17,
2008, Evraz said that the would have a net cost of US$2.3
billion.  The transaction will be financed by a combination of a
bridge loan raised at the Evraz level, as well as a non-recourse
term loan arranged at the acquired company level.  Under the
structure of the agreed transaction, Evraz will also acquire the
IPSCO Tubulars from SSAB and then sell it to OAO TMK.

Reuters discloses that ABN AMRO and Calyon are the arranging
banks and are inviting other banks to join the loan as mandated
lead arrangers.

                          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 March 19, 2008, Fitch Ratings
affirmed Luxembourg-based 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 of
the acquisition of IPSCO's Canadian plate and pipe business from
SSAB for a net cost of $2.3 billion.  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 senior unsecured rating is affirmed at 'BB'.  The Outlooks
for Evraz's and Mastercroft Limited's Long-term IDRs are Stable.

As reported in the TCR-Europe on March 18, 2008, Standard &
Poor's Ratings Services revised its outlook to stable from
negative on Sweden-based midsize steel manufacturer SSAB
Svenskt Stal AB and its subsidiary North American steel producer
IPSCO Inc.  S&P also affirmed the 'BBB' long-term corporate
credit and senior unsecured debt ratings on SSAB and IPSCO and
raised the short-term rating on SSAB to 'A-2' from 'A-3'.

At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd.  S&P also affirmed the Russia national scale
ratings on Evraz and Mastercroft at 'ruAA'.  The outlook is
positive.

At the same time, Moody's Investors Service placed Evraz's Ba2
corporate family rating, Ba2 rating for Senior Notes due 2009
and Ba3 rating for Senior Notes due 2015 on review for possible
downgrade following the recent announcement of the acquisition
of IPSCO's Canadian plate and pipe business from SSAB for a net
cost of US$2.3 billion.


PIN GROUP: Administrator Say 1,800 Jobs Already Saved
-----------------------------------------------------
Andreas Ringstmeier, insolvency administrator for PIN Group AG,
said that although the company has secured 1,800 jobs, it will
likely shed more than half of its staff, Reuters reports.

Mr. Ringstmeier adds that it was clear from the start that the
company “would lose a lot of jobs,” Reuters relates.

As reported in the Troubled Company Reporter on Feb. 29, 2008,
the company said that it was cutting jobs at its insolvent
units.

As reported in the TCR-Europe on April 1, 2008, the company was
expecting to lay off around 2,200 employees.  This was in
addition to 2,770 employees already laid off.


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

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


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


HEXION SPECIALTY: Dec. 31 Balance Sheet Upside-Down by US$1 Bil.
----------------------------------------------------------------
Hexion Specialty Chemicals Inc.'s balance sheet at Dec. 31,
2007, showed total assets of US$4.006 billion and total
liabilities of US$5.392 billion, resulting to total
shareholder's deficit of US$1.386 billion.

The company incurred US$63 million net loss for the fourth
quarter ended Dec. 31, 2007, versus US$55 million net loss in
the fourth quarter of 2006.

The company posted net loss of US$65 million in 2007 compared to
a net loss of US$109 million in fiscal year 2006.  Fiscal year
2007 results included US$98 million in higher interest and tax
expenses compared to the prior year period.  Fiscal year 2006
results included a US$121 million loss on the extinguishment of
debt and a US$39 million net gain from the sale of businesses.

                  Liquidity and Capital Resources

At Dec. 31, 2007, the company has US$3.720 billion debt,
including US$85 of short-term debt and capital lease maturities.
In addition, it has US$199 million cash and cash equivalents.

At Dec. 31, 2007, the company has additional borrowing capacity
under its senior secured revolving credit facilities of
US$215 million.  The company has additional credit facilities at
certain domestic and international subsidiaries with various
expiration dates through 2008.

As of Dec. 31, 2007, it has US$71 available for borrowing under
these facilities.

                        Transaction Update

Hexion and Huntsman Corporation have agreed to allow additional
time for the Federal Trade Commission to review the proposed
merger of the two companies.  As a result, the merger is not
expected to be completed before May 3.  To accommodate the
extension, Hexion has also given notice to Huntsman that on
April 5, it will exercise its option to extend the Termination
Date under the Merger Agreement for 90 days, and thus, if the
conditions to Hexion's extension right are met on April 5, the
termination date under the Merger Agreement will be extended
until July 4, 2008.

"We are fully cooperating with regulatory agencies and will
continue to work closely with Huntsman and the agencies in order
to obtain the regulatory approvals required to complete the
merger," Mr. Morrison said.

Hexion disclosed on July 12, 2007, that it had entered into a
definitive agreement to acquire Huntsman Corporation in an all-
cash transaction valued at approximately US$10.6 billion,
including the assumption of debt.  Under the terms of the Merger
Agreement, the cash price per share to be paid by Hexion will
increase each day beginning on April 5, 2008, through
consummation of the merger at the equivalent of approximately 8%
per annum, less any dividends or distributions declared or made.

The transaction was approved by Huntsman shareholders on
Oct. 16, 2007, and is subject to customary closing conditions,
including regulatory approval in the U.S. and several other
countries.

                    About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- makes thermosetting resins,
formaldehyde and other forest product resins, epoxy resins, and
raw materials for coatings and inks.

The company has locations in Singapore, China, Australia,
Netherlands, and Brazil.

                         *      *      *

Moody's Investor Service placed Hexion Specialty Chemicals
Inc.'s senior secured debt rating at 'B3', long term corporate
family and probability of default ratings at 'B2' in July 2007.
The ratings still hold to date.


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


NORSKE SKOG: Objects to Analyst's “Technically Bankrupt” Opinion
----------------------------------------------------------------
Norske Skogindustrier ASA confirmed it has comfortable liquidity
and rejected an analyst's opinion that it risked becoming
"technically bankrupt", Reuters News reports.

According to Reuters, Andreas Enger, Norske Skogv CFO wrote to
the editors of Finansavisen saying, "[t]he view that Norske Skog
is 'technically bankrupt' is ... speculative and wrong."

"[It] hardly reflects the consensus among the analysts who
really watch the company," Mr. Enger added.

On April 3, 2008, Finansavisen quoted analyst Roger Berntsen at
Internet brokerage NetFonds as saying that Norske Skog was
"technically bankrupt" and "pure mathematics" showed it must do
something quickly to tackle its debt, Reuters said.

Mr. Enger said that the company's 2007 accounts showed that it
is not technically bankrupt and nothing occurred to change the
situation significantly, Reuters relates.

"Profitability ... is under pressure. That is related to
increased costs of operation, energy and recycled paper and a
paper market with overcapacity and low prices," Mr. Enger .

Mr. Berntsen told Reuters that he was warning about future risks
to the company, not its current situation.

"They have to come up with a structural solution to reduce debt
and they are working hard on this," Mr. Berntsen was quoted by
Reuters as saying.

                        About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.

                          *     *     *

As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors
Service downgraded the Corporate Family Rating of Norske
Skogindustrier ASA to Ba2 from Ba1 and placed all ratings on
review for further possible downgrade.

The company also carries Standard & Poor's corporate credit
rating of BB. At the same time, the B short-term corporate
credit rating was affirmed.  The outlook is negative.


NORSKE SKOGINDUSTRIER: Election Committee Proposes Board Members
----------------------------------------------------------------
The election committee in Norske Skogindustrier ASA presented
its proposal for members of the corporate assembly and the board
of directors in Norske Skog.

Norske Skog's election committee is composed of Helge Evju, Idar
Kreutzer, Ole H. Bakke and Gunn Waersted.  The election
committee proposes members for the corporate assembly, the board
and the election committee.

Members of the corporate assembly will be elected at the general
meeting on April 24, 2008.

The chair and deputy chair of the corporate assembly, as well as
members, the chair and deputy chair of the board will be elected
by the corporate assembly on May 7, 2008.

                       About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.

                          *     *     *

As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors
Service downgraded the Corporate Family Rating of Norske
Skogindustrier ASA to Ba2 from Ba1 and placed all ratings on
review for further possible downgrade.

The company also carries Standard & Poor's corporate credit
rating of BB. At the same time, the B short-term corporate
credit rating was affirmed.  The outlook is negative.


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


AGRO-INVEST CJSC: Belgorod Bankruptcy Hearing Slated for June 26
----------------------------------------------------------------
The Arbitration Court of Belgorod will convene at noon on
June 26, 2008, to hear the bankruptcy supervision procedure on
CJSC Agro-Invest.  The case is docketed under Case No. A08-
527/08-14.

The Temporary Insolvency Manager is:

         A. Ovchinnikov
         Rzhevskoe Shosse 11
         Shebekino
         309290 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Agro-Invest
         Shatalovka
         Starooskolskiy
         309550 Belgorod
         Russia


AKTEON LLC: Ryazan Bankruptcy Hearing Slated for June 10
--------------------------------------------------------
The Arbitration Court of Ryazan will convene on June 10, 2008,
to hear the bankruptcy supervision procedure on LLC Akteon.  The
case is docketed under Case No. A54-5413/2007 S19.

The Temporary Insolvency Manager is:

         E. Smolyakova
         Post User Box 75
         398902 Ryazan
         Russia

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         LLC Akteon
         Gagarina Str. 61
         390035 Ryazan
         Russia


FURNITURE-MAKER: Creditors Must File Claims by May 15
-----------------------------------------------------
Creditors of OJSC Furniture-Maker (TIN 6669003885) have until
May 15, 2008, to submit proofs of claim to:

         V. Opryshko
         Temporary Insolvency Manager
         Post User Box 756
         620000 Ekaterinburg
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A60-11539/07-S11.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Furniture-Maker
         Balakinskaya Str. 64
         Nizhniy Tagil
         622005 Chelyabinsk
         Russia


KOMPAS CJSC: Creditors Must File Claims by April 15
---------------------------------------------------
Creditors of CJSC Kompas (TIN 6630000755) have until April 15,
2008, to submit proofs of claim to:

         E. Zavodnikov
         Temporary Insolvency Manager
         Mamina-Sibiryaka Str. 36-403
         620027 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk will convene on Aug. 11,
2008, to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A60-2586/08-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         CJSC Kompas
         Tagilskaya Str. 66
         620046 Ekaterinburg
         Russia


MARKET-TRADE LLC: Moscow Bankruptcy Hearing Slated for June 24
--------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:00 a.m. on
June 24, 2008, to hear the bankruptcy supervision procedure on
LLC Market-Trade.  The case is docketed under Case No.
A40-69026/07-38-185B.

The Temporary Insolvency Manager is:

         S. Fedyunin
         Post User Box 16
         127566 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Market-Trade
         Building 3
         Varshavskoe Shosse 35
         Russia


MOBILE TELESYSTEMS: Offers US$1 Bln to Buy 97% of Smarts
--------------------------------------------------------
OAO Mobile TeleSystems has offered around US$1 billion to
acquire a 97% stake in mobile operator Smarts, RIA Novosti
relates citing a Vedomosti report.

MTS commenced the offer to all Smarts shareholders, excluding
VolgaTelecom, Vedomosti relates.  The offer also includes
Smarts' US$200 million-US$250 million debt and and a premium for
its legal clearance.

Vedomosti relates that analysts believe an MTS takeover deal
might not done in near future.  Since Smarts is a private firm,
its shareholders have first to offer their stakes to other
co-owners.  OJSC Vimpel-Communicatiions had failed to acquire
Smarts for US%750 million on the same reason.

                   About Mobile TeleSystems

Headquartered in Moscow, Russia, OJSC Mobile TeleSystems
(NYSE:MBT) -- http://www.mtsgsm.com/-- is the largest wireless
telecommunications operator in Russia and the CIS.  For the
first six months of 2007, MTS reported revenues of US$3.7
billion and an OIBDA margin of 51.8%.  MTS has 79.12 million
total subscribers as of August 2007.  The regions of Russia, as
well as Armenia, Belarus, Turkmenistan, Ukraine, and Uzbekistan,
in which MTS and its associates and subsidiaries are licensed to
provide GSM services, have a total population of more than 230
million. Since June 2000, MTS' Level 3 ADRs have been listed on
the New York Stock Exchange (ticker symbol MBT)

                         *      *      *

As of Feb. 20, 2008, Mobile TeleSystems carries Ba2 Corporate
Family and Probability-of-Default ratings from Moody's Investors
Service, which says the outlook is positive.

The company also carries BB- Foreign and Local Issuer Default
ratings from Standard & Poors' Rating Services, which says the
outlook is positive.


NEFTEK CJSC: Tambov Court Names O. Feldman as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tambov appointed O. Feldman as
Insolvency Manager for CJSC Neftek (TIN 7702087478).  The case
is docked under Case No. A40-68913/05-95-199.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-68913/05-95-199.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Neftek
         Moscow
         Russia


ROSNEFT OIL: Total Proved Reserves Hikes 8% in 2007
---------------------------------------------------
Rosneft has released the results of the annual independent audit
of its oil and gas reserves, of Dec. 31, 2007, performed by
DeGolyer & MacNaughton.

                             Oil         Gas          Oil+gas*
                        Bln barrels   Tln cub. ft      Bln boe

SPE Classification

  Proved reserves           17.513        25.116       21.699
  Probable reserves         10.446        16.596       13.212
  Possible reserves         10.232        22.472       13.977

US SEC Classification

  Proved reserves           13.365         6.780       14.495

* 1 barrel of oil equivalent = 6,000 cubic feet of natural gas

Rosneft’s total reserves comprise 100% of the reserves owned by
Rosneft’s consolidated subsidiaries and Rosneft’s net share in
affiliates’ reserves

According to the audit results, as of Dec. 31, 2007, Rosneft had
estimated net proved reserves of 21.699 billion barrels of oil
equivalent, which include 17.513 billion barrels (2.399 billion
tons) of oil and 25.116 trillion cubic feet (711 billion cubic
meters) of gas under the SPE classification.

In 2007, proved hydrocarbon reserves grew 8% over 2006, with oil
and gas condensate reserves increasing by 9.7% and gas reserves
increasing by 1.4%.

The reserve replacement ratio including acquisitions was 301%
(Tomskneft 2007 production accounted for on 50% basis), while
the organic reserve replacement ratio was 111%.  Rosneft’s
hydrocarbon reserve life was 27 years -— 25 years for oil and 47
years for gas.

Rosneft's probable and possible reserves were estimated by
DeGolyer & MacNaughton at 13.212 and 13.977 billion barrels of
oil equivalent, respectively.  These reserves include 10.446
billion barrels of oil and 16.596 trillion cubic feet of gas of
probable reserves, and 10.232 billion barrels of oil and 22.472
trillion cubic feet of gas of possible reserves, according to
the SPE classification.

DeGolyer & MacNaughton also performed a reserve audit under the
SEC life-of-field classification.  Proved reserves were
estimated at 14.495 billion barrels of oil equivalent, including
13.365 billion barrels (1.831 billion tons) of oil and 6.780
trillion cubic feet (192 billion cubic meters) of gas.

The audit results confirm Rosneft’s global leadership among
public oil companies in terms of liquid hydrocarbon reserves
under both SPE and SEC life-of-field classifications.

                          About Rosneft

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

                        *     *     *

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


SHATSKIY LIQUEUR-VODKA: Asset Sale Slated for April 15
------------------------------------------------------
S. Poryadin, the insolvency manager and bidding organizer for
OJSC Shatskiy Liqueur-Vodka Distillery, will open a public
auction for the company's properties at 11:00 a.m. on April 15,
2008 at:

         OJSC Shatskiy Liqueur-Vodka Distillery
         Administration Building
         Gorkogo Str. 38
         Shatsk
         391550 Ryazan
         Russia

Interested participants have until April 10, 2008, to deposit an
amount equivalent to 20% of the starting price to:

         OJSC Shatskiy Liqueur-Vodka Distillery
         Settlement Account 40702810400100000314
         Correspondent Account 30101810500000000708
         KPP 622401001
         BIK 046126708
         Prio-Vneshtorgbank (OJSC)
         Ryazan
         Russia

Bidding documents must be submitted to:

         S. Poryadin
         Kalnaya Str. 9N1
         390027 Ryazan
         Russia
         Tel/Fax: 8(4912) 955674
         Tel: 8(910)628-93-21.
         E-mail: SP7806@yandex.ru

The Debtor can be reached at:

         OJSC Shatskiy Liqueur-Vodka Distillery
         Gorkogo Str. 38
         Shatsk
         391550 Ryazan
         Russia


SISTEMA JSFC: Sistema-Hals Sells 22 Rochdelskaya Project
--------------------------------------------------------
OJSC Sistema-Hals, a unit of JSFC Sistema, has sold project 22
Rochdelskaya in Moscow.

"The deal is part of our ongoing asset management strategy,"
Sistema-Hals' Vice President Igor Kashcheev said.  "Detailed
analysis of our development pipeline indicates that it would be
more cost effective to invest the funds received from the sale
of the 22 Rochdelskaya project into other current projects."

The 0.29-hectare land plot, allowed for the development with
gross building area of about 13 000 sq. m. is situated in the
center of Moscow close to the House of Government.

                         About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

As of March 4, 2008, Sistema JSFC carries a Ba3 long-term
corporate family rating and a B2 senior unsecured debt rating
from Moody's, which said the outlook is positive.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


YURYEVSKIY BAKERY: Creditors Must File Claims by April 15
---------------------------------------------------------
Creditors of OJSC Yuryevskiy Bakery (TIN 3727000136) have until
April 15, 2008, to submit proofs of claim to:

         A. Muravyev
         Temporary Insolvency Manager
         Apt. 2
         Zelenaya Str. 2
         Kostyaevo
         Yuryevetskiy
         155460 Ivanovo
         Russia

The Arbitration Court of Ivanovo will convene at 9:30 a.m. on
Sept. 8, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A17-442/
2008 14B.

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Yuryevskiy Bakery
         Sovetskaya Str. 128
         Yuryevets
         Ivanovo
         Russia


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


LABARO GRUPO: Seeks Protection from Creditors
---------------------------------------------
Labaro Grupo Inmobiliario SA filed for administration citing
slump in real estate demand and difficult credit restrictions by
banks, published reports say.

In a statement, the company said that it "has been dragged into
a situation of a lack of liquidity as a consequence of the
crisis affecting the property sector since the second half of
last year," Reuters relates.

The company intends to enter into negotiations with creditors in
an effort "to revise its business plan and adapt its payment
schedule to the new situation in the market, to avoid the value
of its assets being affected by the current lack of liquidity."
the company added.

According to Bloomberg, Labaro expanded in Germany, eastern
Europe and Morocco to become less dependent in Spain.  It aimed
to increase rental-property portfolio to 30% from less than 10%
and build 17,000 new homes between 2007 and 2010.

Headquartered in Madrid, Spain, Labaro Grupo Inmobiliario SA --
http://www.grupolabaro.co.uk/-- specialized in home sales and
land management.  It was founded in 1987.  For financial year
2006, it reported turn over of EUR95 million and posted net
profit of EUR9.7 million.


MARTINSA-FADESA SA: Inks Restructuring Deal with Creditors
----------------------------------------------------------
Martinsa-Fadesa SA has reached a EUR5 billion (US$7.86 billion)
debt-restructuring deal with creditors, Chang-Ran Kim writes for
Reuters.

Reuters adds that the deal, which includes a payment waiver, has
enabled the company to avert bankruptcy.

Headquartered in Corunna, Spain, Martinsa-Fadesa SA (MCE:L1MTF)
-- http://www.martinsafadesa.com/-- is a real estate developer
specializing in the development of residential and commercial
property projects, including hotels, shopping centers and golf
courses, as well as industrial projects, among others.
Martinsa-Fadesa owns land property of approximately 30 million
square meters, and is present in 14 countries and 21 provinces
in Spain.  The company operates in Portugal; Romania; Hungary;
Ireland; France; Bulgaria; Mexico; the Dominican Republic; the
Czech Republic; Slovakia; Poland, through Fadesa Prokom Polska
SA, and Morocco, through Addoha-Fadesa Real Estate and Tourist
Consortium.  In addition, it has commercial offices in the
United Kingdom, Germany, Ireland and Sweden.


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


BE & KA FLACHDACH: Creditors' Liquidation Claims Due by April 14
----------------------------------------------------------------
Creditors of LLC BE & KA Flachdach have until April 14, 2008, to
submit their claims to:

         LLC BE & KA Flachdach
         Im Winkel 1
         8474 Dinhard
         Winterthur ZH
         Switzerland


FELNAG JSC: Creditors' Liquidation Claims Due by April 14
---------------------------------------------------------
Creditors of JSC Felnag have until April 14, 2008, to submit
their claims to:

         Lustenberger & Durst, Langruti
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC Felnag
         Hunenberg ZG
         Switzerland


GSB TRUST: Creditors' Liquidation Claims Due by April 15
---------------------------------------------------------
Creditors of JSC GSB TRUST INVESTMENT have until April 15, 2008,
to submit their claims to:

         Frank Lindenmann
         Liquidator
         Reedlirain 11
         4105 Biel-Benken
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC GSB TRUST INVESTMENT
         Basel
         Switzerland


JOSEF GANDER: Creditors' Liquidation Claims Due by April 14
-----------------------------------------------------------
Creditors of JSC Josef Gander Sohne have until April 14, 2008,
to submit their claims to:

         JSC Josef Gander Sohne
         Langrutistrasse 1
         6330 Cham ZG
         Switzerland


MERISANT COMPANY: Moody's Withdraws Ratings on US$245MM Loans
-------------------------------------------------------------
Moody's Investors Service withdrew the ratings on Merisant
Company's previously proposed new US$35 million bank revolving
credit agreement and US$210 million bank term loan, following
the company's announcement that it had withdrawn the transaction
due to an inability to obtain favorable financing terms in an
adverse market.  The withdrawn transaction was to have
refinanced the company's existing bank credit facilities.
Moody's affirmed Merisant's other ratings, including its
corporate family rating of Caa3 and its probability of default
rating of Caa3.  The rating outlook remains stable.

Ratings withdrawn:

Merisant Company

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

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

Ratings affirmed:

Merisant Worldwide, Inc.

    -- Corporate family rating at Caa3

    -- Probability of default rating at Caa3

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

Merisant Company

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

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

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

    -- US$225 million senior subordinated notes maturing in July
       2013 at Ca (LGD4, 63%)

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

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

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

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

The company also has offices in Mexico City and Switzerland.


ONDULBOX JSC: Creditors' Liquidation Claims Due by April 13
-----------------------------------------------------------
Creditors of JSC Ondulbox have until April 13, 2008, to submit
their claims to:

         JSC Ondulbox
         Baarerstrasse 11
         6304 Zug
         Switzerland


PNEU CENTER: Creditors' Liquidation Claims Due by April 13
----------------------------------------------------------
Creditors of LLC Pneu Center Seeland have until April 13, 2008,
to submit their claims to:

         Arthur Kunz
         Horbenstrasse 8
         8356 Ettenhausen
         Fraunfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Pneu Center Seeland
         Biel/Bienne BE
         Switzerland


SAGAFIL JSC: Creditors' Liquidation Claims Due by April 14
----------------------------------------------------------
Creditors of JSC Sagafil have until April 14, 2008, to submit
their claims to:

         Dr. Josef Kung
         Hirschmattstrasse 36
         6003 Lucerne
         Switzerland

The Debtor can be reached at:

         JSC Sagafil
         Lucerne
         Switzerland


WIREMAS JSC: Creditors' Liquidation Claims Due by April 13
----------------------------------------------------------
Creditors of JSC Wiremas have until April 13, 2008, to submit
their claims to:

         Matthias Butz
         Maiengasse 14
         4123 Allschwil
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Wiremas
         Zurich
         Switzerland


X-RITE INC: Provides Update on 1Q 2008 Revenue Expectations
-----------------------------------------------------------
X-Rite, Incorporated provided an update regarding its first
quarter 2008 revenue expectations based on weaker economic
conditions and market specific softness that have adversely
affected revenues during the period. Concurrently, the Company
announced that it is implementing plans expected to result in a
total of US$23 million in cost savings in the next twelve
months, when incorporating previously announced synergies from
the Pantone and Amazys acquisitions.

“While we indicated during the most recent earnings call that
the Company would have a challenging first half of the year and
a fairly flat top-line in the first quarter, the general turmoil
in the economy has amplified this expected softness.  We now
expect our fiscal first quarter’s revenue to be down
approximately 3% versus last year’s comparable period,” stated
Thomas J. Vacchiano, Jr., Chief Executive Officer of X-Rite.
“This greater than expected softness has prompted us to become
more vigilant in our cost-control measures.  As such, we have
identified additional operating and acquisition related
synergies that we expect to support achievements of our
financial goals in both the short and medium term.”

               Cost Savings and Operational Plan

X-Rite’s revised operational plan is forecasted to generate a
total of US$23 million in cost savings on an annualized basis.
This amount is inclusive of $4 million in Pantone synergies as
well as US$3 million in additional Amazys cost savings that are
anticipated.

Approximately two thirds of the additional US$16 million amount
is expected to be derived from headcount reductions while the
remaining one third is expected to come from operating cost
reductions.  The company expects to incur a one-time cash cost
of $3 million related to severance packages, fees, and other
related items to execute these additional cost cutting measures.

                  Discussions with Lenders

The company is currently not in compliance with certain
covenants under its secured credit facilities, but is engaged in
discussions with the lenders to amend certain terms of its
credit arrangements to allow for greater operating flexibility.
Further draws on the company’s revolving line of credit would
require the approval of the lenders under these facilities.

“While we are disappointed to announce a decline at the top
line, we are pleased that the integration of Pantone and Amazys
continues to outperform our expectations, providing synergies
well in excess of originally predicted amounts,” said Lynn J.
Lyall, Chief Financial Officer.  “Paring members of our
dedicated workforce was obviously a very difficult decision.
However, these cuts are necessary to position the Company on a
healthier financial footing, and were designed to provide the
best possible tradeoff between cost savings and maintaining a
strong sales framework going forward.”

                          Outlook

Vacchiano concluded, “We continue to believe strongly in X-
Rite’s leadership position and the solid long-term fundamentals
of our business and key markets.  We have assembled an
outstanding collection of assets that have significant potential
to outperform as the space continues the necessary transition
from analog to digital technology.  Our economic sensitivity is
further mitigated by the increasingly global scope and diversity
of both our product portfolio and our customer base.  While
economic challenges remain, we are confident about our ability
to capitalize on our leadership position in our existing
markets, while pursuing an exciting set of new markets for color
technology.”

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

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

                       *     *     *

AS reported in the Troubled Company Reporter-Europe on April 1,
2008, Moody's Investors Service lowered X-Rite, Inc.'s corporate
family rating to B2 from B1.  Moody's also lowered the rating on
the company's first lien senior secured credit facilities to B1
from Ba3 and the rating on the second lien term loan to Caa1
from B3.  All ratings were placed under review for possible
downgrade.

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


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


EXPORT CREDIT BANK: S&P Revises Outlook to Negative from Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that on April 3, 2008,
it revised its outlook on the Export Credit Bank of Turkey (Turk
Eximbank) to negative from stable following a similar action
on the bank's sole owner, the Republic of Turkey (foreign
currency BB-/Negative/B, local currency BB/Negative/B). At the
same time, the 'BB-' long-term and 'B' short-term foreign
currency issuer credit ratings on this official export credit
agency of the Republic were affirmed.

"The Turkish government remains committed to an export-driven
economic growth strategy, and Türk Eximbank plays a crucial role
in providing credit and political risk insurance to support
exports at rates below those from commercial sources," said
Standard & Poor's credit analyst, Farouk Soussa.  "As long as
the state continues to provide support, any change in the
ratings on the Republic will result in a similar rating action
on Turk Eximbank."


* Istanbul's Ratings Outlook Revised to Negative by S&P
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
City of Istanbul to negative from stable, following our outlook
revision on the sovereign.  At the same time the 'BB-' long-term
issuer credit rating on Istanbul was affirmed.  Istanbul is
located in the Republic of Turkey  (foreign currency BB-
/Negative/B; local currency BB/Negative/B; Turkish national
scale trAA+/--/trA-1).

"The rating reflects the city's role as Turkey's financial and
commercial center, and its subsequent dependence on the
country's overall economic environment," said Standard & Poor's
credit analyst Boris Kopeykin.  "The uncertainties related to
future intergovernmental reforms, the city's minimal revenue
flexibility, likely debt accumulation, and developing reporting
systems constrain the rating."

However, the rating also factors in the city's growing economy
and consequently increasing budget revenues, a strong operating
performance, and low debt-service levels.

Istanbul is the center of economic activity in Turkey and has
above-average wealth indicators. It accounts for 16% of the
country's population, 23% of national GDP, and more than 40% of
taxes collected.

Infrastructure improvements remain the city's priority. Planned
investments could considerably increase Istanbul's direct debt,
to 40%-50% of operating revenues by 2010, up from the currently
low 16%.

"We consider Istanbul's economic and budget performances to be
closely linked to those of Turkey," said Mr. Kopeykin. "The
rating on the city will follow those on the sovereign in case of
further negative actions."

The rating on Istanbul might come under additional pressure
should the future reforms or continued expenditure pressures
lead to deterioration of the city's financial performance, with
deficits after capital expenditures greater than 15%, and a debt
increase at levels higher than we currently expect.

Moreover, increasing foreign currency risks, with accumulation
of foreign currency-denominated direct debt of more than 25%-30%
of operating revenues, could also threaten the rating.

The stabilization of the situation at the sovereign level,
combined with a strengthening economy and growing budget
revenues for the city, could lead us to revise the outlook on
Istanbul back to stable.  Positive rating actions will also
depend on the city's ability to keep debt and debt service at
manageable levels.


* S&P Revises Outlook on Seven Financial Institutions
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on seven
Turkish financial insitutions and one operating holding company.

The outlooks on these entities were revised to negative from
stable:

     -- T.C. Ziraat Bankasi A.S. (Ziraat),
     -- Turkiye Is Bankasi A.S. (Isbank),
     -- Turkiye Garanti Bankasi A.S. (Garanti),
     -- Garanti Finansal Kiralama A.S. (Garanti Leasing),
     -- Yapi ve Kredi Bankasi (YapiKredi),
     -- Türkiye Vakiflar Bankasi T.A.O. (VakifBank), and
     -- HSBC Bank A.S.
     -- Dogus Holding A.S.

At the same time, the 'BB-/B' long- and short-term counterparty
credit ratings on Ziraat, Isbank, Garanti Leasing, YapiKredi,
VakifBank, and Dogus Holding were affirmed.  Furthermore, the
'BB-' long-term counterparty credit rating on Garanti and the
'BB/B' long- and short-term counterparty credit ratings on HSBC
Bank A.S. were affirmed.
The outlook revision follows that on the sovereign, Republic of
Turkey (foreign currency, BB-/Negative/B; local currency,
BB/Negative/B), owing to the increasingly fraught political and
global environment that the country faces in the near term.

Turkish banks' performance and fundamentals are highly
correlated with sovereign creditworthiness through, among other
things, their significant holdings of government securities.
S&P considers the Turkish operating environment to be risky,
often subject to swings in foreign investor confidence and the
associated movement of capital/funds.

"However, unlike earlier in this decade, we expect Turkish banks
to remain resilient to moderate political and economic
volatility, but inflationary pressure and hikes in interest
rates would affect their loan growth, financial performance, and
asset quality," said Standard & Poor's credit analyst Magar
Kouyoumdjian.

"Despite their inherent strength, following several years of
major restructuring, the increased presence of foreign banks,
and six successive years of growth and modernization, the
deteriorating economic prospects will somewhat constrain this
positive momentum," he added.

                        Ratings List

T.C. Ziraat Bankasi A.S.

                              To                  From
                              --                  ----
Counterparty credit rating    BB-/Negative/B      BB-/Stable/B
Certificates of deposit       BB-/B               BB-/B

Turkiye Is Bankasi A.S.

                              To                  From
                              --                  ----
Counterparty credit rating    BB-/Negative/B      BB-/Stable/B
Certificates of deposit       BB-/B               BB-/B

Turkiye Garanti Bankasi A.S.

                              To                  From
                              --                  ----
Counterparty credit rating    BB-/Negative/--     BB-/Stable/--
Certificates of deposit       BB-                 BB-

Garanti Finansal Kiralama A.S.

                              To                  From
                              --                  ----
Counterparty credit rating    BB-/Negative/B      BB-/Stable/B

Yapi ve Kredi Bankasi

                              To                  From
                              --                  ----
Counterparty credit rating    BB-/Negative/B      BB-/Stable/B
Certificates of deposit       BB-/B               BB-/B

Turkiye Vakiflar Bankasi T.A.O.

                              To                  From
                              --                  ----
Counterparty credit rating    BB-/Negative/B      BB-/Stable/B
Certificates of deposit       BB-/B               BB-/B

HSBC Bank A.S.

                             To                  From
                             --                  ----
Counterparty credit rating   BB/Negative/B       BB/Stable/B
Certificates of deposit      BB/B                BB/B

Dogus Holding A.S.
                              To                  From
                              --                  ----
Counterparty credit rating    BB-/Negative/B      BB-/Stable/B

NB: The list does not include all ratings affected.


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


ASTRA LLC: Creditors Must File Claims by April 13
-------------------------------------------------
Creditors of Agricultural LLC Astra (code EDRPOU 30772784) have
until April 13, 2008, to submit proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 23, 2008.
The case is docketed as B-31/07-08.

The Debtor can be reached at:

         Agricultural LLC Astra
         Semilanoye
         Barvinkovo District
         Kharkov
         Ukraine


BEKAS LLC: Creditors Must File Claims by April 13
-------------------------------------------------
Creditors of LLC Investment Company Bekas (code EDRPOU 32827850)
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 bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/150.

The Debtor can be reached at:

         LLC Investment Company Bekas
         P. Lumumba Str. 15-A
         03191 Kiev
         Ukraine

LISICHANSK COMBINE: Creditors Must File Claims by April
-------------------------------------------------------------
Creditors of OJSC Lisichansk Combine of Breadproducts have until
April 13, 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. 27, 2008.
case is docketed as 12/130b.

The Debtor can be reached at:

         OJSC Lisichansk Combine of Breadproducts
         Artemovskaya Str. 33
         Lisichansk
         Lugansk
         Ukraine


REMPLER LLC: Creditors Must File Claims by April 13
---------------------------------------------------
Creditors of LLC Rempler (code EDRPOU 32220503) 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 bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/148.

The Debtor can be reached at:

         LLC Rempler
         Liatoshynsky Str. 4-A/289
         03191 Kiev
         Ukraine


SOLO-CAPITAL: Creditors Must File Claims by April 13
----------------------------------------------------
Creditors of LLC Fund Company Solo-Capital (code EDRPOU
34240207) 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 bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/149.

The Debtor can be reached at:

         LLC Fund Company Solo-Capital
         Railway Highway 47
         01103 Kiev
         Ukraine


UKRAINAIN FUEL: Creditors Must File Claims by April 13
------------------------------------------------------
Creditors of LLC Ukrainian Fuel and Power Company (code EDRPOU
30637554) 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 bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/151.

The Debtor can be reached at:

         LLC Ukrainian Fuel and Power Company
         Apartment 1102
         P. Lumumba Str. 4/6v
         01042 Kiev
         Ukraine


UMT-1 LLC: Proofs of Claim Deadline Set April 13
------------------------------------------------
Creditors of LLC UMT-1 (code EDRPOU 33506967) have until
April 13, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on Feb. 25, 2008.  The case is docketed
as 2/38-08-716.

The Debtor can be reached at:

         LLC UMT-1
         Odessa


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


ARLINGTON LEISURE: Brings In Administrators from Baker Tilly
------------------------------------------------------------
Simon Peter Bower and Philip Edward Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Arlington Leisure Ltd. (Company Number
01669495) on March 27, 2008.

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

The company can be reached at:

          Arlington Leisure Ltd.
          Station Road
          Harrow
          Middlesex
          HA2 7SA
          England
          Tel: 02088617290


BAKER AND EDGOOSE: Taps Liquidators from Baker Tilly
----------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of Baker and Edgoose Ltd. on March 20 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         2 Whitehall Quay
         Leeds
         LS1 4HG
         England


BRITISH AIRWAYS: T5 Opening Financial Impact Reaches GBP16 Mln
--------------------------------------------------------------
British Airways Plc reported traffic and capacity statistics
for March 2008.

In March 2008, passenger capacity, measured in Available-Seat-
Kilometers, was 1.6% below March 2007.   Traffic, measured in
Revenue-Passenger-Kilometers, fell by 2.8%.  This resulted in a
passenger load factor decrease of 0.9 points versus last year,
to 75.4%.  Traffic comprised a 5% decrease in premium traffic
and a 2.3% fall in non-premium traffic.  Comparisons between
March 2007 and 2008 are complicated by the timing of Easter,
which fell in April in 2007, and by the de-linking of UK school
holidays from the Easter period and into the middle of April.
This altered both premium and non-premium travel patterns, an
impact which is also likely to be seen in April's statistics.

Cargo, measured in Cargo-Ton-Kilometers, rose by 11.5%.

The figures also reflect the events which surrounded the opening
of Terminal 5 on March 27, 2008.  The impact was borne by the
shorthaul schedule, where there were 300 canceled flights,
equating to 0.2 percentage points of capacity.  The financial
impact of these events is estimated to be around GBP16 million,
reflecting all costs associated with the disruption and lost
revenue opportunities.  Although there remains a small number of
cancellations, the Terminal 5 performance is steadily improving.

                        Market Conditions

Market conditions remain unchanged.  Underlying conditions in
longhaul premium traffic continue to be strong, while shorthaul
premium and longhaul non-premium continue to be weak.

                     Strategic Developments

The opening of Terminal 5 was affected by operational problems
that caused major disruption.  The airline is working hard with
BAA to resolve these issues.

British Airways increased its stake in the Spanish airline
Iberia to 13.15%.  The purchase reflects the strategic
importance of Iberia Lineas SA to BA.  The airline bought
28,745,767 shares at an average price of EUR2.34 per share.

At its annual Investor Day British Airways released its market
guidance for the financial year 2008/9.  Revenue is forecast to
increase by 4 to 4.5% to over GBP9.1 billion, based on capacity
measured in available-seat-kilometers up 2.4%.  Fuel costs are
expected to be up by some GBP450 million to GBP2.5 billion, an
increase of 20%.

British Airways is launching a dozen new routes from Gatwick to
European hotspots this summer.  The new routes to Alicante,
Faro, Gibraltar, Ibiza, Malaga, Malta, Palma, Paphos, and Tunis
replace services previously operated by franchise partner GB
Airways following the end of that franchise agreement.  There
are also new flights to Antalya, Genoa and Poznan.

The Civil Aviation Authority announced that Heathrow's charges
over five years from April 1, 2008 will rise by 23.5% above
inflation in year one and by 7.5% above inflation each year
between 2009 and 2013.  BAA will be allowed a cost of capital of
6.2%.  BA said the decision demonstrates conclusively that the
airport regulation system has failed, to the detriment of
customers.

The first Airbus A380 passenger service flew into Heathrow.
British Airways will handle maintenance of the Singapore
Airlines A380s at Heathrow.  BA flight crew begin preparations
for delivery of the airline's own fleet of 12 A380s from
April 2012.  BA's Captain Jim Harlow is the first UK airline
pilot to qualify to fly the A380.

                     About British Airways

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

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

                        *     *     *

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


CASTLE FINANCE: S&P Cuts Rating on Series 4 Notes to BB+
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+' from 'AAA'
and placed on CreditWatch with negative implications its credit
rating on the JPY500 million secured fixed-rate notes series 4
issued by Castle Finance I Ltd.

This rating action follows the lowering of the credit rating on
the underlying collateral in the transaction, the JPY5 billion
SURF constant proportion debt obligation floating-rate notes
series 26 issued by Chess II Ltd. This occurred on March 10,
2008.


CELLTEK COMMUNICATIONS: Goes Into Liquidation
---------------------------------------------
Celltek Communications Ltd. has gone into liquidation incurring
more than GBP500,000 in debt, Rochdale Online reports.

David John Whitehouse and Philip Francis Duffy of Menzies
Corporate Restructuring have been appointed joint liquidators of
the company, Rochdale Online relates.

Headquartered in Rochdale, England, Celltek Communications Ltd.
designed and provided information and communications technology
solutions to business and the public sector, specializing in the
complex built environment.

CHALLENGE EMPLOYMENT: Creditors' Meeting Slated for April 9
-----------------------------------------------------------
Creditors of Challenge Employment Ltd. (Company Number 04065609)
will meet at 11:00 a.m. on April 9, 2008, at:

          Vantis Plc
          81 Station Road
          Marlow
          Buckinghamshire
          SL7 1NS
          England

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

          P. J. Hughes-Holland and Frank Wessely
          Joint Administrators
          Vantis Plc
          81 Station Road
          Marlow
          Buckinghamshire
          SL7 1NS
          England

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


JEREMY WATSON: Appoints Administrators from P&A
-----------------------------------------------
Gareth David Rusling and John Russell of The P&A Partnership
were appointed joint administrators of Jeremy Watson & Katherine
Watson (t/a The KA Wing Group) on March 3, 2008.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

Headquartered in Sheffield, England, Jeremy Watson and Katherin
Watson is engaged in electrical and mechanical engineering.


NORTHERN ROCK: Treasury Must Assure Preference Holders' Priority
----------------------------------------------------------------
Investors says that the Treasury must clarify the compensation
arrangements for Northern Rock plc's shareholders or risk
damaging confidence in the City, the Financial Times reports.

The Treasury, the FT relates, gave no assurance to holders of
GBP400 million of preference shares, which serve as security for
bonds issued by Northern Rock's special purpose vehicle Saphir
Finance, that they will be prioritized over ordinary
shareholders in getting compensation.

Peter Montagnon, director of investment affairs at the
Association of British Insurers, told the FT the Treasury must
respect the hierarchy in the capital structures otherwise it
would set a damaging precedent.

A Treasury official, however, stated it is entirely up to the
independent valuer to decide how to treat the preference
shareholders, saying "the valuer will be treating [securities]
in accordance with procedures that would be followed if this
company were in administration," Jean Eaglesham writes for the
paper.

                      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.


OIC RUN-OFF: Scheme Creditors to Get Additional 3%
--------------------------------------------------
OIC Run-Off Limited and The London and Overseas Insurance Co.'s
scheme creditors are now expected to receive a payment
percentage of 48%, reports say.  The amount is 3% more than the
previously approved 45% payment percentage.

Creditors who already received their 45% payment will receive
the additional 3% within 90 days.  Policyholders who have yet to
have their claims established will get their payments when the
companies' liabilities are established.

The established liabilities, the reports add, are covered by the
arrangement between Nationale-Nederlanden Overseas Finance and
Investment Company Unlimited and The Institute of London
Underwriters.  The liabilities, once established, will be paid
according to the specific provisions set in the scheme of
arrangement.

Citing Dan Schwarzmann, a partner at PricewaterhouseCoopers and
joint scheme administrator, the report adds that the increase in
the payment percentage was a result of the “review of the
companies' financial position.”

For the month of April 2008, Whittington Insurance Services,
will be processing the additional payment.


OIC Run-Off Limited was incorporated on April 30, 1931 in the
name of Ralli Brothers Insurance Company Limited.  The London
and Overseas Insurance Co. was incorporated on April 25, 1893 in
the name of Hull Underwriters' Association Limited.

London and Overseas was acquired by OIC Run-Off on March 20,
1969.  The ultimate parent company of OIC and L&O is ING Group
NV.  OIC Run-Off wrote principally marine, aviation, non-marine
and personal lines business and also had smaller accounts in
commercial and healthcare business.  London and Overseas wrote
marine, aviation, transit and property damage business.

OIC Run-Off ceased underwriting all classes of business with
effect from Sept. 1, 1992 while . London and Overseas ceased
underwriting business on Jan. 1, 1992.  Paul Evans and Richard
Boys-Stones were appointed Joint Provisional Liquidators on
Oct. 21, 1994.

Cross guarantees exist between OIC and L&O in favour of each
other's policyholders; this means that policyholders have the
same net claim against both OIC and L&O.  To minimise
administrative costs, one Scheme of Arrangement , dealing with
both OIC and L&O, has been written.  The Scheme became effective
on March 7, 1997.

Total Scheme payments were US$362 million as of Dec. 31, 2006.
Additionally, under arrangements between the parent company and
the Institute of London Underwriters, US$188 million has been
paid as of Dec. 31, 2006 to policyholders with established
liabilities on ILU policies incepting on or after Aug. 28, 1970
for OIC or March 20, 1969 for L&O.


QUEBECOR WORLD: Obtains Final Nod on US$1 Bln. DIP Facility
-----------------------------------------------------------
Quebecor World Inc. received final approval for its US$1 billion
debtor-in-possession financing.  Judge James M. Peck of the
Southern District of New York approved and entered the order on
April 1, 2008.

The US$1 billion DIP financing is comprised of a term loan of
US$600 million and a revolving loan facility of US$400 million.
The final order serves to confirm the US$750 million of interim
financing that was made available since the Jan. 23 interim
court order and increases the availability by a further
US$250 million effective today.  Combined with unrestricted cash
on hand of US$110 million and undrawn availability under the
US$400 million revolver, the Company now has liquidity of about
US$500 million.  In addition, the company has exceeded by about
US$160 million its cash flow projections as filed by the court-
appointed Monitor on Feb. 14, 2008.  This level of liquidity and
favorable cash flow performance reflects the Company's clear
direction towards emerging from creditor protection as a strong
and stable enterprise.

The company believes that this financing and its ability to
generate significant cash flow from operations will allow it to
pursue its operations serving all its global customers with
superior products and enhanced value-added services while
working with its stakeholders to emerge from creditor protection
as a strong company in its industry.

           US$1-Bil. Loan Needed to Continue Business

In his order authorizing Quebecor World (USA), Inc., and its
debtor-affiliates to borrow US$1,000,000,000 from a syndicate of
lenders led by Credit Suisse Securities (USA), LLC, and Morgan
Stanley Senior Funding, Inc., Judge James M. Peck of the U.S.
Bankruptcy Court for the Southern District of New York held,
"The ability of the Debtors to finance their operations and have
available sufficient working capital through the incurrence of
indebtedness for borrowed money and other financial
accommodations is vital to the Debtors' ability to preserve and
maintain their going concern value."

The DIP Loan will be used solely:

   (a) to repurchase their existing North American accounts
       receivable securitization facility of approximately
       US$418,000,000 plus certain expenses, from ABN AMRO Bank
       N.V.;

   (b) to provide financing for working capital, letters of
       credit, capital expenditures and other general corporate
       purposes of the Debtors; and

   (c) for the payment of fees and expenses incurred in
       connection with the DIP transactions.

The Debtors are also authorized to make transfers to non-debtor
affiliates, subject to limitations:

     * up to EUR25,000,000 for non-debtor affiliates' European
       operations;

     * up to US$5,000,000 for Latin American operations; and

     * up to US$5,000,000 for non-European operations.

To secure the Debtors' obligations under the US$1,000,000,000
Loan, the DIP Lenders are granted, among other things:

   -- a fully-perfected first priority senior security interest
      in and lien upon all unencumbered property of the Debtors,
      with the exception of avoidance actions or claims and
      causes of actions under Section 502(d),544, 545, 548, 549,
      550 or 551 of the Bankruptcy Code;

   -- fully perfected liens junior to the Prepetition Secured
      Lenders' adequate protection liens; and

   -- an allowed administrative expense claim with priority
      under Section 364(c)(1) of the Bankruptcy Code, subject
      only to the Carve-Out for, among other things, payment of
      professional fees and expenses of up to US$20,000,000.

The Court has permitted the Debtors to enter into secured hedge
agreements -- certain interest rate swap, car or collar
agreements, interest rate future or option contracts, currency
swap agreements and other hedging agreements -- in connection
with the DIP Loan.

The DIP Loan, according to the Jan. 21 DIP Agreement, will
have a maturity date on the earliest of (a) 18 months following
the earlier of the Petition Date or the CCAA filing date, (b)
substantial consummation of a reorganization plan of Quebecor
World, and (c) the acceleration of the loans under the DIP
Facility.

Credit Suisse Securities (USA) LLC, Credit Suisse, Cayman
Islands Branch, Credit Suisse, Toronto Branch and Morgan Stanley
Senior Funding, Inc., are the arrangers of the DIP Loan.  Credit
Suisse acts as administrative agent, collateral agent, initial
issuing bank, and initial swing line lender, and Morgan Stanley
acts as syndication agent under the DIP Facility.

The Court has authorized the Debtors to promptly pay to the
Agents and the Arrangers costs, fees and out-of-pocket expenses,
in accordance with the Fee Letters.  The Debtors will send the
Official Committee of Unsecured Creditors monthly invoices of
the Agents and Arrangers' attorneys and financial advisors.

                  Amendments to DIP Facility

The Senior Secured Superpriority Debtor-in-Possession Credit
Agreement dated as of Jan. 21, 2008, was amended on
March 27, 2008, to, among other things, permit Quebecor World
to provide the DIP Lenders its audited consolidated financial
statements for full-year 2007 by April 29, 2008.

On March 18, 2008, Quebecor World said that, in view of its
filing for creditor protection in Canada and the United States,
it will delay the release and filing of its financial statements
for the year ended Dec. 31, 2007.

Judge Peck has required the Debtors to provide advance notice
upon no less than three business days to counsel to Royal Bank
of Canada, Societe Generale (Canada), the ad hoc group of
holders of notes issued by Debtors, and the Creditors Committee
on all amendments, or the final material terms, of the DIP
Facility.

The Debtors are required to obtain Court approval or consent
from RBC, Soc Gen, the Ad Hoc Group of Noteholders and the
Creditors Committee with respect to amendments to the DIP Credit
Agreement that:

  (i) shorten the maturity of the extension of credit
      thereunder,

(ii) increase the commitments, the rate of interest payable, or
      letter of credit fees payable thereunder, or

(iii) amend the "events of default" under the DIP Agreement.

Any fees charged in connection with any amendment, however, will
only be disclosed to the Creditors Committee.

            Adequate Protection to Prepetition Lenders

Various prepetition lenders asserted security interests in
certain assets of the Debtors pursuant to:

   (x) the Amended and Restated Credit Agreement, dated as of
       Dec. 15, 2005, among Quebecor World, Inc., QWUSA,
       certain financial institutions acting as lenders, and
       Royal Bank of Canada, as administrative agent for the
       lenders, and the Guaranty, dated as of Oct. 26, 2007;

   (y) the Credit Agreement, dated as of Jan. 13, 2006, among
       QWI, as borrower, QWUSA, as guarantor, and Societe
       Generale (Canada), as lender; and

   (z) security agreements, pledge agreements, hypothec,
       mortgages, deeds of trust and other collateral documents,
       each dated Oct. 26, 2007, by QWI and certain
       subsidiaries of QWI for the benefit of the lenders, and
       Computershare Trust Company of Canada, as collateral
       agent.

The Prepetition Secured Lenders are provided adequate
protection, solely for any diminution in the value of their
interests in the Debtors' assets:

  (1) The Prepetition Secured Lenders will retain their
      prepetition security interests in and liens
      upon:

        (a) the inventory of Quebecor World Memphis LLC that
            existed as of the Petition Date, and

        (b) all proceeds of the QW Memphis Petition Date
            Inventory.

  (2) The Debtors will deposit into an interest-bearing cash
      collateral account any and all proceeds of QW Memphis
      Inventory Collateral pending further order of the Court.

  (3) The Prepetition Secured Lenders will not be required to
      file financing statements, mortgages, deeds of trust,
      security deeds, notices of lien, or similar instruments in
      any jurisdiction or effect any other action to attach or
      perfect the Prepetition Secured Lenders' Adequate
      Protection Liens.

  (4) In the event that the Adequate Protection Liens are
      insufficient to cover any diminution in value, the
      respective Prepetition Secured Lenders are granted
      administrative claims pursuant to Section 507(b) of the
      Bankruptcy Code which will have priority over all
      administrative expense claims, unsecured claims and all
      other claims against the Debtors, but junior to the
      Superpriority Claim, the DIP Liens, the Carve-Out and the
      Adequately Protected Debtor Reimbursement Claim.

  (5) The Debtors will provide each of the Prepetition Agent,
      Soc Gen, the Creditors Committee and the Ad Hoc Group of
      Noteholders access to information.

The Creditors Committee will have 120 days to file an adversary
proceeding or contest the Debtors' admissions and stipulations
in connection with the transactions in connection with the DIP
Facility.  The Committee will also have the right to:

  (i) examine and challenge the validity, extent, priority,
      avoidability, or enforceability of any of the Prepetition
      Secured Lenders' liens and security interest, and

(ii) assert or prosecute any action for preferences, fraudulent
      conveyances, other avoidance power claims or any other
      claims, counterclaims or causes of action, objections,
      contests or defenses against the Prepetition Secured
      Lenders.

         Flint Group, et al., Balk at US$1 Bil. DIP Facility

As reported in the Troubled Company Reporter on March 6, 2008,
Flint Group North America Corporation, Abitibi Consolidated
Sales Corp., Abitibi-Consolidated US Funding Corp., Bowater
America Inc., and Bowater Inc., and Corporate Property
Associates 9 LP, object to the request of the Debtors to obtain
US$1,000,000,000 of DIP financing.

                      About Quebecor World

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

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Payment of US$3 Mil. Sales Commissions Approved
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Quebecor World Inc. and its debtor-affiliates to pay:

  (i) 107 sales representatives who are owed accrued prepetition
      commissions,

(ii) one employee US$15,000 for meeting specific sales and
      budget attainment goals in 2007.

The Court also authorized the Debtors to pay additional accrued
prepetition commissions to sales employees that become due and
payable without further need for Court approval, provided that
the payments are agreeable to the Official Committee of
Unsecured Creditors and the Office of the United States Trustee.

As reported in the Troubled Company Reporter on March 28, 2008,
the Debtors sought the Court's authority to pay prepetition
sales commissions currently owing to 108 sales representatives.
Of these 108 sales representatives, 107 are owed accrued
prepetition commissions by no later than March 31, 2008.  The
other employee is owed US$15,000 for meeting specific sales and
budget attainment goals in 2007.  This payment was due at the
end of January 2007, and the Debtors seek authority to pay this
employee for successfully achieving the target sales goal.

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

                      About Quebecor World

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

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Has Until June 4 to File Schedules & Statements
---------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York extended Quebecor World Inc. and
its debtor-affiliates' deadline to file their schedules of
assets and liabilities and statements of financial affairs,
until June 4, 2008.

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

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


R G C CONTRACTING: Brings In Liquidators from Vantis
----------------------------------------------------
Vincent John Green and Mark Newman of Vantis Business Recovery
Services were appointed joint liquidators of R G C Contracting
Ltd. (t/a Ramsgate Glass) on March 27 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


RANK GROUP: Genting Dismisses Speculation Over Takeover Offer
-------------------------------------------------------------
Genting Berhad said that it has no intention to make any general
offer for the shares of Rank Group plc contrary to speculative
news reports.

Genting, which holds an 11% stake in Rank, responded to a query
from Bursa Malaysia Securities Berhad in relation to the news
article "Rank Rises on Report pf RM3 Billion Offered by Genting"
that appeared on page 6 of The Edge Financial Daily on
Wednesday, April 2, 2008.

Rank, whose shares tumbled to 11% following Genting's statement,
earlier disclosed its finance director, Peter Gill, had stepped
down, published reports say.

                     About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

In November 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on U.K. gaming group The Rank
Group PLC to 'B+' from 'BB-'.  S&P said the outlook is negative.

At the same time, the debt ratings on Rank's three public bond
issues were lowered to 'B' from 'BB-', one notch lower than the
corporate credit rating to reflect structural subordination, and
the 'B' short-term corporate credit rating was withdrawn at the
company's request.

In October 2007, Moody's Investors Service downgraded to B1
(from Ba3) the corporate family rating of Rank Group Plc.

Moody's concurrently downgraded ratings of the US$100 million
guaranteed notes due 2008 and US$14.3 million guaranteed notes
due 2018 at Rank Group Finance Plc to B3/LGD5/85% from
B2/LGD5/84%.  Ratings have been placed on review for possible
further downgrade.


RARE INNS: Taps Joint Administrators from Baker Tilly
-----------------------------------------------------
Matthew Richard Meadley Wild and Andrew Martin Sheridan of Baker
Tilly Restructuring and Recovery LLP were appointed joint
administrators of Rare Inns Ltd. (Company Number 05137207) on
March 20, 2008.

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

The company can be reached at:

          Rare Inns Ltd.
          c/o Baker Tilly
          The Clock House
          140 London Road
          Guildford
          GU1 1UW
          England


ROBS VALETING: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Robs Valeting Services Ltd. on
March 28 for the creditors' voluntary winding-up procedure
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


SPLASHPOWER LTD: Names Joint Administrators from Baker Tilly
------------------------------------------------------------
Graham Paul Bushby and Lynn Robert Bailey of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Splashpower Ltd. (Company Number 04239596) on
March 26, 2008.

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

The company can be reached at:

          Splashpower Ltd.
          The Jeffreys Building
          St. Johns Innovation Park
          Cambridge
          Cambridgeshire
          CB4 0WS
          England
          Tel: 01223 422 340
          Fax: 01223 422 339
          Web site: http://www.splashpower.com/


* BOND PRICING: For the Week March 31 to April 4, 2008
------------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
HTM Sport und
  Freizeitgerate AG       8.500    02/01/14     EUR      62.58
Immofinanz Immobilien
  Anlagen AG              2.750    01/20/14     EUR      74.58
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      65.42
                          0.250    10/14/26     CDN      40.15
Raiffeisen Centrobank AG  9.250    12/19/08     EUR      62.23
Republic of Austria       4.000    06/22/22     EUR      74.57
                          1.740    08/04/25     EUR      65.82

BULGARIA
--------
Petrol AD Sofia           8.375    10/26/11     EUR      74.00


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.50
                          0.500    04/26/13     AUD      70.79
                          1.000    11/21/16     NZD      57.34
                          1.000    10/30/17     AUD      57.30
                          1.000    02/27/18     AUD      56.59
                          0.500    09/24/20     CDN      61.67
                          0.250    06/28/40     CDN      20.69

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.39
Altran Technologies S.A.  3.750    01/01/09     EUR      12.04
Calyon                    6.000    06/18/47     EUR      46.37
CAP Gemini S.A.           2.500    01/01/10     EUR      52.25
                          1.000    01/01/12     EUR      45.08
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.28
                          4.375    11/01/10     EUR      47.88
Europcar Groupe SA        8.130    05/15/14     EUR      64.00
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      74.83
Groupe Vial               2.5      01/01/14     EUR      34.56
Havas S.A.                4.000    01/01/09     EUR      10.62
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.81
Ingenico                  2.750    01/01/12     EUR      20.87
Maurel & Prom             3.500    01/01/10     EUR      20.61
Publicis Group            0.750    07/17/08     EUR      29.02
                          1.000    01/18/18     EUR      42.26
Rhodia S.A.               0.500    01/01/14     EUR      36.44
Scor S.A.                 4.125    01/01/10     EUR       2.10
Soc Air France            2.750    04/01/20     EUR      23.84
Soitec                    4.625    12/20/09     EUR       5.15
Theolia S.A.              2.000    01/01/14     EUR      23.80
Valeo                     2.38     01/01/11     EUR      43.1
Vivendi Univers           1.75     10/30/08     EUR      30.51
Wavecom S.A.              1.750    01/01/14     EUR      20.84
Wendel Invest S.A.        2.000    06/19/09     EUR      43.69
                          4.380    08/09/17     EUR      71.62
Zlomrex International
Finance SA                8.5      02/01/14     EUR      60.54

GERMANY
-------
Deutsche Bank             3.25     05/18/12     CHF      73.43
KfW Bankengruppe          0.500    10/30/13     AUD      68.80
                          0.500    12/19/17     EUR      68.28
                          1.250    07/07/20     EUR      77.43
                          5.000    07/21/25     EUR      71.64
                          5.000    08/10/30     EUR      70.90
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.98
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      55.80


GREECE
------
FAGE Dairy Industries     7.5      01/15/15     EUR      60.00
Hellenic Republic         0.990    07/17/24     EUR      69.34

ICELAND
-------
Kaupthing Bank            7.130    05/19/16     EUR      71.62
                          6.130    10/04/16     EUR      70.01
                          6.130    10/04/16     EUR      70.35
                          6.500    02/03/45     EUR      50.37

IRELAND
-------
Banesto Finance Plc       6.170    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      49.22
                          0.250    07/08/33     CDN      28.22
Magnolia Finance IV Plc   1.050    12/20/45     US$      21.63
Ono Finance II            8.000    05/16/14     EUR      71.59
UT2 Funding PLC           5.32     06/30/16     EUR      72.98

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      53.71
UniCredito Italia         3.000    02/15/35     EUR      63.8
Telecom Italia            5.250    03/17/55     EUR      69.09

LUXEMBOURG
----------
Beverage Pack             9.500    06/15/17     EUR      70.88
Cerruti Finance SA        6.500    07/26/04     EUR      24.98
Finmek International      7.000    12/03/04     EUR       6.48
Hayes Lemmerz Finance     8.250    06/15/15     EUR      70.13
Nell AF S.A.              8.380    08/15/15     EUR      73.89
                          8.380    04/22/31     EUR      72.81



NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      74.85
Air Berlin Finance B.V.   1.500    04/11/27     EUR      67.50
ALB Finance BV            7.880    02/01/12     EUR      72.67
Biopetrol Finance B.V.    4.000    02/21/12     EUR      72.85
BK Ned Gemeenten          0.500    06/27/18     CDN      68.63
                          0.500    02/24/25     CDN      49.26
Cirio Del Monte           7.750    03/14/05     EUR      36.73
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.33
Gerling Global N.V.       6.630    08/16/21     EUR      66.38
Hypo Real ES Finance      5.500    08/20/08     EUR      42.79
IVG Finance B.V.          1.750    03/29/17     EUR      69.48
Kazkommerts
  International B.V.      6.880    02/13/17     EUR      72.12
                          8.500    06/13/17     US$      74.13
KBC Ifimqa N.V.           5.880    02/07/25     US$      77.95
Lehman Bros TSY B.V.      6.000    11/02/35     EUR      51.75
                          7.000    05/17/35     EUR      53.75
                          2.000    03/18/15     EUR      73.82
                          2.000    02/16/15     EUR      73.57
                          4.170    02/16/17     EUR      65.11
                          6.000    02/15/35     EUR      50.00
                          2.000    03/16/35     EUR      49.22
                          6.000    11/02/35     EUR      51.75

Montell Finance B.V.      8.100    03/15/27     US$      66.98
Ned Waterschapbk          6.000    06/01/35     EUR      70.25
                          6.500    08/15/35     EUR      66.16
                          6.000    06/30/45     EUR      62.3
NXP B.V.                  8.630    10/15/15     EUR      76.47
Portugal Tel Fin          4.500    06/16/25     EUR      76.54
Rabobank Groep N.V.       6.000    02/22/35     EUR      66.45
                          5.000    02/28/35     EUR      63.92
                          7.000    03/23/35     EUR      62.03
                          6.000    05/09/35     EUR      69.47
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       1.00

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.67
Norske Skogindustrier ASA 7.000    06/26/17     EUR      67.28

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.92

SWITZERLAND
-----------
UBS AG                    1.000     07/30/12    NZD      74.49

UNITED KINGDOM
--------------
Alliance & Leicester Plc  5.250     03/06/23    GBP      75.21
                          5.880     08/14/31    GBP      69.11
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      49.03
BAA Plc                   5.130     02/15/23    GBP      71.10
Bank of Scotland Plc      0.000     02/15/23    EUR      67.75
                          6.000     02/07/35    EUR      52.44
Bradford&Bin Building     6.63 06/16/23 GBP    78.18
Britannia Building
   Society                5.880     03/28/33    GBP      75.16
Cattles Plc               7.13 07/05/17 GBP    72.74
FCE Bank Plc              7.130     01/16/12    EUR      73.10
Ford Credit Europe Plc    7.130     01/15/13    EUR      70.57
Ineos Group Holding       7.880     02/15/16    EUR      75.55
                          7.880     02/15/16    EUR      70.64
Jaztel Plc                5.000     04/29/10    EUR      70.01
National Grid Gas Plc     1.754     10/17/36    GBP      39.80
                          1.771     03/30/37    GBP      39.83
Rexam Plc                 6.750     06/29/67    EUR      75.50
Royal BK Scotland         7.000     06/09/25    EUR      63.17
                          3.310     06/29/30    EUR      65.35
RSL Communications Ltd   10.130 03/01/08 US$       2.25
Wessex Water Fin          1.37 07/31/57 GBP    24.02

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *