TCREUR_Public/080416.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

            Wednesday, April 16, 2008, Vol. 9, No. 75

                            Headlines


A U S T R I A

BATMAZ BAU: Claims Registration Period Ends May 14
CASA DI PIETRA: Claims Registration Period Ends May 14
DESSOUKI RAMADAN: Claims Registration Period Ends May 15
GILLHOFER BAU: Claims Registration Period Ends May 6
KRANCZ FERTIGHAUS: Creditors' Meeting Slated for April 28

STRANDHOTEL ALICE: Claims Registration Period Ends April 21


B E L G I U M

POLYONE CORPORATION: Selling US$80-Mln Sr. Notes at 99.75% Par
POLYONE CORP: S&P Holds B+ Rating on US$80 Million Notes
SOLUTIA INC: Judge Beatty OKs Bank of New York Settlement Pact
SOLUTIA INC: Court Approves Bayer & Lanxess Claims Settlement
SOLUTIA INC: Court Approves Quinn Emanuel as Conflicts Counsel


F I N L A N D

M-REAL CORPORATION: Names Juha Laine as Investor Relations VP


F R A N C E

DELPHI CORP: Shareholder Settlement Hearing Set for April 29


G E R M A N Y

ACRYLTECH GMBH: Creditors Must File Claims by May 15
ALERIS INTERNATIONAL: Moody's Revises Outlook to Negative
BERRY PLASTICS: S&P Rates US$530.6 Million Senior Notes at BB-
BETT & BAD: Claims Registration Period Ends May 6
BLUME BAU: Creditors Must File Claims by May 15

BRUNSWIG & HEINSOHN: Claims Registration Period Ends May 9
CADO GESCHENKARTIKEL: Claims Registration Period Ends May 6
CATEWALKER GMBH: Creditors Must File Claims by May 15
DETEKTEI SIX: Claims Registration Period Ends May 9
ECONOMY CONSULT: Creditors Must File Claims by May 15

EMBALADO GMBH: Creditors Must File Claims by May 15
ERWIN POPP: Creditors Must File Claims by May 15
FAHRSCHULE GOETTIG: Claims Registration Period Ends May 9
FISCHER & PARTNER: Claims Registration Period Ends May 6
GM-STONE GMBH: Claims Registration Period Ends May 6

H & H VERMOEGENSVERWALTUNGS: Claims Registration Ends May 6
HALLER PLASTIC: Claims Registration Period Ends May 9
HEIDE BETTENWAREN: Creditors Must File Claims by May 15
HTM SPORT: S&P Cuts Debt's Rating to 'CCC' from 'CCC+'
IMU GEBAUDEREINIGUNG: Claims Registration Period Ends May 8

KRASSOWSKI GMBH: Claims Registration Ends May 6
MAISCH SPEDITION: Claims Registration Period Ends May 9
PRIVATBRAUEREI BORCHERT: Claims Registration Ends May 6
QUICK FOTO: Claims Registration Ends May 6
R & R BAU: Claims Registration Ends May 6

RIO BETRIEBSGESELLSCHAFT: Claims Registration Ends May 6
ROSNER'S BAUSERVICE: Claims Registration Ends May 6
TELEHAUS BREMEN: Creditors' Meeting Slated for May 15
VECTOR MANAGEMENT: Claims Registration Period Ends May 5
WILHELM MEINEKE: Claims Registration Period Ends May 5


I R E L A N D

EIRLES TWO: Moody's May Further Cut Junk Notes After Review
FREESTAR TECH: Posts US$4.5 Million Net Loss in Second Quarter
IRALCO: 500 Jobs Likely to Be Lost as Firm Undergoes Liquidation
IRALCO: Enterprise Minister Says Gov't Will Help to Keep Jobs
SMURFIT KAPPA: Brings In Thomas Brodin to Join Board

SMURFIT KAPPA: Fitch Puts Long-Term Issuer Default Rating at BB


K A Z A K H S T A N

ARAL GAS: Creditors Must File Claims by May 19
CASPIAN RESOURSES: Claims Deadline Slated for May 19
CENTRE STROY: Claims Filing Period Ends May 19
EVEREST KZ: Creditors' Claims Due on May 18
OIL MARKET: Claims Registration Ends May 20

OIL TECHNO: Claims Deadline Slated for May 20
VITAS-2001 LLP: Claims Filing Period Ends May 18
VOSTOK TRANS: Creditors' Claims Due on May 18


K Y R G Y Z S T A N

NOVO-PHARM CJSC: Creditors Must File Claims by May 18


L U X E M B O U R G

EVRAZ GROUP: Fitch Puts BB Rating on Prospective US$ Notes Issue
EVRAZ GROUP: Moody's Puts (P)Ba3 Rating on Proposed Dollar Notes


N E T H E R L A N D S

HEAD N.V.: Reports Net Loss of EUR11.15 Mln for Year 2007  
HEAD N.V.: S&P Junks Long-Term Corporate Credit Ratings
HEAD N.V.: Sets Annual General Meeting on May 28
SUN SAGE: S&P Withdraws BB Long-Term Corporate Credit Rating


P O R T U G A L

SAGRES STC 2004: Fitch Revises Outlook on Three Notes


R U S S I A

CERAMICS-S LLC: Creditors Must File Claims by May 15
COMSTAR-UNITED: Shareholders Elect New Board of Directors
DMITRIEVSKOE SORT-SEM-OVOSH: Court Starts Bankruptcy Supervision
PEREKOPNOE CJSC: Creditors Must File Claims by May 15
PODGORNOE LLC: Saratov Bankruptcy Hearing Slated for June 16

SEVERSTAL OAO: Reorganizes Operations Into Three Divisions
SEVERSTAL OAO: Completes US$652-Mln Asset Sale to Arcelor Mittal
STROY-MONTAZH-SERVICE: Creditors Must File Claims by May 15
TMK OAO: Unit Gets EUR88.7 Mln Loan to Finance FQM Acquisition
TMK OAO: Amendment Pursuit Prompts S&P to Hold BB- Rating

TRANS-STROY-SERVICE-2: Court Starts Bankruptcy Supervision
YAKUTSK-STROY-MATERIALS: Creditors Must File Claims by May 15
YUNION-NA-AMURE: Court Starts Bankruptcy Supervision Procedure


S W E D E N

* Sweden Plans Law to Rescue Banks in Case of Crisis


U K R A I N E

ANT-BUDRECONSTRUCTION: Creditors Must File Claims by April 30
BLIK LLC: Proofs of Claim Deadline Set April 30
CHEMICAL REPAIR: Creditors Must File Claims by April 30
KERAMIK OJSC: Creditors Must File Claims by April 30
OHTYRKA PETROLEUMREFINERY Creditors Must File Claims by April 30

SCIENCE-RESEARCH INNOVATIVE: Creditors' Claim Due by April 30
STARIY DRUZHE: Creditors Must File Claims by April 30
VP OZKV: Creditors Must File Claims by April 30


U N I T E D   K I N G D O M

ADEVA RENTALS: Taps Joint Administrators from Tenon Recovery
ALEXANDER PARTNERSHIP: Taps KPMG as Administrators
BRITISH ENERGY: EDF and RWE Emerge Frontrunners of Bidding Race
DIOMED HOLDINGS: Hercules to Receive US$6 Million Payment
DIOMED HOLDINGS: Inks Settlement Pact with Vascular Solutions

ERINACEOUS GROUP: Some Divisions Continue to Trade as Normal
FENMARC PREPARED: Brings In Joint Administrators from Deloitte
INTERNATIONAL DIAMALT: Creditors' Meeting Slated for April 24
LUDGATE FUNDING: S&P Rates Class S at B with CreditWatch Neg.
NATIONAL SCHOOLWEAR: Placed Under Administration

NORTHERN ROCK: Fails to Carry Out Cuts On Variable Rates
ROO GROUP: Moore Stephens Expresses Going Concern Doubt
TITAN EUROPE: S&P Cuts Ratings to Low-B on Two Note Classes
TURBO BETA: Moody's Puts Corporate Family Rating at B1
* Fitch Says Some Parts of UK BTL Market Face More Risk

* S&P Downgrades Ratings on 14 Tranches from Different Issuers
* S&P Takes CreditWatch Actions on 105 European Synthetic CDOs


                            *********


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


BATMAZ BAU: Claims Registration Period Ends May 14
--------------------------------------------------
Creditors owed money by LLC BATMAZ Bau (FN 287245w) have until
May 14, 2008, to file written proofs of claim to court-appointed
estate administrator Thomas Steiner at:

          Mag. Thomas Steiner
          c/o Dr. Renate Steiner
          Weihburggasse 18-20/50
          1010 Vienna
          Austria
          Tel: 513 53 63
          E-mail: steiner.steiner@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 18, 2008 (Bankr. Case No. 2 S 36/08v).  Renate Steiner
represents Mag. Steiner in the bankruptcy proceedings.


CASA DI PIETRA: Claims Registration Period Ends May 14
------------------------------------------------------  
Creditors owed money by LLC CASA DI PIETRA Naturstein & Co KEG
(FN 210967x) have until May 14, 2008, to file written proofs of
claim to court-appointed estate administrator Stephan Riel at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on May 28, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 18, 2008 (Bankr. Case No. 2 S 37/08s).  Johannes Jaksch
represents Dr. Riel in the bankruptcy proceedings.


DESSOUKI RAMADAN: Claims Registration Period Ends May 15
--------------------------------------------------------
Creditors owed money by KEG Dessouki Ramadan (FN 168819p) have
until May 15, 2008, to file written proofs of claim to court-
appointed estate administrator Eberhard Wallentin at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 18, 2008 (Bankr. Case No. 5 S 23/08d).  


GILLHOFER BAU: Claims Registration Period Ends May 6
----------------------------------------------------
Creditors owed money by LLC Gillhofer Bau und Transport (FN
220505y) have until May 6, 2008, to file written proofs of claim
to court-appointed estate administrator Kurt Bernegger at:

          Dr. Kurt Bernegger
          c/o Mag. Waltraud Kohlfuerst
          Jacquingasse 21
          1030 Vienna
          Austria
          Tel: 799 15 80/0
          Fax: 796 59 14
          E-mail: kanzlei@bernegger-wt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 18, 2008 (Bankr. Case No. 4 S 35/08m).   Waltraud
Kohlfuerst represents Dr. Bernegger in the bankruptcy
proceedings.


KRANCZ FERTIGHAUS: Creditors' Meeting Slated for April 28
---------------------------------------------------------
Creditors owed money by LLC KRANCZ FERTIGHAUS (FN 185305h) are
encouraged to attend the creditors' meeting at 11:15 a.m. on
April 28, 2008.

The creditors' meeting will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Ollersdorf im Burgenland, Austria, the Debtor
declared bankruptcy on March 18, 2008 (26 S 30/08a).  Thomas
Deschka serves as the court-appointed estate administrator of
the bankrupt's estate.

The estate administrator can be reached at:

          Dr. Thomas Deschka
          Hauptplatz 11
          Atrium Top 16 A
          7400 Oberwart
          Austria
          Tel: 03352/31543
          Fax: 03352/31543-20
          E-mail: deschka@lawcenter.at


STRANDHOTEL ALICE: Claims Registration Period Ends April 21
-----------------------------------------------------------
Creditors owed money by LLC Strandhotel Alice, Schilcher & Co KG
(FN 20177y) have until April 21, 2008, to file written proofs of
claim to court-appointed estate administrator Martin Mutz at:

          Mag. Martin Mutz
          Gabelsbergerstrasse 5
          9020 Klagenfurt
          Austria
          Tel: 0463/591 638
          Fax: 0463/591638-20
          E-mail: martin.mutz@wmwp.at      

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 28, 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 St. Kanzian am Klopeinersee, Austria, the
Debtor declared bankruptcy on March 18, 2008 (Bankr. Case No. 41
S 25/08m).  


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


POLYONE CORPORATION: Selling US$80-Mln Sr. Notes at 99.75% Par
--------------------------------------------------------------
PolyOne Corporation has agreed to sell US$80 million of its
8.875% senior notes due 2012 to certain institutional investors
in an offering exempt from the registration requirements of the
Securities Act of 1933 at a price equal to 99.75% of their
principal amount.

The transaction is expected to close on April 10, 2008, subject
to customary closing conditions.

The company intends to use the net proceeds from the offering to
reduce a portion of the amount of receivables sold under its
receivables sale facility.

                       About PolyOne Corp.

Headquartered in Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/-- provides of specialized polymer    
materials, services and solutions.  PolyOne has regional
headquarters in Assese, Belgium and Shanghai, China.


POLYONE CORP: S&P Holds B+ Rating on US$80 Million Notes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' issue
rating and '4' recovery rating on PolyOne Corp.'s US$80 million
issuance of 8.875% unsecured notes due 2012, indicating
the expectation for average (30% to 50%) recovery in the event
of a payment default.  PolyOne will use the proceeds of these
notes to pay down a portion of its outstanding debt.  The notes
are an add-on to PolyOne's 8.875% senior unsecured notes, which
the company issued on April 23, 2002.

The issue and recovery ratings on PolyOne's 8.875% existing
senior unsecured notes and 7.5% unsecured debentures remain
unchanged at 'B+' (the same as the corporate credit rating on
the company) and '4', respectively.  PolyOne also has a
guarantee and security agreement and several unsecured debt
issuances, which we do not rate.

The corporate credit rating on the company is 'B+' and the
outlook is stable.

"The ratings on PolyOne reflect a weak business profile, low
margins, and a highly leveraged financial profile," said
Standard & Poor's credit analyst Paul Kurias.  "Partially
offsetting factors include the company's leading market
positions in several plastic product lines and its integration
into chlor-alkali through an affiliate company."


SOLUTIA INC: Judge Beatty OKs Bank of New York Settlement Pact
--------------------------------------------------------------
The Hon. Prudence C. Beatty of the U.S. Bankruptcy Court for the
Southern District of New York approved Solutia Inc.'s settlement
agreement with holders of Solutia's 11.25% Senior Secured Notes
due July 2009, and the Bank of New York, as successor indenture
trustee for the 2009 Notes.

The Settlement will resolve the disputes that have arisen
between the parties regarding the allowed amount of Claim No.
6210 filed by the Bank of New York on behalf of the Noteholders.  
Solutia will pay BNY $220,500,000 in cash plus all accrued but
unpaid interest on the 2009 Notes through the Effective Date, at
the rate of 11.25% per annum on the face amount of 2009 Notes.  
If the effective date of Solutia's reorganization plan occurs
before the Settlement is approved, Solutia will pay about
US$210,000,000 plus accrued unpaid interest through the
Effective Date.

               Committee Wants Settlement Delayed

The Official Committee of Unsecured Creditors asked the Court to
delay approval of the 2009 Settlement, in light of the then
pending high-stakes litigation between the Debtors and their
exit lenders.  It argued that the Debtors must not be married to
a financial arrangement that could preclude restructuring
alternatives that may prove necessary, if the Debtors fail to
resolved their disputes with their exit lenders Citigroup Global
Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche
Bank Securities Inc.  The Debtors, however, have reached a
settlement with the Exit Lenders.

The Creditors Committee, however, had said the 2009 Settlement,
should it be ripe for adjudication, requires key modifications.  
It noted that the 2009 Settlement, as drafted, materially
impairs the Committee's rights with respect to the ultimate
allowance of the 2009 Noteholders' claim in the event that the
2009 Settlement is declared void by the settling parties, or not
approved by the Court.

The Committee previously sought the Court's determination that
the 2009 Noteholders will have received an US$12,200,000 of
postpetition cash interest payments in excess of the amount they
are actually entitled to under Section 506(b) of the Bankruptcy
Code.  The Court denied the determination request, and the
Committee has appealed the Order.  The Committee has also filed
a motion seeking to increase the 2009 Noteholders' disputed
claims reserve under the Plan from US$37,500,000 -- the amount
in excess of US$210,000,000 which BNY believes they are entitled
to -– by US$12,200,000 on account of the Overpayment.

The Committee notes that in the event the 2009 Settlement is
declared void, the parties would return to their pre-settlement
litigation positions.  However, should a distribution have
already been made to the 2009 Noteholders that includes an
amount equal to the Overpayment, the Committee's rights to the
Overpayment would be rendered moot.

The Committee also objected to the provision that provides, if
the 2009 Settlement is declared void or stayed, the Debtors must
establish a reserve funded only with $37,500,000.  This
provision, according to the Committee, would render the 2009
Settlement moot in the event the Court approves the Reserve
Motion.

Judge Beatty, however, held "The [Debtors' Settlement] Motion is
granted in its entirety and approved in all respects."

No objection to the Settlement has been filed by any holder of
the 2009 Notes.  Accordingly, the Court held that BNY is
authorized to settle the claims on behalf of the holders of the
2009 Notes and will have no liability to any holder of the 2009
Notes as a result of its entry into the Settlement.

                Background to the BoNY Dispute

As reported in the Troubled Company Reporter on May 25, 2006,
the Court denied approval of the Disclosure Statement explaining
the Plan of Reorganization filed by Solutia and its debtor-
affiliates.  BNY is the indenture trustee for the 11.25% Senior
Secured Notes due 2009 issued by Solutia.

BNY complains that as described in the Disclosure Statement, the
Debtors' Plan of Reorganization purports to impair the Senior
Secured Notes, which are designated in Class 3.

On Nov. 1, 2007, the TCR said John K. Cunningham, Esq., at White
& Case LLP, in New York, appeared before the Court on behalf of
Bank of New York, regarding a US$223,000,000 claim by the bank
on account of the 11.25% Senior Secured Notes due 2009 issued by
Solutia Inc. or its predecessor.  Bank of New York serves as
indenture trustee for the Senior Notes.

Judge Beatty told BoNY's counsel, John K. Cunningham, Esq., at
White & Case LLP, "Pigs become hogs and then hogs get
slaughtered.  And then eaten.  What you're going for is so piggy
that you risk getting nothing."

At the hearing, which was held on Oct. 31, 2007, Judge Beatty
urged Solutia to settle its dispute with Bank of New York,
noting that the claim was the biggest hurdle to approval of
Solutia's reorganization plan.

"There are no cases that I have found which remotely approximate
the application of these principles to a case of this financial
magnitude," Judge Beatty stated.  Judge Beatty said if no
settlement is reached she will rule on the matter in about two
weeks.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Court Approves Bayer & Lanxess Claims Settlement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the stipulation signed by Solutia Inc. with
LANXESS Corporation, Bayer AG, Bayer MaterialScience LLC and
Bayer Corporation.

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Bayer acquired Monsanto Company's styrenics business pursuant to
an Asset Purchase Agreement dated Dec. 31, 1995.  Monsanto later
assigned the APA to Solutia Inc. in September 1997, as part of
Solutia's spin off from Monsanto.

Solutia and Bayer were parties to a Resimene Lease and Operating
Agreement dated July 29, 1999.  Solutia terminated the Resimene
Agreement on June 28, 2000, with a termination fee of
US$2,922,300, payable to Bayer in 18 monthly installments.  As
of the bankruptcy filing, Solutia owed US$432,761 to Bayer for
the two remaining installment payments.

Bayer and Monsanto were also parties to an Indian Orchard Lease
and Services Agreement dated Oct. 31, 1995.  The agreement was
assigned to Solutia as part of the Spin Off.  Bayer terminated
the Indian Orchard Agreement, and Solutia agreed to a
termination fee of US$1,191,101, payable by Bayer in 18 monthly
installments.  As of the bankruptcy filing, Bayer owed
US$397,034 for the six remaining installment payments.

As of the bankruptcy filing, Bayer also owed Solutia US$295,771
for certain purchases of adipic acid.

Since the bankruptcy filing, LANXESS Corporation, Bayer AG,
Bayer MaterialScience LLC, and Bayer, have undergone corporate
reorganizations, and as a result, Lanxess currently holds
certain claims of Bayer and MaterialScience.

Solutia objected to several of Bayer/Lanxess Parties Claims for
damages arising under the APA.

Solutia also filed Schedule No. 10115234 for $339,771, for
amounts owed by Solutia to Bayer Polymers LLC, now known as
MaterialScience.

                       Settlement Agreement

Following arm's-length negotiations regarding the resolution and
treatment of the Claims, the parties have agreed, among other
things, that Bayer and Lanxess will be entitled to recoup or
offset US$372,034 against the US$397,034 owed to Solutia for the
Indian Orchard Termination Fee.

Bayer/Lanxess parties will pay Solutia US$320,771, representing
the US$25,000 balance of the Indian Orchard Termination Fee
after giving ffect to the Set-Off, plus the US$295,771 owed for
adipic acid purchases.

Also Solutia's Objection will be deemed withdrawn with respect
to the Claims; and upon approval of the Stipulation, Solutia
will be required to reserve the amount of the Allowed Claim in
the Disputed Claims Reserve on account of the Claims.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Court Approves Quinn Emanuel as Conflicts Counsel
--------------------------------------------------------------
Solutia Inc. and its Debtor-affiliates obtained approval from
the U.S. Bankruptcy Court for the Southern District of New
York's to employ Quinn Emanuel Urquhart Oliver & Hedges LLP, as
their special litigation and conflicts counsel for matters
arising in or related to the Debtors' Chapter 11 cases, nunc pro
tunc to Jan. 22, 2008.

The Troubled Company Reporter said on Feb. 6, 2008, that
according to Rosemary L. Klein, general counsel of Solutia and
an authorized officer of each of the other Debtors, because of
Quinn Emanuel's experience in matters concerning complex
bankruptcy and commercial litigation, the firm is well-suited to
deal effectively with many of the potential legal issues that
may arise in the Debtors' Chapter 11 cases.

As special counsel, Quinn Emanuel will:

  (a) advise the Debtors regarding their ability to initiate
      actions to protect their rights under certain Oct. 25,
      2007 Commitment Letter -- with respect to Solutia's exit
      financing -- and related documents and enforce the
      Commitment Parties' legally binding commitments for the
      benefit of their estates;

  (b) advise the Debtors regarding their ability to initiate
      actions to protect their rights as against the Debtors'
      postpetition lenders; and

  (c) commence and conduct any and all litigation necessary or
      appropriate to assert rights held by the Debtors, protect
      assets of the Debtors' Chapter 11 estates or otherwise
      further the goal of completing the Debtors' successful
      reorganization.

The Debtors will pay Quinn Emanuel in accordance with its
standard hourly rates and reimburse the firm of actual and
necessary expenses.  The firm informs the Court that its rates
are subject to period adjustment to reflect economic and other
conditions.  The firm's current hourly rates are:

             Partners               US$660 - US$950
             Other Attorneys        US$380 - US$950
             Legal Assistants       US$250 - US$280

Quinn Emanuel has not, does not, and will not represent any
entities or any of their respective affiliates or subsidiaries,
in matters related to the Debtors, their Chapter 11 cases, or
other matters directly adverse to the Debtors during the
pendency of their cases, Susheel Kirpalani, Esq., a member of
Quinn Emanuel, assures the Court.

Mr. Kirpalani asserts that the firm is a disinterested person,
as the term is defined by Section 101(14) of the Bankruptcy
Code.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


=============
F I N L A N D
=============


M-REAL CORPORATION: Names Juha Laine as Investor Relations VP
-------------------------------------------------------------
M-real Corporation appointed Juha Laine as Vice President,
Investor Relations and Communications, effective April 14, 2008.

Mr. Laine has held various posts in M-real since 2002, including
those of Business Analyst and, most recently, Assistant Vice
President, Investor Relations, M-real Corporation.  In his new
post, Mr. Laine will be responsible for M-real's investor
relations and corporate communications.

Anne-Mari Achren, previously Vice President, Communications, M-
real, has been appointed Group Senior Vice President,
Communications, of Metsaliitto Group as of April 1, 2008.

                   About the M-real Oyj

Headquartered in Espoo, Finland, M-real Corp. --
http://www.M-Real.com/-- produces and distributes coated and
uncoated fine papers for printing and packaging industries.  The
company has operations in Brazil and Mexico.

                        *     *     *

As of Feb. 8, 2008, M-real Oyj carries a B2 long-term corporate
family rating and a B2 senior unsecured debt rating from
Moody's, which said the outlook is negative.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at B+ and  its short-term foreign and local
issuer credit at B.  The outlook is negative.


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


DELPHI CORP: Shareholder Settlement Hearing Set for April 29
------------------------------------------------------------
The Hon. Gerald E. Rosen of the U.S. District Court for the
Eastern District of Michigan, Southern Division, will convene a
hearing on April 29, 2008, to decide, among other things, final
Court approval of a settlement providing for a recovery of
US$38,250,000 to be paid by Deloitte & Touche LLP, Delphi
Corp.'s outside auditor; and on the dismissal of claims against
Deloitte & Touche.

                 District Court Certifies Class

The Court has preliminarily certified a class consisting of all
persons and entities who purchased or acquired publicly traded
securities issued by Delphi Trust I and Delphi Trust II between
March 7, 2000, and March 3, 2005, inclusive, and who suffered
damages thereby, including all entities who acquired shares of
Delphi common and preferred stock in the secondary market and
debt securities in Delphi.  The case is in In re Delphi
Securities, Derivative and ERISA Litigation, MDL No. 1725, Case
No. 05-md-1725.

The District Court also preliminarily approved the Deloitte &
Touche Settlement providing for a recovery of US$38,250,000 to
be paid by Deloitte & Touche LLP, Delphi Corp.'s outside auditor
during the Class Period.  The Class will receive an interest on
the Deloitte & Touche Settlement Amount.

Copies of the full printed Deloitte & Touche Notice and the
Proof of Claim and Release form may be obtained at
http://www.delphiclasssettlement.comor by contacting:

  In re Delphi Corporation Securities Litigation Settlement
  c/o The Garden City Group, Inc.
  Claims Administrator
  P.O. Box 9185
  Dublin, OH 43017-4185

Inquiries may be made to the four co-lead counsel for the Lead
Plaintiffs in the Securities Litigation:

    * Bradley E. Beckworth, Esq.
      Nix, Patterson & Roach, L.L.P.
      205 Linda Drive
      Daingerfield, Texas 75638

    * Sean Handler, Esq.
      Schiffrin Barroway Topaz & Kessler, LLP
      280 King of Prussia Road
      Radnor, PA 19087

    * Jeffrey N. Leibell, Esq.
      Bernsten Litowitz Berger & Grossmann, LLP
      1285 Avenue of the Americas
      New York 10019

    * Stuart Grant, Esq.
      Grant & Eisenhofer P.A.
      Chase Manhattan Centre
      Suite 2100
      1201 N. Market St.
      Wilmington, DE 19801

Further information may also be obtained by writing to the
Claims Administrator or calling 1-800-918-0998 toll-free.

The Securities Litigation has been resolved with respect to the
Debtors pursuant to the Court-approved Multidistrict Litigation  
Settlements between the Debtors and the Lead Plaintiffs.  Under
the terms of the MDL Settlements, the Debtors granted the Lead
Plaintiffs claims that will be satisfied through Delphi's
confirmed Plan of Reorganization.

To participate in the Deloitte & Touche Settlement, parties-in-
interest must have submitted a valid proof of claim in
connection with the MDL Settlements or submit a valid proof of
claim to the Claims Administrator postmarked not later than
May 30, 2008.  The deadline for filing objection and the receipt
of requests for exclusions is April 15, 2008.

                      About Delphi Corp.

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

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

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

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

                       *     *     *

As reported in the Troubled Company Reporter on March 19, 2008,
Standard & Poor's Ratings Services said it still expects to
assign a 'B' corporate credit rating to Delphi Corp. if the
company emerges from bankruptcy in early April.  This rating
expectation is consistent with S&P's commentary on Jan. 9, 2008.


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


ACRYLTECH GMBH: Creditors Must File Claims by May 15
----------------------------------------------------
Creditors of AcrylTech GmbH have until May 15, 2008, to register
their claims with court-appointed insolvency manager Carin
Hoesel-Eichinger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Carin Hoesel-Eichinger
         Marie-Curie-Strasse 6
         85055 Ingolstadt
         Germany

The District Court of Ingolstadt opened bankruptcy proceedings
against AcrylTech GmbH on Mach 20, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AcrylTech GmbH
         Am Lohsaum 1
         85139 Wettstetten
         Germany


ALERIS INTERNATIONAL: Moody's Revises Outlook to Negative
---------------------------------------------------------
Moody's Investors Service revised the rating outlooks for Aleris
International Inc., and Aleris Deutschland to negative from
stable.  At the same time, Moody's affirmed Aleris's B2
corporate family rating, the B2 rating on the senior secured
term loans at Aleris International and Aleris Deutschland
Holding GMBH due 2013, the B3 rating on its 9% senior unsecured
notes due 2014, and the Caa1 rating on its 10% senior
subordinated notes due 2016.

The change in outlook reflects the company's ongoing performance
challenges in light of weak end market conditions, principally
in the U.S. residential and transportation markets, the
continued high degree of leverage under which the company is
operating, and expectations for limited to negative free cash
flow over the near term.  The outlook also incorporates Aleris's
earnings sensitivity to volume levels, which Moody's expects to
decline again in 2008, although not by the magnitude seen in
2007.

The downside risks associated with a continued deterioration in
housing starts, residential investment, and transportation
spending, as well as a more broad-based global contraction, are
important factors in the rating.  Given Aleris's limited history
as a combined entity following the Corus acquisition in 2006, as
well as its subsequent bolt-on acquisitions in 2007, a pro forma
comparison of year-over-year shipment levels is challenging.  
However, Moody's estimates that North American building and
construction volumes were down in the mid-teens during the
fourth quarter of 2007, challenging Aleris's sales and operating
margins.  As a result of these difficult operating conditions,
the company's interest expense exceeded its operating earnings
in FY2007.

Considering the "margin on metal" business model construct that
Aleris operates under, Moody's views Aleris's ability to
increase margins as limited resulting in the need to record
substantive volume improvements for earnings improvement, which
is viewed as unlikely over the near term.  However, we recognize
the company's efforts to improve its fixed cost position in
2008, including announcing multiple facility closures in
Tennessee, Ohio, Virginia, and Ontario.

Aleris's B2 corporate family rating reflects its high degree of
financial leverage, the sensitivity of its earnings to volume
levels, the ongoing execution risks for timely deleveraging,
particularly for a company with relatively thin margins and high
sensitivity to volume levels, and Aleris's propensity towards
acquisitions, which Moody's believes will be a continuing
impetus for growth over the intermediate term.  The rating also
considers the potential for increased supply of extruded
products from offshore sources, as well as competition from
other products.

At the same time, the ratings recognize Aleris's strong market
position as a major global supplier of aluminum rolled products,
its ability to pass through most of the cost pressures resulting
from changes in raw material prices, and its diverse geographic
and end market exposure, which helps protect the company from
regional or product specific weakness, demonstrated this year as
stronger European markets partially offset weakness in the North
American residential and transportation markets.  Also embedded
in the rating is Moody's expectation that Aleris will apply its
free cash flow generation to deleverage over the next several
years.  The B2 corporate family rating also considers the level
of liquidity available to Aleris under its asset backed bank
facility, which were it to dissipate significantly, could
negatively impact the rating.

Moody's last rating action on Aleris was November 29, 2006, when
its corporate family rating was downgraded to B2 from B1
following its merger with Texas Pacific Group in a leveraged
transaction.

Headquartered in Beachwood, Ohio, Aleris is a leading global
producer of aluminum rolled products. In 2007, the company
generated revenues of approximately US$6.0 billion.

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.


BERRY PLASTICS: S&P Rates US$530.6 Million Senior Notes at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB-' and '1'
recovery rating to Berry Plastics Corp.'s US$530.6 million
first-priority floating-rate senior secured notes due 2015.  The
'BB-' and '1' recovery rating indicate the expectation of very
high (90%-100%) recovery in the event of a payment default.
Proceeds from the proposed notes will be used to refinance the
company's existing US$520 million first-lien bridge loan, which
was issued to fund the acquisition of Captive Plastics Inc. in
February 2008.

S&P affirmed all the ratings on Berry, including the 'B'
corporate credit rating.  The outlook is negative.  At Dec. 29,
2007, Evansville, Indiana-based Berry had total debt (adjusted
to include capitalized operating leases and unfunded
postretirement liabilities) of about US$3.4 billion.

"The rating on Berry Plastics Group Inc. and its subsidiary
Berry Plastics Corp. reflects the company's highly leveraged
financial profile and acquisition driven growth strategy, which
offsets its fair business profile with large market shares in
niche segments, a well-diversified customer base, and strong
customer relationships," said Standard & Poor's credit analyst
Liley Mehta.

Berry Plastics Inc. --  http://www.berryplastics.com/--  
manufactures and markets plastic packaging products.  Berry
Plastics products include open-top and closed top packaging,
polyethylene-based plastic films, industrial tapes, medical
specialties, packaging, heat-shrinkable coatings and specialty
laminates.  The company's 17,000-plus customers range from large
multinational corporations to small local businesses.  Based in
Evansville, Indiana, the company has 71 manufacturing facilities
worldwide and nearly 14,000 employees.  Aside from the U.S., the
company also has locations in Mexico, Canada, Italy, Belgium,
and China.


BETT & BAD: Claims Registration Period Ends May 6
-------------------------------------------------
Creditors of Bett & Bad Handelsgesellschaft mbH have until
May 6, 2008, to register their claims with court-appointed
insolvency manager Tanja Kreimer.

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

The meeting of creditors will be held at:

         The District Court 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:

         Tanja Kreimer
         Klosterstrasse 33
         48703 Stadtlohn
         Germany
         Tel: 02563/2083-0
         Fax: +492563208320

The District Court of Muenster opened bankruptcy proceedings
against Bett & Bad Handelsgesellschaft mbH on March 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bett & Bad Handelsgesellschaft mbH
         Zwillbrock 20
         48691 Vreden
         Germany


BLUME BAU: Creditors Must File Claims by May 15
-----------------------------------------------
Creditors of Blume Bau GmbH have until May 15, 2008, to register
their claims with court-appointed insolvency manager Knut Thomas
Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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:

         Knut Thomas Hofheinz
         Am Markte 13
         30159 Hannover
         Germany

The District Court of Hameln opened bankruptcy proceedings
against Blume Bau GmbH on March 25, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Blume Bau GmbH
         Lange Strasse 77
         31832 Springe
         Germany


BRUNSWIG & HEINSOHN: Claims Registration Period Ends May 9
----------------------------------------------------------
Creditors of Brunswig & Heinsohn Stahlblechbau Nachfolger GmbH
have until May 9, 2008, to register their claims with court-
appointed insolvency manager Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Brunswig & Heinsohn Stahlblechbau Nachfolger GmbH on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Brunswig & Heinsohn Stahlblechbau Nachfolger GmbH
         Attn: Sven Dettmann, Manager
         Billstrasse 222
         20539 Hamburg
         Germany


CADO GESCHENKARTIKEL: Claims Registration Period Ends May 6
-----------------------------------------------------------
Creditors of CADO Geschenkartikel GmbH have until May 6, 2008,
to register their claims with court-appointed insolvency manager
Klaus-Werner Bonow.

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

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15
         26382 Wilhelmshaven
         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:

         Klaus-Werner Bonow
         Alter Markt 10D
         26441 Jever
         Germany
         Tel: 04461/2046
         Fax: 04461/72220
         E-mail: KlausBonow@t-online.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against CADO Geschenkartikel GmbH on Feb. 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CADO Geschenkartikel GmbH
         Bahnhofsplatz 1
         26382 Wilhelmshaven
         Germany


CATEWALKER GMBH: Creditors Must File Claims by May 15
-----------------------------------------------------
Creditors of CateWalker GmbH & Co.KG have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Peter Jost.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany    
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Jost
         Pfingstweidstrasse 3
         D 60316 Frankfurt am Main
         Germany

The District Court of Frankfurt am Main opened bankruptcy
proceedings against CateWalker GmbH & Co.KG on March 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CateWalker GmbH & Co.KG
         Roedelheimer Landstrasse 22
         60487 Frankfurt am Main
         Germany


DETEKTEI SIX: Claims Registration Period Ends May 9
---------------------------------------------------
Creditors of Detektei SIX GmbH have until May 9, 2008, to
register their claims with court-appointed insolvency manager
Simone Gisdal.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Simone Gisdal
         Kapellenstr. 18
         66271 Kleinblittersdorf
         Germany
         Tel: 06805/9090
         Fax: 06805/909100

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

The Debtor can be reached at:

         Detektei SIX GmbH
         Attn: Helmut Schneider, Manager
         Am Rothenbuesch 5
         66113 Saarbruecken
         Germany


ECONOMY CONSULT: Creditors Must File Claims by May 15
-----------------------------------------------------
Creditors of Economy Consult  Gesellschaft für
betriebswirtschaftliche Unternehmensberatung,
Buchhaltungsservice und Hausverwaltung mbH have until May 15,
2008, to register their claims with court-appointed insolvency
manager Jan Markus Plathner.

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

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt am Main
         Germany

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against Economy Consult Gesellschaft für
betriebswirtschaftliche Unternehmensberatung,
Buchhaltungsservice und Hausverwaltung mbH on March 17, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Economy Consult  Gesellschaft fuer
         betriebswirtschaftliche Unternehmensberatung,
         Buchhaltungsservice und Hausverwaltung mbH
         Auguste-Victoria-Strasse 3
         61231 Bad Nauheim
         Germany


EMBALADO GMBH: Creditors Must File Claims by May 15
---------------------------------------------------
Creditors of embalado GmbH & Co KG have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against embalado GmbH & Co KG on March 20, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         embalado GmbH & Co KG
         Vor dem Lohe 10
         99628 Buttstädt
         Germany


ERWIN POPP: Creditors Must File Claims by May 15
------------------------------------------------
Creditors of Erwin Popp GmbH have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Jochen Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jochen Wagner
         Goldknopfgasse 2
         85049 Ingolstadt
         Germany

The District Court of Ingolstadt opened bankruptcy proceedings
against Erwin Popp GmbH on March 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Erwin Popp GmbH
         Am Wiesenrain 1
         85283 Wolnzach
         Germany


FAHRSCHULE GOETTIG: Claims Registration Period Ends May 9
---------------------------------------------------------
Creditors of Fahrschule Goettig GmbH have until May 9, 2008, to
register their claims with court-appointed insolvency manager
Jochen Horch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Jochen Horch
         Keplerstrasse 7
         74072 Heilbronn
         Germany
         Tel: 07131/7801-33
         Fax: 07131/7801-11

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

The Debtor can be reached at:

         Fahrschule Goettig GmbH
         Kaiserstrasse 6
         74072 Heilbronn
         Germany

         Attn: Holger Goettig, Manager
         Alte Steige 12
         74831 Gundelsheim
         Germany


FISCHER & PARTNER: Claims Registration Period Ends May 6
--------------------------------------------------------
Creditors of Fischer & Partner Bau GmbH have until May 6, 2008,
to register their claims with court-appointed insolvency manager
Dr. Karsten Foerster.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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. Karsten Foerster
         Herbert-Jensch-Strasse 111
         15234 Frankfurt (Oder)
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Fischer & Partner Bau GmbH on March 17,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Fischer & Partner Bau GmbH
         Kurze Str. 1
         15562 Ruedersdorf
         Germany


GM-STONE GMBH: Claims Registration Period Ends May 6
----------------------------------------------------
Creditors of GM-Stone GmbH have until May 6, 2008, to register
their claims with court-appointed insolvency manager Knut Thomas
Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Knut Thomas Hofheinz
         Am Markte 13
         30159 Hannover
         Germany
         Tel: 0511 357721-0
         Fax: 0511 357721-40

The District Court of Hannover opened bankruptcy proceedings
against GM-Stone GmbH on March 13, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

        GM-Stone GmbH
        Zeppelinstrasse 2
        30827 Garbsen
        Germany


H & H VERMOEGENSVERWALTUNGS: Claims Registration Ends May 6
-----------------------------------------------------------
Creditors of H & H Vermoegensverwaltungsgesellschaft mbH have
until May 6, 2008 to register their claims with court-appointed
insolvency manager Jan H. Wil-helm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Neumuenster
         Meeting Hall B.031
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wil-helm
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against H & H Vermoegensverwaltungsgesellschaft mbH on Feb. 29,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         H & H Vermoegensverwaltungsgesellschaft mbH
         Dr. Karl Moeller Platz 21
         24340 Eckernfoerde
         Germany


HALLER PLASTIC: Claims Registration Period Ends May 9
-----------------------------------------------------
Creditors of Haller - Plastic - Kunststofferzeugnisse GmbH have
until May 9, 2008, to register their claims with court-appointed
insolvency manager Jochen Horch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Jochen Horch
         Keplerstrasse 7
         74072 Heilbronn
         Germany
         Tel: 07131/7801-33
         Fax: 07131/7801-11

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

The Debtor can be reached at:

         Haller - Plastic - Kunststofferzeugnisse GmbH
         Attn: Matthias Schimminger, Manager
         Robert-Bosch-Strasse 43
         74523 Schwabisch Hall
         Germany


HEIDE BETTENWAREN: Creditors Must File Claims by May 15
-------------------------------------------------------
Creditors of Heide Bettenwaren GmbH have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Peter Henz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Henz
         Rietberger Str. 28
         33378 Rheda-Wiedenbrueck
         Germany

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

The Debtor can be reached at:

         Heide Bettenwaren GmbH
         Benteler Str. 9
         33449 Langenberg
         Germany


HTM SPORT: S&P Cuts Debt's Rating to 'CCC' from 'CCC+'
------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC+' from 'B-'
its long-term corporate credit rating on Netherlands-based and
Austria-managed sports equipment manufacturer Head N.V.  The
outlook is negative.

At the same time, the senior unsecured rating on debt issued by
related entity HTM Sport und Freizeitgeraete AG was lowered by
one notch to 'CCC' from 'CCC+', reflecting the bonds'
longstanding subordination to secured creditors.

"The downgrade reflects the company's significantly weakened
financial metrics for the year ended Dec. 31, 2007, and concerns
regarding its ability to finance its future working capital
needs," said Standard & Poor's credit analyst Philip Temme.  
Head's adjusted EBIT fell 80% to EUR4.5 million in 2007
and the company recorded a net loss of EUR11.2 million following
weak results from its key winter sports equipment division and
lower sales in some geographies for its racquet sports division.  
Free cash flow turned negative and pressure on liquidity was
increased by the return of EUR7.5 million to shareholders.
Head's unrestricted cash and marketable securities balance,
which is critical to meeting its working capital needs, dropped
to EUR38.3 million at end-2007 from EUR58.3 million at end-2006,
and is likely to fall further.

"Although snow conditions in the winter of 2007-2008 were
reasonably good and Head is expected to benefit from a modest
recovery to winter goods orders as a result, it nonetheless
enters the new financial year with a significantly reduced cash
buffer and limited alternative means of financing its heavy
seasonal working capital needs, which peak in the autumn," said
Mr. Temme.  Standard & Poor's is concerned that, with available
cash resources expected to fall below EUR10 million by autumn
2008 and only limited ability to adjust working capital
outflows, Head has limited flexibility to cope with negative
developments at a time when the outlook for discretionary
consumer spending looks increasingly challenging.

In the 12 months to Dec. 31, 2007, Head's total adjusted debt
was EUR181 million (EUR155 million reported) and adjusted EBITDA
was EUR16.4 million.  Total debt to lease-adjusted EBITDA
ballooned to 11x from 5.1x and adjusted funds from operations to
total debt slid to 0.8% from 11.3%.  Adjusted EBITDA interest
coverage fell to 1.2x from 2.6x and adjusted EBIT interest
coverage to 0.3x from 1.6x.

Head, which is now only listed in Vienna following its delisting
from New York, is effectively controlled by its chairman and
CEO, Johann Eliasch, who, together with members of his family,
controls 49.8% of the company.

"The negative outlook reflects the likelihood that Head's cash
resources will weaken further in 2008, to the point where its
available cash headroom falls well below EUR10 million at the
low point in its working capital cycle, leaving it highly
exposed to negative developments," said Mr. Temme.  This
includes the risk of a warm winter in 2008/2009 or weakness in
demand owing to recessionary pressures.

The ratings could be lowered should operating performance and
cash held slip further below our expectations. Given Head's
operational challenges and high leverage, S&P currently views
the possibility of a return to a stable outlook as remote.


IMU GEBAUDEREINIGUNG: Claims Registration Period Ends May 8
-----------------------------------------------------------
Creditors of IMU Gebaudereinigung & Zeitarbeit GmbH have until
May 8, 2008, to register their claims with court-appointed
insolvency manager Rudolf Nirschl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Landshut
         Meeting Hall 8/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Rudolf Nirschl
         Porschestr. 21
         84030 Landshut
         Germany
         Tel: 0871/96607-0
         Fax: 0871/67418

The District Court of Landshut opened bankruptcy proceedings
against IMU Gebaudereinigung & Zeitarbeit GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IMU Gebaudereinigung & Zeitarbeit GmbH
         Aussere Regensburger Strasse 35
         84034 Landshut
         Germany


KRASSOWSKI GMBH: Claims Registration Ends May 6
-----------------------------------------------
Creditors of Krassowski GmbH have until May 6, 2008 to register
their claims with court-appointed insolvency manager Dr. Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

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

The Debtor can be reached at:

         Krassowski GmbH
         Attn: Adelbert Krassowski, Manager
         Heinrich-Heine-Str. 45
         16945 Meyenburg
         Germany


MAISCH SPEDITION: Claims Registration Period Ends May 9
-------------------------------------------------------
Creditors of Maisch Spedition+Logistik GmbH & Co. KG. have until
May 9, 2008, to register their claims with court-appointed
insolvency manager Dr. Andreas Wille.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 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 Pforzheim
         Hall 142
         Lindenstr. 8
         75179 Pforzheim
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Wille
         Karlsruher Str. 34
         75179 Pforzheim
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Maisch Spedition+Logistik GmbH & Co. KG. on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Maisch Spedition+Logistik GmbH & Co. KG.
         Attn: Matthias Maisch, Manager
         Boschstr. 25
         75446 Wiernsheim
         Germany


PRIVATBRAUEREI BORCHERT: Claims Registration Ends May 6
-------------------------------------------------------
Creditors of Privatbrauerei Borchert GmbH have until May 6, 2008
to register their claims with court-appointed insolvency manager
Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lingen (Ems)
         Hall Z 17
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         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 Zbick
         Marktplatz 2-4
         48712 Gescher
         Germany
         Tel: 02542/9178-10
         Fax: 02542/9178-28
         E-mail: inso@zbick-deckert.de  

The District Court of Lingen (Ems) opened bankruptcy proceedings
against Privatbrauerei Borchert GmbH on March 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Privatbrauerei Borchert GmbH
         Heinrich-Schulte-Strasse 2
         48480 Luenne
         Germany


QUICK FOTO: Claims Registration Ends May 6
------------------------------------------
Creditors of Quick Foto Labor GmbH have until May 6, 2008 to
register their claims with court-appointed insolvency manager
Dr. Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstrasse 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:

         Dr. Martin Prager
         Stadtpark 2
         90409 Nuremberg
         Germany
         Tel: 0911/9990990
         Fax: 0911/99909950

The District Court of Nuremberg opened bankruptcy proceedings
against Quick Foto Labor GmbH on April 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Quick Foto Labor GmbH
         Attn: Irmtraut Mathold, Manager
         Koenigstrasse 73
         90402 Nuremberg
         Germany


R & R BAU: Claims Registration Ends May 6
-----------------------------------------
Creditors of R & R Bau GmbH have until May 6, 2008 to register
their claims with court-appointed insolvency manager Markus M.
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Fax: (0371) 4446111
         E-mail: merbecks@merbecks.de  

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

The Debtor can be reached at:

         R & R Bau GmbH
         Attn: Jens Herzog, Manager
         Talstrasse 10
         09557 Floeha
         Germany


RIO BETRIEBSGESELLSCHAFT: Claims Registration Ends May 6
--------------------------------------------------------
Creditors of RIO Betriebsgesellschaft mbH have until May 6, 2008
to register their claims with court-appointed insolvency manager
Hans-Peter Burghardt.

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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against RIO Betriebsgesellschaft mbH on March 17, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         RIO Betriebsgesellschaft mbH
         Kurfuerstenstr. 4
         32052 Herford
         Germany

         Attn: Gianni Pulli, Manager
         Schillerstr. 5
         32052 Herford
         Germany


ROSNER'S BAUSERVICE: Claims Registration Ends May 6
---------------------------------------------------
Creditors of Rosner's Bauservice GmbH have until May 6, 2008 to
register their claims with court-appointed insolvency manager
Ulrich Luppe.

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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Ulrich Luppe
         Hansering 9/10
         06108 Halle
         Germany
         Tel: 0345/614070
         Fax: 0345/6140710

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Rosner's Bauservice GmbH on March 12, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rosner's Bauservice GmbH
         Attn: Thomas Rosner, Manager
         Seumestr. 21
         06686 Poserna
         Germany


TELEHAUS BREMEN: Creditors' Meeting Slated for May 15
-----------------------------------------------------
The court-appointed insolvency manager for Telehaus Bremen GmbH
& Co. KG, Dr. Frank Kreuznacht, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on May 15, 2008.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at noon on June 19, 2008, at the same venue.

Creditors have until May 6, 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

The District Court of Bremen opened bankruptcy proceedings
against Telehaus Bremen GmbH & Co. KG on March 27, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Telehaus Bremen GmbH & Co KG
         Herrlichkeit 6
         28199 Bremen
         Germany


VECTOR MANAGEMENT: Claims Registration Period Ends May 5
--------------------------------------------------------
Creditors of Vector Management und Verwaltungs GmbH have until
May 5, 2008, to register their claims with court-appointed
insolvency manager Markus Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Markus Walter
         Cronstettenstrasse 30
         60322 Frankfurt am Main
         Germany
         Tel: 069-959110-0
         Fax: 069-959110-12

The District Court of Offenbach am Main opened bankruptcy
proceedings against Vector Management und Verwaltungs GmbH on
Vector Management und Verwaltungs GmbH.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Vector Management und Verwaltungs GmbH
         Martin-Behaim-Str. 19-21
         63263 Neu-Isenburg
         Germany


WILHELM MEINEKE: Claims Registration Period Ends May 5
------------------------------------------------------
Creditors of Wilhelm Meineke GmbH have until May 5, 2008, to
register their claims with court-appointed insolvency manager
Jens Wilhelm V.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

          Jens Wilhelm V
          Hohenzollernstrasse 53
          30161 Hannover
          Germany
          Tel: 0511 696846-0
          Fax: 0511 696846-79

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

The Debtor can be reached at:

         Wilhelm Meineke GmbH
         Mecklenhorster Strasse 21
         31535 Neustadt
         Germany


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


EIRLES TWO: Moody's May Further Cut Junk Notes After Review
-----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade one class of notes issued by Eirles Two
Limited.

This rating action is a response to severe credit deterioration
in the underlying portfolio.  This transaction is a static
synthetic CDO of ABS referencing a portfolio which contains 96%
US RMBS of the 2005, 2006, and 2007 vintages.  In addition, 16%
of the portfolio by volume (all US RMBSs) is currently rated Ca
and below.

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

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

This rating action is:

    * Eirles Two Limited US$150,000,000 Series 300 Secured
      Floating Rate Notes due September 2050

   -- Current Rating: Caa2, on review for downgrade
   -- Prior Rating: Ba1, on review for downgrade


FREESTAR TECH: Posts US$4.5 Million Net Loss in Second Quarter
--------------------------------------------------------------
FreeStar Technology Corp. recorded a net loss of US$4,568,270
for the second quarter ended Dec. 31, 2007, compared to a net
loss of US$3,124,456 for the three months ended Dec. 31, 2006,
an increase of US$1,443,814 or approximately 46%.  

Ciaran Egan, FreeStar's chief financial officer, commented that
"approximately US$2,300,000 of this amount consisted of non-cash
compensation in the form of stock, stock options, and warrants
issued to consultants and employees.  We continue to launch new
innovative products and expand our geographical market for
increased growth opportunities in 2008.  We believe that our
investment program in our product and sales and marketing
programs together with our growing pipelines will drive revenue
growth in 2008."

Revenue for the three months ended Dec. 31, 2007, was
US$1,448,713 compared to US$811,902 for the three months ended
Dec. 31, 2006, an increase of US$636,811 or approximately 78%.  
Revenue consisted of transaction processing and related revenue
of US$512,782; consulting services revenue of US$683,862 and
hardware and related revenue of US$252,069.

FreeStar Technology president and chief executive officer Paul
Egan said, "We expect to see continued increased hardware
related sales to our expanding customer base, but also recognize
increasing revenue streams from annual maintenance fees and
service initiation fees.  

"Our cross border payments processing has now expanded to Spain,
Iceland, Denmark, Sweden and the U.K.  We are seeing a steady
increase in DCC (Dynamic Currency Conversion) Transactions from
our partner, Global Refunds.  We have successfully deployed
terminals in Dominican Republic and see continuing growth in the
region.  Our International projects are nearing deployment and
can expect to see a large increase in processing revenues
throughout the remainder of fiscal 2008."

                         Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$8,201,305 in total assets, US$3,509,597 in total
liabilities, US$407,398 in minority interest, and US$4,284,310
in total stockholders' equity.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$1,945,907 in total current
assets available to pay US$3,509,597 in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2007, are available
for free at http://researcharchives.com/t/s?288f

                    Going Concern Disclaimer

As reported in the Troubled Company Reporter on Oct. 4, 2007,
New York-based RBSM LLP expressed substantial doubt about
FreeStar Technology Corp.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended June 30, 2007.  The auditing firm said the
company is experiencing difficulty in generating sufficient cash
flow to meet its obligations and sustain its operations.

                   About FreeStar Technology

Based in Dublin, Ireland, FreeStar Technology Corp. (OTC BB:
FSRT) -- http://www.freestartech.com/-- provides electronic
payment processing services, including credit and debit card
transaction processing, point-of-sale related software
applications and other value-added services.  The company was
incorporated in the State of Nevada.  The company’s switching
and transaction processing platform is operated by its wholly-
owned subsidiary, Rahaxi, which is located in Finland.  The
company is one of the leading players in the Finnish transaction
processing market, serving approximately 1,100 merchants each
day and processing on average approximately 1,620,000
transactions per month.

Effective Nov. 21, 2006, the company acquired 50% of the
outstanding capital stock of Project Life Cycle Partners, Ltd.,
a consulting firm located in Dublin, Ireland.  PLC Partners is a
niche project consulting firm specializing in the management and
implementation of information systems projects.  PLC Partners
has international experience within the financial services and
telecommunications sectors.


IRALCO: 500 Jobs Likely to Be Lost as Firm Undergoes Liquidation
----------------------------------------------------------------
Around 500 employees of Iralco's Co Westmeath plant are likely
to be laid off as the company is expected to go into voluntary
liquidation, Charlie Taylor of the Irish Times reports.

Citing a statement from the comapny's board of directors, the
report adds that the company has been facing financial
difficulties and has been "struggling" to "overcome increasing
costs" combined with "price reductions."

Iralco -- http://www.iralco.ie/-- designs and develops  
decorative and functional trim for all the major automotive
OEM’s.  The company's product range covers all high visibility
trim parts from drip rail systems to pillar cappings and
treadplates.


IRALCO: Enterprise Minister Says Gov't Will Help to Keep Jobs
-------------------------------------------------------------
Michael Martin, Minister for Enterprise, Trade and Employment,
disclosed that the government will do what it can to save jobs
at Iralco, the Belfast Telegraph reports.

According to the Belfast Telegraph, liquidators met with
management and unions yesterday afternoon in order to asses if
jobs can be saved.

Iralco -- http://www.iralco.ie/-- designs and develops  
decorative and functional trim for all the major automotive
OEM’s.  The company's product range covers all high visibility
trim parts from drip rail systems to pillar cappings and
treadplates.


SMURFIT KAPPA: Brings In Thomas Brodin to Join Board
----------------------------------------------------
Smurfit Kappa Group plc has appointed Thomas Brodin to the Board
as an independent, non-executive Director with effect from
April 2, 2008.

Mr. Brodin, 44, is currently Head of Equity Research and a
member of the executive management team at Erik Penser
Fondkommission, an independent and privately owned Swedish
securities firm.

Previously Mr. Brodin was a European paper & packaging research
analyst and Managing Director at Citigroup between 1995 and
2007.  Prior to that he served as a paper & packaging research
analyst at Credit Suisse First Boston between 1992 and 1995 and
at Svenska Handelsbanken between 1990 and 1992.  In total, he
was an analyst covering the paper and packaging sector for 17
years.

Between 1998 and 2007 Mr. Brodin was ranked as the leading
European analyst covering the paper and packaging sector by
Extel and Institutional Investor Surveys.  He was also voted the
best Individual pan-European sell-side analyst, across all
sectors, in the Extel Survey in both 2001 and 2004.

"We are delighted that Thomas is joining the Smurfit Kappa Group
Board.  His knowledge of and experience within the paper and
forest products sector will be valuable to the Board," Sean
Fitzpatrick, Chairman of the SKG Board, commented.

"We have known and respected Thomas for many years.  He will
contribute meaningfully to the Board's strategic and capital
allocation decision making process," Gary McGann, Smurfit Kappa
Group Chief Executive Officer, added.

                About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa --
http://www.smurfitkappa.com/-- is a paper based packaging
company with leading position in Europe and Latin America.

Smurfit Kappa operates in over 30 countries (22 in Europe) with
more than 40,000 employees.  It's products include
containerboard, solid board, corrugated and solid board
packaging, graphic board, sack paper and paper sacks.


SMURFIT KAPPA: Fitch Puts Long-Term Issuer Default Rating at BB
---------------------------------------------------------------
April 2008: Fitch Ratings has today upgraded UK-based Smurfit
Kappa Acquisitions' Long-term Issuer Default rating (IDR) to
'BB' from 'BB-' (BB minus) and affirmed SKA's senior secured
facilities at 'BB+'. It has also assigned a Long-term IDR of
'BB' to Smurfit Kappa Group plc, the ultimate holding company of
the group . The Outlooks on both IDRs are Stable.

At the same time, Fitch has also upgraded Smurfit Kappa
Funding's senior subordinated notes due 2015 to 'BB-' (BB minus)
from 'B+' and affirmed Smurfit Kappa Treasury Funding's
debenture notes due 2025 at 'BB+'.

"The upgrade reflects the group's improved debt measures and
financial flexibility, placing its leverage metrics at the 'BB'
rating level.  It also reflects the restructuring and synergy
benefits realised since FY06, enhancing SKG's cost position and
providing a moderate buffer against potential margin erosion in
the face of weakening market conditions," says Myriam Affri,
Director in Fitch's European Industrials team.

Savings realised in FY07 reached a run rate of EUR166m, ahead of
the group's original target of EUR160m for 2006-2009.  Despite
escalating fibre and energy costs, pre-exceptional EBITDA
increased EUR181m yoy to EUR1,064m in FY07 and EBITDA margin
rose to 14.6% from 12.7%.  Fitch acknowledges that market
conditions in 2008 are likely to become more challenging for
European containerboard producers, with signs of softening
demand, no relief from cost inflation and competitive pressures
from US producers.  In this context, the upgrade recognises
SKG's 'best-in-class' margins, management's pro-active approach
with regard to capacity adjustments in response to market
imbalances and Fitch's view that the group's improved efficiency
will enable it to maintain satisfactory margins and EBITDA
levels above those observed in the last down cycle.

Proceeds from SKG's successful IPO in March 2007 were used to
pre-pay EUR1.4bn of debt. Net debt reduced to EUR3.4bn and net
leverage decreased to 3.2x at FYE07 from 5.5x at FYE06 and 3.8x
at Q107 post-IPO.  This was below management's target range of
3.25x-4.25x and reflected the combination of higher earnings and
lower borrowings.  The group's coverage metrics also
strengthened as net costs reduced in line with debt levels. FFO
fixed charge coverage increased to 2.2x in FY07 from 1.7x in
FY06 and EBITDA/net interest rose to 3.5x from 2.2x.  While
those metrics place SKG at the weaker end of the 'BB' rating
level, Fitch notes that interest charges should reduce further
in FY08 compared to FY07 as the most expensive portion of the
group's debt was repaid in FY07 and the margin on the senior
secured credit facility (equal to approximately 76% of gross
debt at FYE07) has reduced quarterly in line with leverage.
Minimal scheduled repayments until 2011 imply adequate cash flow
headroom and liquidity.

Fitch takes further comfort in management's conservative
financial strategy as illustrated by the focus on operating
efficiency, cash flow generation, de-leveraging and the absence
of material capex projects when competitors are considering
bringing new capacity on stream.  SKG has publicly stated that
it aims to reduce net leverage to below 3x in FY08.

The rating is further supported by the group's leading market
positions ((#1 and #3 producer of corrugated paper and
containerboard, respectively, worldwide, and #1 kraftliner,
recycled containerboard and corrugated producer in Europe).  
Fitch also recognises SKG's integrated operations (approximately
70% of containerboard production is consumed internally) and its
presence in high-growth markets (#1 and #3 corrugated and
containerboard producer in Latin America).  Exposure to stable,
recession-proof end-markets (approximately 50% of revenues)
should mitigate the impact of a potential slump in demand in
Europe.

Key credit concerns in the medium term are market developments
both from a supply and demand perspective, with expected
pressure on margins resulting from slower growth, sustained cost
inflation and increased competitive pressures.  Containerboard
projects coming on stream in FY09-FY10 could further threaten
the market's balance in Europe and adversely impact pricing
power.


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


ARAL GAS: Creditors Must File Claims by May 19
----------------------------------------------  
LLP Aral Gas Terminal has declared insolvency.  Creditors have
until May 19, 2008, to submit written proofs of claims to:

         LLP Aral Gas Terminal
         Alihan Bokeihan Str. 37-2
         Kyzylorda
         Kazakhstan


CASPIAN RESOURSES: Claims Deadline Slated for May 19
----------------------------------------------------  
LLP Caspian Resourses has declared insolvency.  Creditors have
until May 19, 2008, to submit written proofs of claims to:

         LLP Caspian Resourses
         Karataev Str. 38a-28
         Almaty
         Kazakhstan


CENTRE STROY: Claims Filing Period Ends May 19
----------------------------------------------  
LLP Construction Company Centre Stroy has declared insolvency.  
Creditors have until May 19, 2008, to submit written proofs of
claims to:

         LLP Construction Company Centre Stroy
         Kunaev Str. 17-5
         Almaty
         Kazakhstan


EVEREST KZ: Creditors' Claims Due on May 18
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Company Everest Kz insolvent.

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

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


OIL MARKET: Claims Registration Ends May 20
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Oil Market Time insolvent on Feb. 29, 2008.

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

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


OIL TECHNO: Claims Deadline Slated for May 20
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Oil Techno Snab insolvent on Feb. 29, 2008.

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

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


VITAS-2001 LLP: Claims Filing Period Ends May 18
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Vitas-2001 insolvent.

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

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


VOSTOK TRANS: Creditors' Claims Due on May 18
---------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostok Trans Les insolvent on Feb. 21, 2008.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-06-50


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


NOVO-PHARM CJSC: Creditors Must File Claims by May 18
-----------------------------------------------------
CJSC Novo-Pharm has declared insolvency.  Creditors have until
May 18, 2008 to submit written proofs of claim to:

         CJSC Novo-Pharm
         Frunze Str. 279
         Novo-Pavlovka
         Sukuluksky
         Chui
         Kyrgyzstan


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


EVRAZ GROUP: Fitch Puts BB Rating on Prospective US$ Notes Issue
----------------------------------------------------------------
Fitch Ratings has assigned Evraz Group S.A.'s prospective USD
notes issue an expected senior unsecured 'BB' rating.  The
expected rating is in line with Evraz's 'BB' Long-term Issuer
Default rating (IDR).  At the same time, Fitch has affirmed
Evraz's Long-term IDR and senior unsecured ratings of 'BB' and
Short-term IDR of 'B'.  The ratings of Mastercroft Limited
(Evraz's core subsidiary holding most of its key operating
assets within Russia) are also affirmed at Long-term IDR 'BB'
and Short-term IDR 'B', as is the senior unsecured 'BB' rating
of Evraz Securities S.A. The Outlooks for Evraz's and
Mastercroft Limited's Long-term IDRs are Stable.

Proceeds from the notes will be used for general corporate
purposes, including the funding of capex and potential
acquisitions.  Fitch would also expect the proceeds to be used
in part to refinance debt from the recent acquisition of IPSCO's
Canadian operations.

The issue will be a direct, unconditional and unsecured
obligation of Evraz, which, in addition to being the ultimate
holding company for the Evraz Group, has direct ownership of
several international steel operations purchased in recent
years.  No subsidiary guarantees are, however, provided. Fitch
notes that historically Evraz's consolidated debt structure has
included a high proportion of secured debt and structurally
superior debt in subsidiary entities.  Consistent with its
methodology, which considers a debt level of 2x of pre-tax, pre-
interest cash flow to be sufficiently material to consider the
notching of senior unsecured debt, Fitch has not notched the
expected rating of the current notes issue from the level of
Evraz's Long-term IDR .

Draft documentation includes a change of control provision set
at 50% of total voting stock (exclusions for current majority
shareholder Lanebrook Limited and variously any of its
shareholders, legal representatives or subsidiaries), with a put
option to redeem the notes at 101% of face value plus accrued
interest, as well as a make-whole provision.  There are
limitations on the granting of liens (defined generally to
include mortgages, pledges, etc), while additional indebtedness
is subject to an EBITDA leverage test of 3x or less, calculable
on a pro-forma basis in respect of acquisitions.

The final rating for the issue will be assigned once the tenor
and amount of the notes are known, and subject to receipt of
final documentation materially conforming to the draft
documentation reviewed by Fitch.


EVRAZ GROUP: Moody's Puts (P)Ba3 Rating on Proposed Dollar Notes
----------------------------------------------------------------
Moody's Investors Service confirmed Evraz's Group's Ba2
corporate family rating, the Ba2 rating for the Senior Notes due
2009 and the Ba3 rating for the Senior Notes due 2015. In
addition, Moody's assigned a (P) Ba3 rating to the proposed U.S.
dollar notes to be issued by Evraz Group S.A. The amount and
maturity are subject to the prevailing market conditions during
placement.  The outlook for the ratings was changed to negative

This rating action concludes the review for possible downgrade
for Evraz' ratings initiated on March 17, 2008 following Evraz's
announcement on March 15 that it had reached an agreement to
acquire IPSCO's tubular business for US$4.025 billion with a
back to back agreement with OAO TMK (rated Ba3) and its
affiliates to resell certain of the acquired businesses to TMK
for US$1.2 billion in 2008 and that its expects additional
US$0.5 billion disposals to be executed in 2009.

With a string of acquisitions, started in 2007, Evraz has raised
the share of high value products like plate steel and pipes in
its sales considerably and has markedly strengthened its
geographical diversification by adding manufacturing presences
in Western Europe, Ukraine, South Africa, China and - with the
acquisition of IPSCO -- in the North American market.  The
outlook for steel pipes is currently positive reflecting high
energy prices but has historically been quite volatile.  With
rising steel prices and external growth, Evraz is well
positioned to generate rising free cash flows contributing to
acquisition expenditures and to stay within it's own leverage
cap of 1.5-times debt/EBITDA.  This target would likely require
dividend constraint and a pause to further acquisitions.

The negative outlook for the rating reflects the integration and
control challenges for a geographically wide spread corporate
group, the potential for further large investments, and the
reliance on cash flow and a bridge facility to fund the various
acquisitions as well as a refinancing of maturing debt.

With regard to the Notes to be issued by Evraz Group S.A.,
Moody's noted their pari passu ranking with other senior
unsecured debt of Evraz Group S.A.  In line with its loss-given-
default methodology, Moody's has therefore assigned a
provisional (P) Ba3 for the Notes and a provisional LGD
assessment of LGD 5 (82%) assuming issuance of about US$1.5
billion, which is in the middle of the range of US$1.0 -US$2.0
billion placement amount indicated by the company.  The ratings
and LGDs will be finalized upon receipt of final bond
documentation and the confirmed issue amount.  The Notes are
subject to various restrictions and financial covenants,
including limitations on incurrence of indebtedness, leverage
covenant, limitation on certain mergers, asset sales and
dividend payments.

Evraz Group is one of the largest vertically integrated steel
companies in Russia (by volume and assets) with assets also in
Europe, North America and South Africa that produced 16.4
million tonnes of steel products, reported revenue of US$12.8
billion and EBITDA of US$4.3 billion in 2007.  Evraz's principal
assets are steel plants in Russia, Europe, North America and
South Africa, iron ore and processing facilities, as well as
coal mines, logistics and trading assets.


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


HEAD N.V.: Reports Net Loss of EUR11.15 Mln for Year 2007  
---------------------------------------------------------
Head N.V. submitted to the Securities and Exchange Commission,
its financial report for the year ended Dec. 31, 2007.

The company reported EUR11.15 million in net loss on EUR320.99
in net revenues for the year ended Dec. 31, 2007, compared with
EUR4.42 million in net profit on EUR366.76 million in net
revenues in 2006.

At Dec. 31, 2007, the company's consolidated balance sheet
showed EUR389.32 million in total assets, EUR256.31 in total
liabilities and EUR160.31 million in total equity.

Incorporated under Dutch Law, Head N.V. -- http://www.head.com/
-- is a leading global manufacturer of branded sporting goods
focusing on winter, diving and racquet sports.  For the
financial year ended Dec. 31, 2006, the company reported
consolidated revenues and EBITDA of EUR366.8 million and EUR34.1
million, respectively.  It operates in Austria, Italy, Germany,
France, Switzerland, the Netherlands, Spain, the United Kingdom,
North America, and Asia.


HEAD N.V.: S&P Junks Long-Term Corporate Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC+' from 'B-'
its long-term corporate credit rating on Netherlands-based and
Austria-managed sports equipment manufacturer Head N.V.  The
outlook is negative.

At the same time, the senior unsecured rating on debt issued by
related entity HTM Sport und Freizeitgeraete AG was lowered by
one notch to 'CCC' from 'CCC+', reflecting the bonds'
longstanding subordination to secured creditors.

"The downgrade reflects the company's significantly weakened
financial metrics for the year ended Dec. 31, 2007, and concerns
regarding its ability to finance its future working capital
needs," said Standard & Poor's credit analyst Philip Temme.  
Head's adjusted EBIT fell 80% to EUR4.5 million in 2007
and the company recorded a net loss of EUR11.2 million following
weak results from its key winter sports equipment division and
lower sales in some geographies for its racquet sports division.  
Free cash flow turned negative and pressure on liquidity was
increased by the return of EUR7.5 million to shareholders.
Head's unrestricted cash and marketable securities balance,
which is critical to meeting its working capital needs, dropped
to EUR38.3 million at end-2007 from EUR58.3 million at end-2006,
and is likely to fall further.

"Although snow conditions in the winter of 2007-2008 were
reasonably good and Head is expected to benefit from a modest
recovery to winter goods orders as a result, it nonetheless
enters the new financial year with a significantly reduced cash
buffer and limited alternative means of financing its heavy
seasonal working capital needs, which peak in the autumn," said
Mr. Temme.  Standard & Poor's is concerned that, with available
cash resources expected to fall below EUR10 million by autumn
2008 and only limited ability to adjust working capital
outflows, Head has limited flexibility to cope with negative
developments at a time when the outlook for discretionary
consumer spending looks increasingly challenging.

In the 12 months to Dec. 31, 2007, Head's total adjusted debt
was EUR181 million (EUR155 million reported) and adjusted EBITDA
was EUR16.4 million.  Total debt to lease-adjusted EBITDA
ballooned to 11x from 5.1x and adjusted funds from operations to
total debt slid to 0.8% from 11.3%.  Adjusted EBITDA interest
coverage fell to 1.2x from 2.6x and adjusted EBIT interest
coverage to 0.3x from 1.6x.

Head, which is now only listed in Vienna following its delisting
from New York, is effectively controlled by its chairman and
CEO, Johann Eliasch, who, together with members of his family,
controls 49.8% of the company.

"The negative outlook reflects the likelihood that Head's cash
resources will weaken further in 2008, to the point where its
available cash headroom falls well below EUR10 million at the
low point in its working capital cycle, leaving it highly
exposed to negative developments," said Mr. Temme.  This
includes the risk of a warm winter in 2008/2009 or weakness in
demand owing to recessionary pressures.

The ratings could be lowered should operating performance and
cash held slip further below our expectations. Given Head's
operational challenges and high leverage, S&P currently views
the possibility of a return to a stable outlook as remote.


HEAD N.V.: Sets Annual General Meeting on May 28
------------------------------------------------
Head N.V. Has scheduled its annual general meeting for
shareholders at 11:00 a.m. on May 28, 2008.

The meeting will be held at:

          Sheraton Amsterdam Airport Hotel
          Schiphol Boulevard 101
          1118 BG Amsterdam
          The Netherlands

Details concerning the agenda, the right to attend, and how to
exercise rights at the annual general meeting will be available
on April 28, 2008.  The annual general meeting will not be open
to members of the general public.

Incorporated under Dutch Law, Head N.V. -- http://www.head.com/
-- is a leading global manufacturer of branded sporting goods
focusing on winter, diving and racquet sports.  For the
financial year ended Dec. 31, 2006, the company reported
consolidated revenues and EBITDA of EUR366.8 million and EUR34.1
million, respectively.  It operates in Austria, Italy, Germany,
France, Switzerland, the Netherlands, Spain, the United Kingdom,
North America, and Asia.


SUN SAGE: S&P Withdraws BB Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit rating on Sun Sage B.V. at the company's
request.  This followed the company's early redemption of
notes triggered by the sale of Mando Corp. (Mando; NR), the
company's sole operating subsidiary.  Sun Sage B.V. sold a
72.39% stake, which was its entire ownership in Mando, to a
consortium led by Halla Engineering & Construction
Corp (NR).

Sun Sage B.V. was required to redeem the notes under the terms
and conditions of the bond, which stated full redemption if the
company's ownership of Mando fell below 50%.


===============
P O R T U G A L
===============


SAGRES STC 2004: Fitch Revises Outlook on Three Notes
-----------------------------------------------------
Fitch Ratings has taken the rating action on Sagres STC -
Explorer 2004 tranches.  Sagres is the first securitisation
launched by the Portuguese government.  The assets backing the
deal comprise unpaid tax and social security claims originated
in Portugal.

     -- EUR165m Class A2 floating-rate notes, ISIN XS0190180678
        affirmed at 'AAA', with Outlook Stable

     -- EUR170m Class M floating-rate notes, ISIN XS0190180918
        affirmed at 'AA', Outlook changed to Positive from
        Stable

     -- EUR129m Class N floating-rate notes, ISIN XS0190181130
        affirmed at 'A-' (A minus) with Outlook Stable

     -- EUR136m Class O floating-rate notes, ISIN XS0190181213
        affirmed at BB+', Outlook changed to Stable from
        Negative

     -- EUR53m Class T fixed-rate notes, ISIN XS0190181486
        affirmed at 'B', Outlook changed to Stable from Negative

The Outlook change reflects the fact that the cash currently
lying in the reserve account has been built up sufficiently to
cover any future principal payments for the class A2 and M notes
without having to rely on any future collections.

Higher-than-expected collections for the period up to March 2008
have resulted in the cumulative collections reaching EUR1,501m;
bringing the cumulative collection amount to 105% of Fitch's
revised base case, resulting in all the notes being expected to
repay before their legal final maturity.

This is mainly because an extraordinary EUR23m collected by DGCI
in September 2007 (for the period 24 August to 20 September
2007) were incorrectly registered and re-incorporated during the
current period.  Also, during the November 2007 period (for the
period 24 October to 22 November 2007) a payment of EUR13m from
a single borrower boosted collection to EUR47m.

Even if these events were not taken into consideration, the
collections for the period would have totalled EUR169m, which is
still 20% higher than the current period revised base case and
would represent 102% of the cumulative revised base case.

Recent vintages continue to show higher recovery rates, and the
high substitutions during the last period (March-September 2007)
have started to have an overall positive effect on collections
performance.  However, Fitch also considers that the development
of annulments and dormant claims could have a negative effect on
the future performance of this transaction.

Fitch will continue to monitor the performance of this
transaction.


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


CERAMICS-S LLC: Creditors Must File Claims by May 15
----------------------------------------------------
Creditors of LLC Ceramics-S have until May 15, 2008, to submit
proofs of claim to:

         E. Kubakhov
         Insolvency Manager
         Post User Box 12
         394038 Voronezh
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-3733/07-10.

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         LLC Ceramics-S
         Location DSU-2
         Stroitel
         Tambov
         Russia


COMSTAR-UNITED: Shareholders Elect New Board of Directors
---------------------------------------------------------
Comstar – United TeleSystems JSC's Extraordinary General Meeting
of Shareholders has approved its new Board of Directors.

Members of the Board are:

    * Anatoly Akimenko, Vice President of Access Industries;

    * Anna Goldin, Vice President for Legal Issues and Head of
      Legal Group of Sistema;

    * Sergey Drozdov, Senior Vice President, Head of Property
      Group of Sistema;

    * Dietmar Kuhnt, Member of Supervisory Boards of Allianz-
      Versicherungs-AG, BDO Deutsche Warentreuhand AG, Dresdner
      Bank AG, GEA Group AG, Hapag Lloyd AG, Hochtief AG and TUI
      AG; Independent Director of Comstar UTS;

    * Andrey Matyukhov, Director of Portfolio Strategy
      Department of Strategy and Development Division of
      Sistema;

    * Sergey Pridantsev, President and CEO of Comstar UTS;

    * Yngve Redling, Chairman of the Swedish-Russian bilateral
      working group for Information Technology, Independent
      Director of Comstar UTS;

    * Vitaly Savelyev, First Vice President, Head of
      Telecommunications Asset Management Division of Sistema;

    * Dmitry Ustinov, Head of Financial Department of Finance
      and Investments Division of Sistema;

Mr. Savelyev was elected as Chairman of Comstar’s Board of
Directors.
                       About Comstar-UTS

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

                           *    *    *

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

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


DMITRIEVSKOE SORT-SEM-OVOSH: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Kursk commenced bankruptcy supervision
procedure on OJSC Dmitrievskoe Sort-Sem-Ovosh (TIN 4605005562).
The case is docketed under Case No. A35-70/08g.

The Temporary Insolvency Manager is:

         V. Ershov
         Apt. 28
         Kalinina Str. 18
         Arzamas
         607220 Nizhniy Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         OJSC Dmitrievskoe Sort-Sem-Ovosh
         Fosforitnaya Str. 12
         Dmitriev-Lgovskiy
         307500 Kursk
         Russia


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

         A. Gurchenko
         Insolvency Manager
         Bolshaya Kazachya Str. 23/27
         410012 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-5270/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Perekopnoe
         Perekopnoe
         Ershovskiy
         Saratov
         Russia


PODGORNOE LLC: Saratov Bankruptcy Hearing Slated for June 16
------------------------------------------------------------
The Arbitration Court of Saratov will convene on June 16, 2008,
to hear the bankruptcy supervision procedure on LLC Podgornoe.
The case is docketed under Case No. A-1903/08-40.

The Temporary Insolvency Manager is:

         A. Aleksandrov
         Sovetskaya Str. 57/1
         Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Podgornoe
         Podgornoe
         Romanovskiy
         Saratov
         Russia


SEVERSTAL OAO: Reorganizes Operations Into Three Divisions
----------------------------------------------------------
OAO Severstal is reorganizing its businesses into three
principal divisions: Severstal Russian Steel,  Severstal
Resources and Severstal International.

The new structure, taking effect in April, will reduce the
number of reporting lines between individual operations and
senior management, ensuring greater operating efficiency and
capitalizing on Severstal’s international diversity by providing
for the continued growth of the global business.

This development marks a logical next step in Severstal’s
corporate maturation following the Company’s 2006 listing on the
London Stock Exchange and the vertical integration process that
consolidated its mining and metallurgical assets in Russia and
Europe.

The organizational realignment will also reinforce the 2006
adoption of Severstal’s Code of Corporate Governance by
streamlining the reporting structure between individual
operations and the Company’s senior management.

"This restructuring is a logical next step in Severstal’s
development, reflecting our already strong position as an
integrated metals and mining business with a growing
international focus," Alexey Mordashov, Severstal CEO, said.  
"The simplified, more focused structure will serve to improve
our competitiveness, increase production, cut costs and maximise
profit."

The new structure of Severstal will be:

    * Severstal Russian Steel: ?ne of Russia’s largest steel
      producers.  Severstal Russian Steel will include these
      segments: steel, pipe, metalware and services as well as
      scrap procurement operations.

      Anatoly Kruchinin, currently CEO of Cherepovets Steel
      Mill, has been appointed as CEO of Severstal Russian
      Steel.

    * Severstal Resources: comprises Severstal’s assets relating
      to iron ore, coal and gold extraction.  The division
      includes mining and gold-mining segments. It is one of
      Russia’s largest producers of pellets and coking coal.

      Roman Deniskin will remain CEO of the division.

    * Severstal International: a newly established division,
      comprising European (Lucchini Group) and North American
      (Severstal North America (SNA) and SeverCorr) segments.

      Gregory Mason, Corporate COO of OAO Severstal, has been
      named CEO of the division.

Under the new structure four functional areas and four service
and support areas will be established.

Functional Areas:

    * Operations: headed by Gregory Mason, COO and CEO of
      Severstal International;

    * Finance: headed by Sergei Kuznetsov, CFO;

    * Corporate Development: headed by Thomas Verazto, Senior
      Vice President (SVP); and

    * Human Resources: headed by Andrei Mityukov, SVP

Service and Support Areas:

    * Legal Affairs: headed by Dmitry Sanin, SVP & General
      Council;

    * External Relations: headed by Alexei Yegorov, SVP;

    * Communications and Public Relations: headed by Vadim
      Saveliev, SVP; and

    * Security: headed by Vladimir Kozlov, SVP

In 2008, Severstal's financials will be reported according to
the 2007 divisional structure.

                         About Severstal

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

                         *     *     *

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

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

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


SEVERSTAL OAO: Completes US$652-Mln Asset Sale to Arcelor Mittal
----------------------------------------------------------------
OAO Severstal has completed the sale to ArcelorMittal of its
97.9% stake in the Beryozovskaya Mine and its 99.46% stake in
the Pervomayskaya Mine.

As part of the deal, Severstal also sold to ArcelorMittal the
Severnaya Coal Preparation Plant, 100% of the Zhernovskaya-3
deposit and controlling stakes in three companies that provide
the mines with transport, assembly, repair and power supply
services.

Arcelor Mittal acquired the assets for a total consideration of
US$651.8 million in cash.

                         About Severstal

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

                         *     *     *

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

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

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


STROY-MONTAZH-SERVICE: Creditors Must File Claims by May 15
-----------------------------------------------------------
Creditors of LLC Stroy-Montazh-Service (TIN 8902008669) have
until May 15, 2008, to submit proofs of claim to:

         S. Danilov
         Insolvency Manager
         Apt. 9
         Angalskiy Mys 40
         Salekhard
         629003 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81-1670/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Stroy-Montazh-Service
         Avtostradnaya 8, 5
         Labytnangi
         629400 Yamalo-Nenetskiy
         Russia


TMK OAO: Unit Gets EUR88.7 Mln Loan to Finance FQM Acquisition
--------------------------------------------------------------
Seversky Tube Works, a unit of OAO TMK, signed a EUR88.7 million
(US$1403 million) credit agreement with the Societe Generale
Group, to partially finance its acquisition of a Fine Quality
Mill.

The agreement between TMK and Societe Generale was proposed and
approved by TMK shareholders on the Dec. 25, 2007, Extraordinary
General Meeting.  The term of the loan is for 7 years at an
annual interest rate of 5.11% and export credit insurance is
provided by the SACE agency (Italy).

Payments under the transaction will be carried out by
Yekaterinburg branch of Bank Societe Generale Vostok.

This additional 600,000 tpa. capacity will enable STW to produce
168-365 mm hot-rolled seamless pipes with 6.28-37.3 mm wall
thickness.  Danieli, one of the world’s leading suppliers of
equipment to the steel industry, will supply the FQM.
Commissioning is scheduled for the second quarter of 2010.

Upgrading of Seversky’s pipe rolling equipment is carried out
within the framework of TMK’s Strategic Investment Program,
aimed at reducing costs, expanding product mix, increasing the
efficiency of production processes, and raising product quality.

"We are very satisfied with our agreement with Societe Generale
as we attracted advantageous financing for one of our key
investment projects," Konstantin Semerikov, TMK CEO, said.  
"2008 is the peak year for the implementation of our Investment
Program and we are confident it will be carried out as
scheduled."

"Given our parent company's resources and experience, we can
successfully compete with the largest Russian and international
banking groups operating in the Russian financial lending
sector," Alexei Pavin, General Director of the Yekaterinburg
branch of Bank Societe Generale Vostok, commented.  "Long-term
and large-scale facilities are a priority for the Bank Societe
Generale Vostok."

                          About TMK

Based in Moscow, Russia, OAO TMK -- http://www.tmk-group.ru/--  
manufactures the entire product range of existing pipe products,
which are used in the oil-and-gas industry, the chemical and
petrochemical industries, the energy and machine-building
industries, construction and the municipal housing economy,
shipbuilding, aviation, space and rocket equipment, and
agriculture.  TMK has production facilities located in Russia
and Romania, which unite the four leading enterprises in the
Russian pipe industry.


TMK OAO: Amendment Pursuit Prompts S&P to Hold BB- Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Russian metal pipe producer OAO TMK.  
The outlook remains negative.  At the same time, the 'ruAA-'
Russia national scale rating was affirmed.

"The affirmation follows the company's announcement that it will
seek to amend its US$300 million credit-linked-note (CLN)
agreement, which currently restricts debt to EBITDA to 3.5x,"
said Standard & Poor's credit analyst Andrey Nikolaev.

The company seeks to exclude any indebtedness incurred in
connection with the acquisition of NS Group and IPSCO Tubulars,
as well as the net effect of the acquisition on EBITDA, for the
purposes of covenant calculation.  TMK's success in obtaining
the CLN waiver is an important step in the refinancing plan.  If
unsuccessful, TMK may have to refinance the CLN issue at a time
when it is also arranging a syndicated bridge acquisition
facility of US$1.2 billion.

The debt-financed acquisition seriously hurt TMK's credit
metrics.  Due to the acquisition and the company's aggressive
liquidity management, the share of short-term debt will increase
to about 75%, and will not be covered with cash and committed
credit lines.  This will put substantial pressure on
liquidity.

Restoration of TMK's financial profile depends on its ability to
make a secondary public offering in the second half of 2008 or
the first half of 2009.

The ratings continue to reflect the risks associated with the
cyclical pipe rolling industry.  Although we view current pipe
market fundamentals as favorable, S&P will monitor TMK's ability
to pass through to customers the increasing raw material costs
that may pressure the margins later on.

TMK's robust market positions partly offset these negative
rating factors, as do the company's increasing diversification
of its asset base and scale of operations.  Likely capacity
increases in second-half 2008 resulting from the ongoing
investment program should support cash flow generation.

"We will likely lower the long-term corporate credit rating on
TMK if the company appears unable to materially improve its
maturity schedule in 2008," said Mr. Nikolaev.

S&P will also be monitoring whether the company successfully
integrates the newly acquired assets.

Weakening financial results in the core operations could also
lead to a downgrade, as could the company's inability to manage
working-capital outlays, which would lead to further
deterioration in financial metrics.  S&P expects, however, that
TMK's management will be able to adjust capital spending and
will not increase its dividend payout target.

The outlook could be revised back to stable if the company
successfully decreases its currently high leverage and
refinances its short-term debt with long-term debt and equity,
comfortably covering short-term maturities with committed lines
and cash.


TRANS-STROY-SERVICE-2: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on LLC Trans-Stroy-Service-2 (TIN
2712014790).  The case is docketed under Case No.A73-291/08.

The Temporary Insolvency Manager is:

         V. Popov
         Post User Box 40-5
         680013 Khabarovsk-13
         Russia

The Court is located at:

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

The Debtor can be reached at:

         V. Popov
         Post User Box 40-5
         680013 Khabarovsk-13
         Russia


YAKUTSK-STROY-MATERIALS: Creditors Must File Claims by May 15
-------------------------------------------------------------
Creditors of CJSC Yakutsk-Stroy-Materials have until May 15,
2008, to submit proofs of claim to:

         P. Egorov
         Insolvency Manager
         Krupskoy Str. 35
         Yakutsk
         677007 Sakha–Yakutiya
         Russia

The Arbitration Court of Sakha–Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-8931/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Yakutsk-Stroy-Materials
         Petrovskogo Str. 19/5
         Yakutsk
         Sakha–Yakutiya
         Russia


YUNION-NA-AMURE: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on LLC Yunion-Na-Amure.  The case is
docketed under Case No. A73-562/2008-37.

The Temporary Insolvency Manager is:

         I. Bashmakova
         Office 307A
         ABK-8
         Leningradskaya Str. 28
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         LLC Yunion-Na-Amure
         Vokzalnaya Str. 22
         Komsomolsk-na-Amure
         Russia


===========
S W E D E N
===========


* Sweden Plans Law to Rescue Banks in Case of Crisis
----------------------------------------------------
The Swede government plans to enact a law that will allow it to
take over a financially troubled bank, Bloomberg News reports
citing Financial Markets Minister Mats Odell.

Mr. Odell said that under the proposed legislation, the state
could take over voting rights in banks when it needs to support
an institution from failure, Bloomberg News relates.

The minister added a government body will be created to
implement the system outlined by the proposed law.

"These rules would incorporate all banks of vital importance to
the payment system -- the ones that are 'too big to fail'", Mr.
Odell was quoted by Bloomberg News as saying.  "Smaller banks
will be handled by the savings protection program, where only
the savings of individuals are being rescued -- not the failing
banks."


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


ANT-BUDRECONSTRUCTION: Creditors Must File Claims by April 30
-------------------------------------------------------------
Creditors of LLC Ant-Budreconstruction (code EDRPOU 35465399)
have until April 30, 2008, to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/235.

The Debtor can be reached at:

         LLC Ant-Budreconstruction
         Artem Str. 37-41
         Kiev
         Ukraine


BLIK LLC: Proofs of Claim Deadline Set April 30
-----------------------------------------------
Creditors of LLC Blik (code EDRPOU 24340367) have until
April 30, 2008, to submit proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed as B-19/29-08.

The Debtor can be reached at:

         LLC Blik
         Gvadeytsev Shyronintsev Str. 32
         61069 Kharkov
         Ukraine


CHEMICAL REPAIR: Creditors Must File Claims by April 30
-------------------------------------------------------
Creditors of LLC Chemical Repair Energy (code EDRPOU 23818157)
have until April 30, 2008, to submit proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 14, 2008.  
The case is docketed as 8/25-08.

The Debtor can be reached at:

         LLC Chemical Repair Energy
         Prokofiev Str. 36
         40024 Sumy
         Ukraine


KERAMIK OJSC: Creditors Must File Claims by April 30
----------------------------------------------------
Creditors of OJSC Keramik (code EDRPOU 13568133) have until
April 30, 2008, to submit proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on March 20,
2008.  The case is docketed as 4/14b.

The Debtor can be reached at:

         OJSC Keramik
         Bogunskaya Str. 50
         10020 Zhytomir
         Ukraine


OHTYRKA PETROLEUMREFINERY Creditors Must File Claims by April 30
----------------------------------------------------------------
Creditors of LLC Ohtyrka Petroleumrefinery Plant (code EDRPOU
31525582) have until April 30, 2008, to submit proofs of claim
to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 14, 2008.  
The case is docketed as 8/589-06.

The Debtor can be reached at:

         LLC Ohtyrka Petroleumrefinery Plant
         Lenin Str. 10
         Malaya Pavlovka
         Ohtyrka District
         42700 Sumy
         Ukraine


SCIENCE-RESEARCH INNOVATIVE: Creditors' Claim Due by April 30
-------------------------------------------------------------
Creditors of LLC Science-Research Innovative Production-
Technological Bureau (code EDRPOU 03001968) have until
April 30, 2008, to submit proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on March 18, 2008, after finding it
insolvent.  The case is docketed as 8/307.

The Debtor can be reached at:

         LLC Science-Research Innovative Production-
         Technological Bureau
         Staroevreyskaya Str. 22
         Lvov
         Ukraine


STARIY DRUZHE: Creditors Must File Claims by April 30
-----------------------------------------------------
Creditors of LLC Trading House Stariy Druzhe (code EDRPOU
31991115) have until April 30, 2008, to submit proofs of claim
to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 27, 2008, after finding it
insolvent.  The case is docketed as 43/278.

The Debtor can be reached at:

         LLC Trading House Stariy Druzhe
         Kikvidze Str. 18
         Kiev
         Ukraine


VP OZKV: Creditors Must File Claims by April 30
-----------------------------------------------
Creditors of LLC VP OZKV (code EDRPOU 34873359) have until
April 30, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 7, 2008.  
The case is docketed as 7/1-08-62.

The Debtor can be reached at:

         LLC VP OZKV
         Cosmonauts Str. 21/4
         67600 Odessa
         Ukraine


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


ADEVA RENTALS: Taps Joint Administrators from Tenon Recovery
------------------------------------------------------------
Matthew Colin Bowker and Carl Jackson of Tenon Recovery were
appointed joint administrators of Adeva Rentals Ltd. (Company
Number 05616735) on April 4, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

          Adeva Rentals Ltd.
          Southside Industrial Park
          Manchester
          Lancashire
          M46 0RE
          England
          Tel: 01942872308


ALEXANDER PARTNERSHIP: Taps KPMG as Administrators
--------------------------------------------------
Richard James Philpot and David Crawshaw of KPMG LLP were
appointed joint administrators of The Alexander Partnership UK
Ltd. (Company Number 5519621) on April 8, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

          The Alexander Partnership UK Ltd.
          c/o KPMG LLP
          Arlington Business Park
          Theale
          Reading  
          RG7 4SD
          England


BRITISH ENERGY: EDF and RWE Emerge Frontrunners of Bidding Race
---------------------------------------------------------------
France's Electricite de France and Germany's RWE AG have emerged
as frontrunners in a bid to acquire British Energy Group plc,
the Daily Telegraph reports.

Citing market sources, the Daily Telegraph relates that although
new potential bidders, including Sweden's Vattenfall AB and
Spain's Iberdola SA, have come out, EDF and RWE remain the
favorites, which is likely to affect Centrica plc's possible
role in the bidding race.

                   About British Energy

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

                        *     *     *

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

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

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



DIOMED HOLDINGS: Hercules to Receive US$6 Million Payment
---------------------------------------------------------
Hercules Technology Growth Capital, Inc. disclosed that it will
receive repayment of principal on the company’s debt financing
to Diomed Holdings, Inc.

As reported in the Troubled Company Reporter-Europe on March 17,
2008, Diomed Holdings and its subsidiary, Diomed Inc., filed a
voluntary petition under Chapter 11 of the U.S. Bankruptcy
Code in the U.S. Bankruptcy Court for the District of
Massachusetts, Western Division.  Concurrent with the Chapter 11
filing, the company's UK unit, Diomed Limited, filed for
Administration under the laws of the United Kingdom.

As reported in the Troubled Company Reporter-Europe on April 14,
2008, Diomed entered into an asset purchase agreement with
AngioDynamics, Inc. for the sale of its U.S. operations for
a cash purchase price of US$8 million.

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

Hercules says that under a settlement order approved by the
Bankruptcy Court US$6 million of the US$7 million settlement
proceeds will be used to repay the outstanding loan principal
balance to Hercules.

“Our anticipated repayment of our outstanding loan from Diomed
demonstrates Hercules’ ability to minimize risks to our
investors, even amid distressed situations,” said Manuel A.
Henriquez, co-founder, chairman and chief executive officer of
Hercules.


Additionally, Vascular Solutions, Inc. (NASDAQ: VASC), announced
on April 9, 2008, that it has entered into a separate settlement
agreement with Diomed for the purpose of resolving the patent
infringement lawsuit between the companies. Pursuant to the
settlement agreement, all claims and appeals by each side will
be dismissed following a one-time payment of $3.586 million from
Vascular Solutions to Diomed.

                About Hercules Technology

Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC) -–
http://HTGC.com/-- is a NASDAQ traded specialty finance company  
providing debt and equity growth capital to technology and life
science companies at all stages of development.  Founded in
December 2003, the company primarily finances privately held
companies backed by leading venture capital and private equity
firms.  Hercules invests in a broad range of ventures active in
technology and life science industries and offers a full suite
of growth capital products up and down the capital structure.  
The company is headquartered in Palo Alto, Calif. and has
additional offices in the Boston, Boulder, San Diego and Chicago
areas.  Providing capital to publicly-traded or privately-held
companies backed by leading venture capital and private equity
firms involves a high degree of credit risk and may result in
potential losses of capital.

                  About Diomed Holdings Inc.

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

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

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


DIOMED HOLDINGS: Inks Settlement Pact with Vascular Solutions
-------------------------------------------------------------
Vascular Solutions, Inc. last week entered into a settlement
agreement with Diomed Inc. for the purpose of resolving the
patent infringement lawsuit between the companies.

Pursuant to the Settlement Agreement, all claims and appeals by
each side will be dismissed following a one-time payment of
US$3.586 million from Vascular Solutions to Diomed in
full and final satisfaction of the monetary judgment related to
the alleged infringement of U.S. Patent No. 6,398,777.

Following the March 2007 jury verdict and subsequent monetary
judgment award, Vascular Solutions recorded a US$4.975 million
litigation provision in the first quarter of 2007.  The
provision was subsequently increased to $5.245 million,
primarily as the result of interest on the judgment.

Howard Root, CEO of Vascular Solutions, commented: “We agreed to
settle with Diomed on the same terms and at the same percentage
as they settled with our co-defendant AngioDynamics last month.  
We are pleased to finally resolve all of our litigation with
Diomed and to eliminate this distraction from our efforts to
advance our products and our business.”

               About Vascular Solutions

Vascular Solutions, Inc. -- http://www.vascularsolutions.com/--
(Nasdaq:VASC) is a medical device company that focuses on
developing unique solutions for unmet clinical opportunities
within vascular procedures.  The company’s five
product categories consist of hemostat (blood clotting)
products, extraction (clot removal) catheters, vein products,
specialty catheters and access products.  New products
introduced since the second half of 2003 include the D-Stat Dry
hemostatic bandage used for the rapid control of topical
bleeding, the Pronto extraction catheter for the aspiration of
soft thrombus, the Vari-Lase endovenous laser product line for
the treatment of varicose veins, the Langston dual lumen
specialty catheter for the measurement of aortic stenosis and
the Twin-Pass dual access specialty catheter for dual wire
access in percutaneous procedures.

                  About Diomed Holdings Inc.

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

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

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


ERINACEOUS GROUP: Some Divisions Continue to Trade as Normal
------------------------------------------------------------
A number of Erinaceous Group PLC’s operations   remain outside
of any insolvency proceedings and continue to trade as normal.

As reported in yesterday’s Troubled Company Reporter-Europe, the
group entered into administration after incurring debts of more
than GBP250 million.  Jim Tucker and Myles Halley of KPMG were
appointed as administrators.

The strongly performing insurance subsidiary, Erinaceous
Insurance Services, is ring fenced from the rest of the group,
and continues to operate as normal.  The administrators have
today agreed to sell Erinaceous Insurance Services to a vehicle
owned by Erinaceous’ banks.  This is subject only to the consent
of The Financial Services Authority and the Maltese FSA, who
have been kept informed of developments.

The Residential Management division (Residential Management
Group Limited and its subsidiaries) and Property Maintenance
division (Erinaceous Property Maintenance Limited) also remain
outside of any insolvency process and continue to trade as
normal.

"Erinaceous has grown rapidly through acquisition in recent
years.  Although the insurance division continues to perform
well, and we expect to announce the completion of its sale
within days, the rest of the group has struggled to integrate
its acquisitions and has been loss making.  Discussions are
taking place with a number of parties interested in these
businesses.  The administrators hope to conclude these
negotiations shortly but it is too early to tell how many
employees will be affected," Jim Tucker said.

"We will be working hard to ensure that all employees are kept
up to date with developments," Mr. Tucker added.

The administrators and the directors are currently in
discussions with the Civil Aviation Authority about the
management of Shoreham Airport in Sussex and Fairoaks Airport in
Surrey.

As of April 14, 2008, the shares in Erinaceous Group PLC have
been suspended from the London Stock Exchange.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

                     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 4,000 people across its three divisions.  It
incorporates many well-known companies, including brands such as
Dunlop Haywards, Egan Lawson and Spring Grove.

The company has debts exceeding GBP200 million.  In recent
months the board, supported by its advisors, has undertaken a
full strategic review of the group's operations.  The review
covered the possibility of refinancing the Group’s borrowings,
options for sale and an equity raising.  Given the extent of the
challenges facing the group and the current state of the capital
markets, none of these options ultimately proved viable.


FENMARC PREPARED: Brings In Joint Administrators from Deloitte
--------------------------------------------------------------
Ian Brown and William Kenneth Dawson of Deloitte & Touche LLP
were appointed joint administrators of Fenmarc Prepared Foods
Ltd. (fka PannKrisp Ltd.).
    
"Our appointment follows a difficult trading period and rising
commodity costs, as a result of which the directors concluded
that the company could not continue to trade in its current
form.  After discussions with customers, suppliers and employees
it is my intention to allow the company to continue to trade in
the short term to determine whether a buyer for th business can
be found," Ian Brown commented.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in Wrexham, North Wales, Fenmarc Prepared Foods --
http://www.fenmarc.com/-- supplies a range of freshly prepared  
meals to the grocery sector.  It employs 190 people.


INTERNATIONAL DIAMALT: Creditors' Meeting Slated for April 24
-------------------------------------------------------------
Creditors of International Diamalt Co. Ltd. (Company Number
FC015216) will meet at 10:00 a.m. on April 24, 2008, at:

          KPMG LLP
          St. Nicholas House
          31 Park Row
          Nottingham  
          NG1 6FQ
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 23, 2008, at:

          David James Costley-Wood
          Joint Administrator
          St James' Square
          Manchester
          M2 6DS
          England

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


LUDGATE FUNDING: S&P Rates Class S at B with CreditWatch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and placed on
CreditWatch with negative implications its credit rating on the
class S deferrable interest rate notes issued by Ludgate Funding
PLC (series 2006-FF1).

It has also placed on CreditWatch negative its credit ratings on
the class Ba, Bb, C, D, and E notes, and affirmed the class A2a,
A2b, and MERCs of series 2006-FF1.
  
These rating actions follow a full credit and cash flow analysis
of the most recent loan-level information, taking into account
in particular the current and expected levels of the transaction
reserve in the near term.  This analysis showed that the class S
notes could no longer withstand Standard & Poor's 'B+' rating
stress.
  
The transaction drew GBP431,722 (47.87%) of its quarter opening
reserve fund balance at the March 2008 interest payment date.
The reserve fund now represents 0.18% of the outstanding
mortgage balance, or 31.35% of the reserve required amount of
GBP1.5 million. The most recent reserve fund draw followed a
previous draw of GBP598,059 on the December 2007 IPD.
  
The reserve fund draws are primarily driven by the unhedged
differences in the interest rate received from the loans, which
are linked to the Bank of England base rate, and payments due on
the liabilities, which are linked to the three-month LIBOR.  To
mitigate this risk at closing, Standard & Poor's looked at the
historical difference between LIBOR and BBR over time and
modeled this additional risk in its cash flows.
  
All of the mortgage loans are either currently linked to the
BBR, or will revert to it on the expiry of their fixed or
discount periods.  Approximately 12% of the pool is scheduled to
revert from a discounted rate to a BBR-linked floating rate this
quarter.  Given recently tightened underwriting criteria and
repricing by many lenders, if these borrowers are unable to
refinance they will experience a rise in their monthly payments.
A similar percentage of the pool is scheduled to revert in the
following two quarters.
  
The widened and prolonged difference between LIBOR and BBR over
the last few periods has further caused a reduction of excess
spread for those transactions with unhedged basis risk.  In this
particular transaction, the differential was 0.51% as of the
March reset date; with the most recent reduction in BBR to
5.0% and three-month LIBOR at 5.9%, this differential could be
expected to widen.  S&P has estimated the expected cash flows
for the next period based on various assumptions regarding
arrears, collection rates, interest rates, and prepayment rates.
Based on this analysis, S&P expects a further small reserve
fund draw on the June IPD.
  
Total delinquencies have increased to 7.75% of the pool as of
the most recent investor report, with 90+ day delinquencies
standing at 2.92% (including repossessions).  Unsold
repossessions represent 0.9% of the outstanding balance.
Cumulative losses are negligible at GBP12,275.
  
S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for full credit and cash
flow analyses.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.  The results of our analysis, together
with any effects on the ratings on any of the notes, will be
released after the June IPD.
  
                       Ratings List
  
Ludgate Funding PLC

     GBP271.8 Million and EUR156.4 Million Mortgage-Backed          
          Floating-Rate Notes Series 2006-FF1
  
                Class               Rating
                           To                    From
  
         Rating Lowered and Placed on CreditWatch Negative
              
               S           B/Watch Neg           B+
  
            Ratings Placed on CreditWatch Negative
              Ba         AA/Watch Neg          AA
              Bb         AA/Watch Neg          AA
              C          A/Watch Neg           A
              D          BBB/Watch Neg         BBB
              E          BB/Watch Neg          BB
  
                       Ratings Affirmed
  
              A2a        AAA
              A2b        AAA
              MERCs      AAA


NATIONAL SCHOOLWEAR: Placed Under Administration
------------------------------------------------
National Schoolwear Centres plc has been placed under
administrative receivership.  According to the company's
website, David Hudson and Tim Dolder of Begbies Traynor (South)
LLP were appointed joint administrative receivers.

According to a report by  Sarah Hall of the Norwich Evening
News, the company had been unable to keep its financial
obligations.  Mr. Hudson states that the franchised stores are
not part of the proceedings and only the main office is
currently involved, the report adds.

National Schoolwear Centres plc --
http://www.nationalschoolwearcentres.co.uk/-- makes school  
uniforms.  


NORTHERN ROCK: Fails to Carry Out Cuts On Variable Rates
--------------------------------------------------------
Northern Rock plc has failed to implement interest rate cuts to
mortgage customers on variable rates, BBC News reports.

BBC relates Northern Rock, which recently carried out a base
rate move, argued its standard variable rate was "still under
review."

On Sunday, April 13, 2008, Chancellor Alistair Darling urged
lenders to pass on recent interest rate cuts to homeowners,
saying "if you can pass on those interest rate reductions, if
you can help homeowners, help businesses, that will help all of
us get through a very difficult time."

The Council of Mortgage Lenders, on the other hand, contended
Mr. Darling's call was irrelevant, insisting fresh access to
funds is the key issue, BBC discloses.

CML, which is set to participate at a Downstreet meeting, is
calling for the Bank of England to provide more liquidity in the
market.

According to Sue Anderson of CML "it is a political reality that
this meeting has got a high profile."

                 About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *

In December 2007, Moody's Investors Service downgraded to E+
from D+ Northern Rock's Bank Financial Strength Rating.  The E+
maps into a Baseline Credit Assessment of B1.

The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively.  All of
these ratings have negative outlooks.  Northern Rock's short-
term rating was affirmed at Prime-1.


ROO GROUP: Moore Stephens Expresses Going Concern Doubt
-------------------------------------------------------
Moore Stephens PC expressed substantial doubt on the ability of
ROO Group Inc. (nka KIT Digital, Inc.) to continue as a going
concern after auditing the company's financial statements as of
Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's recurring losses and negative cash flows from
operations.

                          2007 Results

The company disclosed that for 2007, it made several key
corporate action announcements, including:

   (a) The conversion of all of the Company's outstanding 10
       million super-voting preferred shares into an aggregate
       of 400,000 common shares, as well as the extinguishment
       of all shelf preferred shares, thereby resulting in the
       extinguishment of the entire class of preferred stock;

   (b) The concurrent issuance of 8.65 million fully vested
       warrants to Messrs. Robert Petty and Robin Smyth as part
       of restructured employment agreements, but unrelated to
       future employment;

   (c) The execution of share purchase agreements with selling
       shareholders towards acquiring the remaining 49% of
       Sputnik Agency, ROO's profitable, interactive online
       advertising subsidiary, pursuant to the agreement in
       principle originally reached on March 16, 2008; and

   (d) The corporate re-branding of ROO Group, including re-
       naming the Company to 'KIT Digital, Inc.'.

For the quarter ended Dec. 31, 2007, revenue was US$3.9 million,
compared to US$3.75 million in the prior year period.

The net loss for the quarter ended Dec. 31, 2007 was US$12.5
million, or US$0.32 per basic and diluted share, compared to
US$5 million, or US$0.23 per basic and diluted share, in the
same period last year.  The net loss for the quarter ended
Dec. 31, 2007 includes non-cash items totaling approximately
US$1.1 million in stock-based compensation and other
compensation payments, compared to US$860,000 in the same period
last year, and US$4.1 million relating primarily to the
impairment of tangible and intangible assets.  Excluding these
non-cash items, net loss for the quarter was US$7.3 million.  
The increase in net loss for the quarter is attributed to
continued investments in building out our technology platform,
the cost of running the RBS business unit, which was still in
the research and development phase, as well as legal fees and
costs associated with headcount reduction.  Weighted average
common shares outstanding for the three months ended
Dec. 31, 2007 was 38,953,109 compared to 21,920,172 for the same
period in the prior year. The RBS business unit, which was
researching peer-to-peer networking technology, was closed down
in January 2008.

For the year ended Dec. 31, 2007, revenue increased 43% to
US$13.9 million, compared to US$9.8 million in 2006.  This
increase includes a 78% increase in revenue from the Online
Digital Media segment to US$9.5 million, compared to revenues of
US$5.4 million for the year ended Dec. 31, 2006.

The net loss for the year ended Dec. 31, 2007 was US$34.6
million, or US$0.99 per basic and diluted share, compared to
US$14.6 million, or US$0.92 per basic and diluted share in 2006.
The net loss includes non-cash items totaling approximately
US$4.7 million in stock-based compensation and other
compensation payments, compared to US$2.6 million in 2006, and
US$4.1 million relating primarily to the impairment of tangible
and intangible assets.  Excluding these non-cash items, net loss
for the year was US$25.8 million.  The increase in net loss for
the year is attributed to the cost of development of the VX
Platform, the acquisition of strategic assets of Wurld Media and
the cost of running the RBS business unit, as well as a ramp up
of global operations and sales personnel.  Weighted average
common shares outstanding for the year ended Dec. 31, 2007 was
34,869,325 compared to 15,901,049 for the same period in the
prior year.

"The financial results for the three months and year ended
Dec. 31, 2007, reported today, pre-date my joining ROO in
January 2008.  Since January, we have implemented several
material cost-cutting initiatives and repositioned ROO to be
more competitive, with a refocused strategic growth plan.  This
new strategy involves the integration of our interactive agency
and video player capabilities, and an all-out commitment to
profitability this fiscal year.  Our focus during the first
quarter of 2008 was on (a) maintaining revenues, (b) controlling
and cutting costs and (c) simplifying our capital structure,"
Kaleil Isaza Tuzman, chairman and chief executive officer of
ROO, stated.

"Our focus in the second quarter of 2008 will be on building
'smart', gross contribution-positive revenue through client
agreements and strategic acquisitions.  While building the scale
of our business will play an important role in our success, we
are more focused on achieving profitability than on top-line
growth -- which we believe will ultimately provide a more stable
foundation for long-term success."

"In the first quarter, we have cut our cash burn by roughly 45%
through a mixture of operating discipline and slightly enhanced
revenue levels -- without losing a single client and while
adding one of our largest clients to date, Italy's RCS Digital.
We fully integrated our subsidiary Sputnik and finally managed
to extinguish the onerous preferred share class without material
dilution to common shareholders. We also rotated the Company
more towards higher growth international markets, built a high-
quality independent board of directors and filled out critical
management positions -- like president, chief operating officer,
head of engineering, head of EMEA and head of Latin America. A
very productive first quarter in my opinion," Mr. Isaza Tuzman
continued.

       Preferred Share Conversion and Class Extinguishment

On March 30, 2008, ROO Group reached negotiated settlements with
Robert Petty and Robin Smyth, restructuring their respective
employment agreements, each of which involved one-time cash
severance payments.  In exchange for entering into new below-
market, "at will" employment agreements, Messrs. Petty and Smyth
will receive upfront cash settlements of US$675,000 and
US$275,000 respectively, as well as an aggregate of 8.65 million
fully vested warrants to purchase ROO common stock, at a strike
price equal to US$0.133 per share (representing the 3-day
weighted average of closing price of ROO common stock prior to
and including March 28, 2008).  These warrants will become
exercisable in 1/12 increments on a monthly basis starting six
months from now.  Mr. Smyth's restructured employment agreement
involves certain cash and warrant- based incentives which can be
earned-in over a period of 3 years based on ongoing service to
the Company.  As part of their respective settlements, Messrs.
Petty and Smyth agreed to vote their preferred shares according
to the Company's designation.  Together with certain preferred
shares beneficially voted by the Company on March 30, 2008,
these preferred shares -- which represented a voting majority of
all aggregate share classes -- voted for a statutory conversion
of all outstanding preferred shares (10 million in total) into
an aggregate of 400,000 common shares.  The preferred shares
also voted for the subsequent extinguishment of the entire class
of preferred shares, such that no preferred shares may be issued
by the Company in the future, and for the renaming of the
Corporation to "KIT Digital, Inc."  These decisions will be
perfected twenty days after a definitive information statement
has been sent to all of the Company's shareholders.

Following the conversion of the outstanding preferred shares
into an aggregate of 400,000 common shares, ROO will have 39.34
million total shares outstanding, or a market capitalization of
US$5.1 million -- based on the US$0.13 closing price of ROO
common shares on Friday, March 28, 2008.  As of March 28, 2008,
the Company had an approximate cash position of US$5.3 million.

KIT Capital retains a right, pursuant to its Executive
Management Agreement with the Company of Dec. 18, 2007, to
purchase US$5 million of ROO common shares at US$0.16 per share.
KIT Capital has also agreed, subject to approval by an
independent committee of the board of directors, to accept
warrants to purchase 2 million shares of ROO common stock at a
strike price equal to US$0.13 per share in exchange for
surrendering its right to purchase 51% of the outstanding
preferred shares of the Company.

"ROO Group has long suffered from the overhang of a 'blank-
check' preferred share class," Mr. Isaza Tuzman commented.
"While management originally came forward with a plan to
eliminate the preferred shares through a 1-to-3.2 conversion
ratio into common shares, it became clear over the last several
weeks that this plan was unacceptable to common shareholders.  
We see the net outcome of the settlements reached as being
materially positive for common shareholders-involving less than
one-third of the pro forma dilution as the previously proposed
1-to-3.2 conversion alternative.  More importantly, with only
one class of stock, all shareholders are now on a level playing
field, and investors can value ROO transparently and on an
apples-to-apples basis versus others companies in our sector-a
comparison that we think will prove favorable.  We appreciate
the flexibility shown by Messrs. Petty and Smyth in arriving at
this point."

        Integration and Consolidation of Sputnik Agency

On March 30, 2008, ROO executed various individual share
purchase agreements with the shareholders of Sputnik Agency, in
a process that once completed should provide the Company a 100%
ownership position in the subsidiary entity.  The all-in cash
cost to ROO for the buy-in of Sputnik (including consummation of
the Company's original 51% ownership) will be approximately
US$4.0 million, to be paid by April 30, 2008.  Sputnik Agency
reported 2007 revenues of US$5.2 million and an operating profit
of US$371,000.  As previously announced, ROO recently appointed
Sputnik Agency's managing director, Gavin Campion, 35, as
president.  Mr. Campion is now responsible for all of ROO's
global operations, client services and business development.

"The integration of Sputnik and ROO Media Services will
strengthen our operations by bringing our online video
enablement and interactive marketing solutions under one product
offering.  By offering a single source solution we will be able
to better serve current and prospective clients.  The Sputnik
and ROO Media Services teams are in fact already operating as
one, and we have begun to see the positive fruits of this
decision.  I bring the profit-focused outlook I have had in
building Sputnik to the overall ROO Group," Mr. Campion
commented.

                  Corporate Rebranding Efforts

On March 30, 2008, the majority of the Company's aggregate
shares voted to change the name of the Company to KIT Digital,
Inc.  The name change had been previously authorized by the
Board of Directors.  The Company will operate under the new name
effective April 7, 2008.  The Company will legally change the
name of the Corporation forthwith, as a result of which the
Company's ticker symbol on the Over the Counter Bulleting Board
will also be changed.  Until that time, the Company will
continue to trade under the ticker symbol RGRP.

"The ROO name has served the Company over time, but the team
felt that the integration of Sputnik and ROO Media Services
represented a good time to introduce a fresh, new brand. The
'KIT Digital' brand underscores my commitment to our success,
and reflects in part the changes made since KIT Capital's
involvement in the Company several months ago," Mr. Isaza Tuzman
commented.

"In the coming weeks we will officially launch our new corporate
identity, including a new logo and Web site.  This new brand
most effectively conveys our revamped operations and our focus
on a 360 degree online video monetization model for corporate
clients.  We will be unveiling our new branding at the MIPTV
conference in Cannes, France on April 7th.,"  Mr. Campion
continued.

"We are off to a strong start in 2008 as it relates to executing
our plan," Mr. Isaza Tuzman concluded.  "We are gaining traction
delivering our unique end-to-end IPTV enablement technology to
international customers.  This is buttressed by our recent
exclusive technology agreements with Abacast, Pando Networks and
Viewdle and our recently announced intent to acquire mobile TV
company Kamera.  However, this progress is perhaps best
underscored by leading European media company RCS' decision to
deploy ROO's online streaming video solutions on the web sites
of two of Europe's largest newspapers, Corriere della Sera and
La Gazetta dello Sport."

ROO Group's significant corporate milestones since Dec. 31, 2007
include:
  
   -- conversion of all outstanding 10 million preferred shares
      into an aggregate of 400,000 common shares, and subsequent
      extinguishment of the entire class of preferred shares;

   -- execution of definitive share purchase agreements with the
      shareholders of ROO's subsidiary Sputnik Agency, towards
      the purchase of 100% of the capital stock of Sputnik;

   -- appointment of Gavin Campion as president of ROO Group,
      effective April 1, 2008;

   -- the expansion of the Company's board of directors to seven
      members, four of whom are independent.  This includes the
      appointments of Wayne R. Walker, Kamal El-Tayara, Lars
      Kroijer, and Daniel W. Hart;

   -- execution of a Letter of Intent and associated Content
      Distribution Agreement for the acquisition of 100% of the
      capital stock of Kamera Content AB, a Stockholm-based
      provider of mobile and browser-based IPTV solutions to
      corporate customers like Vodafone, MSN, Orange, O2,
      Telefonica, Hutchinson, China Mobile and others;

   -- partnered with Abacast and Pando Networks on a semi-
      exclusive basis to offer current and future corporate
      customers peer-to-peer (P2P) streaming solutions that
      deliver live streaming and video-on-demand (VoD) through
      the ROO Media Player;

   -- partnered with facial recognition-based video search
      company Viewdle, whereby Viewdle will integrate its video
      search capability into the ROO player to offer a seamless
      user experience as either a stand-alone product or
      integrated with a broader ROO solution for corporate
      clients;

   -- rebranding the Company as "KIT Digital", effective
      April 7, 2008; and

   -- retained Merriman Curhan Ford & Co. to help manage its
      capital restructuring initiatives and explore strategic
      buy-side alternatives.

                        About ROO Group

Headquartered in New York, ROO Group Inc. (nka KIT Digital,
Inc.) -- http://www.roo.com/-- is a provider of digital media  
solutions and advercasting technology that enables the
activation, marketing and distribution of digital media video
content over the Internet and emerging broadcasting platforms
such as set top boxes and mobile communication devices.  ROO was
founded in 2001 and went public in 2003.  ROO has over 100
employees with worldwide operations in New York, Los Angeles,
London and Australia.


TITAN EUROPE: S&P Cuts Ratings to Low-B on Two Note Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
the class G and H notes issued by Titan Europe 2006-1 PLC.

At the same time, the class H notes were removed from
CreditWatch with negative implications, where they had been
placed on Sept. 5, 2007.  The remaining notes were affirmed.
  
The transaction, which was arranged by Credit Suisse
International, closed on March 22, 2006.  The EUR723.3 million
commercial mortgage-backed floating-rate notes issued at closing
were backed by a pool of 10 commercial real estate loans
originated by CSI.  The balance has now reduced to EUR408.6
million, with four of the loans having prepaid as of the January
2008 interest payment date.
  
These rating actions are due to our concerns regarding the term
and refinancing risk for a number of loans in the pool:

   -— The Mangusta Portfolio Loan (33.21% of the pool) has a
      current reported CMSA-standard debt-service coverage ratio
      below 1.00x whereas the forward-looking DSCR covenant
      ratio as per loan agreement is 1.07x.  As there is a lack
      of timely reporting by the borrower, the accuracy of these
      figures cannot be confirmed.  The debt service payments
      were made from surplus cash available from previous
      quarters.  We understand that the servicer, Hatfield
      Philips International Ltd., is in discussion with the
      borrower to resolve the reporting issues.  There was a
      late payment in third quarter 2006 due to higher expenses
      payable by the borrower. This increases the propensity of
      the loan to future late payments and potentially ultimate
      default.

   -— The Tiden Portfolio Loan (18.88% of the loan pool)
      currently exhibits stable reported interest-coverage
      ratios (ICRs) and DSCRs.  However, 45% of the leases
      expire in December 2011, just 10 months before loan
      maturity.  This portfolio will therefore require active
      asset management skills to either keep these tenants or to
      relet within a relatively short period of time.  However,
      if the reletting periods for this portfolio turn out to be
      at the higher end of our expectations, the net operating
      income at loan maturity could be as low as EUR3.1 million,
      resulting in an exit yield on debt of only 4.37% for the          
      senior loan and 3.63% for the whole loan.

   -— At loan maturity, the weighted-average remaining lease
      term assuming no tenancy changes will be approximately 4.5
      years for the Deutsche Post Portfolio Loan (8.7% of the
      loan portfolio).  At this level it may be challenging to
      refinance this loan, given the exit loan-to-value ratio
      of 71%.
  
S&P notes that transaction performance is also exposed to
certain structural weaknesses.  For example, if any loan is
transferred into special servicing, associated fees (including
any workout or liquidation fee) will not be covered by excess
spread, as this is monetized by the existing class X note, or
the liquidity facility and may shorten interest payments on the
lowest-rated class of notes.
  
In addition, for most of these loans no updated business plan
or, in the case of operating assets, no performance data was
available to us.
  
                       Ratings List
  
                  Titan Europe 2006-1 PLC
        EUR723.3 Million Commercial Mortgage-Backed
           Floating-Rate And Variable-Rate Notes
  
           Class       To                  From
  
Rating Lowered
  
           G           BB-                 BB
            
Rating Removed From CreditWatch Negative And Lowered
  
           H           B-                  B/Watch Neg
    
Ratings Affirmed
  
           A          AAA
           X          AAA
           B          AAA
           C          AA
           D          A
           E          BBB
           F          BBB


TURBO BETA: Moody's Puts Corporate Family Rating at B1
------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to Turbo Beta Ltd, the ultimate holding company for drilling
contractor Abbot Group Ltd.  At the same time, Moody's assigned
a Ba3 rating to the US$1.55 billion of Senior Facilities raised
by Turbo Alpha Ltd, the immediate holding company of Abbot Group
plc.  The outlook for all ratings is stable.  This is the first
time that Moody's has assigned ratings to Abbot.

The B1 rating assigned to the parent company of Abbot Group Ltd
reflects the group's exposure to the highly competitive and
cyclical drilling industry which remains prone to the risk of
over-capacity potentially developing (both onshore and offshore)
but which has been demonstrating robust growth in the recent
past on the back of increased investments by international oil
companies (IOCs) and national oil companies (NOCs).  The rating
also factors in Abbot's relatively small scale -- it owns only
60 rigs, although it operates 110 -- and high operating
leverage, as is customary within this industry.  Moody's adds
that the B1 rating remains constrained by Abbot's highly
leveraged capital structure following its acquisition by First
Reserve, which resulted in a pro-forma net adjusted debt to
adjusted EBITDA ratio of 6.0x in 2007.

At the same time, the B1 corporate family rating is supported by
the group's strong geographic diversification and focus on
international markets, which are characterised by generally
higher barriers to entry -- and hence less volatile drilling
activity -- than North America.  The rating also incorporates
Abbot's solid competitive positions in its various markets
combined with the good quality of both its land and jack-up
rigs, further supported by its solid reputation as operator.  
Moody's notes that Abbot benefits from the favourable
characteristics of its medium-term day rate drilling contracts,
thereby reducing asset redeployment risk and providing
visibility over future cash flows, which should in turn support
deleveraging in the near term.

The proceeds of the US$1.55 billion Senior Facilities were used
to finance part of the acquisition of Abbot Group Ltd by Turbo
Alpha Ltd, a holding company established for the purpose of this
transaction by First Reserve Fund XI, a private equity fund
managed by First Reserve Corporation.  The transaction valued
Abbot Group plc at close to US$3.3 billion, with the rest of the
purchase price funded through a mix of equity, shareholder loan
and Mezzanine Facilities that are expected to be refinanced with
Senior Notes.

The Ba3 rating assigned to the Senior Facilities stems from the
combination of the overall probability of default of Abbot, to
which Moody's has assigned a Probability of Default Rating (PDR)
of B1, and a Loss Given Default assessment of LGD 3 (32%).  It
reflects their contractual senior ranking to the Mezzanine
Facilities / Senior Notes (and any other potential subordinated
debt) under the terms of the Intercreditor Agreement.  The
Senior Facilities are guaranteed by Turbo Alpha Ltd, Turbo Alpha
II Ltd (an intermediate holding company between Turbo Alpha Ltd
and Turbo Beta Ltd) and a number of subsidiaries of Abbot Group
plc incorporated in the UK, Germany, Singapore, Norway, the
Netherlands and Cyprus (subject to any legal limitations that
may apply).  Guarantors are also required under the Senior
Facilities Agreement to provide security over substantially all
their assets and shares (subject to any legal limitations that
may apply). There are a number of financial covenants that apply
under the terms of the Senior Facilities, including EBITDA to
Net Interest, Net Debt to EBITDA, Cashflow to Debt Service, as
well as limitations on the annual amount of capex spend.

The stable outlook reflects, on the one hand, Abbot's highly
leveraged capital structure post-acquisition by First Reserve
and, on the other hand, Moody's expectation that its substantial
future order book (over US$2.5 billion with a further US$1.5
billion in optional extensions) will allow it to deleverage in
the near term to below 4.5x net adjusted debt to EBITDA.

Headquartered in Aberdeen, UK, Abbot Group Ltd is a provider of
onshore and offshore drilling services to both IOCs and NOCs in
the Eastern Hemisphere. Its ultimate owner is First Reserve
Corporation, a US private equity firm specialised in the energy
industry.  In 2007, Abbot reported revenues of US$1.5 billion.


* Fitch Says Some Parts of UK BTL Market Face More Risk
-------------------------------------------------------
Fitch Ratings said that differences in origination standards and
target market means that certain parts of the UK BTL market are
more at risk from performance issues than others.  Fitch has
undertaken a survey of the major BTL lenders in the UK and the
results of this survey reveal that there are significantly
different products and practices amongst lenders.  Additionally
there is recent evidence that the BTL sector has seen a
withdrawl of lenders and products since the on-set of the credit
crunch.  BTL investors who have relied on refinancing back to a
cheap teaser rate product after the end of the initial teaser
rate may find the economics of their BTL investments alter
significantly if cheap re-financing cannot be found.

"There is a tendency to view the BTL market as one homogenous
asset class where borrowers and the property that secures the
loans are all very similar. In undertaking our survey, Fitch
identified significant differences in underwriting and
origination practices amongst lenders in the UK," says Alastair
Bigley, Director and head of UK RMBS at Fitch.

The UK Buy-to-Let (BTL) market has changed considerably since
the first BTL loan was originated in the UK approximately 11
years ago.  The first BTL loans were originated with relatively
low LTVs and high Interest Coverage Ratios to prime borrowers
where a valuer had certified the estimated rental income.  11
years on and BTL loans are now available to borrowers who self
certify the rental value and to borrowers who have impaired
credit histories.  Given not all BTL lenders offer these types
of loans points to an increasingly diverse market with products
presenting various risk/reward profiles to investors.


* S&P Downgrades Ratings on 14 Tranches from Different Issuers
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on 14
tranches issued by several European collateralized debt
obligation (CDO) of asset-backed securities (ABS) transactions.

Of these tranches, six issued by Bantry Bay CDO I PLC remain on
CreditWatch with negative implications.  At the same time, one
tranche issued by G Square Finance 2006-1 Ltd. was removed from
CreditWatch negative and affirmed.

The rating actions reflect the negative rating migration that
has occurred in the underlying portfolios of the affected
transactions, primarily from U.S. residential mortgage-backed
securities (RMBS) and CDOs.
  
Additonally, the actions incorporate the revised assumptions
Standard & Poor's uses to assess U.S.  RMBS held within CDO
portfolios.  Both these factors have resulted in an increase in
the scenario default rates for the CDOs, so that they are not
supported by current cash flows and credit enhancement.
  
                       Ratings List  

       Ratings Lowered and Remaining on CreditWatch Negative
   
                    Bantry Bay CDO I PLC
           US$250 Million Secured Floating-Rate And
                Deferrable Floating-Rate Notes

                                 Rating
                                 ------
     Class           To                          From
     -----           --                          ----
     A-1            BBB/Watch Neg                AAA/Watch Neg
     A-2            BB-/Watch Neg                AA+/Watch Neg
     A-3            CCC+/Watch Neg               AA/Watch Neg
     B              CCC-/Watch Neg               A+/Watch Neg
     C              CCC-/Watch Neg               BBB+/Watch Neg
     D              CCC-/Watch Neg               BBB-/Watch Neg

                       Ratings Lowered
  
                 Cheyne ABS Investments I PLC
                US$178 Million Floating-Rate Notes

                                  Rating
                                  ------
           Class           To                   From
           -----           --                   ----
           A-2             AA                   AAA
           B               BBB+                 AA+
           C               BBB-                 AA-
  
                     Palmer Square PLC
    US$1,254.5 Million Asset-Backed Floating-Rate Notes

                                  Rating
                                  ------
           Class           To                   From
           -----           --                   ----
           D-1            BB+                   BBB
           D-2            BB+                   BBB
  
         Ratings Removed from CreditWatch and Lowered
RATINGS REMOVED FROM CREDITWATCH NEGATIVE AND LOWERED
  
               G Square Finance 2006-1 Ltd.
             US$1.49 Billion And EUR17 Million
             Senior Secured Floating-Rate Notes

                                  Rating
                                  ------
           Class           To                   From
           -----           --                   ----
           A-1             AA+                  AAA/Watch Neg
           A-2             AA                   AAA/Watch Neg
           B               BBB+                 AA/Watch Neg

      Rating Removed from CreditWatch Negative and Affirmed
  
                   G Square Finance 2006-1 Ltd.
                US$1.49 Billion And EUR17 Million
                  Senior Secured Floating-Rate Notes

                                  Rating
                                  ------
           Class           To                   From
           -----           --                   ----
           X               AAA                  AAA/Watch Neg


* S&P Takes CreditWatch Actions on 105 European Synthetic CDOs
--------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services has taken CreditWatch actions on 105 European synthetic
CDO tranches.
  
Specifically, ratings on:

   -- 89 tranches were placed on CreditWatch with negative
      implications.


   -- 2 tranches were placed on CreditWatch with positive  
      implications.

   -- 14 tranches were removed from CreditWatch with negative
      implications and affirmed.
  
Of the 89 tranches placed on CreditWatch negative:

   -— 38 reference U.S. RMBS and U.S. CDOs that are exposed to
      U.S. RMBS, which have experienced recent negative rating
      actions.

   -— 51 have experienced corporate downgrades in their
      portfolios.
  
The table provides a summary of the CreditWatch actions Standard
& Poor's has taken on European synthetic CDO tranches since the
last quarter of 2007.
  
CreditWatch Summary - 2008
  
           Watch Neg  Watch Pos  Key corporate
           (no. of    (no. of    downgrades*
           tranches)  tranches)
  
Oct-07     16         14         TXU Corp.
                                 (BB/Watch Neg to B-)
                                 Oct. 9, 2007
                                 Alliance Boots Ltd.
                                 (B- to NR)
                                 Oct. 4, 2007
Nov-07     64         15
Dec-07     74          5         Quebecor World Inc.
                                 (B-/Watch Neg to CCC/Watch Neg)
                                 Dec. 18, 2007
                                 ACA Financial Guaranty Corp.
                                 (A/Watch Neg to CCC/Watch Dev)
                                 Dec. 19, 2007
Jan-08     47         8          United Parcel Service Inc.
                                 (AAA/Watch Neg to AA-)
                                 Jan. 9, 2008
                                 Quebecor World Inc.
                                 (CCC/Watch Neg to D)
                                 Jan. 16, 2008
Feb-08     39         11         GMAC LLC
                                 (BB+ to B+)
                                 Feb. 22, 2008
                                 Residential Capital, LLC
                                 (BB+ to B)
                                 Feb. 22, 2008
Mar-08     95         3
Apr-08     89         2          FGIC Corp.
                                 (BBB/Watch Neg to B)
                                 March 28, 2008
                                 FGIC UK Ltd.
                                 (A/Watch Neg to BB)
                                 March 28, 2008

*Those corporate names that have experienced a significant notch
downgrade as well as being widely referenced within European
Synthetic CDOs.
  
The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the March month-end run.  These SROC
figures will be published in the SROC report covering March
2008, which is imminent.
  
Following publication of the latest SROC report, a full review
of the affected tranches will take place, and the appropriate
actions will be published in the April rating action media
release.  All other tranches in the transactions listed are
unaffected by these rating actions.
  
The Global SROC Report provides SROC and other performance
metrics on over 3,500 individual CDO tranches.
  
                       Ratings List
  
Class         To                    From              SROC (%)
  
Aldersgate Finance Ltd.
EUR249.5 Million Floating-Rate Credit-Linked Notes

A             AAA/Watch Neg         AAA               99.4941
B             AA/Watch Neg          AA                99.8264
  
Alexandria Capital PLC
EUR212 Million Secured Floating-Rate Credit-Linked Notes Series
2004-12 (Karnak)

B-2a          AA+/Watch Neg         AA+               99.9843
B-2b          AA+/Watch Neg         AA+               99.9843
  
Alexandria Capital PLC
EUR80 Million Secured Floating-Rate Credit-Linked Notes Series
2004-13 (Rhodes II)

B-2b          AAA                   AAA/Watch Neg     100.7611
  
Angel Court CDO PLC
EUR60 Million Tranche B Secured Floating-Rate Notes Series
2006-1
              AA/Watch Neg          AA                99.8310
  
Angel Court CDO PLC
US$2 Million Tranche B Secured Fixed-Rate Notes Series
2006-2

B             AA/Watch Neg          AA                99.8310
  
Angel Court CDO PLC
US$30 Million Secured Tranche B Floating-Rate Notes Series
2006-5

              AA/Watch Neg          AA                99.8310
  
Angel Court CDO PLC
EUR20 Million Tranche A Secured Floating-Rate Notes Series
2006-6

A             AAA/Watch Neg         AAA               99.7857
  
Angel Court CDO PLC
US$10 Million Tranche B Secured Floating-Rate Notes Series
2006-7

              AA/Watch Neg          AA                99.8310
  
Angel Court CDO PLC
US$25 Million Tranche A Secured Floating-Rate Notes Series
2006-11

              AAA/Watch Neg         AAA               99.9772
  
Aphex Capital PLC
EUR30 Million SENWAI Secured Callable Portfolio Credit-Linked
Floating-Rate Notes Series 2006-33

              AA/Watch Neg          AA                99.1147
  
Argon Capital PLC
US$51 Million Limited-Recourse Secured Credit-Linked Floating-
Rate Notes Series 60

              A-/Watch Neg          A-                99.9406
  
Argon Capital PLC
US$36 Million Limited-Recourse Secured Credit-Linked Floating-
Rate Notes Series 61

              BBB-/Watch Neg        BBB-              99.8100
  
Astir B.V.
EUR150 Million And EUR100 Million Tap Issuance Floating-Rate
Variable Coupon Amount Credit-Linked Notes Series 14 (Regatta)

              AA/Watch Neg          AA                99.9904
  
Astir B.V.
EUR10 Million Fixed-Rate Variable Coupon Amount Credit-Linked
Notes Series 15 (Regatta)

              AA/Watch Neg          AA                99.9904
  
Astir B.V.
EUR210 Million Floating-Rate Variable Coupon Credit-Linked Notes
Series 18 (Isara)

B             A/Watch Neg           A                 99.7895
  
Asset Repackaging Trust Six B.V.
EUR5 Million Floating-Rate Portfolio Credit-Linked Secured Notes
Series 5

              AA+                   AA+/Watch Neg     100.441
  
Cerigo Capital Ltd.
EUR49 Million And US$1 Million Denominated Secured Floating-Rate
Credit-Linked Notes Series 2007-1 (Dolomite)

A-e1          AA+/Watch Neg         AA+               99.8000
  
Chiswell Street Finance Ltd.
EUR135.5 Million Floating-Rate Credit-Linked Notes

A             AA-/Watch Neg         AA-               99.4099
C             BBB-/Watch Neg        BBB-              99.6986
E             BB+/Watch Neg         BB+               99.6255
F             BB/Watch Neg          BB                99.7484
  
Claris Ltd.
EUR28.57 Million Rainbow Floating-Rate Credit-Linked Notes
Series 12

              AA-/Watch Pos         AA-               100.9719
  
Claris IV Ltd.
EUR40 Million Carmel Valley 2006-3 Synthetic CDO Of RMBS
Variable-Rate Notes Series 5

              BBB+/Watch Neg        BBB+              99.4370
  
Cloverie PLC
JPY500 Million Class A Fixed-Rate Portfolio Credit-Linked Notes
Series 2005-09 (Palladio III)

              AAA/Watch Neg         AAA               99.8336
  
Cloverie PLC
JPY1 Billion Class B Fixed-Rate Portfolio Credit-Linked Notes
Series 2005-11 (Palladio III)

B             AAA/Watch Neg         AAA               98.3133
  
Cloverie PLC
EUR50 Million Class C Floating-Rate Portfolio Credit-Linked
Notes Series 2005-12 (Palladio III)

C             AA/Watch Neg          AA                99.0509
  
Curzon Funding Ltd.
US$80 Million Step-Up Notes Series 2006-2 (Horizon CDO VII)

D             BBB                   BBB/Watch Neg     100.4016
  
Delta CDO PLC
US$83.5 Million Floating-Rate Credit-Linked Secured Notes Series
2005-1

B-1           AA/Watch Neg          AA                99.7759
C-1           BBB+/Watch Neg        BBB+              99.7073
D-1           BB+/Watch Neg         BB+               99.5749
  
Delta CDO PLC
US$142.5 Million Floating-Rate Credit-Linked Secured Notes
Series 2005-2

E-1           A-/Watch Neg          A-                99.7622
  
Deutsche Bank AG and Deutsche Securities Inc.
US$150 Million Floating-Rate Unfunded Credit Default Swap (Tsar
16 Portfolio)

A-2           AA+/Watch Neg         AA+               96.3784
  
Eirles Two Ltd.
EUR27.5 Million Variable-Rate Secured Notes Series 223

              BBB-/Watch Neg        BBB-              99.8492
  
Eirles Two Ltd.
EUR42.75 Million Variable-Rate Secured Notes Series 224

              BB/Watch Neg          BB                99.7970
  
Eirles Two Ltd.
EUR26.125 Million Variable-Rate Secured Notes Series 225

              B+/Watch Neg          B+                99.8950
  
Eirles Two Ltd.
EUR26.125 Million Variable-Rate Secured Notes Series 226

              B-/Watch Neg          B-                99.8571
  
Eirles Two Ltd.
US$20 Million Secured Floating-Rate Portfolio Credit-Linked
Notes Series 236

              A+/Watch Neg          A+                99.5105
  
Eirles Two Ltd.
US$16.5 Million Class B Variable-Rate Secured Notes Series 269

B             BB/Watch Neg          BB                99.9511
  
Eirles Two Ltd.
US$25 Million Floating-Rate Portfolio Credit-Linked Secured
Notes Series 274

              BBB-/Watch Neg        BBB-              98.3527
  
Eirles Two Ltd.
US$17 Million Variable-Rate Secured Notes Series 307

A-4           BBB/Watch Neg         BBB               99.9034
  
Eirles Two Ltd.
JPY3.7 Billion Variable-Rate Secured Notes Series 317

A-4           BBB/Watch Neg         BBB               99.9034
  
ELM B.V.
EUR50 Million Secured Floating-Rate Notes Series 8

              A-/Watch Pos          A-                106.1765
  
Elva Funding PLC
US$62.5 Million Secured Credit-Linked Floating And Variable-Rate
Notes Series 2007-10

C1            A+/Watch Neg          A+                99.9500
C2            A+/Watch Neg          A+                99.9500
  
Far East Funding I SPC Ltd.
US$20 Million Deferrable Notes Series 2007-01

              A/Watch Neg           A                 99.9418
  
Far East Funding I SPC Ltd.
US$50 Million Deferrable Notes Series 2007-06

              AA-/Watch Neg         AA-               99.9890
  
Far East Funding I SPC Ltd.
US$24 Million Deferrable Notes Series 2007-09

              A/Watch Neg           A                 99.9418
  
Far East Funding I SPC Ltd.
JPY1.5 Billion Deferrable Notes Series 2007-14

              A/Watch Neg           A                 99.9558
  
Heartland Funding PLC
EUR20 Million Tranche A Secured Floating-Rate Notes Series 2007-
4 (PICCADILLY II)

A             AA/Watch Neg          AA                99.3704
  
Heartland Funding PLC
EUR5 Million Tranche D Secured Floating-Rate Notes Series 2007-6
(PICCADILLY II)

D             BBB-/Watch Neg        BBB-              99.9777
  
Heather Finance Ltd.
EUR85 Million Credit-Linked Floating-Rate Notes Series 2004-04

I             AAA/Watch Neg         AAA               88.8889
  
Herald Ltd.
US$121.4 Million Floating-Rate Credit-Linked Secured Notes
(Logan CDO) Series 25

              BBB+/Watch Neg        BBB+              97.0878
  
Herald Ltd.
US$19.2 Million Floating-Rate Credit-Linked Secured Notes (Logan
CDO) Series 26

              BBB-/Watch Neg        BBB-              97.8329
  
Herald Ltd.
US$17.2 Million Floating-Rate Credit-Linked Secured Notes (Logan
CDO) series 27

              BB-/Watch Neg         BB-               99.0641
  
Khamsin Credit Products (Netherlands) II B.V.
EUR17.5 Million Floating-Rate Credit-Linked Notes Series 2005-1
(Milan)

              BB+/Watch Neg         BB+               99.2580
  
Linker Finance PLC
US$86.5 Million Class B Floating-Rate Secured Notes Series 2
(Tsar 16)

B             BB+/Watch Neg         BB+               99.0951
  
Linker Finance PLC
US$28.5 Million Class C Floating-Rate Secured Notes Series 3
(Tsar 16)

C             B-/Watch Neg          B-                99.9937
  
Lunar Funding V PLC
US$30 Million Limited-Recourse Secured Floating-Rate Credit-
Linked Notes Series
2006-27

              B                     B/Watch Neg       101.3292
  
Lunar Funding V PLC
US$80 Million Limited-Recourse Secured Floating-Rate Credit-
Linked Notes Series
2006-28

              CCC+                  CCC+/Watch Neg    100.7311
  
Lunar Funding V PLC
US$25 Million Limited-Recourse Secured Floating-Rate Credit-
Linked Notes Series
2006-29

              CCC                   CCC/Watch Neg     100.1333
  
Lunar Funding V PLC
US$200 Million Secured Floating-Rate Credit-Linked Notes (Menton
CDO I)

D2            AA/Watch Neg          AA                99.6930
  
Mainsail CDO I Ltd.
US$298.25 Million Secured Floating Credit-Linked Notes

A1            BB/Watch Neg          BB                90.3653
A2            CCC/Watch Neg         CCC               95.9864
  
Menton CDO II PLC
US$104.5 Million Secured Floating-Rate Credit-Linked Notes

A-1           AA/Watch Neg          AA                99.9380
A-2           AA-/Watch Neg         AA-               99.2852
B             BB+/Watch Neg         BB+               99.8569
  
Menton CDO IV Ltd.
US$250 Million Secured Floating-Rate Notes

A-1           AAA/Watch Neg         AAA               98.4462
A-2           BBB/Watch Neg         BBB               98.4118
  
Omega Capital Investments PLC
NOK200 Million And EUR16 Million Secured Floating-Rate Notes Due
2013 Series 28 Broadway

A1-7E         AA+/Watch Neg         AA+               99.9977
A2-7N         AA+/Watch Neg         AA+               99.9977
B1-7E         AA-/Watch Neg         AA-               99.9330
  
Omega Capital Investments PLC
CHF21 Million EUR26 Million And US$16 Million Secured Floating-
Rate Notes Series 36

A             AA                    AA/Watch Neg      101.8567
B             AA                    AA/Watch Neg      101.8567
D             AA                    AA/Watch Neg      101.8567
E             AA                    AA/Watch Neg      101.8068
F             AA                    AA/Watch Neg      101.8068
G             AA                    AA/Watch Neg      101.8068
  
Prime Square CDO Ltd.
US$50 Million Tranche Ba & Bb PRIMO Secured Floating-Rate Notes
Series 2006-1

Ba            AA/Watch Neg          AA                99.9596
Bb            AA/Watch Neg          AA                99.9596
  
Prime Square CDO Ltd.
EUR10 Million Tranche B PRIMO Secured Floating-Rate Notes Series
2006-2

B             AA/Watch Neg          AA                99.9348
  
Prime Square CDO Ltd.
US$5 Million Tranche C PRIMO Secured Floating-Rate Notes Series
2006-3

C             A/Watch Neg           A                 99.9041
  
Prime Square CDO Ltd.
EUR6 Million Tranche A PRIMO Secured Floating-Rate Notes Series
2006-4

A             AAA/Watch Neg         AAA               99.9015
  
Prime Square CDO Ltd.
EUR20 Million Tranche C PRIMO Secured Floating-Rate Notes Series
2006-5

C             A/Watch Neg           A                 99.9041
  
Prime Square CDO Ltd.
US$20 Million Tranche B PRIMO Secured Floating-Rate Notes Series
2006-6

B             AA/Watch Neg          AA                99.9596
  
Prime Square CDO Ltd.
JPY2,000 Million Tranche A PRIMO Secured Floating-Rate Notes
Series 2006-7

A             AAA/Watch Neg         AAA               99.9015
  
Prime Square CDO Ltd.
JPY2 Billion Tranche A PRIMO Secured Floating-Rate Credit-Linked
Notes Series 2006-8

A             AAA/Watch Neg         AAA               99.9015
  
Prime Square CDO Ltd.
JPY1 Billion Tranche B PRIMO Secured Floating-Rate Credit-Linked
Notes Series 2006-9

B             AA/Watch Neg          AA                99.9596
  
Rente Plus Co. Ltd.
EUR70 Million Rente Plus Notes 2 Series 1

              AA-/Watch Neg         AA-               99.0909
  
Rheinwest Credit Management
EUR15 Million Credit-Linked Floating-Rate Notes Series 10

              A+/Watch Neg          A+                99.9066
  
Rheinwest Credit Management
EUR15 Million Credit-Linked Floating-Rate Notes Series 16

              A-/Watch Neg          A-                99.9228
  
Salisbury International Investments Ltd.
US$15 Million Floating-Rate Portfolio Credit-Linked Notes Series
2005-9

              AA/Watch Neg          AA                99.9830
  
Saphir Finance PLC
EUR15 Million Variable-Rate Credit-Linked Synthetic Portfolio
Notes Series 2005-7 Class A2 (Tulip Lane)

A2            AA                    AA/Watch Neg      105.3766
  
Saphir Finance PLC
EUR25 Million Spring Sand 10 Years Non-Call 5 Years Step-Up CMS
Credit-Linked Synthetic Portfolio Notes Series 2006-6

              AA+/Watch Neg         AA+               99.9762
  
Saphir Finance PLC
EUR50 Million Credit-Linked Synthetic Portfolio Notes Series
2007-1

              AA+/Watch Neg         AA+               99.8295
  
Saphir Finance PLC
EUR100 Million Credit-Linked Synthetic Portfolio Notes Series
2007-5

              AA/Watch Neg          AA                99.9177
  
Sceptre Capital B.V.
EUR20 Million Forward-Starting Synthetic CDO Floating-Rate Notes
Series 2006-01
A             AA/Watch Neg          AA                99.8151
  
Starling Finance PLC
JPY500 Million Class C Floating-Rate Brevan Howard CDO I
Portfolio Credit-Linked Notes Series 2007-04

              A+/Watch Neg          A+                99.7427
  
Starling Finance PLC
JPY1.1 Billion Class B Floating-Rate Brevan Howard CDO I
Portfolio Credit-Linked Notes Series 2007-005

              AA/Watch Neg          AA                99.854
  
Starling Finance PLC
JPY1.1 Billion Class B Floating-Rate Brevan Howard CDO I
Portfolio Credit-Linked Notes Series 2007-015

B             AA+/Watch Neg         AA+               99.5547
  
Topaz Finance Ltd.
EUR25 Million Tulip Lane CDO Of CDO Variable-Rate Credit-Linked
Synthetic Portfolio Notes Series 2005-2

              BBB                   BBB/Watch Neg     102.1536
  
Xelo PLC
EUR10 Million Secured Limited-Recourse Credit-Linked Notes
(Piccadilly 7) Series 2006

              A+/Watch Neg          A+                99.7585
  
Xelo PLC
EUR 40 Million Secured Limited-Recourse Credit-Linked Notes
Series 2006 (Spinnaker III Europe Series 1)

              AAA/Watch Neg         AAA               99.9722
  
Xelo PLC
EUR10 Million Secured Limited Resource Credit-Linked Notes
Series 2006 (Spinnaker III Europe TRED 1 Series 1)

              AAA/Watch Neg         AAA               99.9722

                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *