TCREUR_Public/080418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, April 18, 2008, Vol. 9, No. 77

                            Headlines


A U S T R I A

BAJ HANDEL: Claims Registration Period Ends May 13
BFO IMMOBLIEN: First Creditors' Meeting Slated for April 29
CIGLAR OEG: Claims Registration Period Ends June 3


B U L G A R I A

KREMIKOVTZI AD: Moody's Cuts Corporate Family Rating to Caa3


F R A N C E

ASPEN TECH: Earns US$45.5 Million in Fiscal Year Ended June 30


G E R M A N Y

ADVANCED MICRO: Posts US$358 Mln Net Loss in First Quarter 2008
ALERIS INT'L: S&P Puts Ratings on Watch Neg. on Weak End Markets
BIR-SEL LEBENSMITTEL: Claims Registration Ends May 10
BRIEF- UND PAKETLOGISTIK: Claims Registration Period Ends May 2
BRITISH ENERGY: E.ON May Consider Takeover Bid

BZ BOTENZUSTELLUNG: Claims Registration Period Ends May 7
DK - DIREKTKUECHEN GMBH: Claims Registration Ends May 10
FACHKLINIK VICTORIA: Claims Registration Period Ends April 25
FINGERFOOD-GEFLUEGEL: Claims Registration Period Ends May 5
FSB FREIENHUFENER: Claims Registration Period Ends May 7

FUTURA MASSIVHAUS: Claims Registration Period Ends May 8
GALEV TRAVEL: Claims Registration Period Ends May 5
GESELLSCHAFT FUER BERATUNG: Claims Registration Ends May 7
HEIZUNG & SANITAR: Claims Registration Period Ends May 9
HORST SCHERNER: Claims Registration Period Ends May 9

IVM VERWALTUNGSGESELLSCHAFT: Claims Registration Ends May 2
IZO-BAU GMBH: Claims Registration Period Ends May 6
KARL RAYER: Claims Registration Period Ends May 9
KLIMASOL GMBH: Claims Registration Period Ends May 9
LEVY BEDACHUNGS-UND: Claims Registration Period Ends May 9

ONE4MEDIAD GMBH: Claims Registration Period Ends May 9
PERLMAT GMBH: Claims Registration Period Ends May 9
PIN MAIL FRANKFURT: Claims Registration Period Ends May 9
PIN MAIL HAMBURG: Claims Registration Period Ends May 9
PIN MAIL NEUMUENSTER: Claims Registration Period Ends May 9

PROFIDRESS WEYL: Creditors' Meeting Slated for April 21
RULAND GMBH: Claims Registration Period Ends May 7
ST. HUBERT GMBH: Claims Registration Ends May 9
TWP - THIELMANN GMBH: Claims Registration Ends May 9
VERITAS TIERZUCHT: Claims Registration Ends May 9

VIELLIEBER HOLZBAU: Claims Registration Ends May 9
VOECKING RAUMSYSTEME: Claims Registration Period Ends May 6


I R E L A N D

IRALCO: Plant May Resume Operations on April 21


I T A L Y

ALITALIA SPA: Berlusconi Mulls 3-Way Merger with Air France-KLM
FIAT SPA: Fails to Reach Agreement with Union on Transfer


K A Z A K H S T A N

AKJOL INTERNATIONAL: Creditors Must File Claims by June 3
ASPARA LLP: Claims Deadline Slated for June 4
CITY CENTER: Claims Filing Period Ends June 4
ELTELECOM LLP: Creditors' Claims Due on June 3
ENERGO MIR: Claims Registration Ends June 4

GREEN FIELD: Creditors Must File Claims by June 4
LUCKY KZ: Claims Deadline Slated for June 4
SLAV TRANS: Claims Filing Period Ends June 3
TIM WEST: Creditors' Claims Due on June 3
TRAKTOR-TRADE LLP: Claims Registration Ends June 4


K Y R G Y Z S T A N

ASIA POLIMETALL: Creditors Must File Claims by May 20


L U X E M B O U R G

DANA HOLDING: Appoints Gary L. Convis as Chief Executive Officer


N E T H E R L A N D S

PRICELINE.COM INC: Good Performance Prompts S&P to Lift Ratings


R U S S I A

BALIZ-ALCO LLC: Creditors Must File Claims by May 22
CENTRAL TELECOMMUNICATIONS: Earns RUR3.64 Billion for 2007
COMSTAR-UNITED: Integrates Golden Line Into Group
KAROSA CJSC: Creditors Must File Claims by May 22
LUKHOVITSKIY LLC: Creditors Must File Claims by May 22

MINE KAPITALNAYA: Creditors Must File Claims by April 22
MISHUTINSKOE OJSC: Creditors Must File Claims by May 22
MOBILE TELESYSTEMS: Earns US$2.07 Billion for Full Year 2007
ROSNEFT OIL: Mulls Considerable Increase in 2007 Dividend
SIBERIAN MANUFACTURE: Creditors Must File Claims by May 22

SISTEMA JSFC: Repays US$350 Million Eurobond Issue
TATNEFT OAO: Hikes Crude Oil Output by 1.8% for 1st Quarter 2008
TVERSKAYA SPINNING-WEAVING: Names Y. Smirnov to Manage Assets
VIMPEL-COMMUNICATIONS: Recommends RUR13.8 Billion 2007 Dividend
VOLGOTANKER OJSC: Creditors Must File Claims by May 22

* S&P Puts Yamal-Nenets' Ratings at BB+/ruAA+ on Outlook Stable

* Fitch Upgrades Novosibirsk Region's Ratings to BB


S P A I N

GRUPO AISA: Barcelona Court Considers Insolvency Request
BANCAJA 12: S&P Rates EUR2.1 Billion Notes at BB


S W E D E N

DOLE FOOD: S&P Lifts Senior Unsecured Debt Rating to B-


S W I T Z E R L A N D

NYCOMED A/S: Moody's Cuts Corporate Family Rating to B2


U K R A I N E

AZARIYA DNIEPR: Creditors Must File Claims by May 1
DOBROPOLYE FERROCONCRETE: Creditors Must File Claims by May 1
ERKER LLC: Creditors Must File Claims by May 1
INTERSTYLE LLC: Creditors Must File Claims by May 1
NADIYA LTD: Creditors Must File Claims by May 1

PMK-1 CJSC: Creditors Must File Claims by May 1
POGREBISCHE AGRICULTURAL: Creditors Must File Claims by May 1
STROMA LLC: Creditors Must File Claims by May 1


U N I T E D   K I N G D O M

BIZ PUBLISHING: Creditors' Meeting Slated for April 30
BRITISH AIRWAYS: SLI Executives Hold Talks Over T5 Fiasco
BRITISH ENERGY: Germany's E.ON May Consider Takeover Bid
CABLE & WIRELESS: Non-Dominance Request Cues OUR Market Study
CANDU ENTERTAINMENT: Luminar Sells 26 Bars to Cavendish

COLEMAN WILLIAMS: Brings In Liquidators from Mazars
COMBINED HEATING: Calls In Liquidators from Tenon Recovery
DYRLAGA THOMPSON: Appoints Liquidators from Mazars
FABULOUS BAKIN': Taps Liquidators from BDO Stoy Hayward
FENMARC PREPARED: 60 Jobs Axed Following Administration

FIAT SPA: UK Unit Names Andrew Sproston as Brand Sales Director
FREEDOM RECORDS: Names Colin Burke as Administrator
GENERAL MOTORS: Aligns Marketing With Four Brand Channels
GPL RESOURCES: Claims Filing Period Ends May 19
IDOLS LICENSING: Hires Liquidators from Vantis Business Recovery

INSTANT MUSCLE: Creditors' Meeting Slated for April 23
JEANCHARM LTD: Creditors' Meeting Slated for April 23
KINGSWOOD CONSTRUCTION: Taps Moore Stephens as Administrators
NEW INN: Appoints Joint Administrators from Tenon Recovery
PHOENIX STEEL: Brings In Liquidators from Moore Stephens

SEA CONTAINERS: Court OKs Navigant as Pension Advisors
SEA CONTAINERS: Panel Obtains International Judicial Assistance
TAXIS R US: C. B. Barrett Leads Liquidation Procedure
TRAUMA CLAIMS: Brings In Ernst & Young as Administrators

* BOOK REVIEW: Financial Planning for High Net Worth Individual


                            *********


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


BAJ HANDEL: Claims Registration Period Ends May 13
--------------------------------------------------
Creditors owed money by LLC BAJ Handel (FN 228699y) have until
May 13, 2008, to file written proofs of claim to court-appointed
estate administrator Robert Levovnik at:

          Mag. Robert Levovnik  
          Priesterhausgasse 1/II
          9020 Klagenfurt
          Austria
          Tel: 0463/50 43 43
          Fax: 0463/504582
          E-mail: levovnik@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on April 2, 2008 (Bankr. Case No. 41 S 34/08k).  


BFO IMMOBLIEN: First Creditors' Meeting Slated for April 29
-----------------------------------------------------------
Creditors owed money by LLC BFO Immoblien (FN 266197t) are
encouraged to attend the first creditors' meeting at 2:00 p.m.
on April 29, 2008.

The creditors' meeting will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

The Court will also examine the claims at 10:30 a.m. on June 3,
2008, at the same venue.

Creditors have until May 20, 2008, to file written proofs of
claim to court-appointed estate administrator Bernhard Schatz
at:

          Dr. Bernhard Schatz
          Enzersdorfer Strasse 4
          2340 Moedling
          Austria
          Tel: 02236/89 33 77
          Fax: 02236/89 33 77 40
          E-mail: bernhard.schatz@bpv-huegel.com  

Headquartered in Baden bei Wien, Austria, the Debtor declared
bankruptcy on April 2, 2008 (11 S 32/08d).


CIGLAR OEG: Claims Registration Period Ends June 3
--------------------------------------------------
Creditors owed money by OEG Ciglar (FN 152718k) have until
June 3, 2008, to file written proofs of claim to court-appointed
estate administrator Ernst Lehenbauer at:

          Mag. Ernst Lehenbauer
          Hauptplatz 21
          4470 Enns
          Austria
          Tel: 07223/810 10
          E-mail: ra.lehenbauer@attglobal.net  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on June 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Asten, Austria, the Debtor declared bankruptcy
on April 2, 2008 (Bankr. Case No. 14 S 19/08d).  


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Moody's Cuts Corporate Family Rating to Caa3
------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Kremikovtzi AD to Caa3 from Caa1 and the rating on its
EUR325 million senior secured guaranteed notes raised at
Bulgaria Steel Finance BV to Caa3/LGD 4(53) from Caa1 LGD4 (55).
The outlook is developing.

The rating action reflects:

   (a) continuous fundamental weakness of the business;

   (b) weak liquidity; and

   (c) the announcement by the main shareholder in Kremikovtzi
       of the intention to divest its stake in the company and
       therefore the increasing uncertainty of shareholder
       support going forward.

Moody's further notes that the Trustee has served an
acceleration notice on the EUR325 million senior secured
guaranteed notes.  Given limited cash funds available to
Kremikovtzi, the company's liquidity position and debt service
obligations were to a large degree so far supported by the
additional capital contributions made by the majority
shareholder.

The developing outlook on the ratings reflects:

   (1) the uncertainties surrounding the acceleration of the
       bond by the trustee;

   (2) on the negative side, the potential default in the near
       term;

   (3) on the positive side:

      (i) the track-record of support by the main shareholder
          so far

     (ii) a potential disposal of the stake by the main
          shareholder if providing sufficient cash to repay
          liabilities;

    (iii) a support by the sovereign that cannot be excluded
          (but is considered as low probability and more
          likely to focus on maintaining operations rather
          than providing financial support).

The ratings affected by this rating action are:

   -- Caa3 corporate family rating at Kremikovtzi AD;

   -- Caa3/ LGD 4(53) ratings on senior secured guaranteed notes
      at Bulgaria Steel Finance BV;

Kremikovtzi AD corporate family rating reflects application of
Moody's rating methodology for government-related issuers and
comprise these inputs:

   -- Baseline credit assessment of 19 which equates to Caa3;
   -- Baa3 local currency rating of Bulgaria;
   -- Low dependence and low support.

Moody's last rating action on Kremikovtzi AD was on Oct. 25,
2007, when the rating agency assigned a negative outlook to the
company's ratings.

Kremikovtzi AD is a single-site steel producer in Bulgaria.
Kremikovtzi restated revenues in 2006 were BGN896 million
(US$704 million) and EBITDA was negative BGN13 million
(US$7 million).


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


ASPEN TECH: Earns US$45.5 Million in Fiscal Year Ended June 30
--------------------------------------------------------------
(france/tcrla)
Aspen Technology Inc. filed on Friday its Annual Report on Form
10-K for the fiscal year ending June 30, 2007, including the
restatement of prior period results.  

Net income was US$17.9 million in the fourth quarter of fiscal
2007.  This represented a significant increase compared to net
income of US$3.9 million in the same period of fiscal 2006.  
Preferred stock discounts and dividends totaled US$3.9 million
in the fourth quarter of fiscal 2006 and zero in the fourth
quarter of fiscal 2007, resulting in net income applicable to
common shareholders of US$17.9 million and US$52,000 in the
fourth quarter of fiscal 2007 and 2006, respectively.

For the fourth quarter ended June 30, 2007, AspenTech reported
total revenue of US$101.4 million, an increase of 27% from the
fourth quarter of the prior fiscal year, and above the company's
original guidance of US$85 million to US$89 million.  Within
total revenue, license revenue was US$68.0 million, an increase
of 52%, and services revenue was US$33.4 million, a decrease of
4%, compared to the fourth quarter of fiscal 2006, respectively.

Brad Miller, chief financial officer of AspenTech, said "We are
pleased to bring approximately nine months of comprehensive
review of our financial accounts to a close with the filing of
our fiscal 2007 10-K and first quarter fiscal 2008 10-Q
financial statements.  Our work included a detailed examination
and restatement of prior financial statements, as well as a
review of all significant accounting policies and processes.

"Although it took longer than expected, we believe it was in the
long-term interest of our shareholders and will benefit the
company as we look to scale the business in the years ahead.  
With this significant body of work now behind us, we are highly
focused on completing our overall goal of bringing our financial
statements current and becoming relisted on a national
securities exchange."

Mark Fusco, chief executive officer of AspenTech, said "While
the finance department has been focused on completing our
financial statement filings, the company's customer facing
operations have continued to execute at a high level.  Following
a record fiscal 2007 performance, the company has generated
year-over-year license bookings growth of 25% during the first
nine months of fiscal 2008, including 31% year-over-year growth
during the third quarter."  

Fusco added, "The company ended the third fiscal quarter with a
strong financial position highlighted by US$137 million in cash,
an increase from US$132 million at Dec. 31, 2007, and net of
US$12 million used during the third quarter to retire our
previously existing Key Bank secured borrowing facility.  We
continue to be optimistic about the company's long-term
fundamental outlook based on our industry leading domain
expertise, unique suite of aspenONE solutions and solid demand
in our core markets."

AspenTech's income from operations, determined in accordance
with generally accepted accounting principles, was US$24.0
million in the fourth quarter of fiscal 2007, exceeding the mid-
point of the company's original guidance of approximately US$16
million and representing an operating margin of 23.7%.  This
compares to operating income of US$7.7 million in the fourth
quarter of fiscal 2006, which represented an operating margin of
9.7%.

GAAP operating expenses in the fourth quarter of fiscal 2007
included US$3.1 million of non-cash stock-based compensation,
US$1.3 million of non-cash amortization of intangibles
associated with previous acquisitions, US$1.0 million in
restructuring charges due to the company's continued office
consolidations, and US$800,000 in incremental auditing and
professional fees associated with bringing the company's
financial statements current - the combination of which reduced
the company's operating margin by approximately 6 percentage
points.  These items reduced the prior year's operating margin
by approximately 8 percentage points.

                Fiscal Year 2007 Financial Results

For the fiscal year ended June 30, 2007, AspenTech reported
total revenue of US$341.0 million, an increase of 16% from
fiscal 2006.  Within total revenue, license revenue was US$199.8
million, an increase of 30%, and services revenue was US$141.3
million, an increase compared to US$140.7 million, in fiscal
2006, respectively.

AspenTech's income from operations, determined in accordance
with GAAP, was US$55.4 million in fiscal 2007, representing an
operating margin of 16.2%.  This compares to operating income of
US$18.8 million in fiscal 2006, which represented an operating
margin of 6.4%.

GAAP operating expenses in fiscal 2007 included US$11.1 million
of non-cash stock-based compensation, US$6.5 million of non-cash
amortization of intangibles associated with previous
acquisitions, US$4.6 million in restructuring charges due to the
company's continued office consolidations, and US$800,000 in
incremental auditing and professional fees associated with
bringing the company's financial statements current - the
combination of which reduced the company's operating margin by
approximately 7  percentage points.  These items reduced the
prior fiscal year's operating margin by approximately 7
percentage points.

Net income was US$45.5 million in fiscal 2007, compared with net
income of US$6.5 million in fiscal 2006.

Net income applicable to common shareholders was US$38.2 million
in fiscal 2007, which was net of US$7.3 million in preferred
stock discounts and dividends.  This represented a significant
increase compared to a loss attributable to common shareholders
of US$8.9 million in fiscal 2006, which was net of
US$15.4 million in preferred stock discounts and dividends.

AspenTech had cash and cash equivalents of US$132.3 million at
June 30, 2007, an increase of approximately US$31.5 million from
US$100.8 million at the end of March 31, 2007.

                  Summary of Restatement Effects
                of Prior Period Financial Results

The company's Annual Report on Form 10-K for fiscal 2007
included the restatement of its financial statements for fiscal
years ended June 30, 2006, and 2005, in addition to the first
three quarters of the year ended June 30, 2007.

On June 11, 2007, the company announced that it had identified
errors related to the accounting for sales of installment
receivables.  In particular, the company determined that certain
sales of installments receivable did not meet criteria for true
sale accounting on an ongoing basis.

As a result, two new balance sheet accounts were created -
Collateralized Receivables and the related Secured Borrowing
liability.  The restated consolidated balance sheet as of
June 30, 2006, includes the recording of US$211.3 million in
collateralized receivables, the related recording of US$182.4
million in secured borrowings, and the elimination of US$19.0
million in retained interest in sold receivables.  

As previously stated, the company views this newly reported
liability as self funding, with collections of collateralized
receivables servicing the liability.  The company does not
believe that this accounting conclusion alters its arrangements
with its customers, and it has not changed its economic
relationship with the financial institutions.

The summary impact to income/loss from operations related to the
restatement of installments receivable, in addition to
correcting other errors in the company's previously reported
financial statements, was:

  -- Income from operations improved from US$28.1 million as
     previously reported to US$31.4 million as restated for the
     nine months ended March 31, 2007;

  -- Income from operations in fiscal 2006 was US$18.8 million
     both as previously reported and as restated;

  -- Loss from operations in fiscal 2005 improved from a
     previously reported operating loss of US$70.0 million to a
     restated operating loss of US$59.0 million.

On Feb. 11, 2008, the company announced it had identified errors
relating to its historical accounting for income taxes for
certain international tax obligations, primarily arising from
transactions among consolidated subsidiaries or from revaluation
of foreign currencies.  As a result, the company increased tax
provisions for these potential obligations in the applicable
period in the amounts of US$4.1 million for the nine months
ended March 31, 2007, US$3.2 million for the year ended
June 30, 2006, US$6.8 million for the year ended June 30, 2005,
and US$4.6 million as of June 30, 2004.

The summary impact on net income or loss as a result of the
restatement was:

  -- Net income for the nine months ended March 31, 2007 as
     restated was US$27.6 million, a decrease from
     US$31.9 million as previously reported;

  -- Net income for fiscal 2006 as restated was US$6.5 million,
     a decrease from US$12.8 million as previously reported;

  -- Net loss for fiscal 2005 as restated was US$69.1 million,
     an improvement from US$73.6 million as previously reported.

In addition, in the calculation and disclosure of deferred tax
balances, errors were identified for the book or tax accounting
treatment for certain items.  These errors resulted in the
incorrect disclosure of components of the company's deferred
taxes and the related offsetting valuation allowance within the
income tax footnote.  

Accordingly, the deferred tax balances included in the income
tax footnote and the offsetting valuation allowance has been
restated as of June 30, 2006.  As these net deferred tax assets
had a full valuation allowance, the adjustments to deferred tax
assets had no net impact on the company's consolidated balance
sheet or statements of operations.

Ending cash balances were not affected as a result of the
restatement; however, the presentation of the cash flow
statement was restated.  The net proceeds from the sale of
installments receivable were previously classified in cash flows
from operations and have been restated as cash flows from
financing activities.  Payments made on secured borrowings are
now similarly classified as cash flows from financing
activities.  

Annual collections relating to installments receivable that were
previously transferred to a financing institution are recognized
as cash flows from operations.  The company did not previously
recognize these collections within its cash flow statement
following the transfer of the installments receivable to the
financing institution.

                 Liquidity and Capital Resources

a) Operating Cash Flow

In fiscal 2007, operating activities provided US$55.7 million of
cash as net income, plus non-cash expenses for stock-based
compensation and depreciation and amortization totaling
US$30.5 million, was partially offset by a US$30.9 million
increase in installments receivables, primarily related to the
sale of receivables to Key Bank, the proceeds from which are
presented as a component of cash from financing activities.  
Accrued expenses increased by US$1.8 million due to increases in
accruals for income taxes and professional fees associated with
the restatement of the company's financial statements.

b) Borrowings Collateralized by Receivable Contracts

      (i) Traditional Programs

The company historically has maintained arrangements with
financial institutions providing for borrowings that are secured
by the company's installment and other receivable contracts, and
for which limited recourse exists against the company.  

As of June 30, 2007, the company had outstanding secured
borrowings of US$180.3 million that were secured by
collateralized receivables totaling US$183.2 million.

Availability under these arrangements is dependent upon the
company's generation of additional customer receivables and the
financial institutions' willingness to continue to enter into
these transactions.  The company estimates that there was in
excess of US$64.0 million available under the Traditional
Programs at June 30, 2007.  

     (ii) Securitization of Accounts Receivable

The securitization transactions in fiscal 2005 and 2007 include
collateralized receivables whose value exceeds the related
borrowings from the financial institutions.  The company
receives and retains collections on these securitized
receivables after all borrowing and related costs are paid to
the financial institution.  The financial institutions' rights
to repayment are limited to the payments received from the
collateralized receivables.  

The carrying value of the collateralized receivables at
June 30, 2007, under these arrangements was US$61.9 million and
the secured borrowings totaled US$25.8 million.  

    (iii) Fiscal 2005 Securitization

On June 15, 2005, the company securitized and transferred    
installments receivable with a net carrying value of 71.9
million and received cash proceeds of US$43.8 million.  The
transfers of installments receivable to the securitization
facility did not qualify as a sale for accounting purposes and
has been accounted for as a secured borrowing.  These borrowings
are secured by collateralized receivables and the debt and
borrowing costs are repaid as the receivables are collected.

     (iv) Fiscal 2007 Securitization

On Sept. 29, 2006, the company entered into a three-year
revolving securitization facility and securitized and
transferred installments receivable with a net carrying value of
US$32.1 million and received cash proceeds of US$20.0 million.  
The transfers of installments receivable to the securitization
facility did not qualify as a sale for accounting purposes and
have been accounted for as a secured borrowing.  These
borrowings are secured by collateralized receivables and the
debt and borrowing costs are repaid as the receivables are
collected.

In December 2007, the company paid the outstanding amount of the
Fiscal 2005 securitization at its carrying value.  

The company had been in violation of certain covenants related
to the Fiscal 2007 Securitization due to the delay in filing its
financial statements and other violations.  In March 2008, the
company paid the outstanding amount of the Fiscal 2007
Securitization at its carrying value plus a termination fee of
US$800,000, and this securitization is no longer available.

c) Credit Facility

In January 2003 and through subsequent amendments, the company  
executed a loan arrangement with Silicon Valley Bank.  This
arrangement provides a line of credit of up to the lesser of
(1) US$15.0 million or (2) 70% of eligible domestic receivables,
and a line of credit of up to the lesser of (1) US$10.0 million
or (2) 80% of eligible foreign receivables.  

As of June 30, 2007, there were US$7.4 million in letters of
credit outstanding under the line of credit, and there was
US$13.1 million available for future borrowing.  On
Oct. 16, 2007, the company executed an amendment to the Loan
Arrangement that adjusted the terms of certain financial
covenants, including modifying the date the company must provide
monthly unaudited and annual audited financial statements to the
bank.  

The loan arrangement expires in May 2008.  The company is
currently in negotiations to either: (i) extend this line of
credit with the company's current lender and amend the terms of
the facility; or (ii) obtain a facility from another lender.

                     Contractual Obligations

The company's total contractual obligations, which primarily
consisted of operating leases for the company's headquarters and
other facilities, sub-contractor purchase commitments, and other
debt obligations, totaled US$62.9 million at June 30, 2007.  
Other than these, there were no other commitments for capital or
other expenditures.

Total contractual future sublease rental income as of
June 30, 2007, was US$7.2 million, which is not included.

On Sept. 5, 2007, the company entered into an additional
sublease agreement related to its former office space in
Cambridge, Massachusetts, effective Oct. 1, 2007, for
approximately 50,000 square feet that expires on Sept. 30, 2012.  
This new sublease agreement represents US$5.5 million of
scheduled sublease payments not included in the total.

Effective Sept. 1, 2007, the landlord terminated a portion of
the company's lease in Houston, Texas with respect to
approximately 14,000 square feet of the original leased space.  
This termination agreement has not been included in the total
and represents future reductions of US$2.6 million in lease
payments.

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$528.9 million in total assets, US$391.7 million in
total liabilities, and US$137.2 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the year ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?2a82  

                         About AspenTech

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides process  
optimization software and services.  AspenTech's integrated
aspenONE(TM) solutions enable manufacturers to reduce costs,
increase capacity, and optimize operational performance end-to-
end throughout the engineering, plant operations, and supply
chain management processes.

The company's has operations in Europe with EMEA operations
headquartered in the United Kingdom.  AspenTech's Asia
headquarters is located in China.  In South America, the company
has operations in Argentina, Brazil and Venezuela.  The company
also has operations in Mexico City through AspenTech de Mexico
S. de R.L. de C.V.

                          *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at B2 and its equity-linked rating at
Caa1 in October 2001.  These ratings still hold to date with a
stable outlook.


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


ADVANCED MICRO: Posts US$358 Mln Net Loss in First Quarter 2008
---------------------------------------------------------------
Advanced Micro Devices Inc. disclosed that for the first quarter
of 2008, it incurred a net loss of US$358 million.  This
compares to a a net loss of US$1.772 billion for the fourth
quarter of 2007 and a net loss of US$611 million for the first
quarter of 2007.  The company also said that first quarter 2008
operating loss was US$264 million.  These results include an
impact of $50 million, or $0.08 per share, from ATI acquisition-
related charges.

For the first quarter of 2008, revenue was US$1.505 billion,
down 15% compared to the fourth quarter of 2007 and up 22%
compared to the first quarter of 2007.

“A seasonally weak first quarter was amplified by a challenging
economic environment for consumers and lower than expected
revenues of previous generation products, resulting in lower
than expected revenues in all business segments.  However, we
are encouraged by the market acceptance of our Quad-Core AMD
Opteron(TM) server processors as well as our new chipset and
graphics offerings,” said Robert J. Rivet, AMD’s Chief Financial
officer.  “We remain committed to achieve operating
profitability in the second half of the year, driven by our
portfolio of new products and platforms and aggressive
restructuring programs.”

First quarter 2008 gross margin was 42% compared to 44% in the
fourth quarter of 2007 and 28% in the first quarter of 2007.  
The decrease from the prior quarter was primarily due to
decreased microprocessor unit shipments.

The company says that in the seasonally down second quarter, it
expects revenue to decrease in line with seasonality.  As
previously disclosed, AMD expects to record a restructuring
charge in the second quarter of 2008.

                           About AMD

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- (NYSE: AMD) is a global provider  
of innovative processing solutions in the computing, graphics
and consumer electronics markets.  AMD is dedicated to driving
open innovation, choice and industry growth by delivering
superior customer-centric solutions that empower consumers and
businesses worldwide.  Outside the United States, the company
has subsidiaries in Belgium, Brazil, China, Germany, Japan,
Malaysia and Bermuda, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on April 14,
2008, Standard & Poor's Ratings Services placed its 'B'
corporate credit and senior unsecured ratings on Advanced Micro
on CreditWatch with negative implications following the
company's announcement that first-quarter revenues will be lower
than previously expected as a result of weakening business
conditions and continued technical challenges.

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


ALERIS INT'L: S&P Puts Ratings on Watch Neg. on Weak End Markets
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings for Aleris
International Inc., including the 'B+' corporate credit rating,
on CreditWatch with negative implications.

"The CreditWatch listing reflects our assessment that the weak
end-market demand in the company's North American rolled and
extruded products segment is likely to continue over the next
several quarters," said Standard & Poor's credit analyst Maurice
Austin, "primarily because of weaker demand for building and
construction, distribution, and transportation products.  This,
combined with increased debt balances due to the company's
aggressive growth strategy over the past few years, has resulted
in credit measures that we would consider to be weak for the
rating."

In resolving the CreditWatch listing, S&P will review the
company's near-term operating and financial strategy in light of
the difficult operating conditions and evaluate its cash flow
generation capability.

               About Aleris International

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

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


BIR-SEL LEBENSMITTEL: Claims Registration Ends May 10
-----------------------------------------------------
Creditors of Bir-Sel Lebensmittel Import-Export Grosshandel GmbH
have until May 10, 2008 to register their claims with court-
appointed insolvency manager Dr. Juergen Spliedt.

Claims will be verified at 9:45 a.m. on July 1, 2008 at:

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

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Bir-Sel Lebensmittel Import-Export
Grosshandel GmbH on Feb. 7, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bir-Sel Lebensmittel Import-Export Grosshandel GmbH
         Prinzenallee 51
         13359 Berlin
         Germany


BRIEF- UND PAKETLOGISTIK: Claims Registration Period Ends May 2
---------------------------------------------------------------
Creditors of Brief- und Paketlogistik BPL GmbH have until
May 2, 208, to register their claims with court-appointed
insolvency manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on May 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Koeln
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Brief- und Paketlogistik BPL GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Brief- und Paketlogistik BPL GmbH
         Attn: Norbert Hess, Manager
         Bebraer Weg 1 a
         99706 Sondershausen
         Germany


BRITISH ENERGY: E.ON May Consider Takeover Bid
----------------------------------------------
Germany's E.ON AG has dismissed a Financial Times Deutschland
report on April 16, 2008 in relation to its potential interest
in British Energy Group plc.

E.ON clarified that the reported statement is incorrect and was
not approved by its board.

According to Reuters, the report claimed that E.ON was not
interested in BE.

A spokesman for E.ON, however, said "we are keeping our options
open regarding British Energy," the paper relates.

                   About British Energy

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

                        *     *     *

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

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

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


BZ BOTENZUSTELLUNG: Claims Registration Period Ends May 7
---------------------------------------------------------
Creditors of BZ Botenzustellung Krefeld GmbH have until May 7,
2008, to register their claims with court-appointed insolvency
manager Wilhelm Klaas.

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

          Wilhelm Klaas
          Eichendorffstrasse 25
          47800 Krefeld
          Germany
          Tel: (02151) 80 58 0
          Fax: +4902151805858

The District Court of Krefeld opened bankruptcy proceedings
against BZ Botenzustellung Krefeld GmbH on March 3, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          BZ Botenzustellung Krefeld GmbH
          Ispelsstr. 46
          47805 Krefeld
          Germany


DK - DIREKTKUECHEN GMBH: Claims Registration Ends May 10
--------------------------------------------------------
Creditors of DK - Direktkuechen GmbH have until May 10, 2008 to
register their claims with court-appointed insolvency manager
Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Meeting Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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:

         Uwe Hueggenberg
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against DK - Direktkuechen GmbH on April 7, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DK - Direktkuechen GmbH
         Attn: Marion Schemme, Manager
         Sandweg 22
         45701 Herten
         Germany


FACHKLINIK VICTORIA: Claims Registration Period Ends April 25
-------------------------------------------------------------
Creditors of Fachklinik Victoria Beteiligung GmbH & Co.KG have
until April 25, 2008, to register their claims with court-
appointed insolvency manager Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on May 8, 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 Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         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 Hanselmann
         Heinestrasse 7 b
         97070 Wuerzburg
         Germany
         Tel: 0931/359800

The District Court of Schweinfurt opened bankruptcy proceedings
against Fachklinik Victoria Beteiligung GmbH & Co.KG on April 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Fachklinik Victoria Beteiligung GmbH & Co.KG
         Am Kurgarten 5
         97688 Bad Kissingen
         Germany


FINGERFOOD-GEFLUEGEL: Claims Registration Period Ends May 5
-----------------------------------------------------------
Creditors of Fingerfood-Gefluegel GmbH have until May 5, 2008,
to register their claims with court-appointed insolvency manager
Angelika Amend.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

          Angelika Amend
          Minnholzweg 2b
          D 61476 Kronberg/Ts.
          Germany
          Tel: 06173/78340
          Fax: 06173/783422

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Fingerfood-Gefluegel GmbH on April 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Fingerfood-Gefluegel GmbH
          Attn: Hans Jakobs, Manager
          Schaberweg 28
          61348 Bad Homburg v.d.H.
          Germany


FSB FREIENHUFENER: Claims Registration Period Ends May 7
--------------------------------------------------------
Creditors of FSB Freienhufener Stahlbau GmbH have until May 7,
2008, to register their claims with court-appointed insolvency
manager Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 313
         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:

          Dr. Dirk Wittkowski
          Kirchblick 11
          14129 Berlin
          Germany

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

The Debtor can be reached at:

          FSB Freienhufener Stahlbau GmbH
          Attn: Andreas Schroeder, Manager
          Seestrasse 64
          01983 Grossraschen OT Freienhufen
          Germany


FUTURA MASSIVHAUS: Claims Registration Period Ends May 8
--------------------------------------------------------
Creditors of Futura Massivhaus GmbH, Musterhauszentrum have
until May 8, 2008, to register their claims with court-appointed
insolvency manager Andreas Jakob.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         Germany

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

The insolvency manager can be reached at:

         Andreas Jakob
         Museumstrasse 5
         D 38100 Braunschweig
         Germany
         Tel: (05 31) 88626-0
         Fax: (05 31) 88626-26

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

The Debtor can be reached at:

         Futura Massivhaus GmbH, Musterhauszentrum
         Attn: Hans-Juergen Schultze, Manager
         Braunstrasse 10 d
         38122 Braunschweig
         Germany


GALEV TRAVEL: Claims Registration Period Ends May 5
---------------------------------------------------
Creditors of GALEV TRAVEL GmbH have until May 5, 2008, to
register their claims with court-appointed insolvency manager
Heinrich Trimpe-Rueschemeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck

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:

         Heinrich Trimpe-Rueschemeyer
         Sutthauser Str. 394
         49080 Osnabrueck
         Germany
         Tel: 0541/990330
         Fax: 0541/9903310

The District Court of Osnabrueck opened bankruptcy proceedings
against GALEV TRAVEL GmbH on April 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GALEV TRAVEL GmbH
         Moeserstrasse 35
         49074 Osnabrueck
         Germany


GESELLSCHAFT FUER BERATUNG: Claims Registration Ends May 7
----------------------------------------------------------
Creditors of Gesellschaft fuer Beratung und Objektabwicklung
GmbH have until May 7, 2008, to register their claims with
court-appointed insolvency manager Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 119 B
          First Floor
          Gerichtsstr. 2-6
          48149 Muenster
          Germany
     
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Manfred Vellmer
          Adalbertstr. 8
          48565 Steinfurt
          Germany
          Tel: 02552/638710
          Fax: +4925526387111

The District Court of Muenster opened bankruptcy proceedings
against Gesellschaft fuer Beratung und Objektabwicklung GmbH on
March 26, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Gesellschaft fuer Beratung und Objektabwicklung GmbH
          Attn: Klaus Schenke, Manager
          Emsdettener Strasse 68
          48565 Steinfurt
          Germany


HEIZUNG & SANITAR: Claims Registration Period Ends May 9
--------------------------------------------------------
Creditors of Heizung & Sanitar Dieter Szellatis GmbH have until
May 9, 2008, to register their claims with court-appointed
insolvency manager Bert Buske.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Heizung & Sanitar Dieter Szellatis GmbH on March 14,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Heizung & Sanitar Dieter Szellatis GmbH
         Karl-Liebknecht-Strasse 19
         1454 Beelitz
         Germany


HORST SCHERNER: Claims Registration Period Ends May 9
-----------------------------------------------------
Creditors of Horst Scherner Tankstellen GmbH have until May 9,
2008, to register their claims with court-appointed insolvency
manager Carl Wiegand.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Carl Wiegand
         Kempener Strasse 27
         47839 Krefeld
         Germany
         Tel: 02151-74810
         Fax: +4902151748120

The District Court of Krefeld opened bankruptcy proceedings
against Horst Scherner Tankstellen GmbH on Feb. 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Horst Scherner Tankstellen GmbH
         Moerser Str. 406
         47803 Krefeld
         Germany


IVM VERWALTUNGSGESELLSCHAFT: Claims Registration Ends May 2
-----------------------------------------------------------
Creditors of IVM Verwaltungsgesellschaft mbH have until May 2,
2008, to register their claims with court-appointed insolvency
manager Jens M. Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 15, 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:

          Dr. Jens M. Schmittmann
          Zweigertstrasse 28-30
          45130 Essen
          Germany

The District Court of Essen opened bankruptcy proceedings
against IVM Verwaltungsgesellschaft mbH on March 27, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          IVM Verwaltungsgesellschaft mbH
          Attn: Klaus-Peter Klein, Manager
          Schulstr. 20
          46286 Dorsten
          Germany


IZO-BAU GMBH: Claims Registration Period Ends May 6
---------------------------------------------------
Creditors of IZO-Bau GmbH have until May 6, 2008, to register
their claims with court-appointed insolvency manager NAME.

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 Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Thomas Lissner
         Schillerstr. 20
         49074 Osnabrueck
         Germany
         Tel: (0541) 33 85 00
         Fax: (0541) 33 850-50

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

The Debtor can be reached at:

         IZO-Bau GmbH
         Grenzweg 12 A
         49084 Osnabrueck
         Germany

         Attn: Izudin Camovic, Manager
         Grenzweg 12 A
         49080 Osnabrueck
         Germany


KARL RAYER: Claims Registration Period Ends May 9
-------------------------------------------------
Creditors of Karl Rayer GmbH + Co. KG have until May 9, 2008, to
register their claims with court-appointed insolvency manager
Jochen Horch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on June 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Heilbronn opened bankruptcy proceedings
against Karl Rayer GmbH + Co. KG on March 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Karl Rayer GmbH + Co. KG
         Hoher Rain 5
         72631 Aichtal
         Germany


KLIMASOL GMBH: Claims Registration Period Ends May 9
----------------------------------------------------
Creditors of KlimaSol GmbH have until May 9, 2008, to register
their claims with court-appointed insolvency manager Dr. Bernd
Peters.

Creditors and other interested parties are encouraged to attend
the meeting 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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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. Bernd Peters
         Am Wall 146
         28195 Bremen
         Germany
         Tel: (0421) 24 40 09-0
         Fax: (0421) 24 40 09-29

The District Court of Walsrode opened bankruptcy proceedings
against KlimaSol GmbH on April 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KlimaSol GmbH
         Meinerdinger Kirchweg 4A
         29664 Walsrode
         Germany


LEVY BEDACHUNGS-UND: Claims Registration Period Ends May 9
----------------------------------------------------------
Creditors of Levy Bedachungs-und Altbausanierungs GmbH have
until May 9, 2008, to register their claims with court-appointed
insolvency manager Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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:

        Ottmar Hermann
        Bleichstrasse 2-4
        60313 Frankfurt/Main
        Germany
        Tel: 069/913092-0
        Fax: 069/913092 30

The District Court of Hanau opened bankruptcy proceedings
against Levy Bedachungs-und Altbausanierungs GmbH on March 25,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Levy Bedachungs-und Altbausanierungs GmbH
         Attn: Josef Levy, Manager
         Friedrichstrasse 10
         63450 Hanau
         Germany


ONE4MEDIAD GMBH: Claims Registration Period Ends May 9
------------------------------------------------------
Creditors of one4mediad GmbH have until May 9, 2008, to register
their claims with court-appointed insolvency manager Eberhard
Stock .

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: (02151) 5813-0
         Fax: +4921515813134

The District Court of Krefeld opened bankruptcy proceedings
against one4mediad GmbH on Feb. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         one4mediad GmbH
         Vinkrather Str. 8
         47929 Grefrath
         Germany


PERLMAT GMBH: Claims Registration Period Ends May 9
---------------------------------------------------
Creditors of Perlmat GmbH have until May 9, 2008, to register
their claims with court-appointed insolvency manager Lars
Birkigt.

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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Lars Birkigt
         Koenigsbruecker Strasse 33
         01099 Dresden
         Germany
         Web site: http://www.raheumann.de/

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

The Debtor can be reached at:

         Perlmat GmbH
         Niedermuschuetzer Str. 19
         01665 Diera-Zehren
         Germany


PIN MAIL FRANKFURT: Claims Registration Period Ends May 9
---------------------------------------------------------
Creditors of PIN Mail Frankfurt GmbH & Co. KG have until May 9,
2008, to register their claims with court-appointed insolvency
manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against PIN Mail Frankfurt GmbH & Co. KG on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PIN Mail Frankfurt GmbH & Co. KG
         Friesestr. 7
         60388 Frankfurt
         Germany


PIN MAIL HAMBURG: Claims Registration Period Ends May 9
-------------------------------------------------------
Creditors of PIN Mail (Hamburg) GmbH have until May 9, 2008, to
register their claims with court-appointed insolvency manager
Dr. Axel Stirl.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Axel Stirl
         Lederstr. 26
         22525 Hamburg
         Germany

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

The Debtor can be reached at:

         PIN Mail GmbH
         Lederstr. 26
         22525 Hamburg
         Germany


PIN MAIL NEUMUENSTER: Claims Registration Period Ends May 9
-----------------------------------------------------------
Creditors of PIN Mail (Neumuenster) GmbH have until May 9, 2008,
to register their claims with court-appointed insolvency manager
Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against PIN Mail (Neumuenster) GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          PIN Mail (Neumuenster) GmbH
          Fabrikstr. 20
          24534 Neumuenster
          Germany


PROFIDRESS WEYL: Creditors' Meeting Slated for April 21
-------------------------------------------------------
The court-appointed insolvency manager for Profidress Weyl
Konfektion GmbH, Sascha Seehaus will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:05 a.m. on April 21, 2008.

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

         The District Court of Montabaur
         Hall 106
         First Floor
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:35 a.m. on June 16, 2008 at the same
venue.

Creditors have until May 10, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:
         
         Sascha Seehaus
         Wilhelmstrasse 42
         65582 Diez
         Germany
         Tel: 06432-64580
         Fax: 06432-645820

The District Court of  Montabaur opened bankruptcy proceedings
against Profidress Weyl Konfektion GmbH on Feb. 26, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Profidress Weyl Konfektion GmbH
         Attn: Ursula Weyl, Manager
         Bahnhofstrasse 4
         65623 Hahnstatten
         Germany


RULAND GMBH: Claims Registration Period Ends May 7
--------------------------------------------------  
Creditors of Ruland GmbH have until May 7, 2008, to register
their claims with court-appointed insolvency manager Peter Haas.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Peter Haas
          Kaiserstrasse 77
          66386 St. Ingbert
          Germany
          Tel: (06894) 3876-311
          Fax: (06894) 382185

The District Court of Saarbruecken opened bankruptcy proceedings
against Ruland GmbH on March 3, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Ruland GmbH
          Attn: Werner Ruland, Manager
          Christ-Koenig-Kirche 10
          66119 Saarbruecken
          Germany


ST. HUBERT GMBH: Claims Registration Ends May 9
-----------------------------------------------
Creditors of St. Hubert GmbH have until May 9, 2008 to register
their claims with court-appointed insolvency manager Dr. Martin
Gitzinger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Meeting Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Martin Gitzinger
         Grosser Markt 8
         66740 Saarlouis
         Germany
         Tel: 06831-93090
         Fax: 06831-930930

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

The Debtor can be reached at:

         St. Hubert GmbH
         Attn: Michael Burrmeister, Manager
         Fasanenallee 18
         66740 Saarlouis
         Germany


TWP - THIELMANN GMBH: Claims Registration Ends May 9
----------------------------------------------------
Creditors of TWP - Thielmann GmbH have until May 9, 2008 to
register their claims with court-appointed insolvency manager
Annette Dietter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on June 11, 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 Wetzlar
         Meeting Hall 201
         Building B
         Second Floor
         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:

         Annette Dietter
         Schlossstrasse 24/Haus 3
         65594 Runkel-Dehrn
         Germany
         Tel: 06431/97770
         Fax: 06431/977720
         E-mail: limburg@reuss-und-partner.de

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

The Debtor can be reached at:

         TWP - Thielmann GmbH
         Attn: Fridolin Thielmann, Manager
         Fliederstrasse 9
         35708 Haiger
         Germany


VERITAS TIERZUCHT: Claims Registration Ends May 9
-------------------------------------------------
Creditors of VERITAS Tierzucht GmbH have until May 9, 2008 to
register their claims with court-appointed insolvency manager
Peter Knoepfel.

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

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Muehlenstrasse 4
         29221 Celle
         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 Knoepfel
         Hallerstr. 76
         20146 Hamburg
         Germany
         Tel: 040/4146380
         Fax: 040/445635

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

The Debtor can be reached at:

         VERITAS Tierzucht GmbH
         Hauptstrasse 26
         29353 Ahnsbeck
         Germany

         Attn: Thomas Heim
         Wietzestrand 15
         30900 Wedemark
         Germany


VIELLIEBER HOLZBAU: Claims Registration Ends May 9
--------------------------------------------------
Creditors of Viellieber Holzbau GmbH have until May 9, 2008 to
register their claims with court-appointed insolvency manager
Stephan Schmidt.

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

The meeting of creditors will be held at:

         The District Court of Konstanz
         Hall 306
         Third Floor         
         Gerichtstrasse 9
         78462 Konstanz
         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 Schmidt
         Carl-Benz-Str. 5
         88696 Owingen
         Germany

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

The Debtor can be reached at:

         Viellieber Holzbau GmbH
         Attn: Alfons Viellieber, Manager
         Gewerbegebiet 26
         88693 Deggenhausertal
         Germany


VOECKING RAUMSYSTEME: Claims Registration Period Ends May 6
-----------------------------------------------------------
Creditors of Voecking Raumsysteme-Objekteinrichtungen GmbH have
until May 6, 2008, to register their claims with court-appointed
insolvency manager Tanja Kreimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court Muenster
          Meeting Hall 119 B
          First Floor
          Gerichtsstr. 2-6
          48149 Muenster
          Germany
                   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Muenster opened bankruptcy proceedings
against Voecking Raumsysteme-Objekteinrichtungen GmbH on March
11, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Voecking Raumsysteme-Objekteinrichtungen GmbH
          Attn: Theodor Mezger, Manager
          Heinrich-Hertz Strasse 22
          46325 Borken
          Germany


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


IRALCO: Plant May Resume Operations on April 21
-----------------------------------------------
Iralco's plant in Co Westmeath is likely to resume operations on
April 21, 2008, Triona Doherty of Athlone Advertiser reports.

John Bolger, a union spokesman told Athlone however that the
plant's re-opening is dependent on a “positive response” from
the company's customers.  

Liquidators have relayed the message to all of Iralco's
customers  who all have current contracts with the company which
includes Ford, Volvo, Volkswagen, and Bentley, the report added.

Athlone quotes Mr. Bolger as saying that the company has a
“better chance” of being bought if the plant remains open.

The report disclosed that the liquidators have received
approaches from interested parties to purchase the company as a
going concern.

As reported in the Troubled Company Reporter-Europe on April 16,
2008, Iralco said it was going into voluntary liquidation after
facing financial difficulties due to increasing costs.

The company hired John McStay and Tom Rogers as liquidators on
April 14, 2008.

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


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


ALITALIA SPA: Berlusconi Mulls 3-Way Merger with Air France-KLM
---------------------------------------------------------------
Prime Minister-elect Silvio Berlusconi said he might accept an
acquisition of Alitalia S.p.A. by Air France-KLM S.A. through a
tie-up between the carriers, various reports say.

Mr. Berlusconi said Alitalia could be a part of a "three-way
merger of equals," referring to becoming a possible third
carrier to the merger of Air France and KLM Royal Dutch
Airlines, the Associated Press reports.  

The carriers are currently partners in the SkyTeam Alliance,
Bloomberg News notes.

The Prime Minister-elect commented that he flew Alitalia despite
owning several private jets and coined the slogan, "I love
Italy, I fly Alitalia," Reuters relates.

Mr. Berluconi also reiterated his remarks that an Italian
consortium will present a binding offer for the government's
49.9% stake in Alitalia in less than a month.

As previously reported in the TCR-Europe, AirOne S.p.A. has
declared it will submit an alternative bid for Alitalia but
needs more time to draft a proposal since it was excluded from
conducting due diligence on the national carrier.

Following his victory at the recently concluded national snap
election, Mr. Berlusconi listed Alitalia as his top priority
once he assumes post.

Mr. Berlusconi had vowed to reject the binding offer presented
by Air France-KLM, which according to The Telegraph, would not
be willing to restart the talks with the government and would
drop its offer.  

Alitalia, its unions, and Air France have expressed willingness
to resume sale negotiations, which was stalled after the parties
failed to reach an agreement on the French carrier's offer.  

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

                         About Alitalia

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

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

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


FIAT SPA: Fails to Reach Agreement with Union on Transfer
---------------------------------------------------------
Fiat SpA was unable to reach an agreement with its unions
regarding the transfer of workers at its Pomigliano plant to
Nola, Bloomberg reports citing Il Sole 24 Ore.

The company had earlier disclosed in its website that as of
April 12, 2008, production at the Giambattista Vico plant in
Pomigliano, Italy has been significantly impacted by the action
organized by a group of workers to prevent components from
entering the facility and finished products from leaving.

On April 14, the company filed an emergency petition with the
court (under Article 700 of the Civil Code of Procedure)
requesting that the authorities intervene, using whatever means
necessary to put a stop this action, which is illegal in both
content and form.  The company says that such an action can
cause serious economic damage to a business and, if the
situation continues, it could undermine the efforts made so far
toward the industrial relaunch of the Giambattista Vico plant
and its future.

The workers suspended their protests during the middle of the
week after the company and unions agreed to enter into
discussions to resolve the issue, Thomson Financial reports
citing Ansa.

Bloomberg adds that a meeting has been set for April 23 where
the company is expected to assure employees that they will not
be laid off.
relates.

                           About Fiat

Turin, Italy-based Fiat SpA -- http://www.fiatgroup.com/--  
(BIT:F) is principally engaged in the design, manufacture and
sale of automobiles, trucks, wheel loaders, excavators,
telehandlers, tractors and combine harvesters.  Through its
subsidiaries, Fiat operates mainly in five business areas:
Automobiles, including sectors led by Maserati SpA, Ferrari SpA
and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and
Construction Equipment, which is led by Case New Holland Global
NV; Trucks and Commercial Vehicles, which is led by Iveco SpA;
Components and Production Systems, which includes the sectors
led by Magneti Marelli Holding SpA, Teksid SpA, Comau SpA and
Fiat Powertrain Technologies SpA, and Other Businesses, which
includes the sectors led by Fiat Services SpA, a publishing
house Editrice La Stampa SpA and an advertising agency
Publikompass SpA.

Outside Europe, the company has subsidiaries in the United
States, Japan, India, China, Mexico, Brazil and Argentina, among
others.

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


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


AKJOL INTERNATIONAL: Creditors Must File Claims by June 3
---------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Akjol International insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


ASPARA LLP: Claims Deadline Slated for June 4
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Corporation Aspara insolvent on March 21, 2008.

Creditors have until June 4, 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


CITY CENTER: Claims Filing Period Ends June 4
---------------------------------------------  
LLP City Center Transport & Logistic has declared insolvency.  
Creditors have until June 4, 2008, to submit written proofs of
claims to:

         LLP City Center Transport & Logistic
         Mustafin Str. 22-1
         Karaganda
         Kazakhstan


ELTELECOM LLP: Creditors' Claims Due on June 3
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Eltelecom insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


ENERGO MIR: Claims Registration Ends June 4
--------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Energo Mir insolvent.

Creditors have until June 4, 2008, to submit written proofs of
claims to:

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


GREEN FIELD: Creditors Must File Claims by June 4
--------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Green Field Ltd. insolvent.

Creditors have until June 4, 2008, to submit written proofs of
claims to:

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


LUCKY KZ: Claims Deadline Slated for June 4
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Lucky Kz insolvent on March 11, 2008.

Creditors have until June 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pobeda ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 32-38-46


SLAV TRANS: Claims Filing Period Ends June 3
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Slav Trans Stroy Service insolvent on
Feb. 25, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Seifullin Str. 23-33
         Almaty
         Saryarka District
         Astana
         Kazakhstan
         Tel: 8 (7172) 32-51-44


TIM WEST: Creditors' Claims Due on June 3
-----------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tim West insolvent on Feb. 28, 2008.

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

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


TRAKTOR-TRADE LLP: Claims Registration Ends June 4
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP “TRAKTOR-TRADE” insolvent on Feb. 22, 2008.

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

         The Specialized Inter-Regional Economic Court of Astana
         Seifullin Str. 23-33
         Almaty
         Astana
         Kazakhstan
         Tel: 8 (7172) 32-51-44


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


ASIA POLIMETALL: Creditors Must File Claims by May 20
-----------------------------------------------------
LLC Corporation Asia Polimetall-Holding has declared insolvency.
Creditors have until May 20, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 54-23-36.


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


DANA HOLDING: Appoints Gary L. Convis as Chief Executive Officer
----------------------------------------------------------------
Dana Holding Corp has named Gary L. Convis, 65, to the post of
Chief Executive Officer.  Mr. Convis was appointed to Dana’s new
Board of Directors in January 2008 after retiring from Toyota
Motor Corporation, where he had spent more than 20 years
culminating in his role as Chairman of Toyota Motor
Manufacturing, Kentucky.

"We are delighted to welcome Gary as Chief Executive Officer,"
said Dana Executive Chairman John Devine, who had served as the
company’s acting CEO since January.  "Gary is widely respected
as one of the leading experts in lean manufacturing and
management systems, including the Toyota Production System.
Along with his strong leadership and global industry experience,
we believe he is an ideal choice as our new Chief Executive."

"I am honored by the Board’s confidence in me to lead Dana,"
Convis said.  "I’m also eager to join with our people in
establishing world-class manufacturing systems and returning
this great company to the leadership ranks of the global
automotive supply industry."

Mr. Convis comes to Dana after more than four decades spent at
Toyota, General Motors Corporation, and Ford Motor Company.  He
became the first American president of Toyota’s largest plant
outside Japan, Toyota Motor Manufacturing, Kentucky (TMMK), in
2001.  He was named chairman of TMMK in 2006 and retired in
2007. Prior to this, in 2003, he was the first American
manufacturing executive appointed by Toyota Motor Corporation to
be a managing officer of TMC, as well as Executive Vice
President of Toyota Motor Engineering & Manufacturing North
America, Inc. Prior to serving in these roles, Mr. Convis spent
16 years at New United Motor Manufacturing, Inc., a joint
venture between GM and Toyota.  Previously, he spent more than
20 years in various roles with GM and Ford Motor Company.

Mr. Convis earned a bachelor’s degree in mathematics with a
minor in physics from Michigan State University.  He will
continue to serve as a member of Dana’s board.  He is also a
board member of Cooper-Standard Automotive Inc. and Compass
Automotive Group, Inc.

                 About Dana Holding

Dana Holding Corporation (NYSE: DAN) -- http://www.dana.com/--
is a supplier of axles; driveshafts; and structural, sealing,
and thermal-management products; as well as genuine service
parts.  The company's customer base includes virtually every
major vehicle manufacturer in the global automotive, commercial
vehicle, and off-highway markets, which collectively produce
more than 70 million vehicles annually.  Based in Toledo, Ohio,
the company's continuing operations employ approximately 35,000
people in 26 countries and reported 2007 sales of US$8.7
billion, with more than half of this revenue derived from
outside the United States.  As of Dec. 31, 2007, the company had
subsidiaries in the United Kingdom, Venezuela, Argentina,
Luxembourg, Mexico, Korea, Brazil, Taiwan and Australia, among
others.  

On March 3, 2006, Dana Corp. and its affiliates filed for
chapter 11 protection with the U.S. Bankruptcy Court for the
Southern District of New York (Case No. 06-10354).  

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007 and on Oct. 23, 2007, the Bankruptcy Court
approved the adequacy of the Disclosure Statement explaining
their Plan.  Judge Burton Lifland entered an order confirming
the Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Toledo, Ohio-based Dana Holding Corp.
following the company's emergence from Chapter 11 on Feb. 1,
2008.  The outlook is negative.
         
At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
   
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


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


PRICELINE.COM INC: Good Performance Prompts S&P to Lift Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Norwalk, Connecticut-based Priceline.com Inc., including the
corporate credit rating to 'BB-' from 'B+'.  At the same time,
S&P removed the ratings from CreditWatch with positive
implications, where they were placed on Dec. 17, 2007.  The
outlook is stable.
      
"The upgrade is based on continuing good operating performance
from a strong competitive position in Europe," said Standard &
Poor's credit analyst Andy Liu, "coupled with significant
improvement in the credit metrics."  While economic uncertainty
in the U.S. and Europe could dampen overall industry growth
somewhat, Standard & Poor's expects Priceline.com will continue
to gain market share and post good operating results.

Headquartered in Norwalk, Connecticut, Priceline.com
Incorporated (Nasdaq: PCLN) -- http://www.priceline.com/--   
operates priceline.com, a U.S. online travel service for value-
conscious leisure travelers, and Booking.com, an international
online hotel reservation service.

The company has acquired Agoda.com, an Asian online hotel
reservation service.  Agoda had hotel properties in in South
America, including Brazil, Chile, Argentina, Uruguay, Venezuela,
Peru, Colombia, Bolivia, Ecuador, Paraguay, French Guiana;  
Central America and the Caribbean, including Dominican Republic,
Jamaica, Bahamas, Costa Rica, Panama, Puerto Rico, Virgin
Islands (U.S.), Guadeloupe, Cayman Islands, Netherlands
Antilles, El Salvador and Trinidad & Tobago.


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


BALIZ-ALCO LLC: Creditors Must File Claims by May 22
----------------------------------------------------
Creditors of LLC Baltz-Alco have until May 22, 2008, to submit
proofs of claim to:

         A. Maevskiy
         Insolvency Manager
         Chernyshevskogo Str. 100
         410056 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-16581/07-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Baltz-Alco
         Baltay
         Baltanskiy
         Saratov
         Russia


CENTRAL TELECOMMUNICATIONS: Earns RUR3.64 Billion for 2007
----------------------------------------------------------
OAO Central Telecommunications Co. posted RUR3.64 billion in net
profit on RUR32.41 billion in net revenues for year ended
Dec. 31, 2007, compared with RUR2.05 billion in net profit on
RUR28.4 billion in net revenues for year ended Dec. 31, 2006.

The the results were prepared according to Russian Accounting
Standards.

"In 2007 we managed to maintain the high rate of the company’s
development owing to a balanced policy of control over
expenditures, considerable growth of the subscriber base for new
services, and modernization of the management system," Vaagn
Martirosyan, CenterTelecom's General Director, said.  
"However, we think that we have only formed a base for further
restructuring of the company in general which, assuming the
successful implementation of our business development strategy,
will allow the company to find its place among the leading
international telecommunications companies within the next
three-four years."

                       About CenterTelecom

Headquartered in Moscow, Russia, OAO Central Telecommunications
Co. -- http://www.centertelecom.ru/eng-- provides fixed-line  
and mobile communications in the Russian Central Federal
District.  CenterTelecom had a charter capital of RUR6.31
billion (about US$234 million) as of July 1, 2006.

                            *   *   *

As of April 17, 2008, OAO CenterTelecom carries Standard &
Poor's B Corporate Credit Rating with stable outlook.  The
company also carries Fitch's Issuer Default B-, Short-term B,
National Long-term BB+ and a BB+ rating on its RUR3 billion
notes due August 2011 with stable outlook.


COMSTAR-UNITED: Integrates Golden Line Into Group
-------------------------------------------------
Comstar-United TeleSystems JSC has completed the reorganization
and integration of  ZAO Golden Line into the Comstar-UTS Group.

As a result of re-organization, JSC Comstar-UTS became a full
legal successor in legal rights and obligations pertaining to
ZAO Golden Line.

Affiliation of a now 100% associated company Golden Line was
approved by Comstar-UTS shareholders at their meeting August 30,
2007.

"According to the Company Group Development Strategy we fulfill
our re-organization program for all the affiliate entities on a
continuous basis, and their affiliation with parent company
Comstar-UTS", said First Vice President of Comstar-United
TeleSystems Alexey Goncharuk. "However, we keep business
continuity. Golden Telecom is one of the largest alternative
operators in telecommunication market of Moscow that is why
affiliation of this company is very beneficial for Comstar-UTS
Group business development.

"Given this, Golden Line clients after their transition to
Comstar-UTS did not suffer any lack of provided service quality,
on the contrary, now they have new telecom experience including
access to value-added services provided by our network."

                       About Comstar-UTS

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

                           *    *    *

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

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


KAROSA CJSC: Creditors Must File Claims by May 22
-------------------------------------------------
Creditors of CJSC Karosa have until May 22, 2008, to submit
proofs of claim to:

         A. Zakharov
         Insolvency Manager
         10th location 13-16
         Prokopyevsk
         653052 Kemerovo
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A45-8766/07-55/104.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Karosa
         Nemirovicha-Danchenko Str. 145
         630048 Novosibirsk
         Russia


LUKHOVITSKIY LLC: Creditors Must File Claims by May 22
------------------------------------------------------
Creditors of LLC Lukhovitskiy (TIN 7723512050) have until
May 22, 2008, to submit proofs of claim to:

         D. Agapov
         Insolvency Manager
         To be called for Mr. D. Agapov
         Korolev
         141078 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-6020/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Lukhovitskiy
         Tsentralnaya Str. 19
         Grigoryevskoe
         140532 Moscow
         Russia


MINE KAPITALNAYA: Creditors Must File Claims by April 22
--------------------------------------------------------
Creditors of OJSC Mine Kapitalnaya have until April 22, 2008, to
submit proofs of claim to:

         S. Krutilin
         Insolvency Manager
         Post User Box 65
         Inta
         169840 Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A29-8967/2007.

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         OJSC Mine Kapitalnaya
         Vostochnaya Str. 1
         Inta
         169845 Komi
         Russia


MISHUTINSKOE OJSC: Creditors Must File Claims by May 22
-------------------------------------------------------
Creditors of OJSC Mishutinskoe have until May 22, 2008, to
submit proofs of claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A67-1955/07.

The Court can be reached at:

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

The Debtor can be reached at:

         OJSC Mishutinskoe
         Mishutino
         Zyryanskiy
         636852 Tomsk
         Russia


MOBILE TELESYSTEMS: Earns US$2.07 Billion for Full Year 2007
------------------------------------------------------------
OJSC Mobile TeleSystems posted US2.07 billion in consolidated
net profit on US$8.25 billion in consolidated net revenues for
year ended Dec. 31, 2007, compared with US$1.08 billion in
consolidated net profit on US$6.38 billion in consolidated net
revenues for year ended Dec. 31, 2006.

The company also posted US460.32 million in consolidated net
profit on US$2.33 billion in consolidated net revenues for the
fourth quarter 2007, compared with US$110.33 million in
consolidated net profit on US$1.81 billion in consolidated net
revenues for the same period in 2006.

As of Dec. 31, 2007, MTS had US$10.97 billion in total assets,
US$5.5 billion in total liabilities and US5.47 billion in total
shareholders' equity.

MTS maintained its leading position in the majority of its
markets of operation during 2007.  At Dec. 31, 2007, MTS has  
subscriber market share of:

    * 33% in Russia (end-2006: 33%);
    * 36% in Ukraine (end-2006: 73%);
    * 54% in Uzbekistan (end-2006: 54%);
    * 88% in Turkmenistan (end-2006: 86%);
    * 74% in Armenia; and
    * 53% in Belarus (end-2006: 54%).

"[Year] 2007 was another year of strong growth and enhanced
profitability," Leonid Melamed, President and Chief Executive
Officer.  In successfully implementing our corporate strategy,
we have realized even stronger growth in our financial position
and enhanced our leadership in the region.

"Given our solid foundation and record of success, we are
confident that 2008 will continue to provide opportunities to
further develop our business and generate greater returns for
shareholders."


                   About Mobile TeleSystems

Headquartered in Moscow, Russia, OJSC Mobile TeleSystems
(NYSE:MBT) -- http://www.mtsgsm.com/-- provides wireless     
telecommunications services operator in Russia, Ukraine,
Uzbekistan, Turkmenistan, Armenia, and Belarus.


                         *      *      *

As reported in the TCR-Europe on April 08, 2008, Fitch Ratings
assigned Mobile TeleSystems a Long-term Issuer Default rating of
'BB+', National Long-term rating of 'AA(rus)' and Short-term IDR
of 'B'.  The Outlooks for the Long-term IDR and National Long-
term rating are Stable.  The agency also assigned 'BB+' ratings
to two of MTS's outstanding Eurobonds, structured as senior
unsecured obligations.

Mobile TeleSystems also carries Ba2 Corporate Family and
Probability-of-Default ratings from Moody's Investors
Service, which says the outlook is positive.


ROSNEFT OIL: Mulls Considerable Increase in 2007 Dividend
---------------------------------------------------------
OAO Rosneft Oil Co. may distribute a larger dividend for 2007,
after posting more than US$12 billion in net profit for the
reported year, Reuters reports, citing chief financial officer
Peter O'Brien.

Rosneft paid dividends of US$0.056 per share for 2006.

As reported in the TCR-Europe on April 9, 2008, Rosneft posted
US$12.86 billion in net profit on US$49.22 billion in net
revenues for financial year ended Dec. 31, 2007, compared with
US$3.53 billion in net profit on US$33.1 billion in net revenues
for financial year ended Dec. 31, 2006.

The company registered US$2.98 billion in net profit on
US$16.49 billion in net revenues for the fourth quarter ended
Dec. 31, 2007, compared with US$603 million in net profit on
US$8.22 billion in net revenues for the fourth quarter ended
Dec. 31, 2006.

Net debt as of Dec. 31, 2007, stood at US$26.275 billion.  Based
on preliminary management account estimates, Rosneft's net debt
decreased further during first quarter 2008 by US$2.4 billion to
US$23.8 billion as of March 31, 2008.

                         About Rosneft

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

                          *     *     *

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


SIBERIAN MANUFACTURE: Creditors Must File Claims by May 22
----------------------------------------------------------
Creditors of LLC Siberian Manufacture have until May 22, 2008,
to submit proofs of claim to:

         A. Biryukov
         Insolvency Manager
         Post User Box 2004
         Central Post Office
         650000 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-7442/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Siberian Manufacture
         Galereynaya Str. 3
         Kemerovo
         Russia


SISTEMA JSFC: Repays US$350 Million Eurobond Issue
--------------------------------------------------
Sistema JSFC has repaid its US$350 million Eurobond issue upon
its maturity in full using the Company's cash flows and
previously obtained debt financing.

The five-year Eurobond issue was placed in April 2003 among a
wide range of foreign investors.  The proceeds of this issue
were used to finance a number of acquisitions in Russia.

                        About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

As of March 4, 2008, Sistema JSFC carries a Ba3 long-term
corporate family rating and a B2 senior unsecured debt rating
from Moody's, which said the outlook is positive.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


TATNEFT OAO: Hikes Crude Oil Output by 1.8% for 1st Quarter 2008
----------------------------------------------------------------
OAO Tatneft released its group operational results for first
three months and in March 2008.

                          Oil Production

Crude oil production amounted to 2,762,276 tons accounting for
100.9% versus March 2007.  Crude oil production amounted to
8,063,850 tons for first three months or 101.8% versus the same
period in 2007.

Tatneft produced 2,225,134 tons of crude oil in March 2008,
accounting for 100.4% versus March 2007 with the above-the-plan
production amounting to 26,809 tons (101.2%).  

The best results were achieved by

    * NGDU's (Oil & Gas Production Boards) Elkhovneft (103.6%),
    * Almetyevneft (101.5%),
    * Aznakaevskneft (101.4%).  

The amount of 2,171,544 tons of crude oil was delivered, with
the above-the-plan delivery amounting to 29,144 tons.

Tatneft produced 6,500,165 tons of crude oil for first three
months 2007 with 86,133 tons of crude oil in excess of the
amount produced during the similar period in 2007 (101.3%).  The
above-the-plan production amounted to 74,028 tons of crude oil
(101.2%).

The best results were achieved by:

    * NGDU's (Oil & Gas Production Boards) Elkhovneft (103.4%),
    * Aznakaevskneft (101.4%),
    * Almetyevneft (101.2%).

The amount of 6,344,726 tons of crude oil was delivered, while
the above-the-plan production amounted to 83,526 tons.

                            Drilling

The plan of drilling meterage for the first quarter was executed
by 100.8% with 176,900 meters penetrated, including 122,000
meters drilled for OAO Tatneft including 110,800 meters of
production drilling and 11,200 meters of exploratory drilling
respectively;  54,900 meters for joint ventures and Independent
oil companies including 42,700 meters of production drilling and
12,200 meters of exploratory drilling respectively.

The company constructed and handed over 97 wells to customers:

    * 64 wells for OAO Tatneft

      -- 59 production wells,
      -- five exploratory wells.

    * 33 for joint ventures and independent oil firms

      -- 32 production wells, and
      -- one exploratory well.

Well drilling operations with application of traditional
drilling techniques were performed by 47 drilling crews.
Additionally one crew performed drilling into the producing
layers in the balanced pressure mode at three horizontal wells
for NGDU Bavlyneft

Penetration for multirateral and horizontal wells for OAO
TATNEFT amounted to 22 thousand meters.

Of this total number of the drilling crews one drilling crew
performed drilling of an exploratory well for Podzemburgaz
Company under the program of the Republic of Tatarstan for
construction of the underground gas storage facility. Drilling
operations were performed by four crews outside Tatarstan in
Samara District.

Penetration per one drilling crew amounted to 3,723 meters
during the period of 3 months.

               Workovers and Enhanced Oil Recovery

The company performed 2,373 well remedial works during the
period of January-March of 2008.

    * 617 wells were worked over during two months in 2008
      including the production string sealing in 95 wells;

    * shutting-off individual layers and re-completion in the
      other intervals in 75 wells;

    * transfer of the wells into different categories and wells
      completion for injection in 49 wells;

    * well failure remedy and cleaning of the production casing
      and the bottom hole in 66 wells; and

    * physical well abandonment and re-abandonment in seven
      wells.

The company worked over 151 wells with application of coil
tubing with 39 through the annulus.

Formation hydrofracking operations were performed at 32 wells.
The incremental cumulative production amounted to 1,973,000tons.

Two crews of Tatneft-LeninogorskRemService Company drilled and
completed four small diameter wells in the first quarter of 2008
with two wells drilled for NGDU Almetyevneft and for NGDU
Prikamneft, respectively.

Works on oil recovery enhancement were performed at 460 wells
during the reporting period including the chemical treatment
methods applied at 296 wells.

??? Tatneft- ChimService fulfilled the assignment of the first
quarter in all NGDUs.  The incremental oil production resulting
from application of the oil recovery enhancement methods
amounted to 1,272,000 tons with chemical methods accounting for
production of 601,000 tons.

OOO Tatneft-ChimService performed 583 services for preparation
and delivery of acid based compositions.

OOO Tatneft-ChimService produced 8,274 tons of chemicals for
RUR166 million during first three months of 2008.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of April 17, 2008, OAO Tatneft carries Fitch's B+ Issuer
Default rating.  Its Short-Term rating stands at B.  Fitch said
the outlook is positive.


TVERSKAYA SPINNING-WEAVING: Names Y. Smirnov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Tver appointed Y. Smirnov as Insolvency
Manager for LLC Siberian Manufacture.  He can be reached at:

         Y. Smirnov
         Insolvency Manager
         Post User Box 177
         Post Office-100
         170100 Tver
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A66-11703/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         Y. Smirnov
         Insolvency Manager
         Post User Box 177
         Post Office-100
         170100 Tver
         Russia


VIMPEL-COMMUNICATIONS: Recommends RUR13.8 Billion 2007 Dividend
---------------------------------------------------------------
The Board of Directors of OJSC Vimpel-Communications has
recommended annual dividends of RUR270.01 per ordinary share
(US$0.58 per American Depositary Share) for the 2007 fiscal
year, amounting to a total of RUR13.8 billion (US$588 million),
to be payable within 60 days of the approval at the Annual
General Meeting of Shareholders set June 9, 2008.

The record date for shareholders entitled to participate in the
Shareholders Meeting and to receive dividends for 2007 has been
set for April 30, 2008.  

The approval of the shareholders owning more than 50% of the
voting shares represented at the Shareholders Meeting is
required for the payment of dividends by VimpelCom.  

If the dividends are approved by the requisite majority at the
Shareholders Meeting, VimpelCom will, in accordance with Russian
tax legislation, withhold a tax of up to 15% on the dividend
amount when payable.  The exact amount of the withholding will
vary depending on the recipient’s legal status and jurisdiction.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

As reported in the TCR-Europe on Feb. 25, 2008, Standard &
Poor's Ratings Services affirmed its 'BB+' long-term corporate
credit rating on Russian mobile operator Vimpel-Communications
(JSC), following the successful closing of its tender offer for
Russian alternative telecoms operator Golden Telecom Inc. (GT),
in which VimpelCom acquired about 90.5% of shares.

At the same time, VimpelCom's US$2 billion senior unsecured
syndicated loan and US$1.5 billion bridge loan, which have
three- year and one-year maturities, respectively, were assigned
'BB+' ratings.  At the same time, the long-term corporate credit
rating on GT was raised to 'BB+' from 'BB', equalizing the
rating with that on VimpelCom.

The outlook on both VimpelCom and GT is stable.

The company also carries Ba2 Corporate Family, Probability-of-
Default and Senior Unsecured Debt Ratings from Moody's Investors
Service.


VOLGOTANKER OJSC: Creditors Must File Claims by May 22
------------------------------------------------------
Creditors of OJSC Volzhskoe Bulk Oil Shipping Company
Volgotanker have until May 22, 2008, to submit proofs of claim
to:

         A. Volzhanin
         Insolvency Manager
         Volgogradskiy Pr. 28A
         109316 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A40-31270/07-36-79 B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Volzhskoe Bulk Oil Shipping Company Volgotanker
         Maksima Gorkogo Str. 105
         443099 Samara
         Russia


* S&P Puts Yamal-Nenets' Ratings at BB+/ruAA+ on Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Yamal-Nenets Autonomous Okrug to stable from positive.  At the
same time, the 'BB+' long-term issuer credit and 'ruAA+' Russia
national scale ratings were affirmed.

The okrug is located in The Russian Federation (foreign currency
BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia
national scale 'ruAAA').

OAO Gazprom (BBB/Stable/--) is the major employer, investor, and
taxpayer in the okrug, accounting for about 40% of 2005-2007 tax
revenues on average.

"High concentrations in the hydrocarbon sector, especially
dependence on its major taxpayer, Gazprom, continue to constrain
the ratings," said Standard & Poor's credit analyst Irina
Pilman.

Limited revenue predictability due to the evolving
intergovernmental and tax systems also pressure the ratings.

The okrug's low debt, positive prospects in the strategically
important gas sector, and high wealth indicators--with estimated
per capita gross regional product of US$45,393 in 2007--mitigate
the rating constraints.

Moreover, the okrug's good, albeit weakening, financial
performance and liquidity further support the ratings.
Fast operating-expenditure growth, which resulted in a
consistent deterioration of operating performance in 2006-2007,
is increasingly pressuring the okrug.

"We expect that Yamal-Nenets AO's economy will continue growing,
triggering healthy revenue growth," said Ms. Pilman.
"Consequently, the okrug will likely maintain operating
surpluses at 4%-5% of operating revenues, despite pressure from
operating-expenditure growth."

Deficits after capital expenditures should remain below 10% on
average in 2008-2010.  Debt growth--if any--will be gradual and
will not exceed a modest 15%-20% of operating revenues by 2010.
The ratings incorporate our expectation that cash reserves will
remain about 10% of operating expenditures.

The ratings could benefit from improving predictability of the
okrug's medium-term tax revenues, more clarity on the prospects
of the agreement with Tyumen Oblast, and overall predictability
of intergovernmental relations and the taxation system in
Russia.  Repeated outperforming of budget balances and
strengthening of reserves above expected levels could also lead
to improvements in the okrug's credit standing.  

Conversely, unfavorable redistribution of revenues and
responsibilities, accumulation of tax-supported debt above
prudent levels, or consistently negative operating balances
could pressure the ratings.


* Fitch Upgrades Novosibirsk Region's Ratings to BB
---------------------------------------------------
Fitch Ratings has upgraded on April 17, 2008, Novosibirsk
region's Long-term foreign and local currency ratings to 'BB'
from 'BB-'.  The Short-term foreign currency rating is affirmed
at 'B'.  Fitch has also upgraded the Russian region's National
Long-term rating to 'AA-(rus)' from 'A+(rus)'.  The Outlooks on
the Long-term foreign and local currency and National Long-term
ratings remain Stable.

The upgrade reflects the region's strengthening budgetary
performance, decreasing debt burden and improving debt
structure.  However, the ratings also factor in its high budget
rigidity and low capital spending.  The Stable Outlook reflects
Fitch's expectation that economic growth will drive revenue  
growth, allowing the region to consolidate budgetary performance
and increase capital investment in deteriorating infrastructure.

The region possesses a diversified local economy, with services
as the dominant sector (64.4% of the region's value-added
production).  The regional economy's rapid economic growth (10%
yoy in real terms in 2007) exceeds the Russian average.  The
region's administration expects the economy to grow 8.5% per
annum in 2008 and 2009, which will underpin tax base expansion
and sound budgetary performance in the medium-term.

The region's budgetary performance has been improving over the
last three years, with operating balance rising to 16.1% of
operating revenues in 2007 from 10.4% in 2003.  Rapid operating
revenue growth led by a sharp increase of tax revenues
contributed to the improved budgetary performance.  The region
has gradually reduced its dependence on federal budget financial
aid and become more reliant on its own revenue sources. The
share of equalization grants declined to 5% of total budget
revenue in 2007 from 20% in 2004.

The region's debt burden gradually declined during 2004-2007:
direct debt-to-current revenue ratio decreased to 10.4% at end-
2007 from a peak of 43.6% in 2004.  The region's debt structure
also saw a higher share of long-term bond issues at 50% of
direct risk in 2007, compared to 3.9% in 2002.  Contingent
liabilities are negligible, as the region has no outstanding
guarantees.

Expenditure is characterized by high rigidity: staff expenditure
and transfers of all kind averaged at 70% of total expenditure
in 2005-2007.  The region faces a strong need for infrastructure
modernization.  Capital expenditure was relatively stable,
averaging at 11.2% of total expenditure in 2005-2007.  However,
this is still inadequate relative to the region's high level of
infrastructure deterioration, especially in heating network,
water supply and sewage system.

The Novosibirsk region is located in the south of the West-
Siberian part of the Russian Federation, bordering the
Kazakhstan Republic.  The region's capital, the city of
Novosibirsk, is the third-biggest city in the Russian Federation
with a population of over 1.4 million. The  region contributed
1.3% of the RF's GDP in 2006 and accounted for 1.9% of its
population.


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


GRUPO AISA: Barcelona Court Considers Insolvency Request
--------------------------------------------------------
A commercial court in Barcelona confirmed it is considering
ASEFA's request to place Grupo Aisa SA in administration,
reports say.

According to the reports, Spanish insurer ASEFA asked the court
on April 11 to begin bankruptcy proceedings against Aisa.

Aisa owed ASEFA around EUR1.3 million, but it claimed that the
insurer has no grounds to make insolvency claims, Bloomberg
said.

For the financial year 2007, Aisa reported EUR134 net loss due
to unspecified expenses, Bloomberg relates.  At end of first
quarter 2008, the company's assets were valued at around EUR970
million.

Headquartered in Barcelona, Spain, Grupo Aisa S.A. --
http://www.grupoaisa.com/AisaWeb/view/Inicio.aspx-- is  
principally engaged in property development and real estate
leasing.  It is also involved in brokerage activities related to
the construction industry.  The company’s subsidiaries include
Agrupacion Recursos Inmobiliarios, S.L.U., Morgan 25, S.L.U.,
Constructora Aldabea, S.L.U., Construcciones Altxuxate, S.L.U.,
Interlaken Catalonia, S.L. and Domus Habitatge, S.L.


BANCAJA 12: S&P Rates EUR2.1 Billion Notes at BB
------------------------------------------------
Standard & Poor's Ratings Services has assigned its credit
ratings to the EUR2.1 billion mortgage-backed floating-rate
notes issued by Bancaja 12 Fondo de Titulizacion de Activos.
  
This is Bancaja's 12th residential mortgage-backed securities
transaction, and the second Spanish transaction to include the
option of setting up a contingent commingling reserve if the
servicer is downgraded below 'A-2'.

The mortgage loans representing the collateral of the
transaction are transmission certificates.  These loans are
mainly originated in Valencia, Andalucía, and Catalonia, have
first-ranking security, and are for property purchases.
  
This transaction is very similar to Bancaja's previous RMBS
transactions, both in terms of the structure and the
characteristics of the collateral backing the notes.
  
As in other Spanish transactions, interest and principal is
combined into a single priority of payments, with triggers in
the payment of the interest for the subordinated notes to
protect the senior class.
  
                        Ratings List
  
         Bancaja 12 Fondo de Titulizacion de Activos
      EUR2.1 Billion Mortgage-Backed Floating-Rate Notes
  
           Class          Rating        Amount (Mil. EUR)
           -----          ------        -----------------  
           A              AAA            1,979.2
           B              A                 57.8
           C              BBB               42.0
           D              BB                21.0


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


DOLE FOOD: S&P Lifts Senior Unsecured Debt Rating to B-
-------------------------------------------------------
Standard & Poor's Ratings Services assigned recovery ratings to
Dole Food Co. Inc.'s unsecured debt issues and raised the issue-
level ratings on this debt to 'B-' (same as the corporate credit
rating on Dole) from 'CCC+'.  

Recovery ratings of '4' were assigned to this debt, indicating
the expectation of average (30%-50%) recovery in the event of a
payment default.

The issue-level rating on Dole's secured loans is affirmed at
'B+'.  The recovery rating on this secured debt remains
unchanged at '1', indicating the expectation for very high (90%-
100%) recovery in the event of a payment default.

Both the senior unsecured and secured debt issue ratings are
removed from CreditWatch, where they were initially placed with
negative implications on Nov. 27, 2007.

                      Ratings List

Dole Food Co. Inc.
Corporate Credit Rating  B-/Negative/--

Ratings Removed From CreditWatch

                          To         From
Dole Food Co. Inc.
Senior Secured

  Local Currency          B+         B+/Watch Neg
   Recovery Rating        1          1

Ratings Raised; Removed From CreditWatch

Dole Food Co. Inc.
Senior Unsecured

  Local Currency          B-         CCC+/Watch Neg

Rating Assigned
Dole Food Co. Inc.
Senior Unsecured

  Recovery Rating         4

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/--  a producer of fresh  
fruit and fresh vegetables, and markets a line of value-added
products.  The company operates in four business segments: fresh
fruit, fresh vegetables, packaged foods and fresh-cut flowers.
The fresh fruit segment contains operating divisions that
produce and market fresh fruit to wholesale, retail and
institutional customers worldwide.  The fresh vegetables segment
contains two operating divisions that produce and market
commodity and fresh-cut vegetables to wholesale, retail and
institutional customers, primarily in North America, Europe and
Asia.  The packaged foods segment contains operating divisions
that produce and market packaged foods, including fruit, juices
and snack foods.  The fresh-cut flowers segment sources, imports
and markets fresh-cut flowers, grown mainly in Columbia,
primarily to wholesale florists and retail grocers in the United
States.

In Asia, the company has subsidiaries in Japan, Korea, Thailand,  
Philippines and China.  Its European subsidiaries are located in
Spain, Czech Republic, Germany, France, Italy, England and
Sweden.


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


NYCOMED A/S: Moody's Cuts Corporate Family Rating to B2
-------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating  
of Nycomed to B2 from B1, and the Probability of Default Rating  
to B3 from B2.  The rating outlook is stable.  This rating
action concludes the review initiated on Jan. 30, 2008.

"The downgrade of Nycomed reflects the impact of the launch of
generic versions of Protonix (Pantoprazole) in the U.S., which
is expected to negatively impact the company's cash-flow
generation and slow down the de-leveraging," says Marie Fischer-
Sabatie, a Moody's Assistant Vice-President/Analyst and lead
analyst for Nycomed.  Moody's also cautions that the company's
sales of Protonix in Europe are likely to start declining in
2009 due the loss of exclusivity in May 2009.

Moody's notes positively that Nycomed's operating performance
had been strong in 2007 allowing for an overall improvement of
credit metrics, but expects the operating performance to weaken
in 2008.  Nycomed's stable rating outlook factors in a
stabilization of Protonix sales in the U.S. at the levels seen
during the first months of 2008, and also factors in the
expectation that the company's portfolio of other key products
will continue to show strong growth, coupled with late-stage
pipeline delivery, particularly for Daxas.

"Over coming months, Moody's will monitor legal developments and
the outcome of the trial on the Protonix patent challenge, which
could either exert positive or further negative pressure on the
rating and outlook," adds Ms Fischer-Sabatie.

Moody's notes that Nycomed had leeway under its financial
covenants at year-end 2007, but expects that the leeway under
these covenants will diminish during 2008, weakening the
otherwise strong liquidity profile of the company.

Headquartered in Zurich, Switzerland, Nycomed group is a
pharmaceutical conglomerate combining its traditional core
marketing and distribution capabilities together with the R&D
expertise of acquired Germany's Altana Pharma.  Nycomed achieved
sales of EUR3.5 billion during 2007.


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


AZARIYA DNIEPR: Creditors Must File Claims by May 1
---------------------------------------------------
Creditors of LLC Azariya Dniepr (code EDRPOU 33807112) have
until May 1, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
March 25, 2008.  The case is docketed as B 15/40/43-07.

The Debtor can be reached at:

         LLC Azariya Dniepr
         Kalinov Str. 3
         Dnipropetrovsk
         Ukraine


DOBROPOLYE FERROCONCRETE: Creditors Must File Claims by May 1
--------------------------------------------------------------
Creditors of State Enterprise Dobropolye Plant of Ferroconcrete
Pipes of High Pressure (code EDRPOU 01034780) have until
May 1, 2008, to submit proofs of claim to

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 22, 2008.  
The case is docketed as 15/157b.


ERKER LLC: Creditors Must File Claims by May 1
----------------------------------------------
Creditors of LLC Erker (code EDRPOU 32871805) have until
May 1, 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 proceedings
against the company after finding it insolvent on Jan. 28, 2008.  
The case is docketed as B-24/08-08.

The Debtor can be reached at:

         LLC Erker
         Apartment 18/21
         Darvin Str. 20
         Kharkov
         Ukraine


INTERSTYLE LLC: Creditors Must File Claims by May 1
---------------------------------------------------
Creditors of LLC Interstyle (code EDRPOU 20412800) have until
May 1, 2008, to submit proofs of claim to
         
         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 3/60b.

The Debtor can be reached at:

         LLC Interstyle
         Teterevka
         Shkolnaya Str. 74
         12420 Zhytomir
         Ukraine


NADIYA LTD: Creditors Must File Claims by May 1
-----------------------------------------------
Creditors of LLC Nadiya Ltd. (code EDRPOU 24677687) have until
May 1, 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 proceedings
against the company after finding it insolvent.  The case is
docketed as B-48/184-07.

The Debtor can be reached at:

         LLC Nadiya Ltd.
         61022 Kharkov Ukraine
         Svoboda Square 5
         Derzhprom 8th Entrance


PMK-1 CJSC: Creditors Must File Claims by May 1
-----------------------------------------------
Creditors of CJSC PMK-1 (code EDRPOU 32074199) have until
May 1, 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 23/116-b.

The Debtor can be reached at:

         CJSC PMK-1
         Academic Tupolev Str. 12-a
         03062 Kiev
         Ukraine


POGREBISCHE AGRICULTURAL: Creditors Must File Claims by May 1
--------------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on March 13, 2008, after finding it
insolvent.  The case is docketed as 5/127-08.

Creditors of Pogrebische Agricultural JSC (code EDRPOU 00385508)
have until May 1, 2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         Pogrebische Agricultural JSC
         B. Hmelnitsky Str. 3
         Pogrebische
         22200 Vinnica
         Ukraine


STROMA LLC: Creditors Must File Claims by May 1
-----------------------------------------------
Creditors of LLC Stroma (code EDRPOU 21222242) have
until May 1, 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 has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B-48/143-07.

The Debtor can be reached at:

         LLC Stroma
         Lukianovskaya Str. 22
         Kharkov
         Ukraine


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


BIZ PUBLISHING: Creditors' Meeting Slated for April 30
------------------------------------------------------
Creditors of Biz Publishing Ltd. (Company Number 04109650) will
meet at 10:30 a.m. on April 30, 2008, at:

          67 Butts Green Road
          Hornchurch
          Essex
          RM11 2JS
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 29, 2008 at:

          G. Mummery
          Joint Liquidator
          Vantis Business Recovery Services
          43-45 Butts Green Road
          Hornchurch
          Esses
          RM11 2JX
          England

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.


BRITISH AIRWAYS: SLI Executives Hold Talks Over T5 Fiasco
---------------------------------------------------------
Standard Life Investments' head of equities David Cummings and
head of corporate governance Guy Jubb, on Monday, April 14, met
with British Airways plc's chairman Martin Broughton to tackle
shareholder issues, particularly the Terminal 5 fiasco, the
Scotsman reports.

Both parties, however, declined to comment, although the two SLI
executives are expected to continue their talks with BA in a
meeting with the airline's chief executive Willie Walsh.

"We do not comment on private meetings, which is what this was."
a BA spokesman was quoted by the Scotsman as saying.

SLI holds a 4.2% stake in the British carrier.

                 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.


BRITISH ENERGY: Germany's E.ON May Consider Takeover Bid
--------------------------------------------------------
Germany's E.ON AG has dismissed a Financial Times Deutschland
report on April 16, 2008 in relation to its potential interest
in British Energy Group plc.

E.ON clarified that the reported statement is incorrect and was
not approved by its board.

According to Reuters, the report claimed that E.ON was not
interested in BE.

A spokesman for E.ON, however, said "we are keeping our options
open regarding British Energy," the paper relates.

                   About British Energy

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

                        *     *     *

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

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

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


CABLE & WIRELESS: Non-Dominance Request Cues OUR Market Study
-------------------------------------------------------------
Business News Americas reports that Cable & Wireless Plc's
request for a declaration of non-dominance in the market has
resulted Jamaica's Office of Utilities Regulation to inform
tenders for a consultancy contract to carry out a survey of
local fixed telephony and international outgoing calls.

According to the report, OUR had declared C&W dominant in August
2003.

OUR in a press release said, "The market survey is expected to
provide critical statistical data on consumers' behavior as well
as the market conditions in which carriers and service providers
operate within the markets for telecommunications services in
Jamaica."

The contract is to last seven weeks.  Interested firms must
submit proposals to OUR by 3:00 p.m. local time on April 30, the
report says.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units –- International and Europe, Asia & US.

The International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.

The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

                        *     *     *

As of Feb. 12, 2008, Cable & Wireless Plc carries a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's, which said
the outlook is stable.

The company also carries a BB- long-term local and foreign
issuer credit ratings from Standard & Poor's, which said the
outlook is stable.  S&P rates its short-term local and foreign
issuer credit at B.


CANDU ENTERTAINMENT: Luminar Sells 26 Bars to Cavendish
-------------------------------------------------------
Luminar Group Holdings plc has opted to dispose of 26 of its
loss-making nightclubs to Cavendish Bars, releasing the company
from any liability on sites it previously sold to CanDu
Entertainment Group Ltd., Jonathan Sibun writes for the Daily
Telegraph.

According to the report, Cavendish will acquire the five
companies holding the leaseholds for GBP1 each.

The disposal, which according to Luminar chief executive Stephen
Thomas is part of a strategy to streamline the group's
activities, will result to a GBP9.9 million net loss, the paper
relates.

A TCR-Europe report on April 10, 2008 disclosed that in
June 2005, Luminar disposed of CanDu at which time the business
included 49 nightclubs of which 14 were freehold properties and
35 were leasehold.  Luminar has now been advised that insolvency
proceedings have commenced in relation to CanDu.  Of these 35
leasehold properties, it is believed that 26 were held by CanDu
at the time of entering insolvency proceedings.

Luminar now understands from the administrator of CanDu that
Agilo Ltd., a London-based investment firm, has entered into
arrangements with CanDu's administrator to operate, under
license, 20 of these leasehold units.

Additionally, in June 2006, five of the 35 leasehold units held
by CanDu were sold to Summit Ltd., a small nightclub operator,
which has now been placed in liquidation and the Board believes
the liquidator is currently in the process of seeking offers for
these units.

Under some circumstances, the leases of the leasehold units held
by CanDu at the time of its disposal in June 2005 could
therefore, in due course, revert to companies within the Luminar
group.  The total annual property costs relating to the 35
leasehold units were approximately GBP4.9 million at the time of
the disposal in 2005.  The Board is confident that, should any
lease reversions occur, Luminar will be able to institute a
range of corporate and operational actions to limit
substantially any financial impact of such reversions.

Headquartered in Banbury, England, CanDu Entertainment Ltd. --
http://www.candu.com/-- is the largest independent late night
leisure operator in the U.K.  The estate comprises 33 nightclubs
and high street bars, predominantly in regional towns across
England and Wales.

On March 20, 2008, CanDu Entertainment Ltd. and CanDu
Entertainment Group Ltd. entered Administration and Alan Hudson
and Hunter Kelly of Ernst & Young LLP were appointed as Joint
Administrators.

Immediately following the appointment of Joint Administrators,
the business and assets of the company were sold to Company Time
Ltd.

The Administrators shall be preparing a report and proposals
within eight weeks of their appointment.  This report will be
made available to all creditors and will give an indication of
the likely dividend prospects.  It is likely that a meeting of
creditors will be convened at the same time.

Debts incurred by the Companies before our appointment will rank
as unsecured claims against the Companies.


COLEMAN WILLIAMS: Brings In Liquidators from Mazars
---------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Coleman Williams Building Service Engineers
Ltd. on March 31 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


COMBINED HEATING: Calls In Liquidators from Tenon Recovery
----------------------------------------------------------
David Anthony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint liquidators of Combined Heating & Plumbing
Services Ltd. on April 7 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tower House Business Centre
         Fishergate
         York
         YO10 4UA
         England


DYRLAGA THOMPSON: Appoints Liquidators from Mazars
--------------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Dyrlaga Thompson Print Ltd. on
April 7 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         England


FABULOUS BAKIN': Taps Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Martha H. Thompson of BDO Stoy Hayward LLP and Graham P. Bushby
of Baker Tilly Restructuring were appointed joint liquidators of
Fabulous Bakin' Boys Manufacturing Ltd. (Baking Solutions) on
April 4 for the creditors' voluntary winding-up proceeding.

Ms. Thompson can be reached at:

         BDO Stoy Hayward LLP
         Kings Wharf
         20-30 Kings Road
         Reading
         Berkshire
         RG1 3EX
         England

Mr. Bushby can be reached at:

         Baker Tilly Restructuring & Recovery LLP
         5th Floor Exchange House
         446 Midsummer Boulevard
         Milton Keynes
         Buckinghamshire
         MK9 2EA
         England


FENMARC PREPARED: 60 Jobs Axed Following Administration
--------------------------------------------------------
Fenmarc Prepared Food Ltd. Disclosed 60 redundancies on
April 14, 2008, following the appointment of joint
administrators from Deloitte & Touche LLP.

"Prior to the company being placed into administration steps
were already in hand to downsize the business," Ian Brown, joint
administrator for Fenmarc commented.

Mr. Brown added that 130 employees remain and they are in
discussions with the company's customer to obtain orders so that
trading can continue as normal while a purchaser for the
business and assets is sought.

"We have been contacted by a number of parties expressing an
interest in the business and remain hopeful that the business
may be sold as a going concern," Mr. Brown said.    

As previously reported in the TCR-Europe,  Ian Brown and William
Kenneth Dawson of Deloitte & Touche LLP were appointed joint
administrators of Fenmarc Prepared Foods Ltd. (fka PannKrisp
Ltd.).

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

Headquartered in Wrexham, North Wales, Fenmarc Prepared Foods --
http://www.fenmarc.com/-- is a supplier of own label freshly  
prepared ready to cook meals .  It employs 190 people.


FIAT SPA: UK Unit Names Andrew Sproston as Brand Sales Director
---------------------------------------------------------------
Fiat Group Automobiles U.K. Ltd., a unit of Fiat S.p.A.,
appointed Andrew Sproston as Sales Director for the Fiat brand
on April 14, 2008.

Mr. Sproston was formerly connected with the Rover Group, Ford,
Abbey National and Hyundai Motor Co. U.K., where he was a Direct
& Retail Operations manager.

                           About Fiat

Turin, Italy-based Fiat SpA -- http://www.fiatgroup.com/--  
(BIT:F) is principally engaged in the design, manufacture and
sale of automobiles, trucks, wheel loaders, excavators,
telehandlers, tractors and combine harvesters.  Through its
subsidiaries, Fiat operates mainly in five business areas:
Automobiles, including sectors led by Maserati SpA, Ferrari SpA
and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and
Construction Equipment, which is led by Case New Holland Global
NV; Trucks and Commercial Vehicles, which is led by Iveco SpA;
Components and Production Systems, which includes the sectors
led by Magneti Marelli Holding SpA, Teksid SpA, Comau SpA and
Fiat Powertrain Technologies SpA, and Other Businesses, which
includes the sectors led by Fiat Services SpA, a publishing
house Editrice La Stampa SpA and an advertising agency
Publikompass SpA.

Outside Europe, the company has subsidiaries in the United
States, Japan, India, China, Mexico, Brazil and Argentina, among
others.

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


FREEDOM RECORDS: Names Colin Burke as Administrator
---------------------------------------------------
Colin Burke of Milner Boardman & Partners was named
administrator of Freedom Records Ltd. (Company Number 05075137)
on April 9, 2008.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides  
financial accounting and business advisory services.  

The company can be reached at:

          Freedom Records Ltd.
          Parsonage Street
          Manchester
          Lancashire
          M15 5WD
          England
          Tel: 01612279727


GENERAL MOTORS: Aligns Marketing With Four Brand Channels
---------------------------------------------------------
General Motors Corp. reported that its U.S. marketing and field
operations will be more strongly aligned into four retail
channels: Chevrolet; Premium (Cadillac, Hummer, Saab); Buick-
Pontiac-GMC; and Saturn.  Each channel will be focused on
continuing to deliver world-class products for their customer
and build value for GM and their respective dealers.

GM disclosed the appointment of four new leadership positions to
direct activities within this organization, effective June 1,
2008:

    * Ed Peper, 46, is appointed North America Vice President,
      Chevrolet Channel.

    * Susan Docherty, 45, is appointed North America Vice
      President, Buick-Pontiac-GMC Channel.

    * Mark McNabb, 47, is appointed North America Vice
      President, Premium Channel.

    * Jim Bunnell, 52, is appointed Executive Director, Channel
      Support Group.

Jill Lajdziak, 51, will continue to lead Saturn as General
Manager, and assume sales responsibility for that channel.

Bill Powell, 61, will continue his role as GM North America
vice-president, industry and dealer affairs.

Doug Herberger, 56, also continues his role as GM North America
vice-president, Service Parts Operations, and global process
leader for after-sales.

Ms. Docherty, Messrs. McNabb, Peper and Bunnell, will report to
Mark LaNeve, North American vice-president vehicle sales service
and marketing, in their new assignments, as will Messrs.
Lajdziak, Powell, and Herberger in their current assignments.

"These changes have been designed to improve all of our brands,
and achieve strongly profitable channels at both a wholesale and
retail level," said Troy Clarke, GM North America president. "We
are further streamlining the organization to reduce complexity,
align resources to improve the consumer experience and improve
bottom line business results.  We expect that the channels will
work closely with GM’s global product development teams to
ensure the products meet consumer needs. This is the next step
in our continuing strategy to increase the effectiveness of GM
North America’s operating model."

"The past few years have yielded demonstrated success with award
winning products such as the Chevy Silverado and Malibu, Buick
Enclave, GMC Acadia, Saturn Aura, and Cadillac Escalade and
CTS." said Mark LaNeve, GM North America vice president, vehicle
sales service and marketing. "Customers’ opinions of our
products and brands have improved. We raised quality to world-
class levels and announced our 100,000 mile powertrain warranty,
the most comprehensive transferable warranty in the business.

"We also began focusing on a retail channel approach in 2002
with Buick-Pontiac-GMC.  We are transitioning our portfolio to
highly differentiated vehicles for each of our brands that truly
meet targeted customer needs.  This has resulted in stronger,
more focused models in each channel portfolio, " LaNeve added.

"A great example of this is the Buick Enclave which, within the
BPG Channel, replaced the Rendezvous, Rainier, Terraza and
Montana SV6.  The Enclave outsells all four combined and Enclave
is a true Buick in every sense of the word.

The BPG channel covers a wide section of the market with
distinct products like the Buick Enclave crossover, Pontiac G8
rear-wheel-drive sedan, and Professional Grade GMC trucks.
Today’s announcements will build on that positive momentum by
better aligning the organization to our channels.  We are
offering more valuable products for customers and producing
better results for the business.”

Mark McNabb joins GM beginning April 21, 2008, from Nissan Motor
Co., where he was corporate vice-president Infiniti and senior
vice-president sales and marketing of Nissan North America.  Jim
Taylor, Cadillac divisional manager, Martin Walsh, Hummer
divisional manager, and Steve Shannon, Saab divisional manager
will report to him.

"Mark McNabb is a world-class executive with extensive
experience.  His background with Mercedes and Infiniti, in
addition to Nissan, make him uniquely suited for this new
position as the vice president of the premium brands," LaNeve
said.  "He is a great addition to our North American team."

Ed Peper, a 23 year GM veteran, has served as Chevrolet General
Manager since April, 2005.  He has had numerous assignments in
GM's field operations and central office, including general
manager of GM's Northeast Region and vice president of sales for
Saab Cars USA.

"Under Ed's leadership, Chevrolet led the U.S. industry in total
sales two of the past three years, on the strength of great new
products like the Chevy Malibu," said LaNeve.

Susan Docherty had been the Western Region’s General Manager
since March 1, 2006.  She was General Manager of Hummer and had
worked at GM’s Cadillac Division, responsible for launching the
Escalade family of vehicles.  She spent a good portion of her
career in marketing leadership assignments covering Europe and
Asia.

"Susan has a strong list of accomplishments supporting a variety
of GM regions and brands." LaNeve said.  "Her leadership will
help the BPG channel continue to gain strength and customers".

Jim Bunnell, who had been general manager of BPG, will lead the
Channel Support Group collaborating with the channels on
business strategies to provide common processes and systems to
the channels.  He had previously been General Manager of GM’s
North Central Region.

"Jim really led the way by being the first to run a retail
channel in the U.S.," LaNeve Said, "He will use that experience
to support the further development of all the channels."

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries including the United Kingdom, Germany,
France, Russia, Brazil and India.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 24,
2008, Standard & Poor's Ratings Services placed the General
Motors Corp.’s B rating on CreditWatch with negative
implications citing the extended American Axle strike.


GPL RESOURCES: Claims Filing Period Ends May 19
-----------------------------------------------
Creditors of GPL Resources Ltd. have until May 19, 2008 to send
in their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Christopher Ratten
         Joint Liquidator
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England

Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of company on April 8, 2008 by
resolutions of members and creditors.


IDOLS LICENSING: Hires Liquidators from Vantis Business Recovery
----------------------------------------------------------------
Alpa Raja and Glyn Mummery of Vantis Business Recovery Services
were appointed joint liquidators of Idols Licensing and
Publicity Ltd. on April 8 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


INSTANT MUSCLE: Creditors' Meeting Slated for April 23
------------------------------------------------------
Creditors of Instant Muscle Enterprise Ltd. (Company Number
05106170) will meet at 11:00 a.m. on April 23, 2008 at:

          Smith & Williamson
          25 Moorgate
          London  
          EC2R 6AY
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 22, 2008 at:

          Anthony Cliff Spicer
          Joint Administrator
          Smith & Williamson
          25 Moorgate
          London  
          EC2R 6AY
          England

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


JEANCHARM LTD: Creditors' Meeting Slated for April 23
-----------------------------------------------------
Creditors of Jeancharm Ltd. (Company Number 02440071) (t/a
Beaver International) will meet at 11:00 a.m. on April 23, 2008,
at:

          Begbies Traynor
          Ninth Floor
          Bond Court
          Leeds  
          LS1 2JZ
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 22, 2008 at:

          David Anthony Horner  
          Joint Administrator
          Begbies Traynor
          11 Clifton Moor Business Village
          James Nicolson Link
          Clifton Moor
          York  
          YO30 4XG
          England

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


KINGSWOOD CONSTRUCTION: Taps Moore Stephens as Administrators
-------------------------------------------------------------
Colin Prescott and Phillip Sykes of Moore Stephens LLP were
appointed joint administrators of Kingswood Construction (UK)
Ltd. (Company Number 4585167) and Kingswood Group Ltd. (Company
Number 4993735) on March 25, 2008.

Moore Stephens -- http://www.moorestephens.co.uk-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

          Kingswood Construction (UK) Ltd.
          Unit 2 Stanton Court
          Stirling Road
          Swindon
          Wiltshire
          SN3 4YH
          England
          Tel: 01793 822 449
          Fax: 01793 829 436


NEW INN: Appoints Joint Administrators from Tenon Recovery
----------------------------------------------------------
S.J. Parker and T.J. Binyon of Tenon Recovery were appointed
joint administrators of New Inn (Hereford) Ltd. (Company Number
5339926) on April 8, 2008.

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

The company can be reached at:

          New Inn (Hereford) Ltd.
          Hereford
          Herefordshire
          HR2 8LQ
          England
          Tel: 01989730353


PHOENIX STEEL: Brings In Liquidators from Moore Stephens
--------------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens LLP were
appointed joint liquidators of Phoenix Steel Services Ltd. on
April 8, 2008 for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

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


SEA CONTAINERS: Court OKs Navigant as Pension Advisors
------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware gave authority to the Official
Committee of Unsecured Creditors in Sea Containers Ltd. and its
debtor-affiliates' Chapter 11 cases to employ Navigant
Consulting, Inc., nunc pro tunc, to Feb. 15, 2008.

The Court authorized the SCL Committee to use Navigant
Consulting's services in connection with any disputes concerning
the claims or rights of the various pension schemes in the
bankruptcy cases, including consulting and testifying expert in
adversary proceedings and contested matters.

Judge Carey ruled that Navigant Consulting may testify on
pending matters concerning the SCL Committee's objections to the
proofs of claim filed by the trustee of the pension schemes.  
However, Judge Carey reminded the SCL Committee to notify the
Debtors if it intends to use the firm's services for additional
matters because Navigant Consulting's services will not include
matters other than Pension Issues.

Navigant Consulting's services should not duplicate the efforts
of Houlihan, Lokey Howard & Zukin, the SCL Committee's financial
advisors, Judge Carey maintained.

The Debtors previously tried to block approval of the SCL
Committee's application.  They asserted, among other
contentions, that Navigant Consulting's retention will render
duplicative, overly broad services, which the firm may not be
qualified to provide.

"The SCL Committee seeks to use Navigant to establish the amount
of the Scheme's claims under the so-called "prudent investor"
rate applied in some U.S. bankruptcy cases.  But the hearing on
the Debtors' motion for approval of the pension settlement . . .  
is not a forum for the determination of the prudent investor
rate on the merits," the Debtors told the Court.

The Committee of Unsecured Creditors of Sea Containers Services
Limited supported and joined in the Debtors' objection.  The
SCSL Committee argued that it was unclear from the Application
whether Navigant Consulting and the firm's purported expert have
the experience and expertise to perform an appropriate rate
calculation on claims by the U.K. Pension Schemes, particularly
in light of the unique provisions of applicable U.K. law.

In response to the objections, the SCL Committee told the Court
that the Proposed Settlement is a compromise between "the
Debtors, the powerful Scheme's Trustee, and their surrogates on
their special-purpose SCSL Committee.  Only the SCL Committee is
left to raise a meaningful challenge on behalf of the estates'
unsecured creditors."

The SCL Committee explained that the only calculations that lie
behind the Settlement were performed by Mercer Human Resources
Consulting Limited on behalf of the Pension Schemes.  The SCL
Committee further asserted that expert advice and cross-border
experience are needed concerning the Mercer Human's
calculations, and that will be provided by Navigant Consulting.  
Hence, the SCL Committee asked the Court to approve the
Application.

                       About Sea Containers

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

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

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

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

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

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


SEA CONTAINERS: Panel Obtains International Judicial Assistance
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers
Ltd. and its debtor-affiliates' Chapter 11 cases obtained
permission from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to issue certain
letters of request for international judicial assistance
pursuant to the Hague Convention of March 18, 1970, on taking of
evidence in civil or commercial matters regarding Mercer Human
Resources Consulting Limited and Neville Hosegood.

William  H. Sudell, Jr., Esq., at Morris, Nichols, Arsht &
Tunnell LLP, in Wilmington, Delaware, related that the claims
asserted by the Sea Containers 1983 Pension Scheme and the Sea
Containers 1990 Pension Scheme are based almost exclusively on
work performed by the Pension Trustees' actuary, Mercer Human.  
Mercer Human calculated the Scheme Claims based on the estimated
cost of purchasing annuities to discharge the Pension Schemes'
liabilities pursuant to Section 75 of the U.K. Pensions Act of
2004.

The Debtors have produced Mercer Human's summary report for the
actuarial valuations, however, none of the work papers,
actuarial valuation program, methodology or other analysis
supporting Mercer Human's conclusions have been furnished to the
Court or the SCL Committee, Mr. Sudell told Judge Carey.

Mr. Sudell also related that in the Debtors' proposed settlement
of the Pension Claims, both the proposed accepted amount of the
Pension Claims, and the amount reserved by the Debtors for
certain equalization claims is based on work performed by Mercer
Human.

The Pension Trustees and the Official Committee of Unsecured
Creditors of Sea Containers Services Ltd. refused to accept
service of a subpoena on behalf of Mercer Human, Mr. Sudell
informed the Court.  Accordingly, the SCL Committee needs to
proceed through the Hague Convention to obtain relevant
documents
from Mercer Human, and depose Mr. Hosegood.  After obtaining
relevant documents from Mercer Human and Mr. Hosegood, the SCL
Committee intends to object to the Settlement, he added.

Mr. Suddell asserted that issuance of the Letters of Request is
procedurally authorized by Rule 28(b) of the Federal Rules of
Civil Procedure and Article 1 of the Hague Convention.

Judge Carey also rules that the attachments to each of the
Letters of Request may be modified to waive any portion without
further Court order upon agreement of the Debtors, the SCL
Committee, SCSL Committee and the Pension Schemes.

                       About Sea Containers

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

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

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

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

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

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


TAXIS R US: C. B. Barrett Leads Liquidation Procedure
-----------------------------------------------------
C. B. Barrett of Tenon Recovery was appointed liquidator of
Taxis R Us Ltd. (formerly Chartbusters Ltd.) on April 10 for the
creditors' voluntary winding-up procedure .

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


TRAUMA CLAIMS: Brings In Ernst & Young as Administrators
--------------------------------------------------------
Ian Best and Tom Lukic of Ernst & Young LLP were appointed joint
administrators of Trauma Claims Consultancy Ltd. (Company Number
04389484) on April 7, 2008.

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.

The company can be reached at:

          Trauma Claims Consultancy Ltd.
          Blackhales Farm
          Birmingham Road
          Kenilworth
          Warwickshire
          CV8 1PT
          England


* BOOK REVIEW: Financial Planning for High Net Worth Individual
---------------------------------------------------------------
Authors:    Richard H. Mayer and Donald R. Levy
Publisher:  Beard Books
Paperback:  428 pages
List Price: US$59.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982323/internetbankrupt    

Financial Planning for High Net Worth Individuals by Richard H.
Mayer and Donald R. Levy is a comprehensive and authoritative
guide to the art and science of wealth management.

It is a source book that wealth management advisers can turn to
when looking for in-depth answers.

Collected here are the insights of expert advisers, presented in
a thoughtful and thorough manner on the vital aspects of
financial management.

This book is for high net worth individuals as well as for every
serious wealth management professional.

Richard H. Mayer, Chartered Life Underwriter, Registered
Investment Advisor.  Mr. Mayer has more than 40 years of
experience in the insurance industry where he specializes in
advising high net worth individuals and in developing executive
compensation plans.

Donald R. Levy, JD, MBA, is an attorney and benefits consultant.
Mr. Levy has authored or edited a number of books including the
Research Institute of America Answer Book, Executive
Compensation Treatise, 403(b) Answer Book, Guide to Cash Balance
Plans, Quick Reference Guide to IRAs, and the State-by-State
Guide to Managed Care Law.

  
                            *********

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 * * *