TCREUR_Public/080410.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, April 10, 2008, Vol. 9, No. 71

                            Headlines


A U S T R I A

CAFE-ASIA GASTRONOMIE: Claims Registration Period Ends April 22
HOTEL KANISFLUH: Claims Registration Period Ends April 14
KOR-TRADE LLC: Claims Registration Period Ends May 5


B E L A R U S

BTA BANK: AstanaEximBank ZAO Unit Renames to BTA Bank CJSC


F R A N C E

DELPHI CORP: GM May Assume More Pension Liabilities
DELPHI CORP: Court Extends Indemnification Pact with GM
REXEL SA: Fitch Lowers and Then Withdraws Long-Term IDR
SR TELECOM: Posts CDN$132.4 Mln Net Loss in Year Ended Dec. 31
SR TELECOM: Closes US$6 Million Sale of Asset to Group Legasse


G E R M A N Y

ADVANCED CLINICAL: Claims Registration Period Ends April 29
ALTONAER ELEKTROBAU: Creditors Must File Claims by April 25
BAUSATZ-PROFI GMBH: Creditors Must File Claims by April 25
BELTERS GMBH: Creditors Must File Claims by April 25
BFD GMBH: Creditors Must File Claims by April 25

BOMT.DE GMBH: Creditors Must File Claims by April 25
BRZ HANDELS: Creditors Must File Claims by April 25
BUECO PROJEKT: Creditors Must File Claims by April 25
CHIQUITA BRANDS: Inks New US$350 Million Credit Facility
CHIQUITA BRANDS: William Camp Elected to Board of Directors

DISTRINET TRANSPORT: Creditors Must File Claims by April 25
DPA STAHLBERG: Claims Registration Period Ends April 29
DRESSER-RAND: S&P Lifts Corporate Credit Rating to BB
ELKAWE BAUTRANS: Creditors Must File Claims by April 25
ENDRASS GMBH: Creditors Must File Claims by April 25

FAHRZEUGHAUS WURZEN: Claims Registration Period Ends April 29
GILDEMEISTER AG: Annual General Meeting Scheduled for May 16
GILDEMEISTER AG: S&P Revises Outlook to Positive from Stable
HAUS UND GARTEN: Claims Registration Ends April 30
HAVELBERGER HOCH-UND: Claims Registration Period Ends April 29

HAWE LAGER: Claims Registration Ends April 30
HAWE LOGISTIK: Claims Registration Ends April 30
HAWE SPEDITION: Claims Registration Ends April 30
HEIBL KUNSTSTOFFTECHNIK: Creditors Must File Claims by April 25
HEINRICH GMBH: Claims Registration Ends April 30

HIRSCH RETAIL: Creditors' Meeting Slated for May 8
IHK-AKADEMIE OBERFRANKEN: Claims Registration Ends April 30
INTERNATIONAL SCHILLER: Creditors Must File Claims by April 25
KRATON POLYMERS: Posts US$44 Million Net Loss in 2007
KRATON POLYMERS: Moody's Cuts Corporate Family Rating to B2

KRATON POLYMERS: European USBC Price Increase Effective May 1
KRATON POLYMERS: European HSBC Price Increase Effective May 1
PROVIDE GEMS: Moody's Junks Ratings on Class D and E Notes
ULRICH MENTEN-VERWALTUNGS: Claims Registration Ends April 28


I R E L A N D

VALISTA LTD: Shareholder Meeting Held on April 7


I T A L Y

ALITALIA SPA: Has EUR170 Million Cash as of March 31
PAGINE GIALLE: Fitch Holds Rating; Revises Outlook to Negative
PARMALAT SPA: Cesare Geronzi Extortion Trial to Commence May 7
SEVERSTAL OAO: Lucchini Unit Earns EUR149.9 Million in 2007


K A Z A K H S T A N

BTA BANK: AstanaEximBank ZAO Unit Renames to BTA Bank CJSC
DANA & K: Claims Filing Period Ends May 14
DINA+ LLP: Creditors Must File Claims by May 14
MAKU LLP: Claims Registration Ends May 14
NNN-94 LLP: Claims Deadline Slated for May 14

TECH MASH: Creditors' Claims Due on May 14


K Y R G Y Z S T A N

TECHNO-PLAST LLC: Claims Filing Period Ends May 5
TIGERMEN LLC: Creditors Must File Claims by May 5


N E T H E R L A N D S

HEXION SPECIALTY: Extends Merger Pact Termination Date to July 4
KINETIC CONCEPTS: S&P Affirms 'BB' Rating on LifeCell Purchase


R U S S I A

KINELSKAYA AGRO-INDUSTRIAL: Creditors Must File Claims by May 15
LES-PROM-INVEST: Creditors Must File Claims by May 15
NPK ADAPTIKA: Creditors Must File Claims by May 15
ORIENT-TRUST LLC: Creditors Must File Claims by May 15
PROMIZ CJSC: Creditors Must File Claims by May 15

SEVERSTAL OAO: Lucchini Unit Earns EUR149.9 Million in 2007
STROY-BUSINESS-INVEST: Creditors Must File Claims by May 15
VARNERSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Period Ends May 15


S W I T Z E R L A N D

ESATTO JSC: Zug Court Starts Bankruptcy Proceedings
GLAS & DECOR: Creditors' Liquidation Claims Due by April 17
HAUSFACTORY JSC: St. Gallen Court Starts Bankruptcy Proceedings
HERCULES INC: S&P Upgrades Corporate Credit Rating to BB+
HERCULES INC: To Release First Quarter Results on April 21

PRA INTERNATIONAL: Creditors' Liquidation Claims Due by April 16
ROSIE’S STUDIO: Aargau Court Starts Bankruptcy Proceedings
SWISSCOM: Creditors' Liquidation Claims Due by April 17
SULCUS HOSPITALITY: Zug Court Starts Bankruptcy Proceedings
TECHNICA VERLAG: Creditors' Liquidation Claims Due by April 16

TRENDFLEUR JSC: Creditors' Liquidation Claims Due by April 17
TREESSE AUTOMATION: Creditors Must File Claims by April 16


U K R A I N E

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

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


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Discloses Results of Private Exchange Offer
ABITIBIBOWATER INC: Unit Inks Changes to Credit Agreements
ABITIBIBOWATER INC: S&P Removes Unit's Rating from Neg. Watch
BAA LTD: Migrating Bondholders Into Stable Financing Structure
BANTRY BAY: Moody's Downgrades Ratings on Four Note Classes

CANDU ENTERTAINMENT: Enters Insolvency Proceedings
CAPITAL ONE EUROPE: To Cut Workforce by 40%
CAPITAL ONE EUROPE: Fitch Assessing Impact of Job Cuts
CHARTERHOUSE COMMUNICATIONS: Goes Into Administration
CHRYSLER LLC: Europe First Quarter Sales Hikes by 4%

COREL CORP: Posts US$30,000 Net Loss in Quarter Ended Feb. 29
DECO 8-UK: S&P Puts Class G Notes' Rating under Negative Watch
DELTA AIR: Flight Attendants' Union Voting Starts April 23
FAXTOR HG 2007-1: Moody's Junks Ratings on Four Note Classes
FOOT LOCKER: Poor Sales Results Prompt Moody's to Cut Rating

GENERAL MOTORS: May Assume More Delphi Pension Liabilities
GENERAL MOTORS: Court Extends Indemnification Pact with Delphi
MEGA BRANDS: Posts US$97 Million Net Loss in 2007
PACIFIC AND GENERAL: Court Sets Creditors' Meeting on June 9
REVLON INC: Net Loss Slides to US$16 Mil. in Year Ended Dec. 31

SEAROSA LIMITED: Claims Filing Period Ends May 9
VISAGE CDO I: Moody's Lowers Rating on Five Note Classes
YELL GROUP: S&P Revises Outlook to Negative from Stable

* House of Lords Ruling to Ease Foreign Liquidation Process

* Upcoming Meetings, Conferences and Seminars


                            *********


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


CAFE-ASIA GASTRONOMIE: Claims Registration Period Ends April 22
---------------------------------------------------------------
Creditors owed money by LLC Cafe-ASIA Gastronomie (FN 232628a)
have until April 22, 2008 to file written proofs of claim to
court-appointed estate administrator Christian Kies at:

         Mag. Christian Kies
         Rathausplatz 8
         3270 Scheibbs
         Tel: 07482/44 222
         Fax: 07482/44 222-4
         E-mail: christian.kies@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on May 13, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Wieselburg, Austria, the Debtor declared
bankruptcy on March 13, 2008 (Bankr. Case No. 14 S 33/08f).


HOTEL KANISFLUH: Claims Registration Period Ends April 14
---------------------------------------------------------
Creditors owed money by LLC Hotel Kanisfluh Bischofberger & Co
Kg (FN 15062a) have until April 14, 2008 to file written proofs
of claim to court-appointed estate administrator Andreas Droop
at:

         Mag. Andreas Droop
         Kirchstrasse 4
         6900 Bregenz
         Austria
         Tel.: 05574/47255
         Fax: 05574/52545
         E-mail: office@anwalts-kanzlei.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Mellau, Austria, the Debtor declared bankruptcy
on March 13, 2008 (Bankr. Case No. 14 S 13/08m).


KOR-TRADE LLC: Claims Registration Period Ends May 5
----------------------------------------------------
Creditors owed money by LLC KOR-TRADE (FN 290015v) have until
May 5, 2008 to file written proofs of claim to court-appointed
estate administrator Andrea Eisner at:

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Vienna
         Austria
         Tel: 712 04 77
         Fax: 712 04 77-12
         E-Mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45  a.m. on May 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 14, 2008 (Bankr. Case No. 3 S 26/08f).


=============
B E L A R U S
=============


BTA BANK: AstanaEximBank ZAO Unit Renames to BTA Bank CJSC
----------------------------------------------------------
AstanaEximBank ZAO, an affiliate of BTA Bank JSC, has changed
its name to BTA Bank CJSC following approval from shareholders
and receipt of a permit from the National Bank of Belarus.

The new brand reflects affiliation to Kazakhstan’s BTA Bank
Group, a major financial institution in the CIS that passed
reregistration and was renamed in early 2008.

The rebranding is a milestone in the BTA Development Strategy
that pursues a thriving international banking conglomerate.
Member companies of the banking conglomerate will have a single
brand, BTA, and will share unified standards of business conduct
and a unified approach to clients.

"The name of BTA Bank binds us to follow a high standard
business practice," Sultan Marenov, Chief Executive Officer of
BTA Bank Belarus, said.  "In 2005-2006 we successfully
implemented a breakthrough strategy and in 2008 we expect to
effect an offensive strategy.  What is meant here is an access
to regions.

"The chief goal of BTA Bank in Belarus is to develop a sound
regional chain that offers all-purpose banking products.  At
that, the main emphasis will be made on comfortable services for
clients of BTA Bank."

As of March 1, 2008, BTA Bank CJSC had RUR39.5 billion in equity
capital and RUR192.4 billion in total assets.  Pretax profit as
of March 31, 2008, is RUR1.1 billion compared to RUR3.1 billion
as of Dec. 31, 2007.  The loan portfolio of the Bank is
RUR135.7 billion with bad debts accounting for 0.3%.  Entities
(except for banks) deposited a total of 57.9 billion ruble
(USD27 million) with the Bank.

BTA Bank JSC, Kazakhstan, intends to raise its stake in
AstanaEximBank up to 99% from 49%.

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

As reported in the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services revised its outlook on Bank TuranAlem
(BB/B) to negative from stable.

Bank TuranAlem carries Long-term foreign currency IDR at BB+
from Fitch Ratings, which said the Outlook was Stable.

The company also carries Ba1 Foreign Currency Subordinate Debt
Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and
D- Bank Financial Strength Rating from Moody's Investor Service.


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


DELPHI CORP: GM May Assume More Pension Liabilities
---------------------------------------------------
General Motors Corp. may assume more of Delphi Corp.'s pension
liabilities to help its former unit and key auto parts supplier
emerge from bankruptcy.  GM already has agreed to assume
US$1,500,000,000 in pension liabilities on Delphi's books, and
is now in talks to increase that, The Wall Street Journal said,
citing people familiar with the matter.

The Pension Benefit Guaranty Corp. would favor a proposal by GM
to assume more of Delphi's pension obligations.  "For the last
two years we have been fighting to preserve the Delphi pensions,
and this looks like it could be a very positive development,"
Charles E.F. Millard, the PBGC's director, said in an e-mail,
according to WSJ.

GM had agreed to pay US$300,000,000 to US$400,000,000 a year
until at least 2015, pursuant to settlements reached with Delphi
and its labor union United Automobile, Aerospace & Agricultural
Implement Workers of America.  GM, in exchange for, among
others, an extension of it supply agreement with Delphi, will
reimburse a certain portion of Delphi's U.S. hourly labor costs
incurred to produce systems, components, and parts for GM from
Oct. 1, 2006, through Sept. 14, 2015.

GM has also committed to provide funding to US$2,825,000,000 of
the US$6,100,000,000 required by Delphi in order to exit
Chapter 11.

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 121; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          *     *     *

On March 28, 2008, Moody's Investors Service raised the rating
on Delphi Corp.'s revised second lien term loan to (P)B2 from
(P)B3 and affirmed the company's Corporate Family Rating and
Probability of Default Ratings of (P)B2, Speculative Grade
Liquidity rating of SGL-2, first lien term loan rating of
(P)Ba2, and stable outlook.  The revision to the rating on the
second lien facility follows a change in the composition of the
term loans from the structure Moody's rated on March 14, 2008.

At the same time, Standard & Poor's Ratings Services said that
it still expects to assign a 'B' corporate credit rating to
Delphi Corp. if the company emerges from bankruptcy in early
April.


DELPHI CORP: Court Extends Indemnification Pact with GM
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended an indemnification agreement between Delphi Corp. and
General Motors Corp. for an additional 15 days up to April 15,
2008, if GM extends its benefit guarantee agreement with the
United Automobile, Aerospace and Agricultural Implement Workers
of America by at least the same period of time.

As previously reported, the United Automobile, Aerospace and
Agricultural Implement Workers of America, Delphi, and GM
entered into a memorandum of understanding.  Among other things,
the UAW-Delphi-GM Memorandum of Understanding was designed to
enable Delphi's continued transformation to more competitive
wage and benefit levels and to address divestiture, work rules,
and staffing level issues in the Debtors' workforce.

Pursuant to the UAW-Delphi-GM Memorandum of Understanding, the
UAW, Delphi, and GM also agreed to the "Term Sheet#Delphi
Pension Freeze and Cessation of OPEB, and GM Consensual
Triggering of Benefit Guarantee," which facilitates the freezing
of Delphi's pension plan and the assumption of billions of
dollars of OPEB liabilities by GM, thereby dramatically reducing
Delphi's ongoing benefit costs.  The UAW-Delphi-GM Memorandum of
Understanding was ratified by the UAW membership on June 28,
2007, and approved by the Court on July 19, 2007.

The UAW-Delphi-GM Memorandum of Understanding extended the time
period for certain of GM's obligations under the Sept. 30, 1999
Benefit Guarantee Agreement between GM and the UAW to March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31, 2007.  Delphi and GM also
agreed that the eighth anniversary date reference in the
Indemnification Agreement would be extended until March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31.  The Debtors' Chapter 11
Plan, however, was not confirmed and substantially consummated
by Dec. 31.  Nonetheless, the UAW-Delphi-GM Memorandum of
Understanding additionally provided that the March 31, 2008 UAW
Benefit Guarantee extension date would be extended to "such
later date as Delphi and GM will agree to extend the
Indemnification Agreement expiration."

Under the provisions of the Memorandum of Understanding approved
by the Court on July 19, 2007, the Debtors believe that they
already have authority to extend the Indemnification Agreement
for additional time periods.  Out of an abundance of caution,
however, and as a result of GM's unique role in the Chapter 11
cases, the Debtors sought the Court's authority to extend the
Indemnification Agreement.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, said an extension will allow
Delphi's indemnification obligations under the Indemnity
Agreement to continue uninterrupted until it has emerged from
Chapter 11.  If the Plan is not consummated, the extension will
also provide additional time for the Debtors to consider whether
additional extensions are appropriate or viable.

The extension, in the exercise of the Debtors' business
judgment, is in the best interests of the Debtors' estates,
creditors, and other parties-in-interest, including Delphi's
employees, Mr. Butler asserted.

Mike Ramsey at Bloomberg News, citing a Deutsche Bank AG
analyst, reports that GM may give up cash and preferred shares,
and assume more pension liability, to help Delphi leave
bankruptcy.

Forfeiting the cash and shares would increase Delphi's liquidity
and make the company more attractive to investors, analyst Rod
Lache said in a research note on Monday, according to Bloomberg.

The report said more GM help may be needed after Appaloosa
Management LP, which led an investor group that was to provide
Delphi with US$2.55 billion in financing, pulled out last week
after stating that Delphi failed to meet conditions.

Delphi has said it had met all requirements, Bloomberg says.

Pursuant to Delphi's confirmed plan of reorganization, Bloomberg
notes, GM is to receive preferred shares worth US$1.07 billion
and US$175 million in cash, and will assume US$2 billion in
first-lien loans and up to US$825 million in second-lien loans.

Delphi could eliminate a US$1.25 billion pension contribution
required after exit if GM assumed that liability, the analyst's
report said, according to Bloomberg.  Dropping GM's other claims
would give Delphi more cash and lower the effective cost to
investors of buying the company, and also could slice the
required outside equity investment to US$1.3 billion from US$2.5
billion, Mr. Lache said, according to Bloomberg.  It also would
lower the effective price of the company to 3.5 times projected
earnings before interest, taxes, depreciation and amortization,
from the current multiple of 4.9, the research note indicated.

Bloomberg says the changes by GM would require Delphi to scrap
its bankruptcy plan and create a new one that would need the
approval of the U.S. bankruptcy court and creditors.

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 121; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          *     *     *

On March 28, 2008, Moody's Investors Service raised the rating
on Delphi Corp.'s revised second lien term loan to (P)B2 from
(P)B3 and affirmed the company's Corporate Family Rating and
Probability of Default Ratings of (P)B2, Speculative Grade
Liquidity rating of SGL-2, first lien term loan rating of
(P)Ba2, and stable outlook.  The revision to the rating on the
second lien facility follows a change in the composition of the
term loans from the structure Moody's rated on March 14, 2008.

At the same time, Standard & Poor's Ratings Services said that
it still expects to assign a 'B' corporate credit rating to
Delphi Corp. if the company emerges from bankruptcy in early
April.


REXEL SA: Fitch Lowers and Then Withdraws Long-Term IDR
-------------------------------------------------------
Fitch Ratings downgraded Rexel SA's Long-term Issuer Default
rating to 'BB-' from 'BB' and removed it from Rating Watch
Negative where it was originally placed on Nov. 13, 2007.  A
Stable Outlook is assigned.

Fitch has simultaneously withdrawn the Long-term IDR.  As part
of a EUR4.3bn acquisition debt package, Rexel prepaid its senior
credit facilities for an outstanding amount of approximately
EUR1bn and therefore its 'BB+' rating on RWN has been also
withdrawn.  The agency will no longer provide public coverage of
Rexel.

This action follows the completion of the acquisition of
Netherlands-based Hagemeyer.

"By acquiring Hagemeyer and agreeing the asset swaps with
Sonepar, Rexel has realigned its geographical business mix to
more resilient markets at this point in the economic cycle,"
said Pablo Mazzini, Senior Director in Fitch's Leveraged Finance
team in London.  "However, the increase in leverage associated
with the acquisition will constrain its financial flexibility in
the foreseeable future while management starts the merger plan,
given the uncertain economic outlook in some of the regions
where Rexel operates."

Rexel is a world leader in the distribution of low and ultra-low
voltage electrical products.  It operates in 34 countries across
Europe, the Americas and Asia/Pacific through a network of about
2,500 branches (taking into consideration Hagemeyer's targeted
operations).  Pro-forma FY07 revenues of around EUR14.2bn are
geographically split between Europe (59%), North America (35%)
and Asia-Pacific (6%).

Headquartered in Paris, France, Rexel SA (EPA:RXL) --
http://www.rexel.com/-- is engaged in the distribution of
electrical parts and supplies to professionals.  The company’s
activities are divided into three geographical zones: Europe,
North America and Asia-Pacific.  It serves principally three
markets: industry, non-residential and residential. The
industrial market mainly concerns maintenance and operation of
production lines.  It is aimed at producers of machines and
equipment, and general or specialty contractors, among others.
The non-residential market covers such services as commercial,
community facilities, lodging and infrastructure, and
transportation.  The residential market includes individual
residences and multi-family housing.  To the company’s main
clients belong general and specialized installation contractors
in electricity and heating, industrial companies, and public
agencies, among others.  The company operates several
subsidiaries, including Ray Acquisition SCA.


SR TELECOM: Posts CDN$132.4 Mln Net Loss in Year Ended Dec. 31
--------------------------------------------------------------
SR Telecom Inc. released its year-end audited financial results
and its fourth quarter results for the period ended Dec. 31,
2007.

As reported in the Troubled Company Reporter-Europe on April 1,
2008, the company signed an asset purchase agreement to sell
majority of its assets, including its WiMAZ Forum-certified
symmetryMX product line, to Groupe Lagasse for an aggregate
consideration of CDN$6.05 million payable at closing and by the
assumption of certain stated liabilities.

The audited consolidated financial statements for the year ended
December 31, 2007 have been prepared using a different basis
than the standard going concern assumption.

The company's assets were valued at their net realizable value
for a total of CDN$37.0 million.  As a result, a significant
asset impairment of CDN$40.6 million was recognized in the
fourth quarter financial statements.

Since the company filed for creditor protection under Companies'
Creditors Arrangement Act, the liabilities were presented in the
financial statements at their "allowed claim amount", triggering
an increase in liabilities of CDN$17.7 million.  Total
liabilities amounted to CDN$150.3 million.  The allowed claim
amount represents the estimated maximum amount to be potentially
claimed by creditors.

No provision has been recorded in 2007 for the losses expected
to occur from Jan. 1, 2008, to the liquidation date as the
audited financial statements for the year ended Dec. 31, 2007,
have not been prepared on a liquidation basis.

                 Consolidated Financial Results

SR Telecom's revenue for the year was CDN$75.7 million compared
to CDN$68.7 million in 2006.  Despite this increase, the revenue
generated in 2007 was below management's expectations for its
symmetry product line.  This revenue shortfall was mainly due to
the impact of liquidity restrictions on sales efforts, delays in
manufacturing and product and technology development and to
additional delays incurred in the ongoing implementation of
major contracts in Mexico and Argentina.

Operating loss from continuing operations was CDN$115.5 million,
up from CDN$98.0 million in 2006.  Net loss and comprehensive
loss for 2007 was CDN$132.4 million, compared to CDN$115.6
million in the prior year.

Results in 2007 were significantly impacted by asset impairment
and restructuring charges of CDN$60.6 million resulting from
CCAA proceedings, which includes an asset impairment charge of
CDN$40.6 million to bring assets to their net realizable value
based on the proceeds from the asset sale to Groupe Lagasse,
with the remainder related to an increase in long-term
liabilities to their allowed claim amount.  The impact of asset
impairment and restructuring charges was partially offset by
lower selling, general and administrative expenses and reduced
research and development expenses compared to 2006.

Total assets amounted to CDN$37.0 million as at Dec. 31, 2007,
compared to CDN$150.6 million in 2006.  The decrease over the
prior year by CDN$113.6 million was a result of the asset
impairment charge and the discontinued operations of CTR, the
company's Chilean subsidiary operating in the Telecommunications
Service Provider Segment, sold at the beginning of 2007.

Liabilities increased by CDN$10.6 million to CDN$150.3 million
as at Dec. 31, 2007, due to the additional financing obtained in
July 2007 and the adjustment of liabilities to their allowed
claim amount.  The increase was partially offset by CTR
discontinued operations and elimination of related liabilities.

Consolidated cash and cash equivalents decreased from
CDN$18.5 million as at Dec. 31, 2006, to CDN$17.0 million as at
Dec. 31, 2007.

                          About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.

SR Telecom is currently operating under the protection of the
Companies' Creditors Arrangement Act (CCAA).  The company
filed for creditor protection under the CCAA on Nov. 19, 2007.
On Feb. 29, 2008, it obtained a court order to extend the period
of the Court-ordered stay of proceedings under the CCAA to
May 2, 2008.


SR TELECOM: Closes US$6 Million Sale of Asset to Group Legasse
--------------------------------------------------------------
SR Telecom Inc. closed the sale of the majority of its assets to
Sherbrooke (Quebec) based Groupe Lagasse.  The transaction,
which received court approval on March 31, 2008, will provide
continuity for SR Telecom's international customer base and
protect high technology jobs in Montreal.

As reported in the Troubled Company Reporter-Europe on April 1,
2008, SR Telecom Inc. signed an asset purchase agreement to sell
majority of its assets, including its WiMAZ Forum-certified
symmetryMX product line, to Groupe Lagasse for an aggregate
consideration of CDN$6.05 million payable at closing and by the
assumption of certain stated liabilities.

Under terms of the agreement, Groupe Lagasse will purchase SR
Telecom’s brand, trademarks, intellectual property, patents,
inventories and equipment relating to its symmetryMX product
line.  It is not expected that SR Telecom shareholders will
receive any value out of the proceeds of such sale.

The new business will be operating under the name SR Telecom &
Co. S.E.C., a Groupe Lagasse wholly owned subsidiary.

                        About Groupe Lagasse

Groupe Lagasse -- http://www.groupelagasse.com/-- is an
international company with manufacturing and products business
units that focus on providing leading edge, rugged, high
reliability, and high availability solutions for the private and
public sectors.  Its activities include electronic manufacturing
expertise for secure radio and telecom products that address the
entire product life cycle.  The Group also develops advanced
carrier grade VoIP access devices, gateways, secure SIP-based
software solutions and secure, ruggedized, active RFID
solutions.  These are complemented by outsourced contact center
solutions and automated interactive voice services that can
deliver a single message to as many as 10,000 recipients per
hour, via phone, mobile phone, SMS and e-mail.  Groupe Lagasse
is a privately held holding whose sales, in 2007, exceeded $200
M Cnd; the group has operations in Europe and North America and
employs over 1,000 people worldwide.

                          About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.

SR Telecom is currently operating under the protection of the
Companies' Creditors Arrangement Act (CCAA).  The company
filed for creditor protection under the CCAA on Nov. 19, 2007.
On Feb. 29, 2008, it obtained a court order to extend the period
of the Court-ordered stay of proceedings under the CCAA to
May 2, 2008.


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


ADVANCED CLINICAL: Claims Registration Period Ends April 29
-----------------------------------------------------------
Creditors of Advanced Clinical Research Services GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         Germany

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

The insolvency manager can be reached at:

         Ulrike Hoge-Peters
         Cronstettenstrasse 30
         60322 Frankfurt am Main
         Germany
         Tel: 069-9591100
         Fax: 069-95911012

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Advanced Clinical Research Services GmbH on
March 18, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Advanced Clinical Research Services GmbH
         Am Zollstock 33
         61352 Bad Homburg
         Germany


ALTONAER ELEKTROBAU: Creditors Must File Claims by April 25
-----------------------------------------------------------
Creditors of Altonaer Elektrobau GmbH have until April 25, 2008,
to register their claims with court-appointed insolvency manager
Hendrik Rogge.

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

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Altonaer Elektrobau GmbH on Mach 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Altonaer Elektrobau GmbH
         Hohenzollernring 90
         22763 Hamburg
         Germany


BAUSATZ-PROFI GMBH: Creditors Must File Claims by April 25
----------------------------------------------------------
Creditors of Bausatz-Profi GmbH have until April 25, 2008, to
register their claims with court-appointed insolvency manager
Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

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

The Debtor can be reached at:

         Bausatz-Profi GmbH
         Niederkasseler Str. 9
         51147 Cologne
         Germany

         Attn: Annette Feuster, Manager
         Bahnhofstrasse 53
         53859 Niederkasse
         Germany


BELTERS GMBH: Creditors Must File Claims by April 25
----------------------------------------------------
Creditors of Belters GmbH & Co. KG have until April 25, 2008, to
register their claims with court-appointed insolvency manager
Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Achim Thomas Thiele
         Bronnerstr. 7
         44141 Dortmund
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Belters GmbH & Co. KG on March 17, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Belters GmbH & Co. KG
         Hagener Str. 55
         58642 Iserlohn
         Germany


BFD GMBH: Creditors Must File Claims by April 25
------------------------------------------------
Creditors of BFD GmbH have until April 25, 2008, to register
their claims with court-appointed insolvency manager Wilfried
Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         Germany

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

The insolvency manager can be reached at:

         Wilfried Pohle
         Bahnstrasse 1
         34431 Marsberg
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against BFD GmbH on March 11, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         BFD GmbH
         Hauptstrasse 79
         59939 Olsberg
         Germany

         Attn: Sven Zoost, Manager
         Am Losenberg 5
         59939 Olsberg
         Germany


BOMT.DE GMBH: Creditors Must File Claims by April 25
----------------------------------------------------
Creditors of bomt.de GmbH  have until April 25, 2008, to
register their claims with court-appointed insolvency manager
Juergen Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Juergen Spliedt
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against bomt.de GmbH on March 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         bomt.de GmbH
         Potsdamer Strasse 18 A
         14513 Teltow
         Germany

         Attn: Stefan Fichtner, Manager
         Neuwerker Weg 33 A
         14167 Berlin
         Germany


BRZ HANDELS: Creditors Must File Claims by April 25
---------------------------------------------------
Creditors of BRZ - Handels GmbH Bearbeitungen und Rohrzubehoer
have until April 25, 2008, to register their claims with court-
appointed insolvency manager Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on March 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:

         Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against BRZ - Handels GmbH Bearbeitungen und Rohrzubehoer on
March 5, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         BRZ - Handels GmbH Bearbeitungen und Rohrzubehoer
         Luruper Hauptstrasse 60
         22547 Hamburg
         Germany


BUECO PROJEKT: Creditors Must File Claims by April 25
-----------------------------------------------------
Creditors of BUECO Projekt & Immobilien GmbH have until
April 25, 2008, to register their claims with court-appointed
insolvency manager Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Axel Raap
         Herrengraben 5
         20459 Hamburg
         Germany

The District Court of Rostock opened bankruptcy proceedings
against BUECO Projekt & Immobilien GmbH on March 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BUECO Projekt & Immobilien GmbH
         Wilhelm-Kuelz-Platz 1
         18055 Rostock
         Germany


CHIQUITA BRANDS: Inks New US$350 Million Credit Facility
--------------------------------------------------------
Chiquita Brands International, Inc. disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that
along with its main operating subsidiary Chiquita Brands L.L.C.,
they entered, on March 31, 2008, into a credit agreement with a
syndicate of bank lenders, including Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland," New York
Branch, as administrative agent and lead arranger, and with
Wells Fargo Bank, National Association as the syndication agent.

The new credit facility is comprised of a:

    -- six-year US$200 million senior secured term loan facility
       and

    -- six-year US$150 million senior secured revolving credit
       facility.

The revolving credit facility may be increased to US$200 million
under certain conditions. The new credit facility replaced CBL’s
prior revolving credit facility and term loan.

                      Term Loan Facility

The new US$200 million term loan matures on March 31, 2014.  The
term loan bears interest, at CBL’s option, at a rate per annum
equal to either (i) the "Base Rate" (which is the higher of (a)
the Rabobank prime rate and (b) the Federal Funds Effective Rate
plus 0.5%) plus 3.25% for the first six months and between 2.75%
and 3.50% (based on the company’s consolidated adjusted leverage
ratio) thereafter; or (ii) the LIBOR Rate plus 4.25% for the
first six months and between 3.75% and 4.50% (based on the
company’s consolidated adjusted leverage ratio) thereafter.  The
current interest rate for the term loan is 7.00%.  The term loan
requires quarterly payments, amounting to 5% per year of the
initial principal amount for the first two years and 10% per
year of the initial principal amount for years three to six,
with the remaining balance to be paid on the maturity date of
the term loan facility.  CBL borrowed the full US$200 million
term loan on the closing date.  Borrowings under the term loan
were used to repay the full amounts due under CBL’s prior
revolving credit facility and term loan, which together totaled
US$179 million and to pay related fees and expenses; CBL
retained approximately US$14 million of net proceeds from the
term loan.

                  Revolving Credit Facility

The revolving credit facility matures on March 31, 2014.  The
revolving credit facility bears interest, at CBL’s option, at a
rate per annum equal to either (i) the "Base Rate" (described
above) plus 2.50% for the first six months and between 2.00% and
2.75% (based on the company’s consolidated adjusted leverage
ratio) thereafter; or (ii) the LIBOR Rate plus 3.50% for the
first six months and between 3.00% and 3.75% (based on the
company’s consolidated adjusted leverage ratio) thereafter.  CBL
is required to pay a fee on the daily unused portion of the new
revolving credit facility of 0.50% per annum.  Borrowings under
the revolving credit facility may be used for working capital
requirements and other general corporate purposes, including
permitted acquisitions; the facility also permits the issuance
of letters of credit.  There are currently no loans outstanding
under the revolving credit facility, but letters of credit have
been issued thereunder aggregating approximately US$29 million.

CBL’s obligations under the revolving credit facility and the
term loan are guaranteed on a senior secured basis by the
company, all of CBL’s material domestic subsidiaries and certain
of its material foreign subsidiaries.  The obligations under the
revolving credit facility and term loan are secured by a first
priority lien on substantially all of the assets of CBL and
CBL’s material domestic subsidiaries, including trademarks, 100%
of the stock of CBL’s material domestic subsidiaries, and at
least 65% of the stock of certain of CBL’s material foreign
subsidiaries.  The company’s obligations under its guarantee are
secured by a pledge of the stock of CBL.

                          Covenants

The revolving credit facility and term loan may be repaid
without penalty, but amounts repaid under the term loan may not
be reborrowed.  The credit facility includes covenants that (a)
require CBL to maintain a maximum leverage ratio and a minimum
fixed charge coverage ratio, (b) place limitations on the
ability of CBL and its subsidiaries to incur debt, create liens,
dispose of assets, carry out mergers and acquisitions, and make
investments and capital expenditures and (c) place limitations
on CBL’s ability to make loans, distributions or other transfers
to the company.  However, payments to the company are permitted:
(i) whether or not any event of default exists or is continuing
under the credit facility, for all routine operating expenses in
connection with the company’s normal operations and to fund
certain liabilities of the company (including interest payments
on the company’s senior notes) and (ii) subject to no continuing
event of default and compliance with the financial covenants,
for other financial needs, including (A) payment of dividends
and distributions to the company’s shareholders and (B)
repurchases of the company’s common stock and warrants.

From time to time, some of the lenders and their affiliates have
provided, and may in the future provide, investment banking and
commercial banking services and general financing and other
services to the company for which they have in the past
received, and may in the future receive, customary fees.
Certain lenders and their affiliates provide other loan, credit
and banking services including cash investments and commodity
and currency hedging programs, all on commercial terms.  Those
lenders or lender affiliates which provide commodity and hedging
programs enjoy a secured position for these obligations in the
collateral provided under the credit facility.  In addition, one
of the lenders, Wells Fargo Bank, National Association, is the
company’s transfer agent, warrant agent and trustee of one of
the company’s employee benefit plans, and another lender, Bank
of America, NA has an affiliate which is the trustee for the
company’s senior notes and convertible notes.

A full-text copy of the new credit facility agreement may be
viewed for free at http://ResearchArchives.com/t/s?2a00

As a result of the repayment of the existing term loan, the
company may now utilize the additional lien flexibility obtained
in its previously announced consent solicitation whereby holders
of the company's 7-1/2% Senior Notes due 2014 agreed to add a
new permitted lien to the indenture governing the 7-1/2% Senior
Notes that permits the company to incur liens securing
indebtedness in an aggregate amount not to exceed US$185 million
at any one time outstanding once the prior term loan was repaid
or refinanced in full.

        Termination of a Material Definitive Agreement

CBL used the proceeds from the new term loan to repay in full
all amounts due under the prior amended and restated credit
agreement, entered into in June 2005 and as amended to date,
among the company, CBL, a syndicate of bank lenders and Wachovia
Bank, National Association, as administrative agent.  Upon such
repayment, the prior credit agreement was terminated.

                     About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/
-- (NYSE: CQB) is an international marketer and distributor of
high-quality fresh and value-added food products - from energy-
rich bananas and other fruits to nutritious blends of convenient
green salads.  The company's products and services are designed
to win the hearts and smiles of the world's consumers by helping
them enjoy healthy fresh foods.  The company markets its
products under the Chiquita(R) and Fresh Express(R) premium
brands and other related trademarks.  Chiquita employs
approximately 24,000 people operating in more than 70 countries
worldwide.

Headquartered in Cincinnati, Ohio, Chiquita also has
subsidiaries in France, Netherlands, Costa Rica, Germany, Italy,
Bermuda, and Chile.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Moody's Investors Service rated the proposed new senior
secured guaranteed bank agreements of Chiquita Brands, LLC at
Ba3.  The ratings on CBLLC's existing bank revolving credit
agreement and term loan C are upgraded to Ba3 from B1, and will
be withdrawn when the new bank agreements are executed.  Parent
Chiquita Brands International, Inc.'s ratings are affirmed,
including its B3 corporate family rating and B3 probability of
default rating.  The rating outlook remains negative.

As reported in the Troubled Company Reporter-Europe on Feb. 28,
2008, Standard & Poor's Ratings Services assigned its 'CCC'
senior unsecured rating to Chiquita Brands International Inc.'s
US$200 million convertible senior notes due 2016.  Net proceeds
from the issuance were used to repay a portion of the US$375
million term loan C (US$132 million outstanding at Dec. 31,
2007, pro forma for this notes offering) of its senior secured
credit facility.  About US$820 million of debt was outstanding
at Dec. 31, 2007.


CHIQUITA BRANDS: William Camp Elected to Board of Directors
-----------------------------------------------------------
Chiquita Brands International, Inc. disclosed that the board of
directors has decided to increase its size from eight to nine
members and has elected William (Bill) H. Camp, 59, to fill the
new position.  Camp brings more than 30 years of management
experience in the agricultural processing value chain, with
expertise in supply chain, manufacturing, logistics,
merchandising, and strategic planning operations.

"We are delighted to welcome Bill to Chiquita's board," said
Fernando Aguirre, chairman and chief executive officer.  "His
leadership and extensive skills in operating a global supply
chain will enhance an already strong group of independent board
members whose vision and expertise continue to advance
Chiquita's sustainable growth strategy."

"Chiquita is an exciting company that is becoming a global
leader in branded, healthy, fresh foods," said Camp.  "I look
forward to bringing my experience to Chiquita's board to work
with this management team."

Camp's career spanned more than 20 years with the Archer Daniels
Midland Company (ADM), an agricultural processing company and
manufacturer of value- added food and feed ingredients, until
his retirement from ADM in December 2007.  He served ADM in
several capacities, including: executive vice president, Asia
strategy; executive vice president processing; senior vice
president global oilseeds, cocoa and wheat milling; president
North American oilseed processing group and; president South
American oilseed processing and grain operation.  Previously, he
worked for seven years at A.E. Staley Manufacturing Company, a
supplier of value-added products derived from corn, including
sweeteners, starches, ethanol and animal feeds.

The company also said that Morten Arntzen has notified the
company's board of directors of his decision not to stand for
re-election as a director at the company's annual meeting of
stockholders on May 22, 2008 due to other business commitments.
He will continue to serve as a director until that time.

"For the past six years it has been a privilege and honor to
benefit from Morten's expertise and sound judgment on our board
of directors," said Aguirre.  "We all join in extending our
thanks to him for his tremendous efforts on Chiquita's behalf
and his enthusiasm for our strong future, which his leadership
has helped to shape."

In addition to Aguirre and Camp, the board currently includes:

      -- Morten Arntzen, president and chief executive officer
         for Overseas Shipholding Group, an oceangoing vessel
         operator;

      -- Howard W. Barker Jr., former partner of KPMG LLP;

      -- Robert W. Fisher, a private investor with more than 35
         years senior management experience at various banana
         companies;

      -- Clare M. Hasler, executive director of the Robert
         Mondavi Institute for Wine and Food Science at the
         University of California at Davis;

      -- Durk I. Jager, former chairman, president and chief
         executive officer at the Procter & Gamble Co.;

      -- Jaime Serra, senior partner of Serra Associates
         International, a consulting firm in law and economics,
         and Mexico's former secretary of finance and secretary
         of trade and industry; and

      -- Steven P. Stanbrook, president, developing markets
         platform at S.C. Johnson & Son, Inc.

                     About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/
-- (NYSE: CQB) is an international marketer and distributor of
high-quality fresh and value-added food products - from energy-
rich bananas and other fruits to nutritious blends of convenient
green salads.  The company's products and services are designed
to win the hearts and smiles of the world's consumers by helping
them enjoy healthy fresh foods.  The company markets its
products under the Chiquita(R) and Fresh Express(R) premium
brands and other related trademarks.  Chiquita employs
approximately 24,000 people operating in more than 70 countries
worldwide.

Headquartered in Cincinnati, Ohio, Chiquita also has
subsidiaries in France, Netherlands, Costa Rica, Germany, Italy,
Bermuda, and Chile.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Moody's Investors Service rated the proposed new senior
secured guaranteed bank agreements of Chiquita Brands, LLC at
Ba3.  The ratings on CBLLC's existing bank revolving credit
agreement and term loan C are upgraded to Ba3 from B1, and will
be withdrawn when the new bank agreements are executed.  Parent
Chiquita Brands International, Inc.'s ratings are affirmed,
including its B3 corporate family rating and B3 probability of
default rating.  The rating outlook remains negative.

As reported in the Troubled Company Reporter-Europe on Feb. 28,
2008, Standard & Poor's Ratings Services assigned its 'CCC'
senior unsecured rating to Chiquita Brands International Inc.'s
US$200 million convertible senior notes due 2016.  Net proceeds
from the issuance were used to repay a portion of the US$375
million term loan C (US$132 million outstanding at Dec. 31,
2007, pro forma for this notes offering) of its senior secured
credit facility.  About US$820 million of debt was outstanding
at Dec. 31, 2007.


DISTRINET TRANSPORT: Creditors Must File Claims by April 25
-----------------------------------------------------------
Creditors of DistriNet Transport- und Zustelldienstleistungs-
GmbH have until April 25, 2008, to register their claims with
court-appointed insolvency manager Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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 Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

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

The Debtor can be reached at:

         DistriNet Transport- und Zustelldienstleistungs-GmbH
         Cologneer Landstrasse 429
         40589 Duesseldorf
         Germany

         Attn: Ralf Frank, Manager
         Stormstr. 59
         42897 Remscheid
         Germany


DPA STAHLBERG: Claims Registration Period Ends April 29
-------------------------------------------------------
Creditors of DPA Stahlberg Gastro GmbH have until April 29,
2008, to register their claims with court-appointed insolvency
manager Dr. Alexander Geilert.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Alexander Geilert
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

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

The Debtor can be reached at:

         DPA Stahlberg Gastro GmbH
         Arndtstr. 6-8
         33602 Bielefeld
         Germany



DRESSER-RAND: S&P Lifts Corporate Credit Rating to BB
-----------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on Houston-based capital equipment provider Dresser-Rand
Group Inc. to 'BB' from 'BB-'.  The outlook is stable.

In addition, S&P raised the issue rating on the senior secured
revolving credit facility to 'BBB-' from 'BB+' and left the
recovery rating unchanged at '1'.  S&P also raised the issue
rating on the subordinated notes to 'BB-' from 'B+'.  The
recovery rating on this debt remains at '5'.

"The ratings upgrade is driven by Dresser-Rand's solid operating
performance, which meaningfully improved credit measures over
the past year," said Standard & Poor's credit analyst Aniki
Saha-Yannopoulos.

In addition, favorable market conditions demonstrated by the
growing margins of the new units, combined with strong
aftermarket service margins, aid performance over the near term.
Additional factors were the company's ability to generate free
cash flow and voluntary debt repayment through 2007.

The stable outlook reflects our expectation that Dresser-Rand
will maintain its improved operating performance and continue to
generate free cash flow.

Dresser-Rand Group Inc. -- http://www.dresser-rand.com/--
(NYSE: DRC) is a supplier of rotating equipment solutions to the
worldwide oil, gas, petrochemical, and process industries.  The
company operates manufacturing facilities in the United States,
France, Germany, Norway and India, and maintains a network of 27
service and support centers covering more than 140 countries.


ELKAWE BAUTRANS: Creditors Must File Claims by April 25
-------------------------------------------------------
Creditors of ELKAWE Bautrans GmbH have until April 25, 2008, to
register their claims with court-appointed insolvency manager
Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against ELKAWE Bautrans GmbH on March 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         ELKAWE Bautrans GmbH
         Alte Dorfstrasse 28
         14542 Werder/Havel
         Germany


ENDRASS GMBH: Creditors Must File Claims by April 25
----------------------------------------------------
Creditors of Endrass GmbH have until April 25, 2008, to register
their claims with court-appointed insolvency manager Rolf G.
Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 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:

         Rolf G. Pohlmann
         Rosental 6
         80331 Munich
         Germany

The District Court of Munich opened bankruptcy proceedings
against Endrass GmbH on Feb. 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Endrass GmbH
         Boschetsriederstr. 12
         81379 Munich
         Germany


FAHRZEUGHAUS WURZEN: Claims Registration Period Ends April 29
-------------------------------------------------------------
Creditors of Fahrzeughaus Wurzen und KFZ-Service GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Dr. Rainer Eckert.

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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Rainer Eckert
         Kathe-Kollwitz-Strasse 9
         04109 Leipzig
         Germany
         Tel: 0341/910470
         Fax: 0341/9104710
         E-mail: eckert-leipzig@rae-eckert.de

The District Court of Leipzig opened bankruptcy proceedings
against Fahrzeughaus Wurzen und KFZ-Service GmbH on March 10,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Fahrzeughaus Wurzen und KFZ-Service GmbH
         Dresdener Strasse 48
         04808 Wurzen
         Germany


GILDEMEISTER AG: Annual General Meeting Scheduled for May 16
------------------------------------------------------------
Gildemeister AG disclosed in its website that it will hold its
106th Annual General Meeting at 10:00 a.m., on May 16, 2008.
The meeting will be held at Hall 1 of the City Hall Bielefeld,
located at Willy-Brandt-Platz 1 in Bielefeld, Germany.

At the meeting, these items will be discussed:

   -- Presentation of the approved annual financial statement of
      the company and the approved consolidated financial
      statement for Dec. 31, 2007, the management report for
      Gildemeister and the corporate group, the explanatory
      reports of the Board of Directors concerning the details
      according to Sections 289 para. 4, 315 para. 4 of the
      /Handelsgesetzbuch/ German Commercial Code, the proposal
      of the Board of Directors for the appropriation of the net
      retained profit for the financial year 2007 and the report
      of the Supervisory Board for the 2007 financial year

    -- Resolution on the appropriation of net retained profits

    -- Resolution on the formal ratification of the acts of the
      members of the Management Board

    -- Resolution on the formal ratification of the acts of
      members of the Supervisory Board

    -- Election to the Board of Supervisors

    -- Resolution on audio and video transmissions, alteration
      to the articles of association

    -- Resolution on the authorization to purchase own shares

    -- Election of the auditors for the 2008 financial year

Gildemeister AG (FRA:GIL) -- http://www.gildemeister.com/-- is
a Germany-based company, engaged in the production of cutting
machine tools.  The company’s activities comprise Machine Tools
and Services segments.  The Corporate Services segment
constitutes the holding functions.  The Machine Tools segment
forms the company’s machine business with the turning, milling,
ultrasonic and laser technologies, as well as automation and
controls.  The Services segment is operated by DMG Vertriebs und
Service GmbH and its subsidiaries, which offers cross-functional
services for the Company’s machines, as well as for the solar
tracking systems from a+f GmbH.  It owns 12 production plants
located in Germany, Poland, Italy and China.  Gildemeister
operates worldwide through its 69 national and international
sales and service locations in 34 countries.  The Company is
headquartered in Bielefeld, Germany.


GILDEMEISTER AG: S&P Revises Outlook to Positive from Stable
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based machine-tool maker Gildemeister AG to positive
from stable reflecting further improvements in the company's
financial profile, sound but moderating market prospects over
the near term and its enhanced product portfolio.  This should
support further deleveraging, as well as improve profitability
and the business risk assessment.

At the same time, S&P affirmed its 'BB-' long-term
corporate credit rating on the company.

"The outlook revision reflects Gildemeister's improved
profitability and cash generation.  Moreover, the group has
enhanced its product portfolio, which gives confidence that it
can sustain this improvement over time," said Standard & Poor's
credit analyst Varvara Nikanorava.

The ratings are constrained by the group's aggressive financial
profile, the cyclical and competitive end-markets that it
serves, and the high capital intensity of the industry.  The
ratings are supported by the group's leading position in the
global machine-tool industry, its broad geographic and customer
diversity and strong service business, and a margin that is less
cyclical and higher than the margins of the group's other
activities.

The company has recently extended its product range in the area
of renewable energy, with the manufacture of components and
installation through its SunCarrier division.  The SunCarrier
division could improve Gildemeister's resistance to cyclical
swings, but carries project management risk.

"The positive outlook reflects our expectation that Gildemeister
will further strengthen its operating performance over the near
to medium term thanks to its healthy order intake, and despite
moderating growth in global machine-tool consumption," said Ms.
Nikanorava.


HAUS UND GARTEN: Claims Registration Ends April 30
--------------------------------------------------
Creditors of Haus und Garten Service GmbH Vetschau have until
April 30, 2008 to register their claims with court-appointed
insolvency manager Dr. Detlef Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Gerichtsplatz 2
         03046 Cottbus
         Germany

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

The insolvency manager can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against  Haus und Garten Service GmbH Vetschau on March 13,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Haus und Garten Service GmbH Vetschau
         Lobendorfer Weg 24
         03226 Vetschau
         Germany

         Attn: Boris Tuschke, Manager
         Waldschloesschenstrasse 24
         03096 Burg
         Germany


HAVELBERGER HOCH-UND: Claims Registration Period Ends April 29
--------------------------------------------------------------
Creditors of Havelberger Hoch-und Tiefbau GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on May 13, 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 Stendal
         Hall 112
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         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:

         Christian Graf Brockdorff
         Friedrich-Ebert-Strasse 36D
         14469 Potsdam
         Germany
         Tel: 0331/298000
         Fax: 0331/2980050

The District Court of Stendal opened bankruptcy proceedings
against Havelberger Hoch-und Tiefbau GmbH on Feb. 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Havelberger Hoch-und Tiefbau GmbH
         Neustadter Strasse 29
         39539 Havelberg
         Germany


HAWE LAGER: Claims Registration Ends April 30
---------------------------------------------
Creditors of HAWE Lager und Service GmbH have until April 30,
2008 to register their claims with court-appointed insolvency
manager Heiko Fialski.

Claims will be verified at 8:50 a.m. on May 21, 2008 at:

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

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

The insolvency manager can be reached at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against HAWE Lager und Service GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HAWE Lager und Service GmbH
         Attn: Rolf-Oliver Heitmann, Manager
         Bredowstrasse 17
         22113 Hamburg
         Germany


HAWE LOGISTIK: Claims Registration Ends April 30
------------------------------------------------
Creditors of HAWE Logistik GmbH have until April 30, 2008 to
register their claims with court-appointed insolvency manager
Heiko Fialski.

Claims will be verified at 8:40 a.m. on May 21, 2008 at:

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

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

The insolvency manager can be reached at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         HAWE Logistik GmbH
         Attn: Rolf-Oliver Heitmann, Manager
         Bredowstrasse 17
         22113 Hamburg
         Germany


HAWE SPEDITION: Claims Registration Ends April 30
-------------------------------------------------
Creditors of HAWE Spedition GmbH have until April 30, 2008 to
register their claims with court-appointed insolvency manager
Heiko Fialski.

Claims will be verified at 9:00 a.m. on May 21, 2008 at:

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

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

The insolvency manager can be reached at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         HAWE Spedition GmbH
         Attn: Rolf-Oliver Heitmann, Manager
         Bredowstrasse 17
         22113 Hamburg
         Germany


HEIBL KUNSTSTOFFTECHNIK: Creditors Must File Claims by April 25
---------------------------------------------------------------
Creditors of Heibl Kunststofftechnik GmbH & Co KG have until
April 25, 2008, to register their claims with court-appointed
insolvency manager Gerald Bittner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Gerald Bittner
         Kreuzsteinstr. 41
         95028 Hof
         Germany

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

The Debtor can be reached at:

         Heibl Kunststofftechnik GmbH & Co KG
         Thusstr. 32 D
         95195 Roeslau
         Germany


HEINRICH GMBH: Claims Registration Ends April 30
------------------------------------------------
Creditors of Heinrich GmbH have until April 30, 2008 to register
their claims with court-appointed insolvency manager Joachim
Glaser.

Claims will be verified at 8:40 a.m. on May 26, 2008 at:

         The District Court of Montabaur
         Hall 106
         First Floor
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

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

The insolvency manager can be reached at:

         Joachim Glaser
         Konrad-Adenauer-Str. 2a
         56414 Wallmerod
         Germany
         Tel: 06435-96400
         Fax: 06435-964024

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

The Debtor can be reached at:

         Heinrich GmbH
         Wahnsbach 6
         56368 Katzenelnbogen
         Germany

         Attn: Sonja Bill, Manager
         Eichwald 11
         65599 Dornburg
         Germany


HIRSCH RETAIL: Creditors' Meeting Slated for May 8
--------------------------------------------------
The court-appointed insolvency manager for Hirsch Retail GmbH,
Dr. Joerg Nerlich will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:10 a.m. on
May 8, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on June 5, 2008 at the same
venue.

Creditors have until April 30, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Hirsch Retail GmbH
         Attn: Angela Bertrams-Cosse, Manager

         Monschauer Strasse 11
         40549 Duesseldorf
         Germany


IHK-AKADEMIE OBERFRANKEN: Claims Registration Ends April 30
-----------------------------------------------------------
Creditors of IHK-Akademie Oberfranken GmbH have until April 30,
2008 to register their claims with court-appointed insolvency
manager Dr. Matthias Fleischmann.

Claims will be verified at 10:30 a.m. on May 30, 2008 at:

         The District Court of Bayreuth
         Meeting Hall 520
         Ground Floor
         Friedrichstr. 18
         Bayreuth
         Germany

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

The insolvency manager can be reached at:

         Dr. Matthias Fleischmann
         Loehestrasse 11
         Rathenaustrasse 30
         95444 Bayreuth
         Germany

The District Court of Bayreuth opened bankruptcy proceedings
against IHK-Akademie Oberfranken GmbH on Feb. 27, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IHK-Akademie Oberfranken GmbH
         Friedrich-von-Schiller-Strasse 2a
         95445 Bayreuth
         Germany

         Attn: Dr. Alfred Krätzschmar, Manager
         Weinbergen 34
         95326 Kulmbach
         Germany


INTERNATIONAL SCHILLER: Creditors Must File Claims by April 25
--------------------------------------------------------------
Creditors of International Schiller European Schools Betriebs
GmbH have until April 25, 2008, to register their claims with
court-appointed insolvency manager Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Torben Ottmar Herbold
         Haeckelstrasse 10
         39104 Magdeburg
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against International Schiller European Schools Betriebs GmbH on
March 10, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         International Schiller European Schools Betriebs GmbH
         Fritz-Lang-Strasse 15
         14480 Potsdam
         Germany


KRATON POLYMERS: Posts US$44 Million Net Loss in 2007
-----------------------------------------------------
Kraton Polymers LLC disclosed financial results for the fourth
quarter and twelve months ended Dec. 31, 2007.  Total revenues
for the quarter were US$258 million compared to US$245 million
in the comparable period of 2006, an increase of 5%.  Year to
date, total revenues grew 4% to US$1,090 million.

Gross profit amounted to US$21 million and US$151 million in the
fourth quarter and full-year 2007, respectively.  These
represent declines in gross profit of US$16 million and
US$53 million in the fourth quarter and full-year 2007,
respectively as compared to the same periods in the prior year.

Net Loss for the quarter was US$36 million, compared with net
loss of US$25 million in the comparable period of 2006.  For the
year ended Dec. 31, 2007 net loss was US$44 million versus a net
loss of US$4 million for 2006.

Last Twelve Months Bank EBITDA, a measure used to determine
compliance with our debt covenants, totaled US$99 million for
the period ended Dec. 31, 2007, a decrease of US$5 million from
the period ended Sept. 30, 2007.

On Jan. 14, 2008 the company received an equity investment of
US$10 million of which US$9.6 million was included in LTM Bank
EBITDA for the period ended Dec. 31, 2007 as provided under the
terms of the senior credit facility.

“Our 2007 financial performance was below expectation, having
been negatively affected primarily by the rise in crude oil
prices, particularly in the second half of the year,” said Kevin
M. Fogarty, Kraton’s recently appointed President and Chief
Executive Officer.  “The resulting impact of rising monomer and
other key input costs more than offset a 2% growth in volume.
However, despite these difficult headwinds, we lowered our total
debt by US$44 million in 2007, and significantly advanced our
innovation portfolio.”

                  Recent Business Developments

     -- Appointed Dan F. Smith, former Chairman and CEO of
        Lyondell, as Chairman of its Board of Directors

     -- Promoted Kevin M. Fogarty to President and Chief
        Executive Officer

     -- Promoted David A. Bradley to Chief Operating Officer

     -- Named Stephen E. Tremblay as Chief Financial Officer

     -- Named Stephen W. Duffy as Vice President, General
        Counsel and Secretary

     -- Successfully closed the SIS production at the company’s
        Pernis, The Nederlands plant resulting in an anticipated
        annual cost savings of US$6 million to US$9 million
        while preserving the sales volume through utilization of
        existing capacity at other Kraton facilities

     -- Received US$10 million equity investment from
        shareholders in January 2008

     -- Implemented global price increases as of January 1 and
        announced additional increases effective April 1

“For 2008 our operating plan includes actions designed to
significantly improve pricing and margins, optimize our
production assets, and implement selected productivity
improvements, while continuing to provide innovation-based value
to our customers.  We currently anticipate that these
initiatives will begin to positively impact performance in the
first quarter of 2008,” added Mr. Fogarty

                          About Kraton

Kraton Polymers -- http://www.kraton.com/-- is a global
engineered polymer company and manufactures styrenic block
copolymers. SBCs are highly-engineered thermoplastic elastomers,
which enhance the performance of numerous products by delivering
a variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.

The company’s manufacturing facilities are located in Belpre,
Ohio; Wesseling, Germany; Berre, France; Kashima, Japan;
Paulinia, Brazil and Pernis, The Netherlands.  The company owns
or leases its facilities, other than the Kashima facility, which
is owned by a joint venture with JSR Corporation.

The company’s research and development activities are conducted
in laboratories in Houston, Texas (Westhollow Facility) and
Amsterdam, The Netherlands.  In addition the company has a
technical service office in Mont St. Guibert, Belgium.  In Asia
and South America, the company has technical service labs in
Tsukuba, Japan, Shanghai, China and Paulina, Brazil to support
customers in these regions.


KRATON POLYMERS: Moody's Cuts Corporate Family Rating to B2
-----------------------------------------------------------
Moody's Investors Service lowered the ratings of Kraton Polymers
LLC (Kraton - corporate family rating now B2 from B1) and places
the ratings under review for possible further downgrade
following the fourth quarter earnings announcement that
reflected weaker than expected performance.  In addition,
management announced that it was in receipt of funds from its
sponsor that allowed the firm to successfully cure a prospective
default in the debt covenants on its credit facilities.  While
the willingness of the sponsors to work with management to
provide funds to cure a covenant breech is a positive for
Kraton's liquidity, the need for such a cure, reflecting
weakness in the ability to generate cash flow to meet covenants,
is a key credit concern.

Kraton's and the industry's margins have been adversely affected
by unusually rapid increases in raw material prices and the
difficulty in raising product prices to offset these increases.
Given the downturn in the North American economy, which Moody's
feels may be prolonged, this margin pressure is expected to
continue.

This review is expected to be resolved by the end of May 2008.
In the review Moody's will focus on management's plans to: 1)
successfully raise product prices to offset raw material
increases, 2) address the tight covenant levels under the
existing credit facilities and possible amendments to the
facility, and 3) further cost cutting programs to aid in cash
generation.

Ratings Lowered and On Review for Possible Downgrade:

Issuer: Kraton Polymers LLC

-- Corporate Family Rating, lowered to B2 from B1, Placed on
    Review for Possible Downgrade

-- Probability of Default Rating, lowered to B2 from B1 Placed
    on Review for Possible Downgrade

-- Senior Secured Bank Credit Facility, lowered to B1 from Ba3,
    Placed on Review for Possible Downgrade,

-- Senior Unsecured Subordinated Bond/Debenture, lowered to
    Caa1 from B3, Placed on Review for Possible Downgrade,

Outlook Actions:

Issuer: Kraton Polymers LLC

Outlook, Changed To Rating Under Review From Negative

In November of 2007, Moody's affirmed Kraton's B1 corporate
family rating and revised the company's outlook to negative as
Moody's expected continued margin weakness, due to delays in
passing on the full extent of raw material cost increases to
Kraton customers, which would diminish free cash flow from
operations over the next 12-18 months.  Kraton's margins
continue to be adversely impacted by an upturn in raw material
costs, particularly in the fourth quarter of 2007, such that
gross margins have dropped to 14% from 20% year-over-year
despite a measure of success in achieving some price increases
earlier in 2007.

For all of 2007, Kraton's cost of goods sold, as measured on a
US$/metric ton basis, have increased 9% and only 41% of these
higher costs have been passed on to customers.  Since fiscal
2005 Kraton's cost of goods sold per metric ton of sales volume
have increased by 37%.  Margin declines have also served to
offset the benefits of successful programs to cut fixed costs.
In 2007, Moody's also indicated the ratings or outlook could be
lowered if Kraton significantly under performed Moody's forecast
such that debt to EBITDA exceeded 5.5 times or retained cash
flow to total debt declined below 7% over the next 18 months.
Due to margin pressures, adjusted debt to EBITDA was 9.1 times
and retained cash flow to total adjusted debt declined below 4%
- metrics that support the review.

Moody's also views Kraton's liquidity profile as facing pressure
due to potential breaches of financial covenants.  As of
Dec. 31, 2007, Kraton was in compliance with the applicable
financial ratios in the senior secured credit facility after
giving effect to an equity contribution by Kraton shareholders
in January 2008 in the amount of US$10 million, of which
US$9.6 million was used pursuant to the equity cure provisions
of Kraton's credit agreement.  Kraton may not be able to
maintain these ratios or avail themselves of the equity cure
provisions of the credit facility in future periods.

A breach of any of the covenants or restrictions contained in
any of Kraton's existing or future financing agreements and
instruments, including the inability to comply with the required
financial covenants in the senior secured credit facility, could
result in an event of default under those agreements. Such a
default could allow the lenders under Kraton's financing
agreements to discontinue lending, to accelerate the related
debt as well as any other debt to which a cross-acceleration or
cross-default provision applies and to declare all borrowings
outstanding thereunder to be due and payable.  In addition, the
lenders could terminate any commitments they had made to supply
Kraton with further funds.  The credit facilities' leverage and
interest coverage covenants tighten in 2008, raising the
possibility that Kraton may fail to meet covenant tests by the
end of the second half of 2008 if margin pressure accelerates.

Kraton, headquartered in Houston, Texas, is a leading global
producer of styrenic block copolymers, or SBCs, which are
synthetic elastomers used in industrial and consumer
applications to impart favorable product characteristics such as
flexibility, resilience, strength, durability and
processability.  Major end uses for Kraton's products include
personal care products, packaging and films, and IR Latex where
third quarter growth exceeds 5%.  Other end uses include
adhesives, sealants, coatings, and channeling compounds where
third quarter growth is low to moderate at between 0-5% and a
paving and roofing business which experienced negative growth in
the third and fourth quarter.  The company generated revenues of
US$1.1 billion for the year ending Dec. 31, 2007.


KRATON POLYMERS: European USBC Price Increase Effective May 1
-------------------------------------------------------------
Kraton Polymers LLC disclosed that it continues to experience
unprecedented cost increases derived from raw materials, energy
and packaging costs.

As a result of these aggressive cost drivers, effective May 1,
2008, the company will implement a general price increase of 150
Euro/MT in Europe and the Middle East for its SBS and O/E SBS
polymers and compounds.

The company states that it appreciates its customers’ continued
business and understanding as Kraton continues to manage these
difficult economic challenges.  The company continues to strive
to be the innovation leader, providing polymer solutions and
value-added services that enable customers to differentiate and
succeed in their markets.

                          About Kraton

Kraton Polymers -- http://www.kraton.com/-- is a global
engineered polymer company and manufactures styrenic block
copolymers. SBCs are highly-engineered thermoplastic elastomers,
which enhance the performance of numerous products by delivering
a variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.

The company’s manufacturing facilities are located in Belpre,
Ohio; Wesseling, Germany; Berre, France; Kashima, Japan;
Paulinia, Brazil and Pernis, The Netherlands.  The company owns
or leases its facilities, other than the Kashima facility, which
is owned by a joint venture with JSR Corporation.

The company’s research and development activities are conducted
in laboratories in Houston, Texas (Westhollow Facility) and
Amsterdam, The Netherlands.  In addition the company has a
technical service office in Mont St. Guibert, Belgium.  In Asia
and South America, the company has technical service labs in
Tsukuba, Japan, Shanghai, China and Paulina, Brazil to support
customers in these regions.


KRATON POLYMERS: European HSBC Price Increase Effective May 1
-------------------------------------------------------------
Kraton Polymers LLC disclosed that it continues to experience
unprecedented cost increases derived from raw materials, energy
and packaging costs.

As a result of these aggressive cost drivers, effective May 1,
2008, the company will implement a general price increase of 200
Euro/MT in Europe and the Middle East for its HSBC product
portfolio, which is defined as our SEBS and SEPS based polymers
and compounds.

The company states that it appreciates its customers’ continued
business and understanding as Kraton continues to manage these
difficult economic challenges.  The company continues to strive
to be the innovation leader, providing polymer solutions and
value-added services that enable customers to differentiate and
succeed in their markets.

                          About Kraton

Kraton Polymers -- http://www.kraton.com/-- is a global
engineered polymer company and manufactures styrenic block
copolymers. SBCs are highly-engineered thermoplastic elastomers,
which enhance the performance of numerous products by delivering
a variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.

The company’s manufacturing facilities are located in Belpre,
Ohio; Wesseling, Germany; Berre, France; Kashima, Japan;
Paulinia, Brazil and Pernis, The Netherlands.  The company owns
or leases its facilities, other than the Kashima facility, which
is owned by a joint venture with JSR Corporation.

The company’s research and development activities are conducted
in laboratories in Houston, Texas (Westhollow Facility) and
Amsterdam, The Netherlands.  In addition the company has a
technical service office in Mont St. Guibert, Belgium.  In Asia
and South America, the company has technical service labs in
Tsukuba, Japan, Shanghai, China and Paulina, Brazil to support
customers in these regions.


PROVIDE GEMS: Moody's Junks Ratings on Class D and E Notes
----------------------------------------------------------
Moody's Investors Service downgraded these Classes of Notes
issued by Provide Gems 2002-1 plc, a synthetic German RMBS
transaction. The following ratings have been changed:

   -- EUR32,000,000 Class A Floating Rate Credit Linked Notes,
      downgraded from Aaa to Aa1;

   -- EUR46,000,000 Class B Floating Rate Credit Linked Notes,
      downgraded from Aa1 to A2;

   -- EUR38,000,000 Class C Floating Rate Credit Linked Notes,
      downgraded from Ba1 to B1;

   -- EUR29,000,000 Class D Floating Rate Credit Linked Notes,
      downgraded from Caa1 to Ca;

   -- EUR 14,000,000 Class E Floating Rate Credit Linked Notes,
      downgraded from Caa3 to C.

Moody's rating action was prompted by (1) the level of
outstanding credit events reported as of February 2008 totalling
EUR 53.9 million (9.9 per cent of current pool balance) combined
with a still high level of arrears that have not yet resulted in
credit events; (2) Moody's expectation of future credit events
based on a roll rate analysis conducted for the loans currently
in arrears and the performing loans of the current outstanding
portfolio; (3) the observed high loss severity of 85% for the
credit events that have been worked-out to date; (4) the
reduction of credit enhancement available for the rated notes as
EUR 18.1 million of losses have been allocated to the
transaction so that only about EUR 1.9 million of the unrated
Threshold Amount remain outstanding.

Since the downgrade of Classes C, D and E Notes in January 2005,
more than EUR 40 million of mainly credit impaired loans have
been worked-out or removed from the pool, but the total amount
of outstanding credit events has remained relatively stable as
other loans have migrated in the same time period into higher
delinquency buckets and into credit events.

Moody's expects the total amount of credit events (currently
outstanding plus future credit events) to approximate EUR 70
million. Since closing of the transaction in 2002, EUR 21.3
million of credit events were eligible for loss allocation while
EUR 36.3 million of loans have been removed from the pool
without respective losses being allocated to the transaction.
According to the servicer, most of such removals were related to
loans that had realised a credit event or significant arrears.
Moody's expects further removals to take place over the
remaining term of the transaction, potentially reducing the
actual amount of credit events eligible for loss allocation.

The downgrades on the Class D Notes and the Class E Notes
reflect Moody's view that the principal of both classes will be
impacted by loss allocations in the short to medium term.  The
downgrade of these classes is driven by expected future write
downs due to loss allocations also reducing the future amounts
of interest payable under these Notes, so that the expected net
present value loss as of today for both classes is not
commensurate with the previously assigned Caa1 and Caa3 ratings.

The downgrade of the Class C Notes reflects the probability that
the amount of future losses allocated to the transaction will
exceed the amount of subordination of EUR 44.9 million currently
available for this Class of Notes.  Whether losses will
ultimately be allocated to Class C Notes is in Moody's opinion
highly depended on future recovery rates and the amount of
removed reference claims in future periods.

The Class A Notes and the B Notes are not at risk to experience
any losses in scenarios close to Moody's current base case
expectation; nevertheless ratings on both classes are downgraded
as a result of (1) the increased amount of credit events
expected compared to Moody's last rating action; (2) the
uncertainly regarding the transaction's future performance and
(3) the uncertainty regarding the amount of removed reference
claims in future periods.

In Moody's opinion the performance of this transaction is very
distinct from the general performance trend of the German and
European RMBS markets as all performance indicators for this
transaction indicate, due to several reasons, a far weaker
performance than the market average.

Provide Gems 2002-1 is a transaction by Eurohypo, under which
the credit risk of approximately 28,310 residential mortgage
loans was transferred to investors. Under the transaction, only
the credit risks related to the portion of the individual loans
that exceed the equivalent of 60% loan-to-appraised-value are
securitised.  Consequently, due to the second lien nature of the
securitised mortgage loans, a lower than average recovery rate
is to be expected.  At closing, the total portfolio amounted to
EUR 1,052 million (EUR 543.8 million current portfolio balance)
and had a weighted average loan-to-market-value of 93.7 per
cent.

The realised loss definition includes principal, accrued
interest (capped at 4%) and external enforcement costs.  Losses
will be allocated in a reverse sequential order, first to the
unrated Threshold Amount.  The portfolio is static and the
credit linked notes amortise sequentially, starting with the
Class A+ Notes, which rank pro-rata with the Senior Credit
Default Swap.  The ratings address the ultimate payment of
principal on or before final legal maturity of the Notes.


ULRICH MENTEN-VERWALTUNGS: Claims Registration Ends April 28
------------------------------------------------------------
Creditors of Ulrich Menten-Verwaltungs-GmbH have until April 28,
2008, to register their claims with court-appointed insolvency
manager Hartmut Wiesinger.

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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

          Hartmut Wiesinger
          Gerichtsstr. 12
          32791 Lage
          Germany

The District Court of Detmold opened bankruptcy proceedings
against Ulrich Menten-Verwaltungs-GmbH on March 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ulrich Menten-Verwaltungs-GmbH
         Am Kirchborn 6
         32816 Schieder-Schwalenberg
         Germany


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


VALISTA LTD: Shareholder Meeting Held on April 7
------------------------------------------------
The High Court of Ireland held a meeting for creditors or
shareholders of Valista Limited on April 7, 2007, to approve the
company's proposed scheme of arrangement.

The company's proposed scheme of arrangement included a
reduction of the issued share capital of Valista by canceling
and extinguishing the issued shares of the company with the
exception of the retained share.

Headquartered in Wicklow, Ireland, Valista Limited --
http://www.valista.com/-- accelerates and automates the digital
commerce process with software and managed services for
merchandising, payments and settlement.  The company was
established in 2003, following the merger of Network365 and
iPIN.  It has offices in the U.S., Japan , the U.K. and Sri
Lanka.


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


ALITALIA SPA: Has EUR170 Million Cash as of March 31
----------------------------------------------------
Alitalia S.p.A.'s Board of Directors convened April 8, 2008, to
examine the company's financial and asset situation and its
continuing operation.

The Board took positive note of press release issued by Air
France-KLM SA following its Board meeting, and the Government’s
convocation on April 10, 2008, of the union organizations and
professional associations in the sector.

The Board reviewed the Company’s financial situation noting that
on March 31, 2008, the cash-to-hand and short-term financial
credits -- according to management figures -- amounted to about
EUR170 million, including the sum of EUR79 million arising from
the sale of Air France-KLM shares, but not including the fiscal
credit of EUR69 million received on April 2, 2008.

Together with carefully managed supplier relations which are
constantly monitored and assisted as usual, this financial
situation makes it possible to pursue further short-term
initiatives to re-establish -– with due urgency -– a favourable
scenario for Alitalia's continuity, which was disturbed by the
interruption of union negotiations on April 2, 2008.

The Board reiterated Alitalia's need for substantial financial
support, as forecast in this year’s budget and in the contract
set up with Air France-KLM.  Only by means of such support will
it be possible to regain the required confidence to pursue the
company’s business plan and hence to confirm continuity of
operations.

Company representatives will provide the competent authorities
with all the information required by current legislation, first
and foremost ENAC, in compliance with European Union
regulations, as the regulator for Italian Civil Aviation.

The Board will continue to monitor the evolution of the
economic, financial and asset situation, while at the same time
moving ahead with the above initiatives.

Alitalia said in January 2008 that it needs to raise EUR750
million in fresh funds in the first half of the year to remain
at "adequate operating levels."

The Italian government had pledged to grant Alitalia a
EUR300 million bridging loan if the sale of its 49.9% stake to
Air France pushes through.  The French carrier, however,
withdrew its binding offer after failing to receive approval
from Alitalia's unions, which Air France needs to finalize the
takeover.

As reported in the TCR-Europe on April 9, 2008, Air France CEO
Jean Cyril Spinetta said that "it's now up to Alitalia and its
employees and unions to say how they view the future of their
airline."

Mr. Spinetta noted 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."

Alitalia's unions have expressed willingness to resume talks
with Air France.

                          About Alitalia

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

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

Italian 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.


PAGINE GIALLE: Fitch Holds Rating; Revises Outlook to Negative
--------------------------------------------------------------
Fitch Ratings affirmed Seat Pagine Gialle S.p.A. Long-term
Issuer Default rating at 'BB-' (BB minus).  The Outlook has been
revised to Negative from Stable.

At the same time, the agency affirmed the ratings of Seat's
senior secured bank facilities at 'BB' and its senior unsecured
notes at 'B+' (B plus).  The rating action follows the company's
lower-than-expected 2007 results and expectations of lower
EBITDA in 2008 as the group invests to address faster-than-
expected growth in internet usage in Italy.

"Fitch sees the internet pick-up in Italy as much as an
opportunity as a threat, depending on Seat's execution," says
Cecile Durand-Agbo, Associate Director in Fitch's Leveraged
Finance Group.  "We understand that the measures announced are
designed to allow Seat to take full advantage of new market
developments, and with its strong brand in printed directories
and online there is everything to play for.  However, higher
debt repayment requirements and a tightening of covenants in
2009 mean that the margin for error in the execution of this new
strategy is reduced."

The Negative Outlook reflects Fitch's view that the next rating
action will be either a stabilisation at the current level or a
downgrade.  The key determining factors will be the results of
the group's 2008 investments, and therefore its expected EBITDA
in 2009, and Fitch's expectations of the impact on the group's
ability to meet its covenants and debt repayments.

Italy, Seat's core market, saw a pick-up in internet penetration
in 2007, bringing the country to 50% penetration in terms of
homes according to ECTA statistics, more in line with a country
such as France.  Although it may now be more profitable to enter
this market as breakeven points may be reached, competition is
also likely to increase.  Seat's goals include increasing the
number of print advertisers that also buy internet products (27%
at the moment versus more than 60% for some European peers), by
developing new packages for them, and creating a dedicated
internet sales team.  During this process, Seat will have to
keep good control on print revenues and their evolution, making
sure that its revenue decline remains contained, especially in
the context of the economic slowdown.  Some measures, such as
increased advertising spend for 2008, are already planned.

The ratings continue to reflect the strong cash generation of
the group and its good and improving credit metrics, with net
total leverage falling from 5.8x to 5.0x between December 2005
and December 2007.  Seat's liquidity remains appropriate for the
rating level, with EUR204.5m cash on balance sheet and EUR90m
undrawn RCF as at 31 December 2007 against debt repayments of
EUR164m (of which EUR 35m have already been prepaid) and EUR219m
in 2008 and 2009, respectively.


PARMALAT SPA: Cesare Geronzi Extortion Trial to Commence May 7
--------------------------------------------------------------
A judge in Parma, Italy, has ordered Mediobanca S.p.A. Chairman
Cesare Geronzi to stand trial May 7, 2008, for extortion, in
connection to Parmalat S.p.A.’s acquisition of Eurolat S.p.A.,
Salvatore Pizzo and Giada Zampano write for the Wall Street
Journal.

Prosecutors accuse Mr. Geronzi of playing a role as Banca di
Roma S.p.A.'s chief in Parmalat's purchase of Eurolat from Cirio
Finanziaria S.p.A.  Prosecutors claim Mr. Geronzi threatened
former Parmalat CEO Calisto Tanzi that Banca di Roma would
revoke the company's credit lines if it do not buy Eurolat at a
high price.

As reported in the TCR-Europe on April 3, 2008, Italian
magistrate Roberto Spano asked Parma prosecutors to elevate the
charge filed against Mr. Geronzi from fraudulent bankruptcy to
extortion, a conviction for which carries a sentence of five to
10 years in prison.

Mr. Geronzi's lawyers, however, said the extortion charge is
unfounded, WSJ relates.

"The judge is sending [Mr. Geronzi] to trial for a presumed
threat which finds no support, not even in the statements of
Calisto Tanzi," Ennio Amodio, Mr. Geronzi's lawyer, was quoted
by WSJ as saying.

In the same case, the court dropped a charge of contributing to
Parmalat's bankruptcy against Mr. Geronzi.

                       About Parmalat

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

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

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

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

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

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


SEVERSTAL OAO: Lucchini Unit Earns EUR149.9 Million in 2007
-----------------------------------------------------------
Lucchini Group, Italian unit of OAO Severstal, registered
EUR149.9 million in consolidated net profit on EUR2.746 billion
in consolidated net revenues for the year ended Dec. 31, 2007,
compared with EUR102.3 million in consolidated net profit on
EUR2.649 billion in consolidated net revenues for the year ended
Dec. 31, 2006.  The figures were prepared according to Italian
GAAP.

The Group's revenues is affected by a different basis of
consolidation as compared to 2006, due to the disposal of a
number of units -- Lucchini Sidermeccanica S.p.A., Nitruvid SaS
and Ascoforge Safe SAS.

Consolidated EBITDA showed an increase of EUR15.7 million
compared to 2006, to EUR314.5 million.  In financial year 2007,
net financial costs came in at EUR27.7 million, compared to
EUR29.5 million in 2006, with the decrease being related to a
lower financial exposure.  Employees totaled 6,992, while over
EUR131 million was spent on investment in industrial and
environmental plants.

With regard to R&D, projects continued to be developed in
respect of the launch of new finished products, thereby focusing
on the improvement of the sale qualitative mix.

                         Lucchini S.p.A.

Lucchini S.p.A.'s 2007 financial statements showed net profits
of EUR46.1 million.  Total sales stood at EUR1.369 billion in
2007, compared with EUR1.256 billion in 2006.  EBITDA reached
EUR136.3 million in 2007, compared with EUR113.1 million in
2006.

While Lucchini's performance in the first half benefited from an
increase in the domestic and foreign steel market in terms of
both volumes and prices, in the second half it was impacted by
the slowdown in consumption and an increased competitiveness of
non-EU manufacturers spurred by a weaker U.S. dollar.

Steel production at Piombino site was 2.1 million tons, while
production at Trieste site was 400,000 tons of liquid cast iron.

                           Ascometal SA

Ascometal SA's 2007 financial year ended with net profits of
EUR69.4 million, compared with EUR51.7 million in 2006.  Total
sales exceeded EUR1 billion, reflecting an increase of more than
10% compared to 2006.  EBITDA reached EUR144.3 million, as
opposed to EUR120.9 million in 2006, as Ascometal benefited from
a positive sale price/purchase price differential as well as
significant efficiency gains.

                      About Lucchini Group

The Lucchini Group, a part of OAO Severstal, comprises 10
businesses and service centers in Italy and France and is one of
Europe’s biggest producers of bar sections from high-grade
special steel. The Group has two specialized metallurgical
plants: Piombino and Ascometal.

Italy’s second biggest steelmaking company in output, Lucchini
produces hot-rolled sections and metal products for railways,
castings, forgings, instrument steel, bright steel, and also
billets, slabs, ingots and conversion pig iron for foundry.
Among Lucchini’s clients are more than 1000 companies in Italy,
France and Germany, including RFI, Riva, Peugeot, Setforge,
Thyssen Krupp, etc.

                         About Severstal

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

                         *     *     *

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

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

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


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


BTA BANK: AstanaEximBank ZAO Unit Renames to BTA Bank CJSC
----------------------------------------------------------
AstanaEximBank ZAO, an affiliate of BTA Bank JSC, has changed
its name to BTA Bank CJSC following approval from shareholders
and receipt of a permit from the National Bank of Belarus.

The new brand reflects affiliation to Kazakhstan’s BTA Bank
Group, a major financial institution in the CIS that passed
reregistration and was renamed in early 2008.

The rebranding is a milestone in the BTA Development Strategy
that pursues a thriving international banking conglomerate.
Member companies of the banking conglomerate will have a single
brand, BTA, and will share unified standards of business conduct
and a unified approach to clients.

"The name of BTA Bank binds us to follow a high standard
business practice," Sultan Marenov, Chief Executive Officer of
BTA Bank Belarus, said.  "In 2005-2006 we successfully
implemented a breakthrough strategy and in 2008 we expect to
effect an offensive strategy.  What is meant here is an access
to regions.

"The chief goal of BTA Bank in Belarus is to develop a sound
regional chain that offers all-purpose banking products.  At
that, the main emphasis will be made on comfortable services for
clients of BTA Bank."

As of March 1, 2008, BTA Bank CJSC had RUR39.5 billion in equity
capital and RUR192.4 billion in total assets.  Pretax profit as
of March 31, 2008, is RUR1.1 billion compared to RUR3.1 billion
as of Dec. 31, 2007.  The loan portfolio of the Bank is
RUR135.7 billion with bad debts accounting for 0.3%.  Entities
(except for banks) deposited a total of 57.9 billion ruble
(USD27 million) with the Bank.

BTA Bank JSC, Kazakhstan, intends to raise its stake in
AstanaEximBank up to 99% from 49%.

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

As reported in the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services revised its outlook on Bank TuranAlem
(BB/B) to negative from stable.

Bank TuranAlem carries Long-term foreign currency IDR at BB+
from Fitch Ratings, which said the Outlook was Stable.

The company also carries Ba1 Foreign Currency Subordinate Debt
Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and
D- Bank Financial Strength Rating from Moody's Investor Service.


DANA & K: Claims Filing Period Ends May 14
------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Firm Dana & K insolvent.

Subsequently, bankruptcy proceedings were introduced at the
company.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Elgin Str. 100
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 50-11-47


DINA+ LLP: Creditors Must File Claims by May 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
has declared LLP Dina+ insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


MAKU LLP: Claims Registration Ends May 14
-----------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Maku insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


NNN-94 LLP: Claims Deadline Slated for May 14
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP NNN-94 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


TECH MASH: Creditors' Claims Due on May 14
------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Tech Mash Trans Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


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


TECHNO-PLAST LLC: Claims Filing Period Ends May 5
-------------------------------------------------
LLC Techno-Plast has declared insolvency.  Creditors have until
May 5, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 59-18-49.


TIGERMEN LLC: Creditors Must File Claims by May 5
-------------------------------------------------
LLC Brewery Company Tigermen has declared insolvency.  Creditors
have until May 5, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 3133) 3-31-44.


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


HEXION SPECIALTY: Extends Merger Pact Termination Date to July 4
----------------------------------------------------------------
Hexion Specialty Chemicals Inc., on April 5, 2008, exercised its
option under Section 7.1(b)(ii) of its merger agreement with
Huntsman Corporation dated as of July 12, 2007, extending the
merger agreement termination date by 90 days to 5:00 p.m.
Houston time on July 4, 2008.

As previously reported, Hexion disclosed that both it and
Huntsman Corporation agreed to allow additional time for the
Federal Trade Commission to review the proposed merger of the
two companies.  As a result, the merger was not expected to be
completed before May 3.

Hexion had disclosed on July 12, 2007, that it had entered into
a definitive agreement to acquire Huntsman Corporation in an
all-cash transaction valued at approximately US$10.6 billion,
including the assumption of debt.

Under the terms of the Merger Agreement, the cash price per
share to be paid by Hexion will increase each day beginning on
April 5, 2008, through consummation of the merger at the
equivalent of approximately 8% per annum, less any dividends or
distributions declared or made.

                   About Huntsman Corporation

Based in Salt Lake City, Utah, Huntsman Corporation (NYSE: HUN)
-- http://www.huntsman.com/-- manufactures and markets
differentiated chemicals.  Its operating companies manufacture
products for a variety of global industries, including
chemicals, plastics, automotive, aviation, textiles, footwear,
paints and coatings, construction, technology, agriculture,
health care, detergent, personal care, furniture, appliances and
packaging.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/--  serves the global wood and
industrial markets through a broad range of thermoset
technologies, specialty products and technical support for
customers in a diverse range of applications and industries.
Hexion Specialty Chemicals is controlled by an affiliate of
Apollo Management, L.P.

Outside the United States, the company has regional headquarters
in: China through Hexion Specialty Chemicals Singapore Pte Ltd.;
Australia through Hexion Specialty Chemicals Australia Pty.; the
Netherlands through Hexion Specialty Chemicals B.V.; and in
Brazil through Hexion Quimica Industria e Comercio Ltda.

Hexion Specialty’s balance sheet at Dec. 31, 2007, showed total
assets of US$4.006 billion and total liabilities of
US$5.392 billion, resulting to total shareholder's deficit of
US$1.386 billion.


KINETIC CONCEPTS: S&P Affirms 'BB' Rating on LifeCell Purchase
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'BB' corporate credit rating, on San Antonio,
Texas-based Kinetic Concepts Inc.  The outlook is stable.

This follows KCI's announcement that it will acquire tissue
repair products company LifeCell Corp. for $1.7 billion in cash.
S&P had already factored a debt-financed acquisition of this
size into S&P's ratings on KCI.  Therefore, the ratings are
unaffected.  Details surrounding the proposed financing of the
transaction remain largely undisclosed; S&P will assign debt
ratings to the proposed financing when more information becomes
publicly available.  S&P likely will withdraw its ratings on the
company's existing $500 million revolving credit facility due
2012 at the close of the transaction.

"The rating on KCI reflects the company's still significant
dependence on its vacuum assisted closure device for hard-to-
heal wounds, which subjects it to competitive technological
developments and potential third-party pricing pressure on its
VAC device," said Standard & Poor's credit analyst Jesse
Juliano.

These concerns are offset partially by the strong sales momentum
and cash flow related to the VAC device, the product
diversification from LifeCell and future acquisitions, and the
company's willingness to maintain an appropriate financial
profile while executing its acquisition strategy.

                               About KCI

Kinetic Concepts, Inc. (NYSE:KCI) -– http://www.kci1.com/-- is
a global medical technology company with leadership positions in
advanced wound care and therapeutic support systems.  The
company designs, manufactures, markets and services a wide range
of proprietary products that can improve clinical outcomes and
can help reduce the overall cost of patient care.  The company's
advanced wound care systems incorporate its proprietary Vacuum
Assisted Closure(R), or V.A.C. (R) Therapy technology, which has
been demonstrated clinically to promote wound healing through
unique mechanisms of action and can help reduce the cost of
treating patients with serious wounds.  The company's
therapeutic support systems, including specialty hospital beds,
mattress replacement systems and overlays, are designed to
address pulmonary complications associated with immobility, to
reduce skin breakdown and assist caregivers in the safe and
dignified handling of obese patients.  The company has an
infrastructure designed to meet the specific needs of medical
professionals and patients across all healthcare settings,
including acute care hospitals, extended care organizations and
patients' homes, in 19 countries in the United States and
abroad.

As of Dec. 31, 2007, the company's International division had
direct operations in 18 foreign countries including Germany,
Austria, the United Kingdom, Canada, France, the Netherlands,
Switzerland, Australia, Italy, Denmark, Sweden, Norway, Ireland,
Belgium, Spain, New Zealand, Singapore and South Africa.  The
International division distributes the company's medical devices
and therapeutic support systems through a network of 67 service
centers to approximately 4,400 acute care hospitals.  KCI's
international corporate office is located in Amsterdam, the
Netherlands.


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


KINELSKAYA AGRO-INDUSTRIAL: Creditors Must File Claims by May 15
----------------------------------------------------------------
Creditors of CJSC Kinelskaya Agro-Industrial Corporation (TIN
6371004807) have until May 15, 2008, to submit proofs of claim
to:

         S. Ershov
         Insolvency Manager
         Post User Box 1914
         443052 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-14705/2007.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         CJSC Kinelskaya Agro-Industrial Corporation
         Pervomay Square 3
         Kinel
         446433 Samara
         Russia


LES-PROM-INVEST: Creditors Must File Claims by May 15
-----------------------------------------------------
Creditors of LLC Les-Prom-Invest have until May 15, 2008, to
submit proofs of claim to:

         O. Pan
         Insolvency Manager
         Shirotnaya Str. 83-1-19
         625051 Tyumen
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A75-5468/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Les-Prom-Invest
         Titova Str. 26a
         Mezhdurechenskiy
         Kondinskiy
         Khanty-Mansiyskiy-Yugra
         Russia


NPK ADAPTIKA: Creditors Must File Claims by May 15
-------------------------------------------------
Creditors of LLC NPK Adaptika have until May 15, 2008, to submit
proofs of claim to:

         N. Tsybulnik
         Insolvency Manager
         Apt. 1
         Sverdlova Str. 56
         Mglin
         243220 Bryansk
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09-5064/07-34.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         LLC NPK Adaptika
         Romashina Str. 2a
         Belye Berega
         241902 Bryansk
         Russia


ORIENT-TRUST LLC: Creditors Must File Claims by May 15
------------------------------------------------------
Creditors of LLC Orient-Trust have until May 15, 2008, to submit
proofs of claim to:

         G. Koval
         Temporary Insolvency Manager
         Office 628
         Aleutskaya Str. 45a
         Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-5190/07 11-119.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         LLC Orient-Trust
         Office 628
         Aleutskaya Str. 45a
         Vladivostok
         Russia


PROMIZ CJSC: Creditors Must File Claims by May 15
-------------------------------------------------
Creditors of CJSC Promiz (TIN 2127303730) have until May 15,
2008, to submit proofs of claim to:

         A. Sumkov
         Insolvency Manager
         Post User Box 83
         Central Post Office
         Cheboksary
         428000 Chuvashiya
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-4014/2007.

The Debtor can be reached at:

         CJSC Promiz
         Cheboksary
         Chuvashiya
         Russia


SEVERSTAL OAO: Lucchini Unit Earns EUR149.9 Million in 2007
-----------------------------------------------------------
Lucchini Group, Italian unit of OAO Severstal, registered
EUR149.9 million in consolidated net profit on EUR2.746 billion
in consolidated net revenues for the year ended Dec. 31, 2007,
compared with EUR102.3 million in consolidated net profit on
EUR2.649 billion in consolidated net revenues for the year ended
Dec. 31, 2006.  The figures were prepared according to Italian
GAAP.

The Group's revenues is affected by a different basis of
consolidation as compared to 2006, due to the disposal of a
number of units -- Lucchini Sidermeccanica S.p.A., Nitruvid SaS
and Ascoforge Safe SAS.

Consolidated EBITDA showed an increase of EUR15.7 million
compared to 2006, to EUR314.5 million.  In financial year 2007,
net financial costs came in at EUR27.7 million, compared to
EUR29.5 million in 2006, with the decrease being related to a
lower financial exposure.  Employees totaled 6,992, while over
EUR131 million was spent on investment in industrial and
environmental plants.

With regard to R&D, projects continued to be developed in
respect of the launch of new finished products, thereby focusing
on the improvement of the sale qualitative mix.

                         Lucchini S.p.A.

Lucchini S.p.A.'s 2007 financial statements showed net profits
of EUR46.1 million.  Total sales stood at EUR1.369 billion in
2007, compared with EUR1.256 billion in 2006.  EBITDA reached
EUR136.3 million in 2007, compared with EUR113.1 million in
2006.

While Lucchini's performance in the first half benefited from an
increase in the domestic and foreign steel market in terms of
both volumes and prices, in the second half it was impacted by
the slowdown in consumption and an increased competitiveness of
non-EU manufacturers spurred by a weaker U.S. dollar.

Steel production at Piombino site was 2.1 million tons, while
production at Trieste site was 400,000 tons of liquid cast iron.

                           Ascometal SA

Ascometal SA's 2007 financial year ended with net profits of
EUR69.4 million, compared with EUR51.7 million in 2006.  Total
sales exceeded EUR1 billion, reflecting an increase of more than
10% compared to 2006.  EBITDA reached EUR144.3 million, as
opposed to EUR120.9 million in 2006, as Ascometal benefited from
a positive sale price/purchase price differential as well as
significant efficiency gains.

                      About Lucchini Group

The Lucchini Group, a part of OAO Severstal, comprises 10
businesses and service centers in Italy and France and is one of
Europe’s biggest producers of bar sections from high-grade
special steel. The Group has two specialized metallurgical
plants: Piombino and Ascometal.

Italy’s second biggest steelmaking company in output, Lucchini
produces hot-rolled sections and metal products for railways,
castings, forgings, instrument steel, bright steel, and also
billets, slabs, ingots and conversion pig iron for foundry.
Among Lucchini’s clients are more than 1000 companies in Italy,
France and Germany, including RFI, Riva, Peugeot, Setforge,
Thyssen Krupp, etc.

                         About Severstal

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

                         *     *     *

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

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

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


STROY-BUSINESS-INVEST: Creditors Must File Claims by May 15
-----------------------------------------------------------
Creditors of CJSC Stroy-Business-Invest have until May 15, 2008,
to submit proofs of claim to:

         Ms. Pugacheva
         Insolvency Manager
         Post User Box 583
         Surgut 12
         628412 Khanty-Mansiyskiy
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-75-647/08.

The Court is located at:

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

The Debtor can be reached at:

         Ms. Pugacheva
         Insolvency Manager
         Post User Box 583
         Surgut 12
         628412 Khanty-Mansiyskiy
         Russia


VARNERSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Period Ends May 15
---------------------------------------------------------------
Creditors of LLC Varnerskaya Sel-Khoz-Tekhnika have until
May 15, 2008, to submit proofs of claim to:

         I. Khaidurov
         Insolvency Manager
         Kurchatova Str. 19-406
         454092 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-9374/2007-36-157.

The Court is located at:

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

The Debtor can be reached at:

         LLC Varnerskaya Sel-Khoz-Tekhnika
         Chelyabinsk
         Russia


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


ESATTO JSC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Esatto on Feb. 27, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Esatto
         Innere Guterstrasse 4
         6304 Zug
         Switzerland


GLAS & DECOR: Creditors' Liquidation Claims Due by April 17
-----------------------------------------------------------
Creditors of JSC Glas & Decor have until April 17, 2008, to
submit their claims to:

         JSC Agrewis
         Badstrasse 16
         8867 Niederurnen
         Switzerland

The Debtor can be reached at:

         JSC Glas & Decor
         Volketswil
         Switzerland


HAUSFACTORY JSC: St. Gallen Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against JSC Hausfactory on Mar. 3, 2008.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Stefan Klingl
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Hausfactory
         Lerchentalstrasse 29
         9016 St. Gallen
         Switzerland


HERCULES INC: S&P Upgrades Corporate Credit Rating to BB+
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Hercules Inc., including the corporate credit rating to 'BB+'
from 'BB'.  The outlook is stable.

The upgrades reflect the company's improved financial profile
and the likelihood that cash flow protection measures and other
key ratios will be maintained at levels that are in line with
S&P's expectations for the revised ratings.

"Hercules' strengthened financial metrics have benefited in part
from management's commitment to improve credit quality, as
evidenced by steady debt reduction," said Standard & Poor's
credit analyst Wesley E. Chinn.

The ratings reflect Wilmington, Del.-based Hercules' slightly
aggressive, albeit much reduced, debt balance; low-growth, very
competitive pulp and paper chemicals markets; and some exposure
to asbestos-related liabilities.  These negatives are partially
offset by Hercules' satisfactory business profile -- generating
annual revenues of about US$2 billion -- in the specialty
chemical sector, a long track record of good operating margins,
and strengthening cash flow protection measures.

Hercules derives roughly 60% of its consolidated operating
earnings from the Aqualon group, a leading producer of water-
soluble polymers.  Diverse end markets include water-based
paints and coatings, construction materials, personal care,
pharmaceutical, food, and oil and gas drilling.  A positive for
business fundamentals is a strong global presence, as more than
60% of Aqualon's sales come from outside the U.S.


HERCULES INC: To Release First Quarter Results on April 21
----------------------------------------------------------
Hercules Inc. disclosed that it will release results of its
first quarter earnings on April 21, 2008 after the stock market
closes.

The company will hold a teleconference on April 22 at 8:00 a.m.
(Eastern).

Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets.  The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.


PRA INTERNATIONAL: Creditors' Liquidation Claims Due by April 16
----------------------------------------------------------------
Creditors of JSC PRA International Ltd have until April 16,
2008, to submit their claims to:

         JSC Tureva TREUHAND
         Talstrasse 39
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC PRA International
         Kloten
         Bulach ZH
         Switzerland


ROSIE’S STUDIO: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Rosie’s Studio on Feb. 22, 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 Rosie’s Studio
         Kaiserstrasse 9
         4310 Rheinfelden AG
         Switzerland


SWISSCOM: Creditors' Liquidation Claims Due by April 17
-------------------------------------------------------
Creditors of JSC Swisscom Participations have until April 17,
2008, to submit their claims to:

         Peter Burkhalter
         JSC Swisscom (Schweiz)
         Alte Tiefenaustrasse 6
         3050 Bern
         Switzerland

The Debtor can be reached at:

         JSC Swisscom Participations
         Ittigen BE
         Switzerland


SULCUS HOSPITALITY: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Sulcus Hospitality (Schweiz)on Feb. 26, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC  Sulcus Hospitality (Schweiz)
         Blegistrasse 7
         6340 Baar ZG
         Switzerland


TECHNICA VERLAG: Creditors' Liquidation Claims Due by April 16
--------------------------------------------------------------
Creditors of JSC Technica Verlag have until April 16, 2008, to
submit their claims to:

         Martin Gysi
         Liquidator
         Loorstrasse 10
         5242 Lupfig
         Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Technica Verlag
         Rupperswil
         Lenzburg AG
         Switzerland


TRENDFLEUR JSC: Creditors' Liquidation Claims Due by April 17
-------------------------------------------------------------
Creditors of JSC Trendfleurs have until April 17, 2008, to
submit their claims to:

         Peter Augsburger
         Grabenstrasse 3
         3132 Riggisberg
         Seftigen BE
         Switzerland

The Debtor can be reached at:

         JSC Trendfleurs
         Koniz BE
         Switzerland


TREESSE AUTOMATION: Creditors Must File Claims by April 16
----------------------------------------------------------
Creditors of LLC TREESSE Automation have until April 16, 2008,
to submit their claims to:

         JSC Agrewis
         Badstrasse 16
         8867 Niederurnen GL
         Switzerland

The Debtor can be reached at:

         LLC TREESSE Automation
         Calandaweg 9, 5630 Muri
         Muri AG
         Switzerland


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


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

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

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

The Debtor can be reached at:

         Agricultural LLC Astra
         Semilanoye
         Barvinkovo District
         Kharkov
         Ukraine


BEKAS LLC: Creditors Must File Claims by April 13
-------------------------------------------------
Creditors of LLC Investment Company Bekas (code EDRPOU 32827850)
have until April 13, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/150.

The Debtor can be reached at:

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

LISICHANSK COMBINE: Creditors Must File Claims by April 13
----------------------------------------------------------
Creditors of OJSC Lisichansk Combine of Breadproducts have until
April 13, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 27, 2008.
case is docketed as 12/130b.

The Debtor can be reached at:

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


REMPLER LLC: Creditors Must File Claims by April 13
---------------------------------------------------
Creditors of LLC Rempler (code EDRPOU 32220503) have until
April 13, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/148.

The Debtor can be reached at:

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


SOLO-CAPITAL: Creditors Must File Claims by April 13
----------------------------------------------------
Creditors of LLC Fund Company Solo-Capital (code EDRPOU
34240207) have until April 13, 2008, to submit proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/149.

The Debtor can be reached at:

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


UKRAINAIN FUEL: Creditors Must File Claims by April 13
------------------------------------------------------
Creditors of LLC Ukrainian Fuel and Power Company (code EDRPOU
30637554) have until April 13, 2008, to submit proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/151.

The Debtor can be reached at:

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


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

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

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

The Debtor can be reached at:

         LLC UMT-1
         Odessa


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


ABITIBIBOWATER INC: Discloses Results of Private Exchange Offer
---------------------------------------------------------------
AbitibiBowater Inc. announced said that the previously announced
exchange offers by Abitibi-Consolidated Company of Canada, an
indirect subsidiary of AbitibiBowater, expired at 12:00
midnight, New York City time, on April 4, 2008.

The exchange offers were for the:

    -- 6.95% Senior Notes due 2008,
    -- 5.25% Senior Notes due 2008 and
    -- 7.875% Senior Notes due 2009.

Approximately 89.4% of the outstanding 6.95% Senior Notes, 92.1%
of the outstanding 5.25% Senior Notes and 94.8% of the
outstanding 7.875% Senior Notes were validly tendered in the
exchange offers.

As a result, ACCC issued an aggregate of approximately US$292.9
million principal amount of 15.5% Senior Notes due 2010 and
approximately US$217.7 million in cash including payment of
accrued interest to tendering note holders in connection with
the exchange offers.

                 About AbitibiBowater

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

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


ABITIBIBOWATER INC: Unit Inks Changes to Credit Agreements
----------------------------------------------------------
Bowater Incorporated, a subsidiary of AbitibiBowater Inc., and
certain of Bowater's direct and indirect subsidiaries, entered
into amendments, dated as March 31, 2008, to Bowater's U.S. and
Canadian credit agreements.

The Amendment to the U.S. credit agreement was entered into
among Bowater and certain of the company's subsidiaries; certain
lenders; and Wachovia Bank, National Association, as
Administrative Agent for the various lenders under that credit
agreement.

The Amendment to the Canadian credit agreement was entered into
among Bowater; Bowater Canadian Forest Products Inc., an
indirect subsidiary of Bowater; and certain of the company's
subsidiaries; certain lenders; and The Bank of Nova Scotia, as
Administrative Agent for the lenders.

The Amendments principally:

    i) withdraw the requirement that Bowater transfer the
       Catawba, South Carolina mill assets and related
       operations to a new subsidiary of Bowater;

   ii) require that Bowater transfer the stock in subsidiaries
       owning the Coosa Pines and Grenada assets to
       AbitibiBowater and grant the lenders first-ranking
       mortgages on such assets before April 30, 2008;

  iii) amend the "change in control" definition so that
       following the conversion into equity of the US$350
       million aggregate principal amount of AbitibiBowater 8.0%
       Convertible Notes due 2013 issued to Fairfax Financial
       Holdings Limited on April 1, 2008, no person or group may
       own more than 50% of the voting stock of AbitibiBowater,
       as compared to 30% prior to the Amendments;

   iv) provide an unsecured guarantee by AbitibiBowater of
       obligations under the U.S. credit agreements;

    v) permit AbitibiBowater to incur the AbitibiBowater
       Convertible Debt and permit Bowater to send distributions
       to AbitibiBowater to service interest on such debt so
       long as certain conditions are satisfied;

   vi) permit Bowater to send distributions to AbitibiBowater to
       fund 50% of AbitibiBowater's overhead expenses plus, if
       no default exists, up to US$10,000,000 per year;

  vii) impose additional reporting obligations on Bowater and
       implement more extensive eligibility criteria for the
       assets that may be used in determining the borrowing base
       under the facility, thereby reducing the funds available
       under the credit facility; and

viii) extend until April 15, 2008, the time for delivery of
       Bowater's 2007 audited financial statements, related
       compliance and other certificates and its 2008 annual
       business plan and projections.

A full-text copy of the Fourth Amendment, dated as of March 31,
2008, to the U.S. Credit Agreement dated as of May 31, 2006, is
available for free at http://researcharchives.com/t/s?2a1e

A full-text copy of the Fourth Amendment, dated as of March 31,
2008, to the Canadian Credit Agreement dated as of May 31, 2006,
is available for free at http://researcharchives.com/t/s?2a1f

                 About AbitibiBowater

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

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


ABITIBIBOWATER INC: S&P Removes Unit's Rating from Neg. Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services removed Abitibi-Consolidated
Inc., a subsidiary of AbitibiBowater Inc. (B-/Negative/--), from
CreditWatch with negative implications, where it was placed
March 10.  The ratings, including the 'B-' long-term corporate
credit ratings, on Abitibi-Consolidated, parent AbitibiBowater,
and sister company Bowater Inc. (B-/Negative/--), are unchanged.
The outlook on all three companies is negative.

"We removed the ratings from CreditWatch because Abitibi-
Consolidated was successful in refinancing upcoming debt
maturities, alleviating significant near-term liquidity
pressure," said Standard & Poor's credit analyst Jatinder Mall.
The refinancing means that Abitibi-Consolidated has only a small
($12 million) debt maturity in 2008.  "Initially the ratings on
Abitibi-Consolidated and Bowater were independent, however, the
ratings are becoming more linked as the parent begins to take on
debt to provide funds for, and guarantee, subsidiary
obligations," Mr. Mall added.

The ratings on Montreal-based parent AbitibiBowater reflect the
company's participation in the declining newsprint market, its
highly leveraged capital structure, and weak cash flow
generation.  These risks are partially offset by its leading
market position in the newsprint market and expectations that
synergies and high-cost mill closures could lead to improved
profitability.

AbitibiBowater is the largest newsprint producer in North
America, with annual capacity of about 5.3 million metric tons.
The company also produces coated and uncoated paper, pulp, and
wood products.  It has 27 pulp and paper, and 35 wood product
facilities in Canada, the U.S., South Korea, and the U.K.
AbitibiBowater's vulnerable business risk profile stems from the
continuing decline in the North American newsprint market, which
accounts for about half of its total revenues.

On a stand-alone basis, Abitibi-Consolidated is more exposed to
the newsprint and wood product business.  Bowater, on the other
hand, is better diversified because it benefits from a robust
pulp and coated paper business and has very small exposure to
the lumber segment, although it is still largely exposed to
declining newsprint.

The negative outlook on AbitibiBowater, Abitibi-Consolidated,
and Bowater reflects weak market conditions for the newsprint
and lumber business segments, and the significant challenges the
companies face in rationalizing production capacity to meet
deteriorating demand.  S&P could lower the ratings on all three
if newsprint and lumber prices and demand decline severely and
the merged company cannot realize synergies and reduce debt as
stated.  An upgrade, although unlikely in the near term, would
require meaningful deleveraging of the company's balance sheet.


BAA LTD: Migrating Bondholders Into Stable Financing Structure
--------------------------------------------------------------
BAA Ltd. provides a further update regarding the refinancing of
its debt.

As previously stated, BAA's intention is to effect a refinancing
through which it will establish a long term, stable financial
structure consistent with those successfully implemented by
other UK regulated businesses.

While over time, it is expected that its funding for its
designated assets (Heathrow, Gatwick and Stansted airports and
Heathrow Express) will be raised primarily through bonds issued
in the capital markets, BAA is initially considering a
combination of bank and bond financing to maximize the chances
of a successful and timely completion of the refinancing in the
current challenging debt capital markets.

As part of the refinancing, BAA intends to migrate existing
bondholders into an investment grade, ring-fenced securitization
structure backed by BAA's designated assets.  BAA re-confirms
its intention to commence - in due course - a formal
consultation with leading bondholders under the auspices of the
Association of British Insurers to migrate BAA's existing euro
and sterling bonds into the proposed structure and will provide
a further update to bondholders at that time.

A separate bank debt refinancing of the group's other UK
airports outside of the designated airport group is also
proposed.  The proceeds of both the designated and non-
designated financings will allow the group to make the requisite
repayments of its acquisition facilities.  Both processes will
conclude simultaneously.

The development of the proposed financing structure and
discussions with key transaction parties, including rating
agencies and the banks providing facilities for both financings,
are well advanced.  Final quantums and pricing for both
facilities have not yet been agreed.  Subject to credit market
conditions BAA is targeting implementation of both financings as
soon as possible, and currently expects to initiate the
financings in the second quarter of 2008 with completion
intended to occur early in the third quarter of 2008.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                             *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services has lowered its long-term corporate
credit rating on U.K.-based airports operator BAA Ltd. to 'BB-'
from 'BBB+', reflecting delays in refinancing, as well as
operating issues.


BANTRY BAY: Moody's Downgrades Ratings on Four Note Classes
-----------------------------------------------------------
Moody's Investors Service downgraded nine classes of notes from
two European CDOs, also leaving some of the notes on review for
further downgrade.  The underlying assets of these CDO
transactions are predominantly 2005-2006 vintage US subprime
RMBS and/or US ABS CDOs.

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 or US 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 vintages becomes known.

The rating actions are:

Faxtor HG 2007-1:

     (1) US$1,050,000,000 Class A-1M Floating Rate Delayed Draw
         Secured Notes due 2049

         Current Rating: Ba1, on review for downgrade
         Prior Rating: Aa2, on review for downgrade

     (2) US$83,000,000 Class A-2 Floating Rate Secured Notes due
         2049

         Current Rating: Ca
         Prior Rating: B2, on review for downgrade

    (3) US$42,000,000 Class B-1 Floating Rate Secured Notes due
         2049

         Current Rating: C
         Prior Rating: Caa2, on review for downgrade

     (4) US$40,000,000 Class B-2 Floating Rate Secured Notes due
         2049

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

     (5) US$13,000,000 Class C Deferrable Floating Rate Secured
         Notes due 2049

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

Bantry Bay CDO I P.L.C.:

     (1) US$127,000,000 Class A-1 Floating Rate Notes, due 2052

         Current Rating: Ba1, on review for downgrade
         Prior Rating: Aa1, on review for downgrade

     (2) US$29,000,000 Class A-2 Floating Rate Notes, due 2052

         Current Rating: B3, on review for downgrade
         Prior Rating: A2, on review for downgrade

     (3) US$28,000,000 Class A-3 Floating Rate Notes, due 2052

         Current Rating: Caa2, on review for downgrade
         Prior Rating: Baa3, on review for downgrade

     (4) US$31,500,000 Class B Floating Rate Notes, due 2052

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


CANDU ENTERTAINMENT: Enters Insolvency Proceedings
--------------------------------------------------
In June 2005, Luminar Group Holdings plc disposed of CanDu
Entertainment Group Ltd. at which time the business included 49
nightclubs of which 14 were freehold properties and 35 were
leasehold.  Luminar has now been advised that insolvency
proceedings have commenced in relation to CanDu.  Of these 35
leasehold properties, it is believed that 26 were held by CanDu
at the time of entering insolvency proceedings.

Luminar now understands from the administrator of CanDu that
Agilo Ltd., a London-based investment firm, has entered into
arrangements with CanDu's administrator to operate, under
license, 20 of these leasehold units.

Additionally, in June 2006, five of the 35 leasehold units held
by CanDu were sold to Summit Ltd., a small nightclub operator,
which has now been placed in liquidation and the Board believes
the liquidator is currently in the process of seeking offers for
these units.

Under some circumstances, the leases of the leasehold units held
by CanDu at the time of its disposal in June 2005 could
therefore, in due course, revert to companies within the Luminar
group.  The total annual property costs relating to the 35
leasehold units were approximately GBP4.9 million at the time of
the disposal in 2005.  The Board is confident that, should any
lease reversions occur, Luminar will be able to institute a
range of corporate and operational actions to limit
substantially any financial impact of such reversions.

A further announcement will be made as appropriate.

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

On March 20, 2008, CanDu Entertainment Ltd. and CanDu
Entertainment Group Ltd. entered Administration and Alan Hudson
and Hunter Kelly of Ernst & Young LLP were appointed as Joint
Administrators.

Immediately following the appointment of Joint Administrators,
the business and assets of the company were sold to Company Time
Ltd.

The Administrators shall be preparing a report and proposals
within eight weeks of their appointment.  This report will be
made available to all creditors and will give an indication of
the likely dividend prospects.  It is likely that a meeting of
creditors will be convened at the same time.

Debts incurred by the Companies before our appointment will rank
as unsecured claims against the Companies.


CAPITAL ONE EUROPE: To Cut Workforce by 40%
-------------------------------------------
Capital One Bank Europe, the United Kingdom unit of Capital One
Financial Corp., will cut 750 jobs from its operations, various
reports say.  The cut, which amounts to 40% of the UK unit's
total workforce, will come from  information technology,
operations, human resources and risk management, reports add
citing an email from UK unit head Srini Gopalan.

According to Mr. Gopalan, the move was done in order to cut
costs and enable the company to compete better in the market.

The 750 positions, reports disclose, is likely to be outsourced
to countries like India.  Reports further say that the company
will offer severance payments to employees who are laid-off.

Capital One Bank Europe -- http://www.capitalone.co.uk/-- is
the UK unit of Capital One Financial Corp. (NYSE:COF).  Capital
One Financial --  http://www.capitalone.com/ -- is a financial
holding company whose subsidiaries collectively had US$83.0
billion in deposits and US$151.4 billion in managed loans
outstanding as of Dec. 31, 2007.  Headquartered in McLean, VA,
Capital One has 742 locations in New York, New Jersey,
Connecticut, Texas and Louisiana.  It is a diversified financial
services company whose principal subsidiaries, Capital One,
N.A., Capital One Bank (USA), N. A., and Capital One Auto
Finance, Inc., offer a broad spectrum of financial products and
services to consumers, small businesses and commercial clients.


CAPITAL ONE EUROPE: Fitch Assessing Impact of Job Cuts
------------------------------------------------------
Fitch Ratings has said that it is discussing the implications of
Capital One Bank Europe PLC's (Capital One, the originator)
announced UK job cuts, with the originator to assess any likely
impact on the ratings of transactions backed by the Sherwood
Castle Funding PLC (Sherwood) Trust.

Yesterday, Capital One announced plans to cut 750 jobs by year-
end at its UK headquarters in Nottingham, representing around
40% of their total headcount.  The move is expected to see job
losses in areas such as human resources, technology, operations
and risk management, with a plan to relocate these roles
offshore to reduce costs.

Fitch's immediate concern is that this action could impact the
servicing and collections of receivables included in the
Sherwood Trust, with a detrimental impact on the performance of
transactions the agency rates, namely Sherwood Castle Funding
Series 2003-2 PLC, Series 2004-1 PLC, Series 2004-2, Series
2004-3 PLC and Series 2005-1 PLC.

The transactions are securitisations of credit card receivables
originated by Capital One.  As of February 2008, the balance of
the receivables pool was GBP3.553bn, of which GBP3.346bn was
performing collateral.

Fitch will gather further information and, if necessary, review
the ratings of the notes.


CHARTERHOUSE COMMUNICATIONS: Goes Into Administration
-----------------------------------------------------
The Board of Charterhouse Communications Plc, having taken
professional advice, has come to the conclusion that the company
is insolvent and that it is in the best interests of the company
and its creditors for the company to enter administration.

As a result, the Board has appointed joint administrators David
Crawshaw and Myles Halley of KPMG LLP.

Headquartered in London, England, Charterhouse Communications
plc -- http://www.ccplcwebsite.co.uk/-- publishes a
comprehensive range of consumer and trade financial
publications.  It is the parent company of the Charterhouse
Communications Group.


CHRYSLER LLC: Europe First Quarter Sales Hikes by 4%
----------------------------------------------------
Chrysler’s March sales of 24,032 units outside North America are
the highest monthly sales total on record for the company in
critical international markets.  An increase of seven percent in
March 2008 over the same month last year also extended the
company’s international growth streak to 34 consecutive months
and pushed first quarter 2008 sales up nine percent to a first
quarter record of 57,346 units.

"We congratulate all of our dealers in our international markets
for achieving the best first quarter and month of sales ever in
the company's history. Our expanded international dealer network
and product lineup is creating a new generation of loyal
customers in all parts of the world," said Jim Press, Vice
Chairman and President of Chrysler LLC. "Driving our
international growth are new fuel-efficient models, like Jeep
Compass and Jeep Patriot, and right-size performance vehicles
such as the Dodge Caliber SRT4, which will arrive in markets
outside North America later this year.  It is truly an exciting
time for Chrysler in markets around the world."

European sales, which account for slightly more than half of
Chrysler’s sales outside North America, increased four percent
in the first quarter.  Italy is the highest volume market for
Chrysler outside of North America in 2008, with sales up 15
percent year-to-date to 6,170 units.  The U.K. market had its
best first quarter Chrysler sales ever (5,609 units), an
increase of 10 percent, and outsold all other markets during the
month of March.  Russia is the company’s highest-growth European
market with sales up 94 percent year-to-date to 2,139 units,
establishing a record in the market for the best quarter ever.

In Asian markets, Chrysler’s China sales more than doubled
during the first quarter of 2008 (4,839 units), the greatest
percent increase of any volume market in the world for the
Company.  The market nearly quadrupled sales for the month
(2,652 units) compared to March 2007.  Much of this growth can
be attributed to incremental sales of the locally-built Chrysler
Sebring, which was launched last month and sold over 1,000 units
– accounting for 22 percent of the market’s first quarter sales.

Jeep(R) and Dodge brand sales increased significantly through
the first quarter, with Jeep sales up 11 percent (22,699 units),
and Dodge sales up 46 percent (17,371 units).  Chrysler brand
sales decreased 15 percent (17,276 units), while sales of the
new Chrysler Sebring Sedan and Cabrio vehicles grew
exponentially compared to the previous model. For the first
three months of this year, sales for the Chrysler Sebring
(nearly 3,000 units) increased four and half times the sales
volume reached by the previous model. The top selling model for
Chrysler outside North America in the first quarter is the fuel-
efficient, C-segment vehicle - Dodge Caliber.

Chrysler LLC sells and services vehicles in more than 125
countries around the world.  Sales outside North America
currently account for more than nine percent of the Company’s
total global sales, up from six percent in the year 2000.
Vehicles available range across all three Chrysler brands, with
limited availability on some trucks and SUV models.  The
Company’s operations outside North America have been
experiencing year-over-year sales increases since 2004, with a
record number of vehicles sold in 2007.  In 2008, Chrysler LLC
will launch three all-new volume vehicles outside North America,
one for each one of its brands, and will remain focused on
strategic, profitable growth in markets around the world.

                    About Chrysler LLC

Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 13,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


COREL CORP: Posts US$30,000 Net Loss in Quarter Ended Feb. 29
-------------------------------------------------------------
Corel Corporation reported financial results for its first
quarter ended Feb. 29, 2008.  Revenues in the first quarter of
fiscal 2008 were US$65.5 million, an increase of 25 percent over
revenues of US$52.6 million in the first quarter of fiscal 2007.
First quarter 2008 revenue includes organic revenue growth of 3
percent, which excludes revenue from products acquired from
InterVideo and Ulead.  GAAP net loss in the first quarter of
fiscal 2008 was US$30,000 compared to GAAP net loss of
US$11.9 million in the first quarter of fiscal 2007.

Non-GAAP adjusted net income for the first quarter of fiscal
2008 was US$6.7 million, or US$0.26 per diluted share, compared
to non-GAAP adjusted net income for the first quarter of fiscal
2007 of US$2.7 million, or US$0.11 per diluted share.  Non-GAAP
adjusted EBITDA in the first quarter of 2008 was US$13.3
million, an increase of 52 percent over US$8.7 million in the
first quarter of 2007.

"Corel had a solid first quarter with strong results across our
diverse mix of products, channels and geographies," said  Corel
Corporation Chief Executive Officer, David Dobson.  "Having
successfully completed the integration of InterVideo and Ulead,
we are well-positioned to take advantage of the growing market
opportunity for our extensive Digital Media portfolio.  At the
same time, Corel’s Graphics and Productivity products enjoyed a
strong quarter, highlighted by the first quarter release of
CorelDraw Graphics Suite X4 which recorded strong results,
particularly in Europe and emerging markets.  Additionally,
revenue from emerging markets grew more than 40 percent year
over year as we continue to expand our presence in these
important growing markets through our diverse mix of
distribution channels."

                        Financial Guidance

Second Quarter Fiscal 2008 Guidance:

Corel provided guidance for the second quarter ending
May 31, 2008.  The Company currently expects:

   -- Revenue in the range of US$66 million to US$68 million.

   -- GAAP net income in the range of US$1 million to US$2.5
      million and non-GAAP adjusted net income in the range of
      US$8.5 million to US$10 million.

   -- GAAP earnings per share in the range of US$0.04 to US$0.09
      and non-GAAP earnings per share in the range of US$0.32 to
      US$0.38.

Fiscal 2008 Guidance:

Resulting guidance for the year ending Nov. 30, 2008 is:

   -- Revenue in the range of US$263 million to US$275 million.

   -- GAAP net income of US$9.5 million to US$15 million and
      non-GAAP adjusted net income of US$40.5 million to US$46
      million.

   -- GAAP income per share of US$0.34 to US$0.55 and non-GAAP
      earnings per share of US$1.50 to US$1.70.

Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX:
CRE) -- http://www.corel.com/-- is a packaged software company
with an estimated installed base of over 40 million users.  The
company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                          *      *      *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2008, Standard & Poor's Ratings Services placed its 'B'
long-term corporate credit and senior secured debt ratings on
Corel Corp. on CreditWatch with negative implications.  The
recovery rating on the senior secured debt is unchanged at '3'.


DECO 8-UK: S&P Puts Class G Notes' Rating under Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' rating on the
class G notes in the DECO 8-UK Conduit 2 PLC transaction on
CreditWatch with negative implications.  The ratings on the
other classes in the transaction remain unaffected at this
time.

This CreditWatch placement follows a deterioration in the
performance of the loan pool.  S&P is are concerned about a
number of loans characterized by high tenant vacancies where
they have either increased since closing, or where the
borrower has not been able to reduce the vacancy rate
consistently.  Furthermore, some loans are only meeting their
covenants by relying on cash injections from borrowers or cash
deposits, which are continuing to reduce.

All of these developments have increased our expectation of
realized losses.  S&P will continue to monitor the performance
of the loan pool and additional rating actions may be warranted
on other classes.

Deco 8-UK Conduit 2 closed on May 4, 2006 and was originated by
Deutsche Bank AG.  The notes were backed by 22 loans secured by
75 office, retail, residential, leisure/pub, hotel, and
industrial properties in the U.K.  The expected final maturity
date of the notes falls in January 2016, and the final legal
maturity date is in January 2036.

To date, the original balance of GBP630.13 million has amortized
by 6% to GBP592.19 million.  Four loans have redeemed, reducing
the collateral of the pool to 18 loans secured on 69 properties.


DELTA AIR: Flight Attendants' Union Voting Starts April 23
----------------------------------------------------------
Delta Air Lines Inc. received notification from the National
Mediation Board that the voting period for a union election
among Delta's flight attendants has been scheduled for April 23
to June 3, 2008.

On March 18, the NMB notified Delta that it had authorized a
union election among Delta flight attendants, but at that time
the NMB did not specify dates for a voting period.

In response to news of the voting period, Joanne Smith, senior
vice president for Delta's In-Flight Service and Global Product
Development, said:

    "Delta flight attendants will make one of the most important
    decisions of their careers over the coming months as they
    choose between a direct relationship with Delta's management
    team or the cost and risk of a third-party representative,"
    Smith said.

    "Our flight attendants have long been successful at speaking
    for themselves and we continually demonstrate our
    willingness to respond quickly and directly to their
    individual and collective feedback.  I'm asking all of our
    flight attendants to make an educated choice, based on fact.

    "The facts are: Delta flight attendants have it better than
    what the Association of Flight Attendants' has been able to
    deliver at other airlines, and those airlines' contracts are
    not open to changes for several years to come -- years in
    which Delta flight attendants will continue to enjoy higher
    rates of pay, a better profit sharing program and a better
    performance rewards program.

    "In contrast, the AFA's track record at other network
    carriers is not a good one.  The AFA has demonstrated that
    its members have not been protected from pay cuts, job loss,
    pension termination or any other changes affecting the
    airline industry.  And flight attendants at those other
    airlines also must pay hundreds of dollars per year in union
    dues.

    "Delta has good momentum thanks to the hard work of all
    Delta people and we look forward to the ability to continue
    working on their behalf and responding to their feedback,"
    Smith continued.

                       AFA-CWA's Statement

Flight attendants at Delta Air Lines received news from the
National Mediation Board (NMB) that their opportunity to vote on
becoming members of the Association of Flight Attendants-CWA
(AFA-CWA) will begin on April 23, 2008.  Voting will be open
from April 23 through June 3 at 2:00 p.m. Eastern Daylight Time.

"This is a very exciting and historic time for Delta flight
attendants," said Patricia Friend, AFA-CWA International
President.  "Over the past 18 months, Delta flight attendants
been engaged in one of the largest grassroots' campaigns in
union history.  Delta flight attendants tell us that the
airline's bankruptcy and more recently, the proposed merger with
Northwest Airlines have made it clear -- they need and want a
voice in their future and a legally binding contract they can
count on.  Beginning April 23, they will have the opportunity to
join the tens of thousands of other AFA-CWA flight attendants
across the country who have taken control of their careers and
have a say in the decisions that affect their lives."

On Feb. 14, Delta flight attendants submitted a solid majority
of signature cards to the NMB, formally requesting a union
representation election for only the second time in the history
of the airline.  Over the next several weeks, the NMB will send
instructions to Delta flight attendants on how to participate in
a secret-vote election that will determine union representation.
The NMB, the federal agency that supervises airline and railway
labor relations, will conduct voting electronically via the
Internet and through a phone-activated system. With roughly
13,000 Delta flight attendants eligible to vote this will be one
of the largest union elections in the U.S. this year.

"We need a voice -- more so than at any other time -- to be able
to negotiate for our own future, and to have a say in how a
merger, or a layoff might affect us," said Toni Weinfurtner,
Delta flight attendant and AFA-CWA activist. "We will have that
voice when we join the tens of thousands of our fellow flight
attendants across the country in the Association of Flight
Attendants-CWA."

                        About AFA-CWA

For over 60 years, the Association of Flight Attendants has been
serving as the voice for flight attendants in the workplace, in
the aviation industry, in the media and on Capitol Hill.  More
than 55,000 flight attendants at 20 airlines come together to
form AFA-CWA, the world's largest flight attendant union.  AFA
is part of the 700,000-member strong Communications Workers of
America (CWA), AFL-CIO.

                        About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on
April 30, 2007.  The Court entered a final decree closing 17
cases on Sept. 26, 2007.  (Delta Air Lines Bankruptcy News,
Issue No. 94; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

Delta Air Lines Inc. carries Standard and Poor's B rating with a
positive outlook.


FAXTOR HG 2007-1: Moody's Junks Ratings on Four Note Classes
------------------------------------------------------------
Moody's Investors Service downgraded nine classes of notes from
two European CDOs, also leaving some of the notes on review for
further downgrade.  The underlying assets of these CDO
transactions are predominantly 2005-2006 vintage US subprime
RMBS and/or US ABS CDOs.

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 or US 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 vintages becomes known.

The rating actions are:

Faxtor HG 2007-1:

     (1) US$1,050,000,000 Class A-1M Floating Rate Delayed Draw
         Secured Notes due 2049

         Current Rating: Ba1, on review for downgrade
         Prior Rating: Aa2, on review for downgrade

     (2) US$83,000,000 Class A-2 Floating Rate Secured Notes due
         2049

         Current Rating: Ca
         Prior Rating: B2, on review for downgrade

    (3) US$42,000,000 Class B-1 Floating Rate Secured Notes due
         2049

         Current Rating: C
         Prior Rating: Caa2, on review for downgrade

     (4) US$40,000,000 Class B-2 Floating Rate Secured Notes due
         2049

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

     (5) US$13,000,000 Class C Deferrable Floating Rate Secured
         Notes due 2049

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

Bantry Bay CDO I P.L.C.:

     (1) US$127,000,000 Class A-1 Floating Rate Notes, due 2052

         Current Rating: Ba1, on review for downgrade
         Prior Rating: Aa1, on review for downgrade

     (2) US$29,000,000 Class A-2 Floating Rate Notes, due 2052

         Current Rating: B3, on review for downgrade
         Prior Rating: A2, on review for downgrade

     (3) US$28,000,000 Class A-3 Floating Rate Notes, due 2052

         Current Rating: Caa2, on review for downgrade
         Prior Rating: Baa3, on review for downgrade

     (4) US$31,500,000 Class B Floating Rate Notes, due 2052

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


FOOT LOCKER: Poor Sales Results Prompt Moody's to Cut Rating
------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Foot Locker,
Inc., corporate family rating to Ba3.  The rating outlook
remains negative.

The downgrade was prompted by the company's poor sales results
for fiscal year 2007, primarily driven by weakness in the
athletic retail market in North America as well as an overall
weak retail sales environment.  This resulted in higher
markdowns, a notable deterioration in Foot Locker's
profitability, and a weakening in credit metrics.

In particular, debt to EBITDA rose to 6.1 times which is
significantly higher than the level cited in Moody's credit
opinion dated Sept. 26, 2007 that would likely prompt a
downgrade.   Given the ongoing weak retail sales environment,
Moody's expects that Foot Locker will likely sustain weakened
credit metrics over the next twelve months.

These ratings are downgraded:

   -- Corporate family rating to Ba3 from Ba2;

   -- Probability of default rating to Ba3 from Ba2;

   -- Senior unsecured notes to B1 (LGD4, 61%) from Ba2
      (LGD4, 59%).

The rating outlook is negative.

The Ba3 corporate family rating reflects Foot Locker's weak
profitability levels and weakened credit metrics.  The company's
profitability level fell dramatically during 2007 as a result of
heavy markdown activity and is currently below its peer group.
The rating also reflects its significant business risk as a
specialty retailer and its highly seasonal operations.

As a result of the company's narrow focus on athletic footwear
and apparel, Foot Locker is highly susceptible to changing
fashion trends and its cash flow from operations generation is
heavily reliant on the fourth quarter holiday selling season.
Balancing these significant risks is the company's global
diversification, credible market position, and its moderate
scale.  The rating is also supported by the company's good
liquidity and modest level of funded debt which is currently
below its excess cash level.

The rating outlook is negative reflecting Moody's expectations
that the retail selling environment will continue to be
pressured thus constraining Foot Locker's operating performance
and will likely cause credit metrics to remain weak over the
next twelve months.

Foot Locker, Inc., headquartered in New York, New York, is a
global, specialty retailer of athletic footwear and apparel.  It
operates approximately 3,785 primarily mall-based stores in 20
countries in North America, Europe and Asia Pacific, including
Australia and New Zealand.  Revenues for fiscal year ended
Feb. 2, 2008 were approximately US$5.4 billion.

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/ -- is a specialty athletic
retailer that operates approximately 3,800 stores in 21
countries in North America, Canada, Puerto Rico, Europe and
Australia.


GENERAL MOTORS: May Assume More Delphi Pension Liabilities
----------------------------------------------------------
General Motors Corp. may assume more of Delphi Corp.'s pension
liabilities to help its former unit and key auto parts supplier
emerge from bankruptcy.  GM already has agreed to assume
US$1,500,000,000 in pension liabilities on Delphi's books, and
is now in talks to increase that, The Wall Street Journal said,
citing people familiar with the matter.

The Pension Benefit Guaranty Corp. would favor a proposal by GM
to assume more of Delphi's pension obligations.  "For the last
two years we have been fighting to preserve the Delphi pensions,
and this looks like it could be a very positive development,"
Charles E.F. Millard, the PBGC's director, said in an e-mail,
according to WSJ.

As reported in the Troubled Company Reporter on Nov. 15, 2007,
GM agreed to pay US$300,000,000 to US$400,000,000 a year until
at least 2015, pursuant to settlements reached with Delphi and
its labor union United Automobile, Aerospace & Agricultural
Implement Workers of America.  GM, in exchange for, among
others, an extension of it supply agreement with Delphi, will
reimburse a certain portion of Delphi's U.S. hourly labor costs
incurred to produce systems, components, and parts for GM from
Oct. 1, 2006, through Sept. 14, 2015.

GM has also committed to provide funding to US$2,825,000,000 of
the US$6,100,000,000 required by Delphi in order to exit
Chapter 11.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 121; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries including the United Kingdom, Germany,
France, Russia, Brazil and India.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 24,
2008, Standard & Poor's Ratings Services placed the General
Motors Corp.’s B rating on CreditWatch with negative
implications citing the extended American Axle strike.


GENERAL MOTORS: Court Extends Indemnification Pact with Delphi
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended an indemnification agreement between Delphi Corp. and
General Motors Corp. for an additional 15 days up to April 15,
2008, if GM extends its benefit guarantee agreement with the
United Automobile, Aerospace and Agricultural Implement Workers
of America by at least the same period of time.

As previously reported, the United Automobile, Aerospace and
Agricultural Implement Workers of America, Delphi, and GM
entered into a memorandum of understanding.  Among other things,
the UAW-Delphi-GM Memorandum of Understanding was designed to
enable Delphi's continued transformation to more competitive
wage and benefit levels and to address divestiture, work rules,
and staffing level issues in the Debtors' workforce.

Pursuant to the UAW-Delphi-GM Memorandum of Understanding, the
UAW, Delphi, and GM also agreed to the "Term Sheet#Delphi
Pension Freeze and Cessation of OPEB, and GM Consensual
Triggering of Benefit Guarantee," which facilitates the freezing
of Delphi's pension plan and the assumption of billions of
dollars of OPEB liabilities by GM, thereby dramatically reducing
Delphi's ongoing benefit costs.  The UAW-Delphi-GM Memorandum of
Understanding was ratified by the UAW membership on June 28,
2007, and approved by the Court on July 19, 2007.

The UAW-Delphi-GM Memorandum of Understanding extended the time
period for certain of GM's obligations under the Sept. 30, 1999
Benefit Guarantee Agreement between GM and the UAW to March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31, 2007.  Delphi and GM also
agreed that the eighth anniversary date reference in the
Indemnification Agreement would be extended until March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31.  The Debtors' Chapter 11
Plan, however, was not confirmed and substantially consummated
by Dec. 31.  Nonetheless, the UAW-Delphi-GM Memorandum of
Understanding additionally provided that the March 31, 2008 UAW
Benefit Guarantee extension date would be extended to "such
later date as Delphi and GM will agree to extend the
Indemnification Agreement expiration."

Under the provisions of the Memorandum of Understanding approved
by the Court on July 19, 2007, the Debtors believe that they
already have authority to extend the Indemnification Agreement
for additional time periods.  Out of an abundance of caution,
however, and as a result of GM's unique role in the Chapter 11
cases, the Debtors sought the Court's authority to extend the
Indemnification Agreement.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, said an extension will allow
Delphi's indemnification obligations under the Indemnity
Agreement to continue uninterrupted until it has emerged from
Chapter 11.  If the Plan is not consummated, the extension will
also provide additional time for the Debtors to consider whether
additional extensions are appropriate or viable.

The extension, in the exercise of the Debtors' business
judgment, is in the best interests of the Debtors' estates,
creditors, and other parties-in-interest, including Delphi's
employees, Mr. Butler asserted.

Mike Ramsey at Bloomberg News, citing a Deutsche Bank AG
analyst, reports that GM may give up cash and preferred shares,
and assume more pension liability, to help Delphi leave
bankruptcy.

Forfeiting the cash and shares would increase Delphi's liquidity
and make the company more attractive to investors, analyst Rod
Lache said in a research note on Monday, according to Bloomberg.

The report said more GM help may be needed after Appaloosa
Management LP, which led an investor group that was to provide
Delphi with US$2.55 billion in financing, pulled out last week
after stating that Delphi failed to meet conditions.

Delphi has said it had met all requirements, Bloomberg says.

Pursuant to Delphi's confirmed plan of reorganization, Bloomberg
notes, GM is to receive preferred shares worth US$1.07 billion
and US$175 million in cash, and will assume US$2 billion in
first-lien loans and up to US$825 million in second-lien loans.

Delphi could eliminate a US$1.25 billion pension contribution
required after exit if GM assumed that liability, the analyst's
report said, according to Bloomberg.  Dropping GM's other claims
would give Delphi more cash and lower the effective cost to
investors of buying the company, and also could slice the
required outside equity investment to US$1.3 billion from US$2.5
billion, Mr. Lache said, according to Bloomberg.  It also would
lower the effective price of the company to 3.5 times projected
earnings before interest, taxes, depreciation and amortization,
from the current multiple of 4.9, the research note indicated.

Bloomberg says the changes by GM would require Delphi to scrap
its bankruptcy plan and create a new one that would need the
approval of the U.S. bankruptcy court and creditors.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 121; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries including the United Kingdom, Germany,
France, Russia, Brazil and India.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 24,
2008, Standard & Poor's Ratings Services placed the General
Motors Corp.’s B rating on CreditWatch with negative
implications citing the extended American Axle strike.


MEGA BRANDS: Posts US$97 Million Net Loss in 2007
-------------------------------------------------
MEGA Brands Inc. reported its fourth quarter and full-year 2007
financial results.  Full-year net loss was US$97.1 million
compared to net earnings of $25.3 million in 2006.  Net loss was
US$66.2 million in fourth quarter 2007, compared to net earnings
of US$2.8 million in the fourth quarter of 2006.

"2007 was a difficult year for MEGA Brands, for our employees
and shareholders, and for our many loyal fans,"  Marc Bertrand,
president and CEO, stated.  "We are disappointed with our
overall performance and we promise that no effort is being
spared to achieve a meaningful turnaround as quickly as
possible."

"We are solidly on track to achieve the $12 million in
annualized savings targeted under the Value Enhancement Plan
announced at the end of the third quarter.  We have exciting new
products in the pipeline in all of our product categories and we
are pleased to be working with Intertek, a leading provider of
quality and safety solutions, as we roll out MAGNEXT(R: 60.91,
+0.08, +0.13%), the new generation of magnetic construction
toys," added Bertrand.

"Although 2007 was a challenging year, there were several
positive results in the company's performance, including record
sales of preschool construction toys and continued solid growth
in international sales," Mr. Bertrand added.  "In Stationery and
Activities, sales matched 2006 levels, with improved margins.

"We are very focused on executing the many operational and new
product initiatives under way. With the recent amendment to our
credit agreement, we now have the financial flexibility to
implement current initiatives that will strengthen our core toy
business while exploring a sale of our Stationery and Activities
business through an orderly process," concluded Bertrand.

Financial results were impacted by these factors in 2007:

   -- US$65.9 million of Specified Items resulting mainly from
      voluntary product recall, inventory provisions, sales
      below cost and termination of licensing agreements;

   -- lower gross profit generated by the Magnetix product line
      of US$21 million due to lower unit sales and prices;

   -- lower manufacturing efficiencies resulting from the
      inventory reduction plan initiated by the corporation and
      the downsizing of the Woodridge, New Jersey facility which
      was fully closed in December 2007.  The impact of lower
      manufacturing efficiencies on gross profit amounted to
      approximately US$6 million.

   -- US$5.7 million of Other Charges.

Marketing and advertising expenses were slightly lower at
US$26.2 million compared to $26.8 million in 2006.

                              Liquidity

Cash flows used in operating activities before changes in non-
cash operating working capital amounted to US$26.3 million
compared to cash flows generated of US$1.8 million in the fourth
quarter of 2006.

This change resulted from the higher net loss in the 2007
period. After favorable changes in non-cash operating working
capital in both periods, cash flows from operating activities
were US$64.6 million in the fourth quarter of 2007 compared to
US$28 million in the corresponding 2006 period.

At Dec. 31, the company's balance sheet showed total assets of
US$709.714 million, total liabilities US$487.320 million and
total shareholders' equity US$222.394 million.

                       About Mega Brands Inc.

MEGA Brands Inc. (TSE: MB) -- http://www.megabrands.com/--
designs, manufactures and markets high quality toys and
stationery products.  Headquartered in Montreal, the company has
approximately 4,500 employees with offices, manufacturing
facilities or distribution centers in 14 countries, including
Belgium, United Kingdom, Germany, France, Spain, Mexico, and
Australia.  The Corporation's products are sold in over 100
countries.

                           *     *     *

As reported in the Troubled company Reporter on Jan. 25, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings on Mega Brands Inc. to 'B' from 'B+'.  The
ratings remain on CreditWatch with negative implications, where
they were placed Nov. 9, 2007.  The '3' recovery rating on the
bank loan is unchanged.


PACIFIC AND GENERAL: Court Sets Creditors' Meeting on June 9
------------------------------------------------------------
The High Court of Justice of England and Wales ordered a scheme
creditors' meeting for Pacific and General Insurance Company
Limited at noon on June 9, 2008, at:

          The Chartered Insurance Institute
          20 Aldermanbury
          London
          EC2V 7HY
          England

Scheme creditors must register at 10:00 a.m. until 11:15 a.m. on
June 9, 2008.

The purpose of the meeting is to consider a scheme of
arrangement proposed to be made between P&G and the scheme
creditors pursuant to section 425 of the Companies Act 1985.

The Court has appointed Ipe Jacob of Grant Thornton UK LLP or,
failing him, Richard White, to act as chairman of the meetings
and has directed the chairman to report the result of the
meetings to the Court.

Scheme creditors who want to be represented at the meeting may
appoint proxies.  Proxy forms must be submitted together with
written debt claims until 5:00 p.m. on June 6, 2008,at:

          LCL Insurance Services Limited
          Attn: Michael Tolhurst
          Cornhill House
          32 Cornhill
          London
          EC3V 3SG
          England
          Tel: +44 (0) 20 7398 5600
          Fax: +44 (0) 20 7623 4352
          E-mail: pacific.general@lcl-group.com

Documentation and information relating to the scheme can be
obtained from: http://www.gto-pandg.com/.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.


REVLON INC: Net Loss Slides to US$16 Mil. in Year Ended Dec. 31
---------------------------------------------------------------
Revlon Inc. released financial results for the full year and
fourth quarter ended Dec. 31, 2007.

Net loss in the full year 2007 was US$16.1 million compared to a
net loss of US$251.3 million in the full year 2006.  Adjusted
EBITDA in the full year 2007 was US$224.5 million, compared to
an Adjusted EBITDA of US$78.2 million last year.

Operating income was US$121.0 million in the full year 2007,
versus an operating loss of US$50.2 million in the full year
2006.

In the full year 2006, Vital Radiance, executive severance and
restructuring expenses unfavorably affected the company's
operating income and net loss by US$145.1 million and Adjusted
EBITDA by US$122.9 million.  Results for the full year 2007
included restructuring expenses of US$7.3 million.

Excluding the impact of these items, the improvements in
operating income, net loss and Adjusted EBITDA were driven by
net sales increases, continued benefits from restructuring
actions and ongoing cost controls.

"We are executing our strategy and our financial results in 2007
were our best in many years, David Kennedy, Revlon president and
chief executive officer, said.  "We generated US$224.5 million
in Adjusted EBITDA and our negative free cash flow was US$13.8
million. Our improved financial performance was driven by
increased net sales, continued benefits from our restructuring
actions and ongoing control of our costs."

"We fully recognize the need to further improve our performance,
and enter 2008 with a continued focus on increasing the value of
our company by building the Revlon brand and driving towards
both profitable sales growth and positive free cash flow," Mr.
Kennedy added.

                      Fourth Quarter Results

Net income in the fourth quarter of 2007 was US$40.8 million
compared with a net loss of US$5.5 million in the fourth quarter
of 2006.  Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization or EBITDA in the fourth quarter of 2007 was
US$106.3 million, compared to an Adjusted EBITDA of US$108.2
million in the same period last year.

Operating income was US$80.4 million in the fourth quarter of
2007, versus operating income of US$70.1 million in the fourth
quarter of 2006.

In the fourth quarter 2006, Vital Radiance and restructuring
expenses unfavorably affected the company's operating income and
net loss by US$20.8 million and Adjusted EBITDA by US$9.7
million.  The fourth quarter of 2007 included restructuring
expenses of US$0.4 million.

Excluding the impact of these items, the decreases in operating
income and Adjusted EBITDA were largely attributable to
increased brand support and higher performance-based incentive
compensation. Net income was reduced by the same factors that
affected Operating Income and Adjusted EBITDA.  Net income in
the fourth quarter of 2006 included a charge of US$23.1 million
related to the early extinguishment of debt.

                   Cash Flow and Balance Sheet

Cash flow provided by operating activities in the full year 2007
was US$3.8 million, compared to cash flow used in operating
activities of US$138.7 million in the full year 2006.  This
improvement was due to a lower net loss and decreased permanent
display spending, partially offset by changes in net working
capital.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$889.3 million, total liabilities of US$1,971.3
million and total stockholders' deficiency of US$1,082 million.

                        About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE:REV) --
http://www.revlon.com/-- conducts its business through its
direct wholly owned operating subsidiary, Revlon Consumer
Products Corporation and its subsidiaries, which manufactures,
markets and sells an array of cosmetics, skincare, fragrances,
beauty tools, hair color and personal care products.  The
company is a mass-market cosmetics brand.   The company has
international operations in Argentina, Australia, Bermuda,
Brazil, France, Italy, and the United Kingdom.


SEAROSA LIMITED: Claims Filing Period Ends May 9
------------------------------------------------
Creditors of Searosa Ltd. have until May 9, 2008 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any), to:

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

Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of the company on March 26 by
resolutions of members and creditors.


VISAGE CDO I: Moody's Lowers Rating on Five Note Classes
--------------------------------------------------------
Moody's Investors Service downgraded five classes of notes from
Visage CDO I plc.  The underlying assets of this CDO transaction
are predominantly synthetically referenced 2004-2006 vintage US
ABS CDOs.

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 or US 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 vintages becomes known.

The rating actions are:

Visage CDO I P.L.C.

   -- US$56,000,000 Class A notes due 2051

      Current Rating: B3, on review for downgrade
      Prior Rating: Ba3, on review for downgrade

   -- US$40,000,000 Class B notes due 2051

      Current Rating: Caa2, on review for downgrade
      Prior Rating: B1, on review for downgrade

   -- US$20,000,000 Class C notes due 2051

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


   -- US$10,000,000 Class D notes due 2051

      Current Rating: C
      Prior Rating: Caa2, on review for downgrade

   -- US$18,000,000 Class E notes due 2051

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


YELL GROUP: S&P Revises Outlook to Negative from Stable
-------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from
stable the outlook on the U.K.-based classified directories
publisher Yell Group PLC.  At the same time, the 'BB-'
corporate credit rating was affirmed.

"The outlook revision reflects our concerns that the current
economic slowdown in the group's main markets, coupled with
sustained competition in the U.K. and U.S., could negatively
affect the group's operating performance in the fiscal year
ending in March 2009, and may therefore result in modest
deleveraging and tight covenant headroom," said Standard &
Poor's credit analyst Manuela Gabetta.  The level of covenant
headroom relating to the company's GBP4.2 billion credit
facility and of Yell's overall liquidity position will be a
determining factor for the future evolution of the ratings
on the group.

Yell's fully adjusted gross debt to EBITDA at the end of fiscal
2008 is expected to be slightly less than the 5.5x achieved at
the end of March 2007, due mainly to some additional acquisition
spending incurred that year and to the group's adverse exposure
to the revaluation of the euro against the British pound, as
about 25% of the group's debt is euro denominated.  The group's
projected discretionary cash flow (operating cash flow after
capital expenditures and dividends) is set to remain sizable in
fiscal 2009, at more than 20% of the company's EBITDA.  The
former, however, is expected to be almost fully absorbed by
Yell's relatively high mandatory repayments, indicating modest
leeway for operating and/or cash flow underperformance.

The ratings on Yell continue to primarily reflect the group's
highly leveraged capital structure, mainly due to the July 2006
acquisition of Spanish directory leader Telefonica Publicidad e
Informacion S.A.  These factors are partially mitigated by
Yell's leading positions in the cash-generative classified
directory publishing business in the U.K. and Spain, as well as
by its position as the main challenger to U.S. classified
directory incumbents.  Due mainly to macroeconomic uncertainties
and heightened competition from the incumbents, pressures are
increasing in the U.S.,
however, evidenced by a significant slowdown in organic revenue
growth to about 3% in fiscal 2008 from the double-digit growth
experienced the previous year.  Similar issues recently led the
group to reduce its revenue growth expectations for fiscal 2008
in the U.K. to 2% from 3%.

"The negative outlook primarily reflects the increasingly
demanding covenant compliance for Yell, which is expected to
leave modest headroom for subdued operating and cash flow
performance," said Ms. Gabetta.  "This risk is heightened by the
slowing economic environment and increasing competition in
the U.K. and U.S."  Should, during the course of Yell's fiscal
year 2009, covenant headroom effectively appear to decline to
minimal levels, the ratings would be lowered by at least a
notch.  If not adequately managed, increasing business pressures
in the U.K. and the U.S. also represent long-term risks for
the rating; these are not expected, however, to trigger a rating
downgrade if the risks posed by tightening covenant headroom are
separately addressed.

The outlook would be revised to stable if the company manages to
deliver sound EBITDA growth throughout the current slowing
economic environment, leading to adequate covenant headroom.
Similarly, any other preventive action to preserve adequate
liquidity and covenant headroom, such as proactive liquidity
management or renegotiation of covenant headroom, would likely
support the return to a stable rating outlook.


* House of Lords Ruling to Ease Foreign Liquidation Process
-----------------------------------------------------------
The United Kingdom's House of Lords has issued a ruling that
English courts should cooperate with other jurisdictions during
the liquidation process of a bankrupt foreign company, Megan
Murphy writes for the Financial Times.

The ruling stems from the collapse of Australian firm HIH
Insurance, which went into insolvency in 2001 with around
US$5.3 billion in debts, FT reports.  The House of Lords ordered
that the English assets of the HIH group be remitted to
Australia for distribution by liquidators under Australian
insolvency law.

The Law Lords ruled that local courts should be guided by the
principle of "universalism" in cooperating with other
jurisdictions, unless the transfer of assets would:

    * prejudice the rights of international creditors; or
    * break the creditor's expectations.

Radford Goodman, a lawyer at Norton Rose, told FT that following
the ruling, local judges are now likely to grant requests to
transfer English assets to foreign liquidators, if it is better
for large insolvencies to be administered under a single system.
Judges, however, may decline the request if there is good reason
not to transfer the assets.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

                   Featured Conferences

Beard Conferences presents:

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

                            *      *      *

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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