TCREUR_Public/080417.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

            Thursday, April 17, 2008, Vol. 9, No. 76

                            Headlines


A U S T R I A

EK ROOF: Claims Registration Period Ends April 30
GOETZINGER GESTALTUNG: Creditors' Meeting Slated for April 23
HOLIDAY-SHUTTLE: Creditors' Meeting Slated for April 21
IMMOBILIARES LIEGENSCHAFT: Claims Registration Ends April 30
KOVACEVIC LLC: Claims Registration Period Ends May 5

LBB SPORTWETTEN: Creditors' Meeting Slated for April 18


B E L G I U M

SOLUTIA INC: Settlement Pact with Solvay Gets Court Approval
TEKNI-PLEX INC: Inks Restructuring Pact with Key Stakeholders


F R A N C E

GECINA SA: S&P Lowers Ratings on Senior Unsecured Debt to BB+
LAZARD GROUP: Moody's Reaffirms Positive Outlook on Ba1 Rating


G E R M A N Y

CALDERON BAUTEN: Creditors' Meeting Slated for April 22
CASH-TEX GMBH: Creditors' Meeting Slated for April 22
COLETTE BOGENSTRASSE: Claims Registration Period Ends May 7
DUDENSTRASSE 6 VERWALTUNGS: Claims Registration Ends May 8
GENERATECH GMBH: Claims Registration Period Ends May 7

GESELLSCHAFT FUER INGENIEUR-UND: Claims Filing Period Ends May 7
HANSE-REISEN GMBH: Claims Registration Period Ends May 7
HORST KOCH: Claims Registration Period Ends May 6
HSK GMBH: Claims Registration Period Ends May 8
HUETTENTECHNOLOGIE EWERT: Claims Registration Period Ends May 7

INEFA NEUE: Creditors Must File Claims by May 15
ITALIANO GASTRONOMIE: Claims Registration Period Ends May 8
KAMPUS CONSULTING: Claims Registration Period Ends May 5
KARL MOERSCHEL: Creditors Must File Claims by May 15
LUDWIG JAHN: Claims Registration Period Ends May 8

MARKISCHE AUTOMOBIL: Creditors Must File Claims by May 15
MASSAM PRODUKTENTWICKLUNGS: Claims Registration Ends May 5
MOSAIC SOFTWARE: Illiquidity Spurs Insolvency Filing
MR.CLEAN GMBH: Claims Registration Period Ends May 5
MSX INTERNATIONAL: S&P Lifts Rating on US$205 Mln Notes to B-

NORDUFER GMBH: Claims Registration Ends May 8
NORDUFER VERWALTUNGS: Creditors Must File Claims by May 15
OBERDICK GMBH: Claims Registration Period Ends April 30
ODS BUSINESS: Claims Registration Period Ends May 5
PLANTAFLOR BLUMENVERMARKTUNG: Creditors' Claims Due May 15

PUELLMANN GMBH: Claims Registration Ends May 8
ROBERT KLETA: Claims Registration Period Ends May 5
ROELING SYSTEM: Claims Registration Period Ends May 5
ROLF HACHMEISTER: Claims Registration Period Ends May 7
RUEDIGER FALTZ: Claims Registration Period Ends May 7

S + W INGENIEURGESELLSCHAFT: Claims Registration Ends May 5
SCHLUETER-BAUR: Claims Registration Period Ends May 7
SCHUERING-BETON GMBH: Claims Registration Period Ends April 23
SCHULDNERS TH: Claims Registration Ends May 7
SOMMER GMBH: Creditors Must File Claims by May 15

SOUND-FARM GMBH: Creditors Must File Claims by May 15
TAUCH GESELLSCHAFT: Claims Registration Period Ends May 5
TRANS-& CARSERVICE: Creditors Must File Claims by May 15
UMWELT TIEFBAU: Creditors Must File Claims by May 15
W & A SERVICE: Claims Registration Ends May 17

WOLFF-REISEN GMBH: Claims Registration Period Ends May 6


I T A L Y

BROWN SHOE: Earns US$60.4 Million In FY Ended February 2, 2008
BROWN SHOE: Operating Challenges Prompt S&P's Negative Outlook
PARMALAT SPA: New Jersey Judge Dismisses Most Claims v Citigroup


K A Z A K H S T A N

AS-POLIMEHTRANS LLP: Creditors Must File Claims by June 3
ASTANA ENGINEERING: Claims Deadline Slated for June 4
BTA BANK: Names Chingiz Aitmatov as Independent Board Director
ECO-TEXT-T LLP: Claims Filing Period Ends June 3
GERKULES LTD: Creditors' Claims Due on June 2

MAI BUSINESS: Creditors Must File Claims by June 2
PAVLODAR STROY: Claims Deadline Slated for June 2
SIGNAL-SERVICE CJSC: Claims Filing Period Ends June 2
TEMIRA LLP: Creditors' Claims Due on June 3
UJTRUBOPROVOD STROY: Claims Registration Ends June 2


K Y R G Y Z S T A N

OMURALY LLC: Creditors Must File Claims by May 20


R U S S I A

BAYKALSKAYA MEAT: Buryatiya Bankruptcy Hearing Slated for May 14
CB RENAISSANCE: Fitch Puts BB(rus) Rating on Series 02 Bonds
DORMASHINA CJSC: Orel Bankruptcy Hearing Slated for June 11
GOLDEN MEADOW: Orel Bankruptcy Hearing Slated for June 11
INTREIS-AVTO CJSC: Moscow Bankruptcy Hearing Slated for June 24

KISELEVSKIY BAKERY: Asset Sale Slated for April 25
STROY-COM PLUS: Yaroslavl Bankruptcy Hearing Slated for May 13
TAMBOV-RAJ-AGRO-PROM-SNAB: Tambov Bankruptcy Hearing Set June 23


S P A I N

FONDO DE TITULIZACION: Fitch Holds BB+ Rating on Class D Notes


S W I T Z E R L A N D

AGNEW JSC: Creditors' Liquidation Claims Due by May 1
CARRIER-LINK: Creditors' Liquidation Claims Due by May 1
ERHABENZ LLC: Creditors' Liquidation Claims Due by May 5
IDESSAG JSC: Creditors' Liquidation Claims Due by May 3
INNOPLAN & PARTNER: Aargau Court Starts Bankruptcy Proceedings

ROSENDO LLC: Basel-Country Court Closes Bankruptcy Proceedings
ROTATEC INTERNATIONAL: Creditors Must File Claims by May 2
SEEPEOPLE LLC: Creditors' Liquidation Claims Due by May 2
SWIGIPS LLC: Aargau Court Starts Bankruptcy Proceedings


U K R A I N E

AGAT INTEKS: Creditors Must File Claims by April 30
ALPHA-ODIS LLC: Creditors Must File Claims by April 30
ARTEMOVSK PLANT Proofs of Claim Deadline Set April 30
GREEN LEAF: Proofs of Claim Deadline Set April 30
SG TRADE: Proofs of Claim Deadline Set April 30


U N I T E D   K I N G D O M

ABBOT GROUP: S&P Assigns B+ Corporate Credit Rating
BAA LTD: British Airways Long-Haul Move to T5 Deferred to June
BAA LTD: Abides by CAA Price Limits Despite Easyjet Legal Threat
BAA LTD: EasyJet and Rynaair to Withhold Part of Landing Fees
BRITISH ENERGY: Iberdola Takeover Bid Unlikely, Report Says

BRITISH AIRWAYS: Defers Long-Haul Move to Terminal Five to June
CARTER AND CARTER: Sells Apprentice Learning Division to RMIF
DATA TEKNOLOGIES: Brings In Liquidators from Mazars
DGM PROPERTIES: Taps Ernst & Young As Administrative Receivers
EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans

EMI GROUP: Nick Gatfield Named as North America & UK Head
ERINACEOUS MANAGED: Names Richard Hill as Administrator
ETHEL AUSTIN: Brings In Joint Administrators from Menzies
FORD MOTOR: Sells ACH Glass Business and Mexican Subsidiary
GAME WORLD: Claims Filing Period Ends July 8

MONTPELIER RE: Francis Lockwood to Lead US Firm Underwriting
OSSIAN RETAIL: Set to File for Administration
QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor
QUEBECOR WORLD: Wants Ernst & Young as Tax Services Provider
TURBO ALPHA: S&P Places Long-Term Rating at B+

* Upcoming Meetings, Conferences and Seminars


                            *********

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A U S T R I A
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EK ROOF: Claims Registration Period Ends April 30
-------------------------------------------------
Creditors owed money by LLC EK Roof Dachservice (FN 274585b)
have until April 30, 2008, to file written proofs of claim to
court-appointed estate administrator Wolfgang Leitner at:

          Dr. Wolfgang Leitner
          c/o  Dr. Helmut Platzgummer
          Kohlmarkt 14
          1010 Vienna
          Austria
          Tel: 533 19 39 Serie
          E-mail: kanzlei@lp-law.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 15, 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 12, 2008 (Bankr. Case No. 2 S 32/08f).  Helmut
Platzgummer represents Dr. Leitner in the bankruptcy
proceedings.


GOETZINGER GESTALTUNG: Creditors' Meeting Slated for April 23
-------------------------------------------------------------
Creditors owed money by LLC Goetzinger Gestaltung fuer Haus und
Garten (FN 269154s) are encouraged to attend the creditors'
meeting at 10:30 a.m. on April 23, 2008.

The creditors' meeting will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Goellersdorf, Austria, the Debtor declared
bankruptcy on March 12, 2008 (36 S 28/08x).  Karl F. Engelhart
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

          Dr. Karl F. Engelhart
          c/o Dr. Thomas Engelhart
          Esteplatz 4
          1030 Wien
          Austria
          Tel: 01/712 33 30-0
          Fax: 01/712 33 30 30
          E-mail: kanzlei@engelhart.at


HOLIDAY-SHUTTLE: Creditors' Meeting Slated for April 21
-------------------------------------------------------
Creditors owed money by LLC Holiday-Shuttle & Co Kg (FN 36965k)
are encouraged to attend the creditors' meeting at 9:00 on
April 21, 2008.

The creditors' meeting will be held at:

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

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on March 12, 2008 (41 S 20/08a).  Joachim Bucher
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

          Dr. Joachim Bucher
          Italienerstrasse 13/5
          9500 Villach
          Austria
          Tel: 04242/29992
          Fax: 04242/27666
          E-mail: office@abp-law.com


IMMOBILIARES LIEGENSCHAFT: Claims Registration Ends April 30
------------------------------------------------------------
Creditors owed money by LLC Immobiliares Liegenschaft-Verwertung
(FN 267523t) have until April 30, 2008, to file written proofs
of claim to court-appointed estate administrator Clemens Richter
at:

          Mag. Clemens Richter
          c/o Dr. Thomas Engelhart
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 712 33 30
          E-mail: kanzlei@engelhart.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on May 14, 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 12, 2008  (Bankr. Case No. 2 S 31/08h).  Thomas
Engelhart represents Dr. Richter in the bankruptcy proceedings.


KOVACEVIC LLC: Claims Registration Period Ends May 5
----------------------------------------------------
Creditors owed money by LLC Kovacevic (FN 259655x) have until
May 5, 2008, to file written proofs of claim to court-appointed
estate administrator Reinhold Zeinhofer at:

          Dr. Reinhold Zeinhofer
          Hofgasse 9
          4020 Linz
          Austria
          Tel: 0732/77 88 98
          Fax: 0732/77 88 98 99
          E-mail: zs@anwaltskanzlei.co.at   

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

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Ansfelden, Austria, the Debtor declared
bankruptcy on March 12, 2008 (Bankr. Case No. 12 S 85/07y).  


LBB SPORTWETTEN: Creditors' Meeting Slated for April 18
-------------------------------------------------------
Creditors owed money by LLC Lbb Sportwetten (FN 251109d) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
April 18, 2008 .

The creditors' meeting will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on March 12, 2008 (40 S 13/08i).  Thomas Di Vora
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

          Mag. Thomas Di Vora
          Lendgasse 3
          9020 Klagenfurt
          Austria
          Tel: 0463/50 28 20
          Fax: 0463/502820-12
          E-mail: rechtsanwalt.mag.divora@aon.at  


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B E L G I U M
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SOLUTIA INC: Settlement Pact with Solvay Gets Court Approval
------------------------------------------------------------
Solutia Inc., and Solvay Advanced Polymers LLC, are parties to a
certain purchase agreement, dated Sept. 1, 2002, as amended,
pursuant to which Solvay purchased adipic acid and
hexamethylenediamine from Solutia.  Solutia relates that the
Purchase Agreement, and its amendments, is still in full force
and effect with respect to the purchase of adipic acid.

On Jan. 1, 2007, Solutia and Solvay entered into a new purchase
agreement for the purchase of HMDA only.  Solvay owes US$65,399
under the HMDA Agreement.

The exhibits attached to the Debtors' Fifth Amended Joint Plan
of Reorganization listed the Purchase Agreement as part of the
executory contracts to be assumed.  The Plan also provided that
entry of an order confirming the Plan would constitute approval
of the assumption of the Purchase Agreement, except as to any
unresolved cure objections.  The Plan was confirmed Nov. 29,
2007.

              Settlement Agreement Approved by Court

On Nov. 9, 2007, Solutia sent Solvay a notice to assume the
Purchase Agreement with a proposed cure amount of US$0.  Solvay
objected and asserted a postpetition cure amount of US$335,718.

Solutia and Solvay have engaged in good-faith, arm's-length
negotiations in an attempt to resolve the dispute.  Judge Beatty
has approved the parties' stipulation, which provides that:

    * The cure amount due under the Purchase Agreement is
      US$335,718;

    * Solvay and Solutia will amend the Purchase Agreement;

    * Solvay owes US$65,399 to Solutia.  That amount will be set
      off the Cure Amount owed by Solutia, leaving a net balance
      of US$270,319 owed by Solutia to Solvay;

    * Upon payment of the Net Cure Amount, the parties will
      exchange releases of claims in connection with th
      assumption of the Purchase Agreement; and

    * Upon payment of the Net Cure Claim, Solutia will have been
      (i) deemed to satisfy all claims that may have been
      asserted by Solvay, and (ii) paid by Solvay in full for
      any amounts due under the HMDA Agreement for the period
      Jan. 1, 2007, through Dec. 1, 2007.

                       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.


TEKNI-PLEX INC: Inks Restructuring Pact with Key Stakeholders
-------------------------------------------------------------
Tekni-Plex Inc. entered into a restructuring agreement with:

    (i) entities that have represented that they hold more than
        91% of the company's 12.75% Senior Subordinated Notes
        Due 2010 and more than 67% of the company's 8.75% Senior
        Secured Notes due 2013,

   (ii) holders of a majority of the company's preferred stock,

  (iii) holders of 100% of its common stock, and

   (iv) Dr. F. Patrick Smith, Chairman, Chief Executive Officer
        and President of Tekni-Plex.

The agreement memorializes the restructuring terms that were
agreed to in principle by certain stakeholders on March 27,
2008.

The restructuring agreement obligates each party to take actions
reasonably necessary to negotiate, document and consummate the
restructuring on the agreed-upon terms and conditions, which
include:

   -- general unsecured creditors of Tekni-Plex, including trade
      creditors, will be unaffected by the restructuring, and
      the company intends to honor its obligations to those
      creditors in the ordinary course of business,

   -- the company will continue to honor its obligations under
      its US$110 million credit facility, its 10.875% Senior
      Secured Notes due 2012 and its Second Lien Notes,

   -- the company's existing common stock will be cancelled,
      redeemed or purchased, and each holder will receive its
      pro rata share of a cash distribution of US$250,000,

   -- the company's preferred stock will be exchanged or
      redeemed for three tranches of warrants to purchase 12.5%
      of the company at various exercise prices,

   -- holders of at least 95% of the Subordinated Notes will
      exchange their notes for 100% of the common stock of
      Tekni-Plex, subject to dilution by a management incentive
      plan and the exercise of the warrants,

   -- the obligations of the parties to consummate the
      restructuring is subject to certain conditions, such as:

         (a) obtaining consent to the restructuring from holders
             of not less than (i) 99.5% of the preferred stock,
             (ii) 100% of the common stock, (iii) 85% of the
             indirect interests in the common stock (based on
             unit holdings of the limited liability companies
             that hold the common stock) and (iv) 95% of the
             Subordinated Notes,

         (b) definitive documentation must be reasonably
             satisfactory to the parties, and

         (c) consummation of the restructuring must occur on or
             before May 13, 2008.

Tekni-Plex intends to implement the restructuring by May 13,
2008, at which point, if the transactions are satisfactory to
each of the lenders under the company's revolving credit
facility, the maximum availability under the credit facility
will be increased from US$95 million to US$110 million.

There can be no assurance that the parties will be able to
consummate the restructuring as contemplated by their agreement.

Dr. F. Patrick Smith said: "The execution of this agreement
represents a significant step towards the consummation of the
company's restructuring, which will significantly deleverage our
balance sheet and put the company in a strong financial position
to operate and grow its businesses, many of which are leaders in
the markets they serve.  I once again applaud the efforts of
those stakeholders who have demonstrated confidence in Tekni-
Plex and have continued to work tirelessly towards the
consummation of the restructuring.  We fully intend to continue
to meet our obligations to our customers and suppliers, and we
appreciate their ongoing support."

The restructuring will constitute a "Change in Control" under
the Indenture governing the company's 10.875% Senor Secured
Notes due 2012, which will require that the company make, after
consummation of the restructuring, an offer to repurchase the
First Lien Notes at a price of 101% plus accrued interest.  The
restructuring agreement provides that if the restructuring is
consummated, certain holders of Subordinated Notes will provide
a take-out facility or tender process to replace, redeem or
repurchase, as necessary, First Lien Notes that are tendered in
connection with the occurrence of the Change in Control.  The
restructuring will not constitute a Change of Control under the
Indenture governing the Second Lien Notes or the Indenture
governing the Subordinated Notes as a result of amendments and
waivers (as described in the company's Form 8-K filed on Feb.
21, 2008).

             Agreement in Principle with Noteholders

As reported in the Troubled Company Reporter on April 3, 2008,
Tekni-Plex Inc. reached an agreement in principle among
the holders of a majority of its 12.75% Senior Subordinated
Notes Due 2010 and the holders of a majority of its preferred
stock regarding the terms of a consensual out-of-court
restructuring transaction, according to the company's regulatory
filing with the Securities and Exchange Commission.

The company also has entered into an extension, through May 13,
2008, of its Forbearance Agreement, dated as of Jan. 16, 2008,
with entities that purportedly hold more than 91% of the
Subordinated Notes and more than 64% of its 8.75% Senior Secured
Notes due 2013.

                        About Tekni-Plex


Tekni-Plex, Inc. -- http://www.tekni-plex.com/-- manufactures  
packaging, packaging products and materials, as well as tubing
products.  The company primarily serves the food, healthcare and
consumer markets.  Tekni-Plex has operations in the United
States, Canada, China, Argentina and Europe, through Tekni-Plex,
Europe N.V. in Belgium.

The company’s operations are aligned under two business
segments: Packaging and Tubing Products.  Representative product
lines in the Packaging segment include foam egg cartons;
pharmaceutical blister films; poultry and meat processor trays;
closure liners; aerosol and pump packaging components; and foam
plates. Representative product lines in the Tubing Products
segment include garden and irrigation hose; medical tubing; and
aeration hose.  The company also manufactures other products
that do not fit in either of these segments, including recycled
PET, vinyl compounds and specialty resins.

Tekni-Plex Inc.'s consolidated balance sheet at Dec. 28, 2007,
showed US$605.7 million in total assets and US$1.01 billion in
total liabilities, resulting in a US$403.4 million total
stockholders' deficit.


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F R A N C E
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GECINA SA: S&P Lowers Ratings on Senior Unsecured Debt to BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on all
senior unsecured debt issued by French property company Gecina
(BB+/Negative/B) to 'BB+' from 'BBB-', aligning them with the
corporate credit rating on the group.

At the same time, Standard & Poor's removed the 'BBB-' ratings
on this debt from CreditWatch, where they had been placed with
negative implications on July 28, 2006.

S&P has also assigned a recovery rating of '3' to the senior
unsecured EUR600 million and EUR500 million bonds, indicating
our expectation of meaningful (50%-70%) recovery for the
bondholders in the event of a payment default.  Although the
nominal recovery percentage is higher than the rating threshold,
the recovery rating is capped according to our criteria for
unsecured debt of issuers rated in the 'BB' category.

The issue and recovery ratings on the bonds take into account
weak bond documentation, significant bank debt, including
secured lines, and France's relatively unfriendly insolvency
regime for creditors.  Partially mitigating factors are Gecina's
high-quality assets and well-diversified tenant base.

Recovery prospects are based on discrete asset valuation and
exceed our specified percent range for the rating. We
nevertheless cap the recovery rating at '3' to account for the
unsecured nature of the bonds, the possibility of capital
structure changes on the path to default inherent to issuers
rated in the 'BB' category, and the relatively unfriendly
jurisdiction for creditors in France.


LAZARD GROUP: Moody's Reaffirms Positive Outlook on Ba1 Rating
--------------------------------------------------------------
Moody's Investors Service reaffirmed its positive outlook on the
Ba1 senior unsecured rating of Lazard Group LLC.  The rating
outlook was initially assigned on March 19, 2007.

Notwithstanding the counter-cyclical nature of some of Lazard's
revenue streams, Moody's will continue to assess the company's
operating performance in coming quarters (and business pipeline
going forward) to determine how Lazard's revenue model and
expense flexibility perform in the current challenging market
environment, the first significant market downturn faced by
Lazard since its 2005 IPO and recapitalization.

Management's intentions with respect to financial policy,
including leverage, remain a critical rating factor.  Since the
ratings were assigned in 2005, the company has increased the
aggregate amount of its outstanding debt by issuing in 2007 an
additional $600 million of senior debt to fund acquisitions and
increase available cash.  Moody's will continue to monitor
Lazard's progress towards achieving (and subsequently
sustaining) debt leverage of 2.5x or less, a level that is more
consistent with a rating in the Baa category.  To the degree
that revenues are constrained by an increasingly difficult macro
environment, sustaining leverage at around 2.5x could pose a
challenge for Lazard, though debt reduction would help in this
regard.

Moody's said that since initially rating Lazard in 2005, the
firm has made a successful transition into a public company and
has generated solid profitability.  Moreover, since its IPO,
Lazard has been successful at retaining and recruiting advisory
professionals to its platform.  Lazard's asset management
business has also gained traction and is now generating
increased levels of net new assets and has become a solid
earnings contributor to the firm.

The rating agency, however, expressed concern that the turmoil
across global capital markets has led to a very challenging
operating environment, with the prospect for revenue and
earnings growth equally challenging.  Though Lazard has not been
burdened by the large asset concentrations and valuation write-
downs born by the more capital-markets intensive firms, the
company in 2008 must nonetheless demonstrate that it can
profitably contend with some of the same global headwinds
bearing down on the industry.

Looking ahead, Moody's expects that industry M&A volumes over
the next year- a major driver of Lazard's advisory revenue --
will come in significantly below the level generated in 2007.  
Given that much of the industry-wide volume decline is expected
to be centered in sponsor-related transactions, Lazard should be
relatively well positioned to compete for available advisory
engagements, given the strength of the firm's relationships with
strategic corporate buyers and sellers.  Nevertheless, Lazard is
not immune from an industry-wide contraction in M&A.

Moody's also noted on the plus side that Lazard's restructuring
practice is likely to benefit from a projected increase in
corporate defaults, with the resultant restructuring revenue
helping to partially offset a decline in M&A revenues.  Lazard's
much improved asset management business should continue
generating a sustainable level of revenue, further reducing the
likelihood of significantly negative earnings volatility.

These ratings of Lazard Group LLC were affirmed with a positive
outlook:

  -- US$600 million 6.85% Senior Notes due 6/15/2017 rated Ba1;

  -- US$550 million 7.125% Senior Notes due 5/15/2015 rated Ba1;

  -- US$287.5 million Senior Notes due 2035 associated with its
     Equity Securities Units also rated Ba1.

Lazard is an international advisory and money management firm
that reported earnings from continuing operations before
minority interests of $337.7 million in 2007.  The company has
subsidiaries in France and the United Kingdom.


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


CALDERON BAUTEN: Creditors' Meeting Slated for April 22
-------------------------------------------------------
The court-appointed insolvency manager for Calderon Bauten GmbH,  
Michael Hawelka will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:10 a.m. on
April 22, 2008.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on July 8, 2008 at the same
venue.

Creditors have until May 8, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael Hawelka
         Friedrichstr. 204
         10117 Berlin
         Germany

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

The Debtor can be reached at:

         Calderon Bauten GmbH
         Berliner Strasse 98
         13189 Berlin
         Germany


CASH-TEX GMBH: Creditors' Meeting Slated for April 22
-----------------------------------------------------
The court-appointed insolvency manager for Cash-Tex GmbH,
Ruediger Wienberg will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:45 a.m. on
April 22, 2008.

The meeting of creditors and other interested parties will be
held at:
         
         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:05 a.m. on July 8, 2008 at the same
venue.

Creditors have until May 8, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg, Manager
         Giesebrechtstr. 1
         10629 Berlin
         Germany

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

The Debtor can be reached at:

         Cash-Tex GmbH
         Karl-Marx-Str. 144
         12043 Berlin
         Germany


COLETTE BOGENSTRASSE: Claims Registration Period Ends May 7
-----------------------------------------------------------
Creditors of Colette bogenstrasse GmbH have until May 7, 2008,
to register their claims with court-appointed insolvency manager
Stephan Michels.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 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:

         Stephan Michels
         Ludgeristr. 54
         48143 Muenster
         Germany
         Tel: 0251/162830
         Fax: +492511628311

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

The Debtor can be reached at:

         Colette bogenstrasse GmbH
         Bogenstrasse 15/16
         48143 Muenster
         Germany

         Attn: Christel Stoeppel, Manager
         Raesfeldstrasse 14
         48149 Muenster
         Germany

       
DUDENSTRASSE 6 VERWALTUNGS: Claims Registration Ends May 8
----------------------------------------------------------
Creditors of Dudenstrasse 6 Verwaltungs GmbH have until May 8,
2008 to register their claims with court-appointed insolvency
manager Dr. Juergen Spliedt.

Claims will be verified at 10:15 a.m. on July 3, 2008 at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:
         
         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany  

The District Court of Charlottenburg opened bankruptcy
proceedings against Dudenstrasse 6 Verwaltungs GmbH on Feb. 11,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Dudenstrasse 6 Verwaltungs GmbH
         Marburger Str. 12/13
         10789 Berlin
         Germany


GENERATECH GMBH: Claims Registration Period Ends May 7
------------------------------------------------------
Creditors of Generatech GmbH have until May 7, 2008, to register
their claims with court-appointed insolvency manager Frank Raff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Festival Hall
         Quadrium Convention Center
         Kirchheimer Str. 68
         73249 Wernau
         Germany

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

The insolvency manager can be reached at:

         Frank Raff
         Heilbronner Str. 86
         70191 Stuttgart
         Germany
         Tel: 0711/259729-0
         Fax: 0711/259729-999

The District Court of Esslingen opened bankruptcy proceedings
against Generatech GmbH on March 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Generatech GmbH
         Attn:  Prof. Dr. Klaus Bichler, Manager
         May-bachstr. 1
         72636 Frickenhausen
         Germany


GESELLSCHAFT FUER INGENIEUR-UND: Claims Filing Period Ends May 7
----------------------------------------------------------------
Creditors of Gesellschaft fuer Ingenieur-und Dienstleistungen im
Bauwesen mbH have until May 7, 2008, to register their claims
with court-appointed insolvency manager Carl-Heinrich Klek.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Carl-Heinrich Klek
         Berliner Str. 2D
         63065 Offenbach am Main
         Germany
         Tel: 069/8290000
         Fax: 810403
         E-mail: klek@klek-offenbach.de

The District Court of Offenbach am Main opened bankruptcy
proceedings against Gesellschaft fuer Ingenieur-und
Dienstleistungen im Bauwesen mbH on March 17, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gesellschaft fuer Ingenieur-und Dienstleistungen im
         Bauwesen mbH
         Nordweststrasse 48
         63128 Dietzenbach
         Germany


HANSE-REISEN GMBH: Claims Registration Period Ends May 7
--------------------------------------------------------
Creditors of Hanse-Reisen GmbH have until May 7, 2008, to
register their claims with court-appointed insolvency manager
Dr. Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Tjark Thies
         Domstrasse 15
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Hanse-Reisen GmbH
         Alte Holstenstrasse 30
         21031 Hamburg
         Germany


HORST KOCH: Claims Registration Period Ends May 6
-------------------------------------------------
Creditors of Horst Koch GmbH Bauunternehmung have until
May 6, 2008, to register their claims with court-appointed
insolvency manager Dr. Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Rainer Maus
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/4937099

The District Court of Wuppertal opened bankruptcy proceedings
against Horst Koch GmbH Bauunternehmung on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Horst Koch GmbH Bauunternehmung
         Attn: Marcus Koch, Manager
         Ehrenberger Strasse 37
         42389 Wuppertal
         Germany


HSK GMBH: Claims Registration Period Ends May 8
-----------------------------------------------
Creditors of HSK GmbH have until May 8, 2008, to register their
claims with court-appointed insolvency manager Sven Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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:

         Sven Krueger
         Roeckstr. 40
         23568 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against HSK GmbH on March 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HSK GmbH
         Heizung-Sanitar-Klima
         Paulstrasse 2
         23568 Luebeck
         Germany


HUETTENTECHNOLOGIE EWERT: Claims Registration Period Ends May 7
---------------------------------------------------------------
Creditors of Huettentechnologie Ewert GmbH have until May 7,
2008, to register their claims with court-appointed insolvency
manager Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Huettentechnologie Ewert GmbH
         Lotsestieg 6
         21079 Hamburg
         Germany


INEFA NEUE: Creditors Must File Claims by May 15
------------------------------------------------
Creditors of Inefa Neue Kunststoffe GmbH have until May 15,
2008, to register their claims with court-appointed insolvency
manager Berthold Riering.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         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:

         Berthold Riering
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Itzehoe opened bankruptcy proceedings
against Inefa Neue Kunststoffe GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Inefa Neue Kunststoffe GmbH
         Zusestr. 1
         25524 Itzehoe
         Germany


ITALIANO GASTRONOMIE: Claims Registration Period Ends May 8
-----------------------------------------------------------
Creditors of Italiano Gastronomie GmbH have until May 8, 2008,
to register their claims with court-appointed insolvency manager
Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 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:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh
         Germany
         Tel: 05241/9940 924
         Fax: +4952419940909

The District Court of Bielefeld opened bankruptcy proceedings
against Italiano Gastronomie GmbH on March 26, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Italiano Gastronomie GmbH
         Kaiserstr. 15
         33330 Guetersloh
         Germany


KAMPUS CONSULTING: Claims Registration Period Ends May 5
--------------------------------------------------------
Creditors of Kampus Consulting GmbH have until May 5, 2008, to
register their claims with court-appointed insolvency manager
Andreas Mueller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on May 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cologne
          Meeting Hall 142
          First Floor
          Luxemburger Strasse 101
          50939 Cologne
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Andreas Mueller-Stein
          Schuetzenstr. 5
          50126 Bergheim
          Germany

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

The Debtor can be reached at:

          Kampus Consulting GmbH
          Attn: Antonijo Kampus, Manager
          Alten Glashuette 9
          50127 Bergheim
          Germany


KARL MOERSCHEL: Creditors Must File Claims by May 15
----------------------------------------------------
Creditors of Karl Moerschel GmbH Bauunternehmen have until
May 15, 2008, to register their claims with court-appointed
insolvency manager Bernd Reuss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Bernd Reuss
         Mainzer-Tor-Anlage 33
         61169 Friedberg (Hessen)
         Germany

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against Karl Moerschel GmbH Bauunternehmen on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Karl Moerschel GmbH Bauunternehmen
         Orleshauser Strasse 65
         63654 Buedingen
         Germany

         Attn: Rainer Debus, Manager
         Koehlerstrasse 9
         63683 Ortenberg
         Germany


LUDWIG JAHN: Claims Registration Period Ends May 8
--------------------------------------------------
Creditors of Ludwig Jahn GmbH have until May 8, 2008, to
register their claims with court-appointed insolvency manager
Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstrasse 5D
         27283 Verden
         Germany
         Tel: 04231-884-0
         Fax: 04231-884-55

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

The Debtor can be reached at:

         Ludwig Jahn GmbH
         Attn: Ludwig Jahn, Manager
         Lahauser Str. 35A
         28844 Weyhe
         Germany


MARKISCHE AUTOMOBIL: Creditors Must File Claims by May 15
---------------------------------------------------------
Creditors of Markische Automobil GmbH & Co. KG have until
May 15, 2008, to register their claims with court-appointed
insolvency manager Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Wenzel
         Grossbeerenstrasse 231
         14480 Potsdam
         Germany

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

The Debtor can be reached at:

         Markische Automobil GmbH & Co. KG
         Frankenfelder Chaussee 4
         14943 Luckenwalde
         Germany


MASSAM PRODUKTENTWICKLUNGS: Claims Registration Ends May 5
----------------------------------------------------------
Creditors of Massam Produktentwicklungs GmbH have until May 5,
2008, to register their claims with court-appointed insolvency
manager Roland Stephan Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 Coburg
          Meeting Hall K
          First Floor
          Coburg
          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:

          Roland Stephan Lehnert
          Michael-Och-Str. 5
          96215 Lichtenfels-Schney
          Germany
          Tel: 09571/83382
          Fax: 09571/83083

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

The Debtor can be reached at:

          Massam Produktentwicklungs GmbH
          Kronacher Str. 20
          96215 Lichtenfels
          Germany


MOSAIC SOFTWARE: Illiquidity Spurs Insolvency Filing
----------------------------------------------------
The executive board of Mosaic Software AG have filed their
application for opening the insolvency proceedings with the
District Court of Bonn due to illiquidity.

The company says that the filing became necessary since its
liquid assets will presumably be insufficient for the
fulfillment of their due liabilities.  The court will examine
the application and decide, whether this will be accepted and,
if so, appoint an interim liquidator.

With the medium-term aim of enabling the further profitable
existence of MOSAIC Software AG, the company had increasingly
strengthened their reorganization measures and consolidation
activities during the past two years.

On Jan. 1, 2006, Rolf A Mugrauer was appointed member of the
executive board of MOSAIC Software AG, thus replacing the
company’s founder Assem F. Audi.  After Mr. Fosi Audi retired
from the executive board in November 2006, Mr. Mugrauer became
sole executive manager.

The consolidation activities, accompanied by drastic cost
reductions, and the repositioning of Mosaic Software AG as an
EDI-outsourcing and process-consultancy firm as well as the
return to financial services markets were strongly pushed by
Mugrauer and showed success.  However, time was too scarce to
develop market potentials in the consulting field and for the
innovative communications platform MOSAIC BXS, which was
introduced to the market in the first quarter 2007.

Therefore, the struggle to get the company back onto the road
of success failed.

All measures meant to overcome the crisis, as presented at the
last annual general meeting, were introduced without delay.  For
quite some time, the company had been looking for a strategic
investor as well as a buyer for the formerly used office
building in Alsdorf near Aachen.

Both would have provided the company with the urgently needed
mezzanine money.  Unfortunately, the negotiations potentially
interested strategic partners and investors finally have failed.

                           About Mosaic

Headquartered in Meckenheim, Germany, Mosaic Software AG --
http://www.mosaic-ag.com/-- provides solutions for the  
automation and optimization of business and supply chain
processes.  Mosaic offers complete software packages, as well as
individually tailored software solutions.  The Company also
provides a wide range of services to support the entire supply
chain, including consulting, outsourcing for suppliers, and OEM
products and solutions.


MR.CLEAN GMBH: Claims Registration Period Ends May 5
----------------------------------------------------  
Creditors of Mr.Clean GmbH & Co. KG have until May 5, 2008, to
register their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Mannheim
          Hall 232
          Second Floor
          Schloss
          68149 Mannheim
          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 Depre
          O 4, 13-16
          68161 Mannheim
          Germany
          Tel: 0621/120780

The District Court of Mannheim opened bankruptcy proceedings
against Mr.Clean GmbH & Co. KG on March 14, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Mr.Clean GmbH & Co. KG
          Attn: Branko Gajic, Manager
          Exerzierplatz 1
          68167 Mannheim
          Germany


MSX INTERNATIONAL: S&P Lifts Rating on US$205 Mln Notes to B-
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level rating
on MSX International Inc.'s US$205 million senior secured notes
due 2012 to 'B-' (the same as the corporate credit rating) from
'CCC+'.

The recovery rating on this debt remains '3', indicating the
expectation for meaningful (50%-70%) recovery in the event of a
payment default.

"The issue-level rating change reflects Standard & Poor's
revisions to its recovery rating scale and issue-level rating
framework for speculative-grade secured debt issues announced in
2007," said Standard & Poor's credit analyst Lawrence Orlowski.
The senior notes were issued as 205,000 units, consisting of
US$71.8 million principal amount of senior secured notes of MSX
U.K., US$66.6 million principal amount of notes of MSX Germany,
and US$66.6 million principal amount of notes of MSX France.

The long-term corporate credit rating on Warren, Mich.-based MSX
is 'B-' and the outlook is stable.  This rating reflects the
integrated business solutions and human capital management
services provider's highly leveraged financial profile and
vulnerable business position.

                       Ratings List

MSX International Inc.
Corporate Credit Rating                B-/Stable/--

Upgraded
                                        To                 From
MSX International Inc.
Senior Secured
  Local Currency                        B-                 CCC+

MSX International UK PLC
Senior Secured
US$66.625 mil  sr secd nts due 2012    B-                 CCC+
Recovery Rating                        3                  3
US$66.625 mil  sr secd nts due 2012    B-                 CCC+
Recovery Rating                        3                  3
US$71.75 mil  sr secd nts due 2012     B-                 CCC+
Recovery Rating                        3                  3


MSX International Inc. (MSXI) -– http://www.msxi.com/--  
provides outsourced integrated business solutions, focused
primarily on warranty management, dealer process improvement,
and human capital solutions to automotive and truck OEMs,
dealer, suppliers and other aftermarket service providers.  The
company leverages it more than 70 years of industry experience
to provide blue-chip companies worldwide with solutions that
enable them to enhance operational effectiveness and
efficiencies, improve quality, reduce costs and generate revenue
opportunities.

The company is headquartered in Warren, Michigan, and has annual
revenues of approximately US$360 million.  MSX has over 3,600
automotive experts in 18 countries, including its European
headquarters in Cologne, Germany.  The company's Latin America
subsidiary, MSX International do Brasil Ltda., is based in
Brazil.


NORDUFER GMBH: Claims Registration Ends May 8
---------------------------------------------
Creditors of Nordufer GmbH & Co. KG have until May 8, 2008 to
register their claims with court-appointed insolvency manager
Christian Koehler-Ma.

Claims will be verified at 11:30 a.m. July 7, 2008 at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Nordufer GmbH & Co. KG on Feb. 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Nordufer GmbH & Co. KG
         Breite Strasse 12
         14199 Berlin
         Germany


NORDUFER VERWALTUNGS: Creditors Must File Claims by May 15
----------------------------------------------------------
Creditors of Nordufer Verwaltungs GmbH have until May 15, 2008,
to register their claims with court-appointed insolvency manager
Christian Koehler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Nordufer Verwaltungs GmbH
         Breite Str. 12
         14199 Berlin
         Germany


OBERDICK GMBH: Claims Registration Period Ends April 30
-------------------------------------------------------
Creditors of Oberdick GmbH have until April 30, 2008, to
register their claims with court-appointed insolvency manager
Stephan Ries.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stephan Ries
         Wall 28
         42103 Wuppertal
         Germany
         Tel: 0202/317558-0
         Fax: 0202/317558-10

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

The Debtor can be reached at:

         Oberdick GmbH
         Rosenthalstr. 26
         42369 Wuppertal
         Germany

         Attn: Petra Meynen-Koerth, Manager
         Hohenbirkerstr. 41
         42855 Remscheid
         Germany


ODS BUSINESS: Claims Registration Period Ends May 5
---------------------------------------------------  
Creditors of ODS Business Services Europe GmbH have until May 5,
2008, to register their claims with court-appointed insolvency
manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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:

          Jan H. Wilhelm
          Albert-Einstein-Ring 11/15
          22761 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against ODS Business Services Europe GmbH on March 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          ODS Business Services Europe GmbH
          Attn: Wilhelm Friedrich Mittrich, Manager
          Christoph-Probst-Weg 3
          20251 Hamburg
          Germany


PLANTAFLOR BLUMENVERMARKTUNG: Creditors' Claims Due May 15
----------------------------------------------------------
Creditors of Plantaflor Blumenvermarktung GmbH have until
May 15, 2008, to register their claims with court-appointed
insolvency manager Fritz Westhelle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Fritz Westhelle
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany

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

The Debtor can be reached at:

         Plantaflor Blumenvermarktung GmbH
         Attn: Thomas Gatke, Manager
         Otto-Hahn-Strasse 27
         34253 Lohfelden
         Germany


PUELLMANN GMBH: Claims Registration Ends May 8
----------------------------------------------
Creditors of Puellmann GmbH have until May 8, 2008 to register
their claims with court-appointed insolvency manager Dr.
Christian Willmer.

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

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against Puellmann GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Puellmann GmbH
         Attn: Andrew Kennedy, Manager
         Eichendorffweg 16
         27308 Kirchlinteln
         Germany


ROBERT KLETA: Claims Registration Period Ends May 5
---------------------------------------------------  
Creditors of Robert Kleta GmbH Bauunternehmung have until May 5,
2008, to register their claims with court-appointed insolvency
manager Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on May 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Krefeld
          Meeting Hall H 131
          First Floor         
          Nordwall 131
          47798 Krefeld
          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. Wolf-R. von der Fecht
          Rheinort 1
          40213 Duesseldorf
          Germany
          Tel: 0211 13940
          Fax: +4902111394251

The District Court of Krefeld opened bankruptcy proceedings
against Robert Kleta GmbH Bauunternehmung on March 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Robert Kleta GmbH Bauunternehmung
          Attn: Robert Kleta, Manager
          Muehlenstr. 86
          47918 Toenisvorst
          Germany


ROELING SYSTEM: Claims Registration Period Ends May 5
-----------------------------------------------------
Creditors of Roeling System Logistik Service GmbH have until
May 5, 2008, to register their claims with court-appointed
insolvency manager Stephan Muenzel.

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

The meeting of creditors will be held at:

          The District Court of Tostedt
          Meeting Hall I
          Linden 23
          21255 Tostedt
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Stephan Muenzel
          Bachstr. 85 a
          22083 Hamburg
          Germany
          Tel: 040/32 08 36-0
          Fax: 040/32 08 36 36

The District Court of Tostedt opened bankruptcy proceedings
against Roeling System Logistik Service GmbH on March 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Roeling System Logistik Service GmbH
          Bendestofer Str. 5
          21244 Buchholz
          Germany


ROLF HACHMEISTER: Claims Registration Period Ends May 7
-------------------------------------------------------
Creditors of Rolf Hachmeister GmbH have until May 7, 2008 to
register their claims with court-appointed insolvency manager
Dr. Yorck Tilman Streitboerger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Yorck Tilman Streitboerger
         Adenauerplatz 4
         33602 Bielefeld
         Germany
         Tel: 0521-9141490
         Fax: 052191414884

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

The Debtor can be reached at:

         Rolf Hachmeister GmbH
         Oetinghauser Weg 79
         32051 Herford
         Germany


RUEDIGER FALTZ: Claims Registration Period Ends May 7
-----------------------------------------------------
Creditors of Ruediger Faltz GmbH have until May 7, 2008, to
register their claims with court-appointed insolvency manager
Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Ruediger Faltz GmbH on March 17, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Ruediger Faltz GmbH
         In der Hagenbeck 37
         45143 Essen
         Germany


S + W INGENIEURGESELLSCHAFT: Claims Registration Ends May 5
-----------------------------------------------------------
Creditors of S + W Ingenieurgesellschaft mbH have until May 5,
2008, to register their claims with court-appointed insolvency
manager Matthias Roensch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cottbus
          Hall 210
          First Floor
          Gerichtsplatz 2
          03046 Cottbus
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Matthias Roensch
          Gustav-Adolf-Strasse 6 b
          01219 Dresden
          Germany

The District Court of Cottbus opened bankruptcy proceedings
against S + W Ingenieurgesellschaft mbH on March 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          S + W Ingenieurgesellschaft mbH
          Attn: Roland Schlag and Herrn Peter Witt, Managers
          Dissenchener Strasse 50
          03042 Cottbus
          Germany


SCHLUETER-BAUR: Claims Registration Period Ends May 7
-----------------------------------------------------
Creditors of Schlueter-Baur Vertriebs GmbH & Co KG have until
May 7, 2008, to register their claims with court-appointed
insolvency manager Gerhard Hauk.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on June 18, 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 Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         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:

         Gerhard Hauk
         Marktlaubenstrasse 9
         35390 Giessen
         Germany
         Tel: 0641/9324360
         Fax: 0641/9324350
         E-mail: insolvenz@rae-voelpel.de

The District Court of Wetzlar opened bankruptcy proceedings
against Schlueter-Baur Vertriebs GmbH & Co KG on March 27, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Schlueter-Baur Vertriebs GmbH & Co KG
        Am Forum 1
        35578 Wetzlar
        Germany


SCHUERING-BETON GMBH: Claims Registration Period Ends April 23
--------------------------------------------------------------
Creditors of Schuering-Beton GmbH have until April 23, 2008, to
register their claims with court-appointed insolvency manager
Albert Wolff.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Albert Wolff
         Am Schiesshaus 1-3
         01067 Dresden
         Germany
         Website: www.worako.de  

The District Court of COURT opened bankruptcy proceedings
against Schuering-Beton GmbH on April 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Schuering-Beton GmbH
         Attn: Mirko Schuering, Manager
         Altenberger Str. 8
         01809 Dohna
         Germany


SCHULDNERS TH: Claims Registration Ends May 7
---------------------------------------------
Creditors of Schuldners TH Malerei Service GmbH have until
May 7, 2008 to register their claims with court-appointed
insolvency manager Reinhold Schmid-Sperber.

Creditors and other interested parties are encouraged to attend
the meeting on June 18, 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
         Boostedter Strasse 26
         24534 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:

         Reinhold Schmid-Sperber
         Westring 455
         24118 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Schuldners TH Malerei Service GmbH on March 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schuldners TH Malerei Service GmbH
         Attn: Torsten Hille, Manager
         Aelvdalenweg 11
         24217 Schoenberg
         Germany


SOMMER GMBH: Creditors Must File Claims by May 15
-------------------------------------------------
Creditors of Sommer GmbH Glas- u. Gebaudereinigung have until
May 15, 2008, to register their claims with court-appointed
insolvency manager Hans-Dieter Ehlenz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bitburg
         Hall 128
         Gerichtsstrasse 2/4
         54634 Bitburg
         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-Dieter Ehlenz
         Westpark 13D
         54634 Bitburg
         Germany

The District Court of Bitburg opened bankruptcy proceedings
against Sommer GmbH Glas- u. Gebaudereinigung on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sommer GmbH Glas- u. Gebaudereinigung
         Kollenbergstrasse 3
         54647 Dudeldorf
         Germany


SOUND-FARM GMBH: Creditors Must File Claims by May 15
-----------------------------------------------------
Creditors of Sound-Farm GmbH have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany    
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Sound-Farm GmbH
         Otto-Hahn-Strasse 7
         40721 Hilden
         Germany

         Attn: Andreas Litger, Manager
         Thueringer Strasse 21
         50733 Cologne
         Germany


TAUCH GESELLSCHAFT: Claims Registration Period Ends May 5
---------------------------------------------------------
Creditors of Tauch Gesellschaft fuer Haus- und Grundbesitz mbH &
Co. KG  have until May 5, 2008, to register their claims with
court-appointed insolvency manager Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Tel.: 0391/5556840
         Fax: 0391/5556849
         Germany
         E-mail: magdeburg@floetherwissing.de

The District Court of Magdeburg opened bankruptcy proceedings
against Tauch Gesellschaft fuer Haus- und Grundbesitz mbH & Co.
KG  on April 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Tauch Gesellschaft fuer Haus- und
         Grundbesitz mbH & Co. KG
         Planetenweg 123
         39118 Magdeburg
         Germany


TRANS-& CARSERVICE: Creditors Must File Claims by May 15
--------------------------------------------------------
Creditors of Trans-& Carservice GmbH have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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 Pannen
         Neuer Wall 25 / Schleusenbruecke 1
         20354 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Trans-& Carservice GmbH on March 12, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Trans-& Carservice GmbH
         Dorfstrasse 13
         25499 Tangstedt
         Germany


UMWELT TIEFBAU: Creditors Must File Claims by May 15
----------------------------------------------------
Creditors of Umwelt, Tiefbau und Verkehr mbH have until May 15,
2008, to register their claims with court-appointed insolvency
manager Karsten Bierwisch.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 24, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Karsten Bierwisch
         Schmoellnsche Vorstadt 13
         04600 Altenburg
         Germany

The District Court of Gera opened bankruptcy proceedings against
Umwelt, Tiefbau und Verkehr mbH on April 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Umwelt, Tiefbau und Verkehr mbH
         K.-Kollwitz-Strasse 61
         04600 Altenburg
         Germany


W & A SERVICE: Claims Registration Ends May 17
----------------------------------------------
Creditors of W & A Service GmbH have until May 17, 2008 to
register their claims with court-appointed insolvency manager
Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Eberhard Stock
         Rolandstr. 11
         45128 Essen
         Germany
         Tel: 0201-50784920

The District Court of Essen opened bankruptcy proceedings
against W & A Service GmbH on March 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         W & A Service GmbH
         Attn: Cornelia Albers, Manager
         Moellerstr. 24 b
         45966 Gladbeck
         Germany


WOLFF-REISEN GMBH: Claims Registration Period Ends May 6
--------------------------------------------------------
Creditors of Wolff-Reisen GmbH Busunternehmen have until
May 6, 2008, to register their claims with court-appointed
insolvency manager Holger Bluemle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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 Bluemle
         Kriegsstr. 113
         76135 Karlsruhe
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against Wolff-Reisen GmbH Busunternehmen on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wolff-Reisen GmbH Busunternehmen
         Gablonzerstr. 13
         76185 Karlsruhe
         Germany


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


BROWN SHOE: Earns US$60.4 Million In FY Ended February 2, 2008
--------------------------------------------------------------
Brown Shoe Company, Inc. reported net earnings of US$60.4
million on net sales of US$2.4 billion for the fiscal year ended
Feb. 2, 2008.  Net earnings for the fiscal year ended Feb. 3,
2007, were US$65.7 million on net sales of US$2.5 billion.

In 2007, net earnings decreased primarily due to the decline in
net sales and the additional costs related to its Earnings
Enhancement Plan, partially offset by lower cash-based employee
incentive expenses, a lower effective tax rate and other
factors.

In 2007, net sales decreased driven primarily by the decline in
the company's Wholesale Operations segment.

Although the company experienced growth in net sales from its
retail segments from 2006 to 2007, the decline in its Wholesale
Operations segment's net sales more than offset the retail
increase.  The decline in its wholesale sales of US$147.3
million reflects declines in most of its  major brands, driven
by the weak consumer environment, its reduced emphasis on sales
of private label product and the discontinuance of the Bass
license at the end of 2006.  Famous Footwear's net sales
increased by US$31 million, reflecting a higher store count in
2007, partially offset by the impact of an additional week of
sales in 2006 (due to 2006 being a 53-week fiscal period) and a
same-store sales decline of 0.6%.  The company's Specialty
Retail segment's net sales improved by US$5.3 million, due to
both growth in its Shoes.com business and the strengthening of
the Canadian dollar, partially offset by the impact of the 53rd
week in 2006 and a same-store sales decline of 0.9% in its
United States and Canadian stores.  

The company recorded total assets of US$1.1 billion and total
liabilities of US$541.3 million, resulting to total
stockholders' equity of US$558.6 million as of Feb. 2, 2008.  
Retained earnings as of Feb. 2, 2008, were US$396.9 million.

                      Borrowings

The company has a secured US$350 million Amended and Restated
Credit Agreement, which became effective July 21, 2004 and
expires on July 21, 2009.  The Agreement provides for a maximum
line of credit of US$350 million, subject to calculated
borrowing base restrictions.  

On July 23, 2007, the company and certain of its subsidiaries
entered into the third amendment to the Agreement.  This
amendment modified the Agreement by, among other things:

   -- reducing the commitment fees paid on the unused portion of
      the facility,

   -- enhancing credit given for the inventory component in the
      calculation of the loan parties’ borrowing base,

   -- increasing flexibility concerning Indebtedness and
      Guarantees of Indebtedness, and

   -- providing additional flexibility regarding Investments and
      Restricted Payments.

At February 2, 2008, the company had US$15 million of borrowings
outstanding and US$9.6 million in letters of credit outstanding
under the Agreement.  Total additional borrowing availability
was US$325.4 million at the end of 2007.

In 2007, the company's total debt increased US$14 million, or
9.3%, to US$165.0 million, as borrowings under its revolving
credit agreement increased due in part to its repurchase of
US$2.4 million shares of common stock in the fourth quarter of
2007.  Its ratio of debt-to-total capital increased to 22.8% at
the end of 2007, from 22.4% at the end of 2006.  The company
believes that borrowing capacity under its Amended and Restated
Credit Agreement will be adequate to meet its expected
operational needs, capital expenditure plans and provide
liquidity for potential acquisitions.

                Earnings Enhancement Plan

In 2006, the company introduced its Earnings Enhancement Plan,
which was designed to increase earnings through cost reductions,
efficiency initiatives and the reallocation of resources. Key
elements of the plan include:

    (i) restructuring administrative and support areas,
   (ii) redesigning logistics and distribution platforms,
  (iii) reorganizing to eliminate operational redundancies,        
   (iv) realigning strategic priorities, and
    (v) refining the supply chain process and enhancing
        inventory utilization.

The company has implemented a number of initiatives under this
plan, including:

   -- closing Los Angeles, California office, which housed the
      Shoes.com e-commerce business, and consolidating that
      business into St. Louis, Missouri headquarters facility,

   -- closing Needham, Massachusetts office and Dover, New
      Hampshire distribution center, which housed the Bennett
      business,

   -- consolidating New York City, New York operations to
      accommodate the offices of Brown New York personnel,
      as well as product development teams and showrooms,

   -- closing Italian sales office,
  
   -- outsourcing Canadian wholesale business to a third-party
      distributor,

   -- closing all of Via Spiga stores, and

   -- implementing various personnel reductions throughout the
      company to streamline operations.

These actions resulted in charges of US$19 million in 2007
(US$12.4 million on an after-tax basis, or US$0.28 per diluted
share) and US$6.3 million in 2006 (US$3.9 million on an after-
tax basis, or US$0.09 per diluted share).

The company estimates that the initiatives reduced its expense
base by approximately US$26 million on a cumulative basis.
Approximately US$5 million of these savings were achieved in
2006.

                     About Brown Shoe

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc.  
(NYSE: BWS) -- http://www.brownshoe.com/-- is a US$2.4 billion  
footwear company with global operations.  Brown Shoe’s Retail
division operates Famous Footwear, the approximately 1,100-store
chain that sells brand name shoes for the family, approximately
300 specialty retail stores in the U.S., Canada, and China under
the Naturalizer, Brown Shoe Closet, FX LaSalle, and Franco Sarto
names, and Shoes.com, the Company's e-commerce subsidiary.  
Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Naturalizer, LifeStride, Via
Spiga, Nickels Soft, Connie and Buster Brown; it also markets
licensed brands including Franco Sarto, Dr. Scholl's, Etienne
Aigner, and Carlos by Carlos Santana and Barbie, Disney and
Nickelodeon character footwear for children.  

The company's European unit, Brown Shoe International Sales and
Licensing  S.r.l., is located in Italy.  In Latin America, the
company operates through its subsidiary, Pagoda International
Corporation do Brazil, LTDA.


BROWN SHOE: Operating Challenges Prompt S&P's Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on St.
Louis, Missouri-based Brown Shoe Co. Inc. to negative from
stable.   At the same time, S&P affirmed all other ratings on
the company, including the 'BB' corporate credit rating.
      
"The outlook revision reflects the operating challenges facing
the company given the generally weak economic conditions," said
Standard & Poor's credit analyst David Kuntz.  

S&P also expects sales and margins to be hurt by cost increases
from suppliers over the medium term, and a further deterioration
in credit metrics for 2008.


PARMALAT SPA: New Jersey Judge Dismisses Most Claims v Citigroup
----------------------------------------------------------------
The Hon. Jonathan N. Harris of the New Jersey Superior Court has
dismissed most of the claims filed by Parmalat S.p.A. against
Citigroup Inc., Bloomberg News reports.

According to the report, Judge Harris has dismissed fraud,
conspiracy, racketeering and unjust enrichment charges against
Citigroup.  

Citigroup, however, will still go to trial May 5, 2008, for
charges of aiding and abetting breach of fiduciary duty relating
to the corrupt insiders' larceny from Parmalat.

"We look forward to vindication on the remaining claims and our
counterclaims for the losses we suffered as a victim of
Parmalat's admitted fraud," Citigroup spokeswoman Andrea Hurst
told Bloomberg News.

Parmalat said the ruling narrowed its claims and measure of
damages against Citigroup.  Bloomberg News relates that Judge
Harris didn't specify the size of Citigroup's potential
liability.

                       About Parmalat

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

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

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

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

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

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


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


AS-POLIMEHTRANS LLP: Creditors Must File Claims by June 3
---------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP As-Polimehtrans insolvent.

Creditors have until June 3, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Atyrau, Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


ASTANA ENGINEERING: Claims Deadline Slated for June 4
-----------------------------------------------------  
LLP Astana Engineering has declared insolvency.  Creditors have
until June 4, 2008, to submit written proofs of claims to:

         LLP Astana Engineering
         Musrepov Str. 6-124
         Almaty District
         Astana
         Kazakhstan


BTA BANK: Names Chingiz Aitmatov as Independent Board Director
--------------------------------------------------------------
BTA Bank JSC has appointed Chingiz Aitmatov as independent
member of its Board of Directors.

Mr. Aitmatov’s has contributed to the treasury of Kyrgyz and
Kazakh prose and the world cultural heritage.  UNESCO has named
Mr. Aitmatov the most read writer worldwide after Shakespeare
and Tolstoy.  His books are translated into 176 languages and
published in 128 countries with a total number of copies 80,000
books sold worldwide.

BTA Bank finances publication of Aitmatov’s collection in eight
volumes and an album covering his prolific output.  

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

As reported in the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services revised its outlook on Bank TuranAlem
(BB/B) to negative from stable.

Bank TuranAlem carries Long-term foreign currency IDR at BB+
from Fitch Ratings, which said the Outlook was Stable.

The company also carries Ba1 Foreign Currency Subordinate Debt
Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and
D- Bank Financial Strength Rating from Moody's Investor Service.


ECO-TEXT-T LLP: Claims Filing Period Ends June 3
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Eco-Text-T insolvent.

Creditors have until June 3, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


GERKULES LTD: Creditors' Claims Due on June 2
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Gerkules Ltd. insolvent on March 3, 2008.

Creditors have until June 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


MAI BUSINESS: Creditors Must File Claims by June 2
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Mai Business insolvent.

Creditors have until June 2, 2008, to submit written proofs of
claims to:

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


PAVLODAR STROY: Claims Deadline Slated for June 2
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Pavlodar Stroy Holding insolvent.

Creditors have until June 2, 2008, to submit written proofs of
claims to:

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


SIGNAL-SERVICE CJSC: Claims Filing Period Ends June 2
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared CJSC Signal-Service insolvent on March 5, 2008.

Creditors have until June 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


TEMIRA LLP: Creditors' Claims Due on June 3
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Temira insolvent.

Creditors have until June 3, 2008, to submit written proofs of
claims to:

The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


UJTRUBOPROVOD STROY: Claims Registration Ends June 2
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ujtruboprovod Stroy Kazakhstan insolvent on
March 21, 2008.

Creditors have until June 2, 2008, to submit written proofs of
claims to:

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


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


OMURALY LLC: Creditors Must File Claims by May 20
-------------------------------------------------
LLC Kyrgyz-Chinese Corporation Omuraly has declared about its
insolvency.  Creditors have until May 20, 2008 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 42-50-38.


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


BAYKALSKAYA MEAT: Buryatiya Bankruptcy Hearing Slated for May 14
----------------------------------------------------------------
The Arbitration Court of Buryatiya will convene on May 14, 2008,
to hear the bankruptcy supervision procedure on LLC Baykalskaya
Meat Company.  The case is docketed under Case No. A10-62/08.

The Temporary Insolvency Manager is:

         R. Erbanov
         Post User Box 2713
         Ulan-Ude
         670033 Buryatiya
         Russia

The Debtor can be reached at:

         LLC Baykalskaya Meat Company
         Vorovskogo Str. 23
         Ulan-Ude
         Buryatiya
         Russia


CB RENAISSANCE: Fitch Puts BB(rus) Rating on Series 02 Bonds
------------------------------------------------------------
Fitch Ratings has assigned Russia-based CB Renaissance Capital's
(OOO) upcoming issue of fixed-rate Series 02 RUB3bn bonds a
National Long-term 'BB(rus)' rating. The guarantor of the issue
is OOO Renaissance Capital - International Services.  The bonds
mature in April, 2012; however, there is an option available to
bond holders to submit bonds for early repayment at the end of a
12-month period from the issue date.

CBRC is rated Long-term Issuer Default (IDR) 'B-' (B minus),
Short-term IDR 'B', Support '5', Support Rating Floor 'No
Floor', Individual 'D/E' and National Long-term 'BB(rus)'.  The
Outlooks for both Long-term ratings are Stable.

The bank's obligations under the issue will rank at least
equally with all its other unsecured and unsubordinated
creditors, save those preferred by any bankruptcy, employment,
insolvency, liquidation or similar laws of general application.  
Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-2007, retail
accounts and deposits accounted for 5% of CBRC's total
liabilities, according to the bank's IFRS-audited financial
statements.

CBRC is a specialist consumer bank, which has been fully
operational since 2004.  At end-2007, it was the 57th-largest
bank in Russia by total assets and was among the top 15 retail
lenders.  It has a network of offices covering 65 regions of
Russia and approximately 12,000 active points-of-sale. CBRC is
part of the broader Renaissance Group, which also includes
investment bank Renaissance Capital Holdings Limited (rated
'BB-' (BB minus)/Outlook Stable), merchant banking entity
Renaissance Partners, asset manager Renaissance Investment
Management and online trading unit Renaissance Online.


DORMASHINA CJSC: Orel Bankruptcy Hearing Slated for June 11
-----------------------------------------------------------
The Arbitration Court of Orel will convene at 9:10 a.m. on
June 11, 2008, to hear the bankruptcy supervision procedure on
CJSC Dormashina.  The case is docketed under Case No. A48-536/
08-17b.

The Temporary Insolvency Manager is:

         N. Shirokov
         Room 301
         Lenina Str. 39a
         302028 Orel
         Russia

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel  
         Russia

The Debtor can be reached at:

         CJSC Dormashina
         Kromskoe Shosse 3
         Orel
         Russia


GOLDEN MEADOW: Orel Bankruptcy Hearing Slated for June 11
---------------------------------------------------------
The Arbitration Court of Orel will convene at 2:00 p.m. on
June 11, 2008, to hear the bankruptcy supervision procedure on
CJSC Agricultural Company Golden Meadow.  The case is docketed
under Case No. A48-108/08–16b.

The Temporary Insolvency Manager is:

         D. Evdokimov
         2nd Kurskaya Str. 90
         Orel
         Russia
         Tel: 428788

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel  
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Golden Meadow
         Turgeneva Str. 13
         Glazunovka
         Orel
         Russia


INTREIS-AVTO CJSC: Moscow Bankruptcy Hearing Slated for June 24
---------------------------------------------------------------
The Arbitration Court of Moscow will convene on June 24, 2008,
to hear the bankruptcy supervision procedure on CJSC Intreis-
Avto.  The case is docketed under Case No. A40-1553/08-36-5B.

The Temporary Insolvency Manager is:

         L. Koptelina
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         L. Koptelina
         Orlovskiy Per. 5
         129110 Moscow
         Russia


KISELEVSKIY BAKERY: Asset Sale Slated for April 25
--------------------------------------------------
S. Vlasov, the insolvency manager and bidding organizer for
OJSC Kiselevskiy Bakery, will set a repeated public auction for
the company's properties at 10:00 a.m. on April 25, 2008, at:

         S. Vlasov
         Unzhakova Str. 8a
         Kiselevsk
         Russia

The case is docketed under Case No. A27-15744/03-4.

Interested participant must submit bidding documents to:

         S. Vlasov
         Unzhakova Str. 8a
         Kiselevsk
         Russia

The Debtor can be reached at:

         OJSC Kiselevskiy Bakery
         Kiselevsk
         Kemerovo
         Russia


STROY-COM PLUS: Yaroslavl Bankruptcy Hearing Slated for May 13
--------------------------------------------------------------
The Arbitration Court of Yaroslavl will convene at 11:00 a.m. on
May 13, 2008, to hear the bankruptcy supervision procedure on
LLC Stroy-Com Plus.  The case is docketed under Case No.
A82-14350/2007-30-B/74.

The Temporary Insolvency Manager is:

         S. Fedyunin
         Post User Box 16
         127566 Moscow
         Russia

The Debtor can be reached at:

         LLC Stroy-Com Plus
         Apt. 1
         Tolbukhina Pr. 21
         Yaroslavl
         Russia


TAMBOV-RAJ-AGRO-PROM-SNAB: Tambov Bankruptcy Hearing Set June 23
----------------------------------------------------------------
The Arbitration Court of Tambov will convene on June 23, 2008,
to hear the bankruptcy supervision procedure on LLC Tambov-Raj-
Agro-Prom-Snab.  The case is docketed under Case No. A64-7487/
07-25.

The Temporary Insolvency Manager is:

         L. Koptelina
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         L. Koptelina
         Orlovskiy Per. 5
         129110 Moscow
         Russia


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


FONDO DE TITULIZACION: Fitch Holds BB+ Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings has affirmed all TDA 24, Fondo de Titulizacion
tranches, following a satisfactory performance review.

The portfolio is backed by mortgage loans originated in Spain by
Banco de la Pequena y Mediana Empresa, S.A. (Bankpime), Caja de
Ahorros de Castilla La Mancha (CCM, rated 'A'/Outlook Stable
/'F1') and Union de Credito financiero Mobiliario e Inmobiliario
(Credifimo).  The rating actions are as:

Class A1 (ISIN ES0345782009) affirmed at 'AAA'; Outlook Stable
Class A2 (ISIN ES0377952017) affirmed at 'AAA'; Outlook Stable
Class interest-only (IO) affirmed at 'AAA'; Outlook Stable
Class B (ISIN ES0377952025) affirmed at 'A'; Outlook Stable
Class C (ISIN ES0377952033) affirmed at 'BBB'; Outlook Stable
Class D (ISIN ES0377952041) affirmed at 'BB+'; Outlook Negative

Despite three reserve fund draws in the last three quarters and
the prospect of rising defaults, the excess spread and RF are
currently sufficient to allow an affirmation of the notes at
their current ratings.

The first draw - at 14.87% of its target amount - occurred in
September 2007 and was mainly caused by new net defaults of
0.18% during the quarter and a thinning ExS. Defaults on this
deal are defined as 12 months plus and are 100%-provisioned.  
The RF draws in the following two quarters - December 2007 and
March 2008 - were only 1.06% of its total amount, due to small
new defaults.

ExS is being reduced by the increasing weight of the fixed Euros
1,552,000.00 NAS-IO in place, which expires on June 2009, as the
collateral reduces.  The NAS-IO is 0.45% of the current
collateral, up from 0.32% of the initial collateral at closing.
In other deals with NAS-IO, such as TDA 25, TDA 27 and TDA 28,
the percentage of the NAS-IO notional decreases during its life,
therefore its weight increases to a lesser extent.

Between August 2007 and February 2008, three months-plus arrears
increased to 0.82% from 0.26%, but defaults only increased to
0.26% from 0.2%.  The rise in the three month plus arrears,
which contributed to the current arrears of five months plus
arrears of 0.45%, indicate defaults are likely to increase in
the next few quarters.

The junior class D notes' Negative Outlook reflect the prospect
of additional draws on the RF was highlighted, owing to the
current thin ExS and the high likelihood of more defaults.

Credifimo, a specialist mortgage lender in Spain, originated 27%
of the pool balance.  The remaining 63% of delinquent loans were
originated by CCM.


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

AGNEW JSC: Creditors' Liquidation Claims Due by May 1
-----------------------------------------------------
Creditors of JSC Agnew have until May 1, 2008, to submit their
claims to:

         Dr. Christian Steinmann
         Liquidator
         Brandschenkestrasse 90
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Agnew
         Chur
         Plessur GR
         Switzerland


CARRIER-LINK: Creditors' Liquidation Claims Due by May 1
--------------------------------------------------------
Creditors of JSC Carrier-Link Enterprise have until May 1, 2008,
to submit their claims to:

         Dr. Christian Steinmann
         Liquidator
         Dorneckstrasse 54
         4143 Dornach
         Dorneck SO
         Switzerland

The Debtor can be reached at:

         JSC Carrier-Link Enterprise
         Basel
         Switzerland


ERHABENZ LLC: Creditors' Liquidation Claims Due by May 5
--------------------------------------------------------
Creditors of LLC Erhabenz have until May 5, 2008, to submit
their claims to:

         Hanspeter Ernst
         Liquidator
         Erzelenweg 3
         4537 Wiedlisbach
         Wangen BE
         Switzerland

The Debtor can be reached at:

         LLC Erhabenz
         Deitingen SO
         Switzerland


IDESSAG JSC: Creditors' Liquidation Claims Due by May 3
-------------------------------------------------------
Creditors of JSC Idessag have until May 3, 2008, to submit their
claims to:

         JSC Fiduco
         Mattenstrasse 135
         Postfach
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         JSC Idessag
         Berne
         Switzerland

INNOPLAN & PARTNER: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Innoplan & Partner on March 13, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Innoplan & Partner
         Ruederstrasse 38
         5040 Schoftland
         Kulm AG
         Switzerland


ROSENDO LLC: Basel-Country Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Sissach in Basel-Country entered Feb.
27, 2008, an order closing the bankruptcy proceedings of LLC
Rosendo.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach BL
         Switzerland
         
The Debtor can be reached at:

         LLC Rosendo
         Ochsengasse 9
         4460 Gelterkinden
         Sissach BL
         Switzerland


ROTATEC INTERNATIONAL: Creditors Must File Claims by May 2
----------------------------------------------------------
Creditors of DELPHI ADVISORS Ltd have until May 2, 2008, to
submit their claims to:

         Christoph Lutz
         ETU Treuhand und Unternehmensberatung
         Zurichstrasse 268
         8122 Binz ZH
         Switzerland

The Debtor can be reached at:

         LLC Rotatec International
         Fehraltorf ZH
         Switzerland


SEEPEOPLE LLC: Creditors' Liquidation Claims Due by May 2
---------------------------------------------------------
Creditors of LLC Seepeople have until May 2, 2008, to submit
their claims to:

         LLC Seepeople
         Sonnenstr. 4
         8280 Kreuzlingen TG
         Switzerland


SWIGIPS LLC: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Swigips on March 13, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Swigips
         Aarauerstrasse 24
         5712 Beinwil am See
         Kulm AG
         Switzerland


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


AGAT INTEKS: Creditors Must File Claims by April 30
---------------------------------------------------
Creditors of LLC Agat Inteks (code EDRPOU 33152602) 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 17, 2008, after finding it
insolvent.  The case is docketed as 23/89-b.

The Debtor can be reached at:

         LLC Agat Inteks
         Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


ALPHA-ODIS LLC: Creditors Must File Claims by April 30
------------------------------------------------------
Creditors of LLC Alpha-Odis (code EDRPOU 33216461) 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 on March 18, 2008, after finding it
insolvent.  

The Debtor can be reached at:

         LLC Alpha-Odis
         General Tsvetayev Str. 3/5
         65028 Odessa
         Ukraine


ARTEMOVSK PLANT Proofs of Claim Deadline Set April 30
-----------------------------------------------------
Creditors of LLC Artemovsk Plant of Glass Products (code EDRPOU
32375135) 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 has commenced the bankruptcy
supervision procedure on the company.  The case is docketed as
23/334-b.

The Debtor can be reached at:

         LLC Artemovsk Plant of Glass Products
         40 Years of October Avenue 100/2
         03127 Kiev
         Ukraine


GREEN LEAF: Proofs of Claim Deadline Set April 30
-------------------------------------------------
Creditors of LLC Green Leaf (code EDRPOU 32214463) have until
April 30, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev has commenced the bankruptcy
supervision procedure on the company.  The case is docketed as
B13/056-08.  

The Debtor can be reached at:

         LLC Green Leaf
         Promyshlennaya Str. 5
         Vishnevoye
         08132 Kiev
         Ukraine


SG TRADE: Proofs of Claim Deadline Set April 30
-----------------------------------------------
Creditors of LLC SG Trade (code EDRPOU 33206254) 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 on March 11, 2008.  The case is
docketed as B-24/53-08.

The Debtor can be reached at:

         LLC SG Trade
         Zaliutinskaya Str. 4
         61177 Kharkov
         Ukraine


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


ABBOT GROUP: S&P Assigns B+ Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to U.K.-based Abbot Group Ltd., the main
operating subsidiary of Turbo Alpha Ltd. and one of Europe's
largest oil and gas drilling companies.

Standard & Poor's also assigned its 'B+' long-term rating to the
parent, Turbo Alpha.  The outlook on both companies is stable.

At the same time, S&P assigned a 'B+' issue-level rating to the
proposed US$1.55 billion senior secured credit facility issued
by parent company Turbo Alpha and guaranteed by Abbot, in line
with the corporate credit rating on the group.  S&P also
assigned a recovery rating of '3' to this facility, indicating
our expectation of meaningful (50%-70%) recovery for creditors
in the event of a payment default.

"The rating on Abbot factors in the group's very high initial
debt following its recent leveraged buyout of First Reserve
Corporation and its activity in a historically cyclical and
capital-intensive industry," said Standard & Poor's credit
analyst Per Karlsson.  "Mitigating these weaknesses is the
favorable industry outlook over the medium term, as well as
Abbot's strong strategic positioning in international growth
markets, its geographic and operational diversification, and its
strategy to ensure strong medium-term contractual revenue
visibility."

The stable outlook incorporates our expectation that Abbot will
gradually deleverage over the next 2-3 years.  Debt to EBITDA
will likely come down to below 4.0x by year-end 2010.  
Underpinning this debt reduction is the favorable industry
outlook in the coming years and Abbot's significant medium-term
contract protection.

S&P sees no rating upside given Abbot's high debt and despite
the group's fair business risk profile.  There could be downside
rating risk, however, in the event of insufficient debt
reduction in the coming years, or a material weakening in the
outlook for drilling margins and the resulting lower-than-
expected profitability.


BAA LTD: British Airways Long-Haul Move to T5 Deferred to June
--------------------------------------------------------------
BAA Ltd. Plc disclosed that British Airways will defer until
June 2008 the planned move of its long-haul services from
Terminal Four at Heathrow to Terminal Five.

While a normal flight schedule has been operated at Terminal 5
since April 8, 2008, the companies want to ensure that customers
can be confident of high service standards when additional
flights are introduced.

The companies will work together to iron out any remaining
problems, including the baggage system and its operation, and
develop a robust timescale for phasing the move of Terminal 4
services into Terminal 5.

"We are making this decision in the interests of customers,"
Willie Walsh, BA's Chief Executive said.  "Though Terminal Five
is now working well, we need to have confidence that good
service can be maintained when the terminal is handling larger
numbers of customers.  It is only sensible to ensure that
Terminal 5 is operating consistently at a high standard before
the move begins."

"BAA regrets this postponement, and we recognize the impact it
has on other airlines, but we believe it is a wise precaution to
ensure that passengers can have the maximum confidence once the
move does take place," Colin Matthews, BAA's Chief Executive,
said. "We will be working very closely with BA in the
intervening period to ensure that result, as well as working
with the other airlines to mitigate as much as possible the
knock-on effects."

"BAA fully recognizes that the inauguration of Terminal Five has
not been as smooth as we and BA would have wished," Mr. Matthews
added.  In the last few days passengers have seen significant
improvement and our goal is to complete that process as soon as
possible before continuing the next phase of transforming the
rest of the airport."

                    About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                         About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                           *     *     *

As of April 17, 2008, BAA Limited carries BB- long-term
corporate credit rating from Standard & Poor's Ratings Services,
which said the Outlook is negative.


BAA LTD: Abides by CAA Price Limits Despite Easyjet Legal Threat
----------------------------------------------------------------
BAA Liited will continue to charge in accordance with the U.K.
Civil Aviation Authority's set price limits for Gatwick Airport,
aware that easyJet has indicated an intention to legally
challenge the decision.

CAA set and announced the the price limits in March 2008 and
came into effect on April 1, 2008.

                         About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                           *     *     *

As of April 17, 2008, BAA Limited carries BB- long-term
corporate credit rating from Standard & Poor's Ratings Services,
which said the Outlook is negative.


BAA LTD: EasyJet and Rynaair to Withhold Part of Landing Fees
-------------------------------------------------------------
In protest of the hike in charges implemented by BAA Ltd.,
EasyJet and Ryanair says that they intend to withhold part of
the landing fees due at the Gatwick and Stansted airports as a
sign of protest, Alister Osborne writes for the Telegraph.

As previously reported in the TCR-Europe, the CAA, on March 11,
2008, published its decisions for price controls for Gatwick
airport for the five years from April 1, 2008 to March 31, 2013.  
The CAA set maximum charge of GBP6.79 per passenger in 2008/09,
an increase of GBP1.18 on a like-for-like basis, representing a
21.0% increase in real terms from the current price cap, with
allowed charges subsequently increasing in each of the following
four years by no more than RPI inflation plus 2.0%.

The Telegraph adds that charges at Stansted is expected to
increase by 7%.

As previously reported in the TCR-Europe, the CAA has also set
this maximum charge for Heathrow: GBP12.80 per passenger in
2008/09, an increase of GBP2.44 on a like-for-like basis,
representing a 23.5% increase in real terms from the current
price cap, with allowed charges subsequently increasing in each
of the following four years by no more than retail price index
inflation plus 7.5% each year.

As reported in the TCR-Europe on March 25, 2008, EasyJet,
Ryanair and Bmi plc jointly called for a judicial review of the
Civil Aviation Authority as a result of the CAA's move to allow
BAA to impose increases in landing charges at Heathrow and
Gatwick.

                         About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                           *     *     *

As of April 17, 2008, BAA Limited carries BB- long-term
corporate credit rating from Standard & Poor's Ratings Services,
which said the Outlook is negative.


BRITISH ENERGY: Iberdola Takeover Bid Unlikely, Report Says
-----------------------------------------------------------
Spain's Iberdola SA declared it is unlikely to table a bid for
British Energy Group plc, although it is willing to take part in
the development of nuclear power plants in the UK, Hamish
Rutherford writes for the Scotsman.

According to Ignacio Sanchez Galan, chairman and chief executive
of Iberdola, the company was obliged to look into the
opportunity as UK is an important market for them, stressing he
has to consider the impact of any deal on earnings per share,
the Scotsman reveals.

Iberdola, the Scotsman notes, has not totally discounted the
possibility of a BE approach.  However, the Scotsman relates,
that while Iberdola is far from tabling a bid for the British
nuclear firm, it is apparently seeking other opportunities in
the UK.

"There might be opportunities if someone else buys British
Energy, there might be sites become available, from British
Energy or sites from the nuclear decommissioning authority...
there will be other opportunities in the UK for nuclear besides
British Energy," Jose Luis del Valle, chief executive of
Scottishpower, which is owned by Iberdola, was quoted by the
Scotsman as saying.

Meanwhile, Mr. del Valle, told Electricite de France, which is
thought to be mulling a takeover bid for Iberdola with ACS, to
make an offer for the Spanish utility firm or "shut up," the
paper adds.

                     About British Energy

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

                        *     *     *

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

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

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


BRITISH AIRWAYS: Defers Long-Haul Move to Terminal Five to June
---------------------------------------------------------------
British Airways Plc will defer until June 2008 the planned move
of its long-haul services from BAA Ltd.'s Terminal Four at
Heathrow to Terminal Five.

While a normal flight schedule has been operated at Terminal 5
since April 8, 2008, the companies want to ensure that customers
can be confident of high service standards when additional
flights are introduced.

The companies will work together to iron out any remaining
problems, including the baggage system and its operation, and
develop a robust timescale for phasing the move of Terminal 4
services into Terminal 5.

"We are making this decision in the interests of customers,"
Willie Walsh, BA's Chief Executive said.  "Though Terminal Five
is now working well, we need to have confidence that good
service can be maintained when the terminal is handling larger
numbers of customers.  It is only sensible to ensure that
Terminal 5 is operating consistently at a high standard before
the move begins."

"BAA regrets this postponement, and we recognize the impact it
has on other airlines, but we believe it is a wise precaution to
ensure that passengers can have the maximum confidence once the
move does take place," Colin Matthews, BAA's Chief Executive,
said. "We will be working very closely with BA in the
intervening period to ensure that result, as well as working
with the other airlines to mitigate as much as possible the
knock-on effects."

"BAA fully recognizes that the inauguration of Terminal Five has
not been as smooth as we and BA would have wished," Mr. Matthews
added.  In the last few days passengers have seen significant
improvement and our goal is to complete that process as soon as
possible before continuing the next phase of transforming the
rest of the airport."

                         About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                     About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


CARTER AND CARTER: Sells Apprentice Learning Division to RMIF
-------------------------------------------------------------
Carter and Carter Group Plc's joint administrators, Nick Dargan,
Dominic Wong and Chris Farrington, disclosed the sale of the
company's Apprentice Learning Division to the Retail Motor
Industry Federation.
    
"We are delighted that we have successfully concluded a sale of
a further part of the Carter and Carter Group. The sale
safeguards the jobs of around 30 people still employed by Carter
and Carter, and gives opportunity for the new owners to re-
employ a number of former staff, as well as preserving this
valuable training resource for future generations of apprentices
and employers," Mr. Farrington commented.

"The RMIF will run Carter and Carter’s former apprentice
programmes under its training arm, ReMIT Ltd.  The ReMIT name is
a well known brand throughout the UK in automotive apprentice
training, particularly amongst independent garages and
dealerships," Mr. Farrington added.

As previously reported in the TCR-Europe, the joint
administrators from Deloitte and Touche LLP were appointed over
Carter and Carter on March 11, 2008.  The majority of the
businesses and assets were sold to Newcastle College on March
20, 2008.

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 Ruddington, England, Carter and Carter Group
PLC -- http://www.carterandcartergroup.com/-- provides
vocational learning services and employability skills training
primarily under government funded contracts as well as
outsourcing of back office and other functions to the automotive
sector.

It operates from over 100 locations across the U.K. and abroad
with 2,500 employees and provides services to over 27,000
learners in the U.K.

The group has a turnover of GBP125 million. As of Jan. 17, 2008,
it had net debt of GBP129 million from GBP86 million net debt in
2007.


DATA TEKNOLOGIES: Brings In Liquidators from Mazars
---------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Data Teknologies Ltd. on April 3
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


DGM PROPERTIES: Taps Ernst & Young As Administrative Receivers
--------------------------------------------------------------
Ian Best and R.H. Kelly of Ernst & Young LLP are currently
looking into the financial status of DGM Properties Limited in
order to assess if the company could be sold as a going concern,
the Spalding Today reports.  

Messrs. Best and Kelly were appointed joint administrative
receivers of the company on April 10, 2008.

According to Spalding Today, the global credit crunch and DGM's
concentration on building apartments were the likely cause for
the company's financial woes.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.  

Headquartered in Spalding, England, DGM Properties Limited --
http://www.dgm-properties.com/-- build personally tailored  
homes in Lincolnshire, Norfolk and Cambridgeshire.  Its sister
company, Home Tailoring specializes in interior design.


EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans
-----------------------------------------------------------
Citigroup Inc., the bank that sponsored Terra Firma Capital
Partners Ltd.'s buyout of EMI Group PLC, withdrew plans to sell
off to outside investors about US$4.9 billion of loans provided
for the transaction, according to various reports.

The reports say Citigroup deemed the EMI loans not fit for sale
because capitalists fear over EMI's reorganization fate.  EMI's
current restructuring includes elimination of 1,500 jobs and
consolidation of certain business operations.

Various reports relate that Citigroup's difficulty in marketing
the loans has weighed down the bank's balance sheets with bulky
write-downs.  Citigroup intends to lessen its letdown by selling
a huge portion of  US$43 billion debts to a group of private-
equity companies.

Writedowns of leverage loans caused Citigroup stocks to dropped
21% in New York trading this year, Bloomberg relates.  Citigroup
expects an increase to its  US$24 billion losses on mortgages,
bonds and corporate loans.

The Wall Street Journal's Ethan Smith and David Enrich relate
that  EMI's restructuring remains a work in progress, and the
company's future shape remains an open question.  WSJ says
Citigroup worried that the uncertainty would add to the
squeamishness of the already-jittery debt investors it is trying
to lure.

                       About Citigroup Inc.

New York-based Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is a diversified global financial   
services holding company whose businesses provide a range of
financial services to consumer and corporate customers.  The
company is a bank holding company.  Its segments include Global
Consumer Group, Corporate and Investment Banking (CIB), Global
Wealth Management and Alternative Investments (AI).  Citigroup
has more than 200 million customer accounts and does business in
more than 100 countries.

                       About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China among others.  In
August 2007 EMI was acquired by private equity firm Terra Firma.

The company comprises two divisions – EMI Music EMI Music
Publishing.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1,498,500,000 in total assets, GBP2,649,5000,000 in
total liabilities resulting in a GBP1,153,600,000 shareholders'
deficit.


EMI GROUP: Nick Gatfield Named as North America & UK Head
---------------------------------------------------------
EMI Music disclosed Wednesday a further senior appointment as it
continues to put in place the new shape of the company and its
leadership.

The company says that Nick Gatfield has agreed to join EMI Music
as president of A&R Labels, North America and UK.

Gatfield joins EMI from Universal Music, the world’s largest
music company, where he has been president of the Universal
Island Records Group since 2001.  As well as signing five times
Grammy Award winner Amy Winehouse, who has sold close to nine
million copies of her Back to Black album, Gatfield has also
overseen the recording careers of Keane, Mika, The Fratellis,
McFly, Busted, Sugababes, The Feeling and new artists Robyn and
Sam Sparro.

From 1993 to 1998, Gatfield worked in Los Angeles for PolyGram,
then the world's leading music group that was merged into
Universal in 1998.  At PolyGram’s Polydor Records, where he
became president, he presided over successful signings such as
the platinum-selling Tonic and the Badlees and also
reinvigorated the label’s catalogue business. In 1998 he
received the Corporate Luminary Award from the American Society
of Young Musicians.  He was also made responsible for PolyGram’s
music publishing operation in the US in 1998. Gatfield began his
business career at EMI Records in the UK.

Guy Hands, executive chairman of EMI, said: “As well as
developing some of today’s most popular artists and music around
the world, Nick has also demonstrated his talents for embracing
and delivering change.  At Universal Island he has led a
complete turnaround of the label in both creative and financial
terms and built it into the most successful domestic repertoire
label in the UK.  I am delighted that Nick is joining EMI and I
believe the combination of Nick Gatfield and Douglas Merrill
working together will enable EMI to reposition itself in new
music.”

Gatfield said: “A&R has always been at the heart of EMI and its
labels and the company has an incredibly strong track record in
signing and developing some of the most innovative artists in
the world.  It is also a company that is leading the most
ambitious transformation of the music industry.  My goal is to
nurture that culture of creativity and change, working in true
partnership with the talented artists and A&R people at EMI.  In
addition I am extremely excited about EMI’s determination to
embrace a new way of working with artists that recognises both
the importance of the history of the labels but also the
importance of new technologies.”

Nick will have all the company’s label heads in North America
and the UK reporting to him.

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China among others.  In
August 2007 EMI was acquired by private equity firm Terra Firma.

The company comprises two divisions – EMI Music EMI Music
Publishing.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1,498,500,000 in total assets, GBP2,649,5000,000 in
total liabilities resulting in a GBP1,153,600,000 shareholders'
deficit.


ERINACEOUS MANAGED: Names Richard Hill as Administrator
-------------------------------------------------------
Richard Hill of KPMG LLP has been appointed administrator of
Erinaceous Managed Services Limited, part of Erinaceous Group
Plc .  Erinaceous Managed Services Limited owns the business and
assets of Shoreham Airport, in Sussex.

As a consequence of the administration, Shoreham Airport is
currently non-operational, however the administrators are
currently in an advance stage in negotiations with interested
parties to sell the business and assets of the airport and
preserve jobs.

Around 30 businesses operate from the airport site, including
Sky South airline, flight training schools, small private jets
and some commercial transport.

"Discussions are taking place with a number of parties
interested in this business.  We will be working hard to ensure
that all employees are kept up to date with developments," Mr.
Hill confirmed.

As reported in the Troubled Company Reporter-Europe on April 15,
2008, Erinaceous Group Plc entered into administration after
incurring debts of more than GBP250 million.  Jim Tucker and
Myles Halley of KPMG were appointed joint administrators.

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.


ETHEL AUSTIN: Brings In Joint Administrators from Menzies
---------------------------------------------------------
Philip Duffy and David Whitehouse of Menzies Corporate
Restructuring were appointed joint administrators of Ethel
Austin Limited, inthenews.co.uk reports.

According to the report, Mr. Duffy disclosed that it was "too
early to be certain" on what caused the company's "financial
difficulties."

According to Mr. Duffy their primary concern is to ensure the
business continues to trade in the coming weeks and to find a  
buyer for the retailer, the report said.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

Headquartered in Prescot, England, Ethel Austin Limited --
http://www.ethelaustin.co.uk/-- is a clothing retailer.   
Founded in 1934, the company employs around 2,800 staff for its
300 stores.  It reported GBP150 million in turnover in 2007.


FORD MOTOR: Sells ACH Glass Business and Mexican Subsidiary
-----------------------------------------------------------
Ford Motor Company, Automotive Components Holdings and Zeledyne
have disclosed the sale of the ACH Glass business and its plants
in Nashville, Tennesse, and Tulsa, Oklahoma, and its subsidiary
Vidriocar in Ciudad Juarez, Mexico.  Also included are the
leases for its warehouse in Lebanon, Tennesee, and its
engineering offices in Allen Park, Michigan.

The sale is the fourth for ACH and the second involving a United
States business.  With the completion of this sale and related
employee transfers, ACH now has eight plants supported by about
9,000 leased hourly and salaried employees, down from 17 plants
and 23,000 leased employees at its start in October 2005.

"This agreement represents a major milestone in the
implementation of our ACH strategy and Ford's restructuring
effort," said Ford's president of the Americas, Mark Fields.  
"We continue working hard and focusing on our core business -
bringing to market more top-quality products people truly want."

"We are working aggressively to complete the sale of more ACH
plants this year," said ACH Chief Executive Officer, Bill
Connelly.

Negotiations continue for the sale of additional ACH plants for
which MOUs have been signed.  Earlier ACH sales involved the
fuel rail business located in the ACH subsidiary in El Jarudo,
Mexico; the power transfer unit business located in the Converca
Plant in Nuevo Laredo, Mexico; and the driveshaft business,
which is being relocated from the ACH plant in Monroe, Michigan,
to a new site in southeast Michigan.

Zeledyne was formed for this acquisition by Robert Price, a
Tulsa-based private investor.  The management team is led by
Chief Executive Officer Michael J. McCarney, a respected leader
who retired from Ford Motor Company with more than 30 years of
experience in manufacturing and business, including two years as
president of Ford's South East Asian Operations.

"These operations represent a tremendous opportunity for
Zeledyne," said Zeledyne chairperson, Mr. Robert Price.  "We
have plans to grow all three areas of the business: automotive
glass products as original equipment; automotive aftermarket
glass; and architectural glass."

About 1,600 employees in the U.S. and Mexico work at the Glass
operations, which is a leading manufacturer of OEM and
Carlite(R) replacement automotive glass as well as Versalux(R)
architectural glass.  Last year the automotive glass products,
including windshields, backlites and door glass, were installed
in more than 2.7 million vehicles as either original or
replacement parts.  Versalux(R) architectural glass can be found
on many notable buildings around the world, from Ford Field in
Detroit to casinos in China and hotels in Dubai.

Automotive Components Holdings was established by Ford Motor
Company in October 2005 to ensure the flow of quality components
and systems to Ford while ACH facilities, formerly owned by
Visteon, were prepared for sale or closure.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


GAME WORLD: Claims Filing Period Ends July 8
--------------------------------------------
Creditors of Game World Direct Ltd. have until July 8, 2008 to
to send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on April 8, 2008 for the creditors' voluntary winding-up
procedure.


MONTPELIER RE: Francis Lockwood to Lead US Firm Underwriting
------------------------------------------------------------
Montpelier Re Holdings Ltd.'s subsidiary, Montpelier US, has
disclosed that Francis “Bud” Lockwood has joined as the
President of Montpelier Underwriting Inc. and member of the
Montpelier US Executive Committee.  Bud comes to MUI with over
25 years of experience in the (re)insurance industry, having
served most recently as Sr. Vice President of Catlin
Underwriting Inc. (formerly Wellington) and as a member of the
Catlin Executive Committee with responsibility for Property
Treaty business.  Bud also spent over 18 years at Trenwick
America Re, leaving there as Chairman of the Underwriting
Committee.  Mr. Lockwood will be based in MUI’s Shelton, CT
office and will have responsibility for all of (re)insurance
business underwritten by MUI as a cover holder for Montpelier Re
Syndicate 5151 at Lloyd’s.

MUI also announced two other important senior staff additions,
both of whom will also be based in Shelton, CT.

Michael Finnegan has joined MUI as Sr. Vice President of
Montpelier Program Management with overall responsibility for
the development and management of MPM business.  Previously
Michael worked at Odyssey Re, where he was Vice President with
Casualty Treaty responsibilities.  Prior to joining Odyssey,
Michael spent seven years as an underwriter at
Trenwick/Chartwell.  Mr. Finnegan began his career with Aetna
P&C in the national accounts division.  MUI’s MPM division will
focus on outsourced underwriting with both new and developed
professional underwriting experts.

John Dalton, Sr. Vice President of MUI, has assumed
responsibility as Director of MUI’s Direct Property Facultative
division.  He will oversee the development and operation of
MUI’s large limit, excess of loss property facultative business,
which currently has offices in Hartford, CT and Kansas City, KS
with an additional office expected to open in Chicago, IL by
June, 2008.  Mr. Dalton joins MUI following 16 years with Swiss
Re, where he was responsible for brokered property facultative
business for North and South America.  In a career spanning
almost three decades, Mr. Dalton has also worked at
Transatlantic and Munich Re.

Stan Kott, CEO of Montpelier US, said, “Bud joining as President
of MUI completes the Executive team for our US operations.  Bud
is well known to our staff and the (re)insurance community.  We
expect his underwriting expertise and business acumen will lead
MUI on a straight, steady and conservative course to profitable
growth.  John Dalton is an experienced and accomplished
reinsurance professional with a well established following. He
is ideally suited to lead our effort to build a first-class
direct property facultative operation.  Michael Finnegan’s
strong casualty background, combined with his unique business
and people skills, make him the right person to create a
successful underwriting management division for MUI.”

                   About Montpelier Re

Through operations in Bermuda, the U.S. and Europe, the
Montpelier Group --  http://www.montpelierre.bm/-- provides
customized, innovative, and timely reinsurance and insurance
solutions to the global market.  The company has operations in
London through Montpelier Europa AG and Montpelier Syndicate
5151.

                        *     *     *

In December 2007, A.M. Best Co. affirmed the "bb+" rating on the
company's subordinated debt.  The "bb" rating on the company's
preferred stock was also affirmed by A.M. Best.


OSSIAN RETAIL: Set to File for Administration
---------------------------------------------
Ossian Retail Group Ltd. is set to file for administration  
after its investor, Agilo filed a notice in court to appoint
PricewaterhouseCoopers LLP as administrator, The Sunday Times
reports.

According to the report, the company has started negotiations
with interested parties for a likely sale of certain assets.  
The report adds that Agilo, which had earlier bought the
company's GBP25 million, sold around 30 of Ossian's stores to
B&M Bargains.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.  

Headquartered in Glasgow, England, Ossian Retail Group Ltd.
retails clothing.  It has 120 stores and owns the fashion chain
Internacionale and the Au Naturale homeware outlets.


QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor
---------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority to employ KPMG LLP (US) as their tax compliance and
tax consulting advisors, nunc pro tunc to April 7, 2008.

The Debtors selected KPMG US because of the firm's extensive
experience in providing tax consultation and restructuring
assistance to businesses pursuing reorganization under chapter
11 of the Bankruptcy Code.  The firm is also familiar with the
Debtors' operations and books and records.  KPMG US has been
engaged to provide tax consulting services to the Debtors since
1989.

Under an engagement letter dated March 20, 2008, the Debtors
expect KPMG US to:

   (a) prepare federal, state and local corporate tax returns
       and supporting schedules for 2007;
  
   (b) calculate tax depreciation for the 2007 tax year;

   (c) provide tax consulting advice related to matters not
       otherwise covered by separate engagement letters;

   (d) perform tax compliance and consulting services as agreed;
       and

   (e) provide other services.

A 25-page list of services that KMPG US will provide is
available for free at http://researcharchives.com/t/s?2a67

KPMG US's hourly rates for the tax compliance services are:

        Professional
   (U.S. and Member Firm)                     Hourly Rate
   ----------------------                     -----------
    Partner                                      US$400
    Associate Partner/Senior Pricipal            US$363
    Tax Managing Director                        US$325
    Senior Manager                               US$305
    Manager                                      US$213
    Senior Tax Associate                         US$168
    Tax Associate                                US$138

These rates represent a discount of 25% to 50% from KPMG US's
customary hourly rates.

KPMG US's hourly rates for the tax consulting services are:

         Professional
    (U.S. and Member Firm)                    Hourly Rate
    ----------------------                    -----------
     Partner                                    US$505
     Associate Partner/Senior Pricipal          US$475
     Tax Managing Director                      US$455
     Senior Manager                             US$420
     Manager                                    US$332
     Senior Tax Associate                       US$245
     Tax Associate                              US$192

Michael Lawler, a partner at KPMG (US), assures Judge Peck that
his firm is a "disinterested person," as that term is defined in
Section 101(14) of the Bankruptcy Code, as modified by Section
1107(b) of the Bankruptcy Code.

A full-text copy of KPMG US's Engagement Letter is available for
free at:

   http://bankrupt.com/misc/Quebecor_KPMGUSEngagementLetter.pdf

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market      
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of      
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 12; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Wants Ernst & Young as Tax Services Provider
------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority to employ Ernst & Young LLP as their tax services
provider, nunc pro tunc to April 7, 2008.

According to the Debtors, E&Y LLP has an extensive experience
providing tax consultation to businesses pursuing reorganization
under chapter 11 of the Bankruptcy Code.

Under the terms set forth in an engagement letter dated
March 31, 2008, the Debtors are expecting E&Y LLP to provide:

1. Bankruptcy Tax Services, which entails:

   (a) understanding reorganization and restructuring
       alternatives the Debtors are evaluating;
   
   (b) assisting and advising the Debtors in developing an
       understanding of the tax implications of their bankruptcy   
       restructuring alternatives and post-bankruptcy
       operations;

   (c) assistance with tax issues arising in the ordinary
       course of business while in bankruptcy;

   (d) tax advisory services regarding tax aspects of the
       bankruptcy process;

   (e) analysis of legal and other professional fees incurred
       during the bankruptcy period;

   (f) documentation, as appropriate or necessary, of tax
       analysis, opinions, recommendations, conclusions and
       correspondence;

   (g) advisory services regarding tax analysis and research
       related to acquisitions and divestitures;

   (h) advisory services regarding tax analysis and research
       related to tax-efficient domestic restructurings; and

   (i) tax forecast model.

2. Entity Structure Services, which includes working with the
   Debtors' personnel in developing an efficient U.S. Entity
   structure, taking into account the Debtors' desire for entity
   rationalization, tax efficiency, and impact on the Debtors'
   indirect tax obligations.

3. Loan Staff Services, which includes assigning staff to
   support the activities of the Debtors' employees in
   completing ministerial and administrative tasks relating to
   the preparation of the Debtors' quarterly and annual income
   taxes, the Debtors' U.S. restructuring, and Internal Revenue
   Service and state and local income tax authority audits.

E&Y LLP's hourly rates are:

   (a) Bankruptcy Tax Services and Entity Structure Services

       Professional                              Hourly Rate
       ------------                              -----------
       Executive Director/Principal/Partner        US$750
       Senior Manager                              US$650
       Manager                                     US$550
       Senior                                      US$420
       Staff                                   US$200 - US$300

   (c) Loan Staff Services
       
       Professional                            Hourly Rate
       ------------                            -----------
       Manager                                   US$250
       Senior                                    US$150
       Staff                                     US$120

Pursuant to the Engagement Letter, E&Y LLP may subcontract
certain work in connection with the tax services, in particular
to Ernst & Young LLP, an Ontario Limited Liability Partnership.  

E&Y Canada's hourly rates are:

   (a) Bankruptcy Tax Services and Entity Structure Services
                    
       Professional                            Hourly Rate
       ------------                            -----------
       Partner                                CDN$600
       Executive Director                        $550
       Senior Manager                            $475
       Manager                                   $375
       Senior Tax Staff                          $300
       Tax Staff                                 $200 - $275

   (b) Loan Staff Services

       Professional                            Hourly Rate
       ------------                            -----------
       Manager                                   US$250
       Senior                                    US$150
       Staff                                     US$120

E&Y LLP also anticipates subcontracting Ernst & Young (India)
Private Limited to assist it in calculations relating to the
determination of and availability of certain tax attributes.  
E&Y LLP will seek reimbursement of fees and expenses incurred by
E&Y (Canada) and EYPL under a subcontracting engagement.  

Upon subcontracting E&Y Canada and EYPL, E&Y LLP will remain
solely responsible for the services and will be the only party
to receive payment from the Debtors.

Lawrence Garret, principal of Ernst & Young LLP, assures Judge
Peck that his firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code, as modified
by Section 1107(b) of the Bankruptcy Code.

A full-text copy of the E&Y LLP Engagement Letter is available
for free at:

   http://bankrupt.com/misc/Quebecor_E&YLLPEngagementLetter.pdf

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market      
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  
In Canada it has 17 facilities in five provinces, through which
it offers a mix of printed products and related value-added
services to the Canadian market and internationally.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of      
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 12; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


TURBO ALPHA: S&P Places Long-Term Rating at B+
----------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to U.K.-based Abbot Group Ltd., the main
operating subsidiary of Turbo Alpha Ltd. and one of Europe's
largest oil and gas drilling companies.

Standard & Poor's also assigned its 'B+' long-term rating to the
parent, Turbo Alpha.  The outlook on both companies is stable.

At the same time, S&P assigned a 'B+' issue-level rating to the
proposed US$1.55 billion senior secured credit facility issued
by parent company Turbo Alpha and guaranteed by Abbot, in line
with the corporate credit rating on the group.  S&P also
assigned a recovery rating of '3' to this facility, indicating
our expectation of meaningful (50%-70%) recovery for creditors
in the event of a payment default.

"The rating on Abbot factors in the group's very high initial
debt following its recent leveraged buyout of First Reserve
Corporation and its activity in a historically cyclical and
capital-intensive industry," said Standard & Poor's credit
analyst Per Karlsson.  "Mitigating these weaknesses is the
favorable industry outlook over the medium term, as well as
Abbot's strong strategic positioning in international growth
markets, its geographic and operational diversification, and its
strategy to ensure strong medium-term contractual revenue
visibility."

The stable outlook incorporates our expectation that Abbot will
gradually deleverage over the next 2-3 years.  Debt to EBITDA
will likely come down to below 4.0x by year-end 2010.  
Underpinning this debt reduction is the favorable industry
outlook in the coming years and Abbot's significant medium-term
contract protection.

S&P sees no rating upside given Abbot's high debt and despite
the group's fair business risk profile.  There could be downside
rating risk, however, in the event of insufficient debt
reduction in the coming years, or a material weakening in the
outlook for drilling margins and the resulting lower-than-
expected profitability.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

Apr. 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Why Prospects Become Clients
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

May 1-2, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     2nd Annual Credit & Bankruptcy Symposium
        Foxwoods Resort Casino, Ledyard, Connecticut
           Contact: http://www.turnaround.org/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 9, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts for Young Practitioners - NYC
        Alexander Hamilton U.S. Custom House, New York
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Millennium Broadway Hotel & Conference Center, New York
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 12-13, 2008
  PRACTISING LAW INSTITUTE
     30th Annual Current Developments in
        Bankruptcy & Reorganization
           PLI Center San Francisco, California
              Contact: http://www.pli.edu/

May 13-16, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Litigation Skills Symposium
        Tulane University, New Orleans, Louisiana
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 15-16, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Fifth Annual Conference on Distressed Investing Europe
        Maximizing Profits in the European
           Distressed Debt Market
              Le Meridien Piccadilly Hotel - London
                 Contact: 800-726-2524; 903-595-3800;
                    http://www.renaissanceamerican.com/

May 18-20, 2008
  INTERNATIONAL BAR ASSOCIATION
     14th Annual Global Insolvency & Restructuring Conference
        Stockholm, Sweden
           Contact: http://www.ibanet.org/

May 21, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     What Happened to My Money - The Restructuring of a Loan
        Servicer
           Marriott North, Fort Lauderdale, Florida
              Contact: http://www.turnaround.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

June 19 & 20, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Corporate Reorganizations
           Contact: 800-726-2524; 903-595-3800;
              http://www.renaissanceamerican.com/

June 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Fraud Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

June 26-29, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Western Mountains Bankruptcy Law Seminar
        Jackson Hole, Wyoming
           Contact: http://www.nortoninstitutes.org/

July 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Cynthia Jackson of Smith Hulsey & Busey
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

July 10-13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.abiworld.org/events

July 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Employment Issues Following Hurricanes & Disasters
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Aug. 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Do's and Don'ts of Investing in a Turnaround
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Sept. 4-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

Sept. 4-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

Sept. 17, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Real Estate / Condo Restructuring Panel
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

Sept. 24-26, 2008
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     IWIRC 15th Annual Fall Conference
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Desert Ridge Marriott, Scottsdale, Arizona
           Contact: http://www.iwirc.org/

Sept. 30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Private Equity Panel
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Oct. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Luncheon - Chapter 11
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

Oct. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     State of the Capital Markets
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 30 & 31, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Physicians Agreements and Ventures
           Contact: 800-726-2524; 903-595-3800;
              http://www.renaissanceamerican.com/

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
        Restructuring/Bankruptcy
           Bankers Club, Miami, Florida
              Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings  
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
     Processes
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
        Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

May 15-16, 2008
   Fifth Annual Conference on Distressed Investing Europe
      Maximizing Profits in the European Distressed Debt Market
         Le Meridien Piccadilly Hotel - London
            Brochure available soon!

                    *      *      *

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

  
                            *********

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 * * *