TCREUR_Public/080415.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

             Tuesday, April 15, 2008, Vol. 9, No. 74

                            Headlines


A U S T R I A

FROHN-TASK LLC: Claims Registration Period Ends May 5
IMZ BAU: Claims Registration Period Ends May 14
ING. BERNHARD: Creditors' Meeting Slated for April 28
INTERTEL COMMUNICATION: Claims Registration Period Ends April 28
KLAUSER HOLZVERARBEITUNG: Claims Registration Period Ends May 20

KMW HANDELS: Claims Registration Period Ends April 22


B E L G I U M

BERRY PLASTICS: Moody's Holds B3 Corporate Family Rating
LEVI STRAUSS: Feb. 24 Balance Sheet Upside-Down by US$318.87 Mln


F R A N C E

SPANSION INC: Unit Inks Patent Cross-License Agreement with IBM


G E R M A N Y

ALBERS ESTRICH: Claims Registration Period Ends May 5
ALERIS INT'L: Posts US$128MM Net Loss in Year Ended December 31
ALLZEIT GESELLSCHAFT: Claims Registration Period Ends May 3
ARBEITS- UND KULTURCENTRUM: Claims Registration Ends May 5
BAUSYSTEME KRAHL: Claims Registration Period Ends April 30

BKS-LABEL GMBH: Claims Registration Period Ends May 3
BOMBARDIER INC: Unit Sells Four More CRJ900 NextGen Jets to Iraq
BOMBARDIER INC: S&P Ups Ratings to BB+ on Improved Liquidity
EMPORIUM SERVICE: Claims Registration Period Ends April 30
FAHRENHOLZ TEXTILHANDELS: Claims Period Ends April 29

FELIC TROCKENBAU: Creditors' Meeting Slated for April 18
GEO POULSON: Claims Registration Ends May 2
GOLD-LAND TREUHAND: Claims Registration Period Ends May 5
HS MOEBELTEAM: Creditors' Meeting Slated for April 24
INGENIEURBUERO USB: Claims Registration Ends May 2

INNOVA VERTRIEBS: Claims Registration Ends May 2
IT MECHATRONIK: Claims Registration Ends May 2
K & S AUTOMOBILE: Claims Registration Ends May 2
KDZ KOELN: Claims Registration Ends May 2
MOBAU-BAUCENTRUM GMBH: Claims Registration Period Ends May 5

NORDMEYER SPEDITIONSLOGISTIK: Claims Registration Ends May 2
PARK IMMOBILIEN: Creditors' Meeting Slated for April 21
PRIMAWEIN FRANCHISE: Claims Registration Period Ends May 2
QUARTZ FINANCE: Moody's Downgrades Ratings on Five Notes
S.A.N.SET FILM: Claims Registration Period Ends May 2

SERBEST GMBH: Creditors Must File Claims by April 25
SLOTY BAUUNTERNEHMUNG: Creditors Must File Claims by April 25
SMARTMACHINE DEUTSCHLAND: Claims Registration Period Ends May 2
SPECTRUM BRANDS: To Release 2nd Quarter 2008 Results on May 6
SPECTRUM BRANDS: S&P Revises Outlook on Improved Liquidity

SYNERGIE SERVICES: Claims Registration Period Ends May 2
TRUCKS + TRANSPORTER: Claims Registration Period Ends May 4
V & D GMBH: Creditors Must File Claims by April 25
V & D VERWALTUNGS: Creditors Must File Claims by April 25
VIRTEO NET: Creditors Must File Claims by April 25

VOITINO DUFTMARKETING: Creditors Must File Claims by April 25
ZIMMEREI U. SAGEWERK: Claims Registration Period Ends May 2


I R E L A N D

SCOTTISH RE: Inks LOI to Recapture Business From Ballantyne Re
SCOTTISH RE: Explores Sale of North America Life Reinsurance Biz
SCOTTISH RE: A.M. Best Downgrades Ratings, to Undertake Review


I T A L Y

* Silvio Berlusconi Claims Third Term as Italy's Prime Minister


K A Z A K H S T A N

AKBARS-PAVLODAR LLP: Creditors Must File Claims by May 16
AKJAR-SERVICE LLP: Claims Deadline Slated for May 16
AKTAU SERVICE: Claims Filing Period Ends May 16
ALLIANCE-KOKSHE LLP: Creditors' Claims Due on May 16
BUSINESS CENTRE: Claims Registration Ends May 16

ERTIS NAN: Creditors Must File Claims by May 16
KOKSHE ARGAMAK: Claims Deadline Slated for May 16
PROM ANALIT: Claims Filing Period Ends May 16
SAFIYA LLP: Creditors' Claims Due on  May 20
TIANSAN INTERNATIONAL: Claims Registration Ends May 20


K Y R G Y Z S T A N

LATEST ENERGY: Creditors Must File Claims by May 20


L U X E M B O U R G

EVRAZ GROUP: S&P Puts BB- Rating on Proposed US$ Bond Issue
GATE GOURMET: Moody's Revises Outlook on All Ratings to Positive


N E T H E R L A N D S

FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30
FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB
X5 RETAIL: Posts US$1.78 Bln Net Retail Sales in 1st Qtr 2008


R U S S I A

AVTO-SIB CJSC: Court Starts Bankruptcy Supervision Procedure
CEMENT LLC: Creditors Must File Claims by May 15
CRYSTAL-BEL CJSC: Belgorod Bankruptcy Hearing Slated for June 18
ERMAKOVSKOE CJSC: Novosibirsk Bankruptcy Hearing Set June 25
FAN CJSC: Lipetsk Court Names Y. Gurov as Insolvency Manager

RODINO CJSC: Altay Bankruptcy Hearing Slated for August 18
UKRAINSKOE OJSC: Court Starts Bankruptcy Supervision Procedure
X5 RETAIL: Supervisory Board Approves Formata Acquisition


S W I T Z E R L A N D

BISTRO HABERHUUS: Creditors' Liquidation Claims Due by May 1
CEPRO JSC: Creditors' Liquidation Claims Due by May 1
CIMA GASTRO: Creditors' Liquidation Claims Due by May 1
CHILLA LLC: Creditors' Liquidation Claims Due by May 1
E. + A. ARNOLD: Creditors' Liquidation Claims Due by May 1

FIS HOLDING: Creditors' Liquidation Claims Due by May 5
KORUM LLC: Creditors' Liquidation Claims Due by May 1
WINE AND FURNITURE: Creditors' Liquidation Claims Due by May 15


U K R A I N E

BANK EVROPEYSKIY: Moody's Puts Financial Strength Rating at E+
BATKIVSCHINA LLC: Creditors Must File Claims by April 30
DNIPRO-DELTASTROY LLC: Creditors Must File Claims by April 30
EVRAZ GROUP: Closes Acquisition of Certain Assets in Ukraine
NADIYA LLC: Creditors Must File Claims by April 30

ROVAL LLC: Creditors Must File Claims by April 30
SLOVAGROIMPEKS LLC: Creditors Must File Claims by April 30
VUGILNYK LLC: Creditors Must File Claims by April 30


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Completes Sale of Snowflake Mill
ABITIBIBOWATER INC: S&P Puts Recovery Ratings on Sr. Debt Issues
AMERICAN AXLE: New UAW Contract is Still Not Market Competitive
ANAGRAM CREATIVE: M. C. Bowker Leads Liquidation Procedure
BRITISH ENERGY: Suez May Buy Stake After Gaz de France Merger

BRITISH ENERGY: Iberdola Nears Decision Over GBP11 Bln Joint Bid
BRITISH ENERGY: Sweden's Vattenfall Eyes Takeover Bid
CHROME FUNDING: Moody's Puts Ratings Under Review  
CLEAR CHANNEL: Extends Tender Offers Expiration for Senior Notes
ERINACEOUS GROUP: Enters Into Administration; KPMG Appointed

IXIS CORPORATE: Moody's Reviews Rating on EUR10 Million MM Notes  
LANHAM PRINT: Brings In Liquidators from Tenon Recovery
LINKER FINANCE: Moody's Junks Rating on US$18MM Class E Notes
LOGAN CDO: Moody's Junks Ratings on Two Note Classes
MIDLAND MACHINING: Calls In Liquidators from Moore Stephens

NICHOLL'S BRASSERIES: Appoints Begbies Traynor as Administrators
OPUS MORTGAGES: Goes Into Liquidation Due to Market Conditions
SEA CONTAINER: Court Approves Entry to Charter Termination Pacts
SEA CONTAINERS: Contrarian, et al. Wants Subpoenas Quashed
VR 2007: Taps Liquidators from Grant Thornton

* Large Companies with Insolvent Balance Sheet


                            *********

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


FROHN-TASK LLC: Claims Registration Period Ends May 5
-----------------------------------------------------
Creditors owed money by LLC Frohn-TASK (FN 278421v) 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
          Suedtirolerstrasse 4-6
          4020 Linz
          Austria
          Tel: 070770815
          Fax: 070770816
          E-mail: lawfirm@gltp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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
22/08k).  Norbert Mooseder  represents Dr. Grassner in the
bankruptcy proceedings.


IMZ BAU: Claims Registration Period Ends May 14
-----------------------------------------------
Creditors owed money by LLC IMZ Bau (FN 215008p) have until
May 14, 2008, to file written proofs of claim to court-appointed
estate administrator Michael Neuhauser at:

          Mag. Michael Neuhauser
          c/o  Dr. Christof Stapf
          Esslinggasse 7
          1010 Vienna
          Austria
          Tel: 90 333
          E-mail: wien@snwlaw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 33/08b).  Christof Stapf
represents Mag. Neuhauser in the bankruptcy proceedings.


ING. BERNHARD: Creditors' Meeting Slated for April 28
-----------------------------------------------------
Creditors owed money by LLC Ing. Bernhard Bauer (FN 268413a) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
April 28, 2008.

The creditors' meeting will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Rust, Austria, the Debtor declared bankruptcy
on March 17, 2008 (26 S 29/08d).  Willibald Stampf serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

          Dr. Willibald Stampf
          Brunnenplatz 5b
          7210 Mattersburg
          Austria
          Tel: 02626/62652
          Fax: 02626/65326
          E-mail: ma@rss.at  


INTERTEL COMMUNICATION: Claims Registration Period Ends April 28
----------------------------------------------------------------
Creditors owed money by LLC Intertel Communication (FN 244955d)
have until April 28, 2008, to file written proofs of claim to
court-appointed estate administrator Peter Bernhart at:

          Dr. Peter Bernhart
          Bahnhofstrasse 5
          9020 Klagenfurt
          Austria
          Tel: 0463/54146
          Fax: 0463/54146-15
          E-mail: office@fink-bernhart.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Meeting Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on March 17, 2008 (Bankr. Case No. 40 S 15/08h).  


KLAUSER HOLZVERARBEITUNG: Claims Registration Period Ends May 20
----------------------------------------------------------------
Creditors owed money by LLC Klauser Holzverarbeitung  (FN
123104k) have until May 20, 2008, to file written proofs of
claim to court-appointed estate administrator Gerhard
Schultschik at:

          Dr. Gerhard Schultschik
          Poeckgasse 4
          2700 Wiener Neustadt
          Austria
          Tel: 02622/21 235
          Fax: 02622/21235-23
          E-mail: kanzleu@schultschik.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Miesenbach, Austria, the Debtor declared
bankruptcy on March 17, 2008 (Bankr. Case No. 11 S 30/08k).  


KMW HANDELS: Claims Registration Period Ends April 22
-----------------------------------------------------
Creditors owed money by LLC Kmw Handels und Dienstleistung (FN
269121t) have until April 22, 2008, to file written proofs of
claim to court-appointed estate administrator Oliver Simoncic
at:

          Mag. Oliver Simoncic
          Rathausplatz 3-4
          3100 St. Poelten
          Austria
          Tel: 02742/47 082
          Fax: 02742/47 082-19
          E-mail: rechtsanwalt@simoncic.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 Lilienfeld, Austria, the Debtor declared
bankruptcy on March 14, 2008 (Bankr. Case No. 14 S 37/08v).  


=============
B E L G I U M
=============


BERRY PLASTICS: Moody's Holds B3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating
of B3 of Berry Plastics Corporation and assigned a B1 rating to
the new senior secured notes due 2015.  The outlook is stable.

This rating action is in response to the company's announcement
on April 14, 2008 that it issuing US$530 million senior secured
floating rate notes to replace the US$520 million senior secured
bridge facility (not rated by Moody's) used to finance its
US$500 million acquisition of Captive Holdings, Inc.

   
The affirmation of Berry's Corporate Family Rating reflects the
company's success to date integrating previous acquisitions,
potential for significant synergies, and Captive's strategic fit
with Berry's core rigid plastic business.  Berry's pro-forma
competitive profile includes annual revenue of $3.4 billion, and
a low customer concentration, with no single customer accounting
for more than 6%.  The combined organization is also expected to
maintain healthy liquidity.

The ratings are constrained by Berry's aggressive financial and
acquisition policies, weakened credit metrics, and heightened
integration and financial risk.  The large interest expense
burden leaves the company dependent upon realization of
synergies to drive improvements in EBITDA and generate free cash
flow to de-leverage.  Potentially lengthy lags in contractual
raw material cost pass-throughs and integration and operating
risk pose a threat to the de-leveraging plan.  There remains
little room in Berry's credit profile for any material
acquisitions or negative variance in operating performance.

Moody's took these rating actions for Berry Plastics Corp.:

    -- Affirmed Corporate Family Rating of B3

    -- Affirmed Probability of Default Rating of B3

    -- Assigned US$530 million senior secured FRN due 2015, B1
       (LGD 2, 27%)

    -- Affirmed US$1,200 million senior secured term loan due
       2015, B1 (LGD 2, 27%)

    -- Affirmed US$225 million senior secured second lien FRN
       due 2014, Caa1 (LGD 4, 63%)

    -- Affirmed US$525 million senior secured second lien notes
       due 2014, Caa1 (LGD 4, 63%)

    -- Affirmed US$265 million senior subordinated notes due
       2016, Caa2 (LGD 5, 85%)

    -- Affirmed Speculative Grade Liquidity Rating of SGL-2

Moody's took these rating actions for Berry Plastics Group,
Inc.:

    -- Affirmed US$500 million senior unsecured term loan due
       2014, Caa2 (LGD 6, to 94% from 93%)

The rating outlook for Berry is stable.

The ratings and outlook are subject to receipt of final
documentation.

Based in Evansville, Indiana, Berry Plastics Corporation is a
supplier of plastic packaging products, serving customers in the
food and beverage, healthcare, household chemicals, personal
care, home improvement, and other industries.  Net sales for the
twelve months ended December 29, 2007 amounted to approximately
$3.1 billion.

Berry Plastics has more than 70 locations in the United States.  
The company also has locations in Mexico, Canada, Italy,
Belgium, and China.


LEVI STRAUSS: Feb. 24 Balance Sheet Upside-Down by US$318.87 Mln
----------------------------------------------------------------
Levi Strauss & Co. disclosed financial results for the first
quarter ended Feb. 24, 2008 and filed its first quarter 2008
results on Form 10-Q with the U.S. Securities and Exchange
Commission.

For the quarter ended Feb. 24, 2008, the company reported net
income of US$97 million on US$1.083 billion in revenues.  This
compares to a net income of US$87 million on revenues of
US$1.037 billion for the quarter ended Feb. 25, 2007.

The increase in net revenues primarily reflected the impacts of
foreign currency exchange.  On a constant currency basis, net
revenues were essentially unchanged from last year’s first
quarter.  The company continued to generate sales growth
in Europe and its emerging markets in Asia Pacific.  These gains
were largely offset by revenue declines in the Americas region
and in certain mature markets in Asia.  The results for the
quarter also reflected $18 million of advance shipments in the
United States related to the implementation of SAP.  The company
shipped these orders early prior to its March 2008 SAP
implementation to avoid possible replenishment delays.

Net income increased 12% in the first quarter compared with the
same quarter in 2007, reflecting lower interest expense and a
lower tax rate.

"Our performance in the first quarter represents a solid start
for the year, despite an increasingly difficult retail
environment,” said John Anderson, president and chief executive
officer. “Our Levi’s(R) brand continues to perform
well on a global basis, and benefited from continued growth in
our emerging Asia Pacific markets and in Europe.

“We are cautious given the economic uncertainty in the United
States and key markets around the world.  Nonetheless, we remain
focused on product innovation, retail expansion and optimizing
our global footprint,” added Mr. Anderson.

The company reported that its Board of Directors declared a
US$50 million cash dividend to common shareholders. In addition,
the company reported that on March 25 it redeemed its remaining
12-1/4% percent bonds, further reducing long-term debt
by US$19 million.

The company also reported that it began implementing SAP in the
second quarter in the United States.  Due to issues encountered
during the stabilization period, it chose to temporarily suspend
shipments to U.S. customers, causing the company to miss
delivery dates.  It has begun to ship again and is currently
working with customers to recover the missed orders.  The
company remains confident that SAP will optimize operations and
reduce costs over the long term.

                First Quarter 2008 Highlights

The company disclosed that revenues included approximately
US$18 million in U.S. orders that would have been shipped in the
second quarter but were instead shipped in February.  Operating
income benefited approximately US$9 million from these
shipments.

Gross profit in the first quarter increased to US$545 million
compared with US$498 million for the same period in 2007.  Gross
margin increased to 50.3% of revenues for the first quarter
compared with 48.0 percent of revenues in the first quarter of
2007.  Gross margin benefited from higher-margin product mix,
improved sourcing costs and lower sales allowances.

Selling, general and administrative expenses increased to US$356
million for the first quarter from US$296 million in the same
period of 2007.  Increases in expenses in the 2008 period
reflect a lower benefit plan curtailment gain and higher selling
expenses related to the company’s retail expansion compared to
the prior year.

Operating income for the first quarter was US$187 million
compared with US$189 million for the same period of 2007,
reflecting higher gross profit offset by higher selling, general
and administrative expenses.

Interest expense for the first quarter decreased 30% to
US$41 million compared to US$58 million in the first quarter of
2007.  The decrease was primarily attributable to lower debt
levels and lower average interest rates during the quarter due
to the company’s debt refinancing actions taken over the past
two years.

“Our solid operating margins and strong cash flows have allowed
us to continue to reduce debt, and to invest in our brands and
retail expansion,” said Hans Ploos van Amstel, chief financial
officer.  “We have made significant progress in managing
inventory levels.  Our priority continues to be cash
generation as we work to further support our brands and
strengthen our financial position.”

                        Regional Overview

For the quarter ended Feb. 24, 2008, the Americas reported net
revenues of US$580 million, a 2% decrease compared to net
revenues of US$591 million for the quarter ended Feb. 25, 2007.
Sales in the Levi’s(R) brand increased in the United States.  
This was largely offset by the expected decline in sales in the
Signature by Levi Strauss & Co.(TM) business, as well as a small
decline in sales in the Dockers(R) brand in the United States.
These results were affected by early shipments.

In Europe, the company had net revenues of US$329 million for
the quarter ended Feb. 24, 2008, compared to net revenues for
the quarter ended Feb. 25, 2007, a 15% increase.  Excluding the
positive currency impact, net revenues in Europe went up 3%.  
The increase in revenues in Europe reflected, in part, the sales
growth in the company’s brand-dedicated retail network.

In the Asia Pacific Region, net revenues grew 8% from US$161
million for the quarter ended Feb. 25, 2007, to US$174 million
for the quarter ended Feb. 24, 2008.  Net revenue was up 3%
excluding the positive currency impact.  Revenues in the
company's emerging markets in Asia Pacific continued to expand
rapidly with declines in certain of its mature markets in Asia.

                    Balance Sheet and Cash Flow

The company ended the first quarter with cash and cash
equivalents of US$222 million, an increase of US$66 million from
the year ended November 25, 2007.  Cash provided by operating
activities was US$107 million for the first quarter, compared
with US$17 million used for operating activities for the same
period in 2007, primarily reflecting lower interest payments and
a reduction of cash used for inventory and accounts payable.

The company reduced long-term debt by US$18 million in the
quarter.  Total debt was US$1.95 billion at the end of the first
quarter.

As of Feb. 24, 2008, the company's balance sheet showed total
assets of US$2,956,586,000 and total liabilities of
US$3,275,460,000, resulting to total stockholders' deficit of
roughly US$318,874,000.

                      About Levi Strauss & Co.

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a  
branded apparel company.  The company designs and markets jeans
and jeans-related pants, casual and dress pants, tops, jackets
and related accessories for men, women and children under its
Levi's, Dockers and Levi Strauss Signature brands in markets
around the world.  Levi Strauss & Co. distributes its Levi's and
Dockers products primarily through chain retailers and
department stores in the United States, and through department
stores, specialty retailers and franchised stores abroad.  The
company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  

Levi Strauss is organized into three geographic divisions: Levi
Strauss Americas, based in the San Francisco headquarters,
Levi Strauss Europe, Middle East and North Africa, based in
Brussels, Belgium and Asia Pacific Division, based in Singapore.
Levi's also has operations in Brazil, Mexico, Chile and Peru.
Shares of Levi Strauss Japan K.K., its Japanese affiliate, are
publicly traded in Japan.


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F R A N C E
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SPANSION INC: Unit Inks Patent Cross-License Agreement with IBM
---------------------------------------------------------------
On April 7, 2008, Spansion LLC, a wholly owned subsidiary of
Spansion Inc., entered into a patent cross-license agreement
with International Business Machines Corp.

Under the agreement, Spansion Inc. issued 1,607,717 shares of
Spansion Class A common stock, par value US$0.001 per share to
IBM on April 7, 2008, and will make two additional five million
dollar payments to IBM, either in cash or Spansion common stock
equivalent to the cash amount at the time of payment, before
March 25, 2010.

All of the shares of the Spansion LLC's common stock issued to
IBM in the transaction were issued in reliance upon the
exemption from registration provided under Section 4(2) of the
Securities Act of 1933, as amended.

                       About Spansion Inc.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,
manufactures, markets and sells flash memory solutions for
wireless, automotive, networking and consumer electronics
applications.  Spansion(R), the Spansion Logo(R), MirrorBit(R),
MirrorBit(R) Eclipse(TM), ORNAND(TM), ORNAND2(TM), HD-SIM(TM)
and combinations thereof, are trademarks of Spansion LLC.  
Spansion, the Spansion Logo and MirrorBit are registered in the
US and other countries.

The company's European unit, Spansion EMEA, is based is France.  
Spansion Japan Limited, is the company's unit and is
headquartered in Japan.

                      *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 28,
2008, Fitch Ratings affirmed Spansion's Issuer Default Rating at
'B-' while downgrading these issue-level ratings due to lower
recovery prospects: US$175 million senior secured revolving
credit facility due 2010 to 'B/RR3' from 'B+/RR2'; US$625
million senior secured floating rating notes due 2013 to 'B/RR3'
from 'B+/RR2'; US$225 million of 11.25% senior unsecured notes
due 2016 to 'CCC/RR6' from 'CCC+/RR5'; and US$207 million of
2.25% convertible senior subordinated debentures due 2016 to
'CCC-/RR6' from 'CCC/RR6'.  The Rating Outlook remains Negative.
Approximately US$1.2 billion of debt is affected.


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G E R M A N Y
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ALBERS ESTRICH: Claims Registration Period Ends May 5
-----------------------------------------------------
Creditors of Albers Estrich und Bodenbelag GmbH have until
May 5, 2008, to register their claims with court-appointed
insolvency manager Andreas Sontopski.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Muenster opened bankruptcy proceedings
against Albers Estrich und Bodenbelag GmbH on Feb. 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Albers Estrich und Bodenbelag GmbH
         Dreihuesweg 57a
         48282 Emsdetten
         Germany

         Attn: Hubert Albers, Manager
         Alter Kirchweg 22
         48282 Emsdetten
         Germany


ALERIS INT'L: Posts US$128MM Net Loss in Year Ended December 31
-------------------------------------------------------------
Aleris International Inc. reported results for the fourth
quarter and full year ended Dec. 31, 2007.

For three months ended Dec. 31, 2007, the company incurred net
loss of US$114.0 million compared to net income of US$10.9
million for the same period in the previous year.

The loss from continuing operations includes US$51.2 million of
special items, including US$21.6 million in restructuring and
other charges, US$15.1 million from purchase accounting, and
US$11.2 million in unrealized mark-to-market losses on
derivative financial instruments.

In addition, the fourth quarter results include amortization
expense of US$9.2 million as a result of the company's
acquisition by Texas Pacific Group, an increase of US$4.0
million from the comparable period of 2006.

The continued softness in the North American building and
construction and automotive industries well as destocking in the
North American and European distribution industries impacted
fourth quarter shipment levels and profitability.

"Fourth quarter performance was significantly impacted by
reduced volumes in our Global Rolled and Extruded Products
business," Steven J. Demetriou, chairman and chief executive
officer, said.  "The U.S. construction and automotive industries
continued to weaken and demand in certain European end uses was
impacted by customer inventory destocking.  We have taken
aggressive actions to offset the reduced demand in North
America, including the announced closure of our Bedford, Ohio
and Toronto, Canada paint facilities, and the temporary
reduction of manufacturing at our Richmond, Virginia rolling
mill."

"The cost performance of our European rolled products business
in the fourth quarter was negatively impacted by the complexity
and activity associated with the completion of our state-of-the-
art 160" hot mill in Koblenz, Germany and the Duffel, Belgium
plate project.  However, both projects are successfully on-line
and production has met our expectations. Over the long-term, the
investment of capital into our European rolled products business
will allow us to expand our production of aerospace and other
heat treat plate and sheet, brazing sheet and other high-end
product offerings."

For full year 2007, the company has net loss of US$128.6 million
compared to net income of US$70.3 million in 2006.

The loss from continuing operations contains US$146.2 million of
unfavorable special items including US$104.3 million from
purchase accounting, US$32.8 million of restructuring and other
charges, and US$9.1 million in sponsor management fees.

In addition, the 2007 results include amortization expense of
US$40.1 million, an increase of US$33.0 million over 2006 as a
result of the TPG acquisition.

In 2006, Aleris reported revenues of US$4.2 billion and income
from continuing operations of US$30.8 million.  The 2006 results
included US$98.5 million of unfavorable special items.

In addition, operating results were negatively impacted by
tightening scrap spreads in its North American specification
alloy business well as the higher costs of alloys and hardeners
used in the manufacturing process, negative effect of metal
price lag and approximately US$32 million of out of the ordinary
cost including higher absorption, environmental reserves and
other items.

Free cash flow from continuing operations for 2007 was
US$421.7 million, driven by aggressive working capital
management that yielded increased turns from 5.2 to 6.6 per year
and a decrease in days of working capital from 70 to 56 in 2007
versus 2006.

During the fourth quarter, the company recorded US$21.6 million
of restructuring and other charges.  These charges resulted from
the impairment of long-lived assets at the Monterrey, Mexico
recycling facility, the Toronto, Ontario paint facility, and the
Bedford, Ohio coating facility as a result of the announced
closure of those facilities and severance costs related to the
departure of certain executive officers.

Restructuring and other charges for the full year of US$32.8
million included the fourth quarter charges as well as costs
associated with several acquisitions that were not consummated
and other facility consolidations.  Approximately US$9.5 million
of the total restructuring and other charges will result in cash
payments, primarily in 2008.

Capital expenditures were US$191.8 million in 2007, compared
with US$119.4 million for the previous year. The increase is
primarily attributable to a full year of the Corus Aluminum
acquisition and the expansion projects which accounted for
US$137.1 million of capital expenditures in 2007.

The company ended the year with US$2.7 billion of net debt and
US$369 million of liquidity, excluding the impact of the Zinc
sale.  Pro forma for the application of the net proceeds from
the Zinc sale, net debt was US$2.4 billion as of Dec. 31, 2007.

Aleris' management has completed its assessment of the
effectiveness of the company's internal control over financial
reporting as required by Section 404 of the Sarbanes-Oxley Act
of 2002.  Based upon its documentation, testing and evaluation,
Management has concluded that the company did not have effective
internal control over financial reporting as of Dec. 31, 2007;
within the context of the framework developed by the Committee
of Sponsoring Organizations of the Treadway Commission.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$5.117 billion, total liabilities of US$4.269
billion and total shareholders' equity of approximately US$0.848
billion.

               About Aleris International

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE:ARS) -- http://www.aleris.com/-- manufactures rolled   
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  

The company's international segment provides aluminum metal to
customers through both tolling arrangements and product sales,
and the types of scrap that it recycles are similar to those
processed by Aleris’ U.S. recycling facilities.  In 2004 its
five plants have a rated annual capacity of 1.08 billion pounds.
The operations include two aluminum recycling and foundry alloy
plants in Germany as well as aluminum recycling facilities in
Brazil, Mexico and Wales.  The segment’s growth is largely a
result of its development and use of efficient scrap preparation
and recycling technologies that allow high recovery of metal and
delivery of a top-quality product.

                           *     *     *

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


ALLZEIT GESELLSCHAFT: Claims Registration Period Ends May 3
-----------------------------------------------------------
Creditors of Allzeit Gesellschaft fuer Zeitarbeit GmbH have
until May 3, 2008, to register their claims with court-appointed
insolvency manager Dr. Christian Gerloff.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Christian Gerloff
         Nymphenburger Str. 139
         80636 Muenchen
         Tel: 089/120260
         Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings
against Allzeit Gesellschaft fuer Zeitarbeit GmbH on April 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Allzeit Gesellschaft fuer Zeitarbeit GmbH
         Carl-Zeiss-Str. 6
         85748 Garching
         Germany

         Attn: Christine Stauber, Manager
         August-Engelen-Str. 30
         85716 Unterschleissheim
         Germany


ARBEITS- UND KULTURCENTRUM: Claims Registration Ends May 5
----------------------------------------------------------
Creditors of Arbeits- und Kulturcentrum GmbH Gesellschaft fuer
Arbeit und Bildung have until May 5, 2008, to register their
claims with court-appointed insolvency manager Christian
Koehler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 2, 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:

          Christian Koehler-Ma
          Kurfuerstendamm 26 a
          10719 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Arbeits- und Kulturcentrum GmbH Gesellschaft
fuer Arbeit und Bildung on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Arbeits- und Kulturcentrum GmbH
          Gesellschaft fuer Arbeit und Bildung
          Frankfurter Allee 31 A
          10247 Berlin
          Germany


BAUSYSTEME KRAHL: Claims Registration Period Ends April 30
----------------------------------------------------------
Creditors of Bausysteme Krahl + Partner GmbH have until
April 30, 2008, to register their claims with court-appointed
insolvency manager Inge Rall.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on May 28, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Inge Rall
         Neckarstr. 144-146
         70190 Stuttgart
         Germany
         Tel: 0711/120 900 00
         Fax: 0711/120 900 09

The District Court of Stuttgart opened bankruptcy proceedings
against Bausysteme Krahl + Partner GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bausysteme Krahl + Partner GmbH
         Attn: Dieter Krahl, Manager
         Bopserwaldstr. 36
         70184 Stuttgart
         Germany


BKS-LABEL GMBH: Claims Registration Period Ends May 3
-----------------------------------------------------
Creditors of bks-label GmbH & Co. KG have until May 3, 2008, to
register their claims with court-appointed insolvency manager
Hans-Albrecht Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Wittlich
          Hall 3
          Kurfuerstenstrasse 63
          54516 Wittlich
          Germany

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

The insolvency manager can be reached at:

          Hans-Albrecht Brauer
          Jahnstr. 1
          54550 Daun
          Germany
          Tel: 06592/985604
          Fax: 06592/7344

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

The Debtor can be reached at:

          bks-label GmbH & Co. KG
          Otto-Hahn-Str. 33
          54516 Wittlich
          Germany


BOMBARDIER INC: Unit Sells Four More CRJ900 NextGen Jets to Iraq
----------------------------------------------------------------
Bombardier Aerospace, a subsidiary of Bombardier Inc., disclosed
that the Government of Iraq has placed a firm order for four
additional CRJ900 NextGen regional jets, and has taken options
on another ten.  The firm-ordered aircraft are conversions of
the four options Iraq took when it ordered six CRJ900 NextGen
airliners, announced on March 13, 2008.

Based on the list price for the CRJ900 NextGen aircraft, the
contract announced today is valued at approximately US$159
million U.S.  If all ten options are exercised, the value of the
contract could rise to US$573 million U.S.

The CRJ900 NextGen aircraft will be used to rebuild domestic and
regional civil airline services in Iraq.

Total CRJ700 / CRJ900 and CRJ700 / CRJ900 NextGen aircraft firm
orders now stand at 570, with 417 delivered as of January 31,
2008.

                     CRJ NextGen Aircraft

Bombardier’s CRJ NextGen aircraft were launched in 2007 and are
achieving improved economics compared to earlier CRJ Series
aircraft.  These improvements come from fuel burn savings of up
to four per cent and direct maintenance cost reductions achieved
through lower airframe maintenance requirements.  Maintenance
schedule intervals have been increased, and tasks have been
harmonized to reduce aircraft down time and labour over the life
of the aircraft.

With their reduced fuel burn, the CRJ NextGen aircraft are
responding to today’s environmental challenges by offering
further reduction to green house gas emissions compared to their
nearest competitors.

CRJ NextGen aircraft interiors include improvements designed
with the overall passenger experience in mind.  The passenger
windows have been enlarged and the overhead bins have been
modified to accommodate a larger roller bag as well as optimized
to store more bags.  The addition of LED lighting has brightened
the cabin environment while highlighting the improved aesthetics
achieved with the new ceiling panel design and dished window
sidewalls.

Bombardier, CRJ, CRJ700, CRJ900 and NextGen are trademarks of
Bombardier Inc. or its subsidiaries.

                    About Bombardier Aerospace

Bombardier Aerospace designs and manufactures aviation products
and services for the business, regional and amphibious aircraft
markets.  The company has facilities in the U.S. and Canada and
distribution centers in China, Germany, Brazil, Singapore,
Australia and Japan.

                     About Bombardier Inc.

Headquartered in Canada, Bombardier Inc. --
http://www.bombardier.com/-- (TSE:BBD.B) manufactures
innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.

The company manufactures rail equipment through its Bombardier
Transportation unit. Bombardier Transport's Europe management
office is located in Germany. The company also has production
facilities in France, Spain, Switzerland, Belgium, Italy,
Austria, Hungary, Czech Republic, Poland, Denmark, Sweden,
Norway an the United Kingdom.  Other production facilities are
located at Brazil, China, India and Australia.


BOMBARDIER INC: S&P Ups Ratings to BB+ on Improved Liquidity
------------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term
corporate credit and senior unsecured debt ratings on Montreal-
based Bombardier Inc. to 'BB+' from 'BB'.  At the same time, S&P
removed the ratings from CreditWatch, where they were placed
Dec. 3, 2007.  S&P also assigned a '4' recovery rating to the
senior unsecured notes, indicating the expectation for average
(30%-50%) recovery in the event of a payment default.  The
outlook is stable.

"Our rating action on Bombardier reflects the material
improvement in its financial measures and liquidity, and
management's focus on financial health and cost efficiency,"
said Standard & Poor's credit analyst Greg Pau.

It also reflects the company's leading market positions in the
business aircraft and transportation business, its increasing
geographic diversity, and recent demand recovery, particularly
in the commercial aircraft business.  These positive factors are
partially offset by the cyclicality of each individual business
segment, substantial execution risk in new aircraft programs,
and thin operating margins in the transportation business.

The US$1 billion debt reduction and US$826 million contribution
to pension plan assets, together with improved operating cash
flow in fiscal 2008, resulted in a material improvement in cash
flow and leverage measures.  Bombardier's financial measures,
supported by strong liquidity, are now more appropriate for the
rating level.  Bombardier's wide product range of business
aircraft and established transportation track record and
expertise in Europe (and increasingly in Asia) support its
strong market positions in aerospace and transportation.  The
increasing geographic and customer diversity, with only 35% of
its revenue generated in North America, should reduce the
exposure to the financially weak U.S. airline industry and to
the slowing U.S. economy.  This, together with its improved
financial flexibility, should place Bombardier in a better
position to weather the next downturn in the cyclical
aerospace and transportation industries and to support the
capital spending required for its businesses.

In fiscal 2008, continued firm demand and favorable business
conditions in both its aerospace and transportation divisions
led to strong order acquisition and a significant increase in
total backlog.  While current business conditions are benign,
Bombardier's aerospace business remains exposed to significant
cyclicality and event risks.  Although demand in transportation
is more stable, project implementation issues or credit risk
could erode traditionally thin operating margins.

The likelihood that Bombardier will proceed with the planned
110- to 130-seat C-Series aircraft program is now higher, given
the commitment of a prominent engine supplier and expressed
interest by some potential buyers.  Market demand should be
supported by the C-Series' projected fuel efficiency and
replacement need of aged aircraft in operation.  Standard &
Poor's has considered the potential financial impact of the C-
series program and expects the company to be able to support the
program with a moderate degree of cost escalation or delays.

The stable outlook reflects that Bombardier's improved financial
flexibility and geographic diversification should place the
company in a better position to weather a cyclical downturn. S&P
could raise the ratings or revise the outlook to positive if the
company improves its financial measures by further reducing debt
and maintaining strong cash flow.  Conversely, the ratings could
be lowered or the outlook revised downward if management adopts
a more aggressive set of financial targets, or if Bombardier's
liquidity position and free cash flow substantially weaken due
to market disruption or aggressive capital expenditure.


EMPORIUM SERVICE: Claims Registration Period Ends April 30
----------------------------------------------------------
Creditors of EMPORIUM Service GmbH have until April 30, 2008, to
register their claims with court-appointed insolvency manager
Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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
         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:

         Henning Jung
         Thiestrasse 5
         38226 Salzgitter
         Germany
         Tel: 05341-86609-00
         Fax: 05341-86609-08
         E-mail: H.Jung@leonhardt-westhelle.eu

The District Court of Braunschweig opened bankruptcy proceedings
against EMPORIUM Service GmbH on March 20, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         EMPORIUM Service GmbH
         Attn: Dr. Ulrich Liebendoerfer, Manager
         Waisenhausdamm 8-11
         38100 Braunschweig
         Germany


FAHRENHOLZ TEXTILHANDELS: Claims Period Ends April 29
-----------------------------------------------------
Creditors of Fahrenholz Textilhandels-GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Dr. Dieter Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Room 211
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

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

The insolvency manager can be reached at:

         Dr. Dieter Schmid
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50

The District Court of Neu-Ulm opened bankruptcy proceedings
against Fahrenholz Textilhandels-GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fahrenholz Textilhandels-GmbH
         Wilhelm-Walker-Str. 20
         89257 Illertissen
         Germany


FELIC TROCKENBAU: Creditors' Meeting Slated for April 18
--------------------------------------------------------
The court-appointed insolvency manager for Felic Trockenbau
GmbH, Carsten Cervera, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:25 a.m. on April 18, 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 9:25 a.m. on July 4, 2008, at the same
venue.

Creditors have until May 5, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Carsten Cervera
         Schuetzenstr. 6a
         10117 Berlin
         Germany

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

The Debtor can be reached at:

         Felic Trockenbau GmbH
         Benatzkyweg 25
         12355 Berlin
         Germany


GEO POULSON: Claims Registration Ends May 2
-------------------------------------------
Creditors of Geo Poulson (GmbH & Co.) KG have until May 2, 2008
to register their claims with court-appointed insolvency manager
Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Geo Poulson (GmbH & Co.) KG on March 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Geo Poulson (GmbH & Co.) KG
         Attn: Astrid Poulson and Marco Bark, Managers
         Heselstuecken 16
         22453 Hamburg
         Germany


GOLD-LAND TREUHAND: Claims Registration Period Ends May 5
---------------------------------------------------------
Creditors of Gold-Land Treuhand-und Handels GmbH have until
May 5, 2008, to register their claims with court-appointed
insolvency manager Volker Boehm.

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

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

         Volker Boehm
         Rothenburger Str. 241
         90439 Nuremberg
         Germany
         Tel: 0911/600010
         Fax: 0911/6000110

The District Court of Nuremberg opened bankruptcy proceedings
against Gold-Land Treuhand-und Handels GmbH on March 31, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Gold-Land Treuhand-und Handels GmbH
        Merianstrasse 26
        90409 Nuernberg
        Germany


HS MOEBELTEAM: Creditors' Meeting Slated for April 24
-----------------------------------------------------
The court-appointed insolvency manager for HS Moebelteam GmbH,
Dr. Frank Kreuznacht, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on April 24, 2008.

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

         The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on June 9, 2008, at the same
venue.

Creditors have until May 5, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Frank Kreuznacht
         Wolbecker Windmuehle 15a
         48167 Muenster
         Germany
         Tel: 02506/821-0
         Fax: 02506/821-100
         E-mail: Rechtsanwaelte@dr-wiengarten.de

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

The Debtor can be reached at:

         HS Moebelteam GmbH
         Industriestr. 26
         49324 Melle
         Germany

         
INGENIEURBUERO USB: Claims Registration Ends May 2
--------------------------------------------------
Creditors of Ingenieurbuero USB GmbH have until May 2, 2008 to
register their claims with court-appointed insolvency manager
Thorsten Springstub.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thorsten Springstub
         Humboldtstrasse 24
         07743 Jena
         Germany

The District Court of Gera opened bankruptcy proceedings against
Ingenieurbuero USB GmbH on March 13, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ingenieurbuero USB GmbH
         Attn: Gerhard Kindt, Manager
         Strasse der Republik 27
         06729 St. Gangloff
         Germany


INNOVA VERTRIEBS: Claims Registration Ends May 2
------------------------------------------------
Creditors of innova Vertriebs GmbH have until May 2, 2008 to
register their claims with court-appointed insolvency manager
Severin Kiesl.

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 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:

         Severin Kiesl
         Stollstr. 5
         83022 Rosenheim
         Germany
         Tel: 08031/380960
         Fax: 08031 / 13892

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

The Debtor can be reached at:

         innova Vertriebs GmbH
         Zellerberg 42
         83324 Ruhpolding
         Germany


IT MECHATRONIK: Claims Registration Ends May 2
----------------------------------------------
Creditors of IT Mechatronik GmbH have until May 2, 2008 to
register their claims with court-appointed insolvency manager
Holger Leichtle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         First Floor
         Eingang Strohstrasse
         Ritterstr. 5
         Esslingen
         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:

         Holger Leichtle
         Danneckerstr. 52
         70182 Stuttgart
         Tel: 0711/238 89-0
         Fax: 0711/238 89-30

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

The Debtor can be reached at:

         IT Mechatronik GmbH
         Attn: Martin Fink, Manager
         Kraichgaustr. 4
         73765 Neuhausen
         Germany


K & S AUTOMOBILE: Claims Registration Ends May 2
------------------------------------------------
Creditors of K & S Automobile GmbH have until May 2, 2008 to
register their claims with court-appointed insolvency manager
Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 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:

         Frank M. Welsch
         Villa Struck
         Barkeystr. 30
         33330 Guetersloh
         Germany

The District Court of Detmold opened bankruptcy proceedings
against K & S Automobile GmbH on March 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         K & S Automobile GmbH
         Attn: Hans-Peter Stobbe, Manager
         Lagesche Str. 64
         32756 Detmold
         Germany


KDZ KOELN: Claims Registration Ends May 2
------------------------------------------
Creditors of KDZ Koeln Dienstleistungsgesellschaft fuer Handwerk
und Industrie mbH have until May 2, 2008 to register their
claims with court-appointed insolvency manager Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Cologne
         Meeting Hall 14
         Ground Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Amelung
         Wankelstr. 9
         50996 Cologne
         Germany
        
The District Court of Cologne opened bankruptcy proceedings
against KDZ Koeln Dienstleistungsgesellschaft fuer Handwerk und
Industrie mbH on March 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KDZ Koeln Dienstleistungsgesellschaft fuer Handwerk
         und Industrie mbH
         Max-Planck-Str. 37 a
         50858 Cologne
         Germany

         Attn: Marc Benedikt Tewes, Manager
         Ronne 16
         50226 Frechen
         Germany


MOBAU-BAUCENTRUM GMBH: Claims Registration Period Ends May 5
------------------------------------------------------------
Creditors of Mobau-Baucentrum GmbH Hohenstein-Ernstthal have
until May 5, 2008, to register their claims with court-appointed
insolvency manager Dr. Axel Fohrmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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. Axel Fohrmann
         Muehlenstrasse 108
         09111 Chemnitz
         Germany
         Tel: (03 71) 4908 290
         Fax: (03 71) 4908 201
         E-mail: Chemnitz@dr-fohrmann.de

The District Court of Chemnitz opened bankruptcy proceedings
against Mobau-Baucentrum GmbH Hohenstein-Ernstthal on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Mobau-Baucentrum GmbH Hohenstein-Ernstthal
         Attn: Klaus Dieter Beck, Manager
         Goldbachstrasse 14
         09337 Hohenstein-Ernstthal
         Germany


NORDMEYER SPEDITIONSLOGISTIK: Claims Registration Ends May 2
------------------------------------------------------------
Creditors of Nordmeyer Speditionslogistik GmbH have until May 2,
2008 to register their claims with court-appointed insolvency
manager Johannes Franke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B 11
         Maschmuehlenweg 11
         37073 Goettingen
         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:

         Johannes Franke
         Verdener Platz 1
         30419 Hannover
         Germany
         Tel: 0511/794573
         Fax: 0511/794576

The District Court of Goettingen opened bankruptcy proceedings
against Nordmeyer Speditionslogistik GmbH, on May 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Nordmeyer Speditionslogistik GmbH
         Attn: Bernd Nordmeyer, Manager
         Willi-Eichler-Str. 15
         37079 Goettingen
         Germany


PARK IMMOBILIEN: Creditors' Meeting Slated for April 21
-------------------------------------------------------
The court-appointed insolvency manager for Park Immobilien GmbH
& Co. KG, Oliver Brand, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
2:00 p.m. on April 21, 2008.

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

         The District Court of Bitburg
         Hall 128
         Gerichtsstrasse 2/4
         54634 Bitburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:30 p.m. on May 13, 2008, at the same
venue.

Creditors have until May 5, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Oliver Brand
         Dietrichstr. 20
         54290 Trier
         Germany
         Tel: 0651/97024-60
         Fax: 0651/97024-56

The District Court of Bitburg opened bankruptcy proceedings
against Park Immobilien GmbH & Co. KG on March 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Park Immobilien GmbH & Co. KG
         Kurallee 13-15
         54579 Stadtkyll
         Germany


PRIMAWEIN FRANCHISE: Claims Registration Period Ends May 2
----------------------------------------------------------
Creditors of PrimaWein Franchise Management GmbH have until
May 2, 2008, to register their claims with court-appointed
insolvency manager Peter Staufenbiel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B 11
         Berliner Strasse 8
         37073 Goettingen
         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. Peter Staufenbiel
          Dransfelder Strasse 19 A
          37079 Goettingen
          Germany
          Tel: 0551/9000950
          Fax: 0551/9000955
          E-mail: info@hauter.com

The District Court of Goettingen opened bankruptcy proceedings
against PrimaWein Franchise Management GmbH on Feb. 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          PrimaWein Franchise Management GmbH
          Weender Strasse 90
          37073 Goettingen
          Germany


QUARTZ FINANCE: Moody's Downgrades Ratings on Five Notes
--------------------------------------------------------
Moody's Investors Service downgraded five series of notes issued
by Quartz Finance Plc.  The structure and the reference
portfolio are the same for all of the below Series.  Quartz
Finance Plc is a resecuritization of corporate CDOs and ABSs
with no exposure to downgraded subprime RMBS.  The downgrade is
in response to deterioration in the average credit quality of
the underlying collateral, driven primarily by negative rating
migration in the corporate portfolios underlying the CDOs.

The rating actions are:

Issuer: Quartz Finance Plc.

     -- US$50,000,000 Series 2003-1 Eldon Street Class A Credit-
        Linked Notes due 2043

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

     -- US$40,000,000 Series 2003-1 Eldon Street Class B Credit-
        Linked Notes due 2043

        Current Rating: Baa1
        Prior Rating: Aa2, on review for downgrade

     -- US$7,000,000 Series 2003-4 Kingsway I Credit-Linked
        Notes due 2043

        Current Rating: Ba2
        Prior Rating: Baa3, on review for downgrade

     -- US$10,000,000 Series 2003-5 Kingsway II Credit-Linked
        Notes due 2043

        Current Rating: Ba2
        Prior Rating: Baa3, on review for downgrade

     -- US$1,800,000 Series 2005-2 Kingsway I Credit-Linked
        Notes due 2043

        Current Rating: Ba2
        Prior Rating: Baa3, on review for downgrade


S.A.N.SET FILM: Claims Registration Period Ends May 2
-----------------------------------------------------
Creditors of S.A.N.set Film & Fernsehproduktionen GmbH have
until May 2, 2008, to register their claims with court-appointed
insolvency manager Michael Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Munich
          Meeting Hall 102
          Infanteriestr. 5
          80097 Munich
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Michael Jaffe
          Franz-Joseph-Str. 8
          80801 Munich
          Germany
          Tel: 089/255487-00
          Fax: 089/255487-10

The District Court of Munich opened bankruptcy proceedings
against S.A.N.set Film & Fernsehproduktionen GmbH on March 12,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          S.A.N.set Film & Fernsehproduktionen GmbH
          Attn: Susanne Porsche, Manager
          Geibelstr. 3
          80679 Munich
          Germany


SERBEST GMBH: Creditors Must File Claims by April 25
----------------------------------------------------
Creditors of Serbest GmbH have until April 25, 2008, to register
their claims with court-appointed insolvency manager Detlef
Stuermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven
         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:

         Detlef Stuermann
         Domshof 18-20
         28195 Bremen
         Germany
         Germany

The District Court of Bremerhaven opened bankruptcy proceedings
against Serbest GmbH on Feb. 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Serbest GmbH
         Schulstr. 16
         27570 Bremerhaven
         Germany


SLOTY BAUUNTERNEHMUNG: Creditors Must File Claims by April 25
-------------------------------------------------------------
Creditors of Sloty Bauunternehmung GmbH have until
April 25, 2008, to register their claims with court-appointed
insolvency manager Steffi Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven
         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:

         Steffi Radack-Mueller
         Franzoesische Strasse 9-12
         10117 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Sloty Bauunternehmung GmbH on March 13, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sloty Bauunternehmung GmbH
         Lindenbruecker Chaussee 17
         15806 Zossen Ortsteil
         Lindenbrueck
         Germany


SMARTMACHINE DEUTSCHLAND: Claims Registration Period Ends May 2
---------------------------------------------------------------  
Creditors of Smartmachine Deutschland GmbH have until May 2,
2008, to register their claims with court-appointed insolvency
manager Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 2, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hamburg
          Hall B405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Sylvia Fiebig
          Jungfernstieg 51
          20354 Hamburg
          Germany

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

The Debtor can be reached at:

          Smartmachine Deutschland GmbH
          Attn: Horst Neuhauser, Manager
          Stresemannstrasse 161
          22769 Hamburg
          Germany


SPECTRUM BRANDS: To Release 2nd Quarter 2008 Results on May 6
-------------------------------------------------------------
Spectrum Brands, Inc. disclosed that it will report its 2008
fiscal second quarter earnings results on Tuesday, May 6, 2008,
before the opening of the New York Stock Exchange.

The press release will be followed by a conference call and
webcast at 8:30 am EDT.

To listen to the webcast, please visit the Investor Relations
homepage on the company's website.  A webcast replay will be
available through May 20, 2008.

Spectrum Brands is a global consumer products company and a
leading supplier of batteries, lawn and garden care products,
specialty pet supplies, shaving and grooming products, household
insect control products, personal care products and portable
lighting. Spectrum Brands' products are sold by the world's top
25 retailers and are available in more than one million stores
in more than 120 countries around the world. Headquartered in
Atlanta, Georgia, Spectrum Brands generated FY2007 revenue from
continuing operations of $1.9 billion. The company's stock
trades on the New York Stock Exchange under the symbol SPC.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of  
batteries, lawn and garden care products, specialty pet
supplies, shaving and grooming products, household insect
control products, personal care products and portable lighting.  

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.


SPECTRUM BRANDS: S&P Revises Outlook on Improved Liquidity
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Atlanta, Ga.-based Spectrum Brands Inc. to developing from
negative.  At the same time, Standard & Poor's affirmed all of
its ratings on the company, including the 'CCC+' corporate
credit rating.  Approximately US$2.6 billion of funded debt is
affected by this action.

"The revised outlook reflects the company's improvement in
liquidity expected over the near term as a result of more
stabilized operating performance in recent quarters," said
Standard & Poor's credit analyst Patrick Jeffrey.  "This has
contributed to enhanced cash balances and revolver availability,
as well as improved cushion under its senior secured leverage
covenant."

Spectrum Brands remains in the process of selling assets which,
if successful, could help further enhance liquidity. "However,"
said Mr. Jeffrey, "we remain concerned about the company's
liquidity and its ability to meet its financial covenants on a
longer-term basis as it remains highly levered, generates
negative free cash flow, and could face further operating
challenges given the weak economic environment."


SYNERGIE SERVICES: Claims Registration Period Ends May 2
--------------------------------------------------------
Creditors of Synergie services Neuruppin GmbH have until
May 2, 2008, to register their claims with court-appointed
insolvency manager Winfried Steinfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Winfried Steinfeld
         Magdeburger Allee 159
         99086 Erfurt
         Germany

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

The Debtor can be reached at:

         Synergie services Neuruppin GmbH
         Wilhelm-Bartelt-Strasse 2
         16181 Neuruppin
         Germany


TRUCKS + TRANSPORTER: Claims Registration Period Ends May 4
-----------------------------------------------------------
Creditors of TTT Trucks + Transporter Team GmbH have until
May 4, 2008, to register their claims with court-appointed
insolvency manager Juergen Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on July 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 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 TTT Trucks + Transporter Team GmbH on Feb.
20, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          TTT Trucks + Transporter Team GmbH
          Rhinstrasse 137
          12681 Berlin
          Germany


V & D GMBH: Creditors Must File Claims by April 25
--------------------------------------------------
Creditors of V & D GmbH & Co. KG have until April 25, 2008, to
register their claims with court-appointed insolvency manager
Goerge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         Goerge Scheid
         Anger 10
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against V & D GmbH & Co. KG on March 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         V & D GmbH & Co. KG
         Langes Tal 26
         98529 Suhl
         Germany


V & D VERWALTUNGS: Creditors Must File Claims by April 25
---------------------------------------------------------
Creditors of V & D Verwaltungs GmbH have until April 25, 2008,
to register their claims with court-appointed insolvency manager
Goerge Scheid.

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

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         Goerge Scheid
         Anger 10
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against V & D Verwaltungs GmbH on March 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         V & D Verwaltungs GmbH
         Langes Tal 26
         98529 Suhl
         Germany


VIRTEO NET: Creditors Must File Claims by April 25
--------------------------------------------------
Creditors of Virteo Net GmbH have until April 25, 2008, to
register their claims with court-appointed insolvency manager
Thomas Wazlawik.

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 Passau
         Meeting Hall 214
         Second Floor
         Schustergasse 4
         Passau
         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:

         Thomas Wazlawik
         Luragogasse 5
         94032 Passau
         Germany

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

The Debtor can be reached at:

         Virteo Net GmbH
         Nibelungenstr. 8
         94032 Passau
         Germany


VOITINO DUFTMARKETING: Creditors Must File Claims by April 25
-------------------------------------------------------------
Creditors of Voitino Duftmarketing GmbH have until
April 25, 2008, to register their claims with court-appointed
insolvency manager Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on May 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Weilheim
         Meeting Hall E 020
         Weilheim
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Martin Prager
         Barthstr. 16
         80339 Munich
         Germany

The District Court of Weilheim opened bankruptcy proceedings
against Voitino Duftmarketing GmbH on March 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Voitino Duftmarketing GmbH
         Konrad-Zuse-Bogen 13
         82152 Krailling
         Germany


ZIMMEREI U. SAGEWERK: Claims Registration Period Ends May 2
-----------------------------------------------------------
Creditors of Zimmerei u. Sagewerk Liebner GmbH have until May 2,
2008, to register their claims with court-appointed insolvency
manager Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on May 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Kassel
          Hall 234
          Friedrichsstrasse 32-34
          34117 Kassel
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Kassel opened bankruptcy proceedings
against Zimmerei u. Sagewerk Liebner GmbH on March 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Zimmerei u. Sagewerk Liebner GmbH
          Attn: Oliver Kiefer, Manager
          Rosenstr. 43
          34479 Breuna
          Germany


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


SCOTTISH RE: Inks LOI to Recapture Business From Ballantyne Re
--------------------------------------------------------------
On March 31, 2008, Scottish Re Group Limited, Scottish Re (U.S.)
Inc., Scottish Re Life (Bermuda) Limited, Scottish Re (Dublin)
Limited and Scottish Annuity & Life Insurance Company (Cayman)
Ltd. entered into a binding letter of intent with ING North
America Insurance Corporation, ING America Insurance Holdings
Inc., Security Life of Denver Insurance Company and Security
Life of Denver International Ltd.

Under the letter of intent, Security Life of Denver Insurance
Company consented to the recapture, in one or more transactions,
of a pro-rata portion of the business that had been ceded by
Scottish Re (U.S.) Inc. to Ballantyne Re plc, an orphan special
purpose vehicle incorporated under the laws of Ireland for the
purpose of collateralizing the statutory reserve requirements of
the Valuation of Life Insurance Policies Model Regulation XXX
for a portion of the business acquired by the company from
Security Life of Denver Insurance Company and Security Life of
Denver International Ltd. at the end of 2004.  

The Recaptures would extend to up to US$375,000,000 of excess
statutory reserves on the subject business and would involve,
among other things, amendments to the coinsurance agreements
between Scottish Re (U.S.) Inc. and Security Life of Denver
Insurance Company.  The consent to the Recaptures is subject to
several conditions.  The Recaptures are primarily designed to
allow Scottish Re (U.S.) Inc. to continue to receive full credit
for reinsurance for the business ceded to Ballantyne.

Immediately following the consummation of each Recapture,
Security Life of Denver Insurance Company will recapture the
Recaptured Business from Scottish Re (U.S.) Inc. in exchange for
consideration from Scottish Re (U.S.) Inc. to Security Life of
Denver Insurance Company.  Security Life of Denver Insurance
Company will then cede the Recaptured Business to Security Life
of Denver International Ltd., which will cede the Recaptured
Business to Scottish Re Life (Bermuda) Limited.  

Scottish Re Life (Bermuda) Limited may cede the Recaptured
Business to either of Scottish Annuity & Life Insurance Company
(Cayman) Ltd. or Scottish Re (Dublin) Limited.

Security Life of Denver International Ltd. has agreed to
provide, or cause the provision of, one or more letters of
credit in order to provide Security Life of Denver Insurance
Company with statutory financial statement credit for the excess
of the U.S. statutory reserves associated with the Recaptured
Business over the economic reserves held in an account related
thereto.  

The company will bear the costs of the Letters of Credit by
paying to Security Life of Denver Insurance Company a facility
fee based on the face amount of such Letters of Credit
outstanding as of the end of the preceding calendar quarter.  If
certain conditions are not satisfied by Dec. 31, 2008, or
otherwise satisfied on or before April 30, 2009, the facility
Fee will be stepped up and the company will pay a commitment fee
for use of the facility.

Under the letter of intent, the parties also agreed to promptly
effect, following the completion of the first Recapture, an
assignment from Scottish Re (U.S.) Inc. to Security Life of
Denver Insurance Company, and the assumption by Security Life of
Denver Insurance Company, of all of Scottish Re (U.S.) Inc.'s
rights and obligations solely with respect to the reinsurance
agreement and reinsurance trust agreement previously entered
into between Scottish Re (U.S.) Inc. and Ballantyne, with the
effect that Security Life of Denver Insurance Company would be
substituted for Scottish Re (U.S.) Inc. as the ceding company
under such reinsurance agreement and as the beneficiary under
the related reinsurance trust account.  

Security Life of Denver Insurance Company would not assume any
other rights or obligations of Scottish Re (U.S.) Inc. with
regard to Ballantyne.  The parties have agreed to use reasonable
best efforts to complete such transaction by June 30, 2008.

The LOI further provides that Security Life of Denver Insurance
Company's consent to any Recapture is subject to the condition
that the parties receive the consent (as necessary) of the
financial guarantors to the outstanding Ballantyne debt to the
assignment and assumption, and also that ING receive certain
regulatory approvals and explications.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a      
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Ireland, Singapore, the United Kingdom
and the United States.  Its flagship operating subsidiaries
include Scottish Annuity & Life Insurance Company (Cayman) Ltd.,
Scottish Re (U.S.) Inc., and Scottish Re Limited.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest,
US$555.9 million in convertible cumulative participating
preferred shares, and US$869.3 million in total shareholders'
equity.

                          *     *     *

On March 14, 2008, Moody's Investors Service downgraded the
preferred stock debt rating of Scottish Re Group Limited to Caa3
from B2, and the insurance financial strength ratings of the
company's core insurance subsidiaries, Scottish Annuity & Life
Insurance Company Ltd. and Scottish Re Inc., were lowered to Ba3
from Baa3.  The ratings were left on review for possible further
downgrade, continuing a review that had been initiated on
Feb. 15.


SCOTTISH RE: Explores Sale of North America Life Reinsurance Biz
----------------------------------------------------------------
Scottish Re Group Ltd. disclosed in a regulatory filing with the
Securities and Exchange Commission dated April 4, 2008, that the
company's Board of Directors, in furtherance of its previously
announced strategy to develop opportunities to maximize the
value of the company's core competitive capabilities within the
Life Reinsurance North America Segment, has instructed
management to explore the possible sale of all or part of the
business constituting the Life Reinsurance North America
Segment.

The company has retained Merrill Lynch to act as financial
advisor for this purpose.  

With respect to the sale of the Life Reinsurance International
Segment, the company retained Keefe, Bruyette & Woods to act as
its financial advisor.  

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a      
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Ireland, Singapore, the United Kingdom
and the United States.  Its flagship operating subsidiaries
include Scottish Annuity & Life Insurance Company (Cayman) Ltd.,
Scottish Re (U.S.) Inc., and Scottish Re Limited.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest,
US$555.9 million in convertible cumulative participating
preferred shares, and US$869.3 million in total shareholders'
equity.

                          *     *     *

On March 14, 2008, Moody's Investors Service downgraded the
preferred stock debt rating of Scottish Re Group Limited to Caa3
from B2, and the insurance financial strength ratings of the
company's core insurance subsidiaries, Scottish Annuity & Life
Insurance Company Ltd. and Scottish Re Inc., were lowered to Ba3
from Baa3.  The ratings were left on review for possible further
downgrade, continuing a review that had been initiated on Feb.
15.


SCOTTISH RE: A.M. Best Downgrades Ratings, to Undertake Review
--------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B-
(Fair) from B(Fair) and the issuer credit ratings to "bb-" from
"bb" of the primary operating insurance subsidiaries of Scottish
Re Group Limited.  A.M. Best also has downgraded the ICR to
"ccc+" from "b-" and the various debt ratings of Scottish Re.  
All ratings have been placed under review with negative
implications.

Subsequent to the Feb. 27, 2008 rating downgrades, A.M. Best has
noted a heightened lack of clarity with respect to Scottish Re's
financial strength position, underpinned by continuing
deterioration in the credit markets and the likely further
declines in the market value of its investment portfolio and
assets in various special purpose vehicles.  Scottish Re has
twice postponed the filing of its Form 10-K, primarily due to an
inability to complete the evaluation of mark-to-market
valuations and other temporary impairments in the carrying value
of its
available for sale securities.

The continuing market deterioration in the subprime mortgage
loan market will result in additional delinquencies and losses
and there remains uncertainty surrounding the ultimate impact of
investment write-downs on Scottish Re, its subsidiaries and SPVs
such as Ballantyne Re plc (Ballantyne).  The rating downgrades
also reflect A.M. Best's concerns with the ongoing pricing,
volatility, valuation and default risk in the mortgage-backed
securities market, which could result in an additional negative
impact on the company's consolidated balance sheet.

A.M. Best notes that Scottish Re remains heavily dependent upon
off-shore securitizations for its XXX reserves.  Scottish Re
recently announced a binding letter of intent with ING North
American Insurance Holdings Inc. and its affiliates in which a
pro-rata portion of business ceded to Ballantyne, an orphan
offshore SPV, would be recaptured.  The transaction would allow
Scottish Re (U.S.) Inc. to continue to receive full NAIC reserve
credit for reinsurance for the business currently ceded to
Ballantyne.  Erosion in the value of the large position in
subprime and Alt-A loans held by Ballantyne would further
deplete the capital held within this structure.  If any further
deficiency were to develop, A.M. Best believes that absent the
completion of the ING transaction, Scottish Re's operating
subsidiaries would be required to pledge additional assets to
secure reserve credit outside of the securitization structure.

The company also recently expanded the scope of its strategic
evaluation to include the sale of its core North American
reinsurance business.  A.M. Best views this as a departure from
Scottish Re's previously announced plans to pursue the
disposition of non-core business lines such as its international
operations.  The ratings will remain under review while A.M.
Best monitors the performance of the company's subprime and Alt-
A mortgage-backed portfolios and assesses the impact of the ING
transaction and the revised strategy on Scottish Re's balance
sheet.

The FSR has been downgraded to B-(Fair) from B(Fair) and the
ICRs to "bb-" from "bb" for these primary operating subsidiaries
of Scottish Re Group Limited:

-- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
-- Scottish Re (U.S.), Inc.
-- Scottish Re Life Corporation
-- Scottish Re Limited
-- Orkney Re, Inc.

The ICR has been downgraded to "ccc+" from "b-" for Scottish Re
Group Limited.

These debt ratings have been downgraded:

Scottish Re Group Limited  --
-- to "ccc-" from "ccc" on US$125 million non-cumulative
preferred
    shares

Stingray Pass-Though Trust  --
-- to "bb-" from "bb" on US$325 million 5.902% senior secured
    pass-through certificates, due 2012

These indicative ratings have been downgraded:

Scottish Re Group Limited  --
-- to "ccc+" from "b-"on senior unsecured debt
-- to "ccc" from "ccc+" on subordinated debt
-- to "ccc-" from "ccc" on preferred stock

-- Scottish Holdings Statutory Trust II and III  --
-- to "ccc" from "ccc+" on preferred securities


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


* Silvio Berlusconi Claims Third Term as Italy's Prime Minister
---------------------------------------------------------------
Silvio Berlusconi is elected Italy's prime minister following a
two-day snap voting, various reports say.

Mr. Berlusconi's victory was clear by the evening of April 14,
2008, despite initial results, leading rival candidate Walter
Veltroni to concede defeat, The Financial Times relates.

According to FT, Mr. Berlusconi's People of Freedom party and
the Northern League are set to have a clear majority in the
lower house, and a slight one in the senate.

Reuters says Mr. Berlusconi is unlikely to be appointed prime
minister before early May, due to procedural reasons.

"The months and years ahead will be difficult and I am preparing
a government ready to last five years," Mr. Berlusconi was
quoted by Reuters as saying in a phone call to Italy's state
television.

                       Alitalia Priority

During the call, Reuters relates, Mr. Berlusconi outlined his
priorities once he assume post:

    * settling Alitalia S.p.A.'s future;
    * solving the garbage crisis in Naples;
    * cutting taxes while reducing public debt;
    * liberalizing the economy; and
    * getting tough on crime.

As previously reported in the TCR-Europe, Mr. Berlusconi has
vowed to reject the binding offer presented by Air France-KLM
S.A., stressing that he prefer an Italian buyer for the
government's 49.9% stake in Alitalia.

Alitalia, its unions, and Air France have expressed willingness
to resume sale negotiations, which was stalled after the parties
failed to reach an agreement on the French carrier's 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 Telegraph, citing a source privy to Air France, reports that  
the French carrier would not be willing to restart the talks
with Mr. Berlusconi's government and would drop its offer.


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


AKBARS-PAVLODAR LLP: Creditors Must File Claims by May 16
---------------------------------------------------------  
LLP Akbars-Pavlodar has declared insolvency.  Creditors have
until May 16, 2008, to submit written proofs of claims to:

         LLP Akbars-Pavlodar
         Administrativny Gorodok 8
         Pavlodar
         Kazakhstan


AKJAR-SERVICE LLP: Claims Deadline Slated for May 16
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Akjar-Service insolvent on Feb. 11, 2008.

Creditors have until May 16, 2008, to submit written proofs of
claims to:

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


AKTAU SERVICE: Claims Filing Period Ends May 16
-----------------------------------------------  
LLP Aktau Service Grand has declared insolvency.  Creditors have
until May 16, 2008, to submit written proofs of claims to:

         LLP Aktau Service Grand
         Micro District 5, 39-36
         Aktau
         Mangistau
         Kazakhstan


ALLIANCE-KOKSHE LLP: Creditors' Claims Due on May 16
----------------------------------------------------  
LLP Alliance-Kokshe has declared insolvency.  Creditors have
until May 16, 2008, to submit written proofs of claims to:

         LLP Alliance-Kokshe
         Valihanov Str. 185
         Kokshetau
         Akmola
         Kazakhstan


BUSINESS CENTRE: Claims Registration Ends May 16
------------------------------------------------  
LLP Business Centre has declared insolvency.  Creditors have
until May 16, 2008, to submit written proofs of claims to:

         LLP Business Centre
         Birjan sal Str. 102
         Taldykorgan
         Almaty
         Kazakhstan


ERTIS NAN: Creditors Must File Claims by May 16
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ertis Nan insolvent.

Creditors have until May 16, 2008, to submit written proofs of
claims to:

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


KOKSHE ARGAMAK: Claims Deadline Slated for May 16
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Kokshe Argamak insolvent.

Creditors have until May 16, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Beloye
         Mamlutsky District
         North Kazakhstan
         Kazakhstan
         Tel: 8 (71541) 2-51-45


PROM ANALIT: Claims Filing Period Ends May 16
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Prom Analit insolvent on March 7, 2008.

Creditors have until May 16, 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


SAFIYA LLP: Creditors' Claims Due on  May 20
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Safiya insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pobeda ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-38-46


TIANSAN INTERNATIONAL: Claims Registration Ends May 20
------------------------------------------------------  
LLP Tiansan International Construction Co. Ltd. has declared
insolvency.  Creditors have until May 20, 2008, to submit
written proofs of claims to:

         LLP Tiansan International
         Construction Co. Ltd.
         Jangusurov Str. 2
         Otegen batyr
         Almaty
         Kazakhstan


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


LATEST ENERGY: Creditors Must File Claims by May 20
---------------------------------------------------
LLC Latest Energy Technologies has declared insolvency.  
Creditors have until May 20, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 51-39-45.


===================
L U X E M B O U R G
===================


EVRAZ GROUP: S&P Puts BB- Rating on Proposed US$ Bond Issue
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to the proposed U.S. dollar fixed-rate
bond to be issued by Evraz Group S.A. (BB-/Positive/--).

The amount, maturity, and coupon will depend on market
conditions during placement.  The rating is subject to final
documentation.

The proceeds of the bond will be used for general corporate
purposes, but are expected to help fund recently announced
acquisitions, notably the US$2.3 billion purchase of the North
American steel tubular operations of Sweden-based steel producer
SSAB Svenskt Stal AB (BBB/Stable/A-2).

The bond is rated at the same level as the 'BB-' corporate
credit rating on Evraz and the group's two existing rated senior
unsecured bonds of US$750 million due 2015 and US$300 million
due 2009. As with the existing senior unsecured bonds, secured
debt of US$2.7 billion at the issuer level has a
prior-ranking position.  Unlike the existing bonds, however, the
proposed bond will also rank behind debt at subsidiaries of
US$2.1 billion (both as of Dec. 31, 2007), which reflects the
absence of any upstream guarantees from Evraz's core subsidiary
Mastercroft Ltd. or Russian operating subsidiaries.  The 'BB-'
debt rating on the proposed bond reflects our view that
bondholders are not materially disadvantaged relative to
existing senior unsecured bonds, reflecting the size and scope
of the group.  The absence of such guarantees is a further step
by Evraz to access capital markets on less restrictive terms.

Other key terms include pari passu ranking, cross acceleration,
change of control, and a leverage covenant.  

The ratings on Evraz reflect its business position as a largely
Russia-based commodity steel producer and are constrained by an
acquisitive financial policy that leads to higher leverage than
domestic peers.  The ratings are supported, however, by a
leading domestic market position in long products; vertical
integration and low costs; improving diversification; and
strong cash flow generation.


GATE GOURMET: Moody's Revises Outlook on All Ratings to Positive
----------------------------------------------------------------
Moody's Investors Service changed the rating outlook on all
ratings of Gate Gourmet Borrower LLC, including the company's B2
Corporate Family Rating, to positive from stable.  The rating
action reflects the continued improvement in Gate's operating
performance and credit metrics over the past two years, as well
as the moderately positive business prospects for the company in
the medium term.

According to Moody's, the change in rating outlook reflects: (i)
Gate's successful implementation of the cost control measures
and restructuring plan started in 2004, which resulted in an
improvement in cash flow metrics in 2006 and 2007, and the
expectation of further improvements as presented to Moody's by
Gate; (ii) the company's improved business profile, the broader
range of services now available to its customers, broader
geographic diversification, a wider customer base and a platform
that is likely to help Gate to take advantage of the positive
industry dynamics and withstand a likely cyclical downturn in
the short term; (iii) Moody's expectation that the company will
likely meet budgeted figures of a reduction in leverage to
around 4.0x in 2008 and below 4.0x in 2009 and of a coverage
ratio close to 2.0x on a sustainable basis and that it will use
its financial flexibility to reduce debt instead of distributing
dividends to its shareholders; (iv) Gate's comfortable liquidity
position provided there is no severe deterioration in the
company's market environment or its profitability; and (v) the
expectation that positive industry dynamics, including
outsourcing trends and increased long-haul traffic, will
continue to support Gate's performance in the medium term.

"The outlook on Gate's ratings is positive, reflecting Moody's
expectation that the company will continue to perform in line
with its budget, strengthen its business profile and maintain
adequate liquidity going forward.  The positive rating outlook
also reflects Moody's expectation that, despite the likely
short-term contraction in growth expectations for the airline
industry and related services resulting from higher oil prices
and lower consumer spending, particularly in the US, business
fundamentals will remain solid," says Stefano del Zompo, Moody's
lead analyst for Gate.

Positive pressure on the current ratings could result from the
combined effect of: (i) a further decrease in leverage towards
3.5x and an increase in EBIT/Interest ratio above 2.0x; (ii) the
successful integration of acquired companies, with evidence of a
general improvement in Gate's business profile and in the
attractiveness of its product range; (iii) profitability and
cash flow generation at least on a par with current levels on a
sustainable basis; and (iv) a generally positive business
environment for the airline services industry.

While Moody's recognises that Gate's business profile,
profitability and credit metrics would comfortably position the
company within the current rating category, the agency
nonetheless cautions that a number of factors are likely to
continue to potentially exert negative pressure on the ratings.

"The key potential sources of downward pressure on Gate's
ratings include the inherent uncertainty in the market for
airline catering and the market's competitive nature, as well as
a certain degree of integration risk, particularly considering
that Gate's rapid pace of acquisitions and its stated intention
to grow further going forward constitute a notable shift in the
company's strategy," says Mr del Zompo.  "Negative rating
pressure could also emerge if margin expectations had to be
revised downwards, mainly as a result of the integration of the
acquired entities, which might be dilutive to the company's
profit margins.  The renegotiation of key contracts at
potentially less favourable conditions and increased penetration
in the low-cost carriers segment of the market would also exert
negative pressure," adds Mr del Zompo.

Although not expected by Moody's, additional pressure on Gate's
ratings might develop if the company used part of the
approximately CHF200 million (ca. EUR 127 million) delayed-draw
term facility still available to pay dividends, as permitted by
the indenture when the leverage ratio is below 2.75x. Moody's
also notes that the company's outlook might be impacted by the
outcome of the renegotiation of the contract with British
Airways, Gate's largest customer in Europe. The outcome is still
pending, although a decision is expected shortly.

A marked deterioration in the company's business environment or
business profile leading to leverage ratios above 4.5x, coupled
with negative pre-tax income and free cash flow generation,
could also result in the rating outlook being changed back to
stable or downward pressure on the ratings.

These ratings are affected by the rating action:

    -- B2 CFR

    -- Ba2 senior secured debt rating on the CHF125 million
       revolving credit facility

    -- B2 senior secured debt rating on the CHF425 million
       senior secured term facility

    -- B2 senior secured debt rating on the CHF300 million
       delayed-draw term facility

Moody's last rating action on Gate was on April 30, 2007, when
Moody's affirmed Gate's B2 CFR and assigned a (P)Ba2 senior
secured debt rating to the CHF125 million revolving credit
facility and (P)B2 senior secured debt ratings to the CHF425
million and CHF300 million term facilities, following the
refinancing that took place in April 2007.

Gate, a wholly owned subsidiary of Gate Gourmet Holding SCA, is
based in Luxembourg and is part of gategroup, the world's
largest independent airline caterer and hospitality and logistic
services provider.  In 2007, the company reported revenues of
CHF2.5 billion and operating profit before exceptional items of
CHF77.1 million. In December 2002, Gate was acquired by Texas
Pacific Group, which ceased to be a shareholder in March 2007.


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


FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30
-----------------------------------------------------------
Flowserve Corp. will hold its 2008 Annual Meeting of
Shareholders on on May 30, 2008 at 11:30 a.m., local time, the
company disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission.

The meeting will be held at the Four Seasons Resort and Club,
4150 North MacArthur Boulevard in Irving, Texas.

According to Tara D. Mackey, the company's Vice President,
Assistant Secretary and Compliance Counsel, shareholders of
record of the company’s common stock at the close of business on
April 4, 2008 are entitled to notice of and to vote at the
annual meeting.

At the annual meeting, the company will ask shareholders to:

     -- elect four directors, each to serve a term expiring at
        the 2011 annual meeting of shareholders;

     -- elect two directors, each to serve a term expiring at
        the 2010 annual meeting of shareholders;

     -- to ratify the appointment of PricewaterhouseCoopers LLP
        to serve as our independent registered public accounting
        firm for 2008; and

     -- attend to other business properly presented at the
        meeting.

Proxy materials may be obtained online through:

                http://www.proxydocs.com/fls

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 55 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  The
company has subsidiaries in Argentina, Netherlands, China,
Mexico, France, Brazil and Japan, among others.



FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB
---------------------------------------------------------
Fitch Ratings has affirmed Flowserve Corp.'s Issuer Default
Rating and senior secured bank facilities at 'BB' and revised
the Rating Outlook to Positive from Stable.

Flowserve's ratings are:

     -- IDR at 'BB';
     -- Senior secured bank facilities at 'BB';

The ratings affect approximately US$558 million of debt
outstanding at Dec. 31, 2007.

The Positive Rating Outlook reflects Flowserve's improving
operating performance, substantial progress toward resolving
concerns about contingent litigation liabilities and financial
reporting, and Fitch's expectation that the company intends to
maintain disciplined financial policies that should help it to
sustain improved credit measures.  Flowserve's solid results in
2007 contributed to a significant decline in debt/EBITDA to 1.2
times (x) as of Dec. 31, 2007 despite a stable debt level. The
company has benefited from strong demand across most of
Flowserve's businesses, particularly in its important energy and
water markets.  Flowserve has also benefited from better
operating efficiency related to the increase in sales volumes
and from its focus on improving its operating capabilities and
its reporting and controls.  The long term outlook for activity
in the company's global infrastructure markets remains favorable
although Fitch recognizes the inherent cyclicality in
Flowserve's business and its sensitivity to economic conditions.
This concern is partly offset by the company's substantial
aftermarket business.

Previous concerns about controls over financial reporting and
potential litigation liabilities have been eliminated or
significantly reduced.  The company has not reported any
material weaknesses since the end of 2006.  In February 2008,
Flowserve agreed to settlements totaling US$10.6 million with
the U.S. Dept. of Justice and the SEC concerning investigations
into its compliance with the U.N. Oil-for-Food Program.  In
addition, recent developments surrounding shareholder lawsuits
have been in Flowserve's favor although the risk of further
litigation cannot be dismissed.  Remaining legal matters include
numerous asbestos-related lawsuits and Flowserve's compliance
with U.S. export controls.  Asbestos liabilities are reduced by
insurance coverage or indemnities by other companies.  While the
effectiveness of such coverage is difficult to ascertain, the
ratings incorporate Fitch's view that, in the absence of
unexpectedly large awards against it, Flowserve's net litigation
liabilities are not likely to result in a substantial use of
cash.

The ratings also consider Flowserve's global presence in the
flow control industry, its product and geographic
diversification, and its conservative debt structure.
Discretionary spending for acquisitions and share repurchases
have been limited in recent years, but favorable financial
results have contributed to the company's decision to initiate
dividends in 2007, and in February 2008 it announced a $300
million share repurchase program.  Flowserve has not said how
quickly it might repurchase shares.  However, it has sufficient
financial capacity to fund modest levels of share repurchases
and acquisitions as well as working capital requirements and
capital expenditures that may be needed to fund internal growth.
Fitch believes large acquisitions or other leveraging
transactions are unlikely based on opportunities for meaningful
internal growth, Flowserve's commitment to making further
improvements in its operating and reporting processes, and its
demonstrated willingness to control debt and leverage.  An
upgrade in Flowserve's ratings will be contingent on continued
strong financial results, effective execution of its operating
strategies, reasonable clarity about contingent litigation
liabilities, and disciplined cash deployment.

At Dec. 31, 2007, Flowserve's liquidity included US$373 million
of cash and a US$400 million revolver that matures in 2012,
offset by US$7 million of current maturities and US$115 million
of Letter of Credit usage under the revolver.  Nearly all of
Flowserve's debt consisted of a US$555 million bank term loan
that has no significant scheduled payments until 2011.  The bank
facilities are secured by substantially all of Flowserve's
domestic assets and 65% of the capital stock of certain foreign
subsidiaries.  The facilities would become unsecured if the
company maintains investment grade ratings, as defined in the
agreement, for at least 90 days.  During 2008, Flowserve expects
to terminate its factoring facilities which represented US$64
million of non-recourse financing at the end of 2007.


X5 RETAIL: Posts US$1.78 Bln Net Retail Sales in 1st Qtr 2008
-------------------------------------------------------------
X5 Retail Group N.V. has released its retail sales and expansion
results for the first quarter of 2008.

Total net retail sales for the first quarter 2008 increased by
61% in US$ terms to US$1.775 billion, or 49% in RUR terms to
RUR43.064 billion.  All three store formats contributed to an
impressive sales surge, with soft discounters and hypermarkets
demonstrating particularly strong growth.

For the first quarter 2008, like-for-like sales surged 29% in
RUR terms, composed of 10% increase in traffic and 19% increase
in average basket, which underlines X5’s ability to capitalize
on growth in income per capita and consequent upgrade of
spending pattern by Russian consumers.  Expansion brought
additional 20% in terms of growth.

                           Hypermarkets

For the first quarter 2008, hypermarket sales surged 55%,
excluding foreign exchange effect.  This growth came as a result
of a 29% increase in like-for-like sales with 26% added by non-
like-for-like stores. like-for-like sales growth was very strong
both in the regions and in Moscow on the back of growing
consumer spending and improved hypermarket value proposition
helped by successful promotional campaigns.

Stronger performance of stores opened after March 31, 2007, and
addition of a new hypermarket in Voronezh in the first quarter
this year contributed to strong results of non-like-for-like
stores.

                           Supermarkets

For the first quarter 2008, supermarket sales grew by 45%,
excluding foreign exchange effect, as a result of
34% surge in like-for-like sales and 10% coming from expansion.
Impressively strong like-for-like results are mainly due to out-
performance of supermarkets located in Moscow and St.
Petersburg.

Supermarket traffic in Moscow and St. Petersburg posted
impressive growth of 20% and 19%, respectively, which once again
underscores the company's leading positions in these core
markets.

                         Soft Discounters

In the first quarter 2008, soft discounter sales grew by 51%,
excluding foreign exchange effect, as a result of a 26% surge in
like-for-like sales and 25% coming from expansion.  The
strongest like-for-like growth in the soft discounter format was
demonstrated by regional stores (up 48%) due to continuing
excellent performance of stores in Urals.

Despite the fact that St. Petersburg remains a very
competitive market, the company’s soft discounters continued
reporting positive traffic there with total like-for-like
reaching 15%.


In the first quarter 2008, X5 Retail Group N.V. added net 62
stores, including 57 soft discounters, four supermarkets and one
compact hypermarket (in Voronezh) with a total net selling space
of 30,100 sq. m.  This takes into account 2,800 sq. m. that were
closed during the quarter -- five soft discounters and one
supermarket -- and includes 28 stores purchased as a result
Kama-Retail acquisition (9,300 sq.m. in net selling space).

As a result, at March 31, 2008, X5 Retail Group N.V. operated
930 company-managed stores, consisting of 731 soft discounters,
183 supermarkets, 15 compact hypermarkets and one full-sized
hypermarket store, with the total net selling space of 639.3
thousand sq. m.

              M&A Transactions & Franchises Buy-Out

In the first quarter 2008, X5 Retail Group has started the
integration and rebranding of Korzinka and Strana Gerkulesia
stores, which is expected to be completed in the second quarter
for most of the discounters and in the third quarter for all
supermarkets.  

As announced on March 5, 2008, X5 plans to rebrand its full size
hypermarket in Lipetsk purchased within the Korzinka deal to
Mercado Supercenter by June 30, 2008.

In April 2008, X5 Group acquired 100% of the business and assets
of Kama Retail, a Pyaterochka franchisee in the Perm region.  As
a result, X5 bought out 28 soft discount stores in Perm and the
Perm region with a net selling area of 9,300 sq. m. for a total
consideration of approximately US$18 million, including debt.
The total area of purchased stores is 19,900 sq. m, out of which
1,900 thousand are wholly owned.

This was the second deal in the execution of the Group’s
strategy of selective franchisee buy-out in strategically
important regions.

                  Franchisee Store Operations

During the first quarter 2008, the Group’s franchisee store
network was expanded by net 23 soft discounter stores.

As of March 31, 2008, franchisees operated 711 stores across
Russia and Kazakhstan in total, including 8 Perekrestok and 703
Pyaterochka stores.  X5 Retail Group does not consolidate
franchisee stores’ sales.  The Group receives royalty payments
from franchisees and reports them as other revenue.

"We are pleased to report that strong sales growth momentum
continued into the first quarter of 2008, with like-for-like
sales exceeding management expectations," Lev Khasis, X5 Retail
Group CEO, commented.  "Our market leadership, regional
diversification and multi-format strategy enabled us to take
advantage of positive macroeconomic performance and the rise in
consumer spending.

"We believe that our strong presence in each of the key three
formats is crucial for the continuing success of the Company
and see further expansion in hypermarket segment as a strategic
priority going forward."

"Sales growth of 61% that we recorded reflects our ability to
digest and adapt to changing consumer preferences," Antonio
Melo, X5 Retail Group Chief Operating Officer, added.  "We are
continually improving the value proposition we offer to the
market and consequently benefit from enhanced customer loyalty.

"Thus, in response to consumer demand we are adding two new
store concepts to our service offering.  We are launching a new
supermarket concept under the Green Perekrestok brand in
order to widen our customer base and to tailor our products and
services to the growing high-end consumer segment.  We have also
developed a new hypermarket concept that we intend to
roll out throughout regions of our operations under the Mercado
Supercenter brand, building on the successful experience of
European retailers, while adapting to the needs and
expectations of Russian consumers."

                        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
===========


AVTO-SIB CJSC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Belgorod commenced bankruptcy
supervision procedure on CJSC Avto-Sib.  The case is docketed
under Case No. A45-1703/2008-48/5.

The Temporary Insolvency Manager:

         G. Parshkov
         Apt. 2
         Derzhavina Str. 8
         630099 Novosibirsk
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Avto-Sib
         Dobrolyubova Str. 2
         630009 Novosibirsk
         Russia


CEMENT LLC: Creditors Must File Claims by May 15
------------------------------------------------
Creditors of LLC Cement have until May 15, 2008, to submit
proofs of claim to:

         I. Madzhuga
         Insolvency Manager
         Office 40
         Br. Korostylevykh Str. 268
         443001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-8098/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Cement
         Vyborgskaya Str. 1
         Samara
         Russia


CRYSTAL-BEL CJSC: Belgorod Bankruptcy Hearing Slated for June 18
----------------------------------------------------------------
The Arbitration Court of Belgorod will convene on June 18, 2008,
to hear the bankruptcy supervision procedure on CJSC Crystal-
Bel.  The case is docketed under Case No. A08-674/08-2B.

The Temporary Insolvency Manager is:

         A. Ovchinnikov
         Rzhevskoe Shosse Str. 11
         Shebekino
         309290 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Crystal-Bel
         Stroitelnaya Str. 19
         Chernyaka
         309561 Belgorod
         Russia


ERMAKOVSKOE CJSC: Novosibirsk Bankruptcy Hearing Set June 25
------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 3:00 p.m.
on June 25, 2008, to hear the bankruptcy supervision procedure
on CJSC Ermakovskoe.  The case is docketed under Case No.
A45-14570/2007 4/58.

The Temporary Insolvency Manager is:

         A. Ledvin
         Post User Box 22
         630129 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 Ermakovskoe
         Lenina Str. 20
         Ermakovskiy
         Kochkovskiy
         632499 Novosibirsk
         Russia


FAN CJSC: Lipetsk Court Names Y. Gurov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Lipetsk appointed Y. Gurov as
Insolvency Manager for CJSC Fan.  He can be reached at:

         Y. Gurov
         Room 12
         Gagarina Str. 19
         308050 Lipetsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-160/2008.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         CJSC Fan
         Office 304
         Kommunalnaya Str. 9
         Lipetsk
         Russia


RODINO CJSC: Altay Bankruptcy Hearing Slated for August 18
----------------------------------------------------------
The Arbitration Court of Altay will convene on Aug. 18, 2008, to
hear the bankruptcy supervision procedure on CJSC Rodino.  The
case is docketed under Case No. A03-916/08-B.

The Temporary Insolvency Manager is:

         M. Polyakov
         Post User Box 130
         Vorovskogo Str. 140
         656002 Barnaul
         Russia

The Debtor can be reached at:

         CJSC Rodino
         K. Marksa Str. 93
         Rodino
         Rodinskiy
         659780 Altay
         Russa


UKRAINSKOE OJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision
procedure on OJSC Ukrainskoe.  The case is docketed under Case
No. A55-852/08.

The Temporary Insolvency Manager is:

         I. Madzhuga
         Office 40
         Br. Korostylevykh Str. 268
         Samara
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ukrainskoe
         Shosseynaya Str. 7
         Ukrainka
         Bolshechernigovskiy
         Samara
         Russia


X5 RETAIL: Supervisory Board Approves Formata Acquisition
----------------------------------------------------------
X5 Retail Group N.V.'s Supervisory Board has approved the
acquisition of 100% of the shares in Formata Holding B.V, owner
of the Karusel hypermarket chain, subject to satisfactory due
diligence on Karusel and receipt of the Federal Antimonopoly
Service approval.

                       Strategic Rationale

The acquisition of the Karusel hypermarket chain will represent
a significant milestone in the development of X5's business and
will enable the Company to:

    * reinforce its position as Russia's largest food retail
      operator in terms of revenue and significantly increase
      X5's lead ahead of its closest competitors;

    * immediately establish a leading position in the
      hypermarket format, the fastest growing food retail format
      in Russia;

    * enhance the Company's scale and efficiencies in the
      regions of its operations as Karusel's stores are
      complementary to existing regional presence of X5;

    * enhance X5's asset base with high quality locations and
      real estate ownership; and

    * extract significant synergies from the combination of the
      two businesses.

"The food retail sector in Russia continues its rapid growth,
supported by strong macroeconomic fundamentals and booming
consumer spending in Russia," Herve Defforey, the Chairman of
the Supervisory Board of X5 Retail Group said.  "X5's business
strategy is designed to capture this growth ahead of
competition, and the acquisition of Karusel hypermarkets fits
well into our strategy.  This transaction will become a landmark
deal in the sector, providing X5 with immediate scale and size
in hypermarkets, the fastest growing segment of the market, and
substantially widening the gap between the company and its
competitors, changing the landscape of the Russian food retail
sector."

"I consider the acquisition of Karusel to be extremely
beneficial for X5 and value-creative for its shareholders,"
Andrei Rogachev, the founder of Karusel, Member of the
Supervisory Board of X5 Retail Group and one of its largest
shareholders, added.  

At Dec. 31, 2007, X5 and Karusel had 37 operational
hypermarkets.  In terms of 2007 sales, the combined entity would
rank as the number four hypermarket operator in Russia, with a
23.8% share in the top 10 food retailers plus Karusel and a 3.2%
share in the total Russian food retail market.

                     Transaction Highlights

The Group is expected to acquire 100% of the shares in Formata
Holding B.V, owner of the Karusel hypermarket chain, for an
estimated equity value of US$920 million-US$970 million
depending on the valuation of Karusel land and real estate under
construction.

The Company intends to settle up to 25% of the consideration for
Karusel with newly issued Company shares, as allowed under the
Call Option Agreement.  The method of financing the remaining
cash payment is being determined, with different forms of equity
financing currently under consideration, including the
possibility of granting existing GDR holders rights to subscribe
for additional GDRs on a pro rata preemptive basis (subject to
applicable legal requirements).

                     Transaction Milestones

X5's Supervisory Board approved the deal on April 10, 2008,
subject to satisfactory financial, legal and tax, and business
due diligence, which is currently being conducted by X5.  X5
expects FAS antimonopoly approval in April 2008.

The final equity value is expected to be determined at the end
of April–early May following receipt of the real estate
valuation report and determination of Sales and EBITDA figures
in accordance with the Call Option Agreement.  The closing of
the transaction is expected to take place on July 1, 2008.

Upon completion of the acquisition, X5 intends to integrate the
existing Karusel stores into X5's network and relaunch them
under the Mercado Supercenter brand.  We expect full support
from the sellers, but in case of lack of cooperation on their
side it may result in delays in the integration of the business
and the incurrence of additional costs.

                         Karusel Overview

At the end of 2007, Karusel was the fourth largest hypermarket
operator in Russia both by revenue and by selling area.  
According to publicly available data, its selling area stood at
c. 115,000 square meters at Dec. 31, 2007.

For 2007, Karusel reported net sales of US$831.1 million. Its
EBITDA for the full year 2007 was US$70.2 million and its net
profit was US$19.9 million.

Karusel owns and operates hypermarkets located in St. Petersburg
and the North West of Russia, the Moscow region, Nizhny
Novgorod, Dzerzhinsk, Volgograd and Izhevsk.  There
are currently 23 hypermarkets operating under the Karusel brand.
Three more hypermarkets are under construction.

                        Synergy Benefits

The acquisition of Karusel is likely to provide the combined
Group with significant synergy benefits from enhanced scale and
operational integration.  Revenue synergies are likely to be
generated through an improvement in the sales density of
the existing Karusel stores.  This is likely to be achieved as a
result of several initiatives including rebranding of acquired
stores, changing the merchandise assortment and improving
the stores' value proposition.

Gross profit is expected to benefit as a result of improved
purchasing power, especially in the non-food category, as well
as reduced logistic costs.

Cost synergies are likely to be achieved through a decrease in
overheads and economies of scale.

It is expected that the rebranded and integrated hypermarkets'
normalized performance will achieve sales densities and margins
above Karusel's historical levels in 2009.

                        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.


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


BISTRO HABERHUUS: Creditors' Liquidation Claims Due by May 1
------------------------------------------------------------
Creditors of LLC Bistro Haberhuus have until May 1, 2008, to
submit their claims to:

         Marc Krattiger
         Jurastrasse 1
         3013 Bern
         Switzerland

The Debtor can be reached at:

         LLC Bistro Haberhuus
         Bern
         Switzerland


CEPRO JSC: Creditors' Liquidation Claims Due by May 1
-----------------------------------------------------
Creditors of JSC Cepro have until May 1, 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


CIMA GASTRO: Creditors' Liquidation Claims Due by May 1
-------------------------------------------------------
Creditors of LLC CIMA Gastro have until May 1, 2008, to submit
their claims to:

         Kumarasamy Chandrasegaran
         Liquidator
         Wannerstrasse 31/154
         8045 Zurich
         Switzerland

The Debtor can be reached at:

         LLC CIMA Gastro
         Zurich
         Switzerland


CHILLA LLC: Creditors' Liquidation Claims Due by May 1
------------------------------------------------------
Creditors of LLC Chilla have until May 1, 2008, to submit their
claims to:

         Daniela Chilla-Kluser
         Schlierenholzlistrasse 18
         6056 Kagiswil OW
         Switzerland

The Debtor can be reached at:

         LLC Chilla
         Sarnen OW
         Switzerland


E. + A. ARNOLD: Creditors' Liquidation Claims Due by May 1
----------------------------------------------------------
Creditors of LLC E. + A. Arnold have until May 1, 2008, to
submit their claims to:

         Marc Krattiger
         Jurastrasse 1
         3013 Berne
         Switzerland

The Debtor can be reached at:

         LLC E. + A. Arnold
         Kaufdorf
         Seftigen BE
         Switzerland


FIS HOLDING: Creditors' Liquidation Claims Due by May 5
-------------------------------------------------------
Creditors of JSC FIS Holding have until May 5, 2008, to submit
their claims to:

         Peter A. Iten
         Liquidator
         Neugasse 4
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC FIS Holding
         Zug
         Switzerland


KORUM LLC: Creditors' Liquidation Claims Due by May 1
-----------------------------------------------------
Creditors of LLC Korum have until May 1, 2008, to submit their
claims to:

         Jurg Greiff
         Liquidator
         Buntenstrasse 3
         5442 Fislisbach
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Korum
         Fislisbach
         Baden AG
         Switzerland


WINE AND FURNITURE: Creditors' Liquidation Claims Due by May 15
---------------------------------------------------------------
Creditors of LLC Wine and Furniture Triebold-Suter have until
May 15, 2008, to submit their claims to:

         Urs Farronato
         Liquidator
         Schonmattstrasse 4
         4153 Reinach BL
         Switzerland

The Debtor can be reached at:

         LLC Wine and Furniture Triebold-Suter
         Mumpf
         Rheinfelden AG
         Switzerland


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


BANK EVROPEYSKIY: Moody's Puts Financial Strength Rating at E+
--------------------------------------------------------------
Moody's Investors Service has assigned B3 long-term and Not
Prime short-term local and foreign currency deposit ratings and
an E+ bank financial strength rating to Bank Evropeyskiy.
Moody's has also assigned a Baa3.ua National Scale Rating to the
bank.  The outlook for the long-term global local and foreign
currency ratings is stable, while the NSR carries no specific
outlook.

According to Moody's, the B3/NP/E+ global scale ratings reflect
the bank's global default and loss expectation, while the
Baa3.ua NSR reflects the standing of its credit quality relative
to its domestic peers.

According to Moody's, the ratings take account of the bank's
currently limited franchise, although this has the potential to
strengthen via the ongoing move into the retail segment and the
branch network expansion, with growth plans being implemented by
a new team of managers, as well as the shareholders' intention
to inject additional capital in the amount of UAH200 million
(US$40 million) in Q2 2008.  The ratings are also constrained by
(i) potentially significant credit risks arising from the bank's
very rapid recent growth, (ii) high single-party concentrations
on both sides of the balance sheet and (iii) underdeveloped risk
management and some corporate governance issues.

Moody's notes that Bank Evropeyskiy would be unlikely to receive
support from the Ukrainian government in case of distress.  The
scope and timeliness of the support from the bank's shareholders
also remain uncertain.  Therefore, the B3/NP deposit ratings do
not incorporate any probability of external support and are
based solely on its E+ BFSR (which maps to a baseline credit
assessment of B3).

Hence, the B3 long-term local and foreign currency deposit
ratings assigned to the bank does not incorporate the
possibility of any external support.

The rating agency views positively the bank's intention to
attract a financially stronger strategic shareholder which could
exert upward pressure on its deposit ratings.

Bank Evropeyskiy is headquartered in Kiev, Ukraine, and as of 31
December 2007 reported total un-audited assets of US$287 million
(under local accounting rules) and net profit of US$1.6 million.


BATKIVSCHINA LLC: Creditors Must File Claims by April 30
--------------------------------------------------------
Creditors of Agricultural LLC Batkivschina (code EDRPOU
30714146) have until April 30, 2008, to submit proofs of claim
to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 21, 2008.  
The case is docketed as 12/28b.

The Debtor can be reached at:

         Agricultural LLC Batkivschina
         Novoaleksandrovka
         Troitsky District
         92134 Lugansk
         Ukraine
         

DNIPRO-DELTASTROY LLC: Creditors Must File Claims by April 30
-------------------------------------------------------------
Creditors of LLC Dnipro-Deltastroy (code EDRPOU 34409553) have
until April 30, 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 13, 2008.  The case is docketed as B 15/85-08.

The Debtor can be reached at:

         LLC Dnipro-Deltastroy
         Quay of Victory Str. 130 b. 7
         49106 Dnipropetrovsk
         Ukraine


EVRAZ GROUP: Closes Acquisition of Certain Assets in Ukraine
------------------------------------------------------------
Evraz Group S.A disclosed that completion of the first stage of
the earlier announced acquisition of selected production assets
in Ukraine.

For a cost in excess of US$1,000 million Evraz has closed the
acquisition of 51.4% of shares of Palmrose Limited, a Cyprus-
based holding company for the following assets in Ukraine:

    * a 99.25% share holding in the Sukhaya Balka iron ore
      mining and processing complex;

    * a 95.57% share holding in the Dnepropetrovsk Iron and
      Steel Works; and

    * share holdings in three coking plants (93.74% of
      Bagleykoks, 98.65% of Dneprkoks and 93.83% of shares
      outstanding of Dneprodzerzhinsk Coke Chemical Plant).

Evraz transferred the amount payable in favour of the seller in
December 2007.

The next stage of the transaction that implies issuance of new
shares in Evraz is subject to certain legal requirements in
Luxembourg, and is expected to be completed soon thereafter.  An
announcement as to the final completion date and terms will be
made in due course.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                          *     *     *

Evraz Group's carries  Standard & Poor's Ratings Services BB-
corporate credit rating.


NADIYA LLC: Creditors Must File Claims by April 30
--------------------------------------------------
Creditors of Agricultural LLC Nadiya (code EDRPOU 30759559) have
until April 30, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 21, 2008.   
The case is docketed as 12/27b.

The Debtor can be reached at:

         Agricultural LLC Nadiya
         Bogachka
         Troitsky District
         92112 Lugansk
         Ukraine
         

ROVAL LLC: Creditors Must File Claims by April 30
-------------------------------------------------
Creditors of LLC Roval (code EDRPOU 32435382) have until
April 30, 2008, to submit proofs of claim to:

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on March 17, 2008, after finding it
insolvent.  The case is docketed as 6/186-8/175.

The Court is located at:

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

The Debtor can be reached at:

         LLC Roval
         Industrial Str. 2
         Zhorniska
         Yavorovsky District
         81083 Lvov
         Ukraine


SLOVAGROIMPEKS LLC: Creditors Must File Claims by April 30
-------------------------------------------------------------
Creditors of LLC Euro Agro Trade Subsidiary Company
Slovagroimpeks (code EDRPOU 20800866) have until April 30, 2008,
to submit proofs of claim to:

         Andrew Sibal
         Liquidator 79000
         Sadovaya Str. 27/119
         Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 4, 2008.  
The case is docketed as 29/213.

The Court is located at:

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

The Debtor can be reached at:

         LLC Euro Agro Trade Subsidiary Company Slovagroimpeks
         Gorodotskaya Str. 367
         79040 Lvov
         Ukraine


VUGILNYK LLC: Creditors Must File Claims by April 30
----------------------------------------------------
Creditors of Agricultural LLC Vugilnyk (code EDRPOU 30714036)
have until April 30, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 21, 2008.  
The case is docketed as 12/26b.

The Debtor can be reached at:

         Agricultural LLC Vugilnyk
         Sovetskaya Str. 67
         Pokrovskoye
         Troitsky District
         92135 Lugansk
         Ukraine


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


ABITIBIBOWATER INC: Completes Sale of Snowflake Mill
------------------------------------------------------
AbitibiBowater Inc. has completed the sale of its Snowflake,
Arizona, assets for a purchase price of US$161 million to a
subsidiary of Catalyst Paper Corporation (TSX: CTL).  The
facility has an annual production capacity of approximately
375,000 tonnes of newsprint.

This sale was approved by the U.S. Department of Justice in
order to comply with the requirements set for approval of the
Abitibi-Consolidated/Bowater combination.  AbitibiBowater plans
to use the proceeds from this sale for general corporate
purposes.

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

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


ABITIBIBOWATER INC: S&P Puts Recovery Ratings on Sr. Debt Issues
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned recovery ratings to
the senior unsecured debt issues of AbitibiBowater Inc.,
Abitibi-Consolidated Inc., and Bowater Inc.

At the same time, S&P lowered the issue-level rating on these
debts to 'CCC+' (one notch below the corporate credit ratings on
the companies) from 'B-'.

Based on a separate recovery analysis of each entity, S&P
assigned a recovery rating of '5 ' to the issues, indicating the
expectation for a modest (10%-30%) recovery in the event of a
payment default.

S&P also assigned an issue-level rating of 'CCC+', with a
recovery rating of '5', to the US$350 million convertible notes
issued by AbitibiBowater.  These notes are guaranteed by
Bowater, and therefore rank pari passu with Bowater's unsecured
debts.

                       Ratings List

AbitibiBowater Inc.

    -- Corporate credit rating      B-/Negative/--

Abitibi-Consolidated Inc.

    -- Corporate credit rating      B-/Negative/--

Bowater Inc.

    -- Corporate credit rating      B-/Negative/--

        Ratings Lowered/Recovery Rating Assigned
                       To                           From
AbitibiBowater Inc.

                       To                           From
                       --                           ----
Senior unsecured debt  CCC+ (Recovery rating: 5)    B-

Abitibi-Consolidated Inc.

                       To                           From
                       --                           ----
Senior unsecured debt  CCC+   (Recovery rating: 5)  B-

Bowater Inc.

                       To                           From
                       --                           ----
Senior unsecured debt  CCC+   (Recovery rating: 5)  B-

                      Rating Assigned
AbitibiBowater Inc.

   -- US$350 mil. convertible notes   CCC+ (Recovery rating: 5)


AMERICAN AXLE: New UAW Contract is Still Not Market Competitive
---------------------------------------------------------------
Negotiations between American Axle & Manufacturing Holdings Inc.
and United Auto Workers union representatives will continue
despite the rejection of new UAW proposal by Axle, Reuters
reports.  Axle admits the new contract was better, but the total
cost was still roughly 200% above the market rate for Axle's
competitors in the U.S. auto parts industry.

Reuters says negotiators came back to the bargaining table
offering a new contract on Wednesday.

Axle's Chief Executive Officer Richard Dauch had berated the UAW
for the work stoppage that has caused a chain reaction in the
U.S. auto industry.  The CEO added that the auto parts
manufacturer may end up outsourcing its manufacturing division
if talks with the UAW negotiations fail.

CEO Dauch said that the company has the right to outsource its
work since they have facilities all over the globe -- Mexico,
South America, Europe, and Asia.  Mr. Dauch added that Axle will
not be forced into bankruptcy.

Labor talks ceased on March 11, after a bargaining that lasted
three days failed to produce results.  Union officials weren't
happy with the terms proposed by the auto parts company.

Axle is demanding wage reductions of up to US$14 an hour as well
as elimination of future retiree health care and defined benefit
pensions for active workers.  Axle, which earned US$37 million
on US$3.25 billion sales in 2007, wanted a deal like those UAW
gave General Motors Corp., Ford Motor Co., Chrysler LLC, and
parts makers Delphi Corp. and Dana Corp., insisting that cutting
labor costs is essential to be competitive.  The auto parts
supplier is asking the union to approve US$20 to US$30 hourly
wage cuts from US$73 per hour to US$27 per hour, arguing that
its original U.S. Locations incurred losses for three years.

The March 11 talks would have resolved a strike, which started
Feb. 26, 2008, of the 3,650 employees at master-contract plants
in Michigan and New York.

                     Strike Impact on Automakers

GM has about 29 facilities affected by the strike at Axle as the
supplier attempts to negotiate with the union.  GM president and
COO Frederick Henderson said GM won't meddle in the labor
dispute between AAM and the UAW.  

The month-long work protest of union members at Axle is taking
its toll on GM, threatening the automaker's brake part plant in
Lordstown, Ohio, which has 2,400 workers.

Chrysler LLC is temporarily closing its vehicle assembly
facility in Newark, Delaware as the strike among UAW union
members at AAM stretches.  AAM supplies Chrysler components for
the Dodge Durango and Chrysler Aspen sport utility vehicles in
Newark and two versions of the Dodge Ram pickup made in
Saltillo, Mexico.

                         About America Axle

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.

                          *     *     *

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.


ANAGRAM CREATIVE: M. C. Bowker Leads Liquidation Procedure
----------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Anagram Creative Services Ltd. (formerly Falconcombe Ltd.) on
April 7 for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


BRITISH ENERGY: Suez May Buy Stake After Gaz de France Merger
-------------------------------------------------------------
France's Suez SA said that it may opt to buy a stake in British
Energy Group plc but only after its merger with Gaz de France SA
is completed, Hamish Rutherford writes for the Scotsman.

A TCR-Europe report on April 2, 2008 disclosed the French
utility firm is open to a potential deal with BE under which it
will take part in the development and production of reactors.

                      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.


BRITISH ENERGY: Iberdola Nears Decision Over GBP11 Bln Joint Bid
----------------------------------------------------------------
Spain's Iberdola SA is said to be nearing a decision on whether
it will participate in a GBP11 billion joint bid for British
Energy Group plc, Scotland On Sunday reports.

An analyst told Scotland Sunday that "it would be remiss of
Iberdrola not to get involved" as "British Energy has the best
sites for future development."

According to a Spanish analyst, Iberdola, which operates nuclear
plants in Spain, is capable of finding the finance, Scotland on
Sunday relates.

Meanwhile, Iberdola chairman Ignacio Galan, who is thought to be
in favor of a BE bid, is urging Electricite de France to clarify
its position following weeks of inaction and speculation,
Scotland on Sunday reveals.

Mr. Galan earlier failed in its attempt to force a statement
from EDF after the state-owned utility firm contested the
jurisdiction, Scotland On Sunday adds.

Iberdola executives, including Mr. Galan, are set to meet  
investors and the media at its annual meeting in Bilbao today
April 15, 2008, the paper reveals.

A TCR-Europe report on April 14, 2008 EDF is seeking to outbid
RWE AG's indicative all-cash offer of nearly GBP700 pence per
share for BE.

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.

                       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.


BRITISH ENERGY: Sweden's Vattenfall Eyes Takeover Bid
-----------------------------------------------------
Sweden's Vattenfall AB is contemplating a takeover bid for
British Group plc, Mark Kleinman writes for the Daily Telegraph.

According to the report, Vattenfall, which has operations in
Denmark, Finland, Germany and Poland, called in investment bank
Citigroup Inc. to advise on whether it should participate in a
bid battle for BE.

Other potential bidders for BE include Electricite de France SA,
RWE AG and Centrica plc, the paper relates.

                  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.


CHROME FUNDING: Moody's Puts Ratings Under Review  
-------------------------------------------------
Moody's Investors Service put on review for possible downgrade 6
tranches of Series Must 50/5 notes issued out of Chrome Funding
Limited and one related series of notes issued by IXIS Corporate
and Investment Bank.  All notes reference the same portfolio.

Must 50/5 is a resecuritization of corporate CDOs and ABSs with
no exposure to downgraded subprime RMBS.  The review is in
response to deterioration in the average credit quality of the
underlying collateral, driven primarily by negative rating
migration in the corporate portfolios underlying the CDOs.

The rating actions are:

Issuer: Chrome Funding Limited

    -- EUR53,750,000 Secured Credit-linked Floating Rate Class
       A2-A Notes due 2009 issued under Series MUST 50/5

       Current rating: Aa3, under review for downgrade
       Prior rating: Aa3

    -- EUR15,000,000 Secured Credit-linked Floating Rate Class
       A2-B Notes due 2009 issued under Series MUST 50/5

       Current rating: Aa3, under review for downgrade
       Prior rating: Aa3

    -- EUR22,000,000 Secured Credit-linked Floating Rate Class B
       Notes due 2009 issued under Series MUST 50/5

       Current rating: A2, under review for downgrade
       Prior rating: A2

    -- EUR13,750,000 Secured Credit-linked Floating Rate Class
       C1 Notes due 2009 issued under Series MUST 50/5

       Current rating: Baa2, under review for downgrade
       Prior rating: Baa2

    -- EUR3,750,000 Secured Credit-linked Floating Rate Class C2
       Notes due 2009 issued under Series MUST 50/5

       Current rating: Baa2, under review for downgrade
       Prior rating: Baa2

    -- EUR13,750,000 Secured Credit-linked Floating Rate Class D
       Notes due 2009 issued under Series MUST 50/5

       Current rating: Ba1, under review for downgrade
       Prior rating: Ba1

Issuer: IXIS Corporate and Investment Bank

    -- EUR10,000,000 Secured Credit-linked Floating Rate Class
       C2 MUST 50/5 Notes due 2009 issued under Series 1388

       Current rating: Baa2, under review for downgrade
       Prior rating: Baa2


CLEAR CHANNEL: Extends Tender Offers Expiration for Senior Notes
----------------------------------------------------------------
In connection with Clear Channel Communications, Inc.'s tender
offer for its outstanding 7.65% Senior Notes due 2010 (CUSIP No.
184502AK8) and Clear Channel's subsidiary AMFM Operating Inc.'s
tender offer for its outstanding 8% Senior Notes due 2008 (CUSIP
No. 158916AL0), Clear Channel extended the date on which the
tender offers are scheduled to expire from 8:00 a.m. New York
City time on April 11, 2008 to 8:00 a.m. New York City time on
April 18, 2008 and the consent payment deadline for the Notes
from 8:00 a.m. New York City time on April 11, 2008 to 8:00 a.m.
New York City time on April 18, 2008.  The Offer Expiration Date
and the Consent Payment Deadline are subject to extension by
Clear Channel, with respect to the CCU Notes, and AMFM, with
respect to the AMFM Notes, in their sole discretion.

The completion of the tender offers and consent solicitations
for the Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger by and among Clear Channel, CC Media Holdings, Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple
Crown Merger Co., Inc., dated Nov. 16, 2006, as amended by
Amendment No. 1, dated April 18, 2007, and Amendment No. 2,
dated May 17, 2007 and the closing of the merger contemplated by
the Merger Agreement.  The closing of the Merger has not
occurred.  On March 26, 2008, Clear Channel, joined by CC Media
Holdings, Inc., filed a lawsuit in the Texas State Court in
Bexar County, Texas, against Citigroup, Deutsche Bank, Morgan
Stanley, Credit Suisse, The Royal Bank of Scotland, and
Wachovia, the banks who had committed to provide the debt
financing for the Merger.  Clear Channel intends to complete the
tender offers and consent solicitations for the CCU Notes, and
AMFM intends to complete the tender offers and consent
solicitations for the AMFM Notes, upon consummation of the
Merger.

Clear Channel, on Jan. 2, 2008, received, pursuant to its tender
offer and consent solicitation for the CCU Notes, the requisite
consents to adopt the proposed amendments to the CCU Notes and
the indenture governing the CCU Notes applicable to the CCU
Notes, and that AMFM had received, pursuant to its previously
announced tender offer and consent solicitation for the AMFM
Notes, the requisite consents to adopt the proposed amendments
to the AMFM Notes and the indenture governing the AMFM Notes.

As of April 9, 2008, approximately 87% of the AMFM Notes have
been validly tendered and not withdrawn and approximately 98% of
the CCU Notes have been validly tendered and not withdrawn.  The
Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.  The AMFM tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the AMFM Offer to Purchase and Consent Solicitation
Statement for the AMFM Notes dated Dec. 17, 2007, and the
related Letter of Transmittal and Consent.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Inc. to act as co-dealer managers for the
tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the tender offers should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).  Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

                      About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


ERINACEOUS GROUP: Enters Into Administration; KPMG Appointed
------------------------------------------------------------
Pinned down by debts exceeding GBP250 million, Erinaceous Group
entered into administration on April 14, 2008, the Financial
Times reports.  Jim Tucker and Myles Halley of KPMG were
appointed as administrators.

The FT adds that according to the administrators, the company's
insurance subsidiary will likely be sold.

Signs of troubled initially surfaced when the company delayed
interim results in September 2007 after learning it had violated
banking covenants.  Founders Nigel Bellis and Lucy Cummings
resigned as directors soon after, the FT relates.

Despite attempts,which included a possible debt-for-equity swap
and asset sales, none of these were enough to turnaround the
company.

                     About Erinaceous Group

Headquartered in London, England, Erinaceous Group --
http://www.erinaceous.com-- provides a one-stop-shop for a  
broad range of services related to the management, maintenance,
procurement, design, construction and insurance of property.

Employing over 5,000 people across its three divisions.  It
incorporates many well-known companies, including brands such as
Dunlop Haywards, Egan Lawson and Spring Grove.


IXIS CORPORATE: Moody's Reviews Rating on EUR10 Million MM Notes  
----------------------------------------------------------------
Moody's Investors Service put on review for possible downgrade 6
tranches of Series Must 50/5 notes issued out of Chrome Funding
Limited and one related series of notes issued by IXIS Corporate
and Investment Bank.  All notes reference the same portfolio.

Must 50/5 is a resecuritization of corporate CDOs and ABSs with
no exposure to downgraded subprime RMBS.  The review is in
response to deterioration in the average credit quality of the
underlying collateral, driven primarily by negative rating
migration in the corporate portfolios underlying the CDOs.

The rating actions are:

Issuer: Chrome Funding Limited

    -- EUR53,750,000 Secured Credit-linked Floating Rate Class
       A2-A Notes due 2009 issued under Series MUST 50/5

       Current rating: Aa3, under review for downgrade
       Prior rating: Aa3

    -- EUR15,000,000 Secured Credit-linked Floating Rate Class
       A2-B Notes due 2009 issued under Series MUST 50/5

       Current rating: Aa3, under review for downgrade
       Prior rating: Aa3

    -- EUR22,000,000 Secured Credit-linked Floating Rate Class B
       Notes due 2009 issued under Series MUST 50/5

       Current rating: A2, under review for downgrade
       Prior rating: A2

    -- EUR13,750,000 Secured Credit-linked Floating Rate Class
       C1 Notes due 2009 issued under Series MUST 50/5

       Current rating: Baa2, under review for downgrade
       Prior rating: Baa2

    -- EUR3,750,000 Secured Credit-linked Floating Rate Class C2
       Notes due 2009 issued under Series MUST 50/5

       Current rating: Baa2, under review for downgrade
       Prior rating: Baa2

    -- EUR13,750,000 Secured Credit-linked Floating Rate Class D
       Notes due 2009 issued under Series MUST 50/5

       Current rating: Ba1, under review for downgrade
       Prior rating: Ba1

Issuer: IXIS Corporate and Investment Bank

    -- EUR10,000,000 Secured Credit-linked Floating Rate Class
       C2 MUST 50/5 Notes due 2009 issued under Series 1388

       Current rating: Baa2, under review for downgrade
       Prior rating: Baa2


LANHAM PRINT: Brings In Liquidators from Tenon Recovery
-------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Lanham Print & Design Ltd. (formerly
Trigger Blue Ltd.) on April 1 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


LINKER FINANCE: Moody's Junks Rating on US$18MM Class E Notes
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade five classes of notes issued by Linker Finance
PLC.

The portfolio of Linker Finance references 52% of US RMBS, of
which 34.8% are subprime assets.

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

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

The rating actions are:

Issuer: Linker Finance PLC

     (1) US$150,000,000 Class A2 Tranche due 2045

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

     (2) US$86,500,000 Class B Floating Rate Secured Notes due
         2045

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

     (3) US$28,500,000 Class C Floating Rate Secured Notes due
         2045

         Current Rating: Ba2, on review for downgrade
         Prior Rating: A1, on review for downgrade

     (4) US$18,000,000 Class D Floating Rate Secured Notes due
         2045

         Current Rating: B3, on review for downgrade
         Prior Rating: Baa1, on review for downgrade

     (5) US$18,000,000 Class E Floating Rate Secured Notes due
         2045

         Current Rating: Caa3, on review for downgrade
         Prior Rating: Ba1, on review for downgrade


LOGAN CDO: Moody's Junks Ratings on Two Note Classes
----------------------------------------------------
Moody's Investors Service downgraded four classes of notes and
left two classes of notes on review for downgrade, all issued by
Logan CDO II Ltd.  Moody's has also downgraded and left on
review for downgrade the Super Senior Swap in which Royal Bank
of Canada buys credit protection on the same underlying
reference portfolio.

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

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

The rating actions are:

Issuer: Logan CDO II Ltd.

    -- US$40,000,000 Class A-1 Floating Rate Credit Linked
       Secured Notes due 2051

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

    -- US$49,000,000 Class A-2 Floating Rate Credit Linked
       Secured Notes due 2051

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

    -- US$22,000,000 Class B Floating Rate Credit Linked Secured
       Notes due 2051

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

    -- US$18,500,000 Class C Floating Rate Credit Linked Secured
       Notes due 2051

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

    -- US$1,350,000,000 Super Senior Swap related to the same
       portfolio

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


MIDLAND MACHINING: Calls In Liquidators from Moore Stephens
-----------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Midland Machining Centre Ltd. on
March 31 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


NICHOLL'S BRASSERIES: Appoints Begbies Traynor as Administrators
----------------------------------------------------------------
Bob Maxwell and Tim Dolder of Begbies Traynor were appointed
joint administrators of Nicholl's Brasseries Ltd. (Company
Number 02910291) on Feb. 26, 2008.

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

The company can be reached at:

          Nicholl's Brasseries Ltd.
          38 The Embankment
          Bedford
          Bedfordshire
          MK40 3PF
          England
          Tel: 01234 212848


OPUS MORTGAGES: Goes Into Liquidation Due to Market Conditions
--------------------------------------------------------------
(UK/jade/rw)
Opus Mortgages has gone into liquidation as a result of falling
housing market and ongoing credit crunch, The Scotsman reports.  
Ian Wright and Colin Murdoch of Invocas were appointed as joint
liquidators.  

Mr. Wright told the Scotsman that the management attempted to
restructure the business and adjust to lower activity levels,
but failed to trade out of its difficulties because of the
current market conditions.

Opus Mortgages is a mortgage design and administration company
based in Glasgow, Scotland and is directly authorized by the
FSA.


SEA CONTAINER: Court Approves Entry to Charter Termination Pacts
----------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Sea Containers Ltd. and its
debtor-affiliates to enter into two Charter Termination
Agreements in connection with the sale of SeaStreak America,
Inc., and Highlands Landing Corporation by non-debtor affiliate,
Sea Containers America, Inc., to New England Fast Ferries for
US$3,000,000.

Upon consummation of the Agreements, the Charter Guarantees and
all other related obligations of SCL will be deemed terminated
and otherwise released in accordance with the terms of the
Agreements.

Judge Carey ruled that for the avoidance of doubt, nothing will
be deemed to:

    (i) alter or elevate the prepetition nature and priority of
        any claims asserted by CitiCapital Commercial Leasing
        Corporation and Chase Equipment Leasing, Inc., with
        respect to any obligations arising under the Charter
        Guarantees or the Charter Termination Agreements; or

   (ii) give rise to postpetition administrative claims with
        respect to those obligations.

Judge Carey maintained that with respect to the Debtors, the
Official Committee of Unsecured Creditors of Sea Containers
Ltd., and the Official Committee of Unsecured Creditors of Sea
Containers Services Ltd., the Agreements and the sale of
SeaStreak America, Inc., will not prejudice any parties' rights
and defenses with respect to:

   -- the Services Agreement dated August 18, 1989, between SCL
      and SCSL, to the extent applicable;

   -- the final determination of the existence, amount and
      treatment of any related or underlying inter-company
      claims; and

   -- the appropriate allocation of any proceeds, costs or
      obligations.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court gave the Debtors until April 15, 2008 to file a plan
of reorganization.


SEA CONTAINERS: Contrarian, et al. Wants Subpoenas Quashed
----------------------------------------------------------
Bondholders Contrarian Capital Advisors, LLC, J.P. Morgan
Securities Inc., Credit Trading Group, Post Advisory Group, LLC,
Trilogy Capital LLC, and Varde Investment Partners, L.P., ask
the U.S. Bankruptcy Court for the District of Delaware to quash
certain subpoenas dated March 5, 2008, served by the Official
Committee of Unsecured Creditors of Sea Containers Services Ltd.

In the alternative, the Bondholders seek a protective order
pursuant to Rule 45(c)(3) of the Federal Rules of Civil
Procedure, made applicable by Rule 9016 of the Federal Rules of
Bankruptcy Procedure.

The Debtors had asked the Court to approve their proposed
settlement with the SCSL Committee, and the Trustees of the 1983
and 1990 Pension Schemes.

Neal J. Levitsky, Esq., at Fox Rothschild LLP, in Wilmington,
Delaware, relates that the Official Committee of Unsecured
Creditors of Sea Containers Ltd. has indicated that it will
object to the Settlement Request, and accordingly, has served
document requests and deposition notices on the Settlement
Parties.  He notes that the SCSL Committee, but not the Pension
Schemes, has also served discovery requests on the SCL
Committee.

Mr. Levitsky discloses that the Bondholders' counsel has
attended the Settlement negotiations, but the Bondholders have
not formally objected to the Settlement, filed any pleadings or
participated in any discovery.  Yet, the SCSL Committee served
each of the Bondholders with separate Subpoenas, seeking
extensive document productions and depositions under Rule
30(b)(6) of the Federal Rule of Civil Procedure on 17 separate
topics.

The Bondholders assert that the discovery requests
"overwhelmingly appear to relate" to communications between them
and others concerning the Settlement or the Settlement Request,
including:

   -- communications related to the claims asserted by the
      Pension Schemes, analyses and valuations of the Pension
      Claims, and the application of prudent investor discount
      rate;

   -- documents, expert reports, and other evidence, on which
      theBondholders would rely if they file an objection to the
      Settlement Request;

   -- documents concerning communications between the
      Bondholders and The Pensions Regulator; and

   -- communications between the Bondholders, the Debtors, the
      SCL Committee, or any of the Debtors' DIP Lenders
      concerning whether the SCSL Committee violated the
      automatic stay.

In addition, the Subpoenas seek information related to the SCSL
Committee's request for compliance under Rule 2019(a) of
the Federal Rules of Bankruptcy Procedure, including documents
and deposition testimony concerning amounts of the Bondholders'
claims or interests and notes, the jurisdiction in which the
account holding the notes is located, and the name of the
beneficial holders of the notes, among other things.

Mr. Levitsky contends that the discovery sought by the SCSL
Committee is improper, and the Court should quash the Subpoenas
or enter a Protective Order.  He argues that it is unclear what
litigation value, if any, is gained from the pursuit of
extensive and costly discovery from third-party creditors like
the Bondholders, regarding a decision that the Debtors have made
and must justify.  He further notes that the Bondholders are not
parties to the Settlement, and cannot provide evidence as to why
the Debtors believe the Settlement is a reasonable one.

The extensive discovery sought by the Subpoenas is not only
irrelevant, it will also impose substantial burden and costs on
the Bondholders, Mr. Levitsky tells the Court.  He points out
that the Subpoenas were served by the SCSL Committee, which is
not a party to the Settlement Request, or even a creditor of the
SCL bankruptcy estate.  Therefore, he says, the SCSL Committee
can demonstrate no proper reason or legal basis to seek
discovery.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court gave the Debtors until April 15, 2008 to file a plan
of reorganization.


VR 2007: Taps Liquidators from Grant Thornton
---------------------------------------------
Nigel Morrison and Trevor O'Sullivan of Grant Thornton UK LLP
were appointed joint liquidators of VR 2007 Ltd. (formerly  
24seven vending Ltd., 24 Seven Vending Ltd., Granada Vending
Services Ltd., P & O Vending Services Ltd., Sutcliffe Catering
Company (Southern) Ltd.) on March 5 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         43 Queen Square
         Bristol
         BS1 4QR
         England


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
Sabena S.A.                          (86)       2,215     (297)


CYPRUS
------
Cyprus Airways            CAIR       (30)         262      (97)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE    
------
Arbel                     ARB       (150)         138      (96)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (311)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX        (9)         134      (26)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus PLC                 EXBUS     (30)         118    (5,162)

ICELAND
-------
Decode Genetics Inc.      DCGN     (146)         156       48

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       484
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Interoil Exploration      IOX         (9)         205      (11)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
Bagleys Investment                  (247)       1,094     (126)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY         (9)         648       35
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (2,266)       2,950     (296)
Evans Healthcare                     (86)         239     (144)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD       (894)       2,139     (356)
Lambert Fenchurch Group               (1)       1,827        3
Legal & Gen. Fin.                     (7)       3,576     (522)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
New Star Asset                      (418)         368       17
Next Plc                            (156)       3,224      (63)
Orange Plc                ORNGF     (594)       2,902        7
Pii Group Ltd                        (84)         236      (47)
Rank Group Plc                       (26)       1,209      (87)
Regus Plc                            (46)         367      (60)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Spirit Group                         (75)         365      (56)
Telereal Security                    (35)       3,418     1,948
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Unilever U.K. Cent.               (1,170)       4,509       82
Upperpoint Manufac.                  (10)         280      (10)
Webley Stadium                       (55)       1,561      (45)
Wincanton Plc             WIN        (27)       1,451      (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.

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Information contained herein is obtained from sources believed
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subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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