TCREUR_Public/080409.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, April 9, 2008, Vol. 9, No. 70

                            Headlines


A U S T R I A

EK ROOF: Claims Registration Period Ends April 30
GOETZINGER GESTALTUNG: Creditors' Meeting Slated for April 23
HOLIDAY-SHUTTLE: Claims Registration Period Ends April 14
IMMOBILIARES LIEGENSCHAFT: Claims Registration Ends April 30
KOVACEVIC LLC: Claims Registration Period Ends May 5

LBB SPORTWETTEN: Creditors' Meeting Slated for April 18


F R A N C E

RHODIA SA: S&P Ups Long-Term Corporate Credit Rating to BB


G E R M A N Y

A+M MEDIENAGENTUR: Claims Registration Ends April 30
ABC AUTOVERMIETUNG: Claims Registration Period Ends April 29
"ANIGER" PERSONAL: Claims Registration Ends April 30
AUTOSERVICE KLANN: Claims Registration Ends April 30
BAUSTOFF- UND HANDELSGESELLSCHAFT: Claims Period Ends April 30

CANSEL GMBH: Claims Registration Ends April 30
CATERING & MEHR: Claims Registration Period Ends April 28
COMTRADE SYSTEMS: Claims Registration Period Ends April 28
ELECTRONIC NETWORK: Claims Registration Period Ends April 28
GEFLUEGELHOF THORSTEN: Claims Registration Period Ends April 28

HOCHBAU BAUTZEN: Claims Registration Period Ends April 30
HPK-BETEILIGUNGSVERWALTUNGS: Claims Period Ends April 29
PAGELS TRANSPORT: Claims Registration Period Ends April 28
PRIESS-MODELLE BEKLEIDUNGS: Claims Registration Ends May 2
PRIME 2006-1: S&P Removes Negative Watch on Notes' Ratings

PRISMA TECH: Claims Registration Ends April 29
R. BODENSCHATZ: Claims Registration Period Ends April 28
REICHE HANDELSGESELLSCHAFT: Claims Registration Ends April 28
ROAD-FONDS GMBH: Claims Registration Ends April 29
ROLF OCHS: Claims Registration Period Ends April 28
RPS GMBH: Claims Registration Period Ends April 28

SIGGELKOW REISEN: Claims Registration Period Ends April 28

* Moody's Says Outlook on German Banking System is Negative


I T A L Y

ALITALIA SPA: Air France-KLM May Resume Talks
K A Z A K H S T A N
AKBOTA-E LLP: Creditors Must File Claims by May 14
BMTS LLP: Claims Deadline Slated for May 7
CAPITOL KARAGANDA: Claims Filing Period Ends May 7

CENTRE #4 LLP: Creditors' Claims Due on May 14
GARANT JOL: Claims Registration Ends May 14
KOKJAR LLP: Creditors Must File Claims by May 7
KUNDYKOL LLP: Claims Deadline Slated for May 14
MASH SERVICE-2: Claims Filing Period Ends May 9

SIYAT-2002 LLP: Creditors' Claims Due on May 9
VOSTOK TECHNOLOGY: Claims Registration Ends May 7


K Y R G Y Z S T A N

MAKPOLO LLC: Creditors Must File Claims by May 5
PHOSCHEM LLC: Claims Filing Period Ends May 2
N E T H E R L A N D S
PROLIANCE INT'L: BDO Seidman Expresses Going Concern Doubt


R U S S I A

EGRAUND LLC: Creditors Must File Claims by April 15
NOVOLADOZHSKIY SHIPYARD: Bankruptcy Hearing Slated for August 7
NOVOLIPETSK STEEL: Earns RUR40.42 Million for 2007
NOVOLIPETSK STEEL: Names Vadim Urias as IT Unit Chief
PMK NOVOKUBANSKAYA 4: Krasnodar Bankruptcy Hearing Set Sept. 2

POPOV AND CO: Court Names A. Belkin as Insolvency Manager
ROSNEFT OIL: Earns US$12.86 Billion for Year Ended December 31
SHELEKHOV-SIB-LES IK: Irkuts Bankruptcy Hearing Set May 26
SIB-SPETS-KOMPLEKT: Court Starts Bankruptcy Supervision Process
URAL-ROOFING CJSC: Creditors Must File Claims by April 15

VOLGATELECOM OJSC: Repays RUR1 Million 9-? Series Bonds

* Russian Steel Makers Face Probe Over Increased Prices


S W I T Z E R L A N D

OF TECHNIK: Aargau Court Starts Bankruptcy Proceedings
HAUSHEER SANITARE: Creditors' Liquidation Claims Due by April 17
HEUWIESE LLC: Creditors' Liquidation Claims Due by April 30
KIMA-HANDEL LLC: Creditors' Liquidation Claims Due by April 30
MARBA ENTERPRISE: Creditors' Liquidation Claims Due by April 25
MOZZARELLA-SANTALUCIA: Creditors Must File Claims Due on Apr. 26

SMG SANTECH: Creditors' Liquidation Claims Due by April 28
TOSCHIDUR LLC: Creditors' Liquidation Claims Due by April 30


U K R A I N E

ALDAGIR LLC: Creditors Must File Claims by April 12
GENERALI GARANT: Moody's Puts Rating on Review & May Upgrade
KASKAD LLC Proofs of Claim Deadline Set April 12
KRASNOKUTSK AGRICULTURAL: Creditors Must File Claims by April 12
MOSHUROV CJSC: Creditors Must File Claims by April 12

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


U N I T E D   K I N G D O M

ABBOTT GROUP: KPMG Says Wages Will Be Paid
BAMFORD DECORATING: Calls In Liquidators from PKF
BRAMBLE CONSULTANTS: Duncan R. Beat Leads Liquidation Procedure
BRITISH AIRWAYS: BALPA Demands Management Change Over T5 Chaos
CLARIS LIMITED: Moody's Cuts Rating on EUR10 Mln Notes to Ba3

EMAP PLC: S&P Withdraws Rating at Company's Request
ENSAS LTD: Brings In Liquidators from KPMG
G SQUARE: Moody's Downgrades Ratings on Four Note Classes
GLOW ASSOCIATES: Taps Liquidators from Vantis Business Recovery
HALYARD CDO I: Moody's Junks Ratings on Four Note Classes

INDEPENDENT NEWS: Fitch Affirms then Withdraws Ratings
LRH TRAVEL: Hires Liquidators from Tenon Recovery
MAINSIAL CDO: Moody's Lowers Ratings on Five Note Classes
MARYLEBONE ROAD: Moody's Cuts Rating on Class A-3 Notes to B3
MASTERLOCK RECRUITMENT: Taps Joint Administrators from Menzies

MONTPELIER RE: Thomas Busher to Head European Operations
MONTPELIER RE: Gerald Konig Appointed as Europe Marketing Head
PANAGRAPH MANAGEMENT: Appoints Begbies Traynor as Administrators
QUEBECOR WORLD: Inks New Multi-Year Pact with Wenner Media
STAPLEHURST HOMES: Appoints Liquidators from Tenon Recovery

STOCKERYALE INC: Auditors Express Going Concern Doubt
TIMEWARP DISTRIBUTION: Goes Into Liquidation Due to Bad Debts
TOYZONE LTD: Administrators Sells Business & Assets to JA Magson
YOUNGSTERS LTD: Sells Business & Assets to JA Magson


                            *********


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


EK ROOF: Claims Registration Period Ends April 30
-------------------------------------------------
Creditors owed money by LLC EK Roof Dachservice (FN 274585b)
have until April 30, 2008, to file written proofs of claim to
court-appointed estate administrator Wolfgang Leitner at:

          Dr. Wolfgang Leitner
          c/o Dr. Helmut Platzgummer
          Kohlmarkt 14
          1010 Vienna
          Austria
          Tel: 533 19 39 Serie
          E-mail: kanzlei@lp-law.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 12, 2008 (Bankr. Case No. 2 S 32/08f).  Helmut
Platzgummer  represents Dr. Leitner in the bankruptcy
proceedings.


GOETZINGER GESTALTUNG: Creditors' Meeting Slated for April 23
-------------------------------------------------------------
Creditors owed money by LLC Goetzinger Gestaltung fuer Haus und
Garten (FN 269154s) are encouraged to attend the creditors'
meeting at 10:30 a.m. on April 23, 2008.

The creditors' meeting will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Goellersdorf, Austria, the Debtor declared
bankruptcy on March 12, 2008 (36 S 28/08x).

Karl F. Engelhart serves as the court-appointed estate
administrator of the bankrupt's estate.   Dr. Thomas Engelhart
represents Dr. Engelhart in the bankruptcy proceedings.

The estate administrator can be reached at:

          Dr. Karl F. Engelhart
          c/o Dr. Thomas Engelhart
          Esteplatz 4
          1030 Wien
          Austria
          Tel: 01/712 33 30-0
          Fax: 01/712 33 30 30
          E-mail: kanzlei@engelhart.at


HOLIDAY-SHUTTLE: Claims Registration Period Ends April 14
---------------------------------------------------------
Creditors owed money by LLC Holiday-Shuttle & Co Kg (FN 36965k)
have until April 14, 2008, to file written proofs of claim to
court-appointed estate administrator Joachim Bucher at:

          Dr. Joachim Bucher
          Italienerstrasse 13/5
          9500 Villach
          Austria
          Tel: 04242/29992
          Fax: 04242/27666
          E-mail: office@abp-law.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on March 12, 2008 (Bankr. Case No. 41 S 20/08a).


IMMOBILIARES LIEGENSCHAFT: Claims Registration Ends April 30
------------------------------------------------------------
Creditors owed money by  LLC Immobiliares Liegenschaft-
Verwertung (FN 267523t) have until April 30, 2008, to file
written proofs of claim to court-appointed estate administrator
Clemens Richterc at:

          Mag. Clemens Richter
          c/o Dr. Thomas Engelhart
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 712 33 30
          E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 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 12, 2008 (Bankr. Case No. 2 S 31/08h).  Thomas
Engelhart represents Mag. Richter in the bankruptcy proceedings.


KOVACEVIC LLC: Claims Registration Period Ends May 5
----------------------------------------------------
Creditors owed money by LLC Kovacevic (FN 259655x) have until
May 5, 2008, to file written proofs of claim to court-appointed
estate administrator Reinhold Zeinhofer at:

          Dr. Reinhold Zeinhofer
          Hofgasse 9
          4020 Linz
          Austria
          Tel: 0732/77 88 98
          Fax: 0732/77 88 98 99
          E-mail: zs@anwaltskanzlei.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Ansfelden, Austria, the Debtor declared
bankruptcy on March 12, 2008 (Bankr. Case No. 12 S 85/07y).


LBB SPORTWETTEN: Creditors' Meeting Slated for April 18
-------------------------------------------------------
Creditors owed money by LLC Lbb Sportwetten (FN 251109d) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
April 18, 2008.

The creditors' meeting will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on March 12, 2008 (40 S 13/08).  Thomas Di Vora
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

          Mag. Thomas Di Vora
          Lendgasse 3
          9020 Klagenfurt
          Austria
          Tel: 0463/50 28 20
          Fax: 0463/502820-12
          E-mail: rechtsanwalt.mag.divora@aon.at


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


RHODIA SA: S&P Ups Long-Term Corporate Credit Rating to BB
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on France-based chemical producer Rhodia
S.A. to 'BB' from 'BB-'.

At the same time, S&P affirmed the 'B' short-term corporate
credit rating.  The outlook is stable.

"The upgrade reflects our expectations that the improved
operational and financial results achieved in 2007, coupled with
steady debt repayment, will continue in 2008 and 2009," said
Standard & Poor's credit analyst Lucas Sevenin.

S&P notably expects a ratio of funds from operations to adjusted
debt of about 20%, and positive free operating cash flow.  This
reflects the good polyamide supply and demand balance likely to
last until at least the end of 2009, the group's material
proceeds from carbon credits, very long-term debt amortization
profile, various liquidity sources, a continuing financial
policy of deleveraging, and ample financial covenant leeway.

S&P anticipates that Rhodia will demonstrate good operating
profit resilience in 2008, achieving FFO to debt of about 20%,
and positive FOCF.

"We expect that the polyamide cycle will remain favorable, that
the group will be able to offset a large part of the likely raw
materials and energy cost increases, and generate substantial
earnings and cash flow from carbon credits, as it did in 2007,"
said Mr. Sevenin.  "The stable outlook also reflects material
cash proceeds from asset sales and limited shareholder returns
and acquisitions, as per the group's financial policy."

The rating may come under pressure if operating performance and
market conditions deteriorate materially against expectations,
notably in the core polyamide market; if FFO to debt does not
improve to about 20%; or if FOCF becomes negative.

S&P may raise the rating if Rhodia demonstrates very good
resilience in a less favorable economic environment, if it is
able to improve its financial profile beyond expectations for
the current rating and reach FFO to debt comfortably above 20%
on a sustainable level, and if it generates positive and
growing FOCF.  This could be achieved if Rhodia grows sales by
more than 4% on an organic basis while maintaining current
profitability, or through a material increase in carbon credits
prices.


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


A+M MEDIENAGENTUR: Claims Registration Ends April 30
----------------------------------------------------
Creditors of a+m medienagentur GmbH have until April 30, 2008 to
register their claims with court-appointed insolvency manager
Udo Feser.

Claims will be verified at 11:35 a.m. on June 25, 2008 at:

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

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

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against a+m medienagentur GmbH on Jan. 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         a+m medienagentur GmbH
         Luisenstr. 41
         10117 Berlin
         Germany


ABC AUTOVERMIETUNG: Claims Registration Period Ends April 29
------------------------------------------------------------
Creditors of ABC Autovermietung Billig-Rent GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Dr. Staufenbiel.

Creditors and other interested parties are encouraged to attend
the meeting at 3:30 a.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Room 91
         Untermarkt 17
         Muehlhausen
         Germany

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

The insolvency manager can be reached at:

         Dr. Staufenbiel
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against ABC Autovermietung Billig-Rent GmbH on March 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ABC Autovermietung Billig-Rent GmbH
         Attn: Uwe Barstadt, Manager
         Kreuzgraben 5
         99974 Muehlhausen
         Germany


"ANIGER" PERSONAL: Claims Registration Ends April 30
----------------------------------------------------
Creditors of "ANIGER" Personal Service GmbH have until April 30,
2008 to register their claims with court-appointed insolvency
manager Knut Rebholz.

Claims will be verified at 11:30 a.m. on June 25, 2008 at:

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

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

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against "ANIGER" Personal Service GmbH on Jan. 25,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         "ANIGER" Personal Service GmbH
         Leibnizstrasse 56
         10629 Berlin
         Germany


AUTOSERVICE KLANN: Claims Registration Ends April 30
----------------------------------------------------
Creditors of Autoservice Klann GmbH have until April 30, 2008 to
register their claims with court-appointed insolvency manager
Christian Graf Brockdorff.

Claims will be verified at at 11:30 a.m. on July 9, 2008 at:

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

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

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Friedrich-Ebert-Str. 36
         14469 Potsdam
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Autoservice Klann GmbH on Jan. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autoservice Klann GmbH
         Sachsendamm 68-70
         10829 Berlin
         Germany


BAUSTOFF- UND HANDELSGESELLSCHAFT: Claims Period Ends April 30
--------------------------------------------------------------
Creditors of Baustoff- und Handelsgesellschaft Wegendorf mbH
have until April 30, 2008, to register their claims with court-
appointed insolvency manager Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 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:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Baustoff- und Handelsgesellschaft Wegendorf
mbH on March 25, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Baustoff- und Handelsgesellschaft Wegendorf mbH
         Alte Dorfstrasse 11 a
         15345 Altlandsberg
         Germany


CANSEL GMBH: Claims Registration Ends April 30
----------------------------------------------
Creditors of Cansel GmbH have until April 30, 2008 to register
their claims with court-appointed insolvency manager Torsten
Martini.

Claims will be verified at 11:10 a.m. on July 1, 2008 at:

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

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

The insolvency manager can be reached at:

         Torsten Martini
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Cansel GmbH on Feb. 12, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Cansel GmbH
         Friedenstr. 91
         10249 Berlin
         Germany


CATERING & MEHR: Claims Registration Period Ends April 28
---------------------------------------------------------
Creditors of Catering & Mehr GmbH have until April 28, 2008, to
register their claims with court-appointed insolvency manager
Klaus Wrede.

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

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973315
         Fax: 0391/5973333
         E-mail: k.wrede@kwp-magdeburg.com

The District Court of Magdeburg opened bankruptcy proceedings
against Catering & Mehr GmbH on March 28, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Catering & Mehr GmbH
         Luebeckerstr. 126
         39124 Magdeburg
         Germany


COMTRADE SYSTEMS: Claims Registration Period Ends April 28
----------------------------------------------------------
Creditors of Comtrade Systems Hard-und Software GmbH have until
April 28, 2008, to register their claims with court-appointed
insolvency manager Jens-Soeren Schroeder.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         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:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Comtrade Systems Hard-und Software GmbH on March 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Comtrade Systems Hard-und Software GmbH
         Jarrestrasse 6
         22303 Hamburg
         Germany


ELECTRONIC NETWORK: Claims Registration Period Ends April 28
------------------------------------------------------------
Creditors of Electronic Network Heiligenhaus GmbH have until
April 28, 2008, to register their claims with court-appointed
insolvency manager Dr. Marc D`Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Marc D'Avoine
         Doeppersberg 19
         42103 Wuppertal
         Germany

The District Court of Wuppertal opened bankruptcy proceedings
against Electronic Network Heiligenhaus GmbH on March 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Electronic Network Heiligenhaus GmbH
         Hoeseler Platz 2
         42579 Heiligenhaus
         Germany


GEFLUEGELHOF THORSTEN: Claims Registration Period Ends April 28
--------------------------------------------------------------
Creditors of Gefluegelhof Thorsten Katlun GmbH have until
April 28, 2008, to register their claims with court-appointed
insolvency manager Heike Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on May 27, 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 Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Heike Peters
         Suedstrasse 4
         39179 Barleben
         Germany
         Tel: 039203/62186
         Fax: 039203/62184

The District Court of Magdeburg opened bankruptcy proceedings
against Gefluegelhof Thorsten Katlun GmbH on March 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gefluegelhof Thorsten Katlun GmbH
         Alter Schacht 4
         39326 Zielitz
         Germany

         Attn: Thorsten Katlun, Manager
         C/o I.Pozo Campos
         Valparaisostr. 21
         22761 Hamburg
         Germany


HOCHBAU BAUTZEN: Claims Registration Period Ends April 30
---------------------------------------------------------
Creditors of Hochbau Bautzen GmbH have until April 30, 2008, to
register their claims with court-appointed insolvency manager
Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden
         Germany
         Website: www.hww-kanzlei.de

The District Court of Dresden opened bankruptcy proceedings
against Hochbau Bautzen GmbH on March 28, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hochbau Bautzen GmbH
         Schlossstr. 1
         02943 Baerwalde
         Germany

         Attn: Werner Hiller, Manager
         geboren 1944
         Schlossstr. 1
         02943 Barwalde
         Germany


HPK-BETEILIGUNGSVERWALTUNGS: Claims Period Ends April 29
--------------------------------------------------------
Creditors of HPK-Beteiligungsverwaltungs-GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Klaus W. Gerling.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Cologne
         Meeting Hall 140
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Klaus W. Gerling
         Im Mediapark 6 B
         50670 Koeln
         Germany

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

The Debtor can be reached at:

         HPK-Beteiligungsverwaltungs-GmbH
         An der Ronne 59
         50859 Koeln
         Germany

         Attn: Peter Kramer, Manager
         An der Ronne 59
         50859 Koeln
         Germany


PAGELS TRANSPORT: Claims Registration Period Ends April 28
----------------------------------------------------------
Creditors of Pagels Transport + Warenhauslogistik GmbH have
until April 28, 2008, to register their claims with court-
appointed insolvency manager Michael George.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Wolfratshausen
          Meeting Halll 3/I
          Bahnhofstrasse 18
          Wolfratshausen
          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 George
          Hans-Urmiller-Ring 11
          82515 Wolfratshausen
          Germany
          Tel: 08171/38730-100
          Fax: 08171/38730-222

The District Court of Wolfratshausen opened bankruptcy
proceedings against Pagels Transport + Warenhauslogistik GmbH on
March 19, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Pagels Transport + Warenhauslogistik GmbH
          Breslauer Weg 75/I.
          82538 Geretsried
          Germany


PRIESS-MODELLE BEKLEIDUNGS: Claims Registration Ends May 2
----------------------------------------------------------
Creditors of PRIESS-MODELLE Bekleidungs- und Verwaltungs-GmbH
have until May 2, 2008, to register their claims with court-
appointed insolvency manager Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Peter Houben
         Sternstrasse 58
         40479 Duesseldorf
         Germany
         Tel: 0211 / 491440
         Fax: +492114914461

The District Court of Moenchengladbach opened bankruptcy
proceedings against PRIESS-MODELLE Bekleidungs- und Verwaltungs-
GmbH on March 28, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         PRIESS-MODELLE Bekleidungs- und
         Verwaltungs-GmbH
         Attn: Dr. Erwin Mueller, Manger
         Korschenbroicher Strasse 81
         41065 Moenchengladbach
         Germany


PRIME 2006-1: S&P Removes Negative Watch on Notes' Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and lowered its ratings on the class B, C,
D, and E notes issued by PRIME 2006-1 Funding Limited
Partnership, a German SME CLO transaction.  At the same time,
the class A notes were removed from CreditWatch negative and
affirmed.

The rating actions follow a full review of the transaction,
including credit and cash flow modeling of the underlying
portfolio.  The portfolio analysis relies on updated
probabilities of default for each company in the portfolio,
which were quantitatively derived by using Credit Risk Tracker
and running 2006 year-end financials.

"Based on the most recent information made available to us, the
portfolio credit quality has decreased. Furthermore, we note
that a negative migration is also demonstrated on the internal
rating scale of the originating banks," said credit analyst
Viktor Milev.

Mr. Milev added: "As of [Tues]day, there have been no defaults
and no deferrals in the portfolio.  At the same time, however,
two companies have migrated into rating category 9 on the
internal rating scale.  The total exposure to these
two companies amounts to EUR18.5 million, which exceeds the
subordination available to the lowest rated class of notes."

"Concentration remains a key concern in the transaction. We have
addressed this risk in our analysis by applying our typical
concentration checks for SME CLO transactions.  Nevertheless, we
emphasize the inherent risk that potential defaults are likely
to put the ratings on all classes of notes under further
pressure," Mr. Milev concluded.

Standard & Poor's will continue to closely monitor the
performance of the transaction and development of the portfolio
credit quality.  The availability of updated financial
information on the portfolio companies, i.e., 2007 year-end
financials, will result in a new review of the transaction.

                       Ratings List

         PRIME 2006-1 Funding Limited Partnership
          EUR186.5 Million Floating-Rate Notes

      Rating Removed From CreditWatch Negative And Affirmed

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

        Ratings Removed From CreditWatch Negative And Lowered

                                 Rating
                                 ------
        Class             To                  From
        -----             --                  ----
        B                 A                   AA/Watch Neg
        C                 BBB                 A/Watch Neg
        D                 BB                  BBB/Watch Neg
        E                 B                   BB/Watch Neg


PRISMA TECH: Claims Registration Ends April 29
----------------------------------------------
Creditors of Prisma Tech Consulting GmbH have until April 29,
2008 to register their claims with court-appointed insolvency
manager Hans-Joerg Derra.

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

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Hall 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

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

The insolvency manager can be reached at:

         Hans-Joerg Derra
         Frauenstrasse 14
         89073 Ulm
         Germany
         Tel: 0731/922880
         Fax: 0731/9228888

The District Court of Neu-Ulm opened bankruptcy proceedings
against Prisma Tech Consulting GmbH on March 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Prisma Tech Consulting GmbH
         Pfaffenweg 27
         89231 Neu-Ulm
         Germany


R. BODENSCHATZ: Claims Registration Period Ends April 28
--------------------------------------------------------
Creditors of R. Bodenschatz Werbegesellschaft mbH have until
April 28, 2008, to register their claims with court-appointed
insolvency manager Oliver Schartl.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Oliver Schartl
          Schwanthalerstr. 32
          80336 Munich
          Germany
          Tel: 089-545110
          Fax: 089-54511-444

The District Court of Munich opened bankruptcy proceedings
against R. Bodenschatz Werbegesellschaft mbH on Feb. 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          R. Bodenschatz Werbegesellschaft mbH
          Hansjakobstr. 127 a
          81825 Munich
          Germany


REICHE HANDELSGESELLSCHAFT: Claims Registration Ends April 28
-------------------------------------------------------------
Creditors of Reiche Handelsgesellschaft mbH have until April 28,
2008, to register their claims with court-appointed insolvency
manager Helgi Heumann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Leipzig
          Hall 037
          Ground Floor
          Enforcement Court
          Bernhard Goering Strasse 64
          04275 Leipzig
          Germany

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

The insolvency manager can be reached at:

          Helgi Heumann
          Reclamstrasse 42
          04315 Leipzig
          Germany
          Tel: 0341/6811411
          Fax: 0341/6811450
          E-mail: leipzig@raheumann.de

The District Court of Leipzig opened bankruptcy proceedings
against Reiche Handelsgesellschaft mbH on March 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Reiche Handelsgesellschaft mbH
          Apelsteinallee 16
          04416 Markkleeberg OT Wachau
          Germany


ROAD-FONDS GMBH: Claims Registration Ends April 29
--------------------------------------------------
Creditors of Road-Fonds GmbH & Co. KG have until April 29, 2008
to register their claims with court-appointed insolvency manager
Olaf Spiekermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Landau in der Pfalz
         Hall 225
         Marienring 13
         76829 Landau in der Pfalz
         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 Spiekermann
         Kanzlei Brinkmann & Partner
         Augustaanlage 62-64
         68165 Mannheim
         Germany
         Tel: 0621/4329280
         Fax: 0621/43292827

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Road-Fonds GmbH & Co. KG on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Road-Fonds GmbH & Co. KG
         Attn: Timo Pierre Roth, Manager
         Langgasserweg 59
         76863 Herxheim
         Germany


ROLF OCHS: Claims Registration Period Ends April 28
---------------------------------------------------
Creditors of Rolf Ochs Parkett- und moderne Fussboeden GmbH have
until April 28, 2008, to register their claims with court-
appointed insolvency manager Steffen Rauschenbusch.

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

The meeting of creditors will be held at:

          The District Court of Mannheim
          Hall 232
          Second Floor
          Schloss
          68149 Mannheim
          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:

          Steffen Rauschenbusch
          O 3, 9-12
          68161 Mannheim
          Germany
          Tel: 0621/533922-0

The District Court of Mannheim opened bankruptcy proceedings
against Rolf Ochs Parkett- und moderne Fussboeden GmbH on March
17, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Rolf Ochs Parkett- und moderne Fussboeden GmbH
          Attn: Rolf Ochs, Manager
          Heppenheimer Str. 23
          68309 Mannheim
          Germany


RPS GMBH: Claims Registration Period Ends April 28
--------------------------------------------------
Creditors of RPS GmbH & Co. KG have until April 28, 2008, to
register their claims with court-appointed insolvency manager
Matthias Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Matthias Hofmann
          Rosental 6
          80331 Munich
          Germany
          Tel: 089/548033-0
          Fax: 089/548033-111

The District Court of Munich opened bankruptcy proceedings
against RPS GmbH & Co. KG on Feb. 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          RPS GmbH & Co. KG
          Suedl. Muenchner Str. 2 A
          82031 Gruenwald
          Germany


SIGGELKOW REISEN: Claims Registration Period Ends April 28
----------------------------------------------------------
Creditors of Siggelkow Reisen GmbH & Co. KG have until April 28,
2008, to register their claims with court-appointed insolvency
manager Yvo Dengs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.31
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

          Yvo Dengs
          Am Sandtorkai 62
          20457 Hamburg
          Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Siggelkow Reisen GmbH & Co. KG on March 12, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Siggelkow Reisen GmbH & Co. KG
          Lehrberg 3
          24594 Hohenwestedt
          Germany


* Moody's Says Outlook on German Banking System is Negative
-----------------------------------------------------------
Despite a still benign economic environment and strong support
expectations, the overall credit outlook for the German banking
system is negative, reflecting the potential threat from the
global credit and liquidity crisis, says Moody's Investors
Service in its new Banking System Outlook for Germany.  The
outlook also takes account of some key sector challenges such as
the weak profitability of many banks and structural obstacles
that inhibit cross-sector consolidation and an improvement in
operating profiles.

"The domestic economic environment in Germany remains robust and
-- compared to the real estate-driven slowdown in the US and
other economies -- appears reasonably resilient to date in 2008.
In addition, Germany's banks experienced a significant real
estate price correction and considerable related non-performing
loans and write-downs earlier in the decade," say the authors of
the report. Moody's therefore believes that the quality of most
German banks' loan portfolios is unlikely to deteriorate
significantly during 2008.

However, against this benign backdrop, it is the risks posed by
the sub-prime crisis in the US and the contagion experienced by
many German banks that could trigger a turn in the credit cycle
for Germany's banking system and result in Moody's view that the
outlook for the credit environment for German banks is negative
overall.  "The erosion in the asset quality of structured credit
products to which some German banks are exposed -- mostly those
related to US real estate -- and the rising market volatility
that is also increasingly affecting other securities held by
many banks are weighing on the profitability and capitalisation
of many of Germany's financial institutions," the analysts add.

Whilst Moody's acknowledges that the German banking system's
overall exposure to US sub-prime mortgages and to other affected
asset classes is moderate, it is material at several large
commercial banks and, in particular, at some Landesbanken.
Although access to market funding, particularly securitisations,
is more restricted and expensive than prior to the crisis, it is
not having a notably negative impact on German banks generally,
as they typically have well-diversified businesses and sources
of funds.

Moody's notes that the move towards taking on exposure to
riskier, and perhaps less well-understood, asset classes in the
recent past was driven by a quest for higher returns than those
yielded by many banks' core earnings.  In the rating agency's
view, this temptation -- albeit subdued in the current climate
-- will in principle remain strong as long as the overall
profitability in the German banking market remains below levels
achievable in most other developed banking systems.  This
typically weak profitability is likely to remain a rating
pressure for most German banks.


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


ALITALIA SPA: Air France-KLM May Resume Talks
---------------------------------------------
Air France-KLM SA is giving Alitalia S.p.A. and its unions a
chance to accept its binding offer to acquire the Italian
government's 49.9% stake in the national carrier, various
reports say citing the French airline's CEO Jean Cyril Spinetta.

"`It's now up to Alitalia and its employees and unions to say
how they view the future of their airline," Mr. Spinetta said in
a statement.

Mr. Spinetta said that Air France will not submit a new offer,
stressing that the plans amended bid presented to unions during
the negotiations "is the only one that would enable Alitalia to
return to profitable growth within a rapid time frame."

Unions, meanwhile, expressed willingness to resume talks with
Air France.

"The main road to follow is to start negotiating again
immediately," the CGIL and FILT-CGIL unions said in a joint
statement published by Agenzia Giornalistica Italiana.

"It's a deadlock but it's not a definite halt [from Air
France]," SDL union told Bloomberg News. "We confirm our
availability to real negotiations."

"If Air France's position can be interpreted as a willingness to
resume the negotiation, we are ready to discuss [the issues],"
UIL leader Luigi Angeletti was quoted by Apcom as saying.

The unions will meet with Alitalia today and with the Finance
Ministry tomorrow to discuss the carrier's future, ANSA News
reports.

As reported in the TCR-Europe on April 3, 2008, Alitalia S.p.A.,
labor unions, professional associations, and Air France-KLM SA
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.

Alitalia's board had said it would review financial options
before deciding whether to continue its operations or to file
for bankruptcy proceedings.

Italian Finance Minister Tommaso Padoa-Schioppa had 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.


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


AKBOTA-E LLP: Creditors Must File Claims by May 14
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Akbota-E insolvent.

Creditors have until May 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 57-16-66


BMTS LLP: Claims Deadline Slated for May 7
------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP BMTS insolvent on Feb. 18, 2008.

Creditors have until May 7, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


CAPITOL KARAGANDA: Claims Filing Period Ends May 7
--------------------------------------------------
LLP Capitol Karaganda has declared insolvency.  Creditors have
until May 7, 2008, to submit written proofs of claims to:

         LLP Capitol Karaganda
         Kosmonavtov Str. 1a
         Karaganda
         Kazakhstan


CENTRE #4 LLP: Creditors' Claims Due on May 14
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Centre #4 insolvent.

Creditors have until May 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


GARANT JOL: Claims Registration Ends May 14
-------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Garant Jol Service insolvent.

Creditors have until May 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


KOKJAR LLP: Creditors Must File Claims by May 7
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Kokjar insolvent on Feb. 13, 2008.

Creditors have until May 7, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


KUNDYKOL LLP: Claims Deadline Slated for May 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Kundykol insolvent.

Creditors have until May 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 57-16-66


MASH SERVICE-2: Claims Filing Period Ends May 9
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Stroy Dor Mash Service-2 insolvent on
March 5, 2008.

Creditors have until May 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


SIYAT-2002 LLP: Creditors' Claims Due on May 9
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Siyat-2002 insolvent.

Creditors have until May 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


VOSTOK TECHNOLOGY: Claims Registration Ends May 7
-------------------------------------------------
LLP Vostok Technology has declared insolvency.  Creditors have
until May 7, 2008, to submit written proofs of claims to:

         LLP Vostok Technology
         Abai Str. 20-601
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


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


MAKPOLO LLC: Creditors Must File Claims by May 5
------------------------------------------------
LLC Trade-Industrial Company Makpolo has declared insolvency.
Creditors have until May 5, 2008 to submit written proofs of
claim to:

         LLC Trade-Industrial Company Makpolo
         Toktogul Str. 126-37
         Bishkek
         Kyrgyzstan


PHOSCHEM LLC: Claims Filing Period Ends May 2
---------------------------------------------
LLC Phoschem has declared insolvency.  Creditors have until
May 2, 2008 to submit written proofs of claim to:

         LLC Phoschem
         Kievskaya Str. 107-414
         Bishkek
         Kyrgyzstan


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


PROLIANCE INT'L: BDO Seidman Expresses Going Concern Doubt
----------------------------------------------------------
BDO Seidman LLP expressed substantial doubt on the ability of
Proliance International, Inc. to continue as a going concern
after auditing the company's financial statements for the years
ended Dec. 31, 2007 and 2006.

According the BDO Seidman, the company’s main distribution
center suffered severe damage as a result of the Southaven
Casualty Event, causing the company to be in an overadvance
position with its lender.  The company is obligated to pay
outstanding overadvances, up to a maximum of US$24.2 million, as
amended, by May 31, 2008.  The company will require additional
working capital through May 31, 2008 from:

     i) operating results;

    ii) insurance proceeds from outstanding tornado related
        insurance claims; or

   iii) additional equity or debt financings, to be able to pay
        the outstanding overadvance by May 31, 2008.

                     Southaven Event

On Feb. 5, 2008, the company’s central distribution facility in
Southaven, Mississippi sustained significant damage as a result
of strong storms and tornadoes.  During the storm, a significant
portion of the company’s automotive and light truck heat
exchange inventory was also destroyed.  While the company does
have insurance covering damage to the facility and its contents,
as well as any business interruption losses, up to US$80
million, this incident has had a significant impact on the
Company’s short term cash flow as the company’s lenders would
not give credit to the insurance proceeds in the Borrowing Base.

Under the Credit Agreement, the damage to the inventory and
fixed assets resulted in a significant reduction in the
Borrowing Base because the Borrowing Base definition excludes
the damaged assets without giving effect to the related
insurance proceeds.

                       Second Amendment

In order to provide access to funds to rebuild and purchase
inventory damaged by the Southaven Casualty Event, the company
entered into a Second Amendment of the Credit Agreement with
Silver Point Finance, LLC on March 12, 2008.  Pursuant to the
Second Amendment, and upon the terms and subject to the
conditions thereof, the Lenders have agreed to temporarily
increase the aggregate principal amount of Revolving B
Commitments available to the Company from US$25 million to
US$40 million.  Pursuant to the Second Amendment, the Lenders
have agreed to permit the Company to borrow funds in excess of
the available amounts under the Borrowing Base definition in an
amount not to exceed US$26 million.

The company is required to reduce this ‘‘Borrowing Base
Overadvance Amount’’ (as defined in the Credit Agreement) to
zero by May 31, 2008. The Borrowing Base Overadvance Amount of
$26 million was reduced to $24.2 million in the Third Amendment
of the Credit Agreement, which was signed on March 26, 2008.

The Company believes that it will be able to achieve the
Borrowing Base Overadvance reduction by the May 31, 2008 date
through a plan which utilizes a combination of (i) operating
results and working capital management; (ii) insurance proceeds;
and (iii) additional debt or equity financings.

The company is working with its insurance company through the
claims process and has already received a US$10 million
preliminary advance, which was used to reduce obligations under
the Company’s credit facility.  The company’s insurance policy
covers losses of property and from business interruption up to
$80 million, which the company believes, should provide more
than sufficient coverage with respect to the damages arising
from the Southaven Casualty Event.  In addition, the company has
hired Jefferies & Company, Inc. to assist in obtaining new debt
or equity capital.

                       Financial Results

For the fourth quarter of 2007, net sales were US$84.3 million
compared to US$91.9 million in the fourth quarter of 2006.  The
decline in sales primarily reflects lower sales of air
conditioning and heat exchange products in the domestic market
mainly attributable to actions taken by the company to reduce
the number of branch locations, as well as continued soft market
conditions and customer inventory reduction actions.

International sales for the fourth quarter of 2007 increased by
US$3.1 million, or 13.0%, on a year-over-year basis, primarily
due to higher marine sales, the strength in the heavy duty
market and the effect of changes in currency exchange rates.
Excluding the impact of changes in exchange rates, international
sales increased by 3.4%.

Despite the decline in net sales, gross margin for the 2007
fourth quarter improved nearly 50% to US$17.2 million, or 20.4%
of net sales, compared to US$11.4 million, or 12.4% of net
sales, in the fourth quarter of 2006.  This improvement reflects
the benefits of the company’s restructuring and cost reduction
programs, which more than offset margin pressure resulting from
higher commodity costs, the competitive pricing environment, a
shift in the customer sales mix away from branch locations to
wholesale customers, and one time adjustments in 2006 which
lowered gross margin by US$3.8 million.

Selling, general and administrative expenses in the 2007 fourth
quarter declined 27.2% to US$16.4 million, or 19.5% of net
sales, from US$22.6 million, or 24.6% of net sales, in the
fourth quarter of last year, reflecting the steps the Company
has taken to lower administrative spending and a decline in
branch expenses resulting from the reduction in branch locations
on a year-over-year basis.

Including restructuring charges of US$0.9 million, which were
primarily related to branch closures, the company reported an
operating loss in the 2007 fourth quarter of US$0.2 million,
compared with an operating loss of US$12.8 million in the same
period a year ago, which included restructuring charges of
US$1.6 million.

For the 2007 fourth quarter, the company reported a net loss of
US$4.4 million, or US$0.28 per basic and diluted share, compared
to a net loss of US$15.3 million, or US$1.00 per basic and
diluted share, for the fourth quarter of 2006.

Earnings before interest, taxes, depreciation and amortization
excluding restructuring charges were US$3.1 million and (US$9.3)
million for the three months ended December 31, 2007 and 2006,
respectively.  This represents an EBITDA improvement of US$12.4
million.

For the 2007 full year period, EBITDA excluding restructuring
charges and the previously announced arbitration earn-out
decision charge incurred in the second quarter of 2007 was
US$15.2 million, compared to US$4.2 million in 2006.

For the second half of 2007, EBITDA excluding restructuring
charges was US$13.4 million, compared to (US$1.2) million in
2006.

Inventories at December 31, 2007 of US$106.8 million were
US$4.4 million lower than levels at September 30, 2007 of
US$111.2 million and US$12.2 million lower than levels at
Dec. 31, 2006, reflecting the company’s efforts to better manage
its inventory levels through additional speed and supply
flexibility, along with other ongoing inventory reduction
efforts.

               Closing of Branch Locations

The company had previously closed 37 branch locations during the
fourth quarter of 2007, and has closed an additional 10 branch
locations since the beginning of 2008.  These actions are
driving selling, general and administrative expenses lower and
improving the Company’s overall operating performance.  The
company currently operates 36 branch and agency locations,
reduced from 94 at the beginning of 2007.

A full-text copy of the company's annual report may be viewed
for free at http://ResearchArchives.com/t/s?2a42

                       About Proliance

Proliance International, Inc. (AMEX: PLI) manufactures and
distributes aftermarket heat transfer and temperature control
products for automotive and heavy-duty applications serving
North America, Central America and Europe.  Outside the United
States, the company has subsidiaries is Canada, Mexico and
Netherlands.


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


EGRAUND LLC: Creditors Must File Claims by April 15
---------------------------------------------------
Creditors of LLC Egraund (TIN 6630000755) have until April 15,
2008, to submit proofs of claim to:

         S. Kovalev
         Temporary Insolvency Manager
         Office 1204
         Building 1
         V.O. 16 liniya 7
         199034 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on the company.   The case is
docketed under Case No. A56-12013/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Egraund
         Room 1
         Veteranov Pr. 114
         198261 St. Petersburg
         Russia


NOVOLADOZHSKIY SHIPYARD: Bankruptcy Hearing Slated for August 7
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 10:00 a.m. on Aug. 7, 2008, to hear the bankruptcy
supervision procedure on OJSC Novoladozhskiy Shipyard.  The case
is docketed under Case No. A56-4625/2008.

The Temporary Insolvency Manager is:

         A. Enkov
         Post User Box 159
         196084 St. Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Kuznechnyj Per. 14-a
         Novaya Ladoga
         Volkhovskiy
         187450 Leningrad
         Russia


NOVOLIPETSK STEEL: Earns RUR40.42 Million for 2007
--------------------------------------------------
OJSC Novolipetsk Steel released 2007 Russian Accounting
Standards financial results for the company and its major
Russian units.

Novolipetsk Steel posted RUR40.42 million in net profit on
RUR154.88 million in net revenues in 2007, compared with
RUR50.51 million in net profit on RUR140.3 million in net
revenues in 2006.

The key driver of the Group's 10.4% revenue growth in 2007 was
an increase in prices for steel products in our core markets.

In 2007, the company changed the steel product sales structure
so that commercial slab sales volumes decreased and high value-
added products sales increased, but with the total sales volume
remaining at 2006 level.

NLMK operating profit decreased by 10.2% due to a dramatic rise
in price of basic raw materials: coking coal, coke, iron ore and
scrap. At the same time coke, iron ore concentrate and sinter
ore as well as fluxes are supplied from NLMK subsidiaries.

Considering its vertical integration, NLMK expects record
consolidated financial results in 2007.  NLMK net profit
decreased by 20.0% in 2007 due to a lack of the material
disposals of assets which took place in 2006 (KMA Ruda,
Lebedinsky GOK).

                         Units' Results

LLC VIZ-Stal posted RUR8.23 million in net profit on
RUR18.22 million in net revenues in 2007, compared with
RUR6.34 million in net profit on RUR15.68 million in net
revenues in 2006.

VIZ-Stal sales revenue grew by 16.2 % y-o-y and is attributable
to an increase in prices and transformer steel sales volumes.
The decrease in consumption ratios of transformer steel
production due to the optimization of technological regulations
and the production schedule significantly contributed into the
production cost reduction and financial growth of VIZ-Stal.

OJSC Stoilensky GOK posted RUR11.93 million in net profit on
RUR21.48 million in net revenues in 2007, compared with
RUR7.49 million in net profit on RUR15.81 million in net
revenues in 2006.

The significant increase in Stoilensky GOK's key financial
results in 2007 versus 2006 is primarily attributable to
favorable market conditions which contributed to iron ore
concentrate and sinter ore price growth.

The increase in iron ore concentrate sales volumes was due to
the completion of the first stage of the fourth section of the
processing factory in 2006 and in sinter ore sales volumes as
the mining properties of the site had a positive influence.

OJSC Altai-Koks posted RUR2.48 million in net profit on
RUR17.52 million in net revenues in 2007, compared with
RUR642,655 in net profit on RUR11.27 million in net revenues in
2006.

Altai-Koks sales revenue grew by 55.5% in 2007 compared to 2006,
net profit increased 2.9 times.  2007 key financial indicators
were mainly impacted by an increase in coke prices in second
2007 and an increase in sales volumes following the
commissioning of coke battery #5 in late 2006.

OJSC TMPT posted RUR861,003 in net profit on RUR1.97 million in
net revenues in 2007, compared with RUR1.01 million in net
profit on RUR2.21 million in net revenues in 2006.

The weakening of the U.S. dollar was the key contributing factor
of the decrease in TMTP financial results.  Freight turnover
tariffs are regulated by state authorities and denominated in
U.S. dollars.

TMPT results were also impacted by a decrease in bulk cargo
transshipment volumes due to some discrepancies between
employees and the port administration, which were settled in
early 2008.

LLC NTK posted RUR378,144 in net profit on RUR1.8 million in net
revenues in 2007, compared with RUR162,522 in net profit on
RUR1 million in net revenues in 2006.

NTK key financial indicators grew significantly in 2007 compared
with 2006 due to the usage of NTK's own rolling stock (since
September 2006) and an increase in the amount of leased rail
cars, which enabled NTK to reduce railcar usage fees paid to
Russian Railways, thus cutting transportation costs. Another
reason for this growth is the expansion of transportation
services.

                        About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *    *

As of April 7, 2008, Novolipetsk Steel OJSC carries Ba1
Corporate Family and Probability-of-Default ratings from Moody's
Investors Service, which said the Outlook is stable.

NLMK carries BB+ Issuer Credit rating from Standard &
Poor's Ratings Services,  which said the Outlook is stable.

The company also carries BB+ Long-term Issuer Default,
B and Short-term Issuer Default ratings from Fitch Ratings,
which said the Outlook is Stable.


NOVOLIPETSK STEEL: Names Vadim Urias as IT Unit Chief
-----------------------------------------------------
Novolipetsk Steel OJSC disclosed the separation of its IT
implementation function into a new line of corporate
development.  To this end, the position of Information
Technology Vice President has been introduced.

NLMK has appointed Vadim Urias as IT Vice President.  Mr. Urias
will lead the creation and management of common IT policies
across the NLMK Group.  NLMK’s plans envisage the implementation
of a corporate ERP system.

"NLMK has enjoyed rapid development due to the acquisition of
high quality assets and implementation of the Technical Upgrade
Program," Alexey Lapshin, President, said.  "Managing the group
is becoming more complicated as the Company faces new challenges
including the smooth integration of new units into the Group’s
information management system.  I’m sure that making information
technology an important area of activity and appointing Vadim
Urias will allow us to efficiently achieve the goals we have
set."

                        About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *    *

As of April 7, 2008, Novolipetsk Steel OJSC carries Ba1
Corporate Family and Probability-of-Default ratings from Moody's
Investors Service, which said the Outlook is stable.

NLMK carries BB+ Issuer Credit rating from Standard &
Poor's Ratings Services,  which said the Outlook is stable.

The company also carries BB+ Long-term Issuer Default,
B and Short-term Issuer Default ratings from Fitch Ratings,
which said the Outlook is Stable.


PMK NOVOKUBANSKAYA 4: Krasnodar Bankruptcy Hearing Set Sept. 2
--------------------------------------------------------------
The Arbitration Court of Krasnodar will convene on Sept. 2,
2008, to hear the bankruptcy supervision procedure on CJSC PMK
Novokubanskaya 4.  The case is docketed under Case No.
A-32-23275/2007-27/536-B.

The Temporary Insolvency Manager is:

         R. Khagundokov
         Post User Box 15
         Krasnooktyabrskaya Str. 20
         Maykop
         385000 Adygeya
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         R. Khagundokov
         Post User Box 15
         Krasnooktyabrskaya Str. 20
         Maykop
         385000 Adygeya
         Russia


POPOV AND CO: Court Names A. Belkin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
A. Belkin as Insolvency Manager for CJSC Popov and Co (TIN
7713508978).  He can be reached at:

         A. Belkin
         Post User Box 131
         191015 St. Petersburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-28924/02.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Popov and Co
         Turku Str. 31, 411
         192241 St. Petersburg
         Russia


ROSNEFT OIL: Earns US$12.86 Billion for Year Ended December 31
--------------------------------------------------------------
OAO Rosneft Oil Co. posted US$12.86 billion in net profit on
US$49.22 billion in net revenues for financial year ended
Dec. 31, 2007, compared with US$3.53 billion in net profit on
US$33.1 billion in net revenues for financial year ended
Dec. 31, 2006.

The company registered US$2.98 billion in net profit on
US$16.49 billion in net revenues for the fourth quarter ended
Dec. 31, 2007, compared with US$603 million in net profit on
US$8.22 billion in net revenues for the fourth quarter ended
Dec. 31, 2006.

Net debt as of Dec. 31, 2007, stood at US$26.275 billion.  Based
on preliminary management account estimates, Rosneft's net debt
decreased further during first quarter 2008 by US$2.4 billion to
US$23.8 billion as of March 31, 2008.

The total debt reduction of over US$4 billion achieved during
fourth quarter 2007 and first quarter 2008 represents
substantial progress towards the Company's target leverage
(Debt/EBITDA) ratio of approximately 1x by the end of 2010.

Rosneft remained the global leader in terms of growth in crude
oil production in 2007.  In fourth quarter 2007, Rosneft's
consolidated subsidiaries, including its share in affiliates,
increased crude output by 35.7% to 205.47 million barrels --
including 100% of Tomskneft production from the date of
acquisition to Dec. 26, 2007, and 50% from Dec. 26, 2007,
onwards -- compared to 151.47 million barrels in fourth quarter
2006.

The organic growth in crude output amounted to 7.8% net of new
acquisitions, which is above the average of Rosneft's domestic
competitors.  In 12 months of 2007, Rosneft's consolidated
subsidiaries, including its share in affiliates, produced 740
million barrels of crude oil, a 26.9% increase over 2006.

In fourth quarter 2007, Rosneft's consolidated subsidiaries,
including its share in affiliates, produced 4.06 billion cubic
meters of natural and associated gas, an increase of 17.2%
compared to the same period of 2006.  In 12 months of 2007,
Rosneft's production of natural and associated gas increased by
15.5% to 15.7 billion cubic meters from 13.6 billion cubic
meters in the respective prior-year period.

In fourth quarter 2007, petroleum products output increased by
104.7% year-on-year to 12.07 million tons from 5.90 million
tons.  In 2007, the total output of petroleum products from
Rosneft's crude, including output at mini refineries and
refineries controlled by third parties, increased by 69.4% to
38.4 million tons from 22.7 million tons in 12 months of 2006.

"The Company's fourth quarter and full year 2007 results are
further confirmation of our efforts to consistently implement
our dynamic growth strategy while also improving efficiency and
profitability and strengthening our balance sheet," Rosneft
President Sergey Bogdanchikov said.  "We will continue to focus
and deliver on these priorities through 2008 and beyond."

                         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.


SHELEKHOV-SIB-LES IK: Irkuts Bankruptcy Hearing Set May 26
----------------------------------------------------------
The Arbitration Court of Irkutsk will convene at 10:15 a.m. on
May 26, 2008, to hear the bankruptcy supervision procedure on
LLC Shelekhov-Sib-Les IK (TIN 3821011544).  The case is docketed
under Case No. A19-16207/07-8.

The Temporary Insolvency Manager is:

         T. Buldyreva
         Post User Box 79
         664003 Irkutsk
         Russia


The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Shelekhov-Sib-Les IK
         1st location 13-30
         Shelekhov
         666035 Irkutsk
         Russia


SIB-SPETS-KOMPLEKT: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on CJSC Sib-Spets-Komplekt.  The case is
docketed under Case No. A75-5062/2007.

The Temporary Insolvency Manager is:

         T. Sinetskaya
         Apt. 83
         Chapaeva Str. 5A
         Nizhnevartovsk
         628600 Tyumen
         Russia

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         CJSC Sib-Spets-Komplekt
         Samotlornaya 120
         Nizhnevartovsk
         628600 Tyumen
         Russia


URAL-ROOFING CJSC: Creditors Must File Claims by April 15
---------------------------------------------------------
Creditors of CJSC Ural-Roofing have until April 15, 2008, to
submit proofs of claim to:

         S. Dyuryagin
         Insolvency Manager
         Oktyabrskaya Str. 15a-41
         Ozersk
         456780 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-16042/2007-48-271.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ural-Roofing
         Semenova Str. 14a
         Ozersk
         456780 Chelyabinsk
         Russia


VOLGATELECOM OJSC: Repays RUR1 Million 9-? Series Bonds
-------------------------------------------------------
OJSC VolgaTelecom has paid off and paid accrued interest on
registered interest bearing uncertified bonds of 9-? series.
Total payment to the bonds holders amounted to RUR1,004,400.

The total size of 9-? series bonds yield amounted to RUR4,400
and the yield per a bond at RUR8.80.  Partial performance of the
Company’s obligations (RUR335,247.69 unpaid) is related to non-
appearance of the bonds holders to VolgaTelecom’s office to get
the par value and yield on the bonds in cash.

The 9-? series bonds of the par value of RUR2,000 each were
registered by Russia’s Federal commission for securities market
on Oct. 25, 2002; state registration number - 4-41-00137-?. The
quantity of issued securities is 500 bonds. The repayment period
is from January 3, 2008 to March 30, 2008.

The 9-? series bonds were placed within the framework of
regional communication operators’ affiliation to OJSC
VolgaTelecom by converting registered uncertified bonds of 11
series of OJSC Electrosvyaz of Ulyanovsk oblast, into 9-? series
bonds; the bonds were converted with 1 to 1 ratio.

On April 1, 2008, OJSC VolgaTelecom has set to pay off
registered uncertified bonds of 10-? series (registered for
securities market on Oct. 25, 2002; state registration number -
4-42-00137-?).  The date when the issuer’s obligations should be
performed is June 30, 2008.

The total amount of yield on 10-? series bonds is determined to
be RUR3,810 and the size of yield per a bond is RUR7.62.  The
bond yield is charged for the period from the start date of the
bonds placement by the issuer to the date of filing the
application for the bond pay off.  The application for the bonds
pay off may be filed on any day during the retirement period and
in this connection the total amount of the bonds yield will be
adjusted as of the end date of the bonds repayment period.

Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom
-- http://www.vt.ru/-- provides wide range of telephony,
cellular, Internet and data transmission, TV and radio
broadcasting services in 11 regions of the Volga Federal
district.  The Company's shares are traded at RTS and MICEX. I-
level American Depositary Receipts program is effective since
1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges
and USA OTC market.

                         *     *     *

As reported in the TCR-Europe on Feb. 18, 2008, Fitch Ratings
assigned OJSC Volgatelecom a Long-term Issuer Default rating of
'BB-', National Long-term rating of 'A+(rus)' and Short-term IDR
of 'B'.  The Outlooks for the Long-term IDR and National Long-
term rating are Stable.

As reported in the TCR-Europe on Jan. 23, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and 'ruAA-' Russia national scale ratings on Russian
regional telecoms operator VolgaTelecom OJSC.  The outlook is
stable.


* Russian Steel Makers Face Probe Over Increased Prices
-------------------------------------------------------
Russia's Federal Antimonopoly Service will commence a probe
against OAO Severstal, OAO Magnitogorsk Iron & Steel, OAO
Novolipetsk Steel and OAO Ural Steel over their decision to
increase pipe metal prices on April 1, 2008, Maria Kolesnikova
writes for Bloomberg News.

According to Bloomberg News, OAO Gazpromneft and OAO
Surgutneftegaz filed a complaint with FAS that steel prices
increased on April 1, 2008.

FAS plans to complete the investigation by May 1, 2008, Interfax
reports.

MMK pegged the average price for flat hot-rolled steel at US$550
a ton in 2007, 21% percent more than a year earlier, Bloomberg
News relates.  Prices for MMK pipes averaged 22% percent higher
in 2007.


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


OF TECHNIK: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC OF Technik on Feb. 27, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC OF Technik
         Buchenweg 15
         5200 Brugg AG
         Switzerland


HAUSHEER SANITARE: Creditors' Liquidation Claims Due by April 17
----------------------------------------------------------------
Creditors of LLC Hausheer Sanitare Anlagen have until April 17,
2008, to submit their claims to:

         Hausheer Brigitta
         Liquidator
         Dornlerweg 3
         Rickenbach Sulz ZH
         Switzerland

The Debtor can be reached at:

         LLC Hausheer Sanitare Anlagen
         Rickenbach ZH
         Switzerland


HEUWIESE LLC: Creditors' Liquidation Claims Due by April 30
-----------------------------------------------------------
Creditors of LLC Heuwiese Ltd have until April 30, 2008, to
submit their claims to:

         Peter Knaus
         Liquidator
         Mail box: 232
         9053 Teufen ZH
         Switzerland

The Debtor can be reached at:

         LLC Heuwiese
         Wartau
         Werdenberg SG
         Switzerland


KIMA-HANDEL LLC: Creditors' Liquidation Claims Due by April 30
--------------------------------------------------------------
Creditors of LLC Kima-Handel have until April 30, 2008, to
submit their claims to:

         Peter Madorin
         Liquidator
         Kantonsstrasse 7
         4416 Bubendorf
         Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Kima-Handel
         Bubendorf
         Liestal BL
         Switzerland


MARBA ENTERPRISE: Creditors' Liquidation Claims Due by April 25
---------------------------------------------------------------
Creditors of JSC Marba Enterprise have until April 25, 2008, to
submit their claims to:

         Evangelos Mokalis
         Hinterer Engelstein 2
         8344 Baretswil
         Hinwil ZH
         Switzerland

The Debtor can be reached at:

         JSC Marba Enterprise
         Zurich
         Switzerland


MOZZARELLA-SANTALUCIA: Creditors Must File Claims Due on Apr. 26
----------------------------------------------------------------
Creditors of LLC Mozzarella-Santalucia have until April 26,
2008, to submit their claims to:

         JSC Immo Grischa
         Liquidator
         Obere Plessurstrasse 39
         7000 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         LLC Mozzarella-Santalucia
         Thusis
         Hinterrhein GR
         Switzerland


SMG SANTECH: Creditors' Liquidation Claims Due by April 28
----------------------------------------------------------
Creditors of JSC SMG Santech Micro have until April 28, 2008, to
submit their claims to:

         Bjorn Palko
         Liquidator
         Bosch 83A
         6331 Hunenberg ZG
         Switzerland

The Debtor can be reached at:

         JSC SMG Santech Micro
         Hunenberg ZG
         Switzerland


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

         Hans Hofstetter
         Liquidator
         Schoch, Auer & Partner
         Marktplatz 4
         9004 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC TOSCHIDUR
         Zug
         Switzerland


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


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

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

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

The Debtor can be reached at:

         LLC Aldagir
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


GENERALI GARANT: Moody's Puts Rating on Review & May Upgrade
------------------------------------------------------------
Moody's Investors Service placed the Ba3 foreign currency
insurance financial strength rating of the Ukrainian insurance
company Generali Garant on review for possible upgrade.  At the
same time, the local currency IFSR of Baa2 of Generali Garant
was affirmed with a stable outlook.  The National Scale Rating
of Aaa.ua was also affirmed.

This rating action has been triggered by the review for possible
upgrade of Ukraine's Ba3 country ceiling for foreign currency
bonds announced on March 28th, 2008.  The B1 local and foreign
currency bond ratings of the Ukrainian government and Ukraine's
B2 country ceiling for foreign currency deposits were also
placed on review for possible upgrade, whilst the A3 country
ceilings for local currency bonds and the Baa1 country ceiling
for local currency deposits were affirmed with a stable outlook.
Short-term ratings remained at Non-Prime.

Moody's current ratings on Generali Garant reflect the company's
strong franchise in the Ukrainian P&C market, a well-developed
regional network, underwriting expertise in the motor business,
as well as integration into the Generali Group.  This is offset
by Generali Garant's high expense ratio, limited product
diversification and geographic diversification outside the
country, a track record of weak profitability, as well as a
concentration of invested assets in real estate.  The foreign
currency IFSR is currently constrained by Ukraine's Ba3 foreign
currency bond ceiling.

The date of the previous rating action on Generali Garant was
Nov. 17,2006, when the foreign currency IFSR was upgraded from
B3 to Ba3, following the acquisition of a 51% stake by the
Generali Group.  The local currency IFSR of Baa2 and the
national scale rating of Aaa.ua were also assigned for the first
time at that date.

This rating was placed under review for possible upgrade:

Generali Garant

   -- foreign currency insurance financial strength rating of
      Ba3.

These ratings were affirmed:

Generali Garant

   -- local currency insurance financial strength rating of
      Baa2, stable outlook;

   -- national scale rating of Aaa.ua.

Based in Kiev, Ukraine, Generali Garant is ultimately controlled
by Generali SpA.  In 2007, Generali Garant reported Gross
Premiums Written of UAH527.8 million compared to UAH360.6
million in 2006.  Shareholders' equity under local GAAP was
UAH83.5 million as at 31 December 2007.


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

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

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

The Debtor can be reached at:

         LLC Kaskad
         Mechnikov Str. 3
         Bakhmach
         16500 Chernigov
         Ukraine


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

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

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

The Debtor can be reached at:

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


MOSHUROV CJSC: Creditors Must File Claims by April 12
-----------------------------------------------------
Creditors of Moshurov CJSC (code EDRPOU 03794182) have until
April 12, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy against
proceedings on the company after finding it insolvent on
Feb. 28, 2008.  The case is docketed as 14-10/322.

The Debtor can be reached at:

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


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

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

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

The Debtor can be reached at:

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


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

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

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

The Debtor can be reached at:

         Agricultural LLC Promin
         Musieyevka
         Milovsky District
         Lugansk
         Ukraine


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

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

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

The Debtor can be reached at:

         LLC Sumyal Marketing Center
         Svetlogradskaya Str. 15
         83005 Donetsk
         Ukraine


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

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

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

The Debtor can be reached at:

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


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


ABBOTT GROUP: KPMG Says Wages Will Be Paid
------------------------------------------
KPMG, as receivers for Abbott Group Ltd., disclosed that
salaries for Abbott Group's employees will be paid, the Sussex
Express reports.  Abott went into receivership last March 29,
2008, the report adds.

Workers on the Golden Cross site were barred from entering the
premises and were told that they would receive no wages, the
report discloses.

Abbot Group Ltd. manufactures windows and doors.


BAMFORD DECORATING: Calls In Liquidators from PKF
-------------------------------------------------
Jonathan Newell and Kerry Bailey of PKF (UK) LLP were appointed
joint liquidators of Bamford Decorating Contractors Ltd. on
March 27 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England

The company can be reached at:

         Bamford Decorating Contractors Ltd.
         Unit 1 Sherwood Business Park
         Queensway
         Rochdale
         Lancashire
         OL11 2NU
         England


BRAMBLE CONSULTANTS: Duncan R. Beat Leads Liquidation Procedure
---------------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Bramble Consultants Ltd. on March 26 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


BRITISH AIRWAYS: BALPA Demands Management Change Over T5 Chaos
--------------------------------------------------------------
The British Airline Pilots' Association, on Tuesday, April 8,
2008, published an Open Letter to city institutions and to the
Government calling for a change in how British Airways plc is
managed.

"We have quietly gone about our jobs since the Terminal 5
debacle, but pilots can no longer stay silent.  It is their
company's reputation that is on the line and their futures.  BA
management has taken its eye of the ball and it is time UK plc
held them to account," Jim McAuslan, general secretary of BALPA,
said.

This is the text of the Open Letter:

"Failings on the opening days of T5 are symptomatic of BA's loss
of focus in delivering a sound operation.  This airline can and
should make Britain proud but a fundamental change of attitude
is required from the very highest levels of BA management."

"The British Airline Pilots' Association has for several years
pressed BA to focus on operational integrity –- punctuality,
baggage delivery and product quality.  Get that right and the
customers will keep coming back in today's highly competitive
aviation market and we can look to growth and exporting the
brand."

"It is with great sorrow and acute embarrassment that BA pilots
have witnessed the unhappy, distressing shambles that the
opening of T5 has become.  BA pilots have reacted in the right
way by once again going the extra mile to solve problems and
extend their working duties to maximum legal limits in order to
minimize the suffering of our customers and protect the Company
they love and the uniform they wear.  This has been done despite
the background of a pending Industrial dispute."

"This month sees a massive increase in direct competition on
BA's most lucrative routes from the home base at Heathrow.  We
also see consolidation in this industry on an unprecedented
scale; consolidation in the likes of Air France and KLM that has
yielded benefits from synergies of a level way beyond simple
direct cost reduction.  And BA's response?  Messing up its home
base and dabbling with aircraft operating from Paris and London
City to New York."

"Banks, institutional investors and analysts need to wake up to
the fact that there is something very wrong right at the heart
of this company that is making our once great brand a laughing
stock.  The margins may look good (for this industry anyway) but
the financial establishment's pre-occupation with the bottom
line has glossed over the warning signs.  These warning signs
have been there for some time for those with eyes to see and
ears to hear: holding up the punctuality table; reports from
many influential opinion formers of quality standards nose-
diving; a return to the 70s on lost baggage long before the T5
debacle; the growing reluctance to answering questions; the
clear irritability with differing points of view; fronting up,
in full public gaze, to the Prime Minister on the issue of a
religious cross; taking court cases to appeal, and still losing;
threatening its own pilot workforce's association with
bankruptcy when it should have been focused on exploiting the
gift-wrapped 'once in a lifetime' opportunity of a move to T5
(as we warned in January).  We want confidence in our
leadership, not arrogance."

"BA proclaims that 400 people (a massive 1% of the workforce)
turned up last weekend to help sort baggage, but two weekends
ago 1,300 pilots and their families marched on BA's headquarters
complaining about the creation of a new European offshoot
'OpenSkies' which will use BA money and BA aircraft but not BA
pilots because BA say they may 'contaminate' this start-up
operation.  No wonder team spirit and respect are in short
supply; and ironically the 'feather in the cap' of sorting out
BA's pension crisis was actually a team effort with a huge
injection of pilot ingenuity, common sense and pragmatism rather
than the new CEO on his white charger."

"The ramifications of what is going on in BA will be felt far
more widely.  Our reputation as a country has been harmed no
end.  Support for a 3rd runway has taken a direct hit.
Questions at the IOC will be asked.  When you are running a
national icon you have responsibility for far more stakeholders
than shareholders."

"So my question to the UK's financial establishment and
Government of BA is this: when are you going to listen with all
your senses as to what is happening inside our business and when
are you going to act on how it is 'led'?"

                    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.


CLARIS LIMITED: Moody's Cuts Rating on EUR10 Mln Notes to Ba3
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade one series of notes issued by Claris Limited.
This transaction is a synthetic ABS CDO.  This CDO transaction
contains some exposure to US subprime RMBS bonds and in
particular of the 2005, 2006 and 2007 vintages.

Moody's announced on February 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.

The rating action is:

Series 77 EUR10,000,000 Tranche 1 Synthetic CDO of ABS Floating
Rate Notes due 2026

     Current Rating: Ba3, on review for downgrade
     Prior Rating: Baa2, on review for downgrade


EMAP PLC: S&P Withdraws Rating at Company's Request
---------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' long-term
corporate credit rating on U.K.-based publisher EMAP PLC.  The
rating was withdrawn at the company's request, following EMAP's
acquisition by Eden Bidco Ltd. -- a vehicle controlled by Apax
Partners Worldwide LLP and Guardian Media Group PLC.

Standard & Poor's also withdrew its 'B' senior unsecured debt
rating on EMAP's GBP250 million notes due 2013 after their early
redemption under the acquisition scheme.

Before the rating withdrawal, all ratings were on CreditWatch
with developing implications, where they were placed on Dec. 24,
2007.


ENSAS LTD: Brings In Liquidators from KPMG
------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Ensas Ltd. (formerly Northern
Services & Sales Ltd., Speed 2570 Ltd.) on March 27 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


G SQUARE: Moody's Downgrades Ratings on Four Note Classes
---------------------------------------------------------
Moody's Investors Service downgraded four classes of notes
issued by G Square Finance 2007-1 Ltd.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
funded managed CDO referencing ABS and CDOs of ABS (ABS CDOs),
containing 55% RMBS and 15% ABS CDOs of the 2004, 2005, 2006,
and 2007 vintages.  Of the entire portfolio, 6.55% of the
portfolio by volume (all ABS CDOs) is currently rated Ca or C.

Moody's announced on February 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

G Square Finance 2007-1 Ltd:

      (1) US$1,583,000,000 Class A-1 Senior Secured Floating
          Rate Notes due 2052

          Current Rating: Ba2, on review for downgrade
          Prior Rating: Aa2, on review for downgrade

      (2) US$20,000,000 Class A-2 Senior Secured Floating Rate
          Notes due 2052

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

      (3) US$45,000,000 Class B Senior Secured Floating Rate
          Notes due 2052

          Current Rating: C
          Prior Rating: B3, on review for downgrade

      (4) US$20,000,000 Class C Senior Secured Deferrable
          Floating Rate Notes due 2052

          Current Rating: C
          Prior Rating: Caa3, on review for downgrade


GLOW ASSOCIATES: Taps Liquidators from Vantis Business Recovery
---------------------------------------------------------------
Martin Weller and Paul Atkinson of Vantis Business Recovery
Services were appointed joint liquidators of Glow Associates
Ltd. on March 28 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


HALYARD CDO I: Moody's Junks Ratings on Four Note Classes
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of four classes
of notes issued by Halyard CDO I p.l.c.  The downgrades follow
the complete liquidation of the collateral at the direction of
the controlling class following the occurrence on 8 February
2008, as reported by the Trustee, of an event of default caused
by a failure of the Class A Overcollateralisation Ratio to be
greater than or equal to 100%.

Halyard CDO I p.l.c. was a partially-funded managed CDO of asset
backed securities. The Issuer was able to either buy cash
obligations or enter into pay-as-you-go credit default swaps
referencing mezzanine asset backed securities.  The transaction
had 71% exposure (69 assets) to US subprime RMBS and 29% (18
assets) to CDO of ABS. About 5% of assets were classified as
defaulted.

Following the Enforcement Notice delivered on March 17, 2007,
the security over the collateral was enforced and the net
proceeds were distributed in accordance with the Post-
Enforcement Priority of Payments.  No payments were made to any
of the Notes.

The rating actions are:

  (1) US$101,250,000 Class A Senior Floating Rate Notes due 2051

      Current Rating: C
      Prior Rating: Ba3, on review for downgrade

  (2) US$41,250,000 Class B Senior Floating Rate Notes due 2051

      Current Rating: C
      Prior Rating: B1, on review for downgrade

  (3) US$15,000,000 Class C Mezzanine Floating Rate Deferrable
      Notes due 2051

      Current Rating: C
      Prior Rating: B3, on review for downgrade

  (4) US$30,000,000 Class D Mezzanine Floating Rate Deferrable
      Notes due 2051

      Current Rating: C
      Prior Rating: Caa1, on review for downgrade



INDEPENDENT NEWS: Fitch Affirms then Withdraws Ratings
------------------------------------------------------
Fitch Ratings changed Independent News & Media Plc's Outlook to
Negative from Stable and affirmed its Long-term Issuer Default
and senior unsecured ratings at 'BB-'.

The ratings have simultaneously been withdrawn and Fitch will no
longer provide ratings or analytical coverage on IN&M.

The Negative Outlook reflects a combination of increased
refinancing risk and expected economic slowdown in the group's
core markets.  IN&M has maturities of EUR125m in 2008, EUR200m
in May 2009, and EUR583m of bank debt in 2010.  Fitch calculates
that the group is likely to need additional external finance to
meet the 2009 maturity.  While Fitch has no specific reason to
believe that such finance will not be available to IN&M, in the
current market environment, the ability of issuers to access the
capital or bank markets cannot be taken for granted, especially
at speculative-grade rating levels.

The 'BB-' (BB minus) rating continues to reflect IN&M's solid
business profile, underpinned by leading positions in its areas
of operation and good geographic diversification in markets with
different growth dynamics.  The ratings are constrained by the
consistent maintenance of high leverage (Fitch net debt/EBITDA
of 3.8x at FYE07).  The ratings also factor in structural
issues, with APN fully consolidated in IN&M's accounts while
only 39.2% is owned.  Fitch adjusts its calculation of IN&M's
net leverage to take into account the group structure and
therefore strips out APN's EBITDA and debt before adding back
APN's dividends to IN&M's standalone EBITDA.  On an adjusted
basis, Fitch estimates IN&M's net leverage at 4.2x at FYE07.


LRH TRAVEL: Hires Liquidators from Tenon Recovery
-------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of LRH Travel Ltd. on March 31 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


MAINSIAL CDO: Moody's Lowers Ratings on Five Note Classes
---------------------------------------------------------
Moody's Investors Service downgraded five classes of notes
issued by Mainsial CDO I Limited and left two classes on review
for further downgrade.  A related super senior tranche is also
downgraded.  The underlying assets of this CDO transaction are
predominantly US subprime RMBS bonds and in particular of the
2005 and 2006 vintages.

Moody's announced on February 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.

The rating actions are:

Mainsail CDO I Limited:

   (1) US$90M Class A1 Secured Floating Rate Credit-Linked Notes

       Current Rating: Baa2, on review for downgrade
       Prior Rating: Aa1, on review for downgrade

   (2) US$120M Class A2 Secured Floating Rate Credit-Linked
       Notes

       Current Rating: B3, on review for downgrade
       Prior Rating: A1, on review for downgrade

   (3) US$30.5M Class B Secured Floating Rate Credit-Linked
       Notes

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

   (4) US$10M Class C Secured Floating Rate Credit-Linked Notes

       Current Rating: C
       Prior Rating: B1, on review for downgrade

    (5) US$26M Class D Secured Floating Rate Credit-Linked Notes

       Current Rating: C
       Prior Rating: Ca, on review for downgrade

    (6) Mainsail CDO I Ltd - jr. super senior tranche #1

       Current Rating: Aa3, on review for downgrade
       Priory Rating: Aaa


MARYLEBONE ROAD: Moody's Cuts Rating on Class A-3 Notes to B3
-------------------------------------------------------------
Moody's Investors Service confirmed the rating of one class of
notes and downgraded two classes of notes issued by Marylebone
Road CBO 3 B.V.  The transaction is a synthetic CDO referencing
mainly North American and European corporate names.  This action
is based on the composition and credit quality of the current
portfolio and existing levels of subordination supporting the
rated notes.

The rating actions are:

Marylebone Road CBO 3 B.V:

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

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

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

         Current Rating: A2
         Prior Rating: A1, on review for downgrade

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

         Current Rating: B3
         Prior Rating: Ba1, on review for downgrade


MASTERLOCK RECRUITMENT: Taps Joint Administrators from Menzies
--------------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Masterlock Recruitment Ltd. (Company Number 05464211) on March
31, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Masterlock Recruitment Ltd.
          Arden Grove
          Harpenden
          Hertfordshire
          AL5 4SJ
          England


MONTPELIER RE: Thomas Busher to Head European Operations
--------------------------------------------------------
Montpelier Re Holdings Ltd. has appointed Thomas G S Busher as
Head of European Operations, effective July 1, 2008.

Mr. Busher is a founding member of Montpelier’s management and
is Deputy Chairperson and Chief Operating Officer of the
Montpelier Group.  He is a director of Spectrum Syndicate
Management Limited, which manages Montpelier Syndicate 5151 at
Lloyd’s, and is also Chairperson of Montpelier Europa AG,
Montpelier’s Swiss Lloyd’s Coverholder.

Chief Executive Officer and Chairperson, Anthony Taylor said:
"Tom has played a key role in the development of the Group since
its inception, most recently in the establishment of our Lloyd’s
and related US and Swiss platforms.  His many years of
experience in Lloyd’s, which dates back beyond the time when we
both first worked together at Wellington Underwriting over 20
years ago, makes him the ideal candidate to be entrusted with
the long term build-out of our European operations.”

The company further announced that Mr. Busher has entered into a
new Service Agreement effective July 1, 2008, which secures his
services as Deputy Chairperson and Chief Operating Officer for
three years, and which may be extended thereafter by mutual
agreement.

Mr. Taylor continued, "We have now concluded our recent round of
senior management appointments.  We have a strong team in place
supporting every aspect of our business across all our
platforms, and we continue to execute on our diversification
strategy in a measured way, with the emphasis on organic
growth."

                   About Montpelier Re

Through operations in Bermuda, the U.S. and Europe, the
Montpelier Group --  http://www.montpelierre.bm/-- provides
customized, innovative, and timely reinsurance and insurance
solutions to the global market.  The company has operations in
London through Montpelier Europa AG and Montpelier Syndicate
5151.

                        *     *     *

In December 2007, A.M. Best Co. affirmed the "bb+" rating on the
company's subordinated debt.  The "bb" rating on the company's
preferred stock was also affirmed by A.M. Best.


MONTPELIER RE: Gerald Konig Appointed as Europe Marketing Head
--------------------------------------------------------------
Montpelier Re Holdings Ltd. Disclosed that Gerald Konig, Chief
Executive Officer of Montpelier Europa AG, has been appointed
Head of Marketing for Europe and the Middle East, effective May
1, 2008.  Mr. Konig joined Montpelier in August 2007 and is the
former Head of Sales and Marketing for GE Frankona Re in Munich.

He is based in Zug, Switzerland and has existing responsibility
for Continental Europe and the Middle East.  In his new role Mr.
Konig also assumes responsibility for France and the Benelux
countries from Nicholas Newman-Young, who retires as CEO of
Montpelier Marketing Services (UK) Limited, also effective
May 1, 2008.

Anthony Taylor, CEO and Chairman of Montpelier said, "Gerald is
a very experienced marketing professional with an established
following in Europe and the Middle East.  He is ideally placed
to lead our initiative to access more regional and mid-market
business going forward."

Mr. Taylor added, "We thank Nick for his service to the Company
and wish him well for a long and happy retirement. Nick joined
us at the very beginning and has been extremely successful in
developing and servicing our very profitable international book,
which we have underwritten in Bermuda over the last seven
years."

                   About Montpelier Re

Through operations in Bermuda, the U.S. and Europe, the
Montpelier Group --  http://www.montpelierre.bm/-- provides
customized, innovative, and timely reinsurance and insurance
solutions to the global market.  The company has operations in
London through Montpelier Europa AG and Montpelier Syndicate
5151.

                        *     *     *

In December 2007, A.M. Best Co. affirmed the "bb+" rating on the
company's subordinated debt.  The "bb" rating on the company's
preferred stock was also affirmed by A.M. Best.


PANAGRAPH MANAGEMENT: Appoints Begbies Traynor as Administrators
----------------------------------------------------------------
D.F. Wilson and J.N.R. Pitts of Begbies Traynor were appointed
joint administrators of Panagraph Management Systems Ltd.
(Company Number 04027406) on March 28, 2008.

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

The company can be reached at:

          Panagraph Education Management Systems Ltd.
          42 Lytton Road
          Barnet
          Hertfordshire
          EN5 5BY
          England
          Tel: 01226792225



QUEBECOR WORLD: Inks New Multi-Year Pact with Wenner Media
----------------------------------------------------------
Quebecor World Inc. reached a new multi-year agreement with
Wenner Media to print its three magazine titles-Rolling Stone,
US Weekly and Men’s Journal.  Under the new agreement Quebecor
World will increase its volume with Wenner Media by
approximately 10% as the exclusive printer for Rolling Stone and
Men’s Journal and will print more than one million copies of US
Weekly each week.  Wenner’s annual print volume with Quebecor
World could exceed 100 million copies.

“We are pleased under the new agreement to continue printing
100% of Rolling Stone’s requirements and a major portion of US
Weekly’s production,” said Doron Grosman, President of Quebecor
World’s Magazine Division.  “But we are particularly pleased to
add Men’s Journal as new work and be granted the privilege by
Wenner to print the major portion of their impressive magazine
portfolio.”

Quebecor World is also pleased to provide additional value-added
logistics services including access to its industry-leading co-
mail platform that will allow Wenner Media to improve delivery
to its readers and reduce postal costs.

Rolling Stone is the leading voice of music and popular culture
and is read by up to 14 million readers every two weeks. US
Weekly was re-launched as a weekly in 2000 and the celebrity and
entertainment title quickly became an industry leader in
circulation and ad page growth.  Men’s Journal is a leading
monthly men’s lifestyle magazine that consistently ranks at the
top of its category for readership and advertising.

“Quebecor World has been a valued supplier to Wenner Media as a
long-time printer of Rolling Stone and US Weekly,” said John
Gruber, Wenner’s Chief Financial Officer.  “We look forward to
this extended and expanded relationship that will now include
Men’s Journal.”

Quebecor World’s magazine division is one of the leading
magazine print and related service providers in the United
States.  The company provides complete premedia, print,
distribution and mailing services for publishers in the
consumer, B2B, association, city and regional magazine markets.

                     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.  Quebecor World has approximately 28,000
employees working in more than 115 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, and Switzerland.

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.


STAPLEHURST HOMES: Appoints Liquidators from Tenon Recovery
-----------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Staplehurst Homes Ltd. on March 31 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


STOCKERYALE INC: Auditors Express Going Concern Doubt
-----------------------------------------------------
Vitale, Caturano & Company, Ltd. raised substantial doubt about
the ability of StockerYale, Inc. to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2007, and 2006.  The auditing firm
pointed to the company's recurring losses from operations and
significant financial obligations.

For the year ended Dec. 31, 2007, the company reported a
US$8,456,000 net loss on US$29,887,000 of total revenues as
compared with a US$5,162,000 net loss on US$19,350,000 of total
revenues for the same period in 2006.

At Dec. 31, 2007, the company's balance sheet showed
US$34,038,000 in total assets, US$24,539,000 in total
liabilities, and US$9,499,000 in total stockholders' equity.

A full-text copy of the company's Form 10-K for the year ended
Dec. 31, 2007, may be viewed for free at:

            http://ResearchArchives.com/t/s?2a3d

Headquartered in Salem, New Hampshire, StockerYale, Inc.
(NASDAQ: STKR) -- http://www.stockeryale.com/-- develops
advanced illumination products, specialty optical fiber and
diffractive optics.  The company's products are sold to over
1,500 customers primarily in North America, Europe and the
Pacific Rim.  In Europe, the company has distributors in the
United Kingdom, France, Italy, Portugal, Sweden, Norway,
Denmark, Finland, Germany, Switzerland, Austria, Netherlands,
Belgium and Spain.


TIMEWARP DISTRIBUTION: Goes Into Liquidation Due to Bad Debts
-------------------------------------------------------------
Timewarp Distribution Ltd. has gone into liquidation due to bad
debts, Tom Howard writes for the Music Week.

Bill Shannon, Timewarp managing director told the Music Week
that the liquidation of his company is a reflection of the
current state of the music industry.  Mr. Shannon added that
does wish that others would undergo liquidation.

Timewarp Distribution Ltd. does business as a retailer,
wholesaler and distributor of music across the UK, including
work with major chainstores, and abroad.


TOYZONE LTD: Administrators Sells Business & Assets to JA Magson
----------------------------------------------------------------
David Crawshaw and Richard Hill of KPMG Restructuring announced
the sale of the businesses and certain assets of Youngsters Ltd.
and Toyzone Ltd. to York-based toy and stationery distributor JA
Magson Ltd.

The deal sees JA Magson, a nationwide distributor of toys,
stationery and seasonal products, acquire the Youngsters buying
group and all 20 Toyzone stores across the U.K., preserving 200
jobs.

"This is a great result for Youngstes and Toyzone and we're
pleased to have been able to save 200 jobs at the two companies.
The deal provides JA Magson with an excellent strategic fit with
its current business and we wish the company well in the
future," Mr. Crawshaw disclosed.

Administrative receivers were appointed to parent company
Youngsters Ltd. and administrators were appointed to toy
retailer Toyzone Ltd. on April 1, 2008, after the company
encountered increased cashflow pressure following tough trading
conditions over Christmas.

All Toyzone outlets continued to trade while the administrators
and administrative receivers reviewed the options for the
businesses.

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

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


YOUNGSTERS LTD: Sells Business & Assets to JA Magson
----------------------------------------------------
David Crawshaw and Richard Hill of KPMG Restructuring announced
the sale of the businesses and certain assets of Youngsters Ltd.
and Toyzone Ltd. to York-based toy and stationery distributor JA
Magson Ltd.

The deal sees JA Magson, a nationwide distributor of toys,
stationery and seasonal products, acquire the Youngsters buying
group and all 20 Toyzone stores across the U.K., preserving 200
jobs.

"This is a great result for Youngstes and Toyzone and we're
pleased to have been able to save 200 jobs at the two companies.
The deal provides JA Magson with an excellent strategic fit with
its current business and we wish the company well in the
future," Mr. Crawshaw disclosed.

Administrative receivers were appointed to parent company
Youngsters Ltd. and administrators were appointed to toy
retailer Toyzone Ltd. on April 1, 2008, after the company
encountered increased cashflow pressure following tough trading
conditions over Christmas.

All Toyzone outlets continued to trade while the administrators
and administrative receivers reviewed the options for the
businesses.

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

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


                            *********

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.

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