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        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
len