TCREUR_Public/080414.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, April 14, 2008, Vol. 9, No. 73

                            Headlines


A U S T R I A

AAA ENTFEUCHTUNGSTECHNIK: Claims Registration Ends April 22
AMSTLER FLEICH: Claims Registration Period Ends May 6
AVL-INSTITUT TRAINING: Claims Registration Period Ends May 5
CORPUS LLC: Claims Registration Period Ends May 14
ELEKTRO DUMLER: Claims Registration Period Ends April 25

ELITA BAUUNTERNEHMEN: Claims Registration Period Ends May 14


F R A N C E

CHESAPEAKE CORPORATION: Annual Meeting Scheduled for April 23
CHESAPEAKE CORPORATION: S&P Lowers Corporate Credit Rating to B+
LAM RESEARCH: S&P Revises CreditWatch Implications to Positive
LAM RESEARCH: Financial Statements Filed with SEC

* Fitch Says French Banks Hit by Financial Crisis


G E R M A N Y

ADVANCED MICRO: Unit Acquires Beteiligungs’ AMD FAB 36 Stake
ADVANCED MICRO: Low Revenues Cue S&P's Negative Watch
ADVANCED MICRO: Weak Quarter Results Cue Moody's Rating Reviews
APPARTMENT-TOURISTIK GMBH: Claims Registration Ends May 2
BBUE BAU & BAUSANIERUNGS: Claims Registration Ends May 2

BOBYKNITWEAR GMBH: Claims Registration Period Ends May 1
CASA-NATURA GMBH: Claims Registration Period Ends May 2
DVS DIESELMOTOREN: Claims Registration Period Ends May 2
EVENTQUADRAT GMBH: Claims Registration Period Ends May 2
FAIRPHON 2 GMBH: Claims Registration Period Ends May 2

FOROTAX GMBH: Claims Registration Period Ends May 2
GERRESHEIMER AG: Annual General Meeting Postponed to May 23
GERRESHEIMER AG: S&P Upgrades Credit Ratings to BB+
GRF TREUHAND: Claims Registration Ends May 2
KA-RS OBST-GEMUESE: Creditors' Meeting Slated for April 21

KANGAROO LOGISTICS: Claims Registration Ends May 1
MICHAEL BOB: Claims Registration Period Ends April 30
PM PERLEBERGER: Creditors' Meeting Slated for April 29
PRISMA 1. VERWALTUNGS: Claims Registration Ends May 1
RBS ROHRLEITUNGS: Claims Registration Period Ends April 30

SCHMEDDING FASHION: Claims Registration Period Ends April 30
STERKEL GMBH: Claims Registration Period Ends April 30
VEST-QUELL GMBH: Claims Registration Period Ends April 30
WESERBANK AG: BaFin Orders Closure to Start Insolvency Procedure


G R E E C E

* Fitch Says Greek Loan Products Show Trend to High Risk Profile


H U N G A R Y

* Hungarian Insolvencies Increases 21% in First Quarter 2008


I R E L A N D

WATERFORD WEDGWOOD: Confirms Talks with Irish Gov’t on Support
WATERFORD WEDGWOOD: David Sculley Appointed as Interim CEO
WATERFORD WEDGWOOD: S&P Lowers LT Corporate Credit Rating to CCC


I T A L Y

ALITALIA SPA: Italy May Sign Stake Sale to Air France This Week
PARMALAT SPA: Seeking Acquisitions in Australia


K A Z A K H S T A N

ADS LIMITED: Creditors Must File Claims by May 20
BEMIR LLP: Claims Deadline Slated for May 18
BULAK-2003 LLP: Claims Filing Period Ends May 20
ENERGO PROM: Creditors' Claims Due on May 18
MILITZER & MUNCH: Claims Registration Ends May 18

OIL INTER: Creditors Must File Claims by May 20
SKAIR LLP: Claims Deadline Slated for May 18
ZAP KAZ: Claims Filing Period Ends May 20


K Y R G Y Z S T A N

HIGHLAND TRANSPORT: Creditors Must File Claims by May 13


N E T H E R L A N D S

FLOWSERVE CORP: Moody’s Holds Ba3 Corporate Family Rating
X5 RETAIL: Rolls Out Pyaterochka Discount Stores in South Russia


R U S S I A

COMSTAR-UNITED: Gets 4 Regional Communication Service Licenses  
FORT-PRESS CJSC: Novosibirsk Bankruptcy Hearing Set June 16
GASTEKS CJSC: Creditors Must File Claims by May 15
GREEN SEA: Court Names I. Starshinov as Insolvency Manager
KVAZAR CJSC: Court Starts Bankruptcy Supervision Procedure

MONOLITH-47: Creditors Must File Claims by May 15
NORTH LLC: Nizhniy Novgorod Bankruptcy Hearing Set June 3
NOVATEK OAO: Natural Gas Output Up 1% in First Quarter 2008
RUSSIAN STANDARD BANK: Ratings Outlook Revised by S&P to Neg.
X5 RETAIL: Rolls Out Pyaterochka Discount Stores in South Russia

YAMAL-REGION-NEFTE-STROY: Court Starts Bankruptcy Supervision


S W I T Z E R L A N D

ARENA K1: St. Gallen Court Starts Bankruptcy Proceedings
C.D. INDICATOR: Creditors' Liquidation Claims Due by April 30
CAVKA & PARTNER: Zug Court Starts Bankruptcy Proceedings
CEPRO JSC: Creditors' Liquidation Claims Due by April 30
DORO AUDIOLINE: Creditors' Liquidation Claims Due by April 15

NEW KELLER: Creditors' Liquidation Claims Due by April 16
PIERRE-HERVE: Creditors' Liquidation Claims Due by April 27
RISTORANTE PIZZERIA: Creditors Must File Claims by April 30
ROCK N’ROLL: Aargau Court Starts Bankruptcy Proceedings
RUCK-ZUCK: Creditors' Liquidation Claims Due by April 30


U K R A I N E

CONRAD-PRIN LLC: Creditors Must File Claims by April 17
DEADLINE LLC: Creditors Must File Claim by April 17
EGIDA STYLE: Creditors Must File Claims by April 17
GELIOS N: Creditors Must File Claims by April 17
I. MIRON-GROUP Creditors Must File Claims by April 17

KAZBET LLC: Proofs of Claim Deadline Set April 17
PARTIZANY ELEVATOR: Creditors Must File Claims by April 17
STROY-CAPITAL LLC: Creditors Must File Claims by April 17
SURINA LLC: Creditors Must File Claims by April 17


U N I T E D   K I N G D O M

AMERICAN AXLE: Inks Contract Pacts with Unions in Mexico and UK
BRITISH ENERGY: France's Electricite De Frace Eyes Full Takeover
DIOMED HOLDINGS: Selling US & UK Assets to AngioDynamics
FIRST SELLERS: Taps Liquidators from BDO Stoy Hayward
GLOBAL TRADER: Creditors' Meeting Slated for April 25

H S REALISATIONS: Brings In Liquidators from Tenon Recovery
HENRY ISAAC: Appoints Martin Dominic Pickard as Liquidator  
PERSONA RECRUITMENT: Calls In Liquidators from Vantis
SEMPLE ELECTRICAL: Hires Liquidator from Mazars
SHARRATT OF CLEVELEYS: Claims Filing Period Ends May 9

SPORTS CAFE: Joint Administrators Intends to Dissolve Company
STADEX INDUSTRIES: Brings In Liquidators from KPMG
VIRGIN MEDIA: Prices US$1 Billion Offering of 6.50% Notes
VIRGIN MEDIA FINANCE: Discloses Issuance of Four Senior Notes
VIRGIN MEDIA FINANCE: Fitch Puts Notes’ Ratings Under Pos. Watch


* BOND PRICING: For the Week April 7 to April 11, 2008


                            *********


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


AAA ENTFEUCHTUNGSTECHNIK: Claims Registration Ends April 22
-----------------------------------------------------------
Creditors owed money by LLC AAA Entfeuchtungstechnik (FN
258743f) have until April 22, 2008, to file written proofs of
claim to court-appointed estate administrator Susanne Binder-
Novak at:

          Dr. Susanne Binder-Novak
          Riemerplatz 1
          Second Floor
          3100 St. Poelten
          Austria
          Tel: 02742/26 600
          Fax: 02742/26 600-10
          E-mail: ra-binder@aon.at  

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

The meeting of creditors will be held at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on March 17, 2008 (Bankr. Case No. 14 S 40/08k).  


AMSTLER FLEICH: Claims Registration Period Ends May 6
-----------------------------------------------------
Creditors owed money by  LLC Amstler Fleich (FN 42483a) have
until May 6, 2008, to file written proofs of claim to court-
appointed estate administrator Norbert Mooseder at:

          Dr. Norbert Mooseder
          Stelzhamerstrasse 1
          4400 Steyr
          Austria
          Tel: 07252 / 42 4 24
          Fax: 07252 / 42 4 24 -24
          E-mail: lawfirm@gltp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Baumgartenberg, Austria, the Debtor declared
bankruptcy on March 17, 2008 (Bankr. Case No. 17 S 15/08t).  


AVL-INSTITUT TRAINING: Claims Registration Period Ends May 5
------------------------------------------------------------
Creditors owed money by LLC AVL-Institut Training und Beratung
(FN 80886a) have until May 5, 2008, to file written proofs of
claim to court-appointed estate administrator Guenther Grassner
at:

          Dr. Guenther Grassner
          c/o Dr. Norbert Mooseder
          Suedtiroler Strasse 4-6
          4020 Linz
          Austria
          Tel: 70 77 08 15
          Fax: 70 77 08 16
          E-mail: lawfirm@gltp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 19, 2008,  for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Neuhaus an der Donau, Austria, the Debtor
declared bankruptcy on  March 17, 2008 (Bankr. Case No. 12 S
23/08g).  Norbert Mooseder represents Dr. Grassner in the
bankruptcy proceedings.


CORPUS LLC: Claims Registration Period Ends May 14
--------------------------------------------------
Creditors owed money by LLC Corpus (FN 283873k) have until
May 14, 2008, to file written proofs of claim to court-appointed
estate administrator Charlotte Boehm at:

          Dr. Charlotte Boehm
          Taborstrasse 10/2
          1020 Vienna
          Austria
          Tel: 214 77 10/20
          Fax: 214 77 10-16
          E-Mail: boehm@EUnet.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 17, 2008 (Bankr. Case No. 2 S 35/08x).  


ELEKTRO DUMLER: Claims Registration Period Ends April 25
--------------------------------------------------------
Creditors owed money by LLC Elektro Dumler, Elektroinstallation
& Co. Kg (FN 20664p) have until April 25, 2008, to file written
proofs of claim to court-appointed estate administrator Wolfgang
Offer at:

          Dr. Wolfgang Offer
          c/o  Dr. Stefan Offer
          Museumstrasse 16
          6020 Innsbruck
          Austria
          Tel: 0512/58 28 33
          Fax: 0512/57 04 84
          E-mail: office@kanzlei-offer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Innsbruck
          Meeting Room 214
          Second Floor
          Maximilianstrasse 4
          6020 Innsbruck
          Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on March 17, 2008 (Bankr. Case No. 9 S 5/08x).  
Stefan Offer represents Dr. Offer in the bankruptcy proceedings.


ELITA BAUUNTERNEHMEN: Claims Registration Period Ends May 14
------------------------------------------------------------
Creditors owed money by LLC ELITA BAUUNTERNEHMEN (FN 289029v)
have until May 14, 2008, to file written proofs of claim to
court-appointed estate administrator Christian Bachmann at:

          Dr. Christian Bachmann
          c/o Dr. Eva-Maria Bachmann-Lang
          Opernring 8
          1010 Vienna
          Austria
          Tel: 512 87 01-Serie
          Fax: 513 82 50
          E-mail: bachmann.rae@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on May 28, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 17, 2008 (Bankr. Case No. 2 S 34/08z).  Eva-Maria
Bachmann-Lang  represents Dr. Bachmann in the bankruptcy
proceedings.


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


CHESAPEAKE CORPORATION: Annual Meeting Scheduled for April 23
-------------------------------------------------------------
Chesapeake Corp. disclosed that annual shareholders meeting will
be held on Wednesday, April 23, 2008 at 9:30 a.m. in the
SunTrust Bank, Piedmont Room, 4th Floor, 919 East Main Street in
Richmond, Virginia.

Headquartered in Richmond, Virginia, Chesapeake Corp. (NYSE:
CSK) -- http://www.chesapeakecorp.com/-- protects and promotes  
the world's great brands as a leading international supplier of
value-added specialty paperboard and plastic packaging.  The
company is one of Europe's premier suppliers of folding cartons,
leaflets and labels, as well as plastic packaging for niche
markets.  Chesapeake has 45 locations in Europe, North America,
Africa and Asia and employs approximately 5,400 people
worldwide.  The company’s Europe facilities are located in the
United Kingdom, France, Belgium, Spain and Germany while its
Asian facilities are located in China.


CHESAPEAKE CORPORATION: S&P Lowers Corporate Credit Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings for
Richmond, Va.-based Chesapeake Corp., including the corporate
credit rating, which was lowered to 'B+' from 'BB-'.  At the
same time, S&P assigned a recovery rating of '6' to the
company's existing subordinated notes, indicating our
expectation for negligible (0% to 10%) recovery in the event of
a payment default.  All ratings were removed from CreditWatch,
where they were placed with negative implications on Dec. 18,
2007.  The outlook is negative.

"The downgrade reflects the company's weaker-than-expected
operating performance during 2007 due to lower results than
expected in certain segments, start-up production costs for a
new product line, and expenses for process-improvement
initiatives," said Standard & Poor's credit analyst Andy
Sookram.  "As a result, credit metrics have weakened materially
to a level no longer consistent with the former ratings."

In addition, S&P expects that earnings may continue to be weak
over the next several quarters, which would pressure credit
measures and potentially tighten liquidity.

Chesapeake supplies specialty paperboard packaging (about 83% of
sales) and plastic packaging for pharmaceutical, health care,
spirits, confectionery, cosmetics, food, tobacco, household, and
chemical products.  The company is one of the largest virgin-
fiber-based folding carton producers in Europe.


LAM RESEARCH: S&P Revises CreditWatch Implications to Positive
--------------------------------------------------------------
Standard & Poor's Ratings revised its CreditWatch implications
on the 'BB-' corporate credit rating on Lam Research Corp. to
CreditWatch positive from CreditWatch negative.

The revision to CreditWatch positive reflects the company's
stable operating performance during recent periods and
cumulative net adjustments, which did not materially affect its
financial profile or liquidity, which are strong for the rating.

Fremont, Calif.-based Lam Research recently filed financial
statements for its fiscal year ended June 2007, as well as for
the first and second quarters of 2008.

The rating was initially placed on CreditWatch with negative
implications on Aug. 27, 2007, following the company's
announcement that it would be unable to file its 2007 form 10-K
on time.  The delay was caused by a review of the company's
historical stock option practices.

As of Dec. 23, 2007, on a trailing-12-month basis, Lam generated
revenues of US$2.6 billion and EBITDA of about US$800 million,
resulting in adjusted leverage of less than 0.5x. Cash and cash
investments in the same period totaled about US$1.3 billion.

However, on March 11, 2008, the company completed its tender
offer for Zurich, Switzerland-based SEZ Holding AG for about
US$584 million in cash.  Additionally, the December quarter
experienced some relative weakness, reflecting less spending by
chip manufacturers, resulting from expectations for a general
economic slowdown and overcapacity issues.

"We will meet with management to assess Lam's business strategy,
financial policy, and business prospects, given the current
operating environment," said Standard & Poor's credit analyst
Joseph Spence.


LAM RESEARCH: Financial Statements Filed with SEC
-------------------------------------------------
Lam Research Corporation filed its fiscal year 2007 Form 10-K,
September 2007 Form 10-Q and December 2007 Form 10-Q, with the
Securities and Exchange Commission.  As a result, the company
believes it is now current with its SEC filings and is awaiting
confirmation from NASDAQ that it has complied with all
applicable listing standards.

As previously disclosed, the independent committee appointed by
Lam's Board of Directors determined that the actual measurement
dates for financial accounting purposes of certain stock option
grants differed from the recorded grant dates of these awards.  
As a result the company has recorded adjustments to previously
issued financial statements totaling US$65.8 million for
compensation expenses, net of taxes, in fiscal years 1997
through 2006, with a US$3.0 million impact on the three most
recent fiscal years.  In addition, Lam Research expects to incur
a cash expense currently estimated at US$50.0 - US$55.0 million
which will be recorded in the March 2008 quarter, as a result of
the Board's decision authorizing the Company to assume
responsibility for the 409A tax liabilities of employees.

Lam Research anticipates the company will resume communication
of full quarter financial results in its next quarterly
conference call on April 23, 2008.

                          Financials

For the year ended June 24, 2007, the company reported net
income of US$685,816,000 on revenues of US$2,556,576,000.  This
compares to net income of US$335,210,000 on total revenues of
US$1,642,171,000 for the year ended June 25, 2006.

At June 24, 2007, the company's balance sheet showed total
assets of US$2,101,605,000 with total liabilities of
US$925,285,000.

For the quarter ended Sept. 23, 2007, the company reported net
income of US$148,588,000 on revenues of US$684,621,000.  As of
Sept. 23, 2007, the company's balance sheet showed that assets
increased to US$2,289,118,000 while total debts went down to
US$898,113,000.

For the three months ended Dec. 23, 2007, the company reported
net income of US$115,059,000 on total revenues of
US$610,320,000.  The balance sheet showed that as of Dec. 23,
2007, total assets was US$2,448,164,000 with total debts of
US$899,073,000.

                        About Lam Research

Fremont, California-based Lam Research Corporation (NASDAQ:
LRCX) -– http://www.lamresearch.com/-- is a major provider of  
wafer fabrication equipment and services to the world's
semiconductor industry.  The company has offices in Switzerland,
France, Germany and China.


* Fitch Says French Banks Hit by Financial Crisis
-------------------------------------------------
Fitch Ratings said in a report published on April 11, 2008,that
the trend of regular growth in major French banks' bottom line
results came to an end in 2007, when a 27% fall in reported net
income was recorded by the eight largest banking groups on an
aggregate basis.

The report, entitled "Major French Banks Semi-Annual Review and
Outlook", reviews the performance of Credit Agricole (CA), BNP
Paribas (BNPP), Societe Generale (SG), Credit Mutuel Centre Est
Europe (CMCEE), Groupe Caisse d'Epargne (GCE), Groupe Banque
Populaire (GBP), Natixis and La Banque Postale (LBP).  The
Outlooks for the Long-term Issuer Default ratings (IDRs) of four
out of France's eight leading banks (GCE, GBP, Natixis and LBP)
are Negative; the rest are Stable.

"The French banks hit by the crisis are expected to be hit again
in 2008, as the crisis is not over," says Eric Dupont, Senior
Director at Fitch's Financial Institutions group.  "Moreover,
the loss of revenue in corporate and investment banking
divisions (CIB), due to the distressed activity in structured
finance, is likely to pose a problem for certain banks.  In
addition, Fitch does not forecast any upturn in domestic retail
banking for 2008.  On the other hand, non-structured CIB
activities continue to perform well, credit defaults remain very
low, and international retail banking and specialised financial
services show regular and strong growth.  There also exist a
number of specific issues that could influence the 2008
forecasts significantly, such as the 'post-fraud' life at SG,
the fortunes of the monoline insurer CIFG, and possible M&A
activity."

The severe decline in performance at most banks in 2007 was due
to the impact of the financial crisis, and the necessary
subprime-related write-downs/provisions since H207 (EUR11.8bn in
total) in the banks' respective CIB and asset management (AM)
divisions.  In one particular case (SG), the fall in net income
was also attributable to a massive fraud-related proprietary
trading loss. Only two groups (CMCEE and LBP) have not been
significantly impacted by the US subprime crisis.  Only four
banks managed to increase operating income in 2007, and the
worst performers lost up to 14% of their revenue compared with
2006.  A breakdown of 2007 revenue indicated a saturated
domestic retail market, the volatility of CIB revenue and
successful diversification into foreign markets and in
activities generating more recurring revenue.  Cost to income
ratios deteriorated very significantly and, in some cases,
exceeded 100% in H207. Three groups (BNPP, CMCEE and LBP), were
particularly resilient in this unfavourable environment, with
BNPP and LBP posting a 6% and 9% rise in net income in 2007,
respectively, and CMCEE maintaining its cost to income ratio
below 60%.


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


ADVANCED MICRO: Unit Acquires Beteiligungs’ AMD FAB 36 Stake
------------------------------------------------------------
On April 1, 2008, AMD Fab 36 Holding GmbH, a German company and
wholly owned subsidiary of Advanced Micro Devices Inc., and AMD
Fab 36 Admin GmbH, a German company and wholly owned subsidiary
of AMD Fab 36 Holding, purchased the limited partnership
interests and silent partnership interests in AMD Fab 36 Limited
Liability Company & Co. KG, an indirect subsidiary of the
company, held by Fab 36 Beteiligungs GmbH & Co. KG, an
investment consortium arranged by M+W Zander Facility
Engineering GmbH.

The purchase is pursuant to their call option provided under the
partnership agreements and participation purchase agreements
entered into on April 21, 2004, as amended, among AMD Fab 36 KG,
AMD Fab 36 LLC, a Delaware company being the general partner of
AMD FAB 36 KG and a wholly owned subsidiary of the company, AMD
Fab 36 Holding, AMD Fab 36 Admin and the unaffiliated limited
partners, Leipziger Messe GmbH and Fab 36 Beteiligungs.

The aggregate purchase price paid to Fab 36 Beteiligungs
pursuant to the call options is approximately EUR86 million (or
US$132.4 million based on the euro to dollar exchange rate on
March 25, 2008).

                      About Advanced Micro

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. (NYSE: AMD) -- http://www.amd.com/-- provides innovative
processing solutions in the computing, graphics and consumer
electronics markets.


ADVANCED MICRO: Low Revenues Cue S&P's Negative Watch
-----------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit and senior unsecured ratings on Sunnyvale, California-
based Advanced Micro Devices Inc. on CreditWatch with negative
implications.
     
The action follows AMD's announcement that first-quarter
revenues will be lower than previously expected as a result of
weakening business conditions and continued technical
challenges.  The company now expects a decline in March quarter
revenues that exceeds normal seasonality for the quarter, to
US$1.5 billion, raising concerns about negative free cash flows
and prospects for improvement.  Cash balances of US$1.9 billion
as of Dec. 31, 2007, are adequate for the near term, although
the company appears to have only limited additional sources of
liquidity as it addresses overall operational problems.
     
Following competitor Intel Corp.'s (A+/Stable/A-1+) product line
refresh in mid-2006, AMD's earlier technology lead and
profitability dwindled, while the largely debt-funded
acquisition of ATI Technologies Inc. reduced AMD's financial
flexibility to deal with marketplace challenges.  After
generating good operating profitability in late 2005 and early
2006, EBITDA weakened sharply and recovered only moderately in
the December quarter.  Free cash flow remained at negative
US$200 million, despite less capital spending, in the September
and December 2007 quarters.  The company has been implementing a
strategy to reduce its negative free cash flows through a
combination of operating cost reductions and continued lower
capital expenditures, but progress has been slow and anticipated
improvement may be delayed.
     
"We will meet with management to discuss its revised
restructuring plan to reduce costs, its progress on new product
introduction, and the impact on liquidity and cash flow to
resolve the CreditWatch," said Standard & Poor's credit analyst
Bruce Hyman.


ADVANCED MICRO: Weak Quarter Results Cue Moody's Rating Reviews
---------------------------------------------------------------
Moody's Investors Service placed Advanced Micro Devices' B1
corporate family and probability of default ratings, along with
its B2 senior unsecured rating, under review for possible
downgrade following the company's announcement that first
quarter 2008 results will be weaker than anticipated.

AMD announced that first quarter revenue will be down 15%
sequentially to approximately US$1.5 billion as compared to
earlier guidance of a seasonal decline of 7%.  The company also
announced that it expects to take a charge in the second quarter
related to plans to reduce its work force by 10% but that it is
unable to quantify the amount of the charge at this time.  Given
the high fixed cost nature of the microprocessor business in
addition to its currently weaker offerings in the high end
server market, Moody's expects that a significant portion of the
revenue shortfall will fall to the bottom line, resulting in a
larger net loss than earlier anticipated.

The rating action reflects the ongoing challenges AMD faces in
terms of generating sustained profits and cash flow in the face
of continued strong competition from Intel throughout its
microprocessor offerings, delayed product introductions, and the
softer macro environment.

In previous reports, Moody's noted that, "AMD's ratings could
come under downward pressure to the extent that product launches
are delayed, if it experiences operating losses in the second
half of 2007, or if cash levels fall below US$1.2 billion.  
Alternatively, a stabilization of its ratings outlook could
emerge if AMD is able to make steady progress towards
sustainable free cash flow from operations, which would enhance
financial flexibility that is critical in the capital intensive
and volatile microprocessor segment."

AMD ended fiscal 2007 with about US$1.9 billion of cash and
equivalents.  Available cash is above the minimum US$1.2 billion
level that Moody's has previously outlined would be a trigger to
downwards rating pressure, owing largely to the US$608 million
equity contribution from the Mubadala Development Company in the
fourth quarter of 2007.  However, the company's announcement
raises the likelihood that a return to profitability will be
delayed and that the company will continue to consume cash on an
operational basis.

The review will focus on:

(1) the prospects for a sustained recovery to material levels of
    profitability and cash flow generation sufficient to
    internally fund product development and necessary technology
    transitions and capacity expansion,

(2) management's plans to buttress its liquidity position, and

(3) the prospects that the company's pending "asset smart"
    strategy could yield a material change in its operational,
    debt, and liquidity profile.

Rating placed under review include:

  -- Corporate family rating B1;

  -- Probability-of-default rating B1;

  -- US$390 million senior unsecured notes due August 2012 at B2
     (LGD5, 73%).

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. (NYSE: AMD) -- http://www.amd.com/-- provides innovative
processing solutions in the computing, graphics and consumer
electronics markets.  The company has a facility in Singapore.
It has sales offices in Belgium, France, Germany, the United
Kingdom, Mexico and Brazil.


APPARTMENT-TOURISTIK GMBH: Claims Registration Ends May 2
---------------------------------------------------------
Creditors of Appartment-Touristik GmbH have until May 2, 2008 to
register their claims with court-appointed insolvency manager
Dr. Juergen Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:35 p.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Appartment-Touristik GmbH
         Wendemarken 13
         14532 Kleinmachnow
         Germany

         Attn: Henning Schaefter, Manager
         Kretzerzeile 11
         13591 Berlin
         Germany


BBUE BAU & BAUSANIERUNGS: Claims Registration Ends May 2
--------------------------------------------------------
Creditors of BBUE Bau & Bausanierungs-GmbH have until May 2,
2008 to register their claims with court-appointed insolvency
manager Prof. Dr. Rolf-Dieter Moenning.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 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 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:

         Prof. Dr. Rolf-Dieter Moenning
         Heideparkstrasse 4
         01099 Dresden
         Germany
         E-mail: http://www.insolnet.de/  

The District Court of Dresden opened bankruptcy proceedings
against BBUE Bau & Bausanierungs-GmbH on March 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BBUE Bau & Bausanierungs-GmbH
         Attn: Jens Hoerner, Manager
         Rethelstrasse 49
         01139 Dresden
         Germany


BOBYKNITWEAR GMBH: Claims Registration Period Ends May 1
--------------------------------------------------------
Creditors of Bobyknitwear GmbH und Co. KG have until May 1,
2008, to register their claims with court-appointed insolvency
manager Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on June 24, 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 Bobyknitwear GmbH und Co. KG on Feb. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Bobyknitwear GmbH und Co. KG
          Stieffring 2
          13627 Berlin
          Germany


CASA-NATURA GMBH: Claims Registration Period Ends May 2
-------------------------------------------------------
Creditors of Casa-Natura GmbH have until May 2, 2008, to
register their claims with court-appointed insolvency manager
Raimund Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Raimund Schafmeister
         Moltkestr. 12
         32756 Detmold
         Germany

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

The Debtor can be reached at:

         Casa-Natura GmbH
         Gruenstr. 42
         32756 Detmold
         Germany


DVS DIESELMOTOREN: Claims Registration Period Ends May 2
--------------------------------------------------------
Creditors of DVS Dieselmotoren Vertrieb und Service GmbH have
until May 2, 2008, to register their claims with court-appointed
insolvency manager Robert Geiger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Traunstein
         Meeting Hall C 001
         Herzog-Otto-Str. 1
         83278 Traunstein
         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:

         Robert Geiger
         Konrad-Zuse-Platz 1
         81829 Muenchen
         Germany
         Tel: 089/99 299-0
         Fax: 089/99 299-299

The District Court of Traunstein opened bankruptcy proceedings
against DVS Dieselmotoren Vertrieb und Service GmbH on March 7,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

        DVS Dieselmotoren Vertrieb und Service GmbH
        Schlipfinger Str. 45
        83346 Bergen
        Germany


EVENTQUADRAT GMBH: Claims Registration Period Ends May 2
--------------------------------------------------------
Creditors of eventquadrat GmbH have until May 2, 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 9:10 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 eventquadrat GmbH on March 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         eventquadrat GmbH
         Nordfelder Reihe 15
         30159 Hannover
         Germany


FAIRPHON 2 GMBH: Claims Registration Period Ends May 2
------------------------------------------------------
Creditors of Fairphon 2 GmbH have until May 2, 2008, to register
their claims with court-appointed insolvency manager Dr. Juergen
Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 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:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Fairphon 2 GmbH on March 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Fairphon 2 GmbH
        Schoenhauser Allee 26A
        10435 Berlin
        Germany


FOROTAX GMBH: Claims Registration Period Ends May 2
---------------------------------------------------
Creditors of Forotax GmbH i.L. have until May 2, 2008, to
register their claims with court-appointed insolvency manager
Dr. Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany    

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

The insolvency manager can be reached at:

         Dr. Stephan Laubereau
         Trakehner Strasse 7-9
         60487 Frankfurt/Main
         Germany
         Tel: 069/8509693-0
         Fax: 069/8509693-29

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Forotax GmbH i.L. on March 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Forotax GmbH i.L.
         Baseler Strasse 46
         60239 Frankfurt am Main
         Germany


GERRESHEIMER AG: Annual General Meeting Postponed to May 23
-----------------------------------------------------------
The Management Board of Gerresheimer AG has decided to postpone
the Annual General Meeting convened for April 17, 2008 to
May 23, 2008.

The agenda and the content of the resolution proposals remain
unchanged.  The postponement is made for reasons of utmost
precaution in order to avoid any objections on formal legal
grounds, since the Controlled Company Report according to
section 312 of the German Stock Corporation Act for the period
from April 4, 2007 to June 12, 2007 had to be taken into account
in the documents for the Annual General Meeting.

Of the documents to be made available to the shareholders
together with the invitation to the Annual General Meeting are:

    * the Consolidated Financial Statements and the Group
      Management Report unchanged,

    * the Annual Financial Statements of Gerresheimer AG
      unchanged,

    * the Management Report of Gerresheimer AG supplemented by
      the conclusion of the Management Board from the Controlled
      Company Report,

    * the Auditor’s unqualified Opinion extended to the
      supplemented Management Report,

    * the Report of the Supervisory Board supplemented by the
      examination and approval of the supplemented Management
      Report and the audited Controlled Company Report as well
      as by the reproduction of the unqualified Opinion of the
      Auditor.

The Annual General Meeting will now take place on Friday, May
23, 2008 at 10.00 a.m. CET (admittance from 9.00 a.m.) in the
Congress Center Düsseldorf (CCD Stadthalle), Stockumer
Kirchstrasse 61 (Entrance Rotterdamer Strasse), 40474
Dusseldorf.

Headquartered in Duesseldorf, Germany, Gerresheimer AG (FRA:GXI)
-- http://www.gerresheimer.com/en/home.html-- manufactures  
specialty products made of glass and plastic for the
pharmaceutical and life science industries.  The company is
engaged in the product development and logistics, offering
products ranging from vials to application systems.  The product
portfolio comprises specific primary containers for a variety of
substances and medicines, as well as complex drug delivery
systems.  In addition, the company is engaged in the provision
of cosmetics glass and finishing, as well as a range of primary
supplies and applications systems to customers in the
automotive, as well as food and beverage industries.  It has
four main divisions: Tubular Glass, Plastic Systems, Life
Science Research and Molded Glass.  It operates 41 production
plants in Europe, Asia, and North and South America.  In 2007,
the Company acquired Wilden GmbH, a company that specializes in
the drug delivery systems based on plastic.  The company’s Asian
facilities are located mainly in China.


GERRESHEIMER AG: S&P Upgrades Credit Ratings to BB+
---------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on Germany-based specialty packaging
supplier Gerresheimer AG and its fully owned subsidiary
Gerresheimer Holdings GmbH to 'BB+' from 'BB'.  At the same
time, the senior unsecured debt rating on the EUR126 million
bond issued by Gerresheimer Holdings GmbH was raised to 'BB+'
from 'BB'. The outlook is stable.

"The rating action reflects Gerresheimer's continued favorable
operating trend, supported by steady revenue and EBITDA growth,
sustained solid operating margins, and our view that the company
will be able to maintain its profitable growth in the near to
medium term," said Standard & Poor's credit analyst Izabela
Listowska."  This should result in gradual improvement in credit
measures, which are currently at the lower range of our
requirements for the rating.  Furthermore, we expect that
potential further debt-financed acquisitions would not result in
credit measures falling below our requirements for the rating."
Gerresheimer manufactures a range of products mainly for the
pharmaceuticals and life-science industries.  In the fiscal year
ended Nov. 30, 2007, revenues and EBITDA both increased by about
48% year on year, to EUR958 million and EUR182 million,
respectively, including acquisitions.  Organic expansion was
8.4% over the period, which is above the market growth, and
medium-term sales prospects remain buoyant.  The group's EBITDA
margin remained solid at 19%, despite the consolidation of lower
margin acquisitions, helped by internal efficiency gains.

S&P expects Gerresheimer's operational performance to continue
improving over the short to medium term, owing to constant
productivity- and quality-improvement initiatives, expanding
production capacities for fast-growing and high-margin products
(such as ready-to-fill syringes and insulin pens), as well as
enhanced leverage of its fixed-cost base.  These factors, along
with a material drop in interest charges following debt
restructuring related to the June 2007 IPO should benefit the
group's free cash flow generation, which is likely to be
modestly positive in 2008.

"The stable outlook reflects our expectations of continued
improvement in Gerrresheimer's earnings and cash flow aided by
solid business prospects, leading market positions, and the
benefits from productivity and operational projects," said Ms.
Listowska.  "We also expect prudent acquisition policies to
allow credit measures to strengthen slightly over time. For
example, we expect FFO to adjusted debt to strengthen to about
20%-25%, and adjusted debt to EBITDA to remain at about 3.0x."


GRF TREUHAND: Claims Registration Ends May 2
--------------------------------------------
Creditors of GRF Treuhand- und Geschaftsfuehrungs-GmbH have
until May 2, 2008 to register their claims with court-appointed
insolvency manager Dr. Joachim Heitsch.

Claims will be verified at 1:00 p.m. on July 2, 2008, at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
         
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against GRF Treuhand- und Geschaftsfuehrungs-GmbH on
Feb. 18, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GRF Treuhand- und Geschaftsfuehrungs-GmbH
         Pohlstrasse 20
         10785 Berlin
         Germany


KA-RS OBST-GEMUESE: Creditors' Meeting Slated for April 21
----------------------------------------------------------
The court-appointed insolvency manager for Ka-rs Obst-Gemuese-
Feinkosthandelsgesellschaft mbH, Dr. Detlef Ruediger Beckmann
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:15 a.m. on April 21,
2008.

The meeting of creditors and other interested parties 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 at 9:00 a.m. on June 30, 2008 at the same
venue.

Creditors have until May 2, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  Ka-rs Obst-Gemuese-
Feinkosthandelsgesellschaft mbH on March 4, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Ka-rs Obst-Gemuese-Feinkosthandelsgesellschaft mbH
         Prinzenallee 51
         13359 Berlin
         Germany


KANGAROO LOGISTICS: Claims Registration Ends May 1
--------------------------------------------------
Creditors of Kangaroo Logistics GmbH have until May 1, 2008 to
register their claims with court-appointed insolvency manager
Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on May 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         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:

         Jan H. Wilhelm
         Markt 1
         28195 Bremen
         Germany
         Tel: 0421/178765
         Fax: 0421/1787665

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

The Debtor can be reached at:

         Kangaroo Logistics GmbH
         Industriestrasse 28/30
         28816 Stuhr
         Germany

         Attn: Petra Bradford, Manager
         Kolberger Ring 30
         27804 Berne
         Germany


MICHAEL BOB: Claims Registration Period Ends April 30
-----------------------------------------------------
Creditors of Michael Bob Einkauf GmbH 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 10:10 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 Einkauf GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Michael Bob Einkauf GmbH
          Stieffring 2
          13627 Berlin
          Germany


PM PERLEBERGER: Creditors' Meeting Slated for April 29
------------------------------------------------------
The court-appointed insolvency manager for PM Perleberger
Management GmbH & Co. Perleberger Strasse/Luebecker Strasse KG,  
Dr. Christoph Schulte-Kaubruegger will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 8:30 a.m. on April 29, 2008.

The meeting of creditors and other interested parties 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 at 8:30 a.m. on July 1, 2008 at the same venue.

Creditors have until May 2, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against PM Perleberger Management GmbH & Co.
Perleberger Strasse/Luebecker Strasse KG on March 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PM Perleberger Management GmbH & Co. Perleberger
         Strasse/Luebecker Strasse KG
         Gatower Str. 71
         13595 Berlin
         Germany


PRISMA 1. VERWALTUNGS: Claims Registration Ends May 1
-----------------------------------------------------
Creditors of Prisma 1. Verwaltungsgesellschaft mbH have until
May 1, 2008 to register their claims with court-appointed
insolvency manager Toralf Maatz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Toralf Maatz
         Holstenstrasse 22
         24103 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Prisma 1. Verwaltungsgesellschaft mbH on March 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Prisma 1. Verwaltungsgesellschaft mbH
         Attn: Frau Monika Pichler, Manager
         Koenigsberger Strasse 2a
         24537 Neumuenster
         Germany


RBS ROHRLEITUNGS: Claims Registration Period Ends April 30
----------------------------------------------------------
Creditors of RBS Rohrleitungs-, Behalter und Stahlbau GmbH have
until April 30, 2008, to register their claims with court-
appointed insolvency manager Stefan Ebeling.

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

The meeting of creditors will be held at:

          The District Court of Braunschweig
          Hall E 01
          Martinikirche 8
          38100 Braunschweig
          Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Stefan Ebeling
          Kurt-Schumacher-Strasse 21
          D 38102 Braunschweig
          Germany
          Tel: (05 31) 2 43 68 26
          Fax: (05 31) 24 36 83 31
          E-mail: inso@ra-sp.de  

The District Court of Braunschweig opened bankruptcy proceedings
against RBS Rohrleitungs-, Behalter und Stahlbau GmbH on Feb.
26, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          RBS Rohrleitungs-, Behalter und Stahlbau GmbH
          Attn: Milivoy Letic, Manager
          Huettenstrasse 32
          38239 Salzgitter
          Germany


SCHMEDDING FASHION: Claims Registration Period Ends April 30
------------------------------------------------------------
Creditors of Schmedding Fashion GmbH have until April 30, 2008,
to register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Muenster
          Meeting Hall 119 B
          First Floor
          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:

          Andreas Sontopski
          Gnoiener Platz 10
          48493 Wettringen
          Germany
          Tel: 02557/9384-0
          Fax: +492557938450

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

The Debtor can be reached at:

          Schmedding Fashion GmbH
          Woninger Esch 12
          48599 Gronau
          Germany


STERKEL GMBH: Claims Registration Period Ends April 30
------------------------------------------------------
Creditors of Sterkel GmbH have until April 30, 2008, to register
their claims with court-appointed insolvency manager Bruno
Fraas.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 14
          Second Floor
          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:

          Bruno Fraas
          Heinestr. 7 b
          97070 Wuerzburg
          Germany
          Tel: 0931/359800

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

The Debtor can be reached at:

          Sterkel GmbH
          Attn: Edwin Heberger, Manager
          Industriestr. 3
          97342 Marktsteft
          Germany


VEST-QUELL GMBH: Claims Registration Period Ends April 30
---------------------------------------------------------
Creditors of Vest-Quell GmbH & Co. Mineralbrunnen KG have until
April 30, 2008, to register their claims with court-appointed
insolvency manager Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Essen
          Meeting Hall 185
          First Floor
          Zweigertstr. 52
          45130 Essen
          Germany   

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

The insolvency manager can be reached at:

          Rolf Weidmann
          Alfredstr. 279
          45133 Essen
          Germany

The District Court of Essen opened bankruptcy proceedings
against Vest-Quell GmbH & Co. Mineralbrunnen KG on March 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Vest-Quell GmbH & Co. Mineralbrunnen KG
          Bottroper Str. 244
          45356 Essen
          Germany


WESERBANK AG: BaFin Orders Closure to Start Insolvency Procedure
----------------------------------------------------------------
BaFin, the financial-market regulator in Germany, ordered the
closure of Weserbank AG in order to preserve remaining assets
and start insolvency proceedings, Bloomberg News reports.

BaFin said that Weserbank is over-indebted and would struggle to
cover operating costs, Bloomberg relates.

Bloomberg quotes BaFin spokesman Sven Gebauer as saying that the
bank's difficulty lie in the fact that its business model that
was aimed at “company financing and managing initial public
offerings” did not work out as planned.  

At year-end 2007, the report adds that the bank's balance sheet
showed  it had total assets of EUR120.4 million in total assets
and EUR24.9 million in total liabilities.  The deposits of its
customers are protected, BaFin said.

Bloomberg relates that the lender's closure resulted from failed
attempts to sell Weserbank, and investments decline in floating
rate notes and sovereign risks.

Gerhard Nimschik, management board member of the bank told
Bloomberg that Weserbank did not “have government backing for a
bailout” since it was “a small private bank.”   Mr. Nimschick
added that attempts to increase capital and implement
restructuring was not enough to “guarantee the bank's
continuation.”  

Headquartered in Bremerhaven, Germany, Weserbank AG --
http://www.weserbank.de/index_en.php-- is a cooperative lender  
for butchers and cattle dealers and recently invested in
floating rate notes and government debt.  It was founded in
1912.  It is the first German lender to file for insolvency
since 2006.


===========
G R E E C E
===========


* Fitch Says Greek Loan Products Show Trend to High Risk Profile
----------------------------------------------------------------
Fitch Ratings said that new, Greek loan products are continuing
a trend across the continent towards a higher risk profile in
European mortgage markets.  However, the agency said that the
extent of product types available remains less than existed in
the UK or the US prior to the advent of the so-called 'credit
crunch'.

In general, continental European mortgage markets remain at a
less advanced stage of evolution (in terms of type of players,
number of players, and range of products available) than the UK
or US markets.  However, continental European mortgage markets
have been closing the gap.  In Greece, like in more advanced
markets, as lenders strive to protect their market shares, new
products with appealing borrower terms have been launched.  The
most prominent new products have been Swiss franc-denominated
loans and, more recently, 'teaser' rate loans.  "The agency
believes that Greek RMBS are likely to be exposed to greater
risk going forward due to this evolving trend in mortgage
collateral profiles" says Lara Patrignani, Senior Director in
Fitch's European Structured Finance group.  "This will have no
immediate impact on outstanding Greek RMBS ratings, as the
agency has accounted for the collateral credit risk in the
initial RMBS analysis.  But new transactions could see increased
credit protection if portfolios start to comprise such riskier
products"

Teaser rate mortgages have a discounted fixed rate for an
initial period of either one or two years, converting to a
floating rate thereafter.  The agency considers these loans as
riskier, as the borrower is exposed to interest rate payment
shock at the end of the fixed-rate period.  Given the magnitude
of teaser rate products in terms of new origination volume,
Fitch expects to see increasing portions of such loans in future
Greek securitisation portfolios.  For example, teaser rate loans
already form part of the collateral of the latest Greek RMBS
transaction, Themeleion V.  Although reliable performance
information is not yet available from lenders, the agency will
closely monitor the performance of the corresponding RMBS
portfolios, focusing on the impact of interest rate re-set
timing on the underlying loans.

Swiss franc (CHF) loans started to be originated in 2006, but
have not yet been included in a Greek securitisation pool.  With
regard to CHF loans, borrowers pay a discounted rate of interest
compared with a standard euro-denominated product, but bear the
respective foreign exchange risk at the same time.  Foreign
exchange protection for an initial period is available on
payment of a premium and up to the borrower's discretion.

Due to limited historical information on the performance of
these products, it is still too early to assess their impact in
an economic downturn.  Fitch will closely monitor the
performance evolution of these products and will comment on
possible credit implications for the Greek RMBS sector, as well
as for individual transactions.


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


* Hungarian Insolvencies Increases 21% in First Quarter 2008
------------------------------------------------------------
For the first quarter of 2008, there were 5,466 insolvent
companies in Hungary, an increase of 21% compared to the first
quarter of 2007, MTI-Econonews reports citing Coface's survey.

About 2,623 companies were wound up in first quarter 2008, a 30%
increase compared to first quarter 2007 and 2,841 companies went
into liquidation, a 14% increase, Coface's survey said.

Around 30% of liquidation procedures were at trade businesses
while 17% were at construction companies, Coface added.

Budapest has 32% of the total liquidations followed by the less
developed northeast of the country, with 11%.


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


WATERFORD WEDGWOOD: Confirms Talks with Irish Gov’t on Support
--------------------------------------------------------------
Waterford Wedgwood plc in its website confirmed that it is in
discussions with the Irish Government in relation to securing
government support for the company's Waterford Crystal
subsidiary.

Waterford Crystal is seeking a State guarantee for EUR39 million
of new bank debt which would be discharged after three years.  
The loan guarantee would enable the company to complete the
orderly restructuring of Waterford Crystal's manufacturing
operations and allow it to maintain a substantial manufacturing
presence in the South East of Ireland where it is a key regional
industry.  It would also maintain its award-winning Visitor
Centre which is the region's premier tourist attraction with
350,000 visitors per annum.

Waterford Crystal is an iconic brand whose presence has
attracted millions of people to the South East of Ireland and
greatly supported economic development.  The current company,
which has a heritage from the mid-18th century, has been
manufacturing in the city for more than 60 years.  It has been a
good corporate citizen throughout this time and has been very
substantially supported in recent years by its shareholders.

The company says that the guarantee is a vital element in the
retention of Waterford Crystal in Ireland and makes sound
economic sense for the country.  The Group is gratified by the
Government's constructive engagement.

Sir Anthony O'Reilly and Peter John Goulandris, Group Chairman
and Deputy Chairman respectively, have jointly committed to
investing a further EUR33 million before the end of June for
cumulative preference shares, thereby completing the issue of
EUR200 million announced in April 2007.  At that stage, the
EUR200 million will comprise:

    -- EUR133 million from Sir  Anthony and Mr Goulandris,

    -- EUR50 million from Corporate Partners II, a private
       equity fund managed by Lazard Alternative  Investments
       and

    -- EUR17 million from other shareholders.

The Group's board believes that it is desirable for Ireland to
maintain Waterford Crystal in Ireland.  It further believes that
the commitment of its investors deserves the support of the
Government which is being asked for a guarantee for a three year
period, not a loan or a grant.

The Group is also appreciative of the support of the trades
unions at Waterford Crystal.

Headquartered in Dublin, Ireland, Waterford Wedgwood plc
(ISE:WTFU) – http://www.waterfordwedgwood.com/-- is a luxury  
lifestyle company.  The designs, manufactures and markets
branded luxury lifestyle tabletop products, including high
quality crystal, fine bone china, fine porcelain and
earthenware.  The company’s portfolio of established luxury
lifestyle brands includes Waterford, Wedgwood, Royal Doulton and
Rosenthal.  Its most prestigious brands originated in the
eighteenth and nineteenth centuries, with Wedgwood tracing its
origins to England in 1759 and Waterford to Ireland in 1783.  
The company’s principal geographic markets are in North America,
Europe (excluding the United Kingdom), the United Kingdom and
the Far East.


WATERFORD WEDGWOOD: David Sculley Appointed as Interim CEO
----------------------------------------------------------
Waterford Wedgwood plc appointed Mr. David W. Sculley, as
interim Chief Executive Officer.  Mr. Sculley is currently a
Director of Waterford Wedgwood plc and non-executive chairman of
both Josiah Wedgwood & Sons Ltd and Royal Doulton Ltd.  Mr.
Sculley will remain as interim CEO until the Board has made a
permanent appointment to the post.

Peter B. Cameron stepped down as Chief Executive Officer and as
a Director of the Group effective April 2, 2008 in order to
pursue his own business interests.

Sir Anthony O'Reilly, Chairman of the Group, said: 'Peter
Cameron has provided great service to this group, as Chief
Executive since September 2005, before that as Chief Operating
Officer and, originally, as CEO of our former Group subsidiary,
All Clad.  These have been demanding years in which Peter has
led a very substantial rationalisation of the business and has
championed a number of marketing initiatives which will bear
fruit in the years ahead.  He has won our admiration for his
determined leadership, and our lasting friendship.  We wish him
well.

'David Sculley will provide the ideal leadership for the group
at this time.  He has an outstanding resume in global branding
and marketing and a proven track record in identifying and
nurturing talent.  As a Group director since 1997, he knows
Waterford Wedgwood inside out.  He has been in the forefront of
drawing up and implementing the programmes which have yielded
substantial cost savings for the Group, and he has worked
closely with all of our executive leadership.  We are most
fortunate to have a person of David Sculley's seniority,
acknowledged talent and experience at the helm.

'Also, Anthony Jones has made a very positive impact on the
Group since his appointment as Chief Financial Officer last
November.  The marriage of his keen financial skills and David
Sculley's considerable executive experience will be a powerful
combination in driving the Group back to profitability.'

Peter Cameron said: 'During my association with Waterford
Wedgwood, we have done much to lay the foundation for a return
to profitability. I have enjoyed my years with the Group, and in
particular my association with many fine people, with the
Chairman and with my fellow Directors. I wish the Group well
going forward and I know that with the appointment of David
Sculley as interim CEO, the Group's leadership is in capable
hands.'

David Sculley said: 'I am pleased to accept this challenge and
look forward to leading the Group for an interim period. The
appointment of Anthony Jones as CFO and the recent investment in
our Group by Corporate Partners II, a private equity fund of
Lazard Alternative Investments LLC, have been significant
milestones, and I hope to build on much of Peter Cameron's fine
work as we take the Group forward. I join the Chairman in
wishing Peter well.'

David Sculley, 61, is a partner in the U.S. based private
investment company called Sculley Brothers LLC.  He is also an
advisor to Waterford Wedgwood plc and serves as non-executive
Chairman of Josiah Wedgwood & Sons, Ltd. and Royal Doulton. He
has been a Group Board member of Waterford Wedgwood plc since
1997.

Mr. Sculley has had a long, distinguished career in consumer
based businesses.  Previously, Mr. Sculley was President and CEO
of H. J. Heinz in the U.S.  He also held positions during his 22
years with the company as a corporate Senior Vice President in
charge of much of the international business of Heinz including
Weight Watchers.  He was also a member of the company's Board of
Directors.

Mr. Sculley graduated cum laude in Economics from Harvard
University in 1968 and began his career in marketing with Lever
Brothers Co. in New York City.  Mr. Sculley is married with two
grown children.

Headquartered in Dublin, Ireland, Waterford Wedgwood plc
(ISE:WTFU) – http://www.waterfordwedgwood.com/-- is a luxury  
lifestyle company.  The designs, manufactures and markets
branded luxury lifestyle tabletop products, including high
quality crystal, fine bone china, fine porcelain and
earthenware.  The company’s portfolio of established luxury
lifestyle brands includes Waterford, Wedgwood, Royal Doulton and
Rosenthal.  Its most prestigious brands originated in the
eighteenth and nineteenth centuries, with Wedgwood tracing its
origins to England in 1759 and Waterford to Ireland in 1783.  
The company’s principal geographic markets are in North America,
Europe (excluding the United Kingdom), the United Kingdom and
the Far East.


WATERFORD WEDGWOOD: S&P Lowers LT Corporate Credit Rating to CCC
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' from 'CCC+'
its long-term corporate credit rating on Ireland-based luxury
table and dinnerware manufacturer Waterford Wedgwood PLC.  The
outlook is negative.

At the same time, S&P lowered to 'CC' from 'CCC-' the rating on
the EUR166.0 million subordinated mezzanine notes due 2010.

"The downgrade reflects the heightening of Waterford Wedgwood's
liquidity risk based on further operating underperformance in
the recent months, which has indicated that an improvement seen
in the full-year ended March 2007 is highly unlikely to continue
in 2008," said Standard & Poor's credit analyst Diego Festa.  
"The company is still facing operational challenges in
conjunction with its restructuring efforts, as well as working
capital pressure, due to the seasonal character of its
business."

S&P expects Waterford Wedgwood's EBITDA (before onetime items)
to be negative for the full-year ended March 2008, down from
positive EUR15 million at year-end 2007.  This is due to a
number of factors including the delay in the receipt of funds
from the EUR57 million convertible preference shares issue,
which had been expected by November 2007; this was not received
until late December 2007.  This delay caused shortages in
inventory funding in the run-up to the important Christmas
trading period, adversely affecting the company's performance.  
With cash flow from operations remaining negative, the company
remains heavily dependent on the support of the main
shareholders to fund its operations.  The shareholders have had
to step in with additional equity contributions on five
occasions since 2004 to bring about and continue an operational
turnaround.

Trading conditions in china and glassware manufacturing remain
very difficult due to pricing pressure across Waterford
Wedgwood's product range.  In the next six months to September
2008, we expect to see weakening consumer sentiment in the U.S.
(which represents 40% of the group's business), and growing
signs of weakness in the key markets of the U.K. and Ireland.  
In addition, the group's cost structure retains a high share of
fixed costs relative to its Asian competitors.  The ongoing
implementation of the current restructuring plan is costly (at
EUR57 million), and signals operating risks.

As a result, Standard & Poor's remains cautious, however, given
that the company is likely to continue generating negative free
operating cash flows, with the group's operating and financial
needs over the next six to 12 months very likely to be greater
than sources currently at its disposal.

"The negative outlook reflects our expectation of further
negative free cash flow, and therefore the possibility of
further deterioration of the group's liquidity profile in the
six months ending Sept. 30, 2008," said Mr. Festa.  We would
lower the rating if the group's operating and financial needs in
the next six to 12 months exceed available sources.  Such a
scenario would probably arise if its operating underperformance
worsens, if it fails to achieve the targeted cost savings from
the restructuring program, or if significant unplanned cash
costs were to arise.  A positive rating action appears highly
unlikely in the short term, given that Waterford Wedgwood would
need to demonstrate sustainable positive free cash flow
generation, supported by adequate liquidity.

The ratings and outlook do not factor in any further financial
support from the principal shareholders.


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


ALITALIA SPA: Italy May Sign Stake Sale to Air France This Week
---------------------------------------------------------------
The Italian government may sign an agreement this week to sell
its 49.9% stake in Alitalia S.p.A. to Air France-KLM SA, Agenzia
Giornalistica Italia reports citing Prime Ministerial  
Undersecretary Enrico Letta.

"The only proposal, that of Air France-KLM, is in our opinion a
good and viable one," Mr. Letta was quoted by AGI as saying.

Mr. Letta said the government will seek to resolve "problems of
the final spurt," since "this second chance is the last one."

As previously reported in the TCR-Europe, Alitalia's nine unions
expressed readiness to resume talks with Air France, after the
French carrier offered another chance for the Italian parties to
accept its binding offer.  Air France CEO Jean Cyril Spinetta
said the airline 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."

The unions have asked the Romano Prodi government to negotiate
for a softer stance on its takeover proposal, Bloomberg News
relates.

Alitalia will meet its unions on April 15, 2008, to discuss
plans its future after it revealed having only EUR170 million
cash-to-hand and short-term financial credits.  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.

                         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: Seeking Acquisitions in Australia
-----------------------------------------------
Parmalat S.p.A. has identified Australia as one of its target
region for acquisitions, various reports say, citing Chief
Executive Officer Enrico Bondi.

"In Australia there is a consolidation process which we need to
participate in," Mr. Bondi was quoted by Reuters as saying.  "If
there are [opportunities] we will buy."

Mr. Bondi said Parmalat may participate in the sale of
Australia's second largest dairy firm, which according to
Thomson Financial refers to Dairy Farmers.

The Parmalat CEO said the company has enough cash to pursue
expansion, particularly in emerging countries, Thomson Financial
relates.

If Parmalat decides to bid for Dairy Farmers, it may face
Fonterra, Goodman Fielder, Olam International and National
Foods, analysts told Reuters.

                       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
===================


ADS LIMITED: Creditors Must File Claims by May 20
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Firm Ads Limited insolvent on Feb. 29, 2008.

Creditors have until May 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


BEMIR LLP: Claims Deadline Slated for May 18
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Bemir insolvent.

Creditors have until May 18, 2008, to submit written proofs of
claims to:

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


BULAK-2003 LLP: Claims Filing Period Ends May 20
------------------------------------------------  
LLP Foreign Enterprise Bulak-2003 has declared insolvency.  
Creditors have until May 20, 2008, to submit written proofs of
claims to:

         LLP Foreign Enterprise Bulak-2003
         Tole bi Str. 243b
         Almaty
         Kazakhstan


ENERGO PROM: Creditors' Claims Due on May 18
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Energo Prom Service Ltd. insolvent on
Feb. 25, 2008.

Creditors have until May 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 427
         Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (7272) 67-63-55
              8 777 803 44-33


MILITZER & MUNCH: Claims Registration Ends May 18
-------------------------------------------------  
LLP Militzer & Munch Kz has declared insolvency.  Creditors have
until May 18, 2008, to submit written proofs of claims to:

         LLP Militzer & Munch Kz
         Tulebaev Str. 38/61
         Almaty
         Kazakhstan


OIL INTER: Creditors Must File Claims by May 20
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Oil Inter Service insolvent.

Creditors have until May 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


SKAIR LLP: Claims Deadline Slated for May 18
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Skair insolvent.

Creditors have until May 18, 2008, to submit written proofs of
claims to:

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


ZAP KAZ: Claims Filing Period Ends May 20
-----------------------------------------  
LLP Zap Kaz Region Snub has declared insolvency.  Creditors have
until May 20, 2008, to submit written proofs of claims to:

         LLP Zap Kaz Region Snub
         Micro District 12, 65-80
         Aktobe
         Aktube
         Kazakhstan


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


HIGHLAND TRANSPORT: Creditors Must File Claims by May 13
--------------------------------------------------------
LLC Highland Transport has declared insolvency.  Creditors have
until May 13, 2008 to submit written proofs of claim to:

         LLC Highland Transport
         Timiryazev Str. 11
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 64-63-64


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


FLOWSERVE CORP: Moody’s Holds Ba3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed Flowserve Corporation's Ba3
corporate family rating, Ba2 senior secured rating and B1
probability of default rating and changed the rating outlook to
positive from stable.  The rating action anticipates continued
strong end market demand for Flowserve's product offerings which
should support robust earnings and cash flow, as well as
improved coverage ratios.

In conjunction with debt repayment achieved over the last
several years, these favorable operating results should enable
the company to sustain financial metrics that are supportive of
a higher rating.  Moody's noted that Flowserve continues to make
progress at settling various legal and regulatory issues that
have been a constraint on the company's rating.  The positive
outlook signals Moody's belief that ratings could head higher
should Flowserve resolve remaining legal and regulatory issues
while demonstrating continued favorable operating trends, and a
commitment to maintaining its improved capital structure.

These ratings have been affirmed:

     -- Corporate family rating at Ba3

     -- Probability of default rating at B1

     -- Senior secured credit facilities at Ba2 (to LGD2, 19%
from
        LGD2, 20%)

Outlook Actions:

     -- Outlook, Changed To Positive From Stable

Flowserve's Ba3 corporate family rating considers the company's
leading market position as a provider of pumps, valves and
mechanical seals.  The company's products are used in various
end markets globally, with particular strength in the energy and
infrastructure markets which may offer favorable demand patterns
even as economic trends soften.  Flowserve benefits from a
global customer base, with a good representation of aftermarket
service revenues which should provide an element of stability
into future results.  Financial performance has improved over
the last year and ongoing strength of the company's end markets
is likely to support continued improvement in financial metrics.
While acknowledging these positive trends and the reduction of
indebtedness that has occurred over the last several years,
Moody's notes that Flowserve continues to work to resolve legal
and regulatory issues related to U.S. export control laws.  SEC
and DOJ investigations related to the Oil-for-food program were
settled in early 2008, which marks important progress in these
areas.  The positive rating outlook reflects our expectation
that the company will continue to make progress at settling its
outstanding issues.

Headquartered in Irving, Texas, Flowserve Corporation is a
leading provider of pumps, valves and mechanical seals as well
as related services to various end markets globally.  Revenue
for 2007 totaled roughly US$3.8 billion.

The company has subsidiaries in Argentina, Netherlands, China,
Mexico, France, Brazil and Japan, among others.


X5 RETAIL: Rolls Out Pyaterochka Discount Stores in South Russia
----------------------------------------------------------------
X5 Retail Group N.V.has commenced the roll-out of its soft
discount stores in south Russia.

"The launch of this project is an important step in execution of
our strategy of multi-format regional expansion," Yuri
Kobaladze, Managing Director of Corporate Relations of X5 Retail
Group, said.  "In 2008, the company plans to open around 20
Pyaterochka soft discounters in Krasnodar Krai and Rostov Oblast
to compliment the eight Perekrestok supermarkets and one
hypermarket that are already operating in Russia’s south.  
Multi-format presence in a region allows us to widen our
customer base and significantly enhances our operational
efficiencies in the region. ”

The first two Pyaterochka stores will open on April 19, 2008, in
Krasnodar.  The stores’ total selling area will be 700 sq. m.
and the product assortment of each store will include  
approximately 2,500 SKUs.

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


COMSTAR-UNITED: Gets 4 Regional Communication Service Licenses  
--------------------------------------------------------------
Comstar – United TeleSystems JSC has obtained licenses for
communication services in Saint Petersburg, the Leningrad
Region, the Saratov Region and the Volgograd Region.

These services have been licensed:

    * No.57244 – Intrazone telephony services in Saint
      Petersburg;

    * No.57245 – Intrazone telephony services in the Saratov
      Region;

    * No.57246 – Local telephony services, except for the local
      telephony services using pay telephones and public access
      equipment in the Leningrad Region; and

    * No.57247 – Local telephony services, except for the local       
      telephony services using pay telephones and public access
      equipment in the Volgograd Region.

The licenses complement the set of licenses the company has for
these regions.  In particular, in Saint Petersburg Comstar-UTS
has licenses for data, telematic, local telephony and leased-
line services.  In the Leningrad Region, Comstar-UTS has
licenses for data services, while in the Saratov Region those
for data, telematic, local telephony and leased-line services.  
Comstar-UTS has also obtained licenses for data, telematic,
local telephony and leased lines services in the Volgograd
Region.

Comstar-UTS and its subsidiaries have licenses for various
communication services in 38 regions of Russia.

                       About Comstar-UTS

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.comstar-uts.com/en/-- provides fixed line
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five regions of Russia,
Ukraine and Armenia.  As at Dec. 31, 2006, Comstar had US$1.12
billion in revenues and US$428.6 million in EBITDA (excluding
US$62 million stock bonus awards).

                           *    *    *

As of March 27, 2008, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.

Standard & Poor's gave the company BB- on long-term foreign
issuer credit rating and BB- on long-term local issuer credit
rating.  The outlook is positive.


FORT-PRESS CJSC: Novosibirsk Bankruptcy Hearing Set June 16
-----------------------------------------------------------
The Arbitration Court of Novosibirsk will convene on June 16,
2008, to hear the bankruptcy supervision procedure on CJSC
Polytrophic Enterprise Fort-Press.  The case is docketed under
Case No. A45-14808/07-54/60.

The Temporary Insolvency Manager is:

V. Poroshkov
Post User Box 232
630102 Novosibirsk
Russia

The Court is located at:

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

The Debtor can be reached at:

CJSC Polytrophic Enterprise Fort-Press
Kombinatskiy Per. 3a
Novosibirsk
Russia


GASTEKS CJSC: Creditors Must File Claims by May 15
--------------------------------------------------
Creditors of CJSC Gasteks (TIN 5257035004; KPP 526001001) have
until May 15, 2008, to submit proofs of claim to:

K. Britvin
Insolvency Manager
Post User Box 242
Central Post Office
603000 Nizhniy Novgorod
Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.    
The case is docketed under Case No. A43-25264/2007, 27-289.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

CJSC Gasteks
Building 3
Usilova Str. 3
603093 Nizhniy Novgorod
Russia


GREEN SEA: Court Names I. Starshinov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tomsk appointed I. Starshinov as
Insolvency Manager for LLC Green Sea.  He can be reached at:

I. Starshinov
Post User Box 389
630110 Novosibirsk
Russia

The Court will convene on May 14, 2008, to hear the bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A67-4395/07.

The Court can be reached at:

         The Arbitration Court of Tomsk
         Kirova Pr. 10
         634050 Tomsk
         Russia

The Debtor can be reached at:

LLC Green Sea
Gagarina Str. 2A/19
634050 Tomsk
Russia


KVAZAR CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on CJSC Kvazar.  The case is
docketed under Case No. A56-23324/2007.

The Temporary Insolvency Manager is:

V. Khlyamov
Obvodnogo Kanala Quay 181
190103 St. Petersburg
Russia

The Court is located at:

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

The Debtor can be reached at:

CJSC Kvazar
Obukhovskiy Oborony Pr. 251
193012 St. Petersburg
Russia


MONOLITH-47: Creditors Must File Claims by May 15
-------------------------------------------------
Creditors of LLC Monolith-47 have until May 15, 2008, to submit
proofs of claim to:

O. Filippova
Insolvency Manager
Room 306
Chaykovskogo Str. 7
Blagoveshensk
Amur
Russia

The Arbitration Court of Amur will convene at 9:30 a.m. on July
17, 2008, to hear the bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A04-7863/07-8/91 B.

The Debtor can be reached at:

LLC Monolith-47
Kooperativnyj Per. 2
Belogorsk
Russia


NORTH LLC: Nizhniy Novgorod Bankruptcy Hearing Set June 3
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene on
June 3, 2008, to hear the bankruptcy supervision procedure on
LLC North (TIN 5239007822).  The case is docketed under Case No.
A43-30579/2007, 18-193.

The Temporary Insolvency Manager is:

V. Yurin
Office 418A
Alekseevskaya Str. 26
603005 Nizhniy Novgorod
Russia

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

LLC North
Shkolnaya Str. 9
Andrianovo
Shakhunskiy
Nizhniy Novgorod
Russia


NOVATEK OAO: Natural Gas Output Up 1% in First Quarter 2008
-----------------------------------------------------------
OAO Novatek's gross production for first quarter 2008 totaled
7.69 billion cubic meters of natural gas and 637,000 tons of
liquids (gas condensate and crude oil).

Gross natural gas production increased by 75 million cubic
meters, or by 1%, and gross liquids production increased by
18,000 tons, or by 3%, as compared with the corresponding gross
production in the first quarter 2007.

In the first quarter 2008, NOVATEK processed 551 thousand tons
of unstable gas condensate at the Purovsky Gas Condensate
Processing Plant (Purovsky Plant).

                         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.


RUSSIAN STANDARD BANK: Ratings Outlook Revised by S&P to Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russian Standard Bank CJSC to negative from stable, reflecting
increased pressure on the bank's financial performance and
commercial position as a result of its recently revised strategy
and greater challenges to funding business growth.  At the same
time, Standard & Poor's affirmed its 'BB-' long-term and 'B'
short-term counterparty credit ratings, as well as its 'ruAA-'
Russia national scale rating on the bank.

The global market turmoil and domestic regulatory consumer
protection pressures to improve transparency and normalize loan
charges in the consumer finance industry pushed the bank to
adopt a more conservative growth strategy and reduce prices.

"Although these measures are helping RSB's loan quality, they
also are hurting the bank's financial performance," said
Standard & Poor's credit analyst Ekaterina Trofimova.  "Although
RSB's refinancing prospects are challenging, we take some
comfort from the bank's track record of strategic and managerial
flexibility, short assets duration, good market position, and
adequate risk management."

The largest specialized consumer finance bank in The Russian
Federation
(foreign currency BBB+/Positive/A-2; local currency A-
/Positive/A-2; Russia national scale ruAAA/--/--), RSB is among
the top 15 domestic banks, with assets of Russian ruble RUR212
billion (US$8.5 billion) on Dec. 31, 2007.

"The negative outlook reflects the bank's increased challenge to
fund its business growth and limit the impact of its revised
strategy on its leadership position and financial performance,"
said Ms. Trofimova.

S&P might lower the ratings if the bank fails to stabilize its
profitability at a level commensurate with its risk profile, its
revised strategy falters, or access to funding proves more
difficult than S&P currently expects.

S&P could revise the outlook to stable if the bank demonstrates
the resilience of its revised business model and earnings, while
maintaining adequate asset quality, capitalization, and
liquidity.


X5 RETAIL: Rolls Out Pyaterochka Discount Stores in South Russia
----------------------------------------------------------------
X5 Retail Group N.V.has commenced the roll-out of its soft
discount stores in south Russia.

"The launch of this project is an important step in execution of
our strategy of multi-format regional expansion," Yuri
Kobaladze, Managing Director of Corporate Relations of X5 Retail
Group, said.  "In 2008, the company plans to open around 20
Pyaterochka soft discounters in Krasnodar Krai and Rostov Oblast
to compliment the eight Perekrestok supermarkets and one
hypermarket that are already operating in Russia’s south.  
Multi-format presence in a region allows us to widen our
customer base and significantly enhances our operational
efficiencies in the region. ”

The first two Pyaterochka stores will open on April 19, 2008, in
Krasnodar.  The stores’ total selling area will be 700 sq. m.
and the product assortment of each store will include  
approximately 2,500 SKUs.

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


YAMAL-REGION-NEFTE-STROY: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
supervision procedure on LLC Yamal-Region-Nefte-Stroy.  The case
is docketed under Case No. A-70-4871/2007.

The Temporary Insolvency Manager is:

A. Dudochkin
Elizarova Str. 8-97
Tyumen
Russia

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy
         Russia

The Debtor can be reached at:

A. Dudochkin
Elizarova Str. 8-97
Tyumen
Russia


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


ARENA K1: St. Gallen Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against JSC Arena K1 on March 5, 2008.

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Urs Hartmann
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         JSC Arena K1
         L Gasenzenstrasse 16
         9473 Gams
         Werdenberg SG
         Switzerland


C.D. INDICATOR: Creditors' Liquidation Claims Due by April 30
-------------------------------------------------------------
Creditors of JSC C.D. Indicator have until April 30, 2008, to
submit their claims to:

         JSC Eichenberger & Erismann
         Tannweg 5
         5712 Beinwil am See
         Kulm AG
         Switzerland

The Debtor can be reached at:

         JSC C.D. Indicator
         Zurich
         Switzerland


CAVKA & PARTNER: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Cavka & Partner (Schweiz) on Feb. 26, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Cavka & Partner (Schweiz)
         Poststrasse 30
         6300 Zug
         Switzerland


CEPRO JSC: Creditors' Liquidation Claims Due by April 30
--------------------------------------------------------
Creditors of JSC Cepro have until April 30, 2008, to submit
their claims to:

         Marcel Grieb
         Liquidator
         Zelglistr. 18
         8127 Forch ZH
         Switzerland

The Debtor can be reached at:

         JSC Cepro
         Zollikon
         Meilen ZH
         Switzerland


DORO AUDIOLINE: Creditors' Liquidation Claims Due by April 15
-------------------------------------------------------------
Creditors of LLC Doro Audioline have until April 15, 2008, to
submit their claims to:

         Reto Wandfluh
         Liquidator
         Kappelenstrasse 5c
         3270 Aarberg BE
         Switzerland

The Debtor can be reached at:

         LLC Doro Audioline
         Koniz BE
         Switzerland


NEW KELLER: Creditors' Liquidation Claims Due by April 16
---------------------------------------------------------
Creditors of LLC New Keller Technologies have until April 16,
2008, to submit their claims to:

         JSC Triadvice
         Dreikönigstrasse 8
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC New Keller Technologies
         Gruningen
         Hinwil ZH
         Switzerland


PIERRE-HERVE: Creditors' Liquidation Claims Due by April 27
-----------------------------------------------------------
Creditors of LLC Pierre-Hervé Pache have until April 27, 2008,
to submit their claims to:

         JSC Forensis Treuhand
         Hubelistrasse 28
         4603 Olten SO
         Switzerland

The Debtor can be reached at:

         LLC Pierre-Herve Pache
         Aarburg
         Zofingen AG
         Switzerland


RISTORANTE PIZZERIA: Creditors Must File Claims by April 30
-----------------------------------------------------------
Creditors of LLC Ristorante Pizzeria Sporting have until
April 30, 2008, to submit their claims to:

         LLC Ristorante Pizzeria Sporting
         Kirchenfeldstrasse 70
         3005 Berne
         Switzerland


ROCK N’ROLL: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Rock n’Roll Cafe on Feb. 21, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Rock n’Roll Cafe
         Landstrasse 71
         5412 Gebenstorf
         Baden AG
         Switzerland


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

         Ottilie Maurer
         Liquidator
         Bagerstrasse 44
         3185 Schmitten FR
         Switzerland

The Debtor can be reached at:

         LLC Ruck-Zuck
         Wunnewil-Flamatt
         Sense FR
         Switzerland


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


CONRAD-PRIN LLC: Creditors Must File Claims by April 17
-------------------------------------------------------
Creditors of LLC Conrad-Prin (code EDRPOU 35356859) have until
April 17, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on March 11, 2008, after finding it
insolvent.  The case is docketed as 14/76/08.

The Debtor can be reached at:

         LLC Conrad-Prin
         Veselinovskaya Str. 9
         Nikolaev
         Ukraine


DEADLINE LLC: Creditors Must File Claim by April 17
---------------------------------------------------
Creditors of LLC Deadline (code EDRPOU 35033019) 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 23/26-b.

The Debtor can be reached at:

         LLC Deadline
         Artem Str. 37-41
         04050 Kiev
         Ukraine


EGIDA STYLE: Creditors Must File Claims by April 17
---------------------------------------------------
Creditors of LLC Egida Style (code EDRPOU 35273626) have until
April 17, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on March 11, 2008, after finding it
insolvent.  The case is docketed as 5/100/08.

The Debtor can be reached at:

         LLC Egida Style
         Geroev Stalingrada Avenue 91
         Nikolaev
         Ukraine


GELIOS N: Creditors Must File Claims by April 17
------------------------------------------------
Creditors of LLC Gelios N (code EDRPOU 34773116) have until
April 17, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on March 11, 2008, after finding it
insolvent.  The case is docketed as 14/72/08.

The Debtor can be reached at:

         LLC Gelios N
         Spasskaya Str. 56
         Nikolaev
         Ukraine


I. MIRON-GROUP Creditors Must File Claims by April 17
-----------------------------------------------------
Creditors of LLC I. Miron-Group (code EDRPOU 35217870) have
until April 17, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on March 11, 2008, after finding it
insolvent.  The case is docketed as 14/75/08.

The Debtor can be reached at:

         LLC I. Miron-Group
         Lenin Avenue 120
         Nikolaev
         Ukraine


KAZBET LLC: Proofs of Claim Deadline Set April 17
-------------------------------------------------
Creditors of LLC Kazbet (code EDRPOU 35032921) 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 23/25-b.

The Debtor can be reached at:

         LLC Kazbet
         Artem Str. 37-41
         04053 Kiev
         Ukraine


PARTIZANY ELEVATOR: Creditors Must File Claims by April 17
----------------------------------------------------------
Creditors of State Joint Stock Company Bread of Ukraine State
Enterprise Partizany Elevator (code EDRPOU 00956520) have until
April 17, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company on Feb. 28, 2008.  The case is docketed
as 5/128-B-08.

The Debtor can be reached at:

         State Joint Stock Company Bread of Ukraine State
         Enterprise Partizany Elevator
         Partizany         
         Genichesk District
         Herson
         Ukraine

STROY-CAPITAL LLC: Creditors Must File Claims by April 17
---------------------------------------------------------
Creditors of LLC Group Stroy-Capital (code EDRPOU 35394721) have
until April 17, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
March 11, 2008.  The case is docketed as B 15/81-08.

The Debtor can be reached at:

         LLC Group Stroy-Capital
         Zaporozhye Highway 2-A
         49000 Dnipropetrovsk
         Ukraine


SURINA LLC: Creditors Must File Claims by April 17
--------------------------------------------------
Creditors of LLC Trading House Surina (code EDRPOU 34667561)have
until April 17, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Feb. 11, 2008.  The case is docketed as 19/7/08.

The Debtor can be reached at:

         LLC Trading House Surina
         Kirov Str. 51
         Melitopol
         72319 Zaporozhje
         Ukraine


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


AMERICAN AXLE: Inks Contract Pacts with Unions in Mexico and UK
---------------------------------------------------------------
American Axle & Manufacturing Holdings Inc. reached agreements
with the unions representing its associates in England, Mexico
and Scotland.

"All of AAM's hourly associates at AAM de Mexico and our wholly-
owned subsidiary Albion Automotive in the United Kingdom have
union representation," AAM Co-Founder, Chairman & CEO Richard E.
Dauch said.  "The recently signed agreements in Mexico and the
United Kingdom achieved a market competitive labor cost
structure in those regions where the facilities are located.
This was all done quietly, professionally, responsibly and
effectively with no production disruption."

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on April 3,
2008, Moody's Investors Service placed the ratings of American
Axle & Manufacturing Holdings, Inc., Corporate Family -- Ba3,
under review for downgrade.  In a related action, American
Axle's Speculative Grade Liquidity Rating was lowered to SGL-2
from SGL-1.


BRITISH ENERGY: France's Electricite De Frace Eyes Full Takeover
----------------------------------------------------------------
Electricite de France SA is seeking to outbid RWE AG's
indicative all-cash offer of nearly GBP700 pence per share for
British Energy Group plc, the Times reports.

According to the report, EDF is preparing plans for a full offer
for BE, competing against RWE's informal approach, which values
the group at GBP11 billion.

The deadline for final bids, the Times says, is yet to be set by
investment bank NM Rotschild, although an unnamed source told
the paper the process was "well advanced," with a sale expected
by July.

Centrica plc, on the other hand, while expected to bid for BE,
lacks generating capacity and the fire-power to mount a full
bid, the Times relates.

Other potential bidders include Iberdola of Spain, E.ON of
Germany and Vattenfall of Sweden, Robin Pagnamenta and Siobhan
Kennedy writes for the paper.

                   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.


DIOMED HOLDINGS: Selling US & UK Assets to AngioDynamics
--------------------------------------------------------
Diomed Holdings, Inc. entered into an asset purchase agreement
with AngioDynamics, Inc. for the sale of its U.S. operations for
a cash purchase price of US$8 million.

The assets subject to the Agreement exclude the proceeds of
Diomed's settlement of its 777 patent litigation with
AngioDynamics.  Under the settlement, AngioDynamics agreed to
pay US$7 million, and the proceeds of Diomed's anticipated
US$3.6 million settlement with Vascular Solutions, Inc, now
pending bankruptcy court approval, as well as certain patents.

On March 14, 2008, Diomed Holdings and its wholly owned
subsidiary, Diomed, Inc. filed a voluntary petition under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the District of Massachusetts,
Western Division.  Since that time, Diomed has been operating as
a debtor-in-possession while pursuing the sale of its U.S.
operating assets.  Diomed expects to complete the asset sale to
AngioDynamics within 60 to 90 days and to sell its remaining
assets in due course, subject to the approval of the bankruptcy
court.

AngioDynamics has also agreed to pay US$3 million in cash for
certain of the assets of Diomed Ltd., the U.K. subsidiary of
Diomed Inc, which filed for insolvency Administration under the
laws of the United Kingdom contemporaneously with Diomed's
bankruptcy filing in the United States.

The closing of AngioDynamics' agreement with Diomed Holdings is
conditioned upon AngioDynamics' acquisition of Diomed Ltd.'s
assets and is subject to, among other conditions, court approval
and an auction process administered by the courts, under which
other interested parties may present competing offers.

The asset purchase agreement contemplates that Diomed will use
its existing cash, receivables and ongoing revenues to fund its
operations while it operates under Chapter 11, and, if
necessary, may include up to US$1.3 million in debtor-in-
possession financing from AngioDynamics. The contemplated
debtor-in-possession financing will also be subject to
bankruptcy court approval.

"We believe that AngioDynamics' acquisition of Diomed's business
provides our loyal physician partners the best opportunity for a
continuation of superior customer service, an expanded flow of
new and innovative technologies, and continuity of laser and
disposable product supply," stated James A. Wylie, Jr., Diomed's
Chief Executive Officer. "Additionally, Diomed's EndoVenous
Laser business is a terrific fit with AngioDynamics' venous
product line - a win-win for patients and physicians alike."

                    About Diomed Holdings Inc.

Diomed (AMEX: DIO) -– http://www.evlt.vom/-- develops and
commercializes minimal and micro-invasive medical procedures
that use its proprietary laser technologies and disposable
products.  Diomed’s EVLT(R) laser vein ablation procedure is
used in varicose vein treatments.  Diomed also provides
photodynamic therapy for use in cancer treatments, and dental
and general surgical applications.  The EVLT(R) procedure and
the company’s related products were cleared by the United States
FDA in January of 2002.  Along with lasers and single-use
procedure kits for its EVLT(R) laser vein treatment, the Company
provides its customers with state of the art physician training
and practice development support.  The company's subsidiary,
Diomed, Ltd. -- http://www.diomeduk.com/-- operates in the
United Kingdom and its chief activities are product development,
manufacturing and international sales and marketing.

Diomed Holdings, Inc. and Diomed, Inc., filed voluntary
petitions under Chapter 11 of the U.S. Bankruptcy Code on
March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40749 and
08-40750).  Douglas R. Gooding, Esq., at Choate, Hall & Stewart,
represents the two companies in its bankruptcy proceedings.  
When the Debtors filed for protection from their creditors, they
disclosed estimated assets and debts between US$10 million and
US$50 million.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


FIRST SELLERS: Taps Liquidators from BDO Stoy Hayward
-----------------------------------------------------
Andrew Howard Beckingham and Matthew James Chadwick of BDO Stoy
Hayward LLP were appointed joint liquidators of First Sellers
Pack Ltd. on Feb. 29 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         SO14 3TL
         England


GLOBAL TRADER: Creditors' Meeting Slated for April 25
-----------------------------------------------------
Creditors of Global Trader Europe Ltd. (Company Number 5108921)
will meet at 11:00 a.m. on April 25, 2008, at:

          Smith & Williamson Limited
          25 Moorgate
          London
          EC2R 6AY
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 24, 2008, at:

          Stephen Robert Cork and Joanne Elizabeth Milner
          Joint Administrators
          Smith & Williamson Limited
          25 Moorgate
          London
          EC2R 6AY
          England

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.  


H S REALISATIONS: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------------
Nigel Ian Fox and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of H S Realisations Ltd. (formerly
Horwich Steelworks Ltd.) on March 3 for the creditors' voluntary
winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         SO53 3TZ
         England


HENRY ISAAC: Appoints Martin Dominic Pickard as Liquidator  
----------------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed liquidator of
Henry Isaac Ltd. on April 4 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Sovereign Court
         Witan Gate
         Milton Keynes
         MK9 2HP
         England


PERSONA RECRUITMENT: Calls In Liquidators from Vantis
-----------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis
Business Recovery Services were appointed joint liquidators of
Persona Recruitment Ltd. (formerly Heating Warehouse.com Ltd.)
on March 29 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


SEMPLE ELECTRICAL: Hires Liquidator from Mazars
-----------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed  
liquidator of Semple Electrical Ltd. on March 28 for the
creditors' voluntary winding-up procedure proceeding.

The liquidator can be reached at:

         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton
         Bristol
         BS8 4AN
         England


SHARRATT OF CLEVELEYS: Claims Filing Period Ends May 9
------------------------------------------------------
Creditors of Sharratt of Cleveleys Ltd. have until May 9, 2008
to send in their names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Jeremy Woodside
         Joint Liquidator
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England

Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of the company on April 2 by
resolutions of members and creditors.


SPORTS CAFE: Joint Administrators Intends to Dissolve Company
-------------------------------------------------------------
The joint administrators of Sports Cafe Holdings Plc, Bruce
Mackay and Alan Lovett, said they intend to dissolve the
company.

The administrators have reported to the creditors of the company
and have advised that there will be no return to the unsecured
creditors or the shareholders in this matter.

As previously reported in the TCR-Europe, Agilo Ltd. acquired
Sport Cafe's five branches in Birmingham, London, Leeds,
Newcastle upon Tyne and Glasgow.

The company's remaining three venues in Manchester, Liverpool
and Bristol have ceased trading.  As a result the Sports Cafe no
longer has any trading operations.

Landsbanki Securities (UK) Limited has tendered its resignation
as nominated adviser and broker to the Sports Cafe, effective
April 9, 2008.

Under Rule 1 of the AIM Rules for companies, Sports Cafe is
required to appoint a new nomad within one month from April 10,
2008, failing which the admission of its securities to trading
on AIM will be canceled.

Sports Cafe appointed the joint administrators from Baker Tilly
Restructuring and Recovery LLP on Jan. 14, 2008.

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

Headquartered in London, England, Sports Cafe Holdings plc --
http://www.sportscafeholdings.com/-- is a sports entertainment    
bar and sports hospitality group.  As at June 2006, it operated
8 U.K. sites under the Sports Cafe brand with a further site in
Cardiff under development.


STADEX INDUSTRIES: Brings In Liquidators from KPMG
--------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Stadex Industries Ltd. on March 28 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         8 Princes Parade
         Liverpool
         L3 1QH
         England


VIRGIN MEDIA: Prices US$1 Billion Offering of 6.50% Notes
---------------------------------------------------------
Virgin Media Inc. disclosed the pricing of its offering of US$1
billion aggregate principal amount of 6.50% Convertible Senior
Notes due 2016 of Virgin Media Inc. through an offering to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended.

The Notes are not guaranteed by Virgin Media's subsidiaries.  
The sale of the Notes is expected to close on April 16, 2008,
subject to satisfaction of customary closing conditions.  Virgin
Media also granted the initial purchasers a 30-day over-
allotment option to purchase up to US$150 million aggregate
principal amount of additional Notes.

The Notes will bear interest at a rate of 6.50% per year,
payable in cash semi-annually in arrears, beginning on November
15, 2008.  The Notes will be convertible, subject to certain
conditions at an initial conversion rate of 52.0291 shares per
US$1,000 principal amount of the Notes (which is equivalent to
an initial conversion price of approximately US$19.22 per share
and which represents a 55.38% premium to the closing share price
on April 10, 2008), subject to adjustment upon the occurrence of
certain events.  Upon conversion of a Note, a holder will
receive, at the election of Virgin Media, shares of Virgin Media
common stock, cash or a combination of cash and common stock.  
Virgin Media may not redeem the Notes prior to their maturity.  
Holders of the Notes may require Virgin Media to purchase all or
a portion of their Notes, in cash at par, upon the occurrence of
certain fundamental changes involving a change of control or
delisting of the company's common stock.

Virgin Media intends to use the net proceeds from the offering
combined with existing cash reserves to prepay a portion of its
outstanding "A" and "B" loans under its senior credit
facilities. It is anticipated that Virgin Media promptly will
voluntarily prepay approximately GBP 261 million of the "A"
tranche that is currently scheduled for payment in September
2009, and approximately GBP 243 million of the "B" tranche that
is currently scheduled for repayment in September 2012.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.


VIRGIN MEDIA FINANCE: Discloses Issuance of Four Senior Notes
-------------------------------------------------------------
Virgin Media Finance PLC disclosed the issuance of these notes;

  Debt type      Rate    Due Date  Currency   Principal
  ---------      ----    -------   --------   ---------
  Senior Notes   9.75%    2014       GBP      375,000,000
  Senior Notes   8.75%    2014       US$      425,000,000
  Senior Notes   8.75%    2014       EUR      225,000,000
  Senior Notes   9.125%   2016       US$      550,000,000

Virgin Media Finance says it will pay interest on the fixed rate
notes each April 15 and October 15.  The fixed rate notes will
mature on April 15.

Virgin Media Finance PLC, an indirect wholly owned subsidiary of
Virgin Media Inc.  Headquartered in London, England, Virgin
Media Inc. (fka NTL Inc.) (NASDAQ: VMED) --
http://virginmedia.com/-- provides broadband, digital  
television, telephony, content and communications services,
reaching over 50% of the U.K. homes and 85% of the U.K.
businesses.


VIRGIN MEDIA FINANCE: Fitch Puts Notes’ Ratings Under Pos. Watch
----------------------------------------------------------------
Fitch Ratings the ratings of Virgin Media Finance PLC's senior
unsecured notes on Rating Watch Positive, following the
company's proposed issue of convertible notes and corresponding
prepayment of senior debt.  The agency has also affirmed Virgin
Media Inc.'s (Virgin Media) Long-term Issuer Default Rating at
'B+' and Short-term IDR at 'B'.  The Outlook is Positive.

At the same time, Virgin Media Investment Holdings Limited's
GBP5.3bn senior secured bank facility is affirmed at
'BB+'/'RR1'.  The Rating Watch on the senior notes is the result
of the proposed change in the capital structure, and is
independent of the agency's view on the IDR.

Virgin Media Finance PLC bonds on RWP:-

    -- GBP375m 9.75% senior notes due 2014: 'B+'/'RR4'
    -- US$425m 8.75% senior notes due 2014: 'B+'/'RR4'
    -- EUR225m 8.75% senior notes due 2014: 'B+'/'RR4'
    -- US$550m 9.125% senior notes due 2016: 'B+'/'RR4'

"The announcement by the company of its intention to issue US$1
billion of structurally subordinated convertible notes and to
use the GBP504 million equivalent expected proceeds to prepay
senior secured debt would not only reduce near-term amortisation
pressure, but would also allow an additional potential GBP504
million of value to flow through to the senior noteholders in a
default scenario," said Michelle De Angelis, Senior Director in
Fitch's European Leveraged Finance team.  "In effect the
proposed refinancing would improve the potential recoveries for
senior noteholders, and therefore could result in an upgrade of
the senior notes of up to two notches, to 'BB'/'RR2' from
'B+'/'RR4'."

Fitch's Recovery Ratings methodology, introduced in Europe in
2006, examines the potential distressed enterprise value (EV) of
the rated entity, and distributes the estimated value to
creditors according to the priority of claims.  In the case of
Virgin Media, Fitch estimates a distressed EV of GBP6bn, which
reflects its strong competitive position as the leading
alternative network operator in the UK as well as its 4.8
million customers and its national communications network with
the second-most dense level of local access, next to BT.  After
deducting 10% for priority claims and costs, the agency
estimates there would be approximately GBP5.4bn of value for
debt investors, of which GBP4.5bn of fully drawn senior secured
facilities and capital leases (pro forma for the proposed
refinancing) claim priority.  The remaining GBP0.9bn of value
could be available to senior noteholders, a GBP0.5bn increase
over the amount which would be available before the proposed
prepayment of the senior facilities.  This would represent
approximately 85% of the outstanding GBP1,032m equivalent of
senior notes, and would equate to a Recovery Rating of 'RR2'.  
The proposed convertible notes would rank behind the senior
notes in order of priority.

Fitch expects to resolve the Rating Watch assigned upon
completion of the proposed convertible notes issue and
prepayment of the senior secured facilities as outlined by the
company.  The agency anticipates that the senior notes would be
upgraded up to two notches to 'BB'/ 'RR2'.

In terms of financial metrics, with net leverage of 4.4x (net
debt/to last quarter annualised operating cashflow) and solid
free cash flow, Virgin Media resides towards the top of the 'B+'
rating in Fitch's view, which continues to support the Positive
Outlook.  The proposed refinancing is leverage-neutral, as
proceeds will be used to prepay other sources of debt; however,
the reduction in near-term amortisation pressure resulting from
the prepayment of the 2009 scheduled debt instalment is viewed
as mildly credit-positive.



* BOND PRICING: For the Week April 7 to April 11, 2008
------------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    3/15/19      CAD      64.64
                          0.250    10/14/26     CAD      40.15
Raiffeisen Centrobank AG  9.250    12/19/08     EUR      61.39
Republic of Austria       4.000    06/22/22     EUR      75.27
                          1.740    08/04/25     EUR      65.71

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.49
                          0.500    04/26/13     AUD      70.79
                          1.000    11/21/16     NZD      57.91
                          1.000    10/30/17     AUD      56.03
                          1.000    02/27/18     AUD      55.31
                          0.500    09/24/20     CDN      60.92
                          0.250    06/28/40     CDN      20.71

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.45
Altran Technologies S.A.  3.750    01/01/09     EUR      12.05
Calyon                    6.000    06/18/47     EUR      47.07
CAP Gemini S.A.           2.500    01/01/10     EUR      51.94
                          1.000    01/01/12     EUR      44.53
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.34
                          4.375    11/01/10     EUR      48.00
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      74.33
Groupe Vial               2.5      01/01/14     EUR      34.59
Havas S.A.                4.000    01/01/09     EUR      10.68
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.54
Ingenico                  2.750    01/01/12     EUR      20.59
Maurel & Prom             3.500    01/01/10     EUR      20.55
Publicis Group            0.750    07/17/08     EUR      28.95
                          1.000    01/18/18     EUR      42.17
Rhodia S.A.               0.500    01/01/14     EUR      36.76
Scor S.A.                 4.125    01/01/10     EUR       2.07
Soc Air France            2.750    04/01/20     EUR      23.53
Soitec                    4.625    12/20/09     EUR       5.35
Theolia S.A.              2.000    01/01/14     EUR      23.23
Valeo                     2.38     01/01/11     EUR      43.05
Vivendi Univers           1.75     10/30/08     EUR      30.43
Wavecom S.A.              1.750    01/01/14     EUR      20.75
Wendel Invest S.A.        2.000    06/19/09     EUR      43.11
                          4.380    08/09/17     EUR      71.70
Zlomrex International
Finance SA                8.5      02/01/14     EUR      60.54

GERMANY
-------
Deutsche Bank             3.250    05/18/12     CHF      73.22
Deutsche Schifbk          4.200    01/23/09     EUR      99.64
Escada AG                 7.500    04/01/12     EUR      74.73
KfW Bankengruppe          0.500    10/30/13     AUD      68.55
                          5.000    09/01/25     EUR      74.40
                          5.000    08/10/30     EUR      70.90
                          0.500    12/19/17     EUR      67.82
                          5.000    07/21/25     EUR      71.78
                          1.250    07/29/20     EUR      78.70
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.05
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.40


GREECE
------
Hellenic Republic         0.990    07/17/24     EUR      69.18

ICELAND
-------
Kaupthing Bank            7.130    05/19/16     EUR      71.84
                          6.130    10/04/16     EUR      70.26
                          6.130    10/04/16     EUR      70.78
                          6.500    02/03/45     EUR      50.37

IRELAND
-------
Banesto Finance Plc       6.170    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.37
                          0.250    07/08/33     CDN      28.25
Magnolia Finance IV Plc   1.050    12/20/45     US$      21.60
Ono Finance II            8.000    05/16/14     EUR      72.15
UT2 Funding PLC           5.32     06/30/16     EUR      73.41

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      53.30
Telecom Italia            5.250    03/17/55     EUR      69.47

LUXEMBOURG
----------
Beverage Pack             9.500    06/15/17     EUR      73.17
Del Monte Fin SA          6.630    05/24/06     EUR      45.39
Finmek International      7.000    12/03/04     EUR       6.49
Hayes Lemmerz Finance     8.250    06/15/15     EUR      71.21
IT Holding Fin            9.880    11/15/12     EUR      76.13
Nell AF S.A.              8.380    08/15/15     EUR      71.58
                          8.380    04/22/31     US$      71.18

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      74.76
Air Berlin Finance B.V.   1.500    04/11/27     EUR      61.40
ALB Finance BV            7.880    02/01/12     EUR      73.49
Biopetrol Finance B.V.    4.000    02/21/12     EUR      72.85    
BK Ned Gemeenten          0.500    06/27/18     CDN      68.12
                          0.500    02/24/25     CDN      48.41
BLT Finance BV            7.500    05/15/14     US$      63.58
Cirio Del Monte           7.750    03/14/05     EUR      36.73
DAF BV                    6.750    06/15/96     NLG      27.08
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.38
Hypo Real ES Finance      5.500    08/20/08     EUR      40.06
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      68.10
Kazkommerts
  International B.V.      6.880    02/13/17     EUR      73.12
                          8.500    06/13/17     US$      74.18
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      73.79
                          2.000    03/16/35     EUR      49.16
                          6.000    02/15/35     EUR      50.56
                          2.000    02/16/15     EUR      73.77
                          7.000    05/17/35     EUR      53.75
                          4.170    02/16/17     EUR      65.64
                          6.000    11/02/35     EUR      54.00

Montell Finance B.V.      8.100    03/15/27     US$      66.98
Ned Waterschapbk          6.000    06/01/35     EUR      70.17
                          6.500    08/15/35     EUR      66.06
                          6.000    06/30/45     EUR      62.05
NXP B.V.                  8.630    10/15/15     EUR      75.02
Portugal Tel Fin          4.500    06/16/25     EUR      76.54
Rabobank Groep N.V.       6.000    02/22/35     EUR      66.00
                          5.000    02/28/35     EUR      64.17
                          7.000    03/23/35     EUR      61.50
                          6.000    05/09/35     EUR      69.22
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       1.00

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.69
Norske Skogindustrier ASA 7.000    06/26/17     EUR      67.35

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.26

SWITZERLAND
-----------
S-Air Group               0.130    07/07/05     CHF      11.97
UBS AG                    1.000    07/30/12     NZD      74.24

UNITED KINGDOM
--------------
Alliance & Leicester Plc  5.250     3/6/2023    GBP      75.88
                          5.88      8/14/2031   GBP      68.49
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      48.35
BAA Plc                   5.130     02/15/23    GBP      76.37
Bank of Scotland Plc      0.000     02/15/23    EUR      67.75
                          6.000     02/07/35    EUR      52.44
Bradford&Bin Building     6.63      06/16/23    GBP      78.08
Britannia Building
   Society                5.880     03/28/33    GBP      74.54
Cattles Plc               7.13      07/05/17    GBP      72.74
Ineos Group Holding       7.880     02/15/16    EUR      73.74
                          7.880     02/15/16    EUR      74.17
Jaztel Plc                5.000     04/29/10    EUR      69.79
National Grid Gas Plc     1.754     10/17/36    GBP      39.24
                          1.771     03/30/37    GBP      39.20
RSL Communications Ltd   10.130     03/01/08    US$       2.25
Wessex Water Fin          1.370     07/31/57    GBP      23.49
Wester Power
   Distribution           4.80      12/21/37    GBP      74.78

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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