TCREUR_Public/080421.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, April 21, 2008, Vol. 9, No. 78

                            Headlines


A U S T R I A

AUTO POTZINGER: Claims Registration Period Ends May 13
ELEKTROTECHNIK TSCHUDEN: Claims Registration Period Ends May 13
P & P TROCKENAUSBAU: Claims Registration Period Ends May 13


F R A N C E

CULLIGAN INT'L: S&P Cuts Rating to B- on High Leverage
DELPHI CORP: Wants Exclusivity Moved Beyond Plan Effective Date
DELPHI CORP: Mulls Suing Plan Investors for Reneging on New EPCA
THOMSON SA: Moody's Cuts Corporate Family Rating to Ba2

* Societe Generale Replaces CEO Following Trading Scandal


G E R M A N Y

ANDREAS DELFS: Claims Registration Period Ends May 13
AUTOPARK GTH: Claims Registration Period Ends May 13
B + W DACHBESCHICHUNG: Claims Registration Period Ends May 13
BAUCONCEPT + GMBH: Claims Registration Period Ends May 13
COSMONEX GMBH: Claims Registration Period Ends May 13

DIROLL FILMS: Claims Registration Period Ends May 9
EWD GMBH: Claims Registration Period Ends May 9
FSK FUSSBODEN: Claims Registration Period Ends May 13
GESELLSCHAFT FUER: Creditors' Meeting Slated for May 29
HANSATOURS GMBH: Claims Registration Period Ends May 13

HAUS & GRUND: Claims Registration Period Ends May 9
HEINER WILCKEN: Claims Registration Period Ends May 13
HINRICH BUSCH: Creditors' Meeting Slated for April 24
KARA GEBAUDEREINIGUNG: Claims Registration Period Ends May 13
LAFRENTZ GMBH: Claims Registration Ends May 13

L & A SAALE-FENSTERTECHNIK: Claims Registration Ends May 13
MITSUBISHI MOTORS: S&P Lifts Rating to B+ on Good Performance
MODEHAUS SCHLUETER: Creditors' Meeting Slated for May 9
MOHR GMBH: Claims Registration Ends May 13
MP-GROUP VERTRIEB: Creditors' Meeting Slated for May 5

OFFSIDE GMBH: Claims Registration Ends May 13
OSSIGER GRUNDSTUECKS-UND: Claims Registration Ends May 13
RAYER BETEILIGUNGS: Claims Registration Period Ends May 9
RBS MAISEL: Claims Registration Period Ends May 1
REGIO PRINT-VERTRIEB: Claims Registration Period Ends April 30

RESTAURANT SCHUETZENLIESEL: Claims Registration Ends May 13
ROESLER PRINT: Claims Registration Period Ends May 9
SANIDO BETEILIGUNGS: Claims Registration Period Ends May 15
SANITAR- UND HEIZUNGSBAU: Claims Period Ends May 5
THL H.-H. KOCK: Claims Registration Period Ends May 8

UNIQUE MARKETING: Claims Registration Period Ends May 15


I R E L A N D

CLOVERIE PLC: Moody's Junks Ratings Classes B and C Notes
EIRLES TWO: Moody's May Further Cut Low-B Ratings After Review
NEW BOND: Moody's Junks Rating on US$17,500,000 Class B3 Notes
PALMER SQUARE 3: Moody's Junks Ratings on Three Note Classes
STANTON VINTAGE: Moody's May Further Notes' Ratings After Review


I T A L Y

ALCATEL-LUCENT SA: Names Stefano Lorenzi as Sr. Officer in Italy
ALITALIA SPA: Chairman Wants Air France Talks to Resume
FIAT SPA: In Talks with Chrysler Over Alfa Romeo Production

* Moody's Says Italian RMBS Delinquencies Rise in 4th Qtr. 2007


K A Z A K H S T A N

KAZAKHSTAN TEMIR: S&P Affirms BB+ Corporate Credit Rating


K Y R G Y Z S T A N

ACA CONSULTING: Claims Filing Period Ends May 13
NIS LLC: Creditors Must File Claims by May 20


L U X E M B O U R G

EVRAZ GROUP: Declares US$4.20 Dividend per Share for 2007
GOODYEAR TIRE: US$4 Million Notes Convertible Until June 30
GOODYEAR TIRE: Board Approves 2008 Performance Plan, MIP
VINTAGE CAPITAL: Moody's May Lift Ba1 Rating After Review


N E T H E R L A N D S

JAMES HARDIE: Dutch Parent to Liquidate; Transfers HQ to U.S.
X5 RETAIL: Earns US$143.75 Million for Year Ended December 31


P O L A N D

AFFILIATED COMPUTER: To Acquire Orbital Science's TMS Biz


R U S S I A

COMSTAR-UNITED: Earns US$43.8 Million for Year Ended December 31
CREDIT BANK OF MOSCOW: Fitch Upgrades IDR to B; Outlook Stable
EVRAZ GROUP: Declares US$4.20 Dividend per Share for 2007
KAZANSKOE OJSC: Creditors Must File Claims by April 22
KRASNOGVARDEYSKIY DIARY: Belgorod Bankruptcy Hearing Set July 2

MAGNITOGORSK IRON: Earns RUR8.5 Billion for First Quarter 2008
NIVA CJSC: Creditors Must File Claims by July 15
PETROPAVLOVKA-AGRO-PROM-TEKHNIKA: Claims Filing Set April 22
RAZDOLYE LLC: Creditors Must File Claims by April 22
REINFORCED-CONCRETE PRODUCTS-1: Claims Filing Set April 22

SARBOYAN CJSC: Asset Sale Slated for April 30
VIMPEL-COMMUNICATIONS: To Issue Notes to Repay Acquisition Debt
VIMPEL-COMMUNICATIONS: Moody's Holds Ba2 Corporate Family Rating
X5 RETAIL: Earns US$143.75 Million for Year Ended December 31


S P A I N

AYT GOYA: S&P Rates EUR3.4 Million Notes at BB


U K R A I N E

CHERNOVCY AGRICULTURAL: Proofs of Claim Deadline Set May 2
EPAS LLC Proofs of Claim Deadline Set May 2
KASKAD LLC: Creditors Must File Claims by May 2
PAVLORAD MANAGEMENT 417: Proofs of Claim Deadline Set May 2
PESCHANKA MOVABLE 79: Creditors Must File Claims by May 2

PROGRESS LLC: Creditors Must File Claims by May 2
STAKHANOV RUBBER: Creditors Must File Claims by May 2
TRADEIMPEKS LTD: Proofs of Claim Deadline Set May 2
YABLONEVKA-AGRO LLC: Creditors Must File Claims by May 4


U N I T E D   K I N G D O M

AMR CORP: Posts US$328 Million Net Loss in First Quarter of 2008
AMR CORP: Selling Asset-Management Subsidiary for US$480 Million
BAA LIMITED: British Airways May File Lawsuit over Terminal Five
BRITISH AIRWAYS: May File Lawsuit vs BAA over Terminal Five
CONSORT HOMES: Appoints Joint Administrators from KPMG

CREAM COMPUTERS: To Undergo Liquidation
DRINKS GROUP: Taps Liquidators from Vantis Business Recovery
FORD MOTOR: Court Okays Ford Explorer Class Action Settlement
IDMOS PLC: Brings In Administrators from Ernst & Young
JACKSTONE FROSTER: Brings In Liquidators from Tenon Recovery

LUNEDI LTD: Calls In Liquidators from Tenon Recovery
MARBLE ARCH: Moody's Cuts Rating on GBP25.2 Million Notes to B2
MARSHALL GROVES: Creditors' Meeting Slated for April 23
MASONITE INT'L: S&P Puts B Credit Ratings on CreditWatch Neg.
MEDWAY FOODS: Creditors' Meeting Slated for April 30

MW RETAIL: Liquidation Proceedings Confirmed by Harrisons
NIELD GROUP: Taps Joint Administrators from Deloitte & Touche
OAKENMOOR LTD: Claims Filing Period Ends May 19
PENTA GLASS: Brings In Administrators from KPMG
QUASER SPORTS: Appoints KPMG to Administer Assets

RING BY DESIGN: Hires Liquidators from Tenon Recovery
SERENDIPITY ENTERPRISES: Brings In Deloitte as Administrators
SHAW GROUP: Moody's Lifts Ratings to Ba1 on Strong Performance
SOLO CUP: Turnaround Cues S&P to Lift Ratings by One Notch
TORQUE TOOLS:  Brings In Administrators from Menzies

* U.K. Gov't. & Bank of England Take Steps to Restore Liquidity


* BOND PRICING: For the Week April 14 to April 18, 2008


                            *********


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


AUTO POTZINGER: Claims Registration Period Ends May 13
------------------------------------------------------
Creditors owed money by LLC Auto Potzinger (FN 176904d) have
until May 13, 2008, to file written proofs of claim to court-
appointed estate administrator Stefan Kohlfuerst at:

          Mag. Stefan Kohlfuerst
          OEG Hofstatter & Kohlfuerst Rechtsanwalte
          Marburgerkai 47
          8010 Graz
          Austria
          Tel: 0316/815454-0
          Fax: 0316/815454-22
          E-mail: advokat@hofstaetter.co.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 27, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall K
          Room 205
          Second Floor
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on April 2, 2008 (Bankr. Case No. 40 S 19/08d).  


ELEKTROTECHNIK TSCHUDEN: Claims Registration Period Ends May 13
---------------------------------------------------------------
Creditors owed money by LLC Elektrotechnik Tschuden (FN 45789m)
have until May 13, 2008 to file written proofs of claim to
court-appointed estate administrator Kurt Hirn at:

          Dr. Kurt Hirn
          Dr. Arthur Lemisch Platz 2
          9020 Klagenfurt
          Austria
          Tel: 0463/504770
          Fax: 0463/504771
          E-mail: dr.kurt.hirn@chello.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 3, 2008 (Bankr. Case No. 41 S 36/08d).  


P & P TROCKENAUSBAU: Claims Registration Period Ends May 13
-----------------------------------------------------------
Creditors owed money by LLC P & P Trockenausbau (FN 225036k)
have until May 13, 2008, to file written proofs of claim to
court-appointed estate administrator Candidus Cortolezis at:

          Dr. Candidus Cortolezis
          Hauptplatz 14
          8010 Graz
          Austria
          Tel: 0316/813973
          Fax: 0316/847797
          E-mail: office@cortolezis.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 27, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall K
          Room 230
          Second Floor
          Graz
          Austria

Headquartered in G, Austria, the Debtor declared bankruptcy on
April 3, 2008 (Bankr. Case No. 40 S 21/08y).  


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


CULLIGAN INT'L: S&P Cuts Rating to B- on High Leverage
------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on water
services provider Culligan International Co., including the
corporate credit rating (to 'B-' from 'B') and the issue-level
and recovery ratings.  

S&P removed the ratings from CreditWatch, where they had been
placed with negative implications on Nov. 30, 2007, because of
fiscal 2007 operating results that were below our expectations.
The outlook is stable.  Total debt outstanding at the company
was about US$831 million as of Dec. 31, 2007.

"The downgrade primarily reflects a decline in financial
performance resulting from weak organic growth during the year,
and the company's high leverage," said Standard & Poor's credit
analyst Kenneth Shea.  For the full year 2007, adjusted EBITDA
declined 15%, reflecting a 1% decline in organic sales (total
sales increased a modest 3% due to favorable currency exchange
translations), narrowed gross margins, inventory
rationalization, and costs associated with the transition to a
new third-party distribution center.  These factors were
partially offset by the favorable impact of lower product costs
achieved from some manufacturing outsourcing initiatives.  

Rosemont, Ill.-based Culligan participates in a highly
competitive and fragmented industry with modest growth
prospects.  The company distributes its products primarily
through an extensive dealer network, which Standard & Poor's
views as a competitive advantage.

The company has operations in China, the United Kingdom, France,
Italy and Argentina, among others.


DELPHI CORP: Wants Exclusivity Moved Beyond Plan Effective Date
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend their
exclusive periods to:

   (a) file a plan of reorganization until 30 days after
       substantial consummation of the confirmed First Amended
       Joint Plan of Reorganization or any modified Plan; and

   (b) solicit acceptances of that Plan until 90 days after
       substantial consummation of the First Amended Plan or
       modified Plan.

Out of an abundance of caution and to ensure clarity with their
stakeholders, including their customers and supplies, the
Debtors seek an extension of the Exclusive Periods to prevent
any lapse in exclusivity, John Wm. Butler, Jr., Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois,
clarifies.

A further extension of the Exclusive Periods, Mr. Butler says,
is justified by the significant progress the Debtors have made
toward emerging from Chapter 11.  After obtaining confirmation
of the First Amended Plan, the Debtors secured exit financing
and met all other conditions to the effectiveness of the Plan
and Investment Agreement and were prepared to emerge from
Chapter 11.

The Debtors' efforts to emerge from Chapter 11, however, were
affected by severe dislocations in the capital markets that
began late in the second quarter of 2007 and that have continued
through the present, according to Mr. Butler.  Although the
Debtors eventually obtained the exit financing required by the
First Amended Plan, the turbulence in the capital markets was a
principal cause of the delay in the Debtors' emergence from
Chapter 11 before the end of 2007, he maintains.  Moreover, the
decision by Appaloosa Management L.P. and the other Plan
Investors to not honor their commitments in the parties' New
Equity Purchase and Commitment Agreement prevented the Debtors
from emerging on April 4, 2008.

Nevertheless, the Debtors have accomplished numerous other tasks
related to many different aspects of the cases to emerge from
Chapter 11 protection, including:

   -- obtaining Court approval to perform under modified pension
      funding waivers issued by the Internal Revenue Service;

   -- reducing the aggregate amount of Trade and Other Unsecured
      Claims below the US$1,450,000,000 amount set by the Plan;

   -- obtaining the Court's permission to sell their bearings
      business;

   -- completing the sale of their interiors and closures
      business to Inteva Products, LLC; and

   -- commencing the offering of rights to purchase shares of
      Reorganized Delphi Corp. common stock, which closed
      March 31, 2008.

The unresolved contingencies relating to emergence
notwithstanding the Plan Investors' failure to perform, and the
size and complexity of the Debtors' cases, also justify a
further extension of the Exclusive Periods, Mr. Butler relates.

Under Section 1129(c) the Bankruptcy Code, the Court may confirm
only one plan of reorganization.  The Court confirmed the First
Amended Plan on Jan. 25, 2008.  Since the Plan Confirmation
Order cannot be revoked unless "procured by fraud," in
accordance with Section 1144, no other plan of reorganization
may now be filed or solicited in the Debtors' bankruptcy cases,
Mr. Butler asserts.  As a result, the Exclusivity Periods will
inevitably extend until the Debtors consummate the First Amended
Plan or any modified plan, he notes.

The Debtors are paying their bills as they come due, including
the statutory fees paid quarterly to the U.S. Trustee, Mr.
Butler assures Judge Drain.  The Debtors have also extended the
maturity date of their US$4,500,000,000 debtor-in-possession
financing facility to July 1, 2008, and anticipate negotiating
financing through Dec. 31, 2008, to provide additional comfort
to creditors and other stakeholders that they will continue to
meet their obligations as they come due.

Although the Debtors are seeking a further extension of the
Exclusivity Periods, they nonetheless anticipate emerging from
Chapter 11 "as soon as reasonably practicable."

The Court will convene a hearing to consider the Debtors'
request on April 30.  Objections are due April 23.

                      About Delphi Corp.

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

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

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

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

                       *     *     *

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


DELPHI CORP: Mulls Suing Plan Investors for Reneging on New EPCA
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates believes that Plan
Investors A-D Acquisition Holdings, LLC, Harbinger Del-Auto
Investment Company, Ltd., Merrill Lynch, Pierce, Fenner & Smith
Inc., UBS Securities LLC, Goldman, Sachs & Co., and Pardus DPH
Holding LLC wrongfully terminated the New Equity Purchase and
Commitment Agreement and disputes the allegations that it
breached the New EPCA or failed to satisfy any condition to the
Plan Investors' obligations.

At the time ADAH delivered its April 4 Termination Notice, the
representatives of Delphi's exit financing lenders, General
Motors Corp., the Official Committee of Unsecured Creditors, the
Official Committee of Equity Security Holders, and all other
parties needed for the Debtors' successful closing and emergence
from Chapter 11, other than the Plan Investors, were present and
were prepared to move forward.  Moreover, all actions necessary
to consummate the Plan, including obtaining US$6,100,000,000 of
exit financing, were taken other than the concurrent closing and
funding of the New EPCA.

Delphi Corp. Vice President and Chief Restructuring Officer John
D. Sheehan relates in a regulatory filing with the Securities
and Exchange Commission that Delphi's Board of Directors has:

   (a) formed a special litigation committee; and

   (b) engaged independent legal counsel to consider and pursue
       any and all available equitable and legal remedies,
       including the commencement of legal action in the U.S.
       Bankruptcy Court for the Southern District of New York to
       seek all appropriate relief, including the Plan
       Investors' specific performance of their obligations
       under the New EPCA.

Pursuant to the New EPCA, the Plan Investors committed to
purchase US$800,000,000 of convertible preferred stock and
approximately US$175,000,000 of common stock in the reorganized
company.  In addition, the Plan Investors committed to purchase
any unsubscribed shares of common stock in connection with an
approximately US$1,600,000,000 rights offering that was made
available to unsecured creditors subject to satisfaction of
other terms and conditions.

As of April 4, 2008, the Plan Investors collectively own
125,739,448 shares of Delphi common stock, representing 22.31%
of the 563,477,461 shares of Delphi Common Stock outstanding as
of Jan. 31, 2008.  Delphi shares traded at US$0.11 per share at
the close of business on April 11.

           ADAH Delivers Supplemental Termination Letter

As reported in the Troubled Company Reporter on April 7, 2008,
Delphi Corp.'s Plan Investors terminated the parties' New Equity
Purchase and Commitment Agreement on April 4, 2008, interrupting
Delphi's efforts to close its Plan of Reorganization.

The closing had been scheduled to occur on April 4 pursuant to
the New EPCA between Delphi and Plan Investors A-D Acquisition
Holdings, LLC, Harbinger Del-Auto Investment Company, Ltd.,
Merrill Lynch, Pierce, Fenner & Smith Inc., UBS Securities LLC,
Goldman, Sachs & Co., and Pardus DPH Holding LLC.

Several hours prior to the April 4 scheduled closing, ADAH,
affiliate of lead Plan Investor Appaloosa Management L.P.,
delivered to Delphi a letter, stating that that letter
"constitutes a notice of immediate termination" of the New EPCA.

The April 4 Termination Notice alleges that:

   (1) Delphi has breached certain provisions of the New EPCA;

   (2) ADAH is entitled to terminate the New EPCA; and

   (3) the Plan Investors are entitled to a US$82,500,000 fee
       plus certain expenses and other amounts.

ADAH subsequently delivered to Delphi a supplement to the April
4 Termination Notice on April 5, 2008, stating that that
supplemental letter constitutes a "notice of an additional
ground for termination" of the New EPCA.  The April 5 letter
cited Section 12(d)(iii) of the Investment Agreement based on
the Plan not having become effective on or before April 4, 2008.

The New EPCA provided that if the closing date under the
agreement has not occurred by April 4, 2008, ADAH may terminate
the agreement from and after April 5, 2008.

ADAH added that it would continue to actively engage in
discussions to resolve outstanding issues with Delphi in a
mutually acceptable manner, including considering mutually
acceptable alternative transactions wherein it would participate
in a capacity different than that envisioned by the New EPCA.

A full-text copy of the April 4 Termination Notice is available
for free at http://ResearchArchives.com/t/s?2ab1

A full-text copy of the April 5 Termination Notice is available
for free at http://ResearchArchives.com/t/s?2ab2

                      About Delphi Corp.

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

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

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

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

                       *     *     *

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


THOMSON SA: Moody's Cuts Corporate Family Rating to Ba2
-------------------------------------------------------
Moody's Investor's Service downgraded the Corporate Family
rating for Thomson S.A. to Ba2 from Ba1 and downgraded the
junior subordinated rating for Thomson's perpetual junior
subordinated bonds to B2 from Ba3.  The outlook remains
negative.

The rating action was triggered by Thomson's announcement on  
April 16, 2008, that additional restructuring would be required
to further reduce costs and improve profitability as well as the
sales evolution of the first half 2008 that is more negative
than previously expected by Moody's.  Thomson now expects to
report a loss from continuing activities before interest and tax
for the first six months of 2008.  In addition it is planned to
cut the dividend payment for 2007, which raises Moody's concerns
that a non-payment of the coupon for the EUR500 million
perpetual junior subordinated bond becomes a possible scenario.

So far, Moody's recognized that the company has now built a
portfolio of businesses with sound competitive positions and a
stable revenue stream from the licensing portfolio, but we also
noted that Thomson still had to prove that it can deliver on a
sustainable basis a solid operating performance from each of the
components of its business profile.  The current headwind from
an 18.3% sales decline in the first quarter across all divisions
(11% on a constant currency basis) put cost reduction and
profitability improvement on top of management's agenda.  
Moody's notes that even the licensing business, which is the
stable backbone of the group, had to report for the first
quarter a 7.3% sales decline at constant currency.  Due to
challenging market conditions and additional restructuring costs
Moody's believes that Thomson is unlikely to be able to reach in
the intermediate term the thresholds set for the Ba1 category
i.e.: reverting the negative trend in current trading,
stabilizing operating margins at 2007 level and improving EBITA
interest coverage above 2.5x and cash leverage above 15%.

The decision to skip the dividend payment for 2007 is seen as
positive from a senior debtor's perspective, since it increases
the company's headroom to finalize the transformation of the
business profile and to improve profitability.  However, the
terms and conditions of the deeply subordinated Hybrid bond give
Thomson the option not to pay interest for this instrument if no
common dividend is paid.  In such case, the deferred interest
payments will not be cumulative.  Management indicated that not
proposing a dividend did not imply that a decision regarding
non-payment on the coupon has already been made but that they
will carefully consider this option when the decision is due in
September 2008.  The downgrade to B2 of the junior subordinated
rating for the hybrid is one notch below the outcome of Moody's
LGD rating model to reflect the increased risk of a non-payment
of the coupon.

Downgrades:

    * Issuer: Thomson S.A.

    -- Probability of Default Rating, Downgraded to Ba2 from
       Ba1;

    -- Corporate Family Rating, Downgraded to Ba2 from Ba1;

    -- Junior Subordinated Regular Bond/Debenture, Downgraded to
       a range of 100- LGD6 to B2 from a range of 97 - LGD6 to
       Ba3.

The last rating action for Thomson has been on April 1, 2008,
when Moody's affirmed the ratings and changed the outlook to
negative from stable.

Headquartered in Paris, France, Thomson is a leading provider of
technology, systems and service solutions for integrated media
and entertainment companies operating in three business
segments: Thomson's Services division offers end-to-end
management of services for the media and entertainment industry,
from finishing movie content (post-production) to content
replication of film and DVD and distribution.  The Systems
division provides professional broadcasting and network
equipment for TV stations and other network operators as well as
broadband access products.  The Technology division combines
Thomson's research and exploitation of its patent portfolio
through licensing programs.  In fiscal year 2007 the company
generated revenues from continuing operations of EUR 5.6
billion.


* Societe Generale Replaces CEO Following Trading Scandal
---------------------------------------------------------
Societe Generale SA's Board of Directors has decided to proceed
with the dissociation of the functions of Chairman and Chief
Executive Officer.

The Board will appoint Daniel Bouton, currently CEO, as Chairman
and Frederic Oudea, currently Chief Financial Officer, as Chief
Executive Officer.

Mr. Oudea has informed the Board that on May 12, 2008, he will
propose that Philippe Citerne and Didier Alix be confirmed in
their functions as Co-Chief Executive Officers.

Mr. Citerne has proposed to the Board not to renew his Board
Director mandate as initially submitted for approval by the
General Meeting of Shareholders on May 27, 2008.

The Board has decided to accept this proposal and to increase
the proportion of independent Board members by asking
shareholders to appoint a new independent Board member.

The Board of Directors will also approve on May 12, 2008, the
first quarter 2008 earnings, which will reflect the sustained
confidence of our clients, the Group’s resilience and once again
the benefits derived from a balanced portfolio of activities in
a difficult environment.


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


ANDREAS DELFS: Claims Registration Period Ends May 13
-----------------------------------------------------
Creditors of Andreas Delfs Fuhrunternehmen GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Hans-Juergen Beil.

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

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

          Hans-Juergen Beil
          Hallerstrasse 76
          20146 Hamburg
          Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Andreas Delfs Fuhrunternehmen GmbH on March 11, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Andreas Delfs Fuhrunternehmen GmbH
         Kreisstrasse 7
         24637 Schillsdorf
         Germany


AUTOPARK GTH: Claims Registration Period Ends May 13
----------------------------------------------------
Creditors of Autopark GTH GmbH have until May 13, 2008, to
register their claims with court-appointed insolvency manager
Thomas Alter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Thomas Alter
         Schillerstr. 2
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Autopark GTH GmbH on March 23, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autopark GTH GmbH
         Wolfgang Lukowski, Manager
         Parkstr. 1-3
         99867 Gotha
         Germany


B + W DACHBESCHICHUNG: Claims Registration Period Ends May 13
-------------------------------------------------------------
Creditors of B + W Dachbeschichung-Solartechnik GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany
         Tel: 02361/4884-0
         Fax: +492361488499

The District Court of Muenster opened bankruptcy proceedings
against B + W Dachbeschichung-Solartechnik GmbH on March 7,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         B + W Dachbeschichung-Solartechnik GmbH
         Auf dem Voelker 7
         59269 Beckum
         Germany


BAUCONCEPT + GMBH: Claims Registration Period Ends May 13
---------------------------------------------------------
Creditors of Bauconcept + GmbH have until May 13, 2008, to
register their claims with court-appointed insolvency manager
Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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:

         Marc Schmidt-Thieme
         Stephanienstr. 8
         76133 Karlsruhe
         Germany

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

The Debtor can be reached at:

         Bauconcept + GmbH
         Attn: Clemens Schoenle, Manager
         Waldulmer Str. 2
         77876 Kappelrodeck
         Germany


COSMONEX GMBH: Claims Registration Period Ends May 13
-----------------------------------------------------
Creditors of Cosmonex GmbH have until May 13, 2008, to register
their claims with court-appointed insolvency manager Joerg
Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Joerg Zumbaum
         Zuelpicher Strasse 117
         52349 Dueren
         Germany
         Tel: 02421/20854-0
         Fax: 02421/20854-26

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

The Debtor can be reached at:

         Cosmonex GmbH
         Boos-Fremery-Strasse 62
         52525 Heinsberg
         Germany


DIROLL FILMS: Claims Registration Period Ends May 9
---------------------------------------------------
Creditors of Diroll Films GmbH have until May 9, 2008, to
register their claims with court-appointed insolvency manager
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Coburg
         Meeting Room K
         I. Stick
         Auxiliary Building
         Coburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Linse
         Rosenauer Str. 22
         96450 Coburg
         Germany
         Tel: 09561/80340
         Fax: 09561/803434

The District Court of Coburg opened bankruptcy proceedings
against Diroll Films GmbH on April 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Diroll Films GmbH
         Reundorfer Str. 7
         96215 Lichtenfels
         Germany


EWD GMBH: Claims Registration Period Ends May 9
-----------------------------------------------
Creditors of EWD GmbH have until May 9, 2008, to register their
claims with court-appointed insolvency manager Marc d'Avoine.

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

The meeting of creditors will be held at:

          The District Court of 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. Marc d'Avoine
          Doeppersberg 19
          42103 Wuppertal
          Germany

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

The Debtor can be reached at:

          EWD GmbH
          Attn: Marko Dick, Manager
          Niehler Str. 94
          50733 Cologne
          Germany


FSK FUSSBODEN: Claims Registration Period Ends May 13
-----------------------------------------------------
Creditors of FSK Fussboden Bau GmbH have until May 13, 2008, to
register their claims with court-appointed insolvency manager  
Holger Bluemle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Holger Bluemle
         Kriegsstrasse 113
         76135 Karlsruhe
         Germany
         Tel: (0721) 9195 70

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

The Debtor can be reached at:

         FSK Fussboden Bau GmbH
         Bahnhofstrasse 6
         76275 Ettlingen
         Germany


GESELLSCHAFT FUER: Creditors' Meeting Slated for May 29
-------------------------------------------------------
The court-appointed insolvency manager for Gesellschaft fuer
innovative Energie und Lebensqualitat mbH, Frank-Michael Rhode
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:30 a.m. on May 29,
2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on June 26, 2008, at the same
venue.

Creditors have until May 13, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-mail: info@rhode.de
         Web site: http://www.rhode.de/

The District Court of Bremen opened bankruptcy proceedings
against Gesellschaft fuer innovative Energie und Lebensqualitat
mbH on March 14, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Gesellschaft fuer innovative Energie und
         Lebensqualitat mbH
         Kurt-Schumacher-Allee 2
         28329 Bremen
         Germany


HANSATOURS GMBH: Claims Registration Period Ends May 13
-------------------------------------------------------
Creditors of HansaTours GmbH have until May 13, 2008, to
register their claims with court-appointed insolvency manager
Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         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-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-mail: info@rhode.de
         Web site: http://www.rhode.de/

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

The Debtor can be reached at:

         HansaTours GmbH
         Haferwende 3a
         28357 Bremen  
         Germany


HAUS & GRUND: Claims Registration Period Ends May 9
---------------------------------------------------
Creditors of Haus & Grund Hildesheim Dienstleistungsgesellschaft
mbH have until May 9, 2008, to register their claims with court-
appointed insolvency manager Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hildesheim
          Hall 124
          Main Building
          Kaiserstrasse 60
          31134 Hildesheim
          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. Steffen Koch
          Sophienstr. 1
          30159 Hannover
          Germany
          Tel: 0511/3539910
          Fax: 0511/35399110
          E-mail: www.hww-kanzlei.de  

The District Court of Hildesheim  opened bankruptcy proceedings
against Haus & Grund Hildesheim Dienstleistungsgesellschaft mbH
on March 7, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Haus & Grund Hildesheim
          Dienstleistungsgesellschaft mbH
          Osterstr. 33
          31134 Hildesheim
          Germany


HEINER WILCKEN: Claims Registration Period Ends May 13
------------------------------------------------------
Creditors of Heiner Wilcken Verwaltungs GmbH have until May 13,
2008, to register their claims with court-appointed insolvency
manager Reinhold Schmid-Sperber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Eutin
         Hall B
         First Stick         
         Jungfernstieg 3
         23701 Eutin
         Germany

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

The insolvency manager can be reached at:

         Reinhold Schmid-Sperber
         Westring 455
         24118 Kiel
         Germany

The District Court of Eutin opened bankruptcy proceedings
against Heiner Wilcken Verwaltungs GmbH on May 13, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heiner Wilcken Verwaltungs GmbH
         Attn: Christian Starke, Manager
         Luetjenburger Weg 1
         23774 Heiligenhafen
         Germany


HINRICH BUSCH: Creditors' Meeting Slated for April 24
-----------------------------------------------------
The court-appointed insolvency manager for Hinrich Busch GmbH &
Co. KG, Uwe Kuhmann will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:00 a.m. on April 24, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on June 26, 2008 at the same
venue.

Creditors have until May 13, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421-33061-0
         Fax: 0421-33061-10
         E-Mail: info@kuhmann.eu
         Web site: http://www.kuhmann.eu/

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

The Debtor can be reached at:

         Hinrich Busch GmbH & Co. KG
         Pulverberg 8
         28239 Bremen
         Germany


KARA GEBAUDEREINIGUNG: Claims Registration Period Ends May 13
-------------------------------------------------------------
Creditors of Kara Gebaudereinigung & Services GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Jens Dohse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

        Jens Dohse
        Hermannstrasse 5
        18055 Rostock
        Germany

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

The Debtor can be reached at:

         Kara Gebaudereinigung & Services GmbH
         Attn: Katrin Laskowski, Manager
         Langenort 10
         18147 Rostock
         Germany


LAFRENTZ GMBH: Claims Registration Ends May 13
----------------------------------------------
Creditors of Lafrentz GmbH have until May 13, 2008 to register
their claims with court-appointed insolvency manager Ingo Wiese.

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 Kiel
         Deliusstr. 22
         Kiel
         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:

         Ingo Wiese
         Oberbaumbruecke 1
         20457 Hamburg
         Germany
         Tel: 040/32507783
         Fax: 040/30200777

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

The Debtor can be reached at:

         Lafrentz GmbH
         Attn: Karl-Heinz Lafrentz, Manager
         Eckernfoerder Str. 169
         24116 Kiel
         Germany


L & A SAALE-FENSTERTECHNIK: Claims Registration Ends May 13
-----------------------------------------------------------
Creditors of L & A Saale-Fenstertechnik GmbH have until
May 13, 2008 to register their claims with court-appointed
insolvency manager Annegret Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Annegret Schwarz
         Helenenstrasse 15
         99867 Gotha
         Germany

The District Court of Gera  opened bankruptcy proceedings
against L & A Saale-Fenstertechnik GmbH on April 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         L & A Saale-Fenstertechnik GmbH
         Pestalozzistr. 49
         07318 Saalfeld
         Germany


MITSUBISHI MOTORS: S&P Lifts Rating to B+ on Good Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating to 'B+' from 'B', and its senior
unsecured debt rating to 'BB-' from 'B+' on Mitsubishi Motors
Corp.

At the same time the ratings were removed from CreditWatch where
they had been placed with positive implications on Feb. 21,
2008.  The upgrade follows the company's progress in further
improving its financial performance and profile.  The outlook on
the long-term corporate credit rating is stable.

Despite a slowdown in the North American market and a continuing
slump in the Japanese market, Mitsubishi Motors is likely to
have achieved its global sales volume for fiscal 2007 (ended
March 31, 2008), surpassing that of the previous fiscal year.
Sales volume has increased thanks to strong performances
in the Asia and others, and Europe regional segments (excluding
the Japan and North America segments). Even after factoring in a
restructuring charge of JPY22 billion on the closure of its
Australian plant in March 2008, the company is likely to have
recorded an operating profit of JPY80 billion and a net profit
of JPY20 billion in fiscal 2007. These expected results are
largely in line with the targets (operating profit of JPY74
billion and a net profit of JPY41 billion) laid down in its
revitalization plan, which ended in fiscal 2007.  Standard &
Poor's believes that the downside risk to the company's
financial performance has been reduced.  This is partially
because the company significantly reduced its credit risk
exposure and capital-funding burden following its switch to a
new arrangement at its U.S. captive finance operation in July
2005.

Mitsubishi Motors continues to face challenges strengthening its
business and financial profile.  For example, it faces
difficulties boosting its competitive position with its limited
financial resources, as well as redefining its financial policy.
In addition, the optimization of its global production system
has been a key issue for the company, as its assembly plants
in North America and Europe are underutilized.  Following the
plant closure in Australia in March, the company also plans to
transfer some of its production to its manufacturing subsidiary
in the Netherlands, Netherlands Car B.V., from its Japan-based
Okazaki and Mizushima plants, which are operating at full
capacity.  S&P views these measures as progress towards
Mitsubishi Motors improving its global production efficiency.

Mitsubishi Motors' financial profile also improved as a result
of increasing profitability and cash flow. In particular, the
debt coverage ratio shows significant improvement as the ratio
of total debt (adjusted for leases, unfunded post-retirement
liabilities, and captive finance debt) to EBITDA is expected to
decline further to about 3x in fiscal 2007, from 4.9x in fiscal
2006.  Given the expectation of increased pressure on
profitability and planned increases in capital expenditures,
free operating cash flow may temporarily become negative, but
should become positive again in two to three years.  S&P
expects the improved financial profile to be sustainable as a
result of the company's enhanced funds from operations.

The outlook on the long-term corporate credit rating is stable.
For a further upgrade, Mitsubishi Motors needs to demonstrate
consistent improvement in its sales performance and cost
structure.  However, if difficult business conditions such as
the market downturn in North America, adverse foreign exchange
rates, or high raw material costs, significantly weaken
profitability and the company's financial profile deteriorates,
the rating could be lowered.

The long-term senior unsecured debt rating continues to be one
notch higher than the long-term corporate credit rating,
reflecting the lower default risk of the company's debt than its
bank loans.  This is based on Standard & Poor's expectation of
debt forgiveness by creditor banks in case of a default.  At the
same time, the rating reflects the relatively weak seniority
of the rated unsecured bonds, as high priority liabilities make
up a relatively large proportion of the company's total assets.

                           Ratings List

Upgraded; CreditWatch/Outlook Action
                              To                 From
Mitsubishi Motors Corp.
Corporate Credit Rating       B+/Stable/--       B/Watch Pos/--
Senior Unsecured
  Local Currency              BB-                B+/Watch Pos

Mitsubishi Motors Corp. -- http://www.mitsubishi-motors.co.jp--
headquartered in Tokyo, is a Japan-based automobile
manufacturer.  The company is engaged in the development,
design, manufacture, assembly, purchase, sale, import and export
of general and small-sized passenger vehicles, mini-vehicles,
sport utility vehicles (SUVs), vans, trucks and automobile
parts, as well as industrial machines.  It is also engaged in
the purchase and sale of pre-owned vehicles and parts, the sale
of gauges, in addition to the provision of non-life insurance
and financing services.  As of March 31, 2007, the Company had
94 subsidiaries and 22 associated companies located in Japan,
the United States, Germany, the United Kingdom, Italia, Holland,
Philippines, Indonesia, Malaysia, China and Australia.

On March 1, 2008, the Company has established a wholly owned
subsidiary in Niigata.


MODEHAUS SCHLUETER: Creditors' Meeting Slated for May 9
-------------------------------------------------------
The court-appointed insolvency manager for Modehaus Schlueter
GmbH, Gerhard Hauk will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 8:00
a.m. on May 9, 2008.

The meeting of creditors and other interested parties 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 at 8:30 a.m. on June 18, 2008, at the same
venue.

Creditors have until May 7, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Wetzlar opened bankruptcy proceedings
against Modehaus Schlueter GmbH on March 27, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Modehaus Schlueter GmbH
          Forum 1
          35576 Wetzlar
          Germany


MOHR GMBH: Claims Registration Ends May 13
------------------------------------------
Creditors of Mohr GmbH have until May 13, 2008 to register their
claims with court-appointed insolvency manager Stephan Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Landau in der Pfalz
         Hall 225
         Marienring 13
         76829 Landau in der Pfalz
         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 Haspel
         Xylanderstr. 3
         76829 Landau in der Pfalz
         Germany
         Tel: 06341-51020
         Fax: 06341-510229
         
The District Court of Landau in der Pfalz opened bankruptcy
proceedings against  Mohr GmbH on April 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Mohr GmbH
         Attn: Klaus Mohr, Manager
         Gaxwald 26
         76863 Herxheim
         Germany


MP-GROUP VERTRIEB: Creditors' Meeting Slated for May 5
------------------------------------------------------
The court-appointed insolvency manager for mp-group, Vertrieb
für Metall- u. Kunststoffprodukte GmbH, Thomas Wazlawik will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 10:30 a.m. on May 5, 2008.

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

          The District Court of Passau
          Meeting Hall 6
          Ground Floor
          Schustergasse 4
          Passau
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on June 16, 2008, at the same
venue.

Creditors have until May 9, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Dr. Thomas Wazlawik
          Luragogasse 5
          94032 Passau
          Germany
          Tel: 0851/490548-0
          Fax: 0851/490548-9

The District Court of Passau opened bankruptcy proceedings
against mp-group, Vertrieb für Metall- u. Kunststoffprodukte
GmbH on April 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          mp-group, Vertrieb für Metall- u.
          Kunststoffprodukte GmbH
          Alte Str. 68
          94034 Passau
          Germany


OFFSIDE GMBH: Claims Registration Ends May 13
---------------------------------------------
Creditors of Offside GmbH have until May 13, 2008 to register
their claims with court-appointed insolvency manager Dr.
Thorsten Fuest.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

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

The insolvency manager can be reached at:

         Dr. Thorsten Fuest
         Gerichtstr. 3
         33602 Bielefeld
         Germany

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

The Debtor can be reached at:

         Offside GmbH
         Zimmerstr. 16
         33602 Bielefeld
         Germany

         Attn: Cannur Basaran, Manager
         Guetersloher Str. 121a
         33649 Bielefeld
         Germany


OSSIGER GRUNDSTUECKS-UND: Claims Registration Ends May 13
---------------------------------------------------------
Creditors of Ossiger Grundstuecks-und Erschliessungs-GmbH have
until May 13, 2008 to register their claims with court-appointed
insolvency manager Stephan Poppe.

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

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Stephan Poppe
         Emil-Eichhorn-Str. 1
         06114 Halle
         Germany
         Tel: 0345/530490
         Fax: 0345/5304926

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Ossiger Grundstuecks-und Erschliessungs-GmbH
on March 13, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Ossiger Grundstuecks-und Erschliessungs-GmbH
         Johann-Gottlob-Strasse 47
         06712 Schellbach
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 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 Rayer Beteiligungs GmbH on March 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Rayer Beteiligungs GmbH
          Hoher Rain 5
          72631 Aichtal
          Germany


RBS MAISEL: Claims Registration Period Ends May 1
-------------------------------------------------
Creditors of RBS Maisel Rohrhandel GmbH & Co. KG have until
May 1, 2008, to register their claims with court-appointed
insolvency manager Stefan WALDHERR.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 124
         Flaschenhofstr. 35
         Nuernberg
         Germany

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

The insolvency manager can be reached at:

         Stefan WALDHERR
         Peuntgasse 3
         90402 Nuernberg
         Germany
         Tel: 0911/27980-0
         Fax: 0911/27980-90

The District Court of Nuernberg opened bankruptcy proceedings
against RBS Maisel Rohrhandel GmbH & Co. KG on April 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         RBS Maisel Rohrhandel GmbH & Co. KG
         Braunleinsberg 1a
         91242 Ottensoos
         Germany


REGIO PRINT-VERTRIEB: Claims Registration Period Ends April 30
--------------------------------------------------------------
Creditors of REGIO Print-Vertrieb GmbH have until
April 30, 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 12:30 p.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 1240
         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
         Tel: 0221/650 660
         Fax: +49221650661

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

The Debtor can be reached at:

         REGIO Print-Vertrieb GmbH
         Attn: Frank Klein, Manager
         Untertürkheimer Str. 15
         66117 Saarbruecken
         Germany


RESTAURANT SCHUETZENLIESEL: Claims Registration Ends May 13
-----------------------------------------------------------
Creditors of Restaurant Schuetzenliesel GmbH have until
May 13, 2008 to register their claims with court-appointed
insolvency manager Dr. Ferdinand Kiessner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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. Ferdinand Kiessner
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

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

The Debtor can be reached at:

         Restaurant Schuetzenliesel GmbH
         Attn: Giovanni Cetera, Manager
         Oberreutweg 29
         76437 Rastatt
         Germany


ROESLER PRINT: Claims Registration Period Ends May 9
----------------------------------------------------  
Creditors of Roesler Print- u. Digitalmedien GmbH + Co.KG have
until May 9, 2008, to register their claims with court-appointed
insolvency manager Thomas Schaefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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 Schaefer
          Fuggerstr. 16
          86150 Augsburg
          Germany

The District Court of Augsburg opened bankruptcy proceedings
against Roesler Print- u. Digitalmedien GmbH + Co.KG on March 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Roesler Print- u. Digitalmedien GmbH + Co.KG
          Hirblinger Str. 141
          86156 Augsburg
          Germany


SANIDO BETEILIGUNGS: Claims Registration Period Ends May 15
-----------------------------------------------------------
Creditors of SANIDO Beteiligungs-GmbH have until May 15, 2008,
to register their claims with court-appointed insolvency manager
Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on June 24, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.24 C
         William-Strasse 23
         53111 Bonn
         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:

         Jana Dettmer
         In der Suerst 3
         53111 Bonn
         Tel: 0228/85080-21
         Fax: 02288508020

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

The Debtor can be reached at:

         SANIDO Beteiligungs-GmbH
         Gertrudenweg 16
         53842 Troisdorf
         Germany

         Attn: Reiner Pulvermacher, Manager
         Wernscheid 16
         51709 Marienheide
         Germany


SANITAR- UND HEIZUNGSBAU: Claims Period Ends May 5
--------------------------------------------------
Creditors of Sanitar- und Heizungsbau GmbH have until
May 5, 2008, to register their claims with court-appointed
insolvency manager Dr. Helmut Lorentz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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. Helmut Lorentz
         GF 39
         Kaiserstrasse 64
         D 55116 Mainz
         Germany
         Tel: 06131/234551
         Fax: 06131/231094

The District Court of Mainz opened bankruptcy proceedings
against Sanitar- und Heizungsbau GmbH on March 31, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sanitar- und Heizungsbau GmbH
         Attn: Alberta Jertz, Manager
         Rheinhessenstr. 19
         55129 Mainz
         Germany


THL H.-H. KOCK: Claims Registration Period Ends May 8
-----------------------------------------------------
Creditors of THL H.-H. Kock GmbH have until May 8, 2008, to
register their claims with court-appointed insolvency manager
Martin Maletzky.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall 0.13
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Martin Maletzky
          Hamburger Strasse 89 a
          24558 Henstedt-Ulzburg
          Germany

The District Court of Neumuenster opened bankruptcy proceedings
against THL H.-H. Kock GmbH on March 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          THL H.-H. Kock GmbH
          Attn: Hauke Kock, Manager
          Grosse Reihe 12
          24787 Fockbek
          Germany


UNIQUE MARKETING: Claims Registration Period Ends May 15
--------------------------------------------------------
Creditors of Unique Marketing GmbH have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Karl-Joachim Meyer.

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

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Am Ochsenmarkt 3
         21335 Lueneburg
         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:

         Karl-Joachim Meyer
         Schiessgrabenstr. 8/9
         21335 Lueneburg
         Germany
         Tel: 20100
         Fax: 20 10 14

The District Court of Lueneburg opened bankruptcy proceedings
against Unique Marketing GmbH on April 4, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Unique Marketing GmbH
         Attn: Oliver Jendrian, Manager
         Stresemannstrasse 4
         21335 Lueneburg
         Germany

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


CLOVERIE PLC: Moody's Junks Ratings Classes B and C Notes
---------------------------------------------------------
Moody's Investors Service downgraded two classes of notes issued
by Cloverie PLC.  

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
fully-funded static CDO referencing ABS and CDOs of ABS (ABS
CDOs), containing 78% subprime assets and 9% ABS CDOs of the
2005, 2006, and 2007 vintages. 5% of the portfolio by volume is
currently rated Ca or C.

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

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

These rating actions are:

    * The US$80,000,000 Series 2007-32 Class B Credit Linked      
      Notes issued by Cloverie PLC:

   -- Current Rating: Ca
   -- Prior Rating: B2, on review for downgrade

    * The US$20,000,000 Series 2007-33 Class C Credit Linked
      Notes issued by Cloverie PLC:

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


EIRLES TWO: Moody's May Further Cut Low-B Ratings After Review
--------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade 3 classes of notes issued out of Eirles Two
Limited Series 286, 287 and 288.  This synthetic CDO of ABS has
some exposure to US subprime RMBS bonds and in particular to the
2005 and 2006 vintages.

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

These rating actions are:

Issuer: Eirles Two Limited - Series 286, 287 and 288:

   (1) Series 286 Class B USD 42,000,000 Variable Rate Secured
       Notes due 2048

    -- Current rating: Baa3, on review for downgrade
    -- Prior rating: Aaa, on review for downgrade

   (2) Series 287 Class C USD 22,500,000 Variable Rate Secured
       Notes due 2048

    -- Current rating: Ba3, on review for downgrade
    -- Prior rating: Aa2, on review for downgrade

   (3) Series 288 Class D USD 18,000,000 Variable Rate Secured
       Notes due 2048

    -- Current rating: B3, on review for downgrade
    -- Prior rating: A3, on review for downgrade


NEW BOND: Moody's Junks Rating on US$17,500,000 Class B3 Notes
--------------------------------------------------------------
Moody's Investors Service put on review for possible downgrade
one class of notes and downgraded and left on review for further
downgrade three classes of notes issued by New Bond Street CDO 1
PLC, a limited purpose vehicle incorporated in Ireland.

These rating actions are a response to the severe credit
deterioration in the underlying portfolio.  This managed cash
CDO of ABS transation has 30% US ABS CDOs of the 2005, 2006, and
2007 vintages. One US ABS CDO, representing 2.5% of the
portfolio by volume, is currently rated C.

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

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

These rating actions are:

New Bond Street CDO 1 PLC:

   (1) the US$100,000,000 Class A2 Floating Rate Notes due 2066

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

   (2) the US$150,000,000 Class B1 Floating Rate Notes due 2066

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

   (3) the US$32,500,000 Class B2 Deferrable Floating Rate Notes
       due 2066

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Aa2

   (4) the US$17,500,000 Class B3 Deferrable Floating Rate Notes
       due 2066

    -- Current Rating: C
    -- Prior Rating: Baa3


PALMER SQUARE 3: Moody's Junks Ratings on Three Note Classes
------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes and downgraded three
class of notes issued by Palmer Square 3 Limited, a limited
purpose vehicle incorporated in Ireland.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
managed cash CDO of ABS, containing roughly 40% ABS CDOs and 27%
sub-prime RMBS of the 2005, 2006, and 2007 vintages.  Many of
the assets in the portfolio have been downgraded, placed on
review for downgrade, or both since October 2007. 11% of the
portfolio by volume (mainly US ABS CDOs) is currently rated C or
Ca.

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

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

These rating actions are:

Palmer Square 3 Limited:

   (1) the US$1,000,000,000 Class A1-M Floating Rate Notes due
       2052

    -- Current Rating: A3, on review for downgrade
    -- Prior Rating: Aaa, on review for downgrade

   (2) the US$200,000,000 Class A1-Q Floating Rate Notes due
       2052

    -- Current Rating: A3, on review for downgrade
    -- Prior Rating: Aaa, on review for downgrade

   (3) US$300,000,000 Class A2 Floating Rate Notes due 2052

    -- Current Rating: B3, on review for downgrade
    -- Prior Rating: Aa2, on review for downgrade

   (4) US$300,000,000 Class A3 Floating Rate Notes due 2052

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Baa2, on review for downgrade

   (5) US$116,000,000 Class A4 Floating Rate Notes due 2052

    -- Current Rating: Ca
    -- Prior Rating: Ba3, on review for downgrade

   (6) US$39,000,000 Class B Floating Rate Notes due 2052

    -- Current Rating: Ca
    -- Prior Rating: B3, on review for downgrade

   (7) US$18,000,000 Class C Deferrable Floating Rate Notes due
       2052

    -- Current Rating: C
    -- Prior Rating: Caa3, on review for downgrade


STANTON VINTAGE: Moody's May Further Notes' Ratings After Review
----------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes issued by Stanton
Vintage CDO P.L.C.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  This transaction is
a managed cash CDO of ABS with a portfolio which contains 21.7%
US ABS CDOs of the 2005, 2006, and 2007 vintages.  In addition,
4.4% of the portfolio by volume (all US ABS CDOs) is currently
rated Ca.

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

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

These rating actions are:

Stanton Vintage CDO P.L.C.:

   (1) US$24,000,000 Class C Notes due 2048

    -- Current Rating: Baa2, on review for downgrade
    -- Prior Rating: A2, on review for downgrade

   (2) US$20,000,000 Class D Notes due 2048

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Baa2, on review for downgrade

   (3) US$16,000,000 Class E Notes due 2048

    -- Current Rating: Caa2, on review for downgrade
    -- Prior Rating: Ba2, on review for downgrade

   (4) US$12,000,000 Class P Combination Notes due 2048

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: A3, on review for downgrade

The US$20,000,000 Class A Notes due 2048, currently rated Aaa
and the US$60,000,000 Class B Notes due 2048 currently rated Aa2
remain on review for possible downgrade.


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


ALCATEL-LUCENT SA: Names Stefano Lorenzi as Sr. Officer in Italy
----------------------------------------------------------------
Alcatel-Lucent SA has appointed Stefano Lorenzi as its new
Country Senior Officer for Italy.  He will also lead the
company’s activities in Israel and Malta.

With a Master's degree in Telecommunications from the
Engineering University of Ancona, Italy,  Mr. Lorenzi has gained
a thorough international experience in the telecommunication
industry through a number of assignments of growing
responsibility.

Before this new assignment, he led Alcatel-Lucent’s Services
activities in the Caribbean and Latin American (CALA) region,
with responsibility for the overall services business, carrier-
related delivery, and post-sales support activities in the
region.

He joined Alcatel in 2003, where within the Optics business, he
was responsible for all customer project and services activities
worldwide.  After that, he was responsible of the company’s
Optics business in Europe, Africa, Middle East and Latin
America.

Prior to joining Alcatel, Mr. Stefano was EMEA Country
Operations Vice President for AT&T Global Services, based in
Brussels, Belgium. Prior to that he held various senior
management positions with service providers such as the Telecom
Italia group, Telecom Argentina, and GTS/KPN-Qwest.

"After so many years spent abroad, I’m glad to return home and
have the opportunity to lead Alcatel-Lucent's business in my
home country," Mr. Lorenzi said.  "It's an exciting challenge
for me.  I am confident that we will continue to successfully
develop the business in Italy, Israel and Malta, which is such a
diversified and stimulating market."

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the TCR-Europe on April 4, 2008, Moody's
Investors Service affirmed the ratings for Alcatel-Lucent, which
include a Ba3 corporate family rating for Alcatel-Lucent and a
Not-Prime for its short term debt, as well as Ba3 ratings for
senior and B2 ratings for subordinated debt that was issued
originally by the predecessor companies Alcatel S.A. and Lucent
Technologies, Inc.  Moody's said the outlook for the ratings is
Negative.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALITALIA SPA: Chairman Wants Air France Talks to Resume
-------------------------------------------------------
Following a meeting between Alitalia S.p.A. Chairman Aristide
Police and the Italian Stock Exchange Controller CONSOB, it
emerged that there is a need for more time to allow the
negotiations between Air France-KLM S.A., the carrier, its
unions, to take their due course.

During the meeting, Alitalia’s situation was examined and
updated.  The levels of cash-to-hand and short-term financial
credits were confirmed.

The Board of Directors is continuing to monitor the Company’s
operational performance and financial and asset situation, and
confirms its undertaking to provide prompt information to the
appropriate authorities –- CONSOB and ENAC -– and the market.

During the meeting, the Alitalia representatives pointed out
that the Company has taken note of the press release issued by
the Presidency of the Council of Ministers relative to the
possibility that the company’s situation will be examined in
detail during a meeting between the government and a delegate
representing the leader of the coalition that won the general
election, also regarding the possibility of fulfilling some of
the conditions put forward by Air France-KLM for the
presentation of the public exchange offer.

                         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: In Talks with Chrysler Over Alfa Romeo Production
-----------------------------------------------------------
Chrysler LLC has initiated talks with Fiat SpA over a possible
cooperation agreement under which Chrysler will produce the
Italian auto manufacturer's Alfa Romeo cars in its U.S.
factories, Reuters reports, citing German newspaper
Handelsblatt.

The talks, Reuters says, is now in the advanced stage.

A Chrysler spokeswoman, however, dismissed the report as
speculation, saying "there could be other partnerships with
other carmakers," Reuters relates.

Chrysler earlier announced a production alliance with Japanese
automaker Nissan, the paper reveals.

A TCR-Europe reported on March 27, 2008 disclosed Fiat entered
into discussions with Detroit's auto manufacturers on
sharing production of Alfa Romeos in the U.S.

Fiat's chief executive officer Sergio Marchionne said that
production of Alfa cars will start by 2011 or 2012.  Meanwhile,
Alfa, which will start distributing and selling cars in the U.S.
cars next year, will have to absorb losses until production
starts with a partner.

Fiat had to manufacture in the U.S. because of the weakness of
the dollar against the euro.

Fiat is also preparing to transfer its Iveco division to the
U.S. along with the relaunched Fiat 500 compact car.

                          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 company also carries B short-
term rating.  S&P said the outlook is stable.


* Moody's Says Italian RMBS Delinquencies Rise in 4th Qtr. 2007
---------------------------------------------------------------
The total issuance of Italian Residential Mortgage Backed
Securities was EUR 7.3billion in fourth quarter 2007, says
Moody's Investors Service in its latest Italian RMBS index
report.  Four new transactions were closed during fourth quarter
2007.

In terms of performance, delinquency rates -- which are of
particular interest as they can be an early indicator of
mortgage loan defaults -- recorded deterioration during fourth
quarter 2007.  "Weighted-average delinquencies greater than 90
days past due represented 1.25% of the outstanding pool balance,
up from 0.96% in Q3 2007, states Daron Kularatnam, a Moody's
Senior Associate and author of the report.

The rising delinquencies have coincided with increasing
defaults.  Moody's Italian RMBS cumulative net default trend, as
an early indicator of losses in the Italian market, increased to
0.56% in fourth quarter 2007 up from 0.43% in third quarter
2007.  However, losses remain at this stage below Moody's
expected loss assumptions.

In addition, the weighted-average annualized Constant Prepayment
Rate increased to 9.02% in fourth quarter 2007 compared to 8.33%
in third quarter 2007.  The past year has seen a significant
rise in prepayment levels in the Italian market.  Moody's notes
that this is primarily due to the introduction of the Bersani
Decree in February 2007.

Moody's report, entitled "Italian RMBS Q4 2007 Indices",
discusses the key market performance indicators.


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


KAZAKHSTAN TEMIR: S&P Affirms BB+ Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit and 'kzAA-' Kazakhstan national scale ratings
on Kazakh national railroad company Kazakhstan Temir Zholy.  The
outlook is stable.

"The ratings on KTZ reflect the company's high strategic
importance to the state and strong government support," said
Standard & Poor's credit analyst Eugene Korovin.  "The ratings
are based on a top-down approach and are two notches lower than
the sovereign local currency rating."

The ratings on KTZ are constrained by an opaque regulatory
regime in Kazakhstan and the company's obsolete assets and
aggressive investment program.  The ongoing rail-sector
restructuring, the risk of commodities traffic volatility, and
competition from oil pipelines also constrain the ratings.
The company's strong market and competitive position in the
national transport sector somewhat mitigate these risks. KTZ's
vertically integrated business model, which combines monopoly
rail infrastructure and profitable freight transport operations,
and the company's intermediate financial profile and moderate
financial policy also bolster the ratings.

At Dec. 31, 2007, KTZ had US$1.034 billion in total debt
according to management information.

"We expect KTZ to continue to benefit from solid state support
to the sector and financial support for investments in railroad
infrastructure," said Mr. Korovin.  "One example of such support
would be higher operating subsidies to the passenger segment,
which would allow higher track access locomotive traction
charges for the passenger segment after its potential
divestment."

S&P also expects that KTZ will retain an adequate financial
profile within approved financial policy targets, which will
underpin KTZ's stand-alone credit quality.

A consistent implementation of the government's tariff policy
for KTZ and the sector restructuring plan--including ownership
unbundling of the passenger segment from KTZ--together with
higher subsidies, could create ratings upside potential in the
absence of negative macroeconomic implications.

A positive change in the sovereign rating or outlook would most
likely lead to similar movement in the ratings on KTZ, unless
there is evidence of a changed relationship with the state,
which would likely trigger a revision of our top-down rating
approach.

A negative change in the sovereign rating would not
automatically result in a similar action on the company, unless
the trigger for the sovereign rating change materially impairs
KTZ's stand-alone credit quality.


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


ACA CONSULTING: Claims Filing Period Ends May 13
------------------------------------------------
LLC Juridical Company Aca Consulting has declared insolvency.
Creditors have until May 13, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 65-48-84.


NIS LLC: Creditors Must File Claims by May 20
---------------------------------------------
LLC Manufacturing-Commercial Firm NIS has declared insolvency.
Creditors have until May 20, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (0-515) 75-12-23.


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


EVRAZ GROUP: Declares US$4.20 Dividend per Share for 2007
---------------------------------------------------------
Evraz Group S.A.'s Board of Directors has recommended that the
annual general meeting of shareholders on May 15, 2008, approve
a final dividend of US$4.20 per common share, or US$1.40 per
GDR, in respect of the year ended Dec. 31, 2007, payable to
shareholders on the share register record date of May 14, 2008.

When added to the interim dividend this will make a total
dividend for the year of US$9.00 per common share, or US$3.00
per GDR.

                          About Evraz

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

                          *     *     *

As reported in the TCR-Europe on April 16, 2008, Moody's
Investors Service confirmed Evraz's Group's Ba2 corporate family
rating, the Ba2 rating for the Senior Notes due 2009 and the Ba3
rating for the Senior Notes due 2015.  Moody's also assigned a
(P) Ba3 rating to the proposed U.S. dollar notes to be issued by
Evraz Group S.A.  The outlook for the ratings was changed to
negative.

TCR-Europe also reported on April 16, 2008, that Fitch Ratings
has assigned Evraz Group S.A.'s prospective US$ notes issue an
expected senior unsecured 'BB' rating.  The expected rating is
in line with Evraz's 'BB' Long-term Issuer Default rating (IDR).  
Fitch also has affirmed Evraz's Long-term IDR and senior
unsecured ratings of 'BB' and Short-term IDR of 'B'.  

The ratings of Mastercroft Limited (Evraz's core subsidiary
holding most of its key operating assets within Russia) are also
affirmed at Long-term IDR 'BB' and Short-term IDR 'B', as is the
senior unsecured 'BB' rating of Evraz Securities S.A. The
Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs
are Stable.

As reported in the TCR-Europe on April 15, 2008, Standard &
Poor's Ratings Services assigned its 'BB-' senior unsecured debt
rating to the proposed U.S. dollar fixed-rate bond to be issued
by Evraz Group S.A. (BB-/Positive/--).



GOODYEAR TIRE: US$4 Million Notes Convertible Until June 30
-----------------------------------------------------------
The Goodyear Tire & Rubber Company's remaining 4.00% convertible
senior notes due June 15, 2034, are now convertible at the
option of the holders and will be convertible through June 30,
2008, the last business day of the current fiscal quarter.  

The notes became convertible because the last reported sale
price of the company's common stock for at least 20 trading days
during the 30 consecutive trading-day period ending on April 15,
2008, was greater than 120% of the conversion price in effect on
such day.  The notes have been convertible in previous fiscal
quarters.  

The company will deliver shares of its common stock or pay cash
upon conversion of any notes surrendered on or prior to June 30,
2008.  If shares are delivered, cash will be paid in lieu of
fractional shares only.  Issued in July 2004, the notes are
currently convertible at a rate of 83.0703 shares of common
stock per US$1,000 principal amount of notes, which is equal to
a conversion price of US$12.04 per share.  

During the fourth quarter of 2007, Goodyear completed an
exchange offer for outstanding notes for a cash payment and
shares of common stock.  Approximately 99% of the outstanding
notes were exchanged.  As a result, less than US$4 million in
aggregate principal amount of notes remain outstanding.  If all
remaining outstanding notes are surrendered for conversion, the
aggregate number of shares of common stock issued would be
approximately
0.3 million.  

The notes could be convertible after June 30, 2008, if the sale
price condition is met in any future fiscal quarter or if any of
the other conditions to conversion set forth in the indenture
governing the notes are met.  

                        About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26
countries and employs 80,000 people worldwide.  Goodyear has
subsidiaries in New Zealand, Venezuela, Peru, Mexico,
Luxembourg, Finland, Korea and Japan, among others.  

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber
Company's Issuer Default Rating to 'BB-' from 'B+' and senior
unsecured debt rating to 'B+' from 'B-/RR6'.


GOODYEAR TIRE: Board Approves 2008 Performance Plan, MIP
--------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed in a regulatory
filing that on April 8, 2008, its shareholders and Board of
Directors approved the adoption of the 2008 Performance Plan and
the Management Incentive Plan.  The Compensation Committee of
the Board of Directors also approved forms of grant agreements
under the 2008 Plan.

                     2008 Performance Plan

The 2008 Plan is designed to advance the interests of Goodyear
and its shareholders by strengthening its ability to attract,
retain and reward highly qualified executive officers and other
employees, to motivate them to achieve business objectives
established to promote Goodyear’s long term growth,
profitability and success, and to encourage their ownership of
Common Stock.  The 2008 Plan is also designed to enable Goodyear
to provide certain forms of performance-based compensation to
senior executive officers that will meet the requirements for
tax deductibility under Section 162(m) of the Internal Revenue
Code of 1986, as amended.

The 2008 Plan authorizes grants and awards of stock options,
stock appreciation rights, restricted stock, restricted stock
units, and performance and other grants and awards.  A total of
eight million shares of Common Stock may be issued under the
2008 Plan.  Any shares of Common Stock that are subject to
awards of stock options or stock appreciation rights will be
counted as one share for each share granted for purposes of the
aggregate share limit and any shares of Common Stock that are
subject to any other awards will be counted as 1.61 shares for
each share granted for purposes of the aggregate share limit.

The 2008 Plan will be administered by the Compensation Committee
of the Board of Directors which will have the sole authority to,
among other things: construe and interpret the 2008 Plan; make
rules and regulations relating to the administration of the 2008
Plan; select participants; and establish the terms and
conditions of grants and awards.

Any employee of Goodyear or any of its subsidiaries, including
any officer of Goodyear, selected by the Compensation Committee
is eligible to receive grants of stock options, stock
appreciation rights, restricted stock, restricted stock units,
and performance and other grants and awards under the 2008 Plan.
Directors of Goodyear are also eligible to receive awards (other
than performance awards) under the 2008 Plan.  The selection of
participants and the nature and size of grants and awards will
be wholly within the discretion of the Compensation Committee.  
It is anticipated that all officers of Goodyear will receive
various grants under the 2008 Plan and approximately 1,000 other
employees of Goodyear and its subsidiaries will participate in
at least one feature of the 2008 Plan.  A participant must be an
employee of the company or a subsidiary or a director of the
company continuously from the date a grant is made through the
date of payment or settlement thereof, unless otherwise provided
by the Compensation Committee.

The 2008 Plan will remain in effect until April 8, 2018, unless
sooner terminated by the Board of Directors. Termination will
not affect grants and awards then outstanding.

                    Management Incentive Plan

The MIP is designed to advance the interests of Goodyear and its
shareholders and assist Goodyear in motivating, attracting and
retaining executive officers by providing incentives and
financial rewards to those executive officers that are intended
to be deductible to the maximum extent possible as “performance-
based compensation” within the meaning of Section 162(m) of the
Code.  The MIP will become effective as of January 1, 2009.

The MIP will be administered by the Compensation Committee,
which has broad authority to administer and interpret the MIP
and its provisions as it deems necessary and appropriate.

Board-appointed officers of Goodyear who are designated by the
Board of Directors as “Section 16 officers” and are selected by
the Compensation Committee to participate in the MIP are
eligible to receive awards under the MIP.  Under the MIP, each
participant is eligible to receive a maximum performance award
equal to a percentage of Goodyear’s EBIT for a performance
period established by the Compensation Committee.  “EBIT” means
the Company’s net sales, less cost of goods sold, and selling,
administrative and general expenses, as reported in the
Company’s consolidated statement of operations for the
applicable performance period, prior to accrual of any amounts
for payment under the MIP for the performance period, adjusted
to eliminate the effects of charges for restructurings,
discontinued operations, extraordinary items, other unusual or
non-recurring items, and the cumulative effect of tax or
accounting changes, each as defined by generally accepted
accounting principles or identified in the Company’s
consolidated financial statements, notes to the consolidated
financial statements or management’s discussion and analysis of
financial condition and results of operations.

Specifically, Goodyear’s Chief Executive Officer is eligible to
receive a performance award equal to 0.75% of EBIT for a
performance period and the other participants in the MIP are
each eligible to receive a performance award equal to 0.5% of
EBIT for a performance period.  The actual performance award
granted to a participant is determined by the Compensation
Committee, which retains the discretionary authority to reduce
or eliminate (but not increase) a performance award based on its
consideration of, among other things, corporate and/or business
unit performance against achievement of financial or non-
financial goals, economic and relative performance
considerations, and assessments of individual performance.  Each
award under the MIP will be paid in cash, provided that the
Compensation Committee may in its discretion determine that all
or a portion of an award shall be paid in shares of Common
Stock, restricted stock, stock options or other stock-based or
stock denominated units that are issued pursuant to Goodyear’s
equity compensation plans in existence at the time of the grant.


                        About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26
countries and employs 80,000 people worldwide.  Goodyear has
subsidiaries in New Zealand, Venezuela, Peru, Mexico,
Luxembourg, Finland, Korea and Japan, among others.  

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber
Company's Issuer Default Rating to 'BB-' from 'B+' and senior
unsecured debt rating to 'B+' from 'B-/RR6'.


VINTAGE CAPITAL: Moody's May Lift Ba1 Rating After Review
---------------------------------------------------------
Moody's Investors Service withdrew the ratings on one class of
notes and placed on review for possible upgrade another class of
notes issued by Vintage Capital S.A.

The transaction is a semi synthetic CDO largely invested in
corporate European bonds.  This action has been prompted by the
redemption of the Class A-1 Notes in full and the substantial
partial redemption of the Class A-2 Notes, with the residual
balance of approximately EUR7.25 million expected to be fully
redeemed by June 2009 from the maturity proceeds of a portfolio
mainly invested in the European financial sector bonds.

These rating actions are:

Vintage Capital S.A.:

   (1) EUR108,000,000 (No Current Outstandings - Note has been
       fully redeemed) Class A-1 Floating Rate Credit-Linked
       Notes due 2010

    -- Current Rating: WR

    -- Prior Rating: Aaa

   (2) EUR50,000,000 (Current Outstandings EUR7,252,115.99)
       Class A-2 Floating Rate Credit-Linked Notes due 2010

    -- Current Rating: Ba1, on review for upgrade

    -- Prior Rating: Ba1

Vintage Capital S.A. is a special purpose vehicle incorporated
in Luxembourg.


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


JAMES HARDIE: Dutch Parent to Liquidate; Transfers HQ to U.S.
-------------------------------------------------------------
James Hardie Industries NV is to transfer its headquarters to
the U.S. from the Netherlands, Bloomberg News reports, citing
Weekend Australian Newspaper.

The parent company, Bloomberg says, will be liquidated, although
some operations will be based in Europe to avoid tax.

Meanwhile, James Hardie's Australian and New Zealand operations
are likely to be separated from the Dutch parent, which will
become a registered company in Delaware.  The Asia-Pacific
operations will either be sold off or incorporated as
independent local companies, Bloomberg relates.

According to Peter Baker, James Hardie's Asia-Pacific vice
president, a review of domicile and tax options is underway,
Bloomberg adds.

The board is set to approve resolutions to transfer assets and
liabilities on May 1, the paper states.

James Hardie Industries Limited -- http://www.jameshardie.com/    
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems busineses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on Oct. 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On Dec. 1, 2005, the company announced that the NSW Government
and a wholly owned Australian subsidiary of the Company -- LGTDD
Pty Ltd -- had entered into a conditional agreement to provide
long-term funding to a special purpose fund that will provide
compensation for Australian asbestos-related personal injury
claims against certain former James Hardie asbestos companies.  
The amount of the asbestos provision of AU$1 billion, at March
31, 2006, is the company's best estimate of the probable
outcome.  The estimate includes an actuarial calculation
prepared by KPMG Actuaries Pty Ltd of the projected future cash
outflows, undiscounted and uninflated, and the anticipated tax
deduction arising from Australian legislation, which came into
force on April 6, 2006.


X5 RETAIL: Earns US$143.75 Million for Year Ended December 31
-------------------------------------------------------------
X5 Retail Group N.V. posted US143.75 million in consolidated net
profit on US$5.32 billion in consolidated net revenues for year
ended Dec. 31, 2007, compared with US$101.24 billion in
consolidated net profit on US$3.49 billion in consolidated net
revenues for year ended Dec. 31, 2006.

As of Dec. 31, 2007, X5 Retail had US$6.52 billion in total
assets, US$3.28 billion in total liabilities and US3.24 billion
in total shareholders' equity.

Net cash from operating activities totaled US$427 million on the
back of strong operating performance as well as working capital
improvement.

Net cash used in investing activities totaled US$899 million, as
the Company continued to add selling space and invested in its
distribution infrastructure development.

In total, X5 added 31% in net selling space during 2007.  The
total net selling area increased by 143,100 sq. m.  This takes
into account 3,600 sq. m. that were closed during the year
(8 soft discounters and 2 supermarkets) and includes stores
acquired through tactical M&A transactions.  Net addition of
stores totaled 249, of which 223 were in soft discount format,
23 were supermarkets and three were hypermarkets.

As a result, at Dec. 31, 2007, X5 operated 868 company-managed
stores -- consisting of 674 soft discounters, 179 supermarkets,
14 compact hypermarkets and one full-size hypermarket store --
with the total net selling space of 609,200 sq. m.

Net cash from financing activities amounted to US$470 million as
the Company raised funds to finance its capital expenditure
program.

During 2007 X5 optimized its debt portfolio and as a result
decreased its cost of funding and improved its debt structure.  
The steps undertaken by the Company in 2007 to optimize its debt
portfolio included ruble debt restructuring whereby X5 replaced
three outstanding bonds previously issued by Pyaterochka and
Perekrestok in the total amount of RUR6 billion with one seven-
year bond (puttable in three years) with an interest of 7.6% and
a notional amount of RUR9 billion (US$352 million).

"Our strong operational performance in 2007, supported by
rigorous working capital management, resulted in healthy cash
flow generation, enabling the Company to finance almost half of
its capital expenditure program from its own resources," Evgeny
Kornilov, X5 Retail Group CFO, commented.  "These results also
provide a solid foundation for the implementation of our
ambitious expansion program throughout 2008 and beyond".

                        About X5 Retail

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

                          *     *     *

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

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


===========
P O L A N D
===========


AFFILIATED COMPUTER: To Acquire Orbital Science's TMS Biz
---------------------------------------------------------
Affiliated Computer Services, Inc. has signed an agreement to
expand its global public transit service capabilities with the
acquisition of Orbital Sciences Corporation's (NYSE: ORB)
Transportation Management Systems business for US$42.5 million.  
The closing of the transaction is subject to customary
conditions.

TMS is the nation's leading provider of Global Positioning
System (GPS)-based fleet management systems, with trailing
twelve months revenue of approximately $50 million as of March
2008.  TMS provides ACS leadership in the fastest-growing
segment of the transit market and makes ACS the only company
capable of providing both fare collection and fleet management
system capabilities.

The systems developed by TMS combine satellite navigation and
wireless communications.  They enable transit control centers to
better manage and dispatch public transit and highway service
vehicles and commuter light rail systems.  The technology is
used by more than 60 clients, exceeding 27,500 vehicles, or more
than 30 percent of the U.S. and Canadian fleet. TMS' clients
include some of the nation's largest fleet management systems,
such as Los Angeles, Chicago, and Washington, D.C.

"The TMS acquisition strengthens ACS' end-to-end transportation
services," said Michael Huerta, ACS executive vice president and
group president, Transportation Solutions. " TMS' reputation for
improving operational efficiency, customer service, safety and
security for their clients fits well with our culture of
responsive and reliable service."

Federal, state and local funding for public transportation
continues to increase, reflecting public demand. During the past
decade, state transportation budgets rose 15 percent annually,
while federal funding increased at 5 percent.  Over the next
several years an additional 16,000 public transit vehicles in
North America are expected to be equipped with new GPS-based
services.

"TMS' employees are excited about the opportunity of joining an
industry-leading company with a strong emphasis on the
transportation market," said David Kachemov, TMS vice president
and general manager.  "ACS will now be able to expand into vital
markets such as school buses, public works vehicles, and the
growing paratransit systems that provide critical services to
people with disabilities.  Additionally, ACS' international
presence will enable the company to provide TMS' solutions
globally."

ACS is the industry leader in providing systems and services to
public transport agencies worldwide.  ACS' Transportation
Solutions business helps government agencies in more than 30
countries address their challenges through revenue collection
and regulation compliance services.

ACS' transportation industry expertise includes:

    * Electronic toll collection: ACS is the nation's largest
      service provider, with US$3 billion in toll revenue
      collected annually in programs such as E-ZPass(TM).

    * Public transport fare collection: ACS provides solutions
      for more than 1,000 fare collection systems worldwide,
      enabling 50 million passengers to use mass transit daily.

    * Parking: The company operates customized airport and urban
      parking systems, and performs parking violations
      processing, with 15 million citations processed annually.

    * Red light and speed photo enforcement: ACS serves 60
      governmental jurisdictions in the U.S. and Canada,
      processing 2 million photo enforcement violations
      annually.

    * Shipping and logistics: ACS supports PrePass(R), a service
      that allows transponder-equipped trucks to bypass weigh
      stations.

The transaction will be funded with a combination of existing
cash on hand and borrowings under ACS' existing credit facility.

              About Affiliated Computer Services

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology services to
commercial and government clients.  The company has two segments
based on the clients it serves: commercial and government.  The
company provides services to a variety of clients including
healthcare providers and payers, manufacturers, retailers,
wholesale distributors, utilities, entertainment companies,
higher education institutions, financial institutions, insurance
and transportation companies.  The company has global operations
in Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, and Poland.

                        *     *      *

Affiliated Computer carris Moody's Investors Service's Ba2
corporate family rating with a stable rating outlook.    


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


COMSTAR-UNITED: Earns US$43.8 Million for Year Ended December 31
----------------------------------------------------------------
Comstar-United TeleSystems JSC posted US43.8 million in
consolidated net profit on US$1.56 billion in consolidated net
revenues for 2007, compared with US$82.5 billion in consolidated
net profit on US$1.12 billion in consolidated net revenues for
2006.

The company also posted US51.8 million in consolidated net
profit on US$482.1 million in consolidated net revenues for
fourth quarter 2007, compared with US$63.1 million in
consolidated net losses on US$292.1 million in consolidated net
revenues for the same period in 2006.

"We are pleased to report a healthy set of results, which
reflect a number of positive changes that we made during 2007,"
Sergey Pridantsev, President and Chief Executive Officer, said.
"Comstar has now successfully restructured a group of diverse
companies into a single, efficient and integrated operator that
is fit to compete in the global telecommunications marketplace.
We are already the largest and the most profitable fixed-line
telecommunications operator in Russia."

"We have developed, and begun to implement, a long-term and
highly proactive five point strategy, which is centrrd around
Broadband development, Regional expansion, MGTS, Group structure
and Svyazinvest, and which underlines the fact that we are on
the competitive offensive in the market place with a unique
offering of bundled communications services," Mr. Pridantsev
added.  "We have already achieved a number of important
operating and financial milestones during 2007.  The strategic
objectives are integrated into our forward budgets and
operational planning, and we are committed to delivering on the
aggressive targets set before us, including the expansion of our
residential broadband subscriber base in Moscow to over 1
million customers by the end of 2008 and the doubling of our
regional broadband subscriber base."

                             Outlook

"We made significant steps during 2007 to simplify the legal and
organizational structure of the Group, in order to streamline
our business processes and the efficiency of the overall
business," Irina Matveeva, Chief Financial Officer, said.  "This
work is continuing in 2008.  Despite this ongoing restructuring
process and the changing regulatory environment, we have
continued to demonstrate sustainable growth and healthy
profitability levels."

"Looking forward, we expect Group revenues to grow organically
by 15% to 20% in 2008 when excluding the Federal Budget
compensation received in 2007," Ms. Matveeva added.  "We also
expect to deliver a full year 2008 OIBDA margin of between 38%
and 40%, despite the fact that we will not receive any Budget
compensation in 2008 and excluding the impact of the new long
term incentive plan introduced from April 2008, further
acquisitions and any unforeseen regulatory changes.  The margin
guidance does however include the ongoing investments and start-
up projects in the regions, which are expected to be principal
drivers of revenue growth and profitability from 2009."

As of Dec. 31, 2007, Comstar-UTS had US$4.63 billion in total
assets, US$1.77 billion in total liabilities and US2.09 billion
in total shareholders' equity.

                       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.


CREDIT BANK OF MOSCOW: Fitch Upgrades IDR to B; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded on April 18, 2008, Russia-based
Credit Bank of Moscow's Long-term Issuer Default Rating to 'B'
from 'B-' and its National Long-term rating to 'BBB-(rus)' from
'BB+(rus)'.

Other ratings are affirmed at Short-term IDR 'B', Individual
'D', Support '5' and Support Rating Floor 'No Floor'.  Following
the upgrade, the Outlooks on the LT IDR and National Long-term
rating are now Stable.

The upgrade reflects stable growth of the bank's franchise in
Moscow and the Moscow region, which has not compromised its good
asset quality and adequate liquidity, with the latter supported
by good funding diversification.

Profitability ratios improved marginally in 2007; however, they
are still moderate.  Non-performing loans have been low on the
back of a moderate risk appetite in retail lending and generally
good-quality corporate borrowers.  Reserves are adequate
relative to current loan impairment, but at 0.8% of gross loans
may not be sufficient to absorb any future losses. Market risk
is not significant.

Foreign funding maturing in 2008 is equal to a moderate 9% of
liabilities and the bank's management expects this to be at
least partially refinanced.  Capitalization is likely to soften
from the end-2007 levels of 15.3% for Tier 1 ratio and 15.7% for
Total ratio as asset growth outpaces internal capital
generation.  However, in Fitch's view, capitalization should
remain adequate at end-2008, and the Total capital ratio
comfortably above the 12% covenanted level, absent significant
credit losses.

At the end of 2007 the bank's previous CEO resigned, and the
sole shareholder, Roman Avdeev, appointed himself to the
position.  CBOM's concentrated ownership and the direct
involvement of the shareholder in the bank's management might
heighten corporate governance risk, in Fitch's view, although
related-party lending has been moderate to date and independent
directors are expected to be appointed.  Mr. Avdeev plans to
personally oversee the bank's expansion outside the core Moscow
region, as well as its efforts to achieve the targeted return on
equity of 15% in 2008 (2007: 10.6%).  Although the expansion
might elevate CBOM's credit and operational risk profiles, Fitch
understands that growth will be gradual and mostly in adjacent
regions.

Upside potential for the ratings is limited in the short-term,
but might be driven by a successful further broadening of
franchise, combined with an acceptable risk profile and
strengthened profitability.  Downside pressure is unlikely at
present, but could arise from significant worsening of asset
quality or considerable deterioration of corporate governance.

CBOM was among the 60-largest Russian banks by assets at end-
2007.  Its core business is to provide banking services to
medium-sized trading companies and retail customers (notably
auto lending and mortgages).


EVRAZ GROUP: Declares US$4.20 Dividend per Share for 2007
---------------------------------------------------------
Evraz Group S.A.'s Board of Directors has recommended that the
annual general meeting of shareholders on May 15, 2008, approve
a final dividend of US$4.20 per common share, or US$1.40 per
GDR, in respect of the year ended Dec. 31, 2007, payable to
shareholders on the share register record date of May 14, 2008.

When added to the interim dividend this will make a total
dividend for the year of US$9.00 per common share, or US$3.00
per GDR.

                          About Evraz

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

                          *     *     *

As reported in the TCR-Europe on April 16, 2008, Moody's
Investors Service confirmed Evraz's Group's Ba2 corporate family
rating, the Ba2 rating for the Senior Notes due 2009 and the Ba3
rating for the Senior Notes due 2015.  Moody's also assigned a
(P) Ba3 rating to the proposed U.S. dollar notes to be issued by
Evraz Group S.A.  The outlook for the ratings was changed to
negative.

TCR-Europe also reported on April 16, 2008, that Fitch Ratings
has assigned Evraz Group S.A.'s prospective US$ notes issue an
expected senior unsecured 'BB' rating.  The expected rating is
in line with Evraz's 'BB' Long-term Issuer Default rating (IDR).  
Fitch also has affirmed Evraz's Long-term IDR and senior
unsecured ratings of 'BB' and Short-term IDR of 'B'.  

The ratings of Mastercroft Limited (Evraz's core subsidiary
holding most of its key operating assets within Russia) are also
affirmed at Long-term IDR 'BB' and Short-term IDR 'B', as is the
senior unsecured 'BB' rating of Evraz Securities S.A. The
Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs
are Stable.

As reported in the TCR-Europe on April 15, 2008, Standard &
Poor's Ratings Services assigned its 'BB-' senior unsecured debt
rating to the proposed U.S. dollar fixed-rate bond to be issued
by Evraz Group S.A. (BB-/Positive/--).


KAZANSKOE OJSC: Creditors Must File Claims by April 22
------------------------------------------------------
Creditors of OJSC Kazanskoe have until April 22, 2008, to submit
proofs of claim to:

         V. Petrochenko
         Insolvency Manager
         Office 509
         B. Khmelnitskogo Pr. 133
         Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-4974/07-14B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Kazanskoe
         Gotovye
         Krasnenskoe
         Belgorod
         Russia


KRASNOGVARDEYSKIY DIARY: Belgorod Bankruptcy Hearing Set July 2
---------------------------------------------------------------
The Arbitration Court of Belgorod will convene at noon on
July 2, 2008, to hear the bankruptcy supervision procedure on
OJSC Krasnogvardeyskiy Diary (TIN 3111000724).  The case is
docketed under Case No. A08-237/08-14B.

The Temporary Insolvency Manager is:

         Y. Ganzikov
         Post User Box 22
         308002 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Krasnogvardeyskiy Diary
         Lenina Str. 108
         Zasosna
         Krasnogvardeyskiy
         309926 Belgorod
         Russia


MAGNITOGORSK IRON: Earns RUR8.5 Billion for First Quarter 2008
--------------------------------------------------------------
OAO Magnitogorsk Iron and Steel Works registered RUR8.5 billion
in net profit on RUR52.3 billion in net revenues for first
quarter 2008, compared with RUR8.4 billion in net profit on
US$43.1 billion in net revenues for the same period in 2007.

             First Quarter 2008 Operation Highlights

    * crude steel production up 14% to 3.6 million tons compared
      to first quarter 2007;

    * commercial steel products output increased 12% to
      3.3 million tons, compared to first quarter 2007; and

    * a rise in product prices across the board compared to the
      end of 2007, including 22% for flat rolled products and
      23% for long products.

MMK expects domestic demand and global industry dynamics to
drive further price increases in second quarter 2008.

"In the first quarter of 2008 we have shown strong positive
financial and operational results," Victor Rashnikov, Chairman
of MMK’s Board of Directors said.  "These achievements were a
result of the company’s focus on high value added products, our
strong position in the growing domestic market and continuing
significant investments in advanced technology and equipment.

"Already this year we have made further significant steps toward
resource self-sufficiency through our strategic partnership with
coal producer Belon and the development of Prioskolsky iron ore
deposit.  Against a background of record steel prices and with a
strong outlook for the demand for our products in domestic and
export markets, we look forward with confidence to the year
ahead."

                     About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                          *     *     *

As of March 26, 2007, Magnitogorsk Iron and Steel Works carries
Moody's Investor's Service's Ba2 corporate family rating.
Moody's said the outlook for both ratings is stable.

Magnitogorsk Iron also carries BB Issuer Default and senior
unsecured ratings from Fitch Ratings, which said the Outlook is
Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's, which said the outlook is positive.


NIVA CJSC: Creditors Must File Claims by July 15
------------------------------------------------
Creditors of CJSC Niva (TIN 3119006044) have until July 15,
2008, to submit proofs of claim to:

         V. Krotov
         Temporary Insolvency Manager
         Room 23
         Promyshlennyj Pr. 3
         308023 Belgorod
         Russia
         Tel/Fax: (4722) 34-13-74

The Arbitration Court of Tambov will convene at 11:00 a.m. on
July 15, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A08-646/08-24B.

The Court is located at:

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

The Debtor can be reached at:

         V. Krotov
         Temporary Insolvency Manager
         Room 23
         Promyshlennyj Pr. 3
         308023 Belgorod
         Russia


PETROPAVLOVKA-AGRO-PROM-TEKHNIKA: Claims Filing Set April 22
------------------------------------------------------------
Creditors of OJSC Petropavlovka-Agro-Prom-Tekhnika have until
April 22, 2008, to submit proofs of claim to:

         A. Suvorov
         Temporary Insolvency Manager
         Post User Box 95
         394077 Voronezh-77
         Russia

The Arbitration Court of Voronezh will convene at 10:00 a.m. on
May 29, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A14-764-2008-7/
20b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Petropavlovka-Agro-Prom-Tekhnika
         Petropavlovka
         Voronezh
         Russia


RAZDOLYE LLC: Creditors Must File Claims by April 22
----------------------------------------------------
Creditors of LLC Razdolye have until April 22, 2008, to submit
proofs of claim to:

         A. Barinov
         Temporary Insolvency Manager
         Building 1
         Mira Pr. 68
         129110 Moscow
         Russia
         Tel: (495) 680-11-93

The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-62-4921/2008.

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         LLC Razdolye
         Lnozavod
         Pochinkovskiy
         216470 Smolensk
         Russia


REINFORCED-CONCRETE PRODUCTS-1: Claims Filing Set April 22
----------------------------------------------------------
Creditors of LLC Reinforced-Concrete Products-1 (TIN 3819013590)
have until April 22, 2008, to submit proofs of claim to:

         A. Vologzhin
         Insolvency Manager
         Post User Box 406
         S. Razina Str. 23
         Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-1713/08-8.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Reinforced-Concrete Products-1
         Korostova Str. 20
         Usolye-Sibirskoe
         Irkutsk
         Russia


SARBOYAN CJSC: Asset Sale Slated for April 30
---------------------------------------------
Ya. Gomerov, the insolvency manager and bidding organizer for
CJSC Sarboyan, will set a repeated public auction for the
company's properties at 10:00 a.m. on April 30, 2008.

The company has set a RUR2,197,575 starting price for the assets
on auction.

Interested participants have until April 25, 2008, to deposit an
amount equivalent to 5% of the starting price to:

         Settlement Account 40702810730000000936
         Correspondent Account 30101810200000000815
         TIN 5432110560
         KPP 543201001
         BIK 045004815
         OJSC CB Akcept
         Novosibirsk
         Russia

Bidding documents must be submitted to:

         Ya. Gomerov
         Novosibirsk
         Russia
         Tel: (8-383) 348-53-06, 217-42-04

The Debtor can be reached at:

         CJSC Sarboyan
         Uch-Balta
         Moshkovskiy
         Novosibirsk
         Russia


VIMPEL-COMMUNICATIONS: To Issue Notes to Repay Acquisition Debt
---------------------------------------------------------------
OJSC Vimpel-Communications plans to raise, subject to market and
other conditions, debt financing by the issuance of notes in the
international bond markets.  

The terms of the notes, including aggregate principal amount,
interest rate and maturity date, have yet to be determined.

The Company intends to use the net proceeds from the issuance in
part to refinance its existing bridge facility entered into in
connection with its acquisition of Golden Telecom, Inc.  The
offering of notes is currently anticipated to close during the
second quarter of 2008.

                         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.


VIMPEL-COMMUNICATIONS: Moody's Holds Ba2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the corporate family and
senior unsecured ratings of Open Joint Stock Company Vimpel-
Communication at Ba2.

Concurrently, Moody's assigned a provisional (P)Ba2 rating to
the proposed loan participation notes of VIP Finance Ireland
Limited, an orphan special purpose vehicle, created for the sole
purpose of issuing notes and on-lending proceeds to VimpelCom.
The amount and maturity are subject to the prevailing market
conditions during placement.  In the absence of guarantee from
the beneficiary of the Notes proceeds, credit recourse is
provided by the underlying loan agreement with VimpelCom.  The
loan evidencing the on-lending of the proceeds from the new
Notes will rank pari passu with all the existing senior
unsecured obligations of VimpelCom.  The rating outlook is
stable.

Upon a conclusive review of the transaction and associated
documentation, Moody's will assign a definitive rating to the
Notes issue.  A definitive rating may differ from a provisional
rating.

Net proceeds from the new notes offering will be used primarily
to re-finance the US$1.5 billion bridge loan maturing on Feb. 8,
2009, and for other corporate purposes including network
development and acquisitions or investments in existing
telecommunications operators within Russia, CIS and abroad.

Moody's notes that the consolidated leverage of VimpelCom group
(which also includes the fixed-line operator Golden Telecom,
Ba3, stable, acquired by VimpelCom earlier this year) may
increase up to 1.8x-1.9x (measured by Debt/EBITDA on an adjusted
basis) in 2008.  However, based on robust financial results for
year-end 2007, the rating agency believes that the company
enjoys sufficient headroom and financial flexibility to
accommodate the additional debt within the current rating
category.

Moody's positively notes the recent extension of VimpelCom's GSM
900/1800 mobile radio telephony licenses in 50 regions of the
Russian Federation, and the outstanding financial performance of
both VimpelCom and GTI in 2007.  Moody's also notes that the
operational profile of the consolidated company may
significantly strengthen following successful business processes
and network integration, thereby providing the company with
synergic opportunities in the field of infrastructure usage
optimisation, provision of comprehensive bundled services,
including Broadband, and improved market outreach.

VimpelCom's rating currently remains constrained by the
uncertainties pertaining to the integration process of the two
merged companies and the placement risk for the new bond issue.

VimpelCom is the second-largest Russian provider of mobile
telecommunications services, under the "Beeline" brand.  For the
year ended Dec. 31, 2007, the company generated US$7.2 billion
in revenue with a reported 50.2% operating income before
depreciation and amortization margin.


X5 RETAIL: Earns US$143.75 Million for Year Ended December 31
-------------------------------------------------------------
X5 Retail Group N.V. posted US143.75 million in consolidated net
profit on US$5.32 billion in consolidated net revenues for year
ended Dec. 31, 2007, compared with US$101.24 billion in
consolidated net profit on US$3.49 billion in consolidated net
revenues for year ended Dec. 31, 2006.

As of Dec. 31, 2007, X5 Retail had US$6.52 billion in total
assets, US$3.28 billion in total liabilities and US3.24 billion
in total shareholders' equity.

Net cash from operating activities totaled US$427 million on the
back of strong operating performance as well as working capital
improvement.

Net cash used in investing activities totaled US$899 million, as
the Company continued to add selling space and invested in its
distribution infrastructure development.

In total, X5 added 31% in net selling space during 2007.  The
total net selling area increased by 143,100 sq. m.  This takes
into account 3,600 sq. m. that were closed during the year
(8 soft discounters and 2 supermarkets) and includes stores
acquired through tactical M&A transactions.  Net addition of
stores totaled 249, of which 223 were in soft discount format,
23 were supermarkets and three were hypermarkets.

As a result, at Dec. 31, 2007, X5 operated 868 company-managed
stores -- consisting of 674 soft discounters, 179 supermarkets,
14 compact hypermarkets and one full-size hypermarket store --
with the total net selling space of 609,200 sq. m.

Net cash from financing activities amounted to US$470 million as
the Company raised funds to finance its capital expenditure
program.

During 2007 X5 optimized its debt portfolio and as a result
decreased its cost of funding and improved its debt structure.  
The steps undertaken by the Company in 2007 to optimize its debt
portfolio included ruble debt restructuring whereby X5 replaced
three outstanding bonds previously issued by Pyaterochka and
Perekrestok in the total amount of RUR6 billion with one seven-
year bond (puttable in three years) with an interest of 7.6% and
a notional amount of RUR9 billion (US$352 million).

"Our strong operational performance in 2007, supported by
rigorous working capital management, resulted in healthy cash
flow generation, enabling the Company to finance almost half of
its capital expenditure program from its own resources," Evgeny
Kornilov, X5 Retail Group CFO, commented.  "These results also
provide a solid foundation for the implementation of our
ambitious expansion program throughout 2008 and beyond".

                        About X5 Retail

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

                          *     *     *

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

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


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


AYT GOYA: S&P Rates EUR3.4 Million Notes at BB
----------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the mortgage-backed floating-rate notes to be
issued by AyT GOYA Hipotecario II, Fondo de Titulizacion de
Activos, a special-purpose entity incorporated in Spain.
  
This will be Barclays Bank S.A.'s 18th RMBS securitization of
mortgage loans in Spain (including four transactions for Banco
Zaragozano before its merger with Barclays Bank S.A.).
  
In this transaction, Barclays Bank S.A., a subsidiary of
Barclays Bank PLC, will act as originator, servicer, and paying
agent.  The swap counterparty will be the Spanish branch of
Barclays Bank PLC.
  
The mortgage loans providing the collateral for the transaction
are "Certificados de Transmisión Hipotecaria" (CTHs). These
loans are mainly originated in Madrid, Andalucía, and Catalonia,
and could be used for any purpose.
  
The fund will acquire a group of mortgage loans held by Barclays
Bank S.A. granted to individuals domiciled in Spain. Barclays
Bank S.A. will issue the CTHs and the issuer will subscribe to
them. AyT GOYA II will then finance its purchase of the CTHs by
issuing the notes.
  
                        Ratings List
  
   AyT GOYA Hipotecario II, Fondo de Titulizacion de Activos
     EUR1.365 Billion Mortgage-Backed Floating-Rate Notes
  
              Class          Prelim.        Prelim.
                             rating         amount (Mil. EUR)
  
              A              AAA            1,300.15
              B              A                 40.95
              C              BBB               20.50
              D              BB                 3.40


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


CHERNOVCY AGRICULTURAL: Proofs of Claim Deadline Set May 2
----------------------------------------------------------
Creditors of OJSC Chernovcy Agricultural Machine (code EDRPOU
00901720) have until May 2, 2008, to submit proofs of claim to:
         
         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company on Feb. 19, 2008.  The case is docketed
as 5/66/B.
The Debtor can be reached at:

         OJSC Chernovcy Agricultural Machine
         Zelenaya Str. 5
         58000 Chernovcy
         Ukraine


EPAS LLC Proofs of Claim Deadline Set May 2
-------------------------------------------
Creditors of LLC Epas (code EDRPOU 31385336) have until
May 2, 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
supervision procedure on the company on Jan. 25, 2008.  The case
is docketed as B 26/25-08.

The Debtor can be reached at:

         LLC Epas
         Dzerzhynsky Avenue 31
         Krivoy Rog
         50007 Dnipropetrovsk
         Ukraine


KASKAD LLC: Creditors Must File Claims by May 2
-----------------------------------------------
Creditors of LLC Kaskad (code EDRPOU 13498763) have until
May 2, 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 on March 13, 2008, after finding it
insolvent.  The case is docketed as 45/166b.

The Debtor can be reached at:

         LLC Kaskad
         Artem Str. 86
         83050 Donetsk
         Ukraine


PAVLORAD MANAGEMENT 417: Proofs of Claim Deadline Set May 2
-----------------------------------------------------------
Creditors of CJSC Pavlorad Specialized Management 417 (code
EDRPOU 01416843) have until May 2, 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
supervision procedure on the company on Feb. 28, 2008.  The case
is docketed as B 40/20-08.

The Debtor can be reached at:

         CJSC Pavlorad Specialized Management 417
         Krylov Str. 25
         Pavlograd
         Dnipropetrovsk
         Ukraine
         

PESCHANKA MOVABLE 79: Creditors Must File Claims by May 2
---------------------------------------------------------
Creditors of (code EDRPOU 30067504) have until May 2, 2008, to
submit proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on March 18, 2008, after finding it
insolvent.

The Debtor can be reached at:

         Peschanka Specialized Movable Column 79
         Nekrasov Str. 51
         Peschanka
         Vinnica
         Ukraine


PROGRESS LLC: Creditors Must File Claims by May 2
-------------------------------------------------
Creditors of LLC Progress (code EDRPOU 30825102) have until
May 2, 2008, to submit proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on March 6, 2008.
The case is docketed as 3/29b.

The Debtor can be reached at:

         LLC Progress
         Lenin Str. 8
         Nikonovna
         Berdichev District
         Zhytomir
         Ukraine


STAKHANOV RUBBER: Creditors Must File Claims by May 2
-----------------------------------------------------
Creditors of OJSC Trading House Stakhanov Plant of Mechanical
Rubber Goods (code EDRPOU 00178732) have until May 2, 2008, to
submit proofs of claim to

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on March 21, 2008, after finding it
insolvent.  The case is docketed as 19/84b.

The Debtor can be reached at:

         OJSC Trading House Stakhanov Plant of
         Mechanical Rubber Goods
         8th of March Str. 1
         Stakhanov
         94012 Lugansk
         Ukraine


TRADEIMPEKS LTD: Proofs of Claim Deadline Set May 2
---------------------------------------------------
Creditors of LLC Tradeimpeks Ltd. (code EDRPOU 31175282) have
until May 2, 2008, to submit proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on Feb. 28, 2008.  The case is docketed
as 18/33.

The Debtor can be reached at:

         LLC Tradeimpeks Ltd.
         Polovko Str. 62
         36000 Poltava
         Ukraine


YABLONEVKA-AGRO LLC: Creditors Must File Claims by May 4
--------------------------------------------------------
Creditors of LLC Yablonevka-Agro (code EDRPOU 32745710) have
until May 4, 2008, to submit proofs of claim to

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 20, 2008, after finding it
insolvent.  The case is docketed as 10/893.

The Debtor can be reached at:

         LLC Yablonevka-Agro
         Shevchenko Str. 2
         Yablonebka
         Lisiansky District
         Cherkassy
         Ukraine


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


AMR CORP: Posts US$328 Million Net Loss in First Quarter of 2008
----------------------------------------------------------------
AMR Corporation, the parent company of American Airlines, Inc.,
reported net loss of US$328 million for the first quarter of
2008.  The current quarter results compare to a net profit of
US$81 million for the first quarter of 2007.  

Record jet fuel prices contributed significantly to the
company's loss in the first quarter of 2008.  The company paid
US$665 million more for fuel in the first quarter of 2008 than
it would have paid at prevailing prices from the prior-year
period.  AMR paid US$2.74 per gallon for jet fuel in the first
quarter compared to US$1.85 a gallon in the first quarter of
2007, a 48% increase.

"The first quarter proved yet again that fuel prices remain one
of the biggest threats to our industry and our company, and we
also can't ignore the ongoing concerns about the U.S. economy
and the potential impact on travel demand," AMR Chairman and CEO
Gerard Arpey said.  

"Clearly, it has been a challenging start to 2008, and I want to
take this time to again apologize to our customers who were
inconvenienced by our recent cancellations and also thank all of
our employees who worked tirelessly through difficult weather
and maintenance challenges to take care of our customers.  While
our first quarter financial results were disappointing, through
our hard work in recent years to contain costs and strengthen
our balance sheet and liquidity we are better positioned to
withstand today's uncertainty.  However, we also recognize that
we have a lot more hard work ahead of us and that our efforts
must be ongoing," he said.

Mr. Arpey noted that the company is taking numerous steps to
address the challenging circumstances that it faces, including
its recent hiring freeze for management and support staff and
the announcements that AMR is making additional reductions to
its 2008 capacity plan and is accelerating the replacement of
its MD-80 fleet with more efficient Boeing 737-800s.  Mr. Arpey
also reiterated AMR's commitment to continue to work with the
FAA to demonstrate the company's ongoing commitment to safety
and compliance with the FAA's directives.

AMR's planned divestiture of its regional carrier, American
Eagle, also continues to move forward, Mr. Arpey said.

                      Operational Performance

AMR reported first quarter consolidated revenues of
approximately US$5.7 billion, an increase of 5.0% year over
year.  AMR estimates that weather and maintenance cancellations
reduced first quarter consolidated revenue by approximately
US$75 million to US$80 million.  American's mainline passenger
revenue per available seat mile (unit revenue) increased by 6.5%
in the first quarter compared to the year-ago quarter.

Mainline capacity, or total available seat miles, in the first
quarter decreased by 1.5% compared to the same period in 2007.  
The year-over-year decrease in capacity was largely the result
of higher-than-anticipated weather cancellations, pilot early
retirements, and maintenance cancellations.

American's mainline load factor -– or the percentage of total
seats filled -– was a record 79.1% during the first quarter,
compared to 78.1% in the first quarter of 2007.  American's
first-quarter yield, which represents average fares paid,
increased 5.1% compared to the first quarter of 2007, its 12th
consecutive quarter of year-over-year yield increases.

American's mainline cost per available seat mile (unit cost) in
the first quarter increased 15.8% year over year.  The largest
contributor to the year-over-year increase in unit costs in the
first quarter of 2008 was fuel.  Excluding fuel, mainline unit
costs in the first quarter of 2008 increased by 3.3% year over
year.

As part of its efforts to improve the cost and fuel efficiency
of its fleet, as well as lessen the company's impact on the
environment, AMR provided an update on its plans to replace MD-
80 aircraft with 737-800s.  The company expects to take delivery
of a total of 34 737-800 aircraft in 2009 and 36 737s in 2010.  
Of these, the company has firm commitments in place for 27 737s
to be delivered in 2009 and three 737s to be delivered in 2010.  
This compares to the company's fleet renewal update in January,
when it said that it had firm commitments to take delivery of 23
737s in 2009.

                        Balance Sheet Update

Mr. Arpey noted that the company's efforts to strengthen its
balance sheet in recent years have better positioned AMR to face
the current industry challenges.

AMR ended the first quarter with US$4.9 billion in cash and
short-term investments, including a restricted balance of US$426
million, compared to a balance of US$5.9 billion in cash and
short-term investments, including a restricted balance of US$471
million, at the end of the first quarter of 2007.  The year-
over-year decrease in the company's cash and short-term
investment balance is primarily related to AMR's total debt
payments of approximately US$2.3 billion in 2007, including
prepayment of approximately
US$1 billion.

AMR's Total Debt, which it defines as the aggregate of its long-
term debt, capital lease obligations, the principal amount of
airport facility tax-exempt bonds, and the present value of
aircraft operating lease obligations, was US$15.2 billion at the
end of the first quarter of 2008, compared to US$17.5 billion at
the end of the first quarter of 2007.  AMR's Net Debt, which it
defines as Total Debt less unrestricted cash and short-term
investments, was US$10.7 billion at the end of the first quarter
of 2008, compared to US$12.2 billion at the end of the first
quarter of 2007.

As a result of scheduled principal payments as well as
prepayments, refinancings and other efforts to strengthen its
balance sheet, AMR's net interest expense in the first quarter
of 2008 was US$23 million lower than in the year-ago period, a
14% reduction.

AMR contributed US$25 million to its employees' defined benefit
pension plans in the first quarter and made an additional
contribution of US$50 million on April 15. AMR has contributed
more than US$2 billion to its employee defined benefit pension
plans since the beginning of 2002.

                  About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc. -
- http://www.aa.com/-- a worldwide scheduled passenger airline.
At the end of 2006, American provided scheduled jet service to
about 150 destinations throughout North America, the Caribbean,
Latin America, Europe and Asia, including Belgium, Brazil,
Japan, among others.  American is also a scheduled airfreight
carrier, providing freight and mail services to shippers
throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                       *     *     *

AMR Corp. continues to carry Fitch Ratings' 'B-' Issuer Default
Ratings with a Positive Outlook.


AMR CORP: Selling Asset-Management Subsidiary for US$480 Million
----------------------------------------------------------------
AMR Corporation, the parent company of American Airlines, Inc.,
reached a definitive agreement to sell American Beacon Advisors,
Inc., its wholly owned asset-management subsidiary, to
Lighthouse Holdings, Inc., which is owned by investment funds
affiliated with Pharos Capital Group, LLC and TPG Capital, two
private equity firms.  AMR will receive total consideration of
approximately US$480 million.  

While primarily a cash transaction, AMR will retain a minority
equity stake in the business.  AMR expects to close the sale
this summer subject to satisfactory completion of customary
closing conditions as well as the approval of the Board of
Trustees of the American Beacon family of mutual funds,
shareholders of the American Beacon family of mutual funds, and
consents from other American Beacon clients.

AMR, which has been engaged in an ongoing strategic value review
process related to certain businesses under the AMR umbrella,
believes that the sale is in the best interests of AMR and its
shareholders and will benefit American Beacon, its employees,
customers and other stakeholders.  The sale is intended to allow
AMR and its shareholders to recognize the full value of American
Beacon while allowing AMR to focus on its core airline business.  
American Beacon currently provides a number of services for AMR
and its affiliates, including cash management for AMR and
investment advisory services and investment management services
for American's pension, 401(k) and other health and welfare
plans.

AMR anticipates that it will continue its relationships with
American Beacon after the closing.  However, to ensure that
continuing relationships between American Beacon and American's
pension, 401(k) and other health and welfare plans after closing
satisfy the fiduciary duties and other rules that apply to these
plans, an independent third party has been engaged to review and
approve any such continuing relationships.

In addition to currently providing these investment management
services and asset oversight services to AMR, American Beacon
currently serves as the investment manager of the American
Beacon Funds, a family of mutual funds with both institutional
and retail shareholders, and provides customized fixed income
portfolio management services.  Subject to the approval of the
shareholders of the American Beacon family of mutual funds, it
is anticipated that American Beacon will continue to be
investment manager for the mutual funds.

American Beacon Advisors has consistently grown since its
creation in 1987, adding new products and growing average assets
under management to $65 billion in 2007.  For 2007, on a
separate company basis, American Beacon's gross revenue was $101
million and income before income taxes was approximately $48
million, both of which increased approximately 40% over 2006.

"The decision comes after a careful evaluation of the strategy
that we believe will deliver the most value to our shareholders
and create the ownership structure that makes the most sense for
American Beacon," AMR Chairman and CEO Gerard Arpey said.  "What
started out more than 20 years ago as a smart way to manage
AMR's benefit plans and cash has evolved and grown significantly
into a successful financial management and advisory firm that is
fully capable of standing on its own and is well positioned to
pursue further growth opportunities outside of AMR."  Mr. Arpey
added that AMR is looking forward to engaging American Beacon
for cash management services after the transaction closes and
will remain actively engaged with American Beacon through a 10%
ownership interest.

"Pharos and TPG believe that the asset management business is a
robust  sector, in which American Beacon is a strong leader,
with an outstanding, 20-year track record of performance in
multiple asset classes across a variety of investment cycles,"
Kneeland Youngblood, co-founder and managing partner of Pharos
Capital, said.  "We look forward to working with the American
Beacon team and TPG to fully leverage its strengths into
industry-leading growth as well as continuing its superior
customer service and performance.  And, we welcome the
opportunity to work with AMR not only as a significant client,
but also as a long-term partner."

"Having significantly grown our third-party revenue over the
past several years, we believe the timing of the divestiture is
just right for our company, our customers and our employees,"
American Beacon Advisors Chairman William F. Quinn said.  "We're
looking forward to focusing on growing our core business, while
continuing to serve the needs of our customers and building on
our successful history under a new ownership structure.  Our
management team and employees are excited about the many
opportunities that this transaction will present to American
Beacon, and our customers can rest assured that we intend to
provide the same high level of service and expertise that they
have come to expect from American Beacon in the past."

Credit Suisse advised AMR on the transaction and Rothschild Inc.
continues to advise AMR in its ongoing strategic value review.  
Merrill Lynch & Co. acted as exclusive financial advisor to
Pharos Capital and TPG Capital.

                  About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc. -
- http://www.aa.com/-- a worldwide scheduled passenger airline.
At the end of 2006, American provided scheduled jet service to
about 150 destinations throughout North America, the Caribbean,
Latin America, Europe and Asia, including Belgium, Brazil,
Japan, among others.  American is also a scheduled airfreight
carrier, providing freight and mail services to shippers
throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                       *     *     *

AMR Corp. continues to carry Fitch Ratings' 'B-' Issuer Default
Ratings with a Positive Outlook.


BAA LIMITED: British Airways May File Lawsuit over Terminal Five
----------------------------------------------------------------
British Airways Plc will ask its lawyers to examine a
compensation claim against BAA Ltd. over the Terminal 5 opening
fiasco, Tracy Alloway writes for Bloomberg News citing Chief
Executive Officer Willie Walsh.

Mr. Walsh blamed BAA for T5's "disappointing" opening on
March 27, 2008, when British Airways was forced to cancel 12
days of flights after baggage-handling system broke down and
airline employees were stuck in car parks and at security
checkpoints, Bloomberg News relates.

British Airways lost around GBP16 million over the T5 fiasco,
Mr. Walsh told Bloomberg News.  He said that that any claim
might be complicated by fact that the carrier pays BAA for its
services primarily through landing charges.

Mr. Walsh said the carrier originally planned to start shifting
flights to T5 on April 30, 2008, and complete the switch on the
same day.  The opening fiasco, however, forced British Airways
to move the date to June 5, 2008, and complete the switch in
October.

BAA told Bloomberg News that while it expects legal issues to
arise over T5, its main focus is to work with British Airways to
improve operations at the newly opened terminal.

                    About British Airways

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

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

                         About BAA Ltd.

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

                           *     *     *

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


BRITISH AIRWAYS: May File Lawsuit vs BAA over Terminal Five
-----------------------------------------------------------
British Airways Plc will ask its lawyers to examine a
compensation claim against BAA Ltd. over the Terminal 5 opening
fiasco, Tracy Alloway writes for Bloomberg News citing Chief
Executive Officer Willie Walsh.

Mr. Walsh blamed BAA for T5's "disappointing" opening on
March 27, 2008, when British Airways was forced to cancel 12
days of flights after baggage-handling system broke down and
airline employees were stuck in car parks and at security
checkpoints, Bloomberg News relates.

British Airways lost around GBP16 million over the T5 fiasco,
Mr. Walsh told Bloomberg News.  He said that that any claim
might be complicated by fact that the carrier pays BAA for its
services primarily through landing charges.

Mr. Walsh said the carrier originally planned to start shifting
flights to T5 on April 30, 2008, and complete the switch on the
same day.  The opening fiasco, however, forced British Airways
to move the date to June 5, 2008, and complete the switch in
October.

BAA told Bloomberg News that while it expects legal issues to
arise over T5, its main focus is to work with British Airways to
improve operations at the newly opened terminal.

                         About BAA Ltd.

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

                     About British Airways

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

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

                        *     *     *

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


CONSORT HOMES: Appoints Joint Administrators from KPMG
------------------------------------------------------
The directors of Consort Homes appointed Mark Firmin, Richard
Fleming and Blair Nimmo of KPMG LLP joint administrators over
the main companies within the group on April 16, 2008.

"Since the onset of the credit crunch, market conditions have
been difficult and the group has been a victim of the slow-down
in the housing sector," Mark Firmin disclosed.

"The reduction in activity in this sector is due to the
combination of a lack of consumer confidence in the property
market and the limited access to mortgage funds for prospective
purchasers," Mr. Firmin added.

"We will be writing to all affected parties, including
contractors and customers, advising them of the situation while
we review the options for the business," Mr. Firmin said.

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

Headquartered in Leeds, England, Consort Homes --
http://www.consorthomes.co.uk/-- is a privately owned house  
builder.  It employs 46 people, largely in management, sales and
administrative roles.  The company has turnover of GBP22 million
and has ten active development sites, all in Yorkshire and
Scotland.


CREAM COMPUTERS: To Undergo Liquidation
---------------------------------------
Cream Computers UK is set to undergo liquidation, CRN reports.  
The decision, CRN adds, follows a meeting of creditors held last
April 17, 2008.

Cream Computers UK -- http://www.creamcomputers.com/-- is a  
hardware and software products supplier.


DRINKS GROUP: Taps Liquidators from Vantis Business Recovery
------------------------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint liquidators of The Drinks
Group Ltd. on April 8 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


FORD MOTOR: Court Okays Ford Explorer Class Action Settlement
-------------------------------------------------------------
Judge David De Alba of the Superior Court of California,
Sacramento County, ended seven years of litigation on Tuesday,
April 15, 2008, when he approved the Ford Explorer class action
settlement and found that it was fair, reasonable, and adequate.  
This approval means that California, Illinois, Connecticut, and
Texas consumers who bought, owned or leased 1991-2001 model year
Ford Explorers can get benefits from the settlement.  Consumers
must act by April 29, 2008, to get benefits, which include
discount certificates worth US$500 toward the purchase or lease
of a new Ford Explorer or US$300 toward the purchase or lease of
any other new Ford, Lincoln, or Mercury.

To qualify for discount certificates, those included must fill
out and submit a claim form by April 29, 2008.  Claim forms are
available at http://www.ExplorerClaims.comor by calling 1-866-
833-7918.

The settlement includes all persons who fall within any of the
following groups:

People and entities who bought, owned or leased new or used
1991-2001 model year Ford Explorers in California between 1990
and August 9, 2000, and who either (a) currently own or lease
the vehicle(s) or (b) sold or whose lease for such vehicle(s)
expired or otherwise terminated after August 9, 2000; and who
resided in California on March 16, 2006.

All residents of Illinois on September 27, 2004, who purchased,
owned or leased, at any time between 1990 and September 27,
2004, Ford Explorers, model years 1991 through 2001, that are or
were equipped with Firestone ATX, ATX II, or Wilderness tires.

All persons who owned or leased 1991-2001 model year Explorers
in Texas or Connecticut on August 9, 2000, and who were
residents of Texas or Connecticut as of December 5, 2007.

More information is available at http://www.ExplorerClaims.com  
or by calling, toll-free, 1-866-833-7918.

                        About Ford Motor

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

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

                          *     *     *

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

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


IDMOS PLC: Brings In Administrators from Ernst & Young
------------------------------------------------------
IDMoS Plc appointed Colin Dempster and Andrew Davison of Ernst &
Young LLP as joint administrators on April 16, 2008, after the
board has taken advice and no longer believe that the company is
in a position to continue its commercial operations.  

The administrators will seek to find a buyer for the business
and assets including the Cariescan product and underlying
technology.

The company's nominated advisor, Nomura Code Securities Limited
has terminated its existing contract with the company, effective
April 16, 2008.

The board of IDMos Plc confirmed that the offer discussions
relating its announcement on Feb. 20, 2008, was terminated after
parties were unable to reach an agreement.

The company announced on Feb. 8, 2008, that it was contemplating
a range of transactions with a private, profitable company, the
company's directors have identified a number of potential
opportunities to release value for the company's shareholders.

The directors are actively pursuing all such opportunities
including seeking buyers for the entire issued shared capital of
the company, although there can be no certainty that an offer or
any other transaction will be forthcoming.

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

Headquartered in Dundee, England, IDMoS plc --
http://www.idmos.com/-- is engaged in research, development and
commercialisation of its disease detection and monitoring
technology. Its major products include CarieScan and CarieScan
Plus.


JACKSTONE FROSTER: Brings In Liquidators from Tenon Recovery
------------------------------------------------------------
T. J. Binyon and D. R. Beat of Tenon Recovery were appointed
joint liquidators of Jackstone Froster Ltd. on April 7 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


LUNEDI LTD: Calls In Liquidators from Tenon Recovery
----------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Lunedi Ltd. (t/a Caffe Zonzo) on
April 4 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


MARBLE ARCH: Moody's Cuts Rating on GBP25.2 Million Notes to B2
---------------------------------------------------------------
Moody's Investors Service downgraded three classes of notes
issued by Marble Arch Residential Securitization No. 4 plc:

   -- Class D1a notes, EUR20.7 Million, Current Rating Baa1,
      downgraded to Baa3;

   -- Class D1c notes, GBP26 Million, Current Rating Baa1,
      downgraded to Baa3;

   -- Class E1c notes, GBP25.2 Million, Current Rating Ba1,
      downgraded to B2.

The rating action was prompted by worse-than-expected
performance of the underlying loan portfolio.  The performance
of the transaction is materially deviating from U.K. Non-
conforming market averages and, at 18 months since issuance,
delinquent loans in the 90+ days bucket correspond to 10.80% of
current balance, outstanding unsold repossession rate is at
present 4.13% of current balance and 0.34% cumulative losses of
original pool balance have been realised.  The base margin of
Detachable Coupon has also increased from 1.00% to 1.95% in the
last Interest Payment Date.  It will further step up to 2.25%
until December 2009 or Class A3c notes are paid down fully.

Due to the rise in losses and step up of Detachable Coupon, the
reserve fund has to be drawn by 1.34% or GBP169,112.38 to cover
the losses in last interest payment date.

Next to reviewing the performance indicators, Moody's assessed
updated loan-by-loan information of the outstanding portfolio to
determine the increase in credit support needed and the
volatility of future losses.  Taking into account the current
amount of realised losses and completing a roll-rate and
severity analysis for the non-defaulted portion of the
portfolio, Moody's has adjusted its loss expectations for this
portfolio to 3-3.5% of the original balance, which includes the
losses realised so far.

The rating action takes into account protection provided by the
performance triggers and structural features.  The reserve fund
is currently equal to 2.60% of current balance and it cannot
amortise until it is fully replenished to its target balance.
The transaction is currently paying sequential, and it will not
pay pro rata unless the reserve fund is replenished to its
required amount.

Marble Arch Securities No. 4 plc closed in October 2006. In this
transaction, the Originators (Matlock Bank Ltd, trading as
London Mortgage Company or London Personal Loans; Langersal No.
2 Limited (formerly called London Personal Loans Limited),
Southern Pacific Mortgage Limited ,trading as London Mortgage
Company; and Southern Pacific Personal Loans Limited, trading as
London Personal Loans) securitized a portfolio of 4,388 first
ranking mortgage loans and 11,817 second ranking mortgage loans
secured on residential properties located in England and Wales,
for an overall amount of GBP 839,999,706.  The pool has
amortized to a current pool factor of 56.9%, and second ranking
mortgages account for 21.7% of the current mortgage pool.  
Capstone is the primary servicer of the transaction and sub-
delegates the servicing to Vertex.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


MARSHALL GROVES: Creditors' Meeting Slated for April 23
-------------------------------------------------------
Creditors of Marshall Groves Ltd. (Company Number 05124354) will
meet at 2:00 p.m. on April 23, 2008 at:

          Kelham House
          Kelham Street
          Doncaster  
          DN1 3RE
          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.  


MASONITE INT'L: S&P Puts B Credit Ratings on CreditWatch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit and 'BB-' senior secured debt ratings on
Masonite International Inc. on CreditWatch with
negative implications.  S&P also placed the 'B' long-term
corporate credit ratings on its subsidiaries, Masonite
International Corp. and Masonite U.S. Corp., on CreditWatch with
negative implications.

"We base this CreditWatch placement on our expectation that
Masonite will breach covenants on its senior secured credit
facility during 2008, as financial tests tighten amid declining
profitability and the company's persistently heavy debt burden,"
said Standard & Poor's credit analyst Donald Marleau.  As such,
liquidity will become problematic, compelling Masonite to
negotiate relief or arrange other sources of short-term funding,
particularly as seasonal working capital swings consume cash in
late 2008 and early 2009.

Although interior/exterior door producer Masonite had US$42
million in cash on hand at Dec. 31, 2007, and could draw about
US$310 million from its US$350 million revolver, availability
will decline sharply in 2008 as financial covenants constrain
access.  Having said that, any potential liquidity constraints
Masonite might face are alleviated significantly by its
modest capital expenditures and maturities of only US$21 million
through 2008.

Masonite's leverage per the covenant calculation stood at 6.03x
at Dec. 31, 2007, and the maximum leverage allowed under the
credit agreement will tighten to 6.8x from 7.0x as of July 1,
2008, and again to 6.5x as of Oct. 1, 2008.  Masonite's interest
coverage as calculated for covenant purposes stood at 1.91x at
Dec. 31, 2007, compared with a covenant minimum of 1.65x, which
will tighten to 1.75x on Oct. 1, 2008.
     
The CreditWatch will be resolved once Masonite's liquidity
resources are solidified.  The current ratings incorporate our
expectation that Masonite will maintain adequate liquidity
through difficult conditions in the next few quarters, although
Standard & Poor's would likely lower the ratings if the company
is unable to shore up its access to cash.  Moreover, we could
lower the ratings one notch if EBITDA interest coverage falls
significantly below 1x for more than two quarters because of any
combination of worsening profitability or higher borrowing costs
stemming from higher debt or negotiated arrangements
with lenders.


MEDWAY FOODS: Creditors' Meeting Slated for April 30
----------------------------------------------------
Creditors of Medway Foods Ltd. (Company Number 05649850) will
meet at 11:30 a.m. on April 30, 2008 at:

          Chaucer Hotel
          63 Ivy House
          Canterbury  
          CT1 1TU
          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:

          Lee Antony Manning
          Joint Administrator
          Deloitte & Touche LLP
          Athene Place
          66 Shoe Lane
          London  
          EC4A 3BQ
          England

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.  


MW RETAIL: Liquidation Proceedings Confirmed by Harrisons
---------------------------------------------------------
Paul Walker, a Harrisons partner, confirmed that MW Retail Ltd.
has gone into liquidation, the Hereford Times reports.  The
company, which went into liquidation on April 14, had previously
closed four shops.

The shops are De Koffie Pot, Patisserie and Bakery,
Delicatessen, and Giovanni's Ice Cream Parlour, the Hereford
Times adds.   


NIELD GROUP: Taps Joint Administrators from Deloitte & Touche
-------------------------------------------------------------
William Kenneth Dawson and Ian Brown of Deloitte & Touche LLP
were appointed April 11, 2008, joint administrators of:

   -- Nield Group Ltd. (Company Number 00831398);
   -- AFT International Ltd. (Company Number 02875150);
   -- Health & Beauty Sales Ltd. (Company Number 03138621);
   -- Tomintoul Logistics Ltd. (Company Number 04299201);
   -- Nield (M/CR) Ltd. (Company Number 02767867); and
   -- Consumers Choice Ltd. (Company Number 03048630).

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.

The company can be reached at:

          Nield Group Ltd.
          PO Box 500
          2 Hardman Street
          Manchester
          M60 2AT
          England


OAKENMOOR LTD: Claims Filing Period Ends May 19
-----------------------------------------------
Creditors of Oakenmoor 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:

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

Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of the company on April 11, 2008 by
resolutions of members and creditors.


PENTA GLASS: Brings In Administrators from KPMG
-----------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Penta Glass Processing Ltd.
(Company Number 06030495) on April 8, 2008.

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

The company can be reached at:

          Penta Glass Processing Ltd.  
          Unit 17
          Wright Business Park
          Carr Hill
          Doncaster
          South Yorkshire
          DN4 8DE
          England


QUASER SPORTS: Appoints KPMG to Administer Assets
-------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Quaser Sports Ltd. (Company
Number 03898984) on April 11, 2008.

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

The company can be reached at:

          Quaser Sports Ltd.
          23 George Lane
          Read
          Burnley
          Lancashire
          BB12 7RQ
          England


RING BY DESIGN: Hires Liquidators from Tenon Recovery
-----------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Ring By Design Ltd. on
March 27 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England


SERENDIPITY ENTERPRISES: Brings In Deloitte as Administrators
-------------------------------------------------------------
Richard Michael Hawes and Stephen Anthony John Ramsbottom of
Deloitte and Touche LLP were appointed joint administrators of
Serendipity Enterprises Ltd. (Company Number 2920065) on April
4, 2008.

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

The company can be reached at:

          Serendipity Enterprises Ltd.
          Warren House
          The Salterns
          Tenby
          Pembrokeshire
          SA70 7NJ
          Wales


SHAW GROUP: Moody's Lifts Ratings to Ba1 on Strong Performance
--------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of The Shaw Group, Inc. to Ba1 from Ba2.

In addition, Moody's raised the rating on the company's senior
secured bank credit facility to Ba1 from Ba2.  This action
completed the review for upgrade initiated on Feb. 15, 2008.  
The rating outlook is stable.

The ratings upgrade reflects SGR's continued organic growth,
increasing backlog, improving operating margins, strong cash
generation and solid liquidity profile.  In addition, the
upgrade reflects Moody's view that SGR has established itself as
a leading service provider to the nuclear, coal-fired and gas-
fired power generation market, in terms of its engineering,
procurement, construction and maintenance of new and existing
power plants.  As a result, the company should benefit from
increasing global power consumption and growing infrastructure
demands.  Further, the rating acknowledges the success SGR has
demonstrated by executing on the majority of its contracts
despite its rapidly growing project portfolio and employee pool.

The stable outlook anticipates significant top-line growth,
steady margins and volatility in cash flows, due to project-
based working capital requirements.  Moody's expects substantial
increases in backlog reflecting the growth in the Fossil and
Nuclear business, however anticipates that the new contracts for
power plants will take longer to complete thus extending the
backlog.  Moody's does not anticipate that SGR will be required
to borrow under its credit facility, absent a material
acquisition, and expects the company to maintain substantial
cash balances.  Further, the stable outlook incorporates Moody's
view that SGR will continue to make substantive progress in
completing the process it has initiated to fully address its
material weaknesses under Section 404 of the Sarbanes-Oxley act.

These ratings were upgraded:

   -- Corporate Family Rating, Upgraded to Ba1 from Ba2;

   -- Probability of Default Rating, Upgraded to Ba1 from Ba2;

   -- Senior Secured Bank Credit Facility, Upgraded to Ba1
      (LGD3, 43) from Ba2 (LGD3, 42).

The Shaw Group, Inc., located in Baton Rouge, Louisiana, is
diversified engineering, technology, construction, fabrication,
environmental and industrial services organization.  Revenues
for the twelve months ending Feb. 28, 2008 were US$6.6 billion.


SOLO CUP: Turnaround Cues S&P to Lift Ratings by One Notch
----------------------------------------------------------
Standard & Poor's Ratings Services raised all its ratings on
Solo Cup Co. by one notch and removed them from CreditWatch
where they had been placed with positive implications on Oct.
24, 2007.  The corporate credit rating was raised to 'B-' from
'CCC+'.  The outlook is stable.
     
At the same time, S&P assigned a recovery rating of '6' to the
company's subordinated debt.  The 'CCC' subordinated debt rating
and recovery rating of '6' indicate S&P's expectations for
negligible (0% to 10%) recovery for subordinated debtholders in
a payment default.
      
"The upgrade reflects management's successful turnaround of
operations via various initiatives and significant debt
reduction with asset sale proceeds," said Standard & Poor's
credit analyst Cynthia Werneth.
     
Importantly, S&P believe that with improving operating
performance and continued modest debt reduction, the company has
a reasonable chance of remaining in compliance with increasingly
restrictive covenants in its bank credit facilities during the
next several quarters.  S&P also note that the improving
financial trends are likely to facilitate a more favorable
renegotiation of these covenants, if necessary.
     
At Dec. 30, 2007, total adjusted debt was about US$965 million.  
S&P adjust debt to include about US$200 million of capitalized
operating leases and US$10 million of after-tax unfunded
postretirement liabilities.  Although debt leverage has
declined, it remains aggressive, above 6x on an adjusted basis.
     
With annual revenues from continuing operations of about
US$2.1 billion, Highland Park, Illinois-based Solo is one of the
largest providers of disposable paper and plastic cups, plates,
and cutlery to foodservice distributors, quick-service
restaurants, and retailers in the U.S.

                    About Solo Cup Company

Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable foodservice
products for the consumer and retail, foodservice, packaging,
and international markets.  Solo Cup has broad expertise in
plastic, paper, and foam disposables and creates brand name
products under the Solo, Sweetheart, Fonda, and Hoffmaster
names.  The company was established in 1936 and has a global
presence with facilities in Asia, Canada, United Kingdom,
Mexico, Panama and the United States.

                        *    *    *

As reported in the Troubled Company Reporter-Europe on
Oct. 30, 2007, Fitch Ratings upgraded Solo Cup Company's senior
secured first lien term loan rating to 'BB-/RR1' from 'B+/RR2',
senior secured revolving credit facility rating to 'BB-/RR1'
from 'B+/RR2' and senior subordinated notes rating to 'CCC+/RR5'
from 'CCC/RR6'.  Fitch also affirmed Solo Cup's Issuer default
rating at 'B-'.


TORQUE TOOLS:  Brings In Administrators from Menzies
-----------------------------------------------------
Geoffrey Wayne Bouchier and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Torque Tools Ltd. (Company Number 02059069) on April 8, 2008.

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

The company can be reached at:

          Torque Tools Ltd.
          40 Park Crescent
          Barry
          South Glamorgan
          CF62 6HE
          Wales
          Tel: 01446 721 300
          Fax: 01446 721 216


* U.K. Gov't. & Bank of England Take Steps to Restore Liquidity
----------------------------------------------------------------
The U.K. government and the Bank of England are considering to  
take over mortgage-backed assets from banks as a step to restore
liquidity to the money markets, Julia Werdigier writes for the
New York Times.

Citing a source familiar with the discussion, the report said
that details of the plan that would offer government-backed
bonds in exchange for securities backed by British mortgages,
are still being decided upon.

According to the report, Prime Minister Gordon Brown and
Exchequer chancellor Alistair Darling, were pressured to act on
the banks' unwillingness to lend as it adds to the housing and
consumer markets problems in the U.K.


* BOND PRICING: For the Week April 14 to April 18, 2008
-------------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    3/15/19      CAD      64.83
                          0.250    10/14/26     CAD      40.17
Republic of Austria       4.000    06/22/22     EUR      74.73
                          1.740    08/04/25     EUR      65.77
                          2.817    10/10/25     EUR      63.31

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.39
                          0.500    04/26/13     AUD      70.70
                          1.000    11/21/16     NZD      58.65
                          1.000    10/30/17     AUD      56.18
                          1.000    02/27/18     AUD      55.45
                          0.500    09/24/20     CDN      60.48
                          0.250    06/28/40     CDN      20.69

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.46
Altran Technologies S.A.  3.750    01/01/09     EUR      12.05
BNP Paribas               0.250    12/20/14     US$      74.65
Calyon                    6.000    06/18/47     EUR      45.45
CAP Gemini S.A.           2.500    01/01/10     EUR      52.70
                          1.000    01/01/12     EUR      46.12
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.20
                          4.375    11/01/10     EUR      47.87
Europcar Groupe S.A.      8.125    5/15/14      EUR      74.38
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      73.66
Groupe Vial               2.5      01/01/14     EUR      33.93

Havas S.A.                4.000    01/01/09     EUR      10.71
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.81
Ingenico                  2.750    01/01/12     EUR      20.43
Maurel & Prom             3.500    01/01/10     EUR      20.87
Publicis Group            0.750    07/17/08     EUR      28.96
                          1.000    01/18/18     EUR      42.14
Rhodia S.A.               0.500    01/01/14     EUR      36.70
Scor S.A.                 4.125    01/01/10     EUR       2.06
Soc Air France            2.750    04/01/20     EUR      23.87
Soitec                    4.625    12/20/09     EUR       5.06
Theolia S.A.              2.000    01/01/14     EUR      22.34
Valeo                     2.38     01/01/11     EUR      42.81
Vivendi Univers           1.75     10/30/08     EUR      30.38

Wavecom S.A.              1.750    01/01/14     EUR      20.75
Wendel Invest S.A.        2.000    06/19/09     EUR      44.53
                          4.380    08/09/17     EUR      73.38
Zlomrex International
Finance SA                8.5      02/01/14     EUR      60.97

GERMANY
-------
Deutsche Bank             3.250    05/18/12     CHF      70.37
Deutsche Schifbk          4.200    01/23/09     EUR      99.57
KfW Bankengruppe          0.500    10/30/13     AUD      68.49
                          0.500    12/19/17     EUR      67.76
                          5.000    05/23/20     EUR      77.51
                          1.250    07/07/20     EUR      78.12
                          1.250    07/29/20     EUR      77.33
                          5.000    07/21/25     EUR      71.38
                          5.000    09/01/25     EUR      74.39
                          5.000    08/10/30     EUR      70.40
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.53
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.18

GREECE
------
Hellenic Republic         0.990    07/17/24     EUR      67.55

ICELAND
-------
Kaupthing Bank            6.130    10/04/16     US$      71.48
                          6.500    02/03/45     EUR      50.25

IRELAND
-------
Banesto Finance Plc       6.170    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      47.94
                          0.250    07/08/33     CDN      28.23
Magnolia Finance IV Plc   1.050    12/20/45     US$      21.11
Ono Finance II            8.000    05/16/14     EUR      71.69
UT2 Funding PLC           5.32     06/30/16     EUR      73.78

ITALY
-----
Alitalia SPA              7.500    07/22/10     EUR      65.97
Risanamento S.p.A.        1.000    05/10/14     EUR      49.99
Telecom Italia            5.250    03/17/55     EUR      69.09

LUXEMBOURG
----------
Beverage Pack             9.500    06/15/17     EUR      74.42
Cerutti Finance           6.500    07/26/04     EUR      25.04
Del Monte Fin SA          6.630    05/24/06     EUR      45.40
Finmek International      7.000    12/03/04     EUR       6.49
Hayes Lemmerz Finance     8.250    06/15/15     EUR      74.13
IT Holding Fin            9.880    11/15/12     EUR      71.16
Nell AF S.A.              8.375    08/15/15     EUR      71.06
                          8.375    08/15/15     US$      71.01

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      74.31
                          6.250    06/29/35     EUR      66.25
Air Berlin Finance B.V.   1.500    04/11/27     EUR      62.37
ALB Finance BV            7.880    02/01/12     EUR      74.84
BK Ned Gemeenten          0.500    06/27/18     CDN      67.61
                          0.500    02/24/25     CDN      47.98
BLT Finance BV            7.500    05/15/14     US$      72.90
Bulgaria Steel           12.000    05/04/13     EUR      64.50
Cirio Del Monte           7.750    03/14/05     EUR      36.73
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.31
Hypo Real ES Finance      5.500    08/20/08     EUR      49.34
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      66.47
Kazkommerts
  International B.V.      6.880    02/13/17     EUR      73.91
                          8.500    06/13/17     US$      74.59
Lehman Bros TSY B.V.      2.000    02/16/15     EUR      72.67
                          2.000    03/18/15     EUR      73.97
                          4.169    02/16/17     EUR      65.86
                          6.000    02/15/35     EUR      53.00
                          2.000    03/16/35     EUR      48.90
                          7.000    05/17/35     EUR      53.75
Montell Finance B.V.      8.100    03/15/27     US$      66.64
Natl Invester Bank       25.982    05/07/29     EUR      32.70
Ned Waterschapbk          6.000    06/01/35     EUR      70.13
                          6.500    08/15/35     EUR      64.19
                          6.000    06/30/45     EUR      62.05
Rabobank Groep N.V.       6.000    02/22/35     EUR      65.78
                          5.000    02/28/35     EUR      63.62
                          7.000    03/23/35     EUR      61.42
                          6.000    05/09/35     EUR      68.95
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       0.43


NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.75
Norske Skogindustrier ASA 7.000    06/26/17     EUR      67.96

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.37

SWITZERLAND
-----------
UBS AG                    1.000    07/30/12     NZD      74.75

UNITED KINGDOM
--------------
Alliance & Leicester Plc  5.88      8/14/31   GBP        67.96
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      48.08
Bradford&Bin Building     6.630     06/16/23    GBP      77.48
Britannia Building
   Society                5.875     03/28/33    GBP      73.69
                          5.750     12/02/24    GBP      75.68
Cattles Plc               7.125     07/05/17    GBP      73.30
HBOS Plc                  6.305     10/18/17    GBP      95.54
Ineos Group Holding       7.875     02/15/16    EUR      73.92
                          7.875     02/15/16    EUR      74.17
Jaztel Plc                5.000     04/29/10    EUR      70.23
National Grid Gas Plc     1.754     10/17/36    GBP      39.05
                          1.771     03/30/37    GBP      39.02
Royal Bank Scotland       9.500     04/04/25    US$      71.75
RSL Communications Ltd   10.125     03/01/08    US$       2.25
Wessex Water Fin          1.369     07/31/57    GBP      23.42
Wester Power
   Distribution           4.80      12/21/37    GBP      73.68

                            *********

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 * * *