TCREUR_Public/080411.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, April 11, 2008, Vol. 9, No. 72

                            Headlines


A U S T R I A

C. & C. TSCHERNER: Claims Registration Period Ends May 2
D & D MITROVIC: Claims Registration Period Ends May 5
EMMY LOESCHL: Claims Registration Period Ends May 5
FLORIAN HAGER: Claims Registration Period Ends April 22
INTENTION TRADING: Claims Registration Period Ends May 19

KMH ARTMANN: Claims Registration Period Ends May 14
MIssION HANDEL: Claims Registration Period Ends May 5
QUBUS CONSULTING: Claims Registration Period Ends April 22
WERBEAGENTUR PROPAGANDERS: Claims Registration Ends April 18


F R A N C E

THOMSON SA: Francois de Carbonnel Appointed as Board Chairman
THOMSON SA: Obtains Two Multi-Million Euro Contracts in KSA
THOMSON SA: S&P Puts Recovery Ratings on Unsecured Debt Issues


G E R M A N Y

ABELE GMBH: Claims Registration Period Ends April 30
AUTOLAND DELITZSCH: Claims Registration Period Ends April 30
BACKSHOP FICHTNER: Claims Registration Period Ends April 30
BAU-AS GMBH: Claims Registration Period Ends April 30
CARD & CO: Claims Registration Period Ends April 30

CLINIC MEDIZINTECHNIK: Claims Registration Period Ends April 30
CMR TRANS: Creditors' Meeting Slated for May 27
D.V JALES: Claims Registration Period Ends May 2
ERNST VESTERLING: Claims Registration Period Ens April 30
ESCADA AG: Lowers Expectations for Fiscal Year 2007/2008

ESCADA AG: Apax Partners Discontinues Planned Equity Investment
ESCADA AG: Moody's Review 'B1' Ratings and May Downgrade
ESCADA AG: S&P Lowers Long-Term Corporate Credit Rating to B+
ESCADA AG: Ordinary General Meeting Scheduled on April 17
EUROPEGAS GMBH: Creditors' Meeting Slated for May 5

G. REIBOLD GMBH: Claims Registration Period Ends April 30
GASTRO-SERVICE-ROTH GMBH: Claims Registration Ends April 29
GLAS-UND GEBAUDEREINIGUNG: Claims Registration Ends April 30
HG BAUGESELLSCHAFT: Creditors Must File Claims by April 25
HOLZHANDEL-SUED GMBH: Claims Registration Period Ends April 30

HUGO GOERNER: Claims Registration Period Ends April 30
ISYS MARKETING: Creditors' Meeting Slated for April 16
J & M MALERFACHBETRIEB: Creditors Must File Claims by April 25
KA-UF SERVICE: Claims Registration Ends April 30
KIDS IN STYLE: Claims Registration Period Ends May 2

KM SPIELOTHEK: Claims Registration Ends April 30
LA BELLA: Claims Registration Ends April 30
LANSMANN & SCHULTEN: Creditors Must File Claims by April 25
LOGO MAssIVBAU: Claims Registration Ends April 30
LTG INTERCARGO: Claims Registration Period Ends April 30

LTG LACHMANN: Claims Registration Period Ends April 30
MARTIN HOPSTER: Claims Registration Ends April 30
MAYER CONSULT: Claims Registration Ends April 30
METALLBEABEITUNG KREKER: Claims Registration Ends April 30
METZGEREI KOEHLER: Creditors Must File Claims by April 25

MICHAEL BOB: Claims Registration Period Ends April 30
MTS MASCHINENBAUTEAM: Claims Registration Period Ends April 30
POLYEX GMBH: Creditors Must File Claims by April 25
WERNER KLAPPLADEN: Claims Registration Period Ends April 30


I T A L Y

ALITALIA SPA: Sets April 15 Meeting with Unions
PARMALAT SPA: Shareholders Elect Directors' & Auditors' Board
PARMALAT SPA: Board Names Bondi as CEO, Picella as Chairman
PARMALAT SPA: To Pay EUR0.159 Dividend per Share by April 24
PARMALAT SPA: Extraordinary Shareholders' Meeting Set May 30


K A Z A K H S T A N

CITY-STROY K LLP: Creditors Must File Claims by May 14
GALS LLP: Claims Deadline Slated for May 7
LEONIS INCORPOPATION LLC: Claims Filing Period Ends May 9
PODRYAD-STROITELSTVO LLP: Creditors' Claims Due on May 9
SHRAPS LLP: Claims Registration Ends May 7


K Y R G Y Z S T A N

TOURISM SERVICE LLC: Creditors Must File Claims by May 20


N O R W A Y

* Building Firms Filing for Bankruptcy in Norway Up 30%


R O M A N I A

* Romanian Bankruptcies Up 35% in 2007


R U S S I A

BASH-ATOM OJSC: Court Starts Bankruptcy Supervision Procedure
CHUDOVSKAYA BREAD 64: Novgorod Bankruptcy Hearing Set May 29
NIIPKP SIB-PROJECT: Creditors Must File Claims by May 15
NOVATEK OAO: Hikes Total Reserves by 200 Million Boe in 2007
NOVOSIBIRSKIY TIMBER: Creditors Must File Claims by May 15

OXYGEN-GAS-SERVICE: Court Starts Bankruptcy Supervision Process
ROSNEFT OIL: Reviewing Options to Refinance Debt due September
UNITY RE: Moody's Puts Insurance Financial Strength Rating at B1
ZYATKOVSKOE CJSC: Creditors Must File Claims by May 15


S P A I N

AYT COLATERALES: Moody's Puts Ba2 Rating on Series D Notes

* Moody's Says Spanish RMBS Delinquencies Up in Q4 2007


U K R A I N E

BRASKA LLC: Proofs of Claim Deadline Set April 17
EUROHOUSE LLC: Proofs of Claim Deadline Set April 14
FORCE LTD: Creditors Must File Claims by April 17
KDS LLC: Proofs of Claim Deadline Set April 14
KRASNY LUCH MOTOECAR: Creditors Must File Claims by April 14

TECHNO-RESOURCE LLC: Creditors Must File Claims by April 14
VENDERS LLC: Proofs of Claim Deadline Set April 17
ZARD LLC: Creditors Must File Claims by April 14


U N I T E D   K I N G D O M

ALERIS INTERNATIONAL: Shuts Down Shelbyville, Tennessee Facility
ALERIS INTERNATIONAL: Taps Roeland Baan to Head European Unit
ANSELL JONES: Brings In Liquidators from Mazars
BRAIN ED: Calls In Liquidators from BDO Stoy Hayward
BRITISH ENERGY: March 2008 Nuclear Output Ahead of Expectations

CARLYLE CAPITAL: Fund Manager Raised GBP679 Mln to Form New Fund
CEDO PLC: Eight Series 2 Notes' Ratings Under Moody's Review
CEDO PLC: Moody's Puts Series 3 Notes' Ratings under Review
CEDO PLC: Moody's Reviews Ratings on 13 Series 4 Note Classes
CLARKSON KNITTING: Taps Liquidators from PricewaterhouseCoopers

CTN RETAIL: High Court to Hear Winding-Up Petition on May 28
CTN SECURITY: High Court to Hear Winding-Up Petition on May 28
DANKA BUSINESS: Selling DOIC Unit to Konica for USUS$240 Million
DATA JOBS: Manchester High Court Winds Up Business
DIRECTED ELECTRONICS: Inks Amendment to Credit Agreement

DIRECTED ELECTRONICS: S&P Affirms B Corporate Credit Rating
DIRECTED ELECTRONICS: Moody's Affirms Ratings
DISCOUNT BED: Claims Filing Period Ends July 31
EDELWEISS CAPITAL: Ratings on 2007-1 Notes under Moody's Review
EDELWEISS CAPITAL: Moody's Reviews Ratings on 2 S. 2007-2 Notes

EIRLES TWO: Moody's Slashes Ratings on Three Notes Series
HEATING FINANCE: Moody's Junks Corporate Family Rating
NEWLAY EGG: Hires Liquidators from Tenon Recovery
NIM ENGINEERING: Appoints Liquidators from Mazars
NO FRILLS: Calls In Liquidators from Tenon Recovery

PEOPLE OF SOUP: Taps Liquidators from Tenon Recovery
REGENCY TRADE: Brings In Liquidators from Tenon Recovery

* Bank of England Cuts Base Interest Rate to 5%

BOOK REVIEW: Investing in Junk Bonds: Inside the High Yield Debt
             Market


                            *********


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


C. & C. TSCHERNER: Claims Registration Period Ends May 2
--------------------------------------------------------
Creditors owed money by  LLC C. & C. Tscherner Handel (FN
82132h) have until May 2, 2008, to file written proofs of claim
to court-appointed estate administrator Gerhard Bauer at:

          Mag. Gerhard Bauer
          Mahlerstrasse 7
          1010 Vienna
          Austria
          Tel: 512 97 06
          Fax: 512 97 06 20
          E-mail: ra-g.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on May 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 14, 2008 (Bankr. Case No. 28 S 45/08h).


D & D MITROVIC: Claims Registration Period Ends May 5
-----------------------------------------------------
Creditors owed money by KG D & D MITROVIC (FN 288082a) have
until May 5, 2008, to file written proofs of claim to court-
appointed estate administrator Eberhard Wallentin at:

          Dr. Eberhard Wallentin
          Porzellangasse 4-6
          1090 Vienna
          Austria
          Tel: 313 74-0
          Fax: 313 74-80
          E-mail: office@ksw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 25/08h).


EMMY LOESCHL: Claims Registration Period Ends May 5
---------------------------------------------------
Creditors owed money by  LLC Emmy Loeschl & Friedrich Loeschl
(FN 113011v) have until May 5, 2008, to file written proofs of
claim to court-appointed estate administrator Michael Lesigang
at:

          Dr. Michael Lesigang
          Landstrasser Hauptstrasse 14-16/8
          1030 Vienna
          Austria
          Tel: 715 25 26
          Fax: 715 25 26-27
          E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 19 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 23/08i).


FLORIAN HAGER: Claims Registration Period Ends April 22
-------------------------------------------------------
Creditors owed money by  LLC Florian Hager  (FN 83098d) have
until April 22, 2008, to file written proofs of claim to court-
appointed estate administrator Hans Pucher at:

          Dr. Hans Pucher
          Wiener Strasse 3
          3100 St. Poelten
          Austria
          Tel: 02742/35 43 55
          Fax: 02742/35 14 35
          E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 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 Bischofstetten, Austria, the Debtor declared
bankruptcy on March 14, 2008 (Bankr. Case No. 14 S 36/08x).


INTENTION TRADING: Claims Registration Period Ends May 19
---------------------------------------------------------
Creditors owed money by  LLC Intention Trading (FN 272537s) have
until May 19, 2008, to file written proofs of claim to court-
appointed estate administrator Roland Muehlschuster at:

          Dr. Roland Muehlschuster
          Spitalhof 3 A
          4600 Wels
          Austria
          Tel: 07242/206242-0
          Fax: 07242/206242-38
          E-mail: kanzlei@anwaltsservice.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on May 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on March 14, 2008 (Bankr. Case No. 20 S 32/08v).


KMH ARTMANN: Claims Registration Period Ends May 14
---------------------------------------------------
Creditors owed money by LLC KMH Artmann (FN 206199i) have until
May 14, 2008, to file written proofs of claim to court-appointed
estate administrator Gerwald Holper at:

          Mag. Gerwald Holper
          Technologiezentrum
          Marktstrasse 3
          7000 Eisenstadt
          Austria
          Tel: 02682/704 266-0
          Fax: 02682/704 266-15
          E-mail: eisenstadt@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 28, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Wiesen am Rosaliengebirge, Austria, the Debtor
declared bankruptcy on March 14, 2008 (Bankr. Case No. 26 S
28/08g).


MIssION HANDEL: Claims Registration Period Ends May 5
-----------------------------------------------------
Creditors owed money by LLC Mission Handel u. Bau  (FN 280355m)
have until May 5, 2008, to file written proofs of claim to
court-appointed estate administrator Daniel Lampersberger at:

          Mag. Daniel Lampersberger
          c/o Mag. Clemens Richter
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 712 33 30-0
          Fax: 712 33 30-30
          E-mail: kanzlei@engelhart.at

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

The meeting of creditors will be held at:

          The 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 24/08m).  Clemens Richter
represents Mag. Lampersberger in the bankruptcy proceedings.


QUBUS CONSULTING: Claims Registration Period Ends April 22
----------------------------------------------------------
Creditors owed money by JSC Qubus Consulting & Management (FN
161553d) have until April 22, 2008, to file written proofs of
claim to court-appointed estate administrator Johannes Jaksch
at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 a.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 14, 2008 (Bankr. Case No. 6 S 40/08m).   Stephan Riel
represents Dr. Jaksch in the bankruptcy proceedings.


WERBEAGENTUR PROPAGANDERS: Claims Registration Ends April 18
------------------------------------------------------------
Creditors owed money by KEG Werbeagentur Propaganders Fetz (FN
188328d) have until April 18, 2008, to file written proofs of
claim to court-appointed estate administrator Erwin Fidler at:

          Dr. Erwin Fidler
          Schildbach 111
          8230 Hartberg
          Austria
          Tel: 03332/6005300
          Fax: 03332/6005350
          E-mail: advocare@fidler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on April 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in Hartberg, Austria, the Debtor declared
bankruptcy on March 13, 2008 (Bankr. Case No. 26 S 34/08g).


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


THOMSON SA: Francois de Carbonnel Appointed as Board Chairman
-------------------------------------------------------------
The Board of Directors of Thomson S.A. Met Wednesday and
unanimously appointed Francois de Carbonnel as Chairman of the
Board of Directors.

There is no change to Julian Waldron's role as interim CEO and
CFO.

Francois de Carbonnel joined the Board of Thomson on April 2007
and is currently head of the Group's Audit Committee.

Commenting on his appointment, Francois de Carbonnel said "As
non-executive Chairman, my priority for the coming months is to
ensure the Group maintains momentum.  Thomson has tremendous
assets and talented people and a motivated senior executive team
led by Julian Waldron in which the Board has absolute
confidence.  I look forward to taking on this role and working
with the Board as a whole to enhance value for all Thomson
shareholders.  The Board will now review the senior executive
team's assessment of our current situation and outlook. Our
financial and operational priorities will be communicated with
our Q1 sales  on the 16th April."

Formerly President of GE Capital and Citigroup, Mr. de Carbonnel
is a consultant/corporate finance advisor in Europe and in the
USA.  He is on the board of Pages Jaunes S.A. and of Quilvest
S.A.

Managing director of Citigroup from 1999 to 2004, Francois de
Carbonnel has been Chairman and Chief Executive Officer of
MIDIAL, from 1994 to 1998.  He has been also  Chairman of
General Electric Capital SNC, the Holding Company for SOVAC and
Credit de l'Est, and a subsidiary of GE Capital Inc.,President
of GE Capital-Europe, and of the consulting company SPA
(Strategic Planning Associates, Inc.), he was also vice-
president of the Boston Consulting Group.

He received a Master of Sciences Degree in Industrial
Administration from Carnegie-Mellon University in the USA
(1972).  He also received a Master in Economics from the Lyon
Universite (1970) and an Engineering Diploma from the Ecole
Centrale de Lyon (1970). He is a “Chevalier de la Legion
d’Honneur”.

                         About Thomson

Thomson SA -- http://www.thomson.net/-- (Euronext Paris: 18453;
NYSE: TMS) provides technology, services, and systems to help
its Media, Entertainment & Communications clients - content
creators, content distributors and users of its technology -
realize their business goals and optimize their performance in a
rapidly changing technology environment.


THOMSON SA: Obtains Two Multi-Million Euro Contracts in KSA
-----------------------------------------------------------
Thomson S.A. has won two multi-million euro contracts with the
Ministry of Culture and Information in the Kingdom of Saudi
Arabia.

One is for the continuing rollout of digital television
transmitters across the nation; the second is for the creation
of a digital archive of film, radio and television for the state
broadcaster.

“We are pleased and honored to receive these two very different
orders from the Kingdom of Saudi Arabia,” said Patrick
Montliaud, Vice president of Thomson Integration and Network
Solutions, within the Systems division.  “Together with our
local partner company, Stesa - and with specialist alliances
such as the help provided to us by INA on the archive structure
– Thomson has the resources and expertise in depth to deliver
solutions that meet the exacting requirements of the Ministry of
Culture and Information.”

            Rollout of digital television transmitters

Saudi Arabia was the first Arab country to broadcast digital
terrestrial television, with a demonstration service in Riyadh
in 2003.  For the first phase – started in 2006 - of the
national roll-out of digital broadcasting, Thomson with its
local partner Stesa installed 22 high power DVB-T transmitters
to provide coverage in the major cities of the Kingdom.

The contract for phase two which has now been awarded to Thomson
and Stesa adds a further 34 transmitters (Elite 1000) to reach
into the rest of the nation.  Each transmitter site includes a
complete digital headend based on Thomson ViBE encoders and
NetProcessor(TM) multiplex processing, allowing local access to
the interactive facilities available through digital terrestrial
television.  When complete, this will bring the five digital
terrestrial channels to more than 90% of the Kingdom’s
population.

Thomson and Stesa will manage together, on Thomson’s behalf, the
installation at each site, including all necessary power
connections, construction, cooling and antennas, as well as
installing the headends and transmitters.  The complete
transmission network will be monitored and controlled from a
central station in Riyadh, using the Thomson XMS control
solution.

For the archive project, Thomson and Stesa will be working with
INA, the French national library of radio and television
archives, to develop a comprehensive solution to preserve the
archives of Saudi Radio and Television.  This includes more than
750,000 reels of 16mm and 35mm film as well as vast numbers of
audio and video tape recordings.

The project includes the construction of a specialized building
to house the archive as well as the restoration and cataloguing
of the material.  In the frame of this project, Thomson will
deploy its new Media Asset Management solution, called
ContentShare2, to automatize, through the Thomson Grass Valley
K2™ media servers, the ingest workflow.  It will also integrate
an asset management to hold the new catalogue and provide links
to the permanent storage and archive libraries.  INA will
support the 140 Saudi archivists who will be working on the
project.

These two major orders from MOCI in the Kingdom of Saudi Arabia
clearly demonstrate the breadth of this offering, and Thomson’s
ability to respond to complex demands quickly.  The order for
phase two of the transmitter project was signed in March 2008,
with the turnkey implementation of the new transmitter stations
to be completed by mid 2009.  The archive project is planned to
run over a period of two years, during which Thomson will expand
Saudi Radio and Television’s facilities for restoration and
transfer, construct the new archive and develop a workflow for
handling and ingest of the material.

                         About Thomson

Thomson SA -- http://www.thomson.net/-- (Euronext Paris: 18453;
NYSE: TMS) provides technology, services, and systems to help
its Media, Entertainment & Communications clients - content
creators, content distributors and users of its technology -
realize their business goals and optimize their performance in a
rapidly changing technology environment.


THOMSON SA: S&P Puts Recovery Ratings on Unsecured Debt Issues
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned recovery ratings to
the unsecured debt issues of French technology group Thomson
S.A. (BB/Negative/B).

S&P assigned a recovery rating of '3' to Thomson's
EUR1.75 billion revolving credit facility, indicating its
expectation of meaningful (50%-70%) recovery for unsecured
creditors in the event of a payment default.  At the same time,
S&P affirmed its issue-level rating on this debt at 'BB', in
line with the corporate credit rating.

S&P also assigned a recovery rating of '6' to Thomson's
EUR500 million junior subordinated perpetual notes, indicating
our expectation of negligible (0%-10%) recovery for unsecured
creditors.  S&P affirmed its issue-level rating on this debt at
'B', three notches below the corporate credit rating.  The
extra notch difference derives from the deferability of the
coupon payments on the perpetual notes (for a recovery rating of
6, the standard notching difference with respect to the
corporate credit rating is 2 notches).

The issue-level ratings incorporate Standard & Poor's new
criteria based on the application of recovery rating
methodology.

The corporate credit ratings on Thomson primarily reflect the
company's aggressive debt measures and the maturity and margin
pressure in some of its key divisions.  These weaknesses are
somewhat offset by the company's diversified customer
relationships with media, electronics, and telecoms
groups, which are often supported by medium- or long-term
contracts, and by its steady license income.


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


ABELE GMBH: Claims Registration Period Ends April 30
----------------------------------------------------
Creditors of Abele GmbH have until April 30, 2008, to register
their claims with court-appointed insolvency manager Martin
Benzing.

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

The meeting of creditors will be held at:

          The District Court of Stuttgart
          Hall 181
          First Floor
          Hauffstr. 5 (Am Neckartor)
          70190 Stuttgart
          Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

          Abele GmbH
          Siechenfeldstr. 25
          73614 Schorndorf
          Germany


AUTOLAND DELITZSCH: Claims Registration Period Ends April 30
------------------------------------------------------------
Creditors of Autoland Delitzsch GmbH have until April 30, 2008,
to register their claims with court-appointed insolvency manager
Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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. Lucas F. Floether
         Specks Hof Eingang C
         Nikolaistrasse 3-5
         04109 Leipzig
         Germany
         Tel: 0341/652200
         Fax: O341/65220111

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

The Debtor can be reached at:

         Autoland Delitzsch GmbH
         Brodauer Dorfstr. 4
         04509 Delitzsch
         Germany


BACKSHOP FICHTNER: Claims Registration Period Ends April 30
-----------------------------------------------------------
Creditors of Backshop Fichtner GmbH have until April 30, 2008,
to register their claims with court-appointed insolvency manager
Dr. Philipp Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pforzheim
         Hall 242 N
         Lindenstr. 8
         75179 Pforzheim
         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. Philipp Grub
         Humboldtstr. 16
         70178 Stuttgart
         Germany

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

The Debtor can be reached at:

         Backshop Fichtner GmbH
         Attn: Rolf Fichtner, Manager
         Schafwasche 4
         71296 Heimsheim
         Germany


BAU-AS GMBH: Claims Registration Period Ends April 30
-----------------------------------------------------
Creditors of Bau-As GmbH have until April 30, 2008, to register
their claims with court-appointed insolvency manager Susanne
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on May 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

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

The Debtor can be reached at:

         Bau-As GMBH
         Muehlenweg 4
         16909 Heiligengrabe
         Germany


CARD & CO: Claims Registration Period Ends April 30
---------------------------------------------------
Creditors of Card & Co Zoo Karten und Geschenke GmbH have until
April 30, 2008, to register their claims with court-appointed
insolvency manager Andre Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 1, 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 Charlottenburg
          Hall 218
          Second Floor
          Amtsgerichtsplatz 1
          14057 Berlin
          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:

          Andre Houben
          Fasanenstr. 71
          10719 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Card & Co Zoo Karten und Geschenke GmbH on
Feb. 6, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Card & Co Zoo Karten und Geschenke GmbH
          Hardenbergstr. 7
          10623 Berlin
          Germany


CLINIC MEDIZINTECHNIK: Claims Registration Period Ends April 30
---------------------------------------------------------------
Creditors of Clinic Medizintechnik GmbH have until April 30,
2008, to register their claims with court-appointed insolvency
manager Dr. Markus Schadler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         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. Markus Schadler
         Hofstrasse 3
         97070 Wuerzburg
         Germany
         Tel. 0931/45202951

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

The Debtor can be reached at:

         Clinic Medizintechnik GmbH
         Sedanstrasse 27
         97082 Wuerzburg
         Germany


CMR TRANS: Creditors' Meeting Slated for May 27
-----------------------------------------------
The court-appointed insolvency manager for CMR Trans GmbH, Peter
Kiehl, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:00 a.m. on May 27,
2008.

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

         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on June 17, 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:

         Peter Kiehl
         Rathausstrasse 129
         56203 Hoehr-Grenzhausen
         Germany
         Tel: 02624/947036
         Fax: 02624/947037
         E-mail: info@RA-kiehl.de

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

The Debtor can be reached at:

         CMR Trans GmbH
         Auf'm Schaubert 15D
         56072 Koblenz
         Germany


D.V JALES: Claims Registration Period Ends May 2
------------------------------------------------
Creditors of d.v jales GmbH have until May 2, 2008, to register
their claims with court-appointed insolvency manager Rolf
Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
d.v jales GmbH on April 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         d.v jales GmbH
         Attn: AG Jena, Manager
         Hainstrasse 10
         07545 Gera
         Germany


ERNST VESTERLING: Claims Registration Period Ens April 30
---------------------------------------------------------
Creditors of Ernst Vesterling GmbH have until April 30, 2008, to
register their claims with court-appointed insolvency manager
Dr. Stefanie Kuche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Stefanie Kuche
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

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

The Debtor can be reached at:

         Ernst Vesterling GmbH
         Zur Muehle 15
         30559 Hannover
         Germany


ESCADA AG: Lowers Expectations for Fiscal Year 2007/2008
--------------------------------------------------------
ESCADA AG said that on the background of a continually worsening
market environment and based on the business figures at the end
of March 2008, it is adjusting its expectations for fiscal year
2007/2008 (reporting date: October 31).   From today's
perspective the luxury women's fashion manufacturer is expecting
consolidated sales to drop by a higher single-digit percentage
point compared to last year's figure.

The Group's EBITDA is currently estimated to fall short in the
range of 25% versus last year. The Board of Management reckons
that the result after taxes will be slightly positive.  Based on
a stable market environment ESCADA aimed to generate lower
single-digit growth rates both for consolidated sales as well as
Group EBITDA.  The adjusted expectations reflect the further
downturn of the economic environment of key markets over the
last few weeks, and above all the heightened recessionary
indicators in the USA.

                   First Quarter Results

The company had previously said that it expected and already
communicated, a weak performance in the first quarter of fiscal
year 2007/2008 (reporting date: January 31).  Sales of the
women's luxury fashion manufacturer totaled EUR142.1 million, a
drop of 11.8% on the same period of last year (EUR161.2
million).  Currency-adjusted the minus came to 9.1%. Operative
earnings before interest, taxes, depreciation and amortization
(EBITDA) came to EUR6.8 million (2006/2007: EUR21.6 million;
-68.5%).  Consolidated earnings after taxes and minority
interests came to EUR(3.9) million (Q1 2006/2007: EUR6.9
million).

Next to the effects from foreign currency translation, the first
three months business performance was affected above all by the
well documented weak response to the Fall/Winter collections
2007, which had already started to impact the Group negatively
in Q4 2006/2007.  In addition, the first quarter was affected by
delivery shifts of strong product groups for the Spring/Summer
collections 2008 into the second quarter.  Another factor was
the launch of the new Cruise collection for ESCADA Sport, which
has been already shipped at the end of the fourth quarter
2006/2007.

The PRIMERA business unit also recorded an unsatisfactory
operative business performance, especially at apriori and BiBA,
which were both affected by weak response to their Fall/Winter
collections 2007.

The ESCADA business unit generated sales of EUR96.6 million in
the first quarter (Q1 2006/2007: EUR111.5 million, -13.4%,
currency adjusted: -9.4%).  EBITDA totaled at EUR5.6 million (Q1
2006/2007: EUR16.0 million).  The PRIMERA business units (with
the brands apriori, BiBA, cavita, Laurèl) saw sales down by 7.9%
to EUR52.2 million (Q1 2006/2007: EUR56.7 million) with EBITDA
at EUR1.2 million (Q1 2006/2007: EUR5.6 million).

                           About ESCADA

ESCADA AG -- http://www.escada.com/-- is an international
luxury fashion group in women's designer fashion.  It has
pursued a course of steady expansion since its founding in 1976
by Margaretha and Wolfgang Ley and today has 194 own shops and
226 franchise shops/corners in about 60 countries.

Under its brand ESCADA, ESCADA produces and sells women's
designer fashions (ESCADA Main Line and ESCADA Sport) for
daytime, evening, business, leisure, wellness and special
occasions as well as couture.  The range of fashions is
supplemented with accessories like handbags and shoes.
Fragrances, eyewear and kids wear from licensed partners are
also sold under the ESCADA brand.  Through its subsidiary
PRIMERA AG, the company additionally sells the midpriced brands
apriori, BiBA (retail) and cavita as well as Laurèl (diffusion
segment).

The ESCADA Group is led by an international top management team
which in turn is headed by a board of management composed of
three executive directors.  Since June 1, 2007 Jean-Marc Loubier
(former executive at LVMH and president/CEO of Céline) took over
as CEO.

The capital stock of ESCADA AG amounts to EUR 88,023,475 and is
divided into 17,192,085 no-par-value bearer shares. The
shareholder structure is characterized to a significant degree
by a free float held principally by internationally active
institutional investors (80 - 90%). Since end of 2003 Mr. Rustam
Aksenenko (CEO of Swiss Finance Group Finartis) is the biggest
single shareholder.  Further major shareholder are Bestinver
Gestion (Madrid), Fidelity (London), Schroders (London), and the
founder Wolfgang Ley.

In fiscal year 2006/07 ESCADA generated Group sales of
EUR686.6 million Euro 2005/06: EUR695.2 million).  The business
unit ESCADA generated sales of EUR461.8 million (2005/06:
EUR489.2 million ).  PRIMERA Group increased sales by 8.9% to
EUR247.7 million.  The consolidated net profit of EUR -26,8
million (2005/06: EUR6.9 million) is primarily the consequence
of 39.9 million one-time expenses for structural measures aimed
at improving the Group's efficiency and raising market
performance.


ESCADA AG: Apax Partners Discontinues Planned Equity Investment
---------------------------------------------------------------
ESCADA AG disclosed that Apax Partners will no longer pursue
discussions and plans for equity investment in the company.

The Board of Management of ESCADA AG confirms that it has been
in talks with the equity company Apax Partners for several
months and that Apax Partners have been granted limited insight
into the company's commercial and financial conditions.  At the
beginning of April 2008 Apax Partners informed the Board of
Management, however, that they were not pursuing their plans for
an equity investment in ESCADA AG any further and will therefore
not continue negotiating.

In their statement Apax Partners praised the support they
received from the Board of Management, but state that the recent
evolution of the stock price and the weakness of the
international financial markets do not give a basis for pursuing
the project.  The Board of Management would like to thank Apax
Partners for their positive interest in ESCADA.


                           About ESCADA

ESCADA AG -- http://www.escada.com/-- is an international
luxury fashion group in women's designer fashion.  It has
pursued a course of steady expansion since its founding in 1976
by Margaretha and Wolfgang Ley and today has 194 own shops and
226 franchise shops/corners in about 60 countries.

Under its brand ESCADA, ESCADA produces and sells women's
designer fashions (ESCADA Main Line and ESCADA Sport) for
daytime, evening, business, leisure, wellness and special
occasions as well as couture.  The range of fashions is
supplemented with accessories like handbags and shoes.
Fragrances, eyewear and kids wear from licensed partners are
also sold under the ESCADA brand.  Through its subsidiary
PRIMERA AG, the company additionally sells the midpriced brands
apriori, BiBA (retail) and cavita as well as Laurèl (diffusion
segment).

The ESCADA Group is led by an international top management team
which in turn is headed by a board of management composed of
three executive directors.  Since June 1, 2007 Jean-Marc Loubier
(former executive at LVMH and president/CEO of Céline) took over
as CEO.

The capital stock of ESCADA AG amounts to EUR 88,023,475 and is
divided into 17,192,085 no-par-value bearer shares. The
shareholder structure is characterized to a significant degree
by a free float held principally by internationally active
institutional investors (80 - 90%). Since end of 2003 Mr. Rustam
Aksenenko (CEO of Swiss Finance Group Finartis) is the biggest
single shareholder.  Further major shareholder are Bestinver
Gestion (Madrid), Fidelity (London), Schroders (London), and the
founder Wolfgang Ley.

In fiscal year 2006/07 ESCADA generated Group sales of
EUR686.6 million Euro 2005/06: EUR695.2 million).  The business
unit ESCADA generated sales of EUR461.8 million (2005/06:
EUR489.2 million ).  PRIMERA Group increased sales by 8.9% to
EUR247.7 million.  The consolidated net profit of EUR -26,8
million (2005/06: EUR6.9 million) is primarily the consequence
of 39.9 million one-time expenses for structural measures aimed
at improving the Group's efficiency and raising market
performance.


ESCADA AG: Moody's Review 'B1' Ratings and May Downgrade
--------------------------------------------------------
Moody's Investors Service placed the B1 debt ratings of ESCADA
AG on review for possible downgrade following the company's
announcement that its 2008 results will be negatively impacted
by the current weak conditions in the luxury women's fashion
market.

ESCADA announced that it expects its 2008 consolidated sales to
drop by a higher single-digit percentage compared to last year
because of weak market conditions.  It added that, as
consequence of the revenue decline, it expects EBITDA to be 25%
lower in 2008 than in 2007.

Moody's rating review will examine whether the company's credit
profile remains supportive of the current rating.  In
particular, it will evaluate ESCADA's ongoing cost management
plans and strategies to mitigate the pressure on revenue and its
cash flow from the challenging market environment.  The review
is expected to be completed within the next few weeks.

These ratings have been placed on review for possible downgrade:

    Corporate Family Rating: B1
    Senior Unsecured Rating: B1/LGD3

Moody's last rating action on ESCADA was in April 2007, when it
was assigned a Probability of Default Rating and Loss Given
Default Assessment following the implementation of LGD
methodology.

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear luxury apparel
for women.  In the financial year ended 31 October 2007, the
company reported consolidated sales of EUR686 million and EBITDA
of EUR70.3 million.


ESCADA AG: S&P Lowers Long-Term Corporate Credit Rating to B+
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German high-end women's fashion
designer and retailer ESCADA AG to 'B+' from 'BB-'.  The outlook
is negative.

The one-notch downgrade also applies to Escada's EUR200 million
senior unsecured notes due in 2012. The recovery rating of '3'
on these notes remains unchanged, indicating that lenders can
expect meaningful (50%-70%) recovery in the event of a payment
default.

"The rating action follows the company's announcement that its
revenues will drop by up to 10% in the financial year ending
Oct. 31, 2008, versus 2007, triggering up to a 25% plunge in
EBITDA," said Standard & Poor's credit analyst Diego Festa.
"These lower numbers will cause the company's debt metrics to
fall to about 10% by year-end 2008, down from more than 20% at
year-end 2007."  In addition, Escada has announced the end of
discussions with private equity investors, which reduces the
potential for support from new shareholders for the company.

Escada has primarily attributed declining sales and
profitability during the past two quarters to its unsuccessful
2007/2008 fall-winter collection.  In first-quarter 2008, like-
for-like sales dropped by 9%, leading EBITDA in the period to
plummet by 70%.

This fresh profit warning, however, illustrates Escada's
increased exposure to fashion risk in its main product lines.
The company's dependence on one main brand amplifies its
vulnerability.  This may translate into a lasting downtrend in
sales and profitability, going hand in hand with decreasing
transparency in Escada's order book.

"The negative outlook reflects the possibility that Escada's
latest profit warning results from operating issues that may not
be limited to just one collection," added Mr. Festa.  "The pall
on group sales could prevail over coming quarters, either
through fashion risk or external event risk."

Potentially tightening liquidity could also increase near-term
pressure on the ratings.  S&P could lower the ratings if
management's efforts to achieve an operational turnaround don't
lead to a sustainable recovery of adjusted FFO to debt to 15% by
year-end 2009.


ESCADA AG: Ordinary General Meeting Scheduled on April 17
---------------------------------------------------------
ESCADA AG disclosed in its website that it will hold its 24th
ordinary general meeting at 10:00 a.m., on April 17, 2008.

The meeting will be held at ArabellaSheraton Grand Hotel in
Munich.

ESCADA AG -- http://www.escada.com/-- is an international
luxury fashion group in women's designer fashion.  It has
pursued a course of steady expansion since its founding in 1976
by Margaretha and Wolfgang Ley and today has 194 own shops and
226 franchise shops/corners in about 60 countries.

Under its brand ESCADA, ESCADA produces and sells women's
designer fashions (ESCADA Main Line and ESCADA Sport) for
daytime, evening, business, leisure, wellness and special
occasions as well as couture.  The range of fashions is
supplemented with accessories like handbags and shoes.
Fragrances, eyewear and kids wear from licensed partners are
also sold under the ESCADA brand.  Through its subsidiary
PRIMERA AG, the company additionally sells the midpriced brands
apriori, BiBA (retail) and cavita as well as Laurèl (diffusion
segment).

The ESCADA Group is led by an international top management team
which in turn is headed by a board of management composed of
three executive directors.  Since June 1, 2007 Jean-Marc Loubier
(former executive at LVMH and president/CEO of Céline) took over
as CEO.

The capital stock of ESCADA AG amounts to EUR 88,023,475 and is
divided into 17,192,085 no-par-value bearer shares. The
shareholder structure is characterized to a significant degree
by a free float held principally by internationally active
institutional investors (80 - 90%). Since end of 2003 Mr. Rustam
Aksenenko (CEO of Swiss Finance Group Finartis) is the biggest
single shareholder.  Further major shareholder are Bestinver
Gestion (Madrid), Fidelity (London), Schroders (London), and the
founder Wolfgang Ley.

In fiscal year 2006/07 ESCADA generated Group sales of
EUR686.6 million Euro 2005/06: EUR695.2 million).  The business
unit ESCADA generated sales of EUR461.8 million (2005/06:
EUR489.2 million ).  PRIMERA Group increased sales by 8.9% to
EUR247.7 million.  The consolidated net profit of EUR -26,8
million (2005/06: EUR6.9 million) is primarily the consequence
of 39.9 million one-time expenses for structural measures aimed
at improving the Group's efficiency and raising market
performance.


EUROPEGAS GMBH: Creditors' Meeting Slated for May 5
---------------------------------------------------
The court-appointed insolvency manager for Europegas GmbH, Dr.
Biner Bahr, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
May 5, 2008.

The meeting of creditors and other interested parties 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 at 9:20 a.m. on May 19, 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. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Europegas GmbH
         Jagenbergstrasse 15
         41468 Neuss
         Germany


G. REIBOLD GMBH: Claims Registration Period Ends April 30
---------------------------------------------------------
Creditors of G. Reibold GmbH & Co. Kfz-Waschanlagen KG have
until April 30, 2008, to register their claims with court-
appointed insolvency manager Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Henning Jung
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312
         E-mail: kassel@leonhardt-westhelle.eu

The District Court of Kassel opened bankruptcy proceedings
against G. Reibold GmbH & Co. Kfz-Waschanlagen KG on March 12,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         G. Reibold GmbH & Co. Kfz-Waschanlagen KG
         Mombachstrasse 13-15
         34127 Kassel
         Germany


GASTRO-SERVICE-ROTH GMBH: Claims Registration Ends April 29
-----------------------------------------------------------
Creditors of Gastro-Service-Roth GmbH have until April 29, 2008,
to register their claims with court-appointed insolvency manager
Claus-Ulrich Beutel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Claus-Ulrich Beutel
         Fuerther Strasse 62
         90429 Nuernberg
         Germany
         Tel: 0911/312203
         Fax: 09 11/325523

The District Court of Nuernberg opened bankruptcy proceedings
against Gastro-Service-Roth GmbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gastro-Service-Roth GmbH
         Muenchener Strasse 19 a
         91154 Roth
         Germany


GLAS-UND GEBAUDEREINIGUNG: Claims Registration Ends April 30
------------------------------------------------------------
Creditors of Glas-und Gebaudereinigung Becker GmbH have until
April 30, 2008, to register their claims with court-appointed
insolvency manager Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Glas-und Gebaudereinigung Becker GmbH on March 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Glas- und Gebaudereinigung Becker GmbH
         Limbecker Str. 34
         44388 Dortmund
         Germany


HG BAUGESELLSCHAFT: Creditors Must File Claims by April 25
----------------------------------------------------------
Creditors of HG Baugesellschaft mbH have until April 25, 2008,
to register their claims with court-appointed insolvency manager
F. Peters.

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 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:

         F. Peters
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against HG Baugesellschaft mbH on March 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         HG Baugesellschaft mbH
         Kapellenstrasse 15
         22117 Hamburg
         Germany


HOLZHANDEL-SUED GMBH: Claims Registration Period Ends April 30
--------------------------------------------------------------
Creditors of Holzhandel-Sued GmbH have until April 30, 2008, to
register their claims with court-appointed insolvency manager
Eckelmann u.a.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Road 28
         Ludwigsburg
         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:

         Eckelmann u.a.
         Grosse Bahngasse 8-10,
         74072 Heilbronn
         Germany

The District Court of Ludwigsburg opened bankruptcy proceedings
against Holzhandel-Sued GmbH on April 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Holzhandel-Sued GmbH
         Attn: Markus Uebele, Manager
         Lemberger Str. 4
         71546 Allmersbach a.W.
         AG Stuttgart
         Germany


HUGO GOERNER: Claims Registration Period Ends April 30
------------------------------------------------------
Creditors of Hugo Goerner GmbH Technische & optische
Kunststoffspritzgussteile have until April 30, 2008, to register
their claims with court-appointed insolvency manager Arndt
Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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:

         Arndt Geiwitz
         Bahnhofstr. 41
         89231 Neu-Ulm
         Germany
         Tel: 0731/97018-0
         Fax: 0731/97018-650
         E-mail: arndt.geiwitz@schneidergeiwitz.de
         Web site: http://www.schneidergeiwitz.de

The District Court of Aalen opened bankruptcy proceedings
against Hugo Goerner GmbH Technische & optische
Kunststoffspritzgussteile on March 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hugo Goerner GmbH Technische & optische
         Kunststoffspritzgussteile
         Friedrichstr. 100
         73430 Aalen
         Germany


ISYS MARKETING: Creditors' Meeting Slated for April 16
------------------------------------------------------
The court-appointed insolvency manager for iSYS Marketing &
Consulting GmbH, Thomas Becker will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
2:05 p.m. on April 16, 2008.

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

          The District Court of Saarbruecken
          Meeting Hall 24
          Second Floor
          Vopeliusstrasse 2
          66280 Sulzbach
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:15 p.m. on June 4, 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:

          Thomas Becker
          Brueckenstrasse 60
          66763 Dillingen
          Germany
          Tel: (06831) 769980
          Fax: (06831) 7699870

The District Court of Saarbruecken opened bankruptcy proceedings
against iSYS Marketing & Consulting GmbH on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          iSYS Marketing & Consulting GmbH
          Attn: Holmer Engel, Manager
          Gerlen 5
          66131 Saarbruecken
          Germany


J & M MALERFACHBETRIEB: Creditors Must File Claims by April 25
--------------------------------------------------------------
Creditors of J & M Malerfachbetrieb GmbH have until
April 25, 2008, to register their claims with court-appointed
insolvency manager Jochen Eisenbeis.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Jochen Eisenbeis
         Käthe-Kollwitz-Str. 11
         66115 Saarbruecken
         Germany

The District Court of Saarbruecken opened bankruptcy proceedings
against J & M Malerfachbetrieb GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         J & M Malerfachbetrieb GmbH
         Fasanerieweg 13
         66121 Saarbruecken
         Germany


KA-UF SERVICE: Claims Registration Ends April 30
------------------------------------------------
Creditors of KA-UF Service GmbH have until April 30, 2008 to
register their claims with court-appointed insolvency manager
Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on May 30, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne
         Germany

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

The Debtor can be reached at:

         KA-UF Service GmbH
         Attn: Ufuk Sayin, Manager
         Pasteurstr. 1
         50735 Cologne
         Germany


KIDS IN STYLE: Claims Registration Period Ends May 2
----------------------------------------------------
Creditors of kids in style GmbH have until May 2, 2008, to
register their claims with court-appointed insolvency manager
Karen Geberbauer.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Karen Geberbauer
         Landwehr 2
         22087 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against kids in style GmbH on April 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         kids in style GmbH
         Attn: Ingo Alexander Schirrmann, Manager
         Brooktorkai 8
         20457 Hamburg
         Germany


KM SPIELOTHEK: Claims Registration Ends April 30
------------------------------------------------
Creditors of KM Spielothek GmbH have until April 30, 2008 to
register their claims with court-appointed insolvency manager
Peter-Alexander Borchardt.

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

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

         Peter-Alexander Borchardt
         Deichstr. 1
         20459 Hamburg
         Germany
         Tel: 040/37 60100
         Fax: 040/37 601199
         E-mail: hamburg@htg-wp.de

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

The Debtor can be reached at:

         KM Spielothek GmbH
         Attn: Martin Scheele, Manager
         Sandhoehe 21
         21435 Stelle
         Germany


LA BELLA: Claims Registration Ends April 30
-------------------------------------------
Creditors of La Bella Mamma Restaurant GmbH have until April 30,
2008 to register their claims with court-appointed insolvency
manager Norman Haring.

Creditors and other interested parties are encouraged to attend
the meeting at 9:32 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 220
         Second Floor
         St. Veit-Strasse 38
         56727 Mayen
         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:

         Norman Haring
         W. Th.  Roemheld Strasse 14
         55130 Mainz
         Germany
         Tel: 06131/28500
         Fax: 06131/285028
         E-mail: mainz@hess-rechtsanwaelte.de

The District Court of Mayen  opened bankruptcy proceedings
against La Bella Mamma Restaurant GmbH on March 5, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         La Bella Mamma Restaurant GmbH
         Boemundring 12
         56727 Mayen
         Germany

         Attn: Angelo Barani, Manager
         Haus de Haas
         Olpener Str. 180
         51103 Cologne
         Germany


LANSMANN & SCHULTEN: Creditors Must File Claims by April 25
-----------------------------------------------------------
Creditors of Lansmann & Schulten Bauunternehmung GmbH have until
April 25, 2008, to register their claims with court-appointed
insolvency manager Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany

The District Court of Muenster opened bankruptcy proceedings
against Lansmann & Schulten Bauunternehmung GmbH on March 10,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Lansmann & Schulten Bauunternehmung GmbH
         Rhedebruegger Strasse 29
         46325 Borken
         Germany

         Attn: Werner Lansmann, Manage
         Immanuel-Kant-Strasse 9 b
         46359 Heiden
         Germany


LOGO MAssIVBAU: Claims Registration Ends April 30
-------------------------------------------------
Creditors of LOGO Massivbau GmbH have until April 30, 2008 to
register their claims with court-appointed insolvency manager
Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 30, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

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

The Debtor can be reached at:

         LOGO Massivbau GmbH
         Attn: Ralf Lawitzke, Manager
         Petersdorfer Strasse 61
         17268 Templin
         Germany


LTG INTERCARGO: Claims Registration Period Ends April 30
--------------------------------------------------------
Creditors of LTG Intercargo GmbH have until April 30, 2008, to
register their claims with court-appointed insolvency manager
Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:


          The District Court of 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 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:

          Georg Kreplin
          Breite Strasse 27
          40213 Duesseldorf
          Germany

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

The Debtor can be reached at:

          LTG Intercargo GmbH
          Attn: Ulrich Lachmann, Manager
          Westring 3
          40721 Hilden
          Germany


LTG LACHMANN: Claims Registration Period Ends April 30
------------------------------------------------------
Creditors of LTG Lachmann Transportgesellschaft mbH have until
April 30, 2008, to register their claims with court-appointed
insolvency manager Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on May 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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 8:00 a.m. on May 30, 2008, at the same
venue.

The insolvency manager can be reached at:

          Georg Kreplin
          Breite Strasse 27
          40213 Duesseldorf
          Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against LTG Lachmann Transportgesellschaft mbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          LTG Lachmann Transportgesellschaft mbH
          Westring 3
          40721 Hilden
          Germany



MARTIN HOPSTER: Claims Registration Ends April 30
-------------------------------------------------
Creditors of Martin Hopster Zimmerei GmbH i. L. have until
April 30, 2008 to register their claims with court-appointed
insolvency manager Frank W. Stroot.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Bersenbrueck
         Hall E 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         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:

         Frank W. Stroot
         Sutthauser Strasse 285
         49080 Osnabrueck
         Germany
         Tel: 0541/76007570
         Fax: 0541/76007599
         E-mail: infobpl-recht.de
         Web site: http://www.bpl-recht.de/

The District Court of Bersenbrueck opened bankruptcy proceedings
against Martin Hopster Zimmerei GmbH i. L. on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Martin Hopster Zimmerei GmbH i. L.
         Hollensteder Str. 13
         49584 Fuerstenau
         Germany


MAYER CONSULT: Claims Registration Ends April 30
------------------------------------------------
Creditors of mayer consult GmbH i. L. have until April 30, 2008
to register their claims with court-appointed insolvency manager
Dr. Martin Dietrich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Martin Dietrich
         Brauhaus 5
         01099 Dresden
         Germany
         Web site: http://www.henningsmeier.de/

The District Court of Dresden opened bankruptcy proceedings
against mayer consult GmbH i. L. on March 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         mayer consult GmbH i. L.
         Herrmann-Schomburg-Strasse 6
         02694 Grossdubrau
         Germany


METALLBEABEITUNG KREKER: Claims Registration Ends April 30
----------------------------------------------------------
Creditors of Metallbeabeitung KREKER GmbH have until April 30,
2008 to register their claims with court-appointed insolvency
manager Sandra Kramer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 27, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Sandra Kramer
         Morianstrasse 45
         42103 Wuppertal
         Germany
         Tel: 0202/283310
         Fax: 0202/2833175

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

The Debtor can be reached at:

         Metallbeabeitung KREKER GmbH
         Attn: Gisela Kreker, Manager
         Kohlenstr. 23-25
         42555 Velbert
         Germany


METZGEREI KOEHLER: Creditors Must File Claims by April 25
---------------------------------------------------------
Creditors of Metzgerei Koehler GmbH have until April 25, 2008,
to register their claims with court-appointed insolvency manager
Christian Adolf.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 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:

         Christian Adolf
         Ludwigstr. 50
         95028 Hof
         Germany

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

The Debtor can be reached at:

         Metzgerei Koehler GmbH
         Friedhofweg 1
         95213 Muenchberg
         Germany


MICHAEL BOB: Claims Registration Period Ends April 30
-----------------------------------------------------
Creditors of Michael Bob GmbH & Co. Textilhandel KG have until
April 30, 2008, to register their claims with court-appointed
insolvency manager Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 Charlottenburg
          Hall 218
          Second Floor
          Amtsgerichtsplatz 1
          14057 Berlin
          Germany

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

The insolvency manager can be reached at:

          Udo Feser
          Uhlandstr. 165/166
          10719 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Michael Bob GmbH & Co. Textilhandel KG on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Michael Bob GmbH & Co. Textilhandel KG
          Bleichgrabenstr. 3
          41063 Moenchengladbach
          Germany


MTS MASCHINENBAUTEAM: Claims Registration Period Ends April 30
--------------------------------------------------------------
Creditors of mts MASCHINENBAUTEAM SCHWEERS GmbH &
Co.Produktions- und Vertriebs KG have until April 30, 2008, to
register their claims with court-appointed insolvency manager
Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Verden (Aller)
          Hall 214
          Main Building
          Johanniswall 8
          27283 Verden (Aller)
          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. Christian Willmer
          Georgstr. 5
          27283 Verden (Aller)
          Germany
          Tel: 04231/884-45
          Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against mts MASCHINENBAUTEAM SCHWEERS GmbH &
Co.Produktions- und Vertriebs KG on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          mts MASCHINENBAUTEAM SCHWEERS GmbH &
          Co.Produktions- und Vertriebs KG
          Justus-von-Liebig-Strasse 4
          27283 Verden
          Germany


POLYEX GMBH: Creditors Must File Claims by April 25
---------------------------------------------------
Creditors of Polyex GmbH have until April 25, 2008, to register
their claims with court-appointed insolvency manager Stephan
Haspel.

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 Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         Germany

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

The insolvency manager can be reached at:

         Stephan Haspel
         Xylanderstr. 3
         76829 Landau in der Pfalz
         Germany

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Polyex GmbH on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Polyex GmbH
         Im Entengrund 5
         76726 Germersheim
         Germany


WERNER KLAPPLADEN: Claims Registration Period Ends April 30
-----------------------------------------------------------
Creditors of Werner Klappladen GmbH have until April 30, 2008,
to register their claims with court-appointed insolvency manager
Dr. jur. Marcus Egner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Dr. jur. Marcus Egner
         Moltkestrasse 40
         74072 Heilbronn
         Germany
         Tel: 07131/60990
         Fax: 07131/609962

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

The Debtor can be reached at:

         Werner Klappladen GmbH
         Burgweg 5a
         74360 Ilsfeld-Auenstein
         Germany

         Attn: Tobias Werner, Manager
         Lerchenrain 37
         74226 Nordheim
         Germany


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


ALITALIA SPA: Sets April 15 Meeting with Unions
-----------------------------------------------
Alitalia S.p.A. will meet its unions on April 15, 2008, to
discuss plans for the national carrier's future after it
revealed having only EUR170 million cash-to-hand and short-term
financial credits, Bloomberg News reports citing a spokesman for
the FILT-CGIL union.

As reported in the TCR-Europe on April 10, 2008, Alitalia said
it needs substantial financial support, through which it would
"be possible to regain the required confidence to pursue the
company’s business plan and hence to confirm continuity of
operations."

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

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

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

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

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

                          About Alitalia

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

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

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


PARMALAT SPA: Shareholders Elect Directors' & Auditors' Board
-------------------------------------------------------------
Parmalat S.p.A.'s Ordinary Shareholders’ Meeting elected its
Board of Directors and Board of Statutory Auditors, reappointing
the directors and statutory auditors who served on the previous
boards.

These candidates were elected to the Board of Directors:

    * Raffaele Picella,
    * Massimo Confortini (independent),
    * Enrico Bondi,
    * Vittorio Mincato (independent),
    * Marzio Saà (independent),
    * Carlo Secchi (independent),
    * Ferdinando Superti Furga (independent),
    * Piergiorgio Alberti (independent),
    * Marco De Benedetti (independent),
    * Andrea Guerra (independent), and
    * Erder Mingoli (independent)

These candidates were elected to the Board of Statutory
Auditors:

    * Alessandro Dolcetti (Chairman),
    * Enzio Bermani (Statutory Auditor),
    * Mario Magenes (Statutory Auditor),
    * Renato Colavolpe (Alternate), and
    * Marco Lovati (Alternate)

The Shareholders’ Meeting also approved a resolution concerning
the annual compensation payable to the Board of Directors, which
was set at globally EUR1,300,000 before any legally required
deductions for the entire Board and awarded to Directors who are
asked to serve on Board Committees a variable compensation,
based on the number of Committee meetings attended, in the
amount of:

    * EUR3,900 payable to each Director for each Committee
      meeting attended; and

    * EUR6,500payable to each Committee Chairman for each
      Committee meeting attended.

For the Board of Statutory Auditors, which comprises three
statutory auditors and two alternates, the Shareholders’ Meeting
approved an annual compensation of EUR45,000 for the Statutory
Auditors and EUR65,000 euros for the Alternates.

The Directors and Statutory Auditors were elected for a term of
three years until the Shareholders’ Meeting convened to approve
the financial statements at Dec. 31, 2010.

                        About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Board Names Bondi as CEO, Picella as Chairman
-----------------------------------------------------------
Parmalat S.p.A.'s new Board of Directors has elected Raffaele
Picella as chairman and appointed Enrico Bondi as Chief
Executive Officer, awarding them the necessary powers.

Acting in accordance with Article 12 of the Bylaws and taking
into account the guidelines provided in Item 3.C.1 of the Code
of Conduct of Borsa Italiana S.p.A., it carried out the process
of verifying which Directors met the independence requirements.

Based on this process, these Directors qualified as independent:

    * Piergiorgio Alberti,
    * Massimo Confortini,
    * Marco De Benedetti,
    * Andrea Guerra,
    * Vittorio Mincato,
    * Erder Mingoli,
    * Marzio Saa,
    * Carlo Secchi, and
    * Ferdinando Superti Furga

The current Board of Directors includes a higher number of
independent Directors (nine) than the minimum number (at least
six) required pursuant to Article 11 of the Bylaws.

The Board of Directors also approved the establishment of the
Committees, to which it appointed the members listed below:

    * Litigation Committee:

      -- Massimo Confortini (Chairman),
      -- Ferdinando Superti Furga, and
      -- Vittorio Mincato;

    * Nominations and Compensation Committee:

      -- Carlo Secchi (Chairman),
      -- Andrea Guerra, and
      -- Marco De Benedetti

    * Internal Control and Corporate Governance Committee:

      -- Marzio Saa (Chairman),
      -- Carlo Secchi, and
      -- Ferdinando Superti Furga

                        About Parmalat

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

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

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

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

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

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


PARMALAT SPA: To Pay EUR0.159 Dividend per Share by April 24
------------------------------------------------------------
The Ordinary Shareholders’ Meeting of Parmalat S.p.A. has
approved the 2007 financial statements, which show a
net profit of EUR554.7 million and consolidated net profit of
EUR673.4 million.

The Shareholders’ Meeting also approved a motion to distribute
to each eligible common share a dividend of EUR0.159, which is
six times higher than that which was distributed in 2007
(EUR0.025 per share).

The dividend will be payable as of April 24, 2008 (stock marker
record date April 21, 2008) through intermediaries who are
member of the centralized clearing system operated by Monte
Titoli S.p.A.

Notice is hereby given that, pursuant to Article 2, Section 5,
of the Warrants Regulations, the right to exercise warrants will
be reinstated on April 21, 2008 (coupon presentation date –
Coupon 2).

                        About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Extraordinary Shareholders' Meeting Set May 30
------------------------------------------------------------
Parmalat S.p.A.'s Board of Directors has met to examine a
request by shareholders representing in total 12.0639% of the
share capital to convene an Extraordinary Shareholders'
Meeting in accordance with article 2367 of the Civil Code.

The subject matter of the request received relates to the
"proposal to increase the threshold of 50% of the distributable
earnings and consequent change of the article 26 of the
Company's Bylaws."

The Board of Directors resolved to convene an Extraordinary
Shareholders' Meeting on:

    * May 30, 2008, on the first call;
    * June 3, 2008, if necessary, on the second call; and
    * June 4, 2008, if necessary, on the third call.

The documents relating to the agenda will be available at least
15 days before the date set for the first call at:

         Alitalia S.p.A.
         26 Via Oreste Grassi
         Collecchio (PR)
         Italy

                        About Parmalat

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

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

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

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

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

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


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


CITY-STROY K LLP: Creditors Must File Claims by May 14
------------------------------------------------------
LLP Construction Company City-Stroy K has declared insolvency.
Creditors have until May 14, 2008, to submit written proofs of
claims to:

         LLP Construction Company City-Stroy K
         Ilyasov Str. 18/43
         Kyzylorda
         Kazakhstan


GALS LLP: Claims Deadline Slated for May 7
------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Gals insolvent on Feb. 29, 2008.

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

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


LEONIS INCORPOPATION LLC: Claims Filing Period Ends May 9
---------------------------------------------------------
Representation of Company Leonis Incorpopation LLC has declared
its closure.  Creditors have until May 9, 2008, to submit
written proofs of claims to:

         Representation of Company
         Leonis Incorpopation LLC
         Baiseitova Str. 49
         Almaty
         Kazakhstan

PODRYAD-STROITELSTVO LLP: Creditors' Claims Due on May 9
--------------------------------------------------------
LLP Construction Company Podryad-Stroitelstvo has declared
insolvency.  Creditors have until May 9, 2008, to submit written
proofs of claims to:

         LLP Construction Company Podryad-Stroitelstvo
         Piterskih Kommunarov Str. 6-92
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


SHRAPS LLP: Claims Registration Ends May 7
------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Shraps insolvent.

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

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


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


TOURISM SERVICE LLC: Creditors Must File Claims by May 20
---------------------------------------------------------
LLC Tourism Service has declared insolvency.  Creditors have
until May 20, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-772) 65-41-56.


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


* Building Firms Filing for Bankruptcy in Norway Up 30%
-------------------------------------------------------
The number of bankruptcies filed from the building sector in
Norway reached more than 140 for 2008, representing a 30%
increase over 2007, Aftenposten reports.

According to the report, the bankruptcy filings are linked to
customers' inability or unwillingness to pay their bills.

"It was difficult to draw in money especially form the private
market," Petter Hakelien, the owner of a building firm who filed
for bankruptcy, was quoted by Aftenposten as saying.


=============
R O M A N I A
=============


* Romanian Bankruptcies Up 35% in 2007
--------------------------------------
The number of bankruptcies in Romania increased 35% in 2007
compared to 2006, Rompres reports citing a Coface survey.

Around 41.4% of the bankruptcies were from the trading activity
sector, Coface's survey said.

Coface said at year-end 2007, 13,104 of 14,104 insolvent firms
in Romania succumbed to bankruptcy.


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


BASH-ATOM OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on OJSC Bash-Atom (TIN 0253003450).  The
case is docketed under Case No. A07-20645/2003-G-PAV-SVI.

The Temporary Insolvency Manager is:

         I. Klyuev
         Apt. 47
         Shefieva Str. 10
         Ufa
         Bashkortostan
         Russia
         Tel: 8-905-35-129-44

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Bash-Atom
         Tsvetnoj Avenue 5
         Agidel
         Bashkortostan
         Russia


CHUDOVSKAYA BREAD 64: Novgorod Bankruptcy Hearing Set May 29
------------------------------------------------------------
The Arbitration Court of Novgorod will convene at 11:00 a.m. on
May 29, 2008, to hear the bankruptcy supervision procedure on
OJSC Chudovskaya Bread Base 64 (TIN 5318004670).  The case is
docketed under Case No. A44-182/2008.

The Temporary Insolvency Manager is:

         B. Boykov
         Izhorskogo Batalyona Str. 24
         196084 Pskov
         Russia

The Debtor can be reached at:

         OJSC Chudovskaya Bread Base 64
         Mayskaya St. 3
         Chudovo
         174210 Novgorod
         Russia


NIIPKP SIB-PROJECT: Creditors Must File Claims by May 15
--------------------------------------------------------
Creditors of CJSC Niipkp Sib-Project have until May 15, 2008, to
submit proofs of claim to:

         S. Lebedev
         Insolvency Manager
         Office 310
         Kamenskaya Str. 64a
         Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-?85?/07-54/48.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Niipkp Sib-Project
         Kombshtatskiy Per. 3
         Novosibirsk
         Russia


NOVATEK OAO: Hikes Total Reserves by 200 Million Boe in 2007
------------------------------------------------------------
OAO Novatek disclosed that DeGolyer and MacNaughton has
completed its comprehensive reserve appraisals of the company’s
oil and gas reserves as of Dec. 31, 2007.

Novatek added around 220 million barrels of oil equivalent (boe)
of proved reserves under SEC standards, inclusive of 2007
production, and produced around 206 million boe during the year.

Estimated total proved reserves (SEC) as of Dec. 31, 2007,
increased to 4.678 billion boe from 4.664 billion boe as of
year-end 2006.

Total proved reserves of natural gas increased from 651 billion
cubic meters (bcm) in 2006 to 653 bcm in 2007, an increase of 31
bcm, inclusive of 2007 production.

Of significant importance was the growth in proved producing
reserves of 304 million boe (exluding production), or 9%, over
2006.  In 2007, on a barrel of oil equivalent basis, Novatek
replaced 107% of its production volumes from the appraised
fields, or 158 percent over a five-year period (2003 to 2007),
and at year-end 2007, the Company’s reserve to production ratio
(or R/P ratio) is 23 years.

During 2007, Novatek appraised its reserves under the PRMS
reserve reporting standard which was approved in March 2007 by
the Society of Petroleum Engineers, the World Petroleum Council,
the American Association of Petroleum Geologist, and the Society
of Petroleum Evaluation Engineers.

The Company will cease reporting reserves under the previous
proved and probable (P2) reserve methodology and adopt the new
PRMS reserve standards for reporting proved and probable
reserves. The Company will maintain reporting SEC proved
reserves for financial reporting purposes.

Under this PRMS reserve reporting methodology, the Company’s
proved reserves totaled 5.1 billion boe as compared to 4.678
billion boe under the SEC reserve case.

Novatek’s proved and probable reserves increased from 7.445
billion boe at year-end 2006 (under the previous reserve
methodology) to 7.562 billion boe (PRMS) at year-end 2007.

The Company’s estimated proved plus probable natural gas
reserves, commonly referred to as "P2," totaled 1,029 bcm in
2007 as compared to 1,015 bcm in 2006, while proved and probable
liquids reserves increased by approximately 2,5 million tons
year-on-year.

The Company’s 2007 reserve results are based on reserve
appraisal reports for the East Tarkosalinskoye, Khancheyskoye,
North Khancheyskoye, Yurkharovskoye, Termokarstovoye fields and
Olimpisky license area.  During 2007, the Company successfully
extended the East Tarkosalinskoye licesnse term to 2043.

                         About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production
and processing of natural gas and liquid hydrocarbons.  The
company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                         *     *     *

As of Feb. 7, 2008, OAO Novatek carries Ba2 Corporate Family
rating from Moody's Investors Service, which said the outlook is
stable.

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


NOVOSIBIRSKIY TIMBER: Creditors Must File Claims by May 15
----------------------------------------------------------
Creditors of OJSC Novosibirskiy Timber Combine have until
May 15, 2008, to submit proofs of claim to:

         S. Lebedev
         Insolvency Manager
         Office 310
         Kamenskaya Str. 64a
         Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-10342/07-43/57.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         OJSC Novosibirskiy Timber Combine
         1st Chulymskaya Str. 112/1
         Novosibirsk
         Russia


OXYGEN-GAS-SERVICE: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on LLC Oxygen-Gas-Service.  The case is
docketed under Case No. A75-6370/2007.

The Temporary Insolvency Manager is:

         T. Sinetskaya
         Apt. 83
         Chapaeva Str. 5A
         Nizhnevartovsk
         Khanty-Mansiyskiy
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Oxygen-Gas-Service
         Kuzovatkina Str. 17P
         Nizhnevartovsk
         Khanty-Mansiyskiy
         Russia


ROSNEFT OIL: Reviewing Options to Refinance Debt due September
--------------------------------------------------------------
OAO Rosneft Oil Co. is looking on several refinancing options
for its US$6.5-billion debt tranche due September 2008, Reuters
reports citing Chief Financial Officer Peter O'Brien.

Mr. O'Brien told Reuters that Rosneft may access both local and
foreign capital markets for the refinancing, including a number
of structured transactions.

Rosneft finance chief added to Reuters that the company might
partly refinance the second debt tranche using its cash flows,
but stressed that it has no plans to sell treasury shares for
more cash.

"We have said we consider our treasury stock as a currency for
potential mergers and acquisitions," Mr. O'Brien told Reuters,
adding that Rosneft is not working any M&A deal.

As reported in the TCR-Europe on March 19, 2008, Rosneft
completed March 14, 2008, the repayment of the second tranche
(US$5.2 billion) of the short-term acquisition financing drawn
in early 2007.

Rosneft funded the repayment by closing a new US$3 billion five
year pre-export international bank facility as announced in
February and generation of sufficient free cash flow to cover
the balance.

As of March 14, 2008, Rosneft has refinanced or repaid
US$5.6 billion out of US$5.8 billion of short-term debt falling
due in the first quarter of 2008, with US$2.6 billion fully
repaid from free cash flow.  The repayment of the remaining
US$190 million will also be funded by free cash flow.

                         About Rosneft

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

                         *     *     *

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


UNITY RE: Moody's Puts Insurance Financial Strength Rating at B1
----------------------------------------------------------------
Moody's Investors Service assigned a first-time global scale
insurance financial strength rating of B1 to the reinsurance
company Unity Re, based in Moscow, Russia.  The rating outlook
is stable. At the same time, Moody's assigned a A2.ru national
scale rating to Unity Re.

Unity Re is part of the RESO Group which consists of more than
20 subsidiaries including primary insurance (OSAO RESO Garantia,
a top-tier retail insurer), construction and real estate
development, leasing, and medical services business in Russia
and other CIS countries.  Unity Re is currently 100% owned by
RESO Garantia, however, it is expected that ownership of Unity
Re will be transferred to RESO Holding, ultimately owned by
private individuals, later in 2008.  Upon completion of this
transfer there will be no direct association between Unity Re
and RESO Garantia.

While Unity Re's corporate history goes back to the early 1990s,
it only started operations in its current form in 2004.  As of
today, the company is well-capitalised, profitable and has a
solid, albeit not leading, position in the Russian reinsurance
market.  It also writes some business in neighbouring countries,
primarily Ukraine and Kazakhstan.  More negatively, Unity Re is
relatively small, has a short operating history, a relatively
high exposure to high-risk assets (equities and credit) and is
facing escalating acquisition and administrative expenses.  In
addition, the reinsurance market in CIS countries is subject to
heightened competitive pressures, consolidation, and domination
by major international reinsurers.

Benjamin Serra, lead analyst for Unity Re at Moody's, said:
"Moody's B1 insurance financial strength and A2.ru national
scale ratings for Unity Re reflect the good capitalisation and
profitability of the company, and its good market position in
the chosen niche.  However, Unity Re's market position has yet
to crystallize over a prolonged period of time, and while the
company is currently in a position to resist competitive
pressures from its national peers, we also note that
consolidation and internationalisation in both the primary and
the reinsurance markets in Russia are gathering pace."

Commenting on what could result in upward pressure on Unity Re's
ratings, Moody's mentioned sustainable growth and a track record
of profitability in the Russian reinsurance market resulting in
a top tier position, improvements in the quality of invested
assets, e.g. by way of reducing exposure to equities and/or an
improvement in the credit profile of bank deposits and fixed
income instruments, inception of a comprehensive retrocession
programme with high-quality international retrocessionaires, as
well as association with a major international reinsurer, e.g.
by way of partial or full ownership.

Conversely, negative rating pressure could develop in the event
of erosion of Unity Re's current market position, a riskier
liability profile as evidenced by an increase of the weight of
long-tail lines in the business mix, lower levels of operating
profitability driven by large losses, a higher expense ratio,
adverse prior year reserve development or asset writedowns and
/or a deterioration of capital adequacy either as a result of
topline growth or weak operating performance.

The assigned rating does not incorporate support from RESO Group
or any other party.

These first-time ratings were assigned:

      Unity Re -- insurance financial strength rating at B1,
                  stable outlook;

      Unity Re -- national scale rating at A2.ru.

Based in Moscow, Russia, Unity Re is a reinsurance company
focusing on non-life business.  In 2006, Unity Re reported gross
premiums written of RUR386.3 million and net income of RUR53.0
million, compared to RUR245.2 million and RUR24.6 million in
2005.  Shareholders' equity including minority interests was
RUR406.2 million as at 31 December 2006.


ZYATKOVSKOE CJSC: Creditors Must File Claims by May 15
------------------------------------------------------
Creditors of CJSC Zyatkovskoe have until May 15, 2008, to submit
proofs of claim to:

         V. Makarov
         Insolvency Manager
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk
         Russia
         Tel: 217-42-03

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-7084/07-54/46.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Zyatkovskoe
         Zyatkovka
         Kupinskiy
         Novosibirsk
         Russia


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


AYT COLATERALES: Moody's Puts Ba2 Rating on Series D Notes
----------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by AYT COLATERALES GLOBAL
HIPOTECARIO BBK II under AyT COLATERALES GLOBAL HIPOTECARIO
program:

       -- Aaa to the EUR 955.5 million Series A notes
       -- A2 to the EUR 30.5 million Series B notes
       -- Baa3 to the EUR 7.0 million Series C notes
       -- Ba2 to the EUR 7.0 million Series D notes

The transaction represents the securitisation of Spanish
residential mortgage loans originated by Bilbao Bizkaia Kutxa
(BBK) (A1/Prime-1).  The assets supporting the Notes are prime
mortgage loans secured on residential properties located in
Spain.  The portfolio will be also serviced by BBK.

The ratings of the Notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
on Series A, B, C and D at par, on or before the final legal
maturity date. O ther non-credit risks have not been addressed,
but may have a significant effect on yield to investors.


* Moody's Says Spanish RMBS Delinquencies Up in Q4 2007
-------------------------------------------------------
The total issuance of Spanish Residential Mortgage Backed
Securities surged to EUR14.7 billion in Q4 2007, says Moody's
Investors Service in its latest Spanish RMBS index report.  Ten
new transactions were closed during Q4 2007.

In terms of performance, delinquency rates -- which are of
particular interest as they can be an early indicator of
mortgage loan defaults -- recorded deterioration during Q4 2007.
"Weighted-average delinquencies greater than 60 days past due
represented 0.85% of the outstanding pool balance, up from 0.63%
in Q3 2007, whilst weighted-average delinquencies greater than
90 days past due represented 0.39% of the outstanding pool
balance, up from 0.27% from Q3 2007", states Ignacio Rivela, a
Moody's Senior Associate and co-author of the report.

"The weighted-average annualised total redemption rate was
13.60% in Q4 2007 compared to 15.74% in Q3 2007" explains Maria
Turbica Manrique, Associate Analyst and report co-author.

"The deterioration in Spanish RMBS delinquency rates takes place
in an environment of softening house prices and slowing economic
growth.  Housing activity is decelerating, in terms of the
number of both constructions and mortgage approvals, with the
housing boom having clearly passed. In addition, as elsewhere in
the Eurozone, Spanish GDP growth has peaked," explains Nitesh
Shah, a Moody's economist and co-author of the report.

Moody's anticipates that 2008 may be a more challenging year
given tighter credit conditions and a softening global as well
as domestic economy.  Rising unemployment, slowing employment
growth, higher mortgage interest rates and the tightening impact
of an appreciating euro are likely to weigh on mortgage holders.

"In this context, the deteriorating performance observed in the
Spanish RMBS indices is likely to continue, especially for
younger vintages.  Whilst the impact on an economy that has 13%
of the labour force employed in construction could be
significant, the budget surplus that Spain has built up over the
years will enable the government to better withstand a housing
market shock through fiscal stimuli than the UK, the US or
Ireland, for example," continues Mr.Shah.



y's comments on Commercial First's announcement to stop lending
and the impact on the Business Mortgage Finance transactions


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


BRASKA LLC: Proofs of Claim Deadline Set April 17
-------------------------------------------------
Creditors of LLC Braska (code EDRPOU 35139824) have until
April 17, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 26, 2008.
The case is docketed as 23/23-b.

The Debtor can be reached at:

         LLC Braska
         Zakrevsky Str. 29-B
         02217 Kiev
         Ukraine


EUROHOUSE LLC: Proofs of Claim Deadline Set April 14
----------------------------------------------------
Creditors of LLC Eurohouse (code EDRPOU 32046397) have until
April 14, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 26, 2008.
The case is docketed as 23/33-b.

The Debtor can be reached at:

         LLC Eurohouse
         Moscow Str. 7
         01010 Kiev
         Ukraine


FORCE LTD: Creditors Must File Claims by April 17
-------------------------------------------------
Creditors of LLC Force Ltd. (code EDRPOU 19330332) have until
April 17, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 27, 2007.
The case is docketed as 6/88-4/89.

The Debtor can be reached at:

         LLC Force Ltd.
         Zankovetskaya Str. 1
         Truskavets
         82200 Lvov
         Ukraine


KDS LLC: Proofs of Claim Deadline Set April 14
----------------------------------------------
Creditors of LLC KDS (code EDRPOU 32373384) have until
April 14, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 26, 2008.
The case is docketed as 23/34-b.

The Debtor can be reached at:

         LLC KDS
         Volinskaya Str. 48/50
         03151 Kiev
         Ukraine


KRASNY LUCH MOTOECAR: Creditors Must File Claims by April 14
------------------------------------------------------------
Creditors of OJSC Krasny Luch Motorcar Repair Plant (code EDRPOU
05422094) have until April 14, 2008, to submit proofs of claim
to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on March 3, 2008.
The case is docketed as 20/142/b.

The Debtor can be reached at:

         OJSC Krasny Luch Motorcar Repair Plant
         Transportnaya Str. 1
         Krasny Luch
         94505 Lugansk
         Ukraine


TECHNO-RESOURCE LLC: Creditors Must File Claims by April 14
-----------------------------------------------------------
Creditors of LLC Company Techno-Resource (code EDRPOU 34972315)
have until April 14, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 27, 2008.
The case is docketed as 45/69b.

The Debtor can be reached at:

         LLC Company Techno-Resource
         Kievsky Avenue 36d
         83054 Donetsk
         Ukraine


VENDERS LLC: Proofs of Claim Deadline Set April 17
--------------------------------------------------
Creditors of LLC Venders have until April 17, 2008, to submit
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 26, 2008.
The case is docketed as 23/24-b.

The Debtor can be reached at:

         LLC Venders
         Oranzhereynaya Str. 3
         Kiev
         Ukraine


ZARD LLC: Creditors Must File Claims by April 14
------------------------------------------------
Creditors of LLC Zard (code EDRPOU 31773506) have until
April 14, 2008, to submit proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company on Jan. 30, 2008.  The case is docketed
as 5/254-B-07.

The Debtor can be reached at:

         LLC Zard
         Herson Str. 173
         Berislav
         Herson
         Ukraine


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


AITCHWEST LIMITED: Claims Filing Period Ends May 2
--------------------------------------------------
Creditors of Aitchwest Ltd. (t/a P K Dyers) have until
May 2, 2008 to send in their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts and
claims, and names and addresses of their solicitors (if any) to:

         Patrick Ellward
         Joint Liquidator
         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham
         NG7 6NX
         England

Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint liquidators of the company on April 1, 2008 by
resolutions of members and creditors.


ALERIS INTERNATIONAL: Shuts Down Shelbyville, Tennessee Facility
----------------------------------------------------------------
Aleris International, Inc. will be permanently closing its
Shelbyville, Tennessee specification alloys facility.
Production will be phased-out, and the site is expected to be
permanently closed by the end of the second quarter of 2008.

The plant has approximately 70 employees.  Production will be
transferred to other Aleris facilities, and Aleris will continue
to provide the same high quality products and services that
customers expect from its other locations.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE:ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 8,800 employees.

                           *     *     *

As of March 31, 2008, Aleris International Inc. carries a B2
long term corporate family rating from Moody's Investor Service
with a stable outlook.


ALERIS INTERNATIONAL: Taps Roeland Baan to Head European Unit
-------------------------------------------------------------
Roeland Baan is joining Aleris International, Inc. as Executive
Vice President and President, Aleris Europe, reporting to Steven
J. Demetriou, Chairman and CEO.  In this role, Mr. Baan will be
responsible for all business and operational activities in
Aleris's European region as well as its European headquarters.

Mr. Baan has had an accomplished career with large, complex
multinational corporations with a proven track record of
delivering results.  Beginning in 2004, he worked for Mittal
where he most recently served as Executive Vice President and
Chief Executive Officer, Mittal Steel Europe and served on
Arcelor Mittal's Management Committee.  Mr. Baan had
responsibility for operations in eight countries, including four
integrated steel mills and four electric arc steel mills.
During this time he led the restructuring and integration of
Mittal's Central and Eastern European mills.  Prior to joining
Mittal, Mr. Baan served as the Senior Vice President of SHV Gas
BV, a member of SHV NV, a privately held international
conglomerate with activities in retail, energy and venture
capital activities.  From 1998 to 2001 Mr. Baan served as Chief
Executive Officer Thyssen Sonnenberg Recycling GMBH, a metals
recycling company with 55 production sites in five countries.

"Roeland brings diverse career experiences involving a wide
range of operations and challenges.  He has a proven track
record of delivering improved results and integrating
multinational organizations and we believe will be able to make
an immediate contribution to our European business,"  Mr.
Demetriou said.

Mr. Baan graduated from Vrije Universiteit, Amsterdam, The
Netherlands with a Masters in Economics.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE:ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 8,800 employees.

                           *     *     *

As of March 31, 2008, Aleris International Inc. carries a B2
long term corporate family rating from Moody's Investor Service
with a stable outlook.


ANSELL JONES: Brings In Liquidators from Mazars
-----------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Ansell Jones (Paisley) Ltd. on
March 29 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


BRAIN ED: Calls In Liquidators from BDO Stoy Hayward
----------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint liquidators of Brain Ed Ltd. (formerly
Braingym (UK) Ltd., Brain Gym (UK) Ltd.) on March 31 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


BRITISH ENERGY: March 2008 Nuclear Output Ahead of Expectations
---------------------------------------------------------------
British Energy Group plc's nuclear output for the year ended
March 31, 2008 was 50.3TWh (FY 2006/07:51.2TWh), marginally
ahead of current market expectations.  Output for
Eggborough was 8.1TWh (FY 2006/07: 7.2TWh).

The reduction in output from planned refueling operations in
financial year 2008/09 is now expected to increase from
approximately 3TWh to approximately 4TWh.  Increased refueling
losses are largely due to a slower than expected recovery to
normal refueling operations of the Dungeness B power station.

                    About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As of March 17, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.

Standard & Poor's affirmed its BB long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
and its subsidiary British Energy Holdings PLC, with negative
outlook.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


CARLYLE CAPITAL: Fund Manager Raised GBP679 Mln to Form New Fund
----------------------------------------------------------------
Carlyle Group raised GBP679 million to form Carlyle Strategic
Partners II, three weeks after Carlyle Capital Corporation Ltd.
was placed in compulsory liquidation, Telegraph.co.uk reports.

According to the report, the new fund will invest in the
distressed debt markets, from buying companies outright to
putting money to bank loans and publicly traded bonds.

Carlyle Strategic is the first fund Carlyle Group closed since
the Carlyle Capital's collapse, the report said.

Telegraph says that the new fund will not be as highly leveraged
as Carlyle Capital.

                     About Carlyle Capital

Carlyle Capital Corporation Limited (Euronext Amsterdam: CCC;
ISIN: GG00B1VYV826) -- http://www.carlylecapitalcorp.com/-- is
a Guernsey investment company that was formed on Aug. 29, 2006.
It is a closed-end investment fund domiciled and registered as a
limited company under the laws of Guernsey, Channel Islands.
The company invests in a diversified portfolio of fixed income
assets including high-grade mortgages and credit products.  The
company's day-to-day activities and investment portfolio are
managed by Carlyle Investment Management LLC, whose investment
professionals have extensive experience in the areas of mortgage
finance, leveraged finance, capital markets transaction
structuring and risk/portfolio management.

CIM manages the company pursuant to a management agreement.  CIM
is a registered investment adviser under the U.S. Investment
Advisers Act of 1940 and is an affiliate of The Carlyle Group.

The company was put into compulsory liquidation on March 17,
2008, under the Companies Law in Guernsey after failing to meet
margin calls and receiving default notices from lenders.


CEDO PLC: Eight Series 2 Notes' Ratings Under Moody's Review
------------------------------------------------------------
Moody's Investors Service places under review for possible
downgrade eight classes of notes and two loan facilities issued
by CEDO PLC under Series 2.  CEDO PLC Series 2 is a CDO of
equity default swaps.

This review for downgrade is the result of a downward trend
across all equity markets combined with a highly volatile
environment since the beginning of the year.  The S&P 500 fell
by more than 9% and in dollar terms, the MSCI EAFE (Europe,
Australasia, and Far East) index of non-US developed markets
fell by more than 8%.

The rating actions are:

      (1) Series 2 Tranche A Asset-Backed Deferrable Floating
          Rates Notes due 2011

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

      (2) Series 2 Tranche B Asset-Backed Deferrable Floating
          Rate Notes Due 2011-1

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

      (3) Series 2 Tranche C Asset-Backed Deferrable Floating
          Rate Notes due 2011-1

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

      (3) Series 2 Tranche K Non-Principal Protected Asset-
          Backed Fixed Rate Notes due 2011

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

      (4) Series 2 Tranche J Asset-Backed Fixed Rate Notes due
          2011

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

      (5) Series 2 Tranche G Asset-Backed Deferrable Floating
          Rate Notes due 2011-1

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

     (6) Series 2 Tranche I Asset-Backed Fixed Rate Notes due
          2011

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

      (7) Series 2 Tranche H Asset-Backed Floating Rate Notes
          due 2011

          Current Rating: Baa3, on review for downgrade

          Prior Rating: Baa3

      (8) Floating Rate Loan Facility in relation to Series 2
          Tranche B Asset-Backed Deferrable Floating Rate Notes
          due 2011

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

      (9) Floating Rate Loan Facility in relation to the Series
          2 Tranche C Asset-Backed Deferrable Floating Rate
          Notes due 2011

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


CEDO PLC: Moody's Puts Series 3 Notes' Ratings under Review
-----------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the Series 3 notes issued by CEDO PLC.

This review for downgrade is the result of a downward trend
across all equity markets combined with a highly volatile
environment since the beginning of the year.  The S&P 500 fell
by more than 9% and in dollar terms, the MSCI EAFE (Europe,
Australasia, and Far East) index of non-US developed markets
fell by more than 8%.

The rating action is:

CEDO PLC Series 3

     (1) Series 3 Tranche K Non-Principal Protected Asset-Backed
         Fixed Rate Notes due 2012

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


CEDO PLC: Moody's Reviews Ratings on 13 Series 4 Note Classes
-------------------------------------------------------------
Moody's Investors Service places under review for possible
downgrade thirteen classes of notes and three loan facilities
issued by CEDO PLC under Series 4.

This review for downgrade is the result of a downward trend
across all equity markets combined with a highly volatile
environment since the beginning of the year.  The S&P 500 fell
by more than 9% and in dollar terms, the MSCI EAFE (Europe,
Australasia, and Far East) index of non-US developed markets
fell by more than 8%.

The rating actions are:

CEDO PLC Series 4:

     (1) Series 4 Tranche D EUR 73,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012,

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

     (2) Series 4 Tranche E EUR 47,000,000 Asset Backed
         Deferrable Floating Rate Notes due 2012

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

    (3) Series 4 Tranche F EUR 17,000,000 Asset Backed
         Deferrable Floating Rate Notes due 2012

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

     (4) Series 4 Tranche G US$2,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012

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

     (5) Series 4 Tranche H US$10,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012

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

     (6) Series 4 Tranche I US$12,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012

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

     (7) Series 4 Tranche J US$5,000,000 Asset-Backed Deferrable
         Fixed Rate Notes due 2012

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

     (8) Series 4 Tranche K CHF 132,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012

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

     (9) Series 4 Tranche L US$15,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012

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

    (10) Series 4 Tranche M US$15,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012

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

    (11) Series 4 Tranche N US$40,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012

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

    (12) Series 4 Tranche O US$10,000,000 Asset-Backed
         Deferrable Floating Rate Notes due 2012

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

    (13) Series 4 Tranche P US$2,000,000 Asset-Backed Deferrable
         Floating Rate Notes due 2012

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

    (14) Floating Rate Loan Facility in relation to Series 4
         Tranche D EUR 73,000,000 Asset-Backed Deferrable
         Floating Rate Notes due 2012

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

    (15) Floating Rate Loan Facility in relation to Series 4
         Tranche E EUR 47,000,000 Asset Backed Deferrable
         Floating Rate Notes due 2012

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

    (16) Floating Rate Loan Facility in relation to Series 4
         Tranche F EUR 17,000,000 Asset Backed Deferrable
         Floating Rate Notes due 2012

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


CLARKSON KNITTING: Taps Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Clarkson Knitting Ltd. (formerly Filbuk 217 Ltd.) on April 2 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England


CTN RETAIL: High Court to Hear Winding-Up Petition on May 28
------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented petitions in the High Court to wind up CTN
Security Services Ltd. and CTN Retail Security Services Ltd. in
the public interest.

The companies were both based in Liverpool and provided manned
guarding, door-supervision and other private security
services, under contract, to construction sites, retail outlets
and leisure premises.  The companies' clientele included a
number of blue chip organizations.  The petitions to wind up the
companies were presented following an investigation carried out
by Companies Investigation Branch under section 447 of the
Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator
of CTN Security Services Ltd and CTN Retail Security
Services Ltd.  The role of the provisional liquidator is to
protect assets in the possession or under the control of the
companies pending the determination of the petitions.  The
provisional liquidator also has the power to investigate the
affairs of the companies insofar as it is necessary to protect
the assets including any third party or trust monies or assets
in the possession of or under the control of the companies.

The case is now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on May 28, 2008.


CTN SECURITY: High Court to Hear Winding-Up Petition on May 28
--------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented petitions in the High Court to wind up CTN
Security Services Ltd. and CTN Retail Security Services Ltd. in
the public interest.

The companies were both based in Liverpool and provided manned
guarding, door-supervision and other private security
services, under contract, to construction sites, retail outlets
and leisure premises.  The companies' clientele included a
number of blue chip organizations.  The petitions to wind up the
companies were presented following an investigation carried out
by Companies Investigation Branch under section 447 of the
Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator
of CTN Security Services Ltd and CTN Retail Security
Services Ltd.  The role of the provisional liquidator is to
protect assets in the possession or under the control of the
companies pending the determination of the petitions.  The
provisional liquidator also has the power to investigate the
affairs of the companies insofar as it is necessary to protect
the assets including any third party or trust monies or assets
in the possession of or under the control of the companies.

The case is now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on May 28, 2008.


DANKA BUSINESS: Selling DOIC Unit to Konica for USUS$240 Million
------------------------------------------------------------
Danka Business Systems PLC signed a definitive agreement with
Konica Minolta Business Solutions U.S.A., Inc., enabling Konica
Minolta to acquire the company's wholly owned U.S. subsidiary,
Danka Office Imaging Company, through which Danka conducts its
business operations.

Under the terms of the agreement, the total purchase price is
expected to be approximately US$240 million.  The transaction is
expected to close by June 30, 2008.  The deal is subject to a
number of regulatory and other closing conditions, in both the
United States and the United Kingdom, including approval of the
transaction by Danka's shareholders.

"In addition to continuing support for the entire Danka customer
base with a complete range of products and service
capabilities," said A.D. Frazier, Chairman and Chief Executive
Officer of Danka, "I am pleased to say the new organization will
also provide the added benefit of direct access to Konica
Minolta's world-class technology, distinctive product offerings
and financial strength.  Customer relationships will grow ever
stronger as a result."

Upon consummation of the transaction, DOIC will become a wholly-
owned subsidiary of Konica Minolta, and will maintain its
current offices in St. Petersburg, Florida and elsewhere.
Konica Minolta will supplement the product mix including
network-ready multifunctional products (print, copy, fax and
scan all in one system) and network printers in DOIC markets
beginning in mid-2008.  DOIC will continue servicing its
customers with its highly trained sales and service teams.

Mr. Frazier credits Danka employees for accomplishing a
remarkable competitive transformation.  "They redefined the
manner in which document workflow solutions are managed and
serviced in small-to- medium sized enterprises and in the
extremely competitive high volume production print marketplace.
Their success, achieved against a backdrop of having to overcome
the company's daunting corporate legacy issues, translates to
new relevancy and value for the Danka approach."

Mr. Frazier added, "Nevertheless, the costs associated with
trying to remain an independent player in an extremely
competitive industry are imposing.  This transaction represents,
by far, the best outcome for Danka's organization and staff.  It
preserves the DOIC organization, allowing us to serve our loyal
customers while addressing the holding company's burdensome
financial obligations.  We are confident that Konica Minolta's
stated desire to invest in, and grow, DOIC's business will be
rewarded in the customer marketplace."

The acquisition by Konica Minolta is designed to build and
expand upon the foundation established by DOIC.  "Konica
Minolta's acquisition of DOIC will further enhance our
leadership in the color and high volume production print markets
while complementing our overall growth strategy with our
independent dealers and branch network," said Jun Haraguchi,
President and CEO of Konica Minolta Business Solutions U.S.A.,
Inc.  "We're excited about the prospects that this strategic
acquisition will create, and believe the combined strength of
the new organization will be beneficial to our customers, the
DOIC customer base and the DOIC employee family."

The transaction contemplates that Danka Business Systems PLC,
the holding company, will sell to Konica Minolta the stock in
its U.S. operations, Danka Office Imaging Company.  Once
completed, the holding company will distribute proceeds from the
sale to debt and shareholders through a British process of
voluntary liquidation, which will also need to be approved by
Danka shareholders.

Under the terms of Danka's existing Articles of Association, the
holders of Danka's ordinary shares would not be entitled to
receive any portion of the amount which is expected to be
available for distribution to the holding company's
shareholders.  However, the Board is seeking to implement
arrangements which would result in the holders of Danka's ADSs
receiving the cash sum of US$0.10 per ADS.  Further details of
these proposed arrangements will be provided to the company's
shareholders as soon as possible.

Cypress Merchant Banking Partners II L.P. and certain of its
affiliates, which collectively hold approximately 338,569
Participating Shares which confer the right to exercise
approximately 29.0% of the voting rights exercisable at general
meetings of the company, have agreed to vote in favor of the
transaction, the liquidation and related proposals.

                      Use of Proceeds

If shareholders approve the sale transaction and liquidation the
net cash proceeds from the disposal will be used to discharge
Danka's approximately US$152 million of indebtedness under the
existing credit facilities provided by GE Corporate Capital.

After depositing US$25 million of the sale proceeds in escrow to
satisfy potential claims by Konica Minolta under the definitive
agreement, the remaining sum, together with the company's other
cash resources, will be used to discharge other actual and
contingent liabilities and the costs and expenses of the
liquidation.

The resulting cash balance, together with any remaining escrow
proceeds, will be returned to shareholders.  Net funds returning
to owners of the company's Participating Shares are expected to
total less than the 20% of the US$372 million in accrued
payments
currently owed to them.

                     About Konica Minolta

Konica Minolta Business Solutions U.S.A., Inc. --
http://www.kmbs.konicaminolta.us-- offers imaging and
networking technologies for the desktop to the print shop,
brings together unparalleled advances in security, print quality
and network integration via its award-winning line of bizhub(TM)
multifunction products (MFPs); bizhub PRO(TM) production
printing systems; magicolor(R) desktop color laser printers and
all-in-ones; and pagepro(TM) monochrome desktop laser printers
and all-in-ones.  Konica Minolta also offers advanced software
solutions, wide-format printers, microform digital imaging
systems, and scanning systems for specialized applications.
Headquartered in Ramsey, New Jersey, Konica Minolta delivers
services and client support through a network of direct sales
offices, authorized dealers, resellers and distribution partners
in the United States, Canada, Mexico, Central America and South
America.

                      About Danka Business

Danka Business Systems PLC (LON: DNK) -- http://www.danka.com/
--  offers document solutions, including office imaging
equipment, software, support, and related services and supplies
in the United States.  It offers office imaging products,
services, supplies and solutions, including digital and color
copiers, digital and color multifunction peripherals printers,
facsimile machines and software.  It also provides a range of
contract services, including professional and consulting
services, maintenance, supplies, leasing arrangements, technical
support and training, collectively referred to as Danka Document
Services.  The company's revenue is generated from two primary
sources: new retail equipment, supplies and related sales, and
service contracts.  Danka sells Canon products, as well as
Kodak, Toshiba and Hewlett-Packard.  On Aug. 31, 2006, the
company sold its subsidiary, Danka Australasia, PTY Limited, to
Onesource Group Limited.  In January 2007, the company disposed
of its European businesses to Ricoh Europe B.V.

The company's Dec. 31, 2007 balance sheet showed total assets of
US$233.5 million, total liabilities of US$225.0 million, 6.5%
senior convertible participating shares of US$362.6 million, and
total stockholders' deficit of US$354.1 million.


DATA JOBS: Manchester High Court Winds Up Business
--------------------------------------------------
The High Court in Manchester, on Wednesday April 9, 2008, wound
up Newport, Wales-based recruitment company Data Jobs Ltd.
following investigations by the Companies Investigation Branch
of the Insolvency Service.

CIB's inquiry found that Data Jobs claimed to be a "Global
Leader in online data entry job opportunities," operating a Web
site, aimed largely at Kenyan nationals, suggesting that the
company provided employment opportunities in return for a small
(in UK terms) fee.  However, clients were being misled as to the
fact they had to qualify for the next stage of the process
through an "online interview," success in which entitled them to
pay GBP38 to gain the necessary "tools" to obtain the jobs.
These turned out to be irrelevant CDs or other information which
is available free on the Internet.

The company refused to provide any evidence of its claimed
sifting procedure and clients were being misled as to the
"training and information materials" being supplied which were
either irrelevant or, again, freely available elsewhere.  The
company also overcharged for post and packaging when most of the
material was available by download directly onto computer.

CIB had additional concerns about the personal information
collected by the company and the purposes to which that
information could be put, given that there did not appear to be
adequate controls in place to satisfy Data Protection
legislation or provide for security of such information.
Similarly, the inquiry found a lack of adequate accounting
records with the bank accounts being utilized for a number of
unexplained transactions.

The petition to wind-up the company in the public interest was
presented on Feb. 8, 2008 under the provisions of s124A of the
Insolvency Act 1986 following investigations carried out under
section 447 of the Companies Act 1985 by the CIB.  The winding-
up order was made on March 19, 2008.

The company was incorporated in July 2007.


DIRECTED ELECTRONICS: Inks Amendment to Credit Agreement
--------------------------------------------------------
Directed Electronics Inc. entered into an amendment to its
amended and restated credit agreement, effective March 11, 2008.

The company's wholly owned subsidiary, DEI Sales Inc. entered
into an amendment number 2 to credit agreement with the
guarantors, the lenders and Canadian Imperial Bank of Commerce,
acting through its New York agency, as administrative agent and
collateral agent.

The amendment further amended Directed Electronics amended and
restated credit agreement to:

     (i) increase the company's maximum consolidated total
         leverage ratio to 5.25x through March 31, 2009,
         stepping down to 4.95x through Dec. 31, 2009, with
         step-downs thereafter consistent with the previous
         terms of its credit agreement,

    (ii) reduce its minimum fixed charge coverage ratio
         beginning Oct. 1, 2009,

   (iii) provide the company with the right to execute the sale
         of certain accounts receivable so long as the proceeds
         are used to reduce indebtedness,

    (iv) increase the applicable percentage with respect to the
         company's consolidated total leverage ratio, Libor rate
         margin for loans, and alternate base rate margin,

     (v) reduce the maximum aggregate amount available under
         Directed Electronics' revolving loans from
         US$100,000,000 to US$60,000,000, of which US$50,000,000
         is available all year and an additional US$10,000,000
         is available from October through February, and

    (vi) revise the quarterly repayment terms of the company's
         term loan to require us to make quarterly principal
         payments of approximately US$670,000 commencing in
         March 2008, with payments of approximately US$5,900,000
         due on Dec. 31, 2009 and approximately US$11,100,000 on
         Dec. 31, 2010, 2011, and 2012, with the final
         installment of the total principal due on Sept. 22,
         2013.

The amendment was effective March 11, 2008.  The amendment will
increase Directed Electronics' interest rate by 100 to 150 basis
points, depending upon leverage ratios, from its current rate of
Libor plus 250 basis points.

                About Directed Electronics

Headquartered in Southern California, Directed Electronics
(Nasdaq: DEIX) --  http://www.directed.com/-- designs and
markets premium home theater loudspeakers sold under the Polk
Audio(R) and Definitive Technology(R) brand names, and consumer-
branded vehicle security and remote start systems sold under the
Viper(R), Clifford(R), Python(R) and Autostart(R) brand names.
Directed is also the largest aftermarket supplier of SIRIUS
satellite radios and accessories, and a major supplier of mobile
audio and video.  Directed markets its broad portfolio of
products through many channels including leading national
retailers and specialty chains throughout North America, and
around the world.  Founded in 1982, the company has more than
500 employees and operations in California, Maryland, Canada,
the United Kingdom and Hong Kong.


DIRECTED ELECTRONICS: S&P Affirms B Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit and all other ratings on Vista, Calif.-based Directed
Electronics Inc.  The ratings were removed from CreditWatch,
where they had been placed with negative implications on Nov. 9,
2007.  The outlook is negative.

Total debt outstanding at Dec. 31, 2007, fiscal year end 2007
was about US$267 million.

The ratings had been placed on CreditWatch to reflect the
potential for violating financial covenants in the fourth
quarter of 2007.  Subsequently, DEI amended certain terms,
conditions, and covenants, providing them some flexibility.
"Our affirmation reflects this action, as well as a meaningful
reduction in debt in the fourth quarter," said Standard & Poor's
credit analyst Kenneth Shea.  "Still," he added, "DEI's weak
operating performance, as well as the company's limited
liquidity and high leverage, remain a concern."

Although DEI amended certain terms, conditions, and covenants
contained in its senior credit facility in March 2008, Standard
& Poor's remains concerned about the company's liquidity.  "Weak
operating trends would continue to place pressure on the
company's ability to meet its amended financial covenant
requirements in the near-term," said Mr. Shea.


DIRECTED ELECTRONICS: Moody's Affirms Ratings
---------------------------------------------
Moody's Investors Service last week confirmed Directed
Electronics Inc.'s ratings following the amendment of its credit
facility.  The action concludes the review for possible
downgrade initiated on Nov. 28, 2007.  The rating outlook is
negative.

"Although Directed was able to recently amend its credit
facility to loosen some of its covenants, Moody's remains
concerned about the weak discretionary consumer spending
environment and the company's ability to improve its operating
performance in such an environment" said Kevin Cassidy, Vice
President and Senior Credit officer at Moody's Investors
Service.

While the company was able to renegotiate its credit agreement
for a 100 to 150 basis point increase in its interest rate
margin depending on its leverage, Moody's is apprehensive about
the company's moderating operating performance with operating
margins decreasing by more than 50 basis points in 2007 as all
of the company's products are deferrable and the macro economic
environment in 2008 will likely be significantly worse than it
was in 2007.

The negative outlook reflects Moody's concern that the company's
operating performance and cash flows will remain under pressure
as discretionary consumer spending continues to soften in the
midst of high gas prices and the weak housing and credit
markets.  The current uncertainty regarding the satellite radio
merger between Sirius and XM, despite recent DOJ approval, and
whether or not Directed will continue with this relationship is
also incorporated in the negative outlook.

These ratings were confirmed or assessments revised:

   -- Corporate family rating at B2;

   -- Probability of default rating at B3;

   -- US$307 million senior secured term loan, due 2013 at B2
      (LGD 3, 31% from LGD 3, 34%);

   -- US$60 million senior secured revolver, due 20102 at B2
      (LGD 3, 31% from LGD 3, 34%)


DISCOUNT BED: Claims Filing Period Ends July 31
-----------------------------------------------
Creditors of The Discount Bed Shed Ltd. have until July 31, 2008
to send in their names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on April 2, 2008 for the creditors' voluntary winding-up
procedure.


EDELWEISS CAPITAL: Ratings on 2007-1 Notes under Moody's Review
---------------------------------------------------------------
Moody's Investors Service places under review for possible
downgrade two classes of notes issued by Edelweiss Capital -
Series 2007-1.

This review for downgrade is the result of a downward trend
across all equity markets combined with a highly volatile
environment since the beginning of the year.  The S&P 500 fell
by more than 9% and in dollar terms, the MSCI EAFE (Europe,
Australasia, and Far East) index of non-US developed markets
fell by more than 8%.

The rating actions are:

Edelweiss Capital - Series 2007-1:

    (1)Class A Series 2007-1 Asset-Backed Floating Rate Notes

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

   (2) Class B Series 2007-1 Asset-Backed Floating Rate Notes

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


EDELWEISS CAPITAL: Moody's Reviews Ratings on 2 S. 2007-2 Notes
---------------------------------------------------------------
Moody's Investors Service places under review for possible
downgrade two classes of notes issued by Edelweiss Capital PLC -
Series 2007-2.

This review for downgrade is the result of a downward trend
across all equity markets combined with a highly volatile
environment since the beginning of the year.  The S&P 500 fell
by more than 9% and in dollar terms, the MSCI EAFE (Europe,
Australasia, and Far East) index of non-US developed markets
fell by more than 8%.

The rating actions are:

Edelweiss Capital PLC - Series 2007-2:

     (1) Class D$ Series 2007-2 Asset-Backed Floating Rate Notes
         due 2013

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

     (2) Class A(EUR) Series 2007-2 Asset-Backed Floating Rate
         Notes due 2013

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


EIRLES TWO: Moody's Slashes Ratings on Three Notes Series
---------------------------------------------------------
Moody's Investors Service has taken downgrade actions on classes
of notes issued by Eirles Two Limited.  These rating actions are
in response to severe credit deterioration in the underlying
portfolio.  The transaction is a managed CDO referencing a
portfolio of high-grade ABS: RMBS (22%) and CDO of ABS (19%).
RMBS assets are mainly of the 2005 vintage (26%) and 2004
vintage (63%).  Of the entire portfolio, 1% of the assets (two
referenced entities) is currently rated Caa1 on review for
further downgrade.

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

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

The actions are:

      (1) Series 283 Class B US$42,000,000 Variable Rate Secured
          Notes due 2046

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

      (2) Series 284 Class C US$22,500,000 Variable Rate Secured
          Notes due 2046

          Current Rating: Ba3, on review for downgrade
          Prior Rating: Aa2, on review for downgrade

      (3) Series 285 Class D US$18,000,000 Variable Rate Secured
          Notes due 2046

          Current Rating: B2, on review for downgrade
          Prior Rating: A3, on review for downgrade


HEATING FINANCE: Moody's Junks Corporate Family Rating
------------------------------------------------------
Moody's Investors Service downgraded Heating Finance plc's
corporate family rating to Caa1 from B3, downgraded the rating
on GBP 574 million of senior secured credit facilities to
Caa1/LGD3/45% from B3/LGD3/45% and downgraded the rating on the
GBP 100 million mezzanine notes due 2014 to Caa3/LGD6/94% from
Caa2/LGD6/94%.  The outlook for ratings is negative.  Heating
Finance plc is the 100% owner of Baxi Group Limited.

Rating actions followed the company's release of 2007 year end
results.  The downgrade reflects Moody's concerns stemming from:
(i) the company's disclosure of continued weaker operating
performance due to softness in underlying markets for the 2007
full year versus 2006, albeit that the forth quarter improved
from the third quarter; (ii) a reported weaker liquidity profile
and lower financial flexibility due to the operating
performance, combined with continued pressure to restructure the
French business and reverse cash consumption; (iii) Moody's view
of execution risk in restructuring the French business and cost
bases, acknowledging that a large part of this restructure has
already occurred; and (iv) slowing residential housing markets
in Spain and the UK.

Moody's previous guidance stated that the rating would move down
where the company was not able to reverse margin declines or
where it experienced a weakened liquidity position from previous
levels.  The company's year end 2007 results indicate that
whilst the business restructuring program is underway, the
benefits are yet to be seen in the financial results and credit
metrics have trended lower for this reporting period. A gainst
the back drop of weakening residential housing markets in the UK
and Spain and Moody's view of execution risks associated with
the business restructure, Moody's believe that improvements in
credit metrics over the near term could be challenging.

Moody's has introduced a new manufacturing rating methodology
since the last rating action.  This methodology places the
rating around the mid single B range. The methodology weights
qualitative factors heavily, where the company scores higher
than for quantitative factors, and combined with the lower trend
reported in 2007 and market outlook, this explains the
difference in ratings.

The company previously announced that a downturn in certain
markets for heating products was not previously expected, but
that a re-adjustment of the cost base was needed to counter
these problems.  Cost reduction and restructuring programs have
been undertaken in the UK and France in particular.

Weaker performance in certain markets other than France or the
UK are a result of primarily lower levels of heating market
activity, but other factors include: (i) margin pressure from
rising input prices (particularly copper, stainless steel and
energy); (ii) environmental and energy related legislation
changes; (iii) lower margins due to sales mix; and (iv) consumer
buying trends influenced by elements such as macroeconomic and
political conditions, trends in alternative energy products,
availability and price movements of different fuel types and
taxation changes.

Owners of the business have commented publicly that they remain
supportive of the company and continue to see opportunity to
develop equity value and this view is seen as a credit positive.
The French business is integral to the company and there is a
strong incentive to support this business.

The company expects to have sufficient liquidity resources to
meet the restructuring program.  Covenants were re-set in 2007
in line with the company's current business plan and headroom
under these covenants will remain an important ratings
consideration given the loss making position of the company
reported at 31 December 2007 and interest payments and debt
amortisation obligations during 2008, and deleveraging is not
expected in the near term.  This is particularly given the GBP
31 million decrease in operating cash flows from 2006.

The outlook for ratings reflects the continued negative
operating trend in 2007 and outlook for housing markets.  Whilst
the company is restructuring its business and has benefited from
the additional GBP 40 million in shareholder loans contributed
last year, Moody's will need to see a reversal and return to
stronger cash flows, regained market share in the UK, restored
financial flexibility and a stronger liquidity position for the
rating or outlook to change.

The ratings affected by the rating actions are:

    -- Corporate Family rating downgraded to Caa1 from B3.

    -- Rating on GBP 574 million of senior secured credit
       facilities downgraded to Caa1, LGD3, LGD assessment of
       45% from B3, LGD3, LGD assessment of 45%.

    -- Rating on GBP 100 million mezzanine notes due 2014
       downgraded to Caa3, LGD6, LGD assessment of 94% from
       Caa2, LGD6, LGD assessment of 94%.

    -- The outlook for all ratings is negative.

Headquartered in Derby, England, Heating Finance plc is the
direct holding company of Baxi Group Limited.  Baxi Group
Limited is a European leading designer and manufacturer of
residential heating and hot water systems.  For year to 31
December 2007, Baxi reported around GBP 847 million in revenues.


NEWLAY EGG: Hires Liquidators from Tenon Recovery
-------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Newlay Egg Co. Ltd. on March 26
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


NIM ENGINEERING: Appoints Liquidators from Mazars
-------------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Nim Engineering Ltd. on March 29
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


NO FRILLS: Calls In Liquidators from Tenon Recovery
---------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of No Frills (Reigate) Ltd. (t/a Along Came Matty)
on March 28 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


PEOPLE OF SOUP: Taps Liquidators from Tenon Recovery
----------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of People of Soup Ltd. (t/a
Adrenaline Junkie) on April 3 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         West Yorkshire
         WF1 1LX
         England


REGENCY TRADE: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Regency Trade Centre Ltd. on
March 26 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


* Bank of England Cuts Base Interest Rate to 5%
-----------------------------------------------
The Bank of England's Monetary Policy Committee voted April 8,
2008, to reduce the official Bank Rate paid on commercial bank
reserves by 0.25 percentage points to 5.0%.

CPI inflation rose to 2.5% in February.  The Committee expects
inflation to rise further this year, reflecting the continuing
impact of higher energy and food prices, as well as the recent
depreciation of sterling on import costs.  Such pressures are
already evident in producer input costs and pricing intentions.

Even if commodity prices remain at their current high levels,
inflation should fall back.  But to ensure that inflation meets
the 2% target in the medium term, the Committee needs to balance
two risks.  On the upside, above-target inflation this year
could raise inflation expectations so that, in the absence of
some margin of spare capacity, inflation would remain above the
target.  On the downside, the disruption in financial markets
could lead to a slowdown in the economy that was sufficiently
sharp to pull inflation below the target.

In the Committee's judgment, the balance of these risks to the
inflation outlook in the medium term justifies a cut in Bank
Rate this month.  Credit conditions have tightened and the
availability of credit appears to be worsening.  While the
recent depreciation in sterling will support net exports, the
prospects for output growth abroad have deteriorated.  In the
United Kingdom, business surveys suggest that growth has begun
to moderate and that a margin of spare capacity will emerge
during this year.  This should help to keep domestic
inflationary pressures in check in the medium term.

Against that background, the Committee judged that a reduction
in Bank Rate of 0.25 percentage points to 5.0% was necessary to
meet the 2% target for CPI inflation in the medium term.

The previous change in Bank Rate was a reduction of 0.25
percentage points to 5.25% on Feb. 7, 2008.


BOOK REVIEW: Investing in Junk Bonds: Inside the High Yield Debt
             Market
----------------------------------------------
Authors:    Edward I. Altman and Scott A. Nammacher
Publisher:  Beard Books
Paperback:  272 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587981556/internetbankrupt

Investing in Junk Bonds: Inside the High Yield Debt Market by
Edward I. Altman and Scott A. Nammacher is an especially
informative book for all new investors, but is just as useful
for the seasoned professional.

This is a reprint of one of the first comprehensive books on the
rise and operation of the high yield debt market as illustrated
by the "junk" bond.  This classic volume is still relevant in
today's challenging market.

Among the concepts discussed are: expected yields; realized
returns; default experience; market growth and size; credit
quality trends; related mutual fund results and portfolio
holdings; mergers/acquisitions and takeovers; new issue and
issuer characteristics; underwriter strategies; and developing
investment strategies, particularly using an objective credit
model.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *