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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 23, 2008, Vol. 9, No. 80

                            Headlines


A U S T R I A

CONGAR KEG: Claims Registration Period Ends April 30
ECKHART INSTALLATIONEN: Claims Registration Period Ends May 6
HEXCEL CORP: Earns US$23.2 Million in First Quarter of 2008
HEXCEL CORP: Annual Stockholders Meeting Scheduled on May 8
HEXCEL CORP: S&P Holds BB Corp. Credit Rating with Pos. Outlook

JAGERLAND WILDSPEZIALITATEN: Claims Registration Ends May 19


D E N M A R K

BLOCKBUSTER INC: CEO Keyes' US$5.6M Pay Lower than Predecessor's


F R A N C E

DELPHI CORP: Plastech Wants to Return Tooling Equipment
HERCULES INC: Earns US$32.4 Million in Quarter Ended March 31
TERADYNE INC: Earns US$21.8 Million in First Quarter 2008


G E R M A N Y

CAT LOGISTICS: Claims Registration Period Ends April 29
DA SIEBZEHN: Claims Registration Ends May 16
DEUTSCHE BANK: Moody's Reviews Ratings on 4 Credit Default Swaps
DUESSELDORFER HYPOTHEKENBANK: Fitch Cuts Individual Rating to F
E + W GRUNDSTUECKSVERWALTUNGS: Claims Period Ends May 13

EXMA-ROESCH SONDERMASCHINENBAU: Claims Registration Ends May 11
FEHLHABER GMBH: Claims Registration Period Ends May 19
FREESCALE SEMICON: SigmaTel's Stockholders Approve Merger Pact
GAWO-MARKETING GMBH: Claims Registration Period Ends May 19
HAUS DER KUECHE: Creditors' Meeting Slated for April 24

HELA-TISCHE LAMPE: Claims Registration Period Ends May 14
HOTEL ATRIUM: Creditors' Meeting Slated for April 25
IDEAS PLUS: Claims Registration Period Ends May 19
LN BRIEFKURIER: Claims Registration Period Ends May 19
M + S TELEMARKETING: Claims Registration Ends May 15

NORD-WEST GETRANKE: Claims Registration Ends May 17
NTS ELECTRONIC: Claims Registration Period Ends May 14
PNV GMBH: Claims Registration Period Ends May 19
PRO ARBEIT: Claims Registration Ends May 19
PROCODE MARKETING: Claims Registration Ends May 15

SEKOM GMBH: Claims Registration Period Ends May 13
SIB VERWALTUNGS: Claims Registration Period Ends May 18
SPEZIALSANIERUNG NORD: Claims Registration Period Ends May 9
T.M.B. NACHRICHTENTECHNIKVERTRIEBS: Claims Period Ends May 13
WACHOWIAK GMBH: Claims Registration Ends May 15

WEROLEX GMBH: Claims Registration Period Ends May 18
WINTER BAUUNTERNEHMUNG: Claims Registration Period Ends May 13
ZIMMER & NOECKEL: Claims Registration Period Ends May 13
ZIMMEREI JANTZEN: Claims Registration Period Ends May 13
ZINNECKER WERBUNG: Claims Registration Period Ends May 13


H U N G A R Y

FLEXTRONICS INT'L: May Complete Phase 2 of Arima Deal This Month


I R E L A N D

BASE CLO I: S&P Rates EUR14 Million Class E Notes at BB
EIRLES FOUR: Moody's May Further Cut Low-B Ratings After Review


I T A L Y

PARMALAT SPA: Can File Damages vs Citigroup, Says Parma Judge
PARMALAT SPA: Files EUR5-Billion Suit vs Hermes Asset Europe


K A Z A K H S T A N

AGRO-DOM-KOSTANAI: Creditors Must File Claims by June 3
AKKUN-2005 LLP: Claims Deadline Slated for June 3
ALFA-OMEGA CONSTRUCTION: Claims Filing Period Ends June 4
GEIZER LLP: Creditors' Claims Due on June 4
HOZU-AVIA KZ: Creditors' Claims Due on June 4

KAZAKH AGRARIAN: S&P Rates US$136 Mln Dresdner Loan at BB+/kzAA
KAZAKHTELECOM: S&P Holds BB Long-Term Corporate Credit Rating
NARYK LLP: Claims Registration Ends June 4
OIL-GRAN LLP: Claims Registration Ends June 4
SUPER BAZALT: Creditors Must File Claims by June 4

TECH SNAB LLP: Claims Deadline Slated for June 4
TRANSMEH T LLP: Claims Filing Period Ends June 4
* Fitch Reports Kazakh Banks' Asset Quality Shows Negative Trend


K Y R G Y Z S T A N

TECHNO-UG LLC: Creditors Must File Claims by June 6


L U X E M B O U R G

EVRAZ GROUP: Completes US$1.6 Billion Eurobond Placement


N E T H E R L A N D S

COMMODORE INT'L BV: Parent Issues Clarification on Ruling
X5 RETAIL: Andrei Rogachev Quits from Supervisory Board
YRC WORLDWIDE: Enters into Credit Agreement Amendment
YRC WORLDWIDE: Renews Asset-backed Securitization Facility
YRC WORLDWIDE: Fitch Holds Ratings on Amended & Restated Loans


R U S S I A

AVTOTOR ZAO: May Face Bankruptcy If Quotas Imposed
ISHIMBAYSKIY MACHINE-TOOL: Court Starts Bankruptcy Supervision
NOVATEK OAO: Earns RUR18.74 Billion for Year Ended December 31
NOVATEK OAO: Board Recommends RUR1.52 Dividend Payment per Share
NOVOLIPETSK STEEL: Board Recommends RUR3 per Share Dividend

PTISEVOD LLC: Novosibirsk Bankruptcy Hearing Slated for June 9
RODNIK OJSC: Court Names S. Ligostaev as Insolvency Manager
SOUTH-AGRO-SPETS-MONTAZH: Names N. Surtaev as Insolvency Manager
SYSTEM ENGINEERING: Rostov Bankruptcy Hearing Set April 28
VTOR-TSVET-MET: Orel Bankruptcy Hearing Slated for May 21

WEST-SIBERIAN INDUSTRIAL: Names I. Kravchenko to Manage Assets
X5 RETAIL: Andrei Rogachev Quits from Supervisory Board
* Russian Ministry Submits Bill to Allow Personal Bankruptcy


S P A I N

FERRO CORP: Revises First-Quarter 2008 Estimates


S W I T Z E R L A N D

ALFRED SCHULER: Creditors' Liquidation Claims Due by May 18
DRIVE’IN DUBENDORF: Creditors' Liquidation Claims Due by May 14
GAMEDO LLC: Creditors' Liquidation Claims Due by May 15
I. ZUMSTEIN: Lucerne Court Starts Bankruptcy Proceedings
IGEN BACHHHUS: Creditors' Liquidation Claims Due by May 19

INTEGRO CAPITAL: Lucerne Court Starts Bankruptcy Proceedings
LAMELLENSERVICE LLC: Zug Court Starts Bankruptcy Proceedings
SIVERSA JSC: Creditors' Liquidation Claims Due by May 9
SPYCHIGER HOLDING: Zug Court Starts Bankruptcy Proceedings
TS 23: Creditors' Liquidation Claims Due by May 9


T U R K E Y

BANKPOZITIF: Fitch Affirms Individual Rating at 'D'


U K R A I N E

AQUAMARINE LLC: Creditors Must File Claims by May 9
BAGIO LLC: Creditors Must File Claims by May 9
BUILDING LIGHT: Creditors Must File Claims by May 9
EMPIRE METAL: Creditors Must File Claims by May 9
K. S. SECURITY: Creditors Must File Claims by May 9

MURAHA LLC: Creditors Must File Claims by May 9
NATASHA LTD: Creditors Must File Claims by May 9
POLIMERAGRODELIVERY LLC: Creditors Must File Claims by May 9
SHEDEL PLUS: Creditors Must File Claims by May 9
UKRMETAL LLC: Creditors Must File Claims by May 9

UNITRADE LLC: Creditors Must File Claims by May 9
UNIVERSAL TRADING: Creditors Must File Claims by May 9


U N I T E D   K I N G D O M

BAA LTD: CC Sees Potential for Competition at Airports
BAA LTD: To Take Steps to Overhaul Airports & Passenger Services
BRIDGEFORD LODGE: Appoints Philip Michael Lyon as Liquidator
CLS LIFTING: Calls In Liquidators from Vantis
COMEX DEEP: Taps Kroll to Administer Assets

D.S.F. KITCHENS: Claims Filing Period Ends May 31
DURA AUTOMOTIVE: Wants to Implement Canadian Restructuring
ERINACEOUS GROUP: Administrators Confirm Sale of Key Businesses
ESINO LTD: Creditors' Meeting Slated for May 2
FAIRWAYS YACHT: Brings In Liquidators from Vantis

FKI PLC: Unveils Terms of Melrose Recommended Acquisition
GAP INC: March 2008 Net Sales Down 12% to US$1.37 Billion
GAP INC: Fitch Affirms IDR at BB+ on Considerable Liquidity
GENERAL MOTORS: Plastech Complains About Tooling Repossession
MACCWEB LTD: Claims Filing Period Ends May 31

NATIONWIDE SCHOOLWEAR: Goes Into Administrative Receivership
NEMARK TECHNOLOGIES: Creditors' Meeting Slated for May 1
SALESCENTRIC TECHNOLOGIES: Appoints KPMG as Joint Administrators
SELF BUILD: Taps Liquidators from Deloitte & Touche
SKYSAT.TV LTD: Claims Filing Period Ends June 9

WILLOWBROOK PROPERTY: Claims Filing Period Ends June 9
WINDERMERE VIII: S&P Puts Class E Notes' BB Rating on Watch Neg.
* Fitch Says BoE's Special Liquidity Scheme to Benefit UK Banks
* Baker Tilly Survey Says U.K. Economic Outlook Down in March
* Corporate Reorganizations Set to Become More Complex, FSA Says


                            *********



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A U S T R I A
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CONGAR KEG: Claims Registration Period Ends April 30
----------------------------------------------------
Creditors owed money by KEG CONGAR (FN 188167t) have until
April 30, 2008, to file written proofs of claim to court-
appointed estate administrator Herbert Nigl at:

          Mag. Herbert Nigl   
          c/o Mag. Horst Winkelmayr
          Hauptplatz 15
          2100 Korneuburg
          Austria
          Tel: 02262/724 35
          Fax: 02262/724 35 50
          E-mail: rae@kniwi.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 14, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Ganserndorf, Austria, the Debtor declared
bankruptcy on April 4, 2008 (Bankr. Case No. 36 S 37/08w).  
Horst Winkelmayr represents Mag. Nigl in the bankruptcy
proceedings.


ECKHART INSTALLATIONEN: Claims Registration Period Ends May 6
-------------------------------------------------------------
Creditors owed money by LLC Eckhart Installationen (FN 277766f)
have until May 6, 2008, to file written proofs of claim to
court-appointed estate administrator Ulla Reisch at:

          Dr. Ulla Reisch
          Kremser Gasse 4
          3100 St. Poelten
          Austria
          Tel: 02742/35 15 50
          Fax: 02742/35 15 50-5
          E-mail: office.st.poelten@ulsr.at    

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

The meeting of creditors will be held at:

          The Land Court of St. Poelten
          Room 216
          Second Floor
          Old Building
          St. Poelten
          Austria

Headquartered in Purkersdorf, Austria, the Debtor declared
bankruptcy on April 3, 2008 (Bankr. Case No. 14 S 47/08i).  


HEXCEL CORP: Earns US$23.2 Million in First Quarter of 2008
-----------------------------------------------------------
Hexcel Corporation results for the first quarter of 2008.  Net
sales from continuing operations during the quarter were
US$344.5 million, 21.9% higher than the US$282.6 million
reported for the first quarter of 2007.  Operating income for
the first quarter was US$36.4 million, compared to US$29.9
million for the same quarter last year.  The 2008 operating
income included US$2.7 million of pension settlement expense
associated with the termination of Hexcel’s U.S. defined benefit
pension plan.

Net income from continuing operations for the first quarter of
2008 was US$23.2 million, or US$0.24 per diluted share, compared
to US$14.8 million or US$0.15 per diluted share in 2007.  
Adjusted net income from continuing operations for the first
quarter of 2008 was US$0.23 per share, which excludes the one-
time items of the termination of Hexcel’s U.S. defined pension
plan and the US$2.5 million reversal of valuation allowances
against U.S. deferred tax assets.

              Chief Executive Officer Comments

Mr. Berges commented, “This was a strong start for 2008 and
continues the momentum from the second half of 2007.  Sales and
adjusted operating income for the quarter were again at record
levels, and we’re well on our way to hitting our full year
guidance as our adjusted diluted earnings per share (excluding
the one-time items) for the quarter was a solid US$0.23, as
compared to US$0.15 last year.”

“Sales for commercial aerospace were up sharply across the
board, a total of 29.6% in constant currency over the first
quarter of 2007; limiting our ability to serve other industrial
markets for the third quarter in a row.  We are accelerating our
plans for adding capacity to support what we now see as the
continued strong demand. We are now making first fiber on our
new Spanish line, and have begun to qualify product from our new
German and French prepreg plants.  We expect each of them to
cover their incremental costs in the second half of this year.
The new China prepreg plant for wind energy and our next carbon
fiber line are expected to begin production by October.  We are
now targeting the remaining tranche of our previously announced
carbon fiber and precursor capacity to come on line in the
second half of next year versus the original 2010 target.”

“We are in discussions with all of our customers who serve the
B787 to understand their demand plans for the coming quarters.  
While it’s too early to comment on the impact of the delay to
our sales, we have updated our estimated sales content per B787
to now be in the US$1.3 – US$1.6 million range, up from prior
estimates of US$1.0 - US$1.3 million. A380 sales continued their
steady recovery though they are still below the levels in the
first half of 2006. Despite the recent negative news about U.S.
airline profitability and the economy in general, Airbus and
Boeing continue to expand their huge backlog with reported first
quarter orders exceeding deliveries by 2.5 times.”

“We are reaffirming all of our guidance targets including
operating margins of 12 – 12.5% even though sales inflated by
current exchange rates could depress the ratio and the B787
schedule impact is likely to reduce our near term outlook for
that program.  We now expect our full year earnings to be at the
high end of the US$0.90-US$0.95 range.”

                           Markets

Commercial Aerospace

Commercial aerospace sales of US$191.9 million grew 33.3% (29.6%
in constant currency) for the quarter over first quarter 2007.
Sales to Airbus and its subcontractors grew over 35% in the
quarter and were about equal to the total sales from Boeing and
its subcontractors.

Sales to “other aerospace” which includes a wide range of
aircraft producers as a group were up over 25% for the fifth
consecutive quarter as both regional jets and turboprop build
rates have been strong.

Industrial

Industrial sales of US$78.3 million for the first quarter of
2008 had trends generally consistent with those of the second
half of 2007 with sales other than wind energy down from the
prior year due to soft winter recreation sales and capacity
constraints.  On a constant currency basis, industrial sales
were down 4.9% for the quarter compared to first quarter 2007,
but essentially flat sequentially.

Wind energy revenue had strong double digit growth both
sequentially and year over year as new prepreg capacity is now
coming on line in our Austrian operations.  The company now
expects wind to be more than 50% of our industrial segment sales
for the year.

Space & Defense

Space & Defense sales of US$74.3 million for the quarter were
10.9% higher compared to the first quarter of 2007 in constant
currency.  In the aggregate, this market performed as expected
with continued strength in global rotorcraft sales which now
account for almost half of this segment.

Exchange rate impacts

With the average dollar to the Euro rate about 14% weaker in the
first quarter of 2008 as compared to 2007, the impact of
exchange rates on this quarter’s results are significant.  There
are several impacts to Hexcel; our European aerospace sales are
primarily denominated in dollars, but have a significant portion
of their costs in Euros and GBP; more than one-third of our
total sales are denominated in Euros and GBP, so the weakening
dollar causes these sales (and their related costs and profits)
to translate higher; and we have overhead costs, capital
expenditures, working capital accounts, etc. denominated in
Euros and GBPs that all translate into higher balances as the
dollar weakens.  The company's guidance included a net-after-
hedging reduction of operating income in 2008 by over US$5
million as compared to 2007.

But should the dollar continue to weaken as it has this quarter,
every 5% move of the dollar results in an increase in annualized
sales of approximately US$25 million and operating income
decrease of about US$1 million.

These impacts, of course, reduce the company's gross margin and
operating income percentages.  The difference in exchange rates
lowered this quarter’s total company gross margin by about 150
basis points and operating income by over 100 basis points as
compared to last year.

Operations

Gross margin decreased to 23.3% for the quarter compared to
25.3% for the first quarter of 2007.  The benefits of higher
volume were offset by the impact of exchange rates and about
US$3 million of incremental costs and start-up activities
associated with the new facilities in Spain, France, Germany and
China.

All of the above expansion costs and almost all of the exchange
exposure is in our Composite Materials segment who provide
materials to wind energy and to our European commercial
aerospace customers.  This segment’s adjusted operating income
of 15.6% would have been over 17% on a constant dollar basis and
about 18% excluding the new plant costs.  While we have little
control over currency swings, the company says it expects the
incremental costs of all but the China plant to be at least
break-even at the operating level for the second half of 2008.

Adjusted operating income for our Engineered Products segment
increased to 12.0% as compared to 8.8% in 2007.  Last year’s
results were impacted by the start-up and research and
technology costs associated with the development and
qualification of our new HexMC(R) products.

Tax

The tax provision was US$9.6 million for the first quarter of
2008 which included a US$2.5 million benefit from the reversal
of valuation allowances against U.S. deferred tax assets.  
Excluding this benefit, the effective tax rate for the quarter
was 38.5%.  The company continues to review strategies to
improve our tax efficiency.

Cash

Total debt, net of cash as of March 31, 2008 was US$345.3
million, an increase of US$57.5 million during the quarter.

Approximately US$35 million of the increase was in accounts
receivable as a result of the higher sales.  Other uses of cash
during the first quarter included the final cash contributions
to the U.S. defined pension plan and annual cash incentive
awards, as well as other working capital needs arising from
sales growth.

Capital spending for the quarter was US$43.9 million compared to
US$15.6 in the first quarter of 2007, primarily due to the
accelerated progress being made on our fiber expansion plans.  
High first quarter capital spending, as well as additions to
inventory for growing sales contributed to the increase in
accounts payable.

The company completed the termination of the U.S. defined
benefit pension plan, which resulted in a US$2.7 million charge
during the quarter and US$6.4 million in cash contributions to
the plan.  In total, the charges for the termination were
US$12.1 million with cash contributions to the plan of just
under US$10 million.  The anticipated savings is approximately
US$2 million per year in pension costs.

Hexcel will host a conference call at 10:00 A.M. ET, tomorrow,
April 22, 2008 to discuss the first quarter results and respond
to questions. The telephone number for the conference call is
(913) 312-0693 and the confirmation code is 9942911. The call
will be simultaneously hosted on Hexcel’s web site at
www.hexcel.com/investors/index.html. Replays of the call will be
available on the web site for approximately three days.


Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
composites company.  The company develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications such as wind turbine blades.  The company has
subsidiaries in Austria, the United Kingdom, Spain, Hong Kong,
Japan and Brazil


HEXCEL CORP: Annual Stockholders Meeting Scheduled on May 8
-----------------------------------------------------------
Hexcel Corporation's Annual Meeting of Stockholders will be held
on May 8, 2008 at 10:30 a.m.

The meeting will be at the Community Room, Two Stamford Plaza,
281 Tresser Boulevard in Stamford, Connecticut.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
composites company.  The company develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications such as wind turbine blades.  The company has
subsidiaries in Austria, the United Kingdom, Spain, Hong Kong,
Japan and Brazil


HEXCEL CORP: S&P Holds BB Corp. Credit Rating with Pos. Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
aerospace supplier Hexcel Corp. to positive from stable.  At the
same time, S&P affirmed ratings, including the 'BB' corporate
credit rating, on the company.  About US$370 million of debt is
outstanding.

"The outlook revision is based on improving profitability and
credit protection measures, benefiting from growth in core
markets, operational leverage, and debt reduction, despite high
levels of capital spending," said Standard & Poor's credit
analyst Roman Szuper.

The ratings on Hexcel reflect participation in the cyclical and
competitive commercial aerospace industry, significant
investment in carbon fiber capacity needed to support increasing
jetliner production rates, and uncertainty arising from on
ongoing proxy contest over director nominations.  Those factors
are partly offset by the company's position as the world's
largest manufacturer of advanced composite materials, generally
favorable market conditions, and financial profile that is
somewhat better than average for the rating.

The outcome of a proxy contest over director nominations remains
uncertain until the annual meeting of stockholders, which is
scheduled for May 8, 2008.  OSS Capital, an activist hedge fund,
is proposing three nominees for the board of directors and is
opposing three members proposed by Hexcel.  OSS, which owns 5.5%
of Hexcel's common stock, stated its main concern as Hexcel's
financial underperformance; as a consequence, OSS alleges that
shareholder value is not maximized.  OSS offers no specific
actions to address its concerns, aside from its proposal for
board nominees.

The nominating and governance committee of Hexcel's board
offered to add one of the OSS candidates to the existing board,
but the offer was rejected.  S&P will monitor the situation and
any potential adverse effect on credit quality.

Continued favorable conditions in core markets, ongoing gains in
operating efficiency, and further strengthening in credit
protection measures could lead to a ratings upgrade over the
next 12 months.  S&P could revise the outlook to stable if the
slowing global economy has a greater-than-expected effect on the
company's sales and profits.  Hexcel's financial policy or
strategic direction may change somewhat if OSS representatives
join the board of directors either through a proxy win or a
settlement with the company.  S&P would assess the rating
outlook if Hexcel's financial policy becomes more aggressive.

Stamford, Conn.-based Hexcel is a leader in the composites
industry, producing lightweight, high-performance carbon fibers,
industrial fabrics, specialty reinforcements, carbon prepregs,
structural adhesives, honeycomb, and composite structures for
the commercial aerospace, defense and space, and industrial
sectors.  The company concentrates on serving growing markets in
which it has competitive advantage.


JAGERLAND WILDSPEZIALITATEN: Claims Registration Ends May 19
------------------------------------------------------------
Creditors owed money by LLC Jagerland Wildspezialitaten (FN
86503k) have until May 19, 2008, to file written proofs of claim
to court-appointed estate administrator Wilhelm Deutschmann at:

          Mag. Wilhelm Deutschmann  
          Stelzhamerstrasse 12/3
          4020 Linz
          Austria
          Tel: 0732/60 20 80
          Fax: 0732/60 20 80 20
          E-mail: info@df-ra.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on April 3, 2008 (Bankr. Case No. 12 S 24/08d).  


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D E N M A R K
=============


BLOCKBUSTER INC: CEO Keyes' US$5.6M Pay Lower than Predecessor's
----------------------------------------------------------------
Blockbuster Inc. disclosed, in a Securities and Exchange
Commission filing, that James W. Keyes, the company's chairman
of the board and chief executive officer, received less than
former Chairman and CEO John F. Antioco in 2007.  Mr. Keyes'
total compensation package in 2007 was US$5.6 million, while Mr.
Antioco was paid a total of US$11.5 million in 2007.

Blockbuster and Mr. Antioco had entered into an amended and
restated employment agreement that sets forth terms of Mr.
Antioco's departure from the company in 2007.  Mr. Antioco would
receive a 2006 bonus of US$3.0525 million, which reflects a
compromise between the US$2.28 million bonus previously
conditionally offered by the board and US$7.65 million, which is
the amount Antioco was entitled to receive under his previous
employment agreement and Blockbuster's 2006 Senior Bonus Plan if
negative discretion was not invoked.

Additionally, at the conclusion of his employment, Mr. Antioco
will receive a lump sum payment of US$4.9875 million as compared
to a lump sum payment of US$13.5 million that he would have been
entitled to receive if he had been terminated without cause or
had resigned for good reason on Dec. 31, 2007, under his
previous employment agreement.

                      About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a leading global
provider of in-home movie and game entertainment, with over
7,800 stores throughout the Americas, Europe, Asia and
Australia.  The company maintains operations in Brazil, Mexico,
Denmark, Italy, Taiwan, Thailand, Australia, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 28,
2007, Fitch Ratings affirmed Blockbuster Inc.'s long-term Issuer
Default Rating at 'CCC' and the senior subordinated notes at
'CC/RR6'.  The rating outlook is stable.  The company had
approximately US$991 million of debt outstanding as of
Sept. 30, 2007.


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F R A N C E
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DELPHI CORP: Plastech Wants to Return Tooling Equipment
-------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates ask
permission from the U.S. Bankruptcy Court for the Eastern
District of Michigan to return certain tooling equipment to
Delphi Automotive Systems LLC.

Specifically, the Debtors seek authority to:

   (a) surrender certain tooling owned by Delphi Automotive
       Systems, LLC, that is in the Debtors' possession;

   (b) sell to Delphi certain de minimis finished goods
       inventory made with the Delphi tooling for US$4,671, free
       and clear of liens; and

   (c) lift the automatic stay to effectuate the release of
       tooling and the sale of the de minimis inventory to
       Delphi.

According to Deborah L. Fish, Esq., at Allard & Fish, P.C., in
Detroit, Michigan, the Debtors currently are in possession of
certain tooling which is fully paid for and is owned by Delphi
at a plant in Croswell, Michigan that was used to make service
parts for Delphi's Powertrain Division that are no longer in
production.

Ms. Fish informs that the Inventory represents idle assets that
are of little or no use or value to the Debtors' estates or
restructuring efforts, as the Inventory consists of service
parts that are no longer in production.  The Debtors have
determined in their sound business judgment that the sale of the
Inventory to Delphi is the most efficient way to convert idle
assets of de minimis value into cash, Ms. Fish relates.

Pursuant to Section 363(b)(1) of the Bankruptcy Code, "[t]he
trustee, after notice and a hearing, may use, sell or lease,
other than in the ordinary course of business, property of the
estate."  However, Ms. Fish states that the Debtors acknowledge
the Court's discretion in granting their request, giving due
consideration to the Debtors' exercise of sound business
judgment.

Furthermore, Ms. Fish notes Section 363(f) permits a debtor to
sell property free and clear of another party's interest in the
property if:

   (a) applicable non-bankruptcy law permits such a free and
       clear sale;

   (b) the holder of the interest consents;

   (c) the interest in a lien and the sales price of the
       property exceeds the value of all Liens on the property;

   (d) the interest is in bona fide dispute; or

   (e) the holder of the interest could be compelled in a legal
       or equitable proceeding to accept a monetary satisfaction
       of its interest.

The Debtors believe that the sale of the inventory to Delphi is
commercially reasonable in light of the assets being sold and as
a result, the value of the proceeds from the sale fairly
reflects the value of the Inventory sold, Ms. Fish maintains.  
The Debtors propose that any party with a lien on the Inventory
be given a corresponding security interest in the proceeds of
the sale.  In light of these, the requirements of Section 363(f)
of the Bankruptcy Code would be satisfied for any proposed sales
free and clear of liens, Ms. Fish says.

Moreover, because the Debtors have no further need for the
Delphi Tooling, the Debtors believe that the automatic stay
should be lifted pursuant to Section 362(d) of the Bankruptcy
Code to allow Delphi to take possession of the Delphi Tooling
and to deem the applicable purchase orders between Delphi and
the Debtors terminated upon the return of the Delphi Tooling and
payment for the Inventory, Ms. Fish asserts.

                    About Plastech Engineered

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.  
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                      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)

                       *     *     *

In March 2008, Standard & Poor's Ratings Services said that it
still expects to assign a 'B' corporate credit rating to Delphi
Corp. if the company emerges from bankruptcy in early April.


HERCULES INC: Earns US$32.4 Million in Quarter Ended March 31
-------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
March 31, 2008 of US$32.4 million, or US$0.29 per diluted share,
as compared to US$80.3 million, or US$0.70 per diluted share,
for the first quarter of 2007.  The first quarter of 2007
included approximately US$0.41 per diluted share from the
resolution of IRS audit items for the years 1993-2003.

Net income from ongoing operations for the first quarter of 2008
was US$38.9 million, or US$0.35 per diluted share, an increase
of 13% per diluted share compared to US$35.7 million, or US$0.31
per diluted share, in the first quarter of 2007.

Net sales in the first quarter of 2008 were US$558.3 million, an
increase of 11% from the same period last year.  Volume and
pricing increased by 7% and 1%, respectively.  Rates of exchange
increased sales by 5% during the quarter, while mix was 2%
unfavorable.

Net sales in the first quarter of 2008 increased in all major
regions of the world versus the prior year.  Sales increased 6%
in North America, 25% in Latin America, 15% in Europe (3%
excluding the impact of the Euro), and 15% in Asia Pacific.

Reported profit from operations in the first quarter of 2008 was
US$67.4 million, a decrease of 4% compared with US$70.2 million
for the same period in 2007.  Profit from ongoing operations in
the first quarter of 2008 was US$74.6 million, an increase of 3%
compared with US$72.2 million in the first quarter of 2007.

Cash flow from operations for the quarter ended March 31, 2008
was US$29.7 million as compared to US$25.8 million for the same
period last year.

"The first quarter results continue to demonstrate both the
strength of our global businesses and of our Company," said
Craig A. Rogerson, President and Chief Executive Officer.  "We
delivered another quarter of strong sales growth, solid earnings
and cash flow against the backdrop of a challenging U.S. economy
and elevated and escalating raw material costs."

Interest and debt expense was US$16.7 million in the first
quarter of 2008, down US$0.5 million or 3% compared with the
first quarter of 2007, reflecting lower outstanding debt
balances and improved debt mix, partially offset by losses on
cross currency interest rate swaps.

Total debt was US$807.6 million at March 31, 2008, an increase
of US$11.6 million from year-end 2007.  Cash and cash
equivalents were US$99.1 million at March 31, 2008, as compared
to US$116.5 million at year-end 2007.

Capital spending was US$22.1 million in the first quarter as
compared to US$24.2 million in the same period last year.  Cash
outflows for severance, restructuring and other exit costs were
US$6.1 million in the quarter.

The company purchased 1.3 million shares of common stock at a
cost of US$23.3 million during the first quarter of this year.  
The company has now purchased 4.1 million shares for US$77.7
million under its US$200 million authorization.

                Segment Results – Ongoing Basis

In the Aqualon Group, net sales increased 17% while profit from
ongoing operations was flat in the first quarter as compared
with the first quarter of 2007.  All business units had
increased sales in the first quarter as compared to the prior
year.  In the aggregate, the sales increase was driven by 14%
higher volume, including 2% from the 2007 specialty surfactants
acquisition, 1% higher prices and 5% favorable rates of
exchange, partially offset by 3% unfavorable product mix.

Coatings and construction sales increased 19% in the first
quarter of 2008 as compared to the same period of last year, due
to 15% higher volume, 1% increased pricing and 7% favorable
rates of exchange, partially offset by 4% negative mix. Sales
into the coatings markets were up 19% in the first quarter of
2008 as compared to the same period of last year.  Strong volume
growth in China, the Middle East, South America and Eastern
Europe, offset a soft North American market.  Construction
market sales increased 19% as compared to the first quarter of
last year. Strong growth was achieved in Asia, the Middle East
and Eastern Europe, whereas other regions were lower.  Pricing
improvements were achieved in both the coatings and construction
markets.

Regulated industry sales increased 14% in the first quarter of
2008 as compared to the same period of last year, primarily due
to 5% higher volume, 3% improved product mix, 2% increased
pricing and 4% favorable rates of exchange.  Sales were higher
in all segments. Sales increased in the pharmaceutical, personal
care and food markets by 29%, 14% and 6%, respectively, as
compared to the first quarter of last year.  Growth was achieved
in all major regions of the world.

Energy and specialties sales increased 15% in the first quarter
of 2008 as compared to the same period of last year.  The
increase was due to 19% higher volumes, 1% higher prices, and 3%
favorable rates of exchange, partially offset by 8% unfavorable
product mix.  Energy sales increased 12% and specialties
increased 18%, as compared to the prior year.  Sales of both
energy and specialty businesses grew in most major regions of
the world. Price increases were achieved across all product
families.

Profit from ongoing operations was flat, primarily as a result
of the higher volume and the associated contribution margin,
increased selling prices, lower pension expenses and favorable
rates of exchange, offset by higher raw material, transportation
and utility costs and planned and unplanned shutdowns.  Margins
were adversely impacted as price increases did not fully offset
higher raw material, freight and utility costs, and by the
previously announced incident at our methylcellulose joint
venture in China and a planned maintenance shutdown at the
company's Doel, Belgium MC plant.

"Aqualon’s strong top line growth reflects our global scale and
presence as well as continued growth in fast growing markets
including China, the Middle East and Latin America," said Mr.
Rogerson.  "Aqualon’s global diversity enabled us to offset
weaker demand in some of our North American markets."

In the Paper Technologies and Ventures Group, net sales in the
first quarter increased 7% and profit from ongoing operations
increased 7% compared with the same quarter in 2007.

Paper Technologies sales increased 2% due to 6% favorable rates
of exchange, partially offset by 1% lower prices, and 3%
unfavorable product mix. Volume in the aggregate was flat. Sales
in fast growing markets were up 16% compared to the prior year.  
Modest price increases were achieved in North America while
pricing was lower in both Europe and Asia.  Sales of new
products continued to drive growth in overall sales and
profitability.

Ventures sales increased 23% primarily due to 7% higher volume,
7% higher prices, 4% improved product mix, and 5% favorable
rates of exchange.  Sales increased in all Ventures business
units. Significant growth was achieved in both building products
and synthetic lubricants.  Pricing was favorable in most Venture
businesses.

The increase in profit from ongoing operations reflects
favorable rates of exchange, higher volume and improved selling
prices in Ventures, and lower pension costs, partially offset by
higher raw material and utility costs, and increased SG&A costs.

"The Venture businesses continue to deliver improved results,
while many of our global Paper Technology markets are growing
more modestly," commented Mr. Rogerson. "Sales of higher margin
new products continue to support margins overall."

                          Outlook

"We remain optimistic about revenue, earnings and cash flow
growth in 2008," said Mr. Rogerson. "We expect significant raw
material, freight and utility cost headwinds, but expect
announced and additional price increases to partially offset
these costs.  Despite these challenges, we expect profitability
to improve through higher utilization of our recent capacity
expansions and the impact of our new product introductions.  We
continue to pursue acquisition opportunities to expand our
product offerings and accelerate value creation for our
shareholders."

                   About Hercules Inc

Wilmington, Delaware-based Hercules Inc. -- http://www.herc.com
-- (NYSE:HPC) manufactures and markets chemical specialties
globally for making a variety of products for home, office and
industrial markets.

Outside the United States, the company has subsidiaries in
Argentina, Bahamas, Belgium, Brazil, Hong Kong, India, Indonesia
and France.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on April 10,
2008, Standard & Poor's Ratings Services raised its ratings on
Hercules Inc., including the corporate credit rating to 'BB+'
from 'BB'.   The outlook is stable.


TERADYNE INC: Earns US$21.8 Million in First Quarter 2008
---------------------------------------------------------
Teradyne, Inc. reported sales of US$297 million in the first
quarter of 2008.  Net income for the first quarter was US$21.8
million, or US$0.12 per diluted share, on a non-GAAP basis,
which excludes amortization of acquired intangible assets and
special items, and US$2.4 million or US$0.01 per diluted share
on a GAAP basis.  Bookings for the first quarter were US$321
million, and included a full quarter of Nextest bookings of
US$33 million.

"We're off to a good start in 2008, with order growth in System
on Chip (SOC) test and a strong showing by our new memory test
business unit,” said Mike Bradley, Teradyne president and CEO.  
“Wireless solutions dominated our first quarter bookings, as
FLEX (R) test systems once again cracked the 100-unit mark.  In
addition, our new product pipeline in both SOC and memory test
showed good momentum on the design-in front.”

Guidance for the second quarter of 2008 is for sales of US$310
million to US$330 million, with earnings per diluted share
between US$0.14 and US$0.19 on a non-GAAP basis, and US$0.07 to
US$0.12 on a GAAP basis.  Non-GAAP guidance excludes US$8
million of estimated restructuring and other charges, net, as
well as acquired intangible amortization of US$5 million.

                  About Teradyne, Inc.

Teradyne Inc. (NYSE:TER) -- http://www.teradyne.com/-- is a  
supplier of Automatic Test Equipment used to test complex
electronics used in the consumer electronics, automotive,
computing, telecommunications, and aerospace and defense
industries.  In 2007, Teradyne had sales of US$1.1 billion and
currently employs about 3,700 people worldwide.  The company has
direct subsidiaries in these countries, Costa Rica, the United
Kingdom, Mexico, Korea, France and China.

                          *     *     *

Teradyne Inc. still carries S&P's "B+" long term foreign issuer
credit and long term local issuer credit ratings which was
placed on Dec. 13, 2002.


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


CAT LOGISTICS: Claims Registration Period Ends April 29
-------------------------------------------------------
Creditors of CAT Logistics International GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Holger-Christian Buehler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bayreuth
         Meeting Hall 520
         Friedrichstr. 18
         Bayreuth
         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-Christian Buehler
         An der Feuerwache 5
         95445 Bayreuth
         Germany
         Tel: 0921/7877806
         Fax: 0921/78778077

The District Court of Bayreuth opened bankruptcy proceedings
against CAT Logistics International GmbH on April 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CAT Logistics International GmbH
         Nuernberger Str. 38
         95448 Bayreuth
         Germany


DA SIEBZEHN: Claims Registration Ends May 16
--------------------------------------------
Creditors of DA Siebzehn Bau GmbH have until May 16, 2008 to
register their claims with court-appointed insolvency manager  
Sebastian Laboga.

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

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

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

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         DA Siebzehn Bau GmbH
         Schlueterstr. 37
         10629 Berlin
         Germany


DEUTSCHE BANK: Moody's Reviews Ratings on 4 Credit Default Swaps
----------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes issued by Eirles Four
Limited and four credit default swaps entered into by Deutsche
Bank AG referencing the TSAR_08 transaction.  The Series 77, 76,
75 & 74 credit-linked notes issued by Eirles Four Limited are
repacks of the B, C, D & E TSAR_08 swaps respectively and
essetially carry the portion of credit risk asscociated with the
swap.

This CDO transaction contains subprime RMBS bonds and ABS CDOs,
particularly of 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:

Deutsche Bank AG, London Branch - TSAR_08:

   (1) The US$105,000,000 Class B Swap

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

   (2) The US$66,500,000 Class C Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: Aa1

   (3) The US$31,500,000 Class D Swap

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (4) The US$12,250,000 Class E Swap

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

Eirles Four Limited - Series 74, 75, 76 and 77 Due 2046:

   (1) The Series 77 US$35,000,000 Floating and Variable Rate
       Secured Notes due 2046

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

   (2) The Series 76 US$25,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: Aa1

   (3) The Series 75 US$25,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (4) The Series 74 US$12,250,000 Floating and Variable Rate
       Secured Notes due 2046

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


DUESSELDORFER HYPOTHEKENBANK: Fitch Cuts Individual Rating to F
---------------------------------------------------------------
Fitch Ratings has upgraded Germany-based Duesseldorfer
Hypothekenbank AG's  Long-term Issuer Default rating to 'A-'
from 'BBB-', its Short-term IDR to 'F1' from 'F3' and its
Support Rating to '1' from '3'.  The ratings are removed from
Rating Watch Evolving and a Stable Outlook is assigned to the
Long-term IDR.  The Individual rating has been downgraded to 'F'
from 'C/D', resolving the Rating Watch Negative.

The rating action follows DHB's announcement that Bundesverband
deutscher Banken e.V. and Pruefungsverband deutscher Banken e.V.
have agreed to acquire 100% of DHB via two acquisition vehicles.

At the same time, the sovereign-derived 'BB+' Support Rating
Floor has been withdrawn to reflect that the source of potential
support is now institutional.  The 'AAA' public sector covered
bond rating has been affirmed.

The announced acquisition changes Fitch's assessment of the
propensity of support for the bank.  The upgrades of DHB's IDRs
and Support rating factor in the extremely strong potential
institutional support for DHB that would be forthcoming through
BdB, if ever required.

The takeover by BdB is, in Fitch's opinion, indicative of the
inability of DHB to remain a viable concern on a stand-alone
basis, and this is reflected in the lowering of the Individual
rating to 'F'.  The 'F' Individual rating is retrospective in
nature.  Fitch will reassess DHB's Individual rating once its
medium- to long-term future becomes clearer.


E + W GRUNDSTUECKSVERWALTUNGS: Claims Period Ends May 13
--------------------------------------------------------
Creditors of E + W Grundstuecksverwaltungs- und -verwertungs
GmbH have until May 13, 2008, to register their claims with
court-appointed insolvency manager Volker Schneider.

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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Volker Schneider
         Morianstrasse 3
         42103 Wuppertal
         Germany
         Tel: 0202/24 56 70
         Fax: 0202/24 56 722

The District Court of Wuppertal opened bankruptcy proceedings
against E + W Grundstuecksverwaltungs- und -verwertungs GmbH on
April 9, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         E + W Grundstuecksverwaltungs- und -
         verwertungs GmbH
         Bahnhofstr. 74
         42551 Velbert
         Germany

         Attn: Klaus Heinz Schmidt, Manager
         Am Kohlberg 12
         58644 Iserlohn
         Germany


EXMA-ROESCH SONDERMASCHINENBAU: Claims Registration Ends May 11
---------------------------------------------------------------
Creditors of Exma-Roesch Sondermaschinenbau GmbH have until
May 11, to register their claims with court-appointed insolvency
manager Jens Lieser.

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

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 220
         St. Veit-Strasse 38
         56727 Mayen
         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 Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729
         E-mail: info@lieser-rechtsanwaelte.de

The District Court of Mayen opened bankruptcy proceedings
against Exma-Roesch Sondermaschinenbau GmbH on April 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Exma-Roesch Sondermaschinenbau GmbH
         Hafenstrasse 19-20
         56575 Weissenthurm
         Germany

         Attn: Christoph Roesch, Manager
         Kirchstrasse 8
         56220 Kaltenengers
         Germany


FEHLHABER GMBH: Claims Registration Period Ends May 19
------------------------------------------------------
Creditors of Fehlhaber GmbH have until May 19, 2008, to register
their claims with court-appointed insolvency manager Hartwig
Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

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

The Debtor can be reached at:

        Fehlhaber GmbH
        Attn:  Lothar Fehlhaber, Manager
        Fichtestrasse 1
        15711 Koenigs
        Germany


FREESCALE SEMICON: SigmaTel's Stockholders Approve Merger Pact
--------------------------------------------------------------
SigmaTel, Inc.  diclosed that its stockholders voted to adopt
the merger agreement providing for the acquisition of the
Company by Freescale Semiconductor, Inc. at a special meeting of
the stockholders held today in Austin, Texas.  Approximately 97%
of stockholders voting adopted the merger agreement.  The number
of shares voting to adopt the merger agreement represents
approximately 54% of the total number of shares outstanding and
entitled to vote.

The proposed merger was announced on February 4, 2008 and is
expected to close by the end of April 2008, pending the
satisfaction or waiver of all the closing conditions set forth
in the merger agreement.  Under the terms of the merger
agreement, company stockholders will receive US$3.00 per share
in cash, without interest.

                        About SigmaTel

SigmaTel (Nasdaq: SGTL) --- http://www.freescale.com/--  
is a fabless semiconductor company that designs, develops, and
markets mixed-signal ICs for the consumer electronics market.  
The company’s target market segments include portable media
players, printers and digital televisions.  SigmaTel provides
complete, system-level solutions that include highly-integrated
ICs, customizable firmware and software, software development
tools and reference designs.  The company’s focus is on enabling
customers to rapidly introduce and offer electronic products
that are small, light-weight, power-efficient, reliable, and
cost-effective.


                   About Freescale Semiconductor

Freescale Semiconductor Inc. -- http:www.freescale.com/ --
designs and manufactures embedded semiconductors for the
automotive, consumer, industrial, networking and wireless
markets.  The privately held company is based in Austin, Texas,
and has design, research and development, manufacturing or sales
operations in more than 30 countries.  Freescale is one of the
world’s largest semiconductor companies with 2007 sales of
US$5.7 billion.

Freescale has subsidiaries in Germany (Freescale Halbleiter
Deutschland GmbH), Hong Kong (Freescale Semiconductor Hong Kong
Limited) and Singapore (Freescale Semiconductor Singapore Pte.
Ltd.).

                      *     *     *

As reported in the Troubled Company Reporter on Feb. 18, 2008,
Fitch Ratings revised the Rating Outlook on Freescale
Semiconductor Inc. to Negative from Stable.  Fitch also affirmed
these ratings: Issuer Default Rating at 'B+'; Senior secured
bank revolving credit facility at 'BB+/RR1'; Senior secured term
loan at 'BB+/RR1'; Senior unsecured notes at 'B/RR5'; and Senior
subordinated notes at 'CCC+/RR6'.


GAWO-MARKETING GMBH: Claims Registration Period Ends May 19
-----------------------------------------------------------
Creditors of Gawo-Marketing GmbH have until May 19, 2008, to
register their claims with court-appointed insolvency manager
Yvo Dengs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         Germany

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

The insolvency manager can be reached at:

         Yvo Dengs
         Am Sandtorkai 62
         20457 Hamburg
         Germany
         Tel: 040/30696940
         Fax: 040/30696950

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

The Debtor can be reached at:

         Gawo-Marketing GmbH
         Brauereiweg 4
         21614 Buxtehude
         Germany


HAUS DER KUECHE: Creditors' Meeting Slated for April 24
-------------------------------------------------------
The court-appointed insolvency manager for Haus der Kueche
Pfundtner & Jakob Verwaltungsgesellschaft mbH, Markus
Stoppelkamp will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:05 a.m. on
April 24, 2008.

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

          The District Court of Deggendorf
          Meeting Hall 3
          E 29
          Amanstrasse 17
          94469 Deggendorf
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on July 14, 2008, at the same
venue.

Creditors have until May 14, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Markus Stoppelkamp
          Bahnhofstrasse 57
          94469 Deggendorf
          Germany
          Tel: 0991/ 3 71 77-0
          Fax: 0991/3 71 77-10

The District Court of Deggendorf opened bankruptcy proceedings
against Haus der Kueche Pfundtner & Jakob
Verwaltungsgesellschaft mbH on Feb. 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Haus der Kueche Pfundtner & Jakob
          Verwaltungsgesellschaft mbH
          Konstantin-Bader-Str. 6
          94469 Deggendorf
          Germany


HELA-TISCHE LAMPE: Claims Registration Period Ends May 14
---------------------------------------------------------
Creditors of Hela-Tische Lampe GmbH have until May 14, 2008, to
register their claims with court-appointed insolvency manager
Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Hans-Peter Burghardt
          Bunsenstr. 3
          32052 Herford
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Hela-Tische Lampe GmbH on April 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Hela-Tische Lampe GmbH
          Attn: Friedrich Schneider, Manager
          Alfred-Nobel-Str. 5
          32584 Loehne
          Germany


HOTEL ATRIUM: Creditors' Meeting Slated for April 25
----------------------------------------------------
The court-appointed insolvency manager for Hotel Atrium
Crimmitschau GmbH, Rolf Nacke will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:50 a.m. on April 25, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:40 a.m. on July 18, 2008 at the same
venue.

Creditors have until May 18, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Hotel Atrium Crimmitschau GmbH on March 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Hotel Atrium Crimmitschau GmbH
         Hektorstr. 11
         10711 Berlin
         Germany


IDEAS PLUS: Claims Registration Period Ends May 19
--------------------------------------------------
Creditors of Ideas Plus Multimedia Products Handels-GmbH have
until May 19, 2008, to register their claims with court-
appointed insolvency manager Gerd Mensendiek.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Gerd Mensendiek
         Detmolder Strasse 43
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Ideas Plus Multimedia Products Handels-GmbH on April 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Ideas Plus Multimedia Products Handels-GmbH
         Zur Brinke 14
         33758 Schloss Holte-Stukenbrock
         Germany


LN BRIEFKURIER: Claims Registration Period Ends May 19
------------------------------------------------------
Creditors of LN Briefkurier GmbH have until May 19, 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 9:40 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         LN Briefkurier GmbH
         Herrenholz 10-12
         23556 Luebeck
         Germany


M + S TELEMARKETING: Claims Registration Ends May 15
----------------------------------------------------
Creditors of M + S Telemarketing GmbH have until May 15, 2008 to
register their claims with court-appointed insolvency manager
Dr. Peer Moeller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         Germany

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

The insolvency manager can be reached at:

         Dr. Peer Moeller
         Untere Querstr. 1
         23730 Neustadt/H.
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against M + S Telemarketing GmbH on April 11, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         M + S Telemarketing GmbH
         Attn: Michael Delekat, Manager
         Marliring 66a
         23566 Luebeck
         Germany


NORD-WEST GETRANKE: Claims Registration Ends May 17
---------------------------------------------------
Creditors of Nord-West Getranke-Fachgrosshandels GmbH have until
May 17, 2008 to register their claims with court-appointed
insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Nord-West Getranke-Fachgrosshandels GmbH on March 27,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Nord-West Getranke-Fachgrosshandels GmbH
         Rapohl 46
         50859 Cologne
         Germany

         Attn: Carsten Rosenkilde, Manager
         Rentzelstr. 18 c
         20146 Hamburg
         Germany


NTS ELECTRONIC: Claims Registration Period Ends May 14
------------------------------------------------------
Creditors of NTS electronic GmbH have until May 14, 2008, to
register their claims with court-appointed insolvency manager
Mechthild Bruche.

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 Nuernberg
         Meeting Hall 152/I
         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:

         Mechthild Bruche
         Stahlstrasse 17
         90411 Nuernberg
         Germany
         Tel: 0911/951285-0,
         Fax: 0911/951285-10

The District Court of Nuernberg opened bankruptcy proceedings
against NTS electronic GmbH on April 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         NTS electronic GmbH
         Attn: Juergen Slama, Manager
         Pirckheimer Strasse 2 a
         90408 Nuernberg
         Germany


PNV GMBH: Claims Registration Period Ends May 19
------------------------------------------------
Creditors of PNV GmbH have until May 19, 2008, to register their
claims with court-appointed insolvency manager Dr. Bruno
Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Munich
         Germany
         Tel: 99299-0
         Fax: 99299-299

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

The Debtor can be reached at:

         PNV GmbH
         Klausnerring 3
         85551 Kirchheim
         Germany


PRO ARBEIT: Claims Registration Ends May 19
-------------------------------------------
Creditors of Pro Arbeit GmbH have until May 19, 2008 to register
their claims with court-appointed insolvency manager Prof. Dr.
Josef Scherer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on July 1, 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 Straubing
         Meeting Hall 216/II
         Straubing
         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:

         Prof. Dr. Josef Scherer
         Theresienplatz 29
         94315 Straubing
         Germany
         Tel: 09421/3303930

The District Court of Straubing opened bankruptcy proceedings
against Pro Arbeit GmbH on April 10, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Pro Arbeit GmbH
         Bahnhofsplatz 4
         94315 Straubing
         Germany


PROCODE MARKETING: Claims Registration Ends May 15
--------------------------------------------------
Creditors of Procode Marketing GmbH have until May 15, 2008 to
register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Nuremberg
         Meeting Hall 124
         Flaschenhofstrasse 35
         Nuremberg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joachim Exner
         Stahlstr. 17
         90411 Nuremberg
         Tel: 0911/951285-0
         Fax: 0911/951285-10

The District Court of Nuremberg opened bankruptcy proceedings
against Procode Marketing GmbH on April 9, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Procode Marketing GmbH
         Attn: Christian Wagner, Manager
         Schanzackerstr. 33-35
         90443 Nuremberg
         Germany


SEKOM GMBH: Claims Registration Period Ends May 13
--------------------------------------------------
Creditors of SEKOM GmbH & Co. Betriebs KG have until May 13,
2008, to register their claims with court-appointed insolvency
manager Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.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 Potsdam
          Hall 301
          Third Floor
          Nebenstelle Lindenstrasse 6
          14467 Potsdam
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Christoph Schulte-Kaubruegger
          Genthiner Strasse 48
          10785 Berlin
          Germany

The District Court of Potsdam opened bankruptcy proceedings
against SEKOM GmbH & Co. Betriebs KG on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          SEKOM GmbH & Co. Betriebs KG
          Horstenweg 34
          14712 Rathenow
          Germany


SIB VERWALTUNGS: Claims Registration Period Ends May 18
-------------------------------------------------------
Creditors of SIB Verwaltungs GmbH have until May 18, 2008, to
register their claims with court-appointed insolvency manager
Axel Gerbers.

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 Aurich
         Hall 018
         Schlossplatz 2
         26603 Aurich
         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:

         Axel Gerbers
         Soegestrasse 70
         28195 Bremen
         Germany
         Tel: 0421/178 99 80
         Fax: 0421/178 99 811

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

The Debtor can be reached at:

         SIB Verwaltungs GmbH
         Hooge Sand 18
         26723 Emden
         Germany


SPEZIALSANIERUNG NORD: Claims Registration Period Ends May 9
------------------------------------------------------------
Creditors of Spezialsanierung Nord GmbH have until May 9, 2008,
to register their claims with court-appointed insolvency manager
Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 9, 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 Schwerin
         Hall 7
         Demmlerplatz 14
         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:

         Bettina Schmudde
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Spezialsanierung Nord GmbH
         Attn: Nadja Block, Manager
         Fischstrasse 19
         17489 Greifswald
         Germany


T.M.B. NACHRICHTENTECHNIKVERTRIEBS: Claims Period Ends May 13
-------------------------------------------------------------
Creditors of T.M.B. Nachrichtentechnikvertriebs GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Koeln
         Germany

The District Court of Cologne opened bankruptcy proceedings
against T.M.B. Nachrichtentechnikvertriebs GmbH on
March 25, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         T.M.B. Nachrichtentechnikvertriebs GmbH
         Friedensstr. 118
         51145 Koeln
         Germany

         Attn: Hermann Josef Brauns, Manager
         Friedensstr. 116
         51145 Koeln
         Germany


WACHOWIAK GMBH: Claims Registration Ends May 15
-----------------------------------------------
Creditors of Wachowiak GmbH Bauunternehmen have until May 15,
2008 to register their claims with court-appointed insolvency
manager Dr. Karl Goebel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Karl Goebel
         Wachtstr. 17
         28195 Bremen
         Germany
         Tel: 0421/366060
         Fax: 0421/3660630

The District Court of Bremerhaven opened bankruptcy proceedings
against Wachowiak GmbH Bauunternehmen on April 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wachowiak GmbH Bauunternehmen
         Coloradostr. 5
         27580 Bremerhaven
         Germany

         Attn: Thomas Wachowiak, Manager
         Westeracker 9 A
         27607 Langen-Sievern
         Germany


WEROLEX GMBH: Claims Registration Period Ends May 18
----------------------------------------------------
Creditors of Werolex GmbH have until May 18, 2008, to register
their claims with court-appointed insolvency manager Dr. Lucas
F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Dessau-Rosslau
         Hall 121
         Willy Lohmann Str. 33
         Dessau Rosslau
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Halberstadter Strasse 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849

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

The Debtor can be reached at:

        Werolex GmbH
        Am Alten Bahnhof 18
        06886 Wittenberg
        Germany


WINTER BAUUNTERNEHMUNG: Claims Registration Period Ends May 13
--------------------------------------------------------------
Creditors of Winter Bauunternehmung GmbH have until May 13,
2008, to register their claims with court-appointed insolvency
manager Thomas Kind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Landau in der Pfalz
          Hall 225
          Ground Floor
          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:

          Thomas Kind
          Eisenbahnstr. 19-23
          77855 Achern
          Germany
          Tel: 07841/7080

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Winter Bauunternehmung GmbH on April 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Winter Bauunternehmung GmbH
          Humboldtstr. 8
          76726 Germersheim
          Germany


ZIMMER & NOECKEL: Claims Registration Period Ends May 13
--------------------------------------------------------
Creditors of Zimmer & Noeckel Innenausbau GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Erfurt
          Hall 12
          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:

          Andreas Schafft
          Willy-Brandt-Platz 1
          99084 Erfurt
          Germany

The District Court of Erfurt opened bankruptcy proceedings
against Zimmer & Noeckel Innenausbau GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Zimmer & Noeckel Innenausbau GmbH
          Attn: Ralf Noeckel, Manager
          Marbacher Gasse 24 a
          99084 Erfurt
          Germany


ZIMMEREI JANTZEN: Claims Registration Period Ends May 13
--------------------------------------------------------
Creditors of Zimmerei Jantzen GmbH have until May 13, 2008, to
register their claims with court-appointed insolvency manager
Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Rostock
          Hall 330
          Zochstrasse
          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:

          Axel Raap
          Herrengraben 5
          20459 Hamburg
          Germany

The District Court of Rostock opened bankruptcy proceedings
against Zimmerei Jantzen GmbH on April 8, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Zimmerei Jantzen GmbH
          Attn: Olaf Jantzen, Manager
          Am Haff 1
          18230 Roggow
          Germany


ZINNECKER WERBUNG: Claims Registration Period Ends May 13
---------------------------------------------------------
Creditors of Zinnecker Werbung Werbegestaltung GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Frankfurt (Main)
          Hall 2
          Building F
          Klingerstrasse 20
          60313 Frankfurt (Main)
          Germany    
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Karl-Heinz Trebing
          Hanauer Landstr. 287-289
          60314 Frankfurt/Main
          Germany
          Tel: 069/15051300
          Fax: 069/15051400

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Zinnecker Werbung Werbegestaltung GmbH on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Zinnecker Werbung Werbegestaltung GmbH
          Attn: Peter Zinnecker, Manager
          Dieselstrasse 22
          61184 Karben
          Germany



=============
H U N G A R Y
=============


FLEXTRONICS INT'L: May Complete Phase 2 of Arima Deal This Month
----------------------------------------------------------------
Flextronics International Limited said that it expects to close
the second phase of its two-phase acquisition of Arima Computer
Corporation notebook and server businesses in April of this
year.

Flextronics completed phase one on March 18, 2008.  Phase one
include the acquisition of the design and services group of
Arima.

The second phase will include the acquisition of Arima's
notebook and server manufacturing facility in WuJiang China, and
is expected to close this month.  Arima Computer's notebook and
server business will become part of the Flextronics Computing
segment.  Upon completion of the two-phase transaction,
Flextronics will have acquired all of the Arima's design,
manufacturing and service resources related to notebook and
servers.

"Closing phase one of this acquisition significantly enhances
our ODM server offering and significantly strengthens our
position in the rapidly growing notebook market," said Sean
Burke, president of Flextronics Computing.  "We are pleased to
welcome Arima's talented design and service employees to our
team, as we continue to strengthen our world-class solutions for
the computing marketplace."

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX; Singapore Reg. No. 199002645H) --
http://www.flextronics.com/-- is an Electronics Manufacturing  
Services provider focused on delivering design, engineering and
manufacturing services to automotive, computing, consumer
digital, industrial, infrastructure, medical and mobile OEMs.  
Flextronics helps customers design, build, ship, and service
electronics productsthrough a network of facilities in over 30
countries on four continents.  

As of the year ended March 31, 2007, the company's regulatory
filing with the U.S. SEC showed that it had subsidiaries in
Austria, Brazil, China, France, Hong Kong, Hungary, Malaysia,
Mexico and the United States, among others.  The company has yet
to submit its annual report for the year ended March 31, 2008.

                        *     *     *

Flextronics International Ltd. continues to carry Moody's
"Ba1" probability of default and long-term corporate family
ratings with a negative outlook.

The company also carries Standard & Poor's "BB+" long-term
local and foreign issuer credit ratings with a negative
outlook.


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


BASE CLO I: S&P Rates EUR14 Million Class E Notes at BB
-------------------------------------------------------
Standard & Poor's Ratings Services has assigned its credit
ratings to the EUR346.875 million senior deferrable and non-
deferrable floating-rate notes issued by BASE CLO I B.V.  At the
same time, BASE CLO I also issued EUR28.125 million of unrated
notes.
  
This transaction securitizes a portfolio of leveraged loans.
Since this is a static transaction, the portfolio was fully
ramped up at closing, with no reinvestment or discretionary
trading permitted thereafter.  However, a liquidation and
servicing agent will identify and dispose of credit-impaired
and defaulted assets.
  
The loans acquired are typically either senior secured loans or
mezzanine loans to borrowers based mainly in continental Europe
and the U.K.  This influences the analysis, as leveraged loans
typically contain certain levels of security that historically
have been shown to yield higher recovery rates than senior
unsecured obligations.
  
The analysis of this transaction is significantly underpinned by
the good asset cover provided by the par value ratios. These
ratios track the degree to which the performing collateral is
sufficient to cover the return of principal to the debt
investors.  Once the par value ratios fall below certain minimum
levels, available interest and principal proceeds are redirected
to the extent required toward the redemption of senior
liabilities.
  
                        Ratings List
                      BASE CLO I B.V.
        EUR375 Million Senior And Subordinated Deferrable
                    Floating-Rate Notes

         Class          Rating         Amount (Mil. EUR)
  
         A-1            AAA             266.875
         A-2            AAA               9.000
         B              AA               33.000
         C              A                12.000
         D-1            BBB               9.400
         D-2            BBB               2.600
         E              BB               14.000
         Subordinated
         notes          NR               28.125


EIRLES FOUR: Moody's May Further Cut Low-B Ratings After Review
---------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes issued by Eirles Four
Limited and four credit default swaps entered into by Deutsche
Bank AG referencing the TSAR_08 transaction.  The Series 77, 76,
75 & 74 credit-linked notes issued by Eirles Four Limited are
repacks of the B, C, D & E TSAR_08 swaps respectively and
essetially carry the portion of credit risk asscociated with the
swap.

This CDO transaction contains subprime RMBS bonds and ABS CDOs,
particularly of 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:

Deutsche Bank AG, London Branch - TSAR_08:

   (1) The USD 105,000,000 Class B Swap

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

   (2) The US$66,500,000 Class C Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: Aa1

   (3) The US$31,500,000 Class D Swap

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (4) The US$12,250,000 Class E Swap

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

Eirles Four Limited - Series 74, 75, 76 and 77 Due 2046:

   (1) The Series 77 US$35,000,000 Floating and Variable Rate
       Secured Notes due 2046

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

   (2) The Series 76 US$25,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: Aa1

   (3) The Series 75 US$25,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (4) The Series 74 US$12,250,000 Floating and Variable Rate
       Secured Notes due 2046

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


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


PARMALAT SPA: Can File Damages vs Citigroup, Says Parma Judge
-------------------------------------------------------------
Judge Paola Artusi of a court in Parma, Italy, issued a ruling
April 21, 2008, admitting Parmalat S.p.A. as a civil party to a
criminal case against 10 Citigroup Inc. executives in connection
to the dairy group's bankruptcy in December 2003, various
reports say.

According to Thomson Financial, the Citigroup managers are
facing charges of fraudulent bankruptcy and abetting Parmalat's
financial collapse.  In another related case, 24 former
executives of Parmalat, including founder Calisto Tanzi and CFO
Fausto Tonna, are facing charges of fraudulent bankruptcy and
criminal association that carry a maximum 15 years in prison.

Enrico Bondi, Parmalat CEO, filed the request for inclusion as
civil party in the criminal case, Bloomberg News reports.

The court will next hear the case on May 28, 2008.

                      EUR14 Billion Damages

Marco De Luca, a lawyer for Mr. Bondi, told Bloomberg News that
the CEO will seek EUR14 billion in damages, justifying the
amount to the "exceptional seriousness and causal effect that
these matters had on the entire Parmalat fraud."

"This was not a matter of a single episode which is coming to
trial, but rather something that was a product of the Citigroup
organization," Mr. De Luca added to Bloomberg News.

                          Milan Trial

As reported in the TCR-Europe on April 22, 2008, a judge in
Milan, Italy, issued a ruling April 18, 2008, excluding Parmalat
as civil party in the market rigging lawsuit against Citigroup
Inc., UBS AG, Deutsche Bank AG, Morgan Stanley and nine
individuals.

Milan prosecutors accused the banks of disguising the terms of
Parmalat bond sales and other financing from investors, thus
helping the dairy company conceal its financial situation.  The
trial commenced in January and will resume in July.

Parmalat said the Milan ruling has no effect on its ability to
claim damages, since these will be its object in the bankruptcy
proceedings pending before a court in Parma, Italy.

                      About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Files EUR5-Billion Suit vs Hermes Asset Europe
------------------------------------------------------------
Parmalat S.p.A. Chief Executive Officer Enrico Bondi has filed
in Parma, Italy, a EUR5-billion damages suit against Hermes
Asset Management Europe, claiming it played a role on its
financial collapse in December 2003, various reports say.

According to Il Sole 24 Ore, Hermes questioned several
transactions in Parmalat's accounts in 2002, when the fund held
a 2.2% stake in the food group.  The fund sold its stake shortly
before Parmalat declared bankruptcy in 2003.

Mr. Bondi claims in the suit that Hermes could have exposed
false accounting at Parmalat a year earlier if the fund did not
accept the company's explanations during an annual general
meeting in 2003, Il Sole 24 Ore adds.

Hermes, meanwhile, said the lawsuit was groundless and in
retaliation for Hermes' participation in class action suits
against Parmalat in the U.S., Bloomberg News relates.

                      About Parmalat

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

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

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

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

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

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


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


AGRO-DOM-KOSTANAI: Creditors Must File Claims by June 3
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agro-Dom-Kostanai insolvent on March 3, 2008.

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

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


AKKUN-2005 LLP: Claims Deadline Slated for June 3
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Akkun-2005 insolvent on March 3, 2008.

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

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




ALFA-OMEGA CONSTRUCTION: Claims Filing Period Ends June 4
---------------------------------------------------------  
LLP Alfa-Omega Construction has declared insolvency.  Creditors
have until June 4, 2008, to submit written proofs of claims to:

         LLP Alfa-Omega Construction
         Micro District Koktem-3, 9-38
         Almaty
         Kazakhstan


GEIZER LLP: Creditors' Claims Due on June 4
-------------------------------------------  
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Geizer insolvent on March 6, 2008.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 39-16
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 51-27-24


HOZU-AVIA KZ: Creditors' Claims Due on June 4
---------------------------------------------  
JSC Hozu-Avia Kz has declared insolvency.  Creditors have until
June 4, 2008, to submit written proofs of claims to:

         JSC Hozu-Avia Kz
         Dostyk ave. 85a
         Medeusky
         050010, Almaty
         Kazakhstan


KAZAKH AGRARIAN: S&P Rates US$136 Mln Dresdner Loan at BB+/kzAA
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
debt and 'kzAA' Kazakh national scale ratings to the
US$136 million senior unsecured loan to be provided to Kazakh
Agrarian Credit Corp. by Dresdner Bank AG (A/Negative/A-1).

At the same time the 'BB+' long-term issuer credit, 'B' short-
term issuer credit, and 'kzAA' Kazakhstan national scale ratings
were affirmed.  The outlook is stable.  KACC is based in the
Republic of Kazakhstan (foreign currency BBB-/Stable/A-3, local
currency BBB/Stable/A-3, Kazakhstan national scale rating
'kzAAA').

The loan matures on March 1, 2013, and has semiannual interest
payments of 8.03% per annum.  The ratings on the loan mirror
those on the borrower.

"The ratings on KACC are supported by strong support from the
government to the company," said Standard & Poor's credit
analyst Boris Kopeykin.

The state owns 100% of KACC through KazAgro Holding.  KACC
receives capital injections from the government, secured until
2011.  The capital injections in 2008 will be about Kazakhstani
tenge 10 billion (US$83 million), leading to an improvement in
our capitalization ratio for KACC to approximately 55%.

S&P uses the government-related entities criteria for rating
KACC.  S&P has applied a top-down approach in assessing KACC,
reflecting the strong likelihood that the company would receive
extraordinary support from the national government in case of
financial distress.  The rating on KACC is therefore higher than
if we rated it on a stand-alone basis.

The ratings are constrained by KACC's rapid expansion of its
loan portfolio in the potentially risky agricultural sector,
which leaves the business model untested.  In addition, the
company's lending concentration is high, with the 20 largest
borrowers accounting for about 40% of gross loans.

The loan from Dresdner Bank, which will exceed 50% of KACC's
capital in 2008, represents a liquidity risk.  The loan contains
a series of covenants that would allow the bank to demand loan
repayment ahead of schedule.

The loan agreement also contains ratings triggers: If both
Standard & Poor's and Moody's downgraded KACC by one notch each,
or one of the two rating agencies downgraded the company by two
notches, it would also lead to an acceleration of payments.

This creates the potential for significant liquidity pressure on
KACC, as it would be almost impossible for KACC to repay the
loan ahead of schedule with its own resources.  However, S&P
expects that, in such a scenario, the central government would
provide a budget loan or capital injection to KACC, which would
enable the company to meet its obligation on a timely basis,
which mitigates much of the liquidity risk.

The stable outlook on KACC reflects that on the Republic of
Kazakhstan.  S&P expects the government to continue to expand
KACC's capital rapidly, by approximately US$60 million-US$80
million annually.  Furthermore, S&P do not expect any changes in
the policy and regulatory framework that would weaken KACC's
policy role, at least until 2011.

"Nevertheless, a change in KACC's policy role, or signs of
weakening government support, could pressure the ratings," said
Mr. Kopeykin.

Rapid growth in KACC's debt and foreign currency risks would
make it more difficult for the government to provide timely
support, and could also pressure the ratings.

Ratings upside would result only from the credit profile of the
sovereign becoming stronger.


KAZAKHTELECOM: S&P Holds BB Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on Kazakhstan's largest
telecommunications provider, Kazakhtelecom (JSC).  The outlook
is stable.

"The rating is limited by the evolving market structure and
changing regulatory environment of Kazakhstan's telecoms sector,
low demand for value-added services, and meaningful pressure on
profitability," said Standard & Poor's credit analyst Alexander
Griaznov.  "Kazakhtelecom's increasing debt-financed investments
put pressure on the company's financial profile and also
constrain the rating."

The company's resilient business position in key markets
mitigates these weaknesses, as do its considerably improved
network quality and capabilities and sound liquidity position.

Kazakhtelecom's financial profile continues to support the
rating, despite a meaningful increase in debt in 2007, which
reached Kazakhstani tenge 88 billion (US$700 million).  Debt now
represents 1.9x adjusted EBITDA, which is close to the upper
level of our expectations at this rating level.  However, we
take into account the stable dividend flow from GSM Kazakhstan
(the leading mobile operator in the country), which, if added to
EBITDA, would decrease the leverage to 1.4x.  Moreover, the
company's cash balances represent almost 25% of total debt, and
can be also routed for debt repayment.

"We expect the company to prudently manage potential
investments, without causing significant deterioration in credit
metrics," said Mr. Griaznov.  "The company's ability to
judiciously manage its debt leverage remains important for
Kazakhtelecom's credit quality."

At this rating level, we expect the company to maintain a sound
capital structure, including a ratio of funds from operations to
debt of about 50%.

Negative rating pressures could build if the company's
increasing investment appetite leads to increased debt in excess
of our expectations.  S&P sees no ratings upside potential over
the next 12 months, because substantial strengthening of the
business characteristics is unattainable in the given
timeframe.


NARYK LLP: Claims Registration Ends June 4
------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Firm Naryk insolvent.

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

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


OIL-GRAN LLP: Claims Registration Ends June 4
---------------------------------------------  
LLP Oil-Gran has declared insolvency.  Creditors have until
June 4, 2008, to submit written proofs of claims to:

         LLP Oil-Gran
         Ihsanov Str. 68
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 50-45-24


SUPER BAZALT: Creditors Must File Claims by June 4
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Super Bazalt insolvent.

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

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


TECH SNAB LLP: Claims Deadline Slated for June 4
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Tech Snab Service PV insolvent on March 7, 2008.

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

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


TRANSMEH T LLP: Claims Filing Period Ends June 4
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Transmeh T insolvent on March 7, 2008.

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

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



* Fitch Reports Kazakh Banks' Asset Quality Shows Negative Trend
----------------------------------------------------------------
Fitch Ratings has said in a special report that asset quality in
the Kazakh banking system has deteriorated significantly since
end of third quarter of 2007, although sector-wide loan
impairment is not yet at critical levels.  

Reported loan impairment ratios have risen most markedly at
Alliance Bank ('BB-'/Negative Outlook), followed by Bank Caspian
('B+'/Stable Outlook) and Kazkommertsbank (KKB, 'BB+'/Negative
Outlook).  However, loss absorption capacity for the system as a
whole, and for these banks in particular, is also significant,
reflective of sound profitability and capital ratios that are
often well above minimum regulatory levels.

Fitch views potential asset quality deterioration as the main
near-term risk for Kazakh banks, driven by a gradual seasoning
of loan portfolios, slower economic growth, tighter corporate
liquidity, falling real estate prices and potential pressure on
the Kazakh tenge.

Underlining this risk, Fitch notes that the proportion of the
system's individually assessed loans falling into the statutory
Doubtful 5 and Loss categories (the best publicly available
proxy for non-performing loans in individually-assessed
portfolios, in Fitch's view) has risen from 2.0% at end of third
quarter of 2007 to 4.0% at end-February 2008.  

The proportion of individually assessed loans falling into the
Doubtful 2/4/5 and Loss categories, which should capture most
loans overdue by seven days or more, has also increased
markedly, from 3.6% at end-August 2007 to 8.8% at end-February
2008.  Reported asset quality deterioration in the construction
industry has been significant, but is not at present markedly
higher than for corporate lending as a whole.

Although reported loan impairment ratios have risen at all
banks, the increase has been most marked at Alliance, followed
by Caspian and KKB.  Analysis of loan impairment trends at
Alliance is complicated by a significant change in that bank's
approach to assessing homogeneous loan pools in fourth quarter
of 2007, but Alliance's reserve coverage of impaired loans is
now much tighter than at other Kazakh banks.  The increase in
reported loan impairment at KKB is partly explained by the
prudent classification of a large, currently performing
exposure.

Generally sound profitability and reasonable capital ratios
provide meaningful loss absorption capacity for Kazakh banks.  
Based on certain simplifying assumptions, Fitch estimates that
rated banks could absorb fiscal year 2008 loan impairment
charges equal to between 6.1% (ATF) and 12.2% (Alliance) of
gross loans before regulatory total capital ratios fell below
12%.  Basel capital ratios are often much higher than regulatory
ones because of the stricter risk-weightings applied to certain
exposures in calculating regulatory ratios.

Nevertheless, the continuation or acceleration of recent asset
quality trends could result in downgrades of Individual ratings,
which reflect banks' stand-alone financial strength.  However,
the Long-term Issuer Default ratings of the largest six banks -
KKB, BTA Bank ('BB+'/Negative Outlook), Halyk Bank of Kazakhstan
('BB+'/Negative Outlook), Alliance, ATF Bank ('BBB+'/Negative
Outlook) and Bank Centercredit (BCC, 'BB-' /Evolving Outlook) -
are underpinned by potential sovereign or shareholder support,
and would likely be downgraded only if the ratings of the Kazakh
sovereign ('BBB'/Negative Outlook) were lowered.


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


TECHNO-UG LLC: Creditors Must File Claims by June 6
---------------------------------------------------
LLC Techno-Ug has declared insolvency.  Creditors have until
June 6, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 64-80-64.


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


EVRAZ GROUP: Completes US$1.6 Billion Eurobond Placement
--------------------------------------------------------
Evraz Group S.A. has completed a US$1.6 billion Eurobond
placement in two tranches, Reuters reports.

According to the company, Reuters relates, it issued:

    * US$1.05 billion in five-year Eurobonds with coupon of
      8.88%; and

    * US$550 million in 10-year Eurobonds with coupon of 9.5%.

Evraz said it would use the proceeds of the bond issue for  
corporate purposes including the US$4 billion acquisition of
IPSCO from SSAB.

The bond issue -- lead-managed by ABN AMRO, Calyon, Deutsche
Bank and UBS Investment Bank -- have been rated Ba3 by Moody's,
BB- by S&P and BB by Fitch.

                          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 March 19, 2008, Fitch Ratings
affirmed Luxembourg-based Evraz Group SA's Long-term Issuer
Default and senior unsecured ratings at 'BB' and Short-term IDR
at 'B'.  Fitch also affirmed the ratings of core subsidiary
Mastercroft Limited at Long-term IDR 'BB' and Short-term IDR
'B'.  Evraz Securities SA's senior unsecured rating is affirmed
at 'BB'.  The Outlooks for Evraz's and Mastercroft Limited's
Long-term IDRs are Stable.

As reported in the TCR-Europe on March 18, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd.  S&P also affirmed the Russia national scale
ratings on Evraz and Mastercroft at 'ruAA'.  The outlook is
positive.

At the same time, Moody's Investors Service placed Evraz's Ba2
corporate family rating, Ba2 rating for Senior Notes due 2009
and Ba3 rating for Senior Notes due 2015 on review for possible
downgrade following the recent announcement of the acquisition
of IPSCO's Canadian plate and pipe business from SSAB for a net
cost of US$2.3 billion.


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


COMMODORE INT'L BV: Parent Issues Clarification on Ruling
---------------------------------------------------------
The court of 's-Hertogenbosch in the Netherlands declared
Commodore International BV bankrupt after creditors filed
bankruptcy proceedings against the company, reports Jan Libbenga
for Channel Register.

In a press release, parent company Commodore International Corp.
disclosed that along with the petitioning party, they have
established that procedural mistakes were made erroneously
beyond CIC's control and resulted in the judicial declaration.

According to the Channel Register report, at least three of
Commodore's Dutch creditors demanded an undisclosed amount from
the company and sought bankruptcy procedure to recover the debt.  
CIC however said it was not consulted when the creditors filed
for bankruptcy proceedings.

The petitioner and CIC had already concluded a written agreement
for the cancellation of the bankruptcy proceedings and mutually
confirmed.  CIC, in cooperation with the petitioner and all
parties involved, is in the process of submitting an objection
to this declaration.  It is expected that this will be resolved
in the course of next week.  CIC said it will provide updates
once the result is known.

CIC added that the bankruptcy declaration of its subsidiary does
not involve CIC's operational entities either in the Netherlands
or elsewhere.

Commodore International Corp. (CIC) (OTC:CDRL) --
http://www.commodorecorp.com/-- is a creator, developer and  
full-service provider of innovative digital media services,
software and hardware.


X5 RETAIL: Andrei Rogachev Quits from Supervisory Board
-------------------------------------------------------
Andrei Rogachev resigned April 21, 2008, from the Supervisory
Board of X5 Retail Group N.V. to concentrate on his other
business activities.

Mr. Rogachev was a founder of Pyaterochka and following
Pyaterochka's merger with Perekrestok -- as X5 Retail Group N.V.
was known at the time -- in May 2006, he remained a member of
the Supervisory Board of X5 Retail Group N.V., where he
continued to contribute to the overall strategy and development
of X5 Retail.

The Board will consider a replacement for Mr. Rogachev, which
will be subject to prior approval by the general meeting of
shareholders of X5 Retail Group N.V.

                        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.


YRC WORLDWIDE: Enters into Credit Agreement Amendment
-----------------------------------------------------
YRC Worldwide Inc. disclosed in a regulatory filing that on
April 18, 2008, with certain of its foreign subsidiaries,
entered into Amendment No. 1 to the Credit Agreement, dated as
of Aug. 17, 2007, among the company, the foreign subsidiaries
and the lenders and agents party.

The Credit Agreement, as amended, continues to provide the
Company with a US$950 million senior revolving credit facility,
including sublimits available for borrowings under certain
foreign currencies, and a US$150 million senior term loan.

The Credit Agreement Amendment:

     -- increases, until such time as the company receives a
        rating of BBB- or better from Standard & Poor’s and Ba1
        or better from Moody’s, in each case with a stable
        outlook (the “Fall Away Event”), the company’s Total
        Leverage Ratio (as defined in the Credit Facility) from
        3.0x to (i) 3.75x for each of the fiscal quarters ended
        March 31, June 30 and Sept. 30, 2008 and (ii) 3.5x for
        each fiscal quarter thereafter; this was a proactive
        amendment however, as the company’s Total Leverage Ratio
        for the fiscal quarter ended March 31, 2008 was below
        3.0x;

     -- increases the interest rates and fees applicable to the
        revolving credit facility and term loan as set forth in
        the definition of “Applicable Rate” in Section 1.01 of
        the Credit Facility; effective with this amendment, the
        interest rate on amounts outstanding under the revolving
        credit facility and term loan is LIBOR plus 100 basis
        points and LIBOR plus 125 basis points, respectively,
        and the facility fee for the revolving credit facility
        is 25 basis points; the company expects interest expense
        to increase US$1.5 – 4.0 million annually with this
        amendment;

     -- requires the company and its domestic subsidiaries to
        pledge the following collateral (i) receivables not
        secured by the ABS facility or the company’s captive
        insurance companies, (ii) intercompany notes not secured
        by the ABS facility, (iii) fee-owned real estate parcels
        that have an estimated internal market value of
        US$2.5 million or greater, (iv) 100% of the stock of all
        domestic subsidiaries of the Company and (v) 65% of the
        stock of first-tier foreign subsidiaries of the company
        other than the company’s captive insurance companies;

     -- requires the Company and its subsidiaries to pledge
        additional assets, including rolling stock and the
        remaining real estate if the Total Leverage Ratio
        exceeds 3.5x at the end of any Test Period (as defined
        in the Credit Facility) or if the company receives a
        rating of BB- or worse from Standard & Poor’s and Ba3 or
        worse from Moody’s prior to the Fall Away Event;

     -- requires each domestic subsidiary of the company except
        for YRRFC to guarantee the credit facility; and

     -- modifies certain negative covenants (and in certain
        instances introduces new negative covenants) related to
        permitted liens, permitted acquisitions, permitted asset
        sales (and certain related mandatory prepayments from
        the proceeds thereof) and restricted payments.

Upon the occurrence of the Fall Away Event, (i) security
interests in pledged collateral will be released, (ii) all
negative covenant provisions (including the company’s Total
Leverage Ratio) and the mandatory prepayment provision will
revert to pre-Credit Agreement Amendment levels and concepts and
(iii) only material domestic subsidiaries and subsidiaries of
the Company that guarantee certain other indebtedness of the
Company or its subsidiaries will remain as guarantors.

The holders of USF Bonds and Roadway Bonds, each as defined in
the Credit Facility, will receive an equal and ratable lien
(pursuant to the terms of the respective bond indentures) in
certain assets that are pledged under the Credit Facility.

Pursuant to Section 1008 of the USF Bond indenture, holders of
USF Bonds are entitled to an equal and ratable lien with respect
to stock of the “significant” subsidiaries of YRC Regional
Transportation and any intercompany debt among Regional and its
“significant” subsidiaries.

Currently, the “significant” subsidiaries are USF Holland, USF
Reddaway and YRC Logistics Services.  Pursuant to Section
4.06(a) of the Roadway Bond indenture, holders of Roadway Bonds
are entitled to an equal and ratable lien with respect to stock
of subsidiaries of Roadway LLC, intercompany debt among Roadway
and its subsidiaries and certain property owned by Roadway and
its subsidiaries, including certain real estate and rolling
stock.

A full-text copy of Amendment No. 1, dated as of April 18, 2008,
to the Credit Agreement, dated as of August 17, 2007, among the
Company, the Canadian Borrower, the UK Borrower, the financial
institutions party thereto and JPMorgan Chase Bank, National
Association, as Administrative Agent, may be viewed for free at:

               http://ResearchArchives.com/t/s?2af0

YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is  
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore.  The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally.  Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.

The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.


YRC WORLDWIDE: Renews Asset-backed Securitization Facility
----------------------------------------------------------
YRC Worldwide Inc. disclosed in a regulatory filing that on
April 18, 2008, it renewed its asset-backed securitization
facility.

The renewed facility will expire on April 16, 2009.

The renewed facility:

     (i) reduces the financing limit available under the ABS
         facility from US$700 million to US$600 million,

    (ii) reduces the letters of credit sublimit from
         US$325 million to US$125 million,

   (iii) modifies the Total Leverage Ratio consistent with the
         Credit Agreement Amendment recently entered,

    (iv) increases the loss and discount reserve requirements
         and

     (v) increases the administrative fee (calculated based on
         financing limit) and program fee (calculated based on
         utilization) to 50 basis points and 75 basis points,
         respectively.

The interest rate under the ABS facility for conduits continues
to be a variable rate based on A1/P1 rated commercial paper
(weighted average interest rate of 3.35% at March 31, 2008),
plus the program fee.  The interest rate for Wachovia Bank,
National Association is one-month LIBOR, plus 100 basis points,
as Wachovia will no longer use a conduit to purchase receivables
under the ABS facility.  The Company expects interest expense to
increase up to US$4.0 million annually with this renewal.

The ABS facility utilizes the accounts receivables of these
subsidiaries of the company:

     -- Yellow Transportation, Inc.;
     -- Roadway Express, Inc.;
     -- USF Holland Inc.; and
     -- SF Reddaway Inc.

Yellow Roadway Receivables Funding Corporation, a special
purpose entity and wholly owned subsidiary of the Company,
operates the ABS facility.  Under the terms of the renewed ABS
facility, the Originators may transfer trade receivables to
YRRFC, which is designed to isolate the receivables for
bankruptcy purposes.  A third-party conduit or committed
purchaser must purchase from YRRFC an undivided ownership
interest in those receivables.  The percentage ownership
interest in receivables that the conduits or committed
purchasers purchase may increase or decrease over time,
depending on the characteristics of the receivables, including
delinquency rates and debtor concentrations.

In connection with the renewal of the ABS facility, the Company
unconditionally guaranteed to YRRFC the full and punctual
payment and performance of each of the Originators obligations
under the ABS facility.  YRRFC has pledged its right, title and
interest in the guarantee to the Administrative Agent, for the
benefit of the purchasers, under the Third Amended and Restated
Receivables Purchase Agreement.

A full-text copy of the Third Amended and Restated Receivables
Purchase Agreement may be viewed for free at:

               http://ResearchArchives.com/t/s?2af1

YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is  
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore.  The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally.  Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.

The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.



YRC WORLDWIDE: Fitch Holds Ratings on Amended & Restated Loans
--------------------------------------------------------------
Following the announcement that YRC Worldwide Inc. (NASDAQ:
YRCW) has amended and restated its credit facility agreement,
Fitch Ratings has taken these rating actions on YRCW and its
Roadway LLC and YRC Regional Transportation, Inc. subsidiaries:

YRC Worldwide Inc.

   -- Issuer Default Rating (IDR) affirmed at 'BB+';
   -- Credit facilities affirmed at 'BB+';
   -- Senior unsecured downgraded to 'BB' from 'BB+'.

Roadway LLC

   -- IDR affirmed at 'BB+';
   -- Senior notes downgraded to 'BB' from 'BB+'.

YRC Regional Transportation, Inc.

   -- IDR affirmed at 'BB+';
   -- Senior notes downgraded to 'BB' from 'BB+'.

Fitch's ratings apply to approximately US$1 billion in
consolidated debt and a US$950 million revolving credit
facility.  The Rating Outlook for YRCW is Negative.

The most significant revisions to YRCW's credit facility are a
change in the facility's leverage covenant and a pledge of
collateral to secure the facility.  The leverage covenant, which
is based on the ratio of balance sheet debt to 12 months EBITDA,
has been raised to 3.75 times (x) for the first three quarters
of 2008.  The ratio will then decline to 3.5x in the fourth
quarter of 2008 through the facility's maturity in 2012.  The
prior leverage covenant was 3.0x for the duration of the
agreement.  In the event of certain credit ratings upgrades, the
collateral securing the credit facility will be released, the
leverage ratio covenant will decline to 3.0x and certain other
provisions in the credit facility will revert back to their pre-
amended status.

In return for the loosened covenant, YRCW has agreed to secure
the facility with a combination of hard assets (primarily real
estate), a portion of various subsidiaries' accounts receivable
not already pledged as collateral under YRCW's asset backed
securitization (ABS) facility agreement, 100% of the capital
stock of YRCW's U.S. subsidiaries, 65% of the stock of certain
first-tier foreign subsidiaries and a security interest in
certain intercompany notes.  According to the indenture covering
the outstanding US$225 million in Roadway notes due in December,
the Roadway notes will also be secured by certain Roadway
collateral pledged to the credit facility, including certain
Roadway properties.  In addition, the capital stock of the YRC
Regional Transportation subsidiaries that has been pledged as
collateral for the credit facility will also be shared as
collateral with the two series of outstanding YRC Regional
Transportation notes.

In addition to the revisions to its credit facility, YRCW has
also accelerated the renewal of its ABS facility.  The facility
had been scheduled to mature next month.  The ABS facility,
which is essentially a receivables sales program, is a key
component of the company's liquidity, and YRCW regularly uses it
for cash borrowings, as well as to back letters of credit.  The
limit on the renewed facility has been reduced to US$600 million
from US$700 million, however, to account for the actual level of
receivables generally available to support the program.

The loosening of the leverage covenant significantly reduces the
likelihood of a near-term default on the credit facility.  
Although YRCW has been slowly reducing its debt load over the
past several years, a very weak industry demand environment has
driven a sharp decline in YRCW's EBITDA over the past 12 months.  
Full-year EBITDA declined to US$489 million in 2007 from US$837
million in 2006, raising the company's year-end EBITDA leverage
to 2.5x from 1.5x. With the sharp decline in EBITDA, concern had
been growing recently that YRCW's EBITDA leverage would come
uncomfortably close to, or might exceed, the prior covenant
level of 3.0x by mid-2008. The addition of 75 basis points to
the covenant in the first three quarters of this year is
expected to provide sufficient headroom to avoid a covenant-
triggered default in the near term.  However, the covenant
level's decline to 3.5x in the fourth quarter and beyond could
be a concern if industry conditions continue to worsen
throughout the year.

The downgrade of the senior unsecured ratings reflects the
addition of collateral to secure the credit facility, which has
put the holders of the company's existing unsecured notes in a
junior position in YRCW's capital structure.  In addition,
although the Roadway and YRC Regional Transportation notes are
now secured by some collateral, Fitch believes the collateral
coverage of these notes is relatively low, effectively putting
holders of these notes in a position similar to that of the
unsecured holders.  As a result, Fitch has downgraded the
secured Roadway and YRC Regional Transportation notes, as well.

The Negative Rating Outlook reflects the near-term challenges
that YRCW continues to face with the slowing of the U.S.
economy.  Although industry shipment levels appear to be
stabilizing somewhat, they are stabilizing at weakened levels,
and there are no indications yet of a significant improvement in
demand in the near term.  Should a persistently weak industry
environment drive further declines in YRCW's financial
performance, Fitch may downgrade the ratings further.


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


AVTOTOR ZAO: May Face Bankruptcy If Quotas Imposed
--------------------------------------------------
ZAO Avtotor may file for bankruptcy if the government imposes a
a 10,000-unit quota for production of foreign cars at its
Kaliningrad site, Vedomosti reports citing company Chairman
Vladimir Scherbako.

Mr. Scherbako told Vedomosti that Avotor may consider offers
from investors, but has yet to receive approaches or interest
from possible buyers.

The Russian Economy Ministry has recommended that a quota be
imposed on the production of foreign vehicles, Kommersant
relates, citing official documents.  Violating firms might lose
the the right to import parts tax-free

Headquartered in Kaliningrad, Russia, ZAO Avtotor --
http://www.avtotor.ru/-- manufactures and sells cars.


ISHIMBAYSKIY MACHINE-TOOL: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on OJSC Ishimbayskiy Machine-Tool Plant
(TIN 0261005268).  The case is docketed under Case No.
A07-14040/05-G-PAV/NLV.

The Temporary Insolvency Manager is:

         B. Bakhtiyarov
         Okt. Rev. 77-62
         Ufa
         450057 Bashkortostan
         Russia

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         B. Bakhtiyarov
         Okt. Rev. 77-62
         Ufa
         450057 Bashkortostan
         Russia


NOVATEK OAO: Earns RUR18.74 Billion for Year Ended December 31
--------------------------------------------------------------
OAO Novatek has released its audited consolidated financial
statements for the year ended Dec. 31, 2007 prepared in
accordance with International Financial Reporting Standards.

Novatek posted RUR18.74 billion in consolidated net profit on
RUR62.43 billion in consolidated net revenues for year ended
Dec. 31, 2007, compared with RUR14.08 billion in consolidated
net profit on RUR49.23 billion in consolidated net revenues for
year ended Dec. 31, 2006.

The increase in total revenues from our primary business
operations was attributable to the favorable pricing environment
for both domestic and international hydrocarbon sales.

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.

                         About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production   
and processing of natural gas and liquid hydrocarbons.  The
company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                         *     *     *

As of Feb. 7, 2008, OAO Novatek carries Ba2 Corporate Family
rating from Moody's Investors Service, which said the outlook is
stable.

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


NOVATEK OAO: Board Recommends RUR1.52 Dividend Payment per Share
----------------------------------------------------------------
OAO Novatek'sBoard of Directors has recommended to the Annual
General Meeting of Shareholders to approve dividend payments on
the company’s shares in the amount of RUR1.52 per ordinary
share.

The Board’s Corporate Governance Committee recommended the
dividend payment based on NOVATEK’s annual results for 2007
prepared in accordance to Russian accounting standards.

The total dividend distribution per ordinary share for 2007
recommended for approval at the AGM, including interim dividends
paid for six months of 2007, amounts to RUR2.35 per one ordinary
share.

The AGM will take place on May 23, 2008.  Shareholders of record
at the close of business on April 10, 2008, will be entitled to
receive dividends and to participate in the AGM.

                         About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production   
and processing of natural gas and liquid hydrocarbons.  The
company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                         *     *     *

As of Feb. 7, 2008, OAO Novatek carries Ba2 Corporate Family
rating from Moody's Investors Service, which said the outlook is
stable.

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


NOVOLIPETSK STEEL: Board Recommends RUR3 per Share Dividend
-----------------------------------------------------------
Novolipetsk Steel OJSC's Board of Directors has recommended that
the general shareholders' meeting approve a decision to declare
cash dividends of RUR3 per ordinary share for 2007.

Taking into account previous interim dividend payments for the
first half of 2007 of RUR 1.5 per ordinary share, the Board of
Directors recommends paying an additional RUR 1.5 per ordinary
share.    

The Board of Directors will hold the meeting on June 6, 2008.

The annual general meeting of the Company's shareholders will
address these items:

    * approval of the Company's 2007 annual report; annual
      financial statements, including statement of income;
      allocation of profit (including dividend payment) and
      losses for the financial year 2007;

    * election of members to the Company's Board of Directors;

    * election of the President of the Company (Chairman of the
      Management Board);

    * election of members to the Company's Internal Audit
      Commission;

    * approval of the company auditor;

    * approval of related party transaction; and

    * payment of remuneration to the members of the Board of
      Directors.

The list of persons entitled to participate in the annual
general meeting of the Company's shareholders will be prepared
on the basis of the Shareholders’ Register as of 12:00 noon,
April 18, 2008.

                        About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *    *

As of April 7, 2008, Novolipetsk Steel OJSC carries Ba1
Corporate Family and Probability-of-Default ratings from Moody's
Investors Service, which said the Outlook is stable.

NLMK carries BB+ Issuer Credit rating from Standard &
Poor's Ratings Services,  which said the Outlook is stable.

The company also carries BB+ Long-term Issuer Default,
B and Short-term Issuer Default ratings from Fitch Ratings,
which said the Outlook is Stable.


PTISEVOD LLC: Novosibirsk Bankruptcy Hearing Slated for June 9
--------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene on June 9,
2008, to hear the bankruptcy supervision procedure on LLC
Agricultural Complex Ptisevod.  The case is docketed under Case
No. A45-1620/2008-48/4.

The Temporary Insolvency Manager is:

         S. Izyurov
         Post User Box 29
         Krasnoobsk
         630501 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Complex Ptisevod
         Kannskaya Str. 168
         Kuybyshev
         632381 Novosibirsk
         Russia


RODNIK OJSC: Court Names S. Ligostaev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed S. Ligostaev as
Insolvency Manager for OJSC Rodnik (TIN 7432009589).  He can be
reached at:

         S. Ligostaev
         Sverdlovskiy Pr. 28-2
         454008 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-25470/07-60-335.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         OJSC Rodnik
         Rodnik
         Krasnoarmeyskiy
         Chelyabinsk
         Russia


SOUTH-AGRO-SPETS-MONTAZH: Names N. Surtaev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Krasnodar appointed N. Surtaev as
Insolvency Manager for OJSC South-Agro-Spets-Montazh.  He can be
reached at:

         N. Surtaev
         Diksona Str. 1-203
         660020 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-15712/2007.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC South-Agro-Spets-Montazh
         Chapaeva Str. 1B
         Minusinsk
         662608 Krasnodar
         Russia


SYSTEM ENGINEERING: Rostov Bankruptcy Hearing Set April 28
----------------------------------------------------------
The Arbitration Court of Rostov will convene at 4:00 p.m. on
April 28, 2008, to hear the bankruptcy supervision procedure on
CJSC System Engineering (TIN 6154101881).  The case is docketed
under Case No. A53-20225/07-S1-52.

The Temporary Insolvency Manager is:

         M. Kaprekina
         Post User Box 149
         2nd POS
         344002 Rostov-na-Donu
         Russia

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC System Engineering
         Apt. 433
         F. Engelsa Str. 1g
         Taganrog
         Rostov
         Russia


VTOR-TSVET-MET: Orel Bankruptcy Hearing Slated for May 21
---------------------------------------------------------
The Arbitration Court of Orel will convene at 11:20 a.m. on
May 21, 2008, to hear the bankruptcy supervision procedure on
CJSC Mtsenskiy Factory Vtor-Tsvet-Met.  The case is docketed
under Case No. A48-441/08-20b.

The Temporary Insolvency Manager is:

         V. Chervyakov
         Building 1
         Moskovskoe Shosse 137
         302025 Orel
         Russia


The Court is located at:

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

The Debtor can be reached at:

         Avtopmagistral
         Mtsensk
         303000 Orel
         Russia


WEST-SIBERIAN INDUSTRIAL: Names I. Kravchenko to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tyumen appointed I. Kravchenko as
Insolvency Manager for CJSC West-Siberian Industrial Company.  
He can be reached at:

         I. Kravchenko
         Office 240
         Melnikayte Str. 106
         625026 Tyumen
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A70-251/3-2008.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         CJSC West-Siberian Industrial Company
         Office 1
         Sherbakova Str. 144
         Tyumen
         Russia


X5 RETAIL: Andrei Rogachev Quits from Supervisory Board
-------------------------------------------------------
Andrei Rogachev resigned April 21, 2008, from the Supervisory
Board of X5 Retail Group N.V. to concentrate on his other
business activities.

Mr. Rogachev was a founder of Pyaterochka and following
Pyaterochka's merger with Perekrestok -- as X5 Retail Group N.V.
was known at the time -- in May 2006, he remained a member of
the Supervisory Board of X5 Retail Group N.V., where he
continued to contribute to the overall strategy and development
of X5 Retail.

The Board will consider a replacement for Mr. Rogachev, which
will be subject to prior approval by the general meeting of
shareholders of X5 Retail Group N.V.

                        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.


* Russian Ministry Submits Bill to Allow Personal Bankruptcy
------------------------------------------------------------
The Economic Development Ministry in Russia submitted a bill
that will allow Russians to declare themselves bankrupt,
Komersant reports citing Vedomosti.

According to the report, the bill aims to protect solvent
debtors are experiencing temporary financial woes from having
their property seized.

Under the bill, any resident that has failed to pay off the debt
of at least RUR100,000 within six months could be declared
bankrupt, the report says.  A debtor will not be released from
debt if his debt is less than RUR100,000 and he fails to prove
he can't pay the debt due to grave living circumstances.

Komersant said both the creditors and a debtor could seek
bankruptcy, and will be subjected to a debt restructuring for
five years.  A debtor will only be free of the debt if he
observes the restructuring schedule or give up the property.


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


FERRO CORP: Revises First-Quarter 2008 Estimates
------------------------------------------------
Ferro Corporation said that earnings per share for the 2008
first quarter are now expected to be in the range of 16 to 18
cents, including approximately 10 cents per share in special
charges, or 26 to 28 cents excluding special charges.  As
reported by Thomson First Call, analysts expect first-quarter
earnings of 20 cents per share, excluding special charges.

Previously, the company had estimated that earnings for the
quarter would be in the range of 12 to 17 cents per share,
including 5 cents of special charges.  The Company now expects
net sales for the first quarter to be approximately US$600
million, exceeding its previous estimates of sales between
US$550 million and US$575 million.

The increased sales are due to better than expected sales
volume, product pricing actions and favorable changes in foreign
exchange rates.  The improved earnings outlook is primarily the
result of better than forecasted results from the Company’s
Inorganic Specialties Group and lower than anticipated selling,
general and administrative expenses.

The company’s revised first-quarter earnings estimate includes
pretax costs of approximately US$3.3 million related to a
previously announced manufacturing interruption at its
Bridgeport, New Jersey manufacturing location in December 2007.  
The manufacturing issues at the site have been corrected and are
not expected to impact future financial results.

“It is encouraging to announce improved performance estimates in
the midst of difficult macroeconomic conditions,” said Ferro
Chairman, President and Chief Executive Officer James F. Kirsch.
“The people of Ferro have been working hard to restructure our
business, reduce costs and manage the extraordinary volatility
in raw material costs.  We have built a strong foundation for
sustainable improvement in the business, and it is beginning to
translate into improved results for our shareholders.  We will
continue on the path we have established to complete our
restructuring programs and improve our business operations
across the entire company.”

Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a  
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
solar energy, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  Headquartered in Cleveland, Ohio, the
company has approximately 6,300 employees globally and reported
2007 sales of US$2.2 billion.

The company has subsidiaries in Argentina, Australia, France,
Germany, Brazil, China, Spain , Hong Kong and Korea, among
others.

                       *     *     *

Ferro Corp. carries Moody's corporate family rating of B1 with a
positive outlook.  This rating was assigned on May 2007.


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


ALFRED SCHULER: Creditors' Liquidation Claims Due by May 18
-----------------------------------------------------------
Creditors of LLC Alfred Schuler have until May 18, 2008, to
submit their claims to:

          Alfred Schuler-Nyffeler
          Liquidator
          Herrengasse 59
          6430 Schwyz
          Switzerland
The Debtor can be reached at:


         LLC Alfred Schuler
         Schwyz
         Switzerland


DRIVE’IN DUBENDORF: Creditors' Liquidation Claims Due by May 14
---------------------------------------------------------------
Creditors of LLC Drive’In Dubendorf have until May 14, 2008, to
submit their claims to:

         Schweikert Hans-Dieter
         Weihermattstrasse 51
         8902 Urdorf
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Drive’In Dubendorf
         Dubendorf
         Uster ZH
         Switzerland


GAMEDO LLC: Creditors' Liquidation Claims Due by May 15
-------------------------------------------------------
Creditors of LLC Gamedo have until May 15, 2008, to submit their
claims to:

          David Manzetti
          Liquidator
          Baselmattweg 150
          4123 Allschwil
          Arlesheim BL
          Switzerland
The Debtor can be reached at:


         LLC Gamedo
         Basel
         Switzerland


I. ZUMSTEIN: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against JSC Spychiger Holding on March 5, 2008.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         JSC Spychiger Holding
         6002 Lucerne
         Switzerland


IGEN BACHHHUS: Creditors' Liquidation Claims Due by May 19
----------------------------------------------------------
Creditors of JSC IGEN Bacchus have until May 19, 2008, to submit
their claims to:

         JSC IGEN Bacchus
         Industriestrasse 22
         6060 Sarnen OW
         Switzerland


INTEGRO CAPITAL: Lucerne Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against JSC integro capital partners on March 5,
2008.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         JSC integro capital partners
         Geissmattstrasse 57
         6004 Lucerne
         Switzerland


LAMELLENSERVICE LLC: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Lamellenservice on March 11, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Lamellenservice
         Industriestrasse 16
         6304 Zug
         Switzerland


SIVERSA JSC: Creditors' Liquidation Claims Due by May 9
-------------------------------------------------------
Creditors of JSC Siversa have until May 9, 2008, to submit their
claims to:

         JSC Siversa
         Austrasse 95
         4051 Basel
         Switzerland


SPYCHIGER HOLDING: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Spychiger Holding on March 19, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Spychiger Holding
         Baarerstrasse 95
         6301 Zug
         Switzerland


TS 23: Creditors' Liquidation Claims Due by May 9
-------------------------------------------------
Creditors of TS 23 Technologies Ltd. have until May 9, 2008, to
submit their claims to:

         Kunz Jurg
         Liquidator
         Buhlenstrasse 11
         3132 Riggisberg
         Seftigen BE
         Switzerland

The Debtor can be reached at:

         TS 23 Technologies Ltd.
         Riggisberg
         Seftigen BE
         Switzerland


===========
T U R K E Y
===========


BANKPOZITIF: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
(pius/ratings/turkey)

Fitch Ratings has affirmed Turkey-based Bankpozitif Kredi ve
Kalkinma Bankasi A.S.'s ratings at Long-term foreign currency
Issuer Default rating 'BB', Short-term foreign currency IDR 'B',
LT local currency IDR 'BBB-', ST local currency IDR 'F3',
National LT 'AAA(tur)', Individual 'D' and Support '3'.  The
Outlooks on the LT IDRs and National rating are Stable.

Bankpozitif's Long- and Short-term IDRs and Support ratings
reflect the view that its majority shareholder, Bank Hapoalim
("Hapoalim", rated 'A-'/Stable, 'C') would have a high
propensity to provide support to the bank, should the need
arise.  However, its ability to do so could be constrained by
Turkey's 'BB' Country Ceiling, resulting in a moderate
probability of support.  The Individual rating reflects the
bank's risks inherent in its rapid growth and the volatile
operating environment as well as its good asset quality, strong
capitalization and strategic focus.

Bankpozitif is a boutique, non-deposit-taking corporate bank
also providing niche retail services.  As of April 2008,
Hapoalim owned 65% of the shares while the rest belonged to C
Faktoring.


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


AQUAMARINE LLC: Creditors Must File Claims by May 9
---------------------------------------------------
Creditors of LLC Aquamarine (code EDRPOU 30631950) have until
May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/704.

The Debtor can be reached at:

         LLC Aquamarine
         Goloseyevskaya Str. 16
         Kiev
         Ukraine


BAGIO LLC: Creditors Must File Claims by May 9
----------------------------------------------
Creditors of LLC Bagio (code EDRPOU 30779952) have until
May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/736.

The Debtor can be reached at:

         LLC Bagio
         Goloseyevskaya Str. 16
         Kiev
         Ukraine


BUILDING LIGHT: Creditors Must File Claims by May 9
---------------------------------------------------
Creditors of LLC Building Light (code EDRPOU 31809207) have
until May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/737.

The Debtor can be reached at:

         LLC Building Light
         40 Years of October Avenue 120
         Kiev
         Ukraine


EMPIRE METAL: Creditors Must File Claims by May 9
-------------------------------------------------
Creditors of LLC Empire Metal Delivery (code EDRPOU 25634800)
have until May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/618.

The Debtor can be reached at:

         LLC Empire Metal Delivery
         Telman Str. 5
         Kiev
         Ukraine


K. S. SECURITY: Creditors Must File Claims by May 9
---------------------------------------------------
Creditors of LLC K. S. Security (code EDRPOU 30519549) have
until May 9, 2008, to submit their proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 29, 2008.  
The case is docketed as 43/52.

The Debtor can be reached at:

         LLC K. S. Security
         Zabolotny Str. 3
         Kiev
         Ukraine


MURAHA LLC: Creditors Must File Claims by May 9
-----------------------------------------------
Creditors of LLC Muraha (code EDRPOU 30724327) have until
May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/701.

The Debtor can be reached at:

         LLC Muraha
         40 Years of October Avenue 9
         Kiev
         Ukraine


NATASHA LTD: Creditors Must File Claims by May 9
------------------------------------------------
Creditors of LLC Natasha Ltd. (code EDRPOU 24933593) have until
May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/740.

The Debtor can be reached at:

         LLC Natasha Ltd.
         40 Years of October Avenue 120
         Kiev
         Ukraine


POLIMERAGRODELIVERY LLC: Creditors Must File Claims by May 9
------------------------------------------------------------
Creditors of LLC Polimeragrodelivery (code EDRPOU 24738791) have
until May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/924-b.

The Debtor can be reached at:

         LLC Polimeragrodelivery
         40 Years of October Avenue 116-A
         Kiev
         Ukraine


SHEDEL PLUS: Creditors Must File Claims by May 9
------------------------------------------------
Creditors of LLC Shedel Plus (code EDRPOU 30186864) have until
May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/739.
The Debtor can be reached at:

         LLC Shedel Plus
         Yamskaya Str. 28-A
         Kiev
         Ukraine


UKRMETAL LLC: Creditors Must File Claims by May 9
-------------------------------------------------
Creditors of LLC Ukrmetal (code EDRPOU 30573082) have until
May 9, 2008, to submit their proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/523-b.

The Debtor can be reached at:

         LLC Ukrmetal
         Goloseyevskaya Str. 16
         Kiev
         Ukraine


UNITRADE LLC: Creditors Must File Claims by May 9
-------------------------------------------------
Creditors of LLC Unitrade (code EDRPOU 30575289) have until
May 9, 2008, to submit their proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/702.

The Debtor can be reached at:

         LLC Unitrade
         Nauka Avenue 61
         Kiev
         Ukraine


UNIVERSAL TRADING: Creditors Must File Claims by May 9
------------------------------------------------------
Creditors of LLC Universal Trading Group (code EDRPOU 32104804)
have until May 9, 2008, to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/777-b.

The Debtor can be reached at:

         LLC Universal Trading Group
         40 Years of October Avenue 120
         Kiev
         Ukraine


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


BAA LTD: CC Sees Potential for Competition at Airports
------------------------------------------------------
The Competition Commission sees potential for competition at all
BAA Ltd. airports in England and Scotland and calls for further
evidence BAA's common ownership of seven airports in the UK may
not be serving well the interests of either airlines or
passengers, the CC has suggested in its interim report on its
investigation into the market for the supply of airport services
by BAA in the UK.

The report on its "emerging thinking" sets out the CC's current
view on competition in the relevant UK airports markets on the
basis of the evidence to date, identifies areas where it is
seeking further evidence and outlines its next steps.

No conclusions have been reached at this stage but the CC
expects to publish its provisional findings in August and if
competition problems are identified, it intends to set out its
possible remedies at the same time, whether requiring the sale
of one or more of BAA's airports or otherwise.

Christopher Clarke, Chairman of the BAA Airports inquiry, said:
"BAA dominates the airports markets in the South-East of England
and in lowland Scotland, both areas of high economic activity
and importance.  Currently, there is no competition between
BAA's three London airports (Heathrow, Gatwick and Stansted) and
only very limited competition from non-BAA airports (including
London City and Luton).  Similarly, there is no competition
between their two airports in lowland Scotland (Edinburgh and
Glasgow) although Glasgow does face competition from one non-BAA
airport (Prestwick).

One of the principal reasons for structuring the privatized BAA
in 1987 to include all three major London airports was to
provide adequate airport capacity in the South-East of England.
Currently there is a shortage of capacity, notably runway
capacity, to meet current and expected future demand.  Even if
the proposed expansion at both Stansted and Heathrow goes ahead
within the expected timescales, this shortage will remain until
at least 2015 and probably longer as a new runway at Heathrow
could not be built until 2020.

It has long been argued by BAA and others that competition
cannot develop between BAA's London airports until the shortage
of capacity has been alleviated.  However, two of the questions
we will be seeking to answer at the next stage are whether and
to what extent the shortage of capacity is a consequence of the
lack of competition between these airports and also whether
alleviation of that shortage can reasonably be expected in the
absence of competition.

There are no similar capacity constraints at any of BAA's other
four airports at Edinburgh, Glasgow, Aberdeen and Southampton.

Particular features which we have identified as potentially
limiting competition include the common ownership by BAA of each
of its seven airports and the way it conducts its business.  We
are particularly concerned by its apparent lack of
responsiveness to the differing needs of its airline customers,
and hence passengers, and the consequences for the levels,
quality, scope, location and timing of investment and levels and
quality of service.

We are also concerned about other aspects of BAA's conduct such
as its approach to the system of planning airport development
which may, in part at least, be related to ownership of several
neighboring airports.  Over many years, BAA seems to have taken
a sequential approach to development, notably at its London
airports, and been prepared to limit development at one airport
to concentrate on development elsewhere.  While it has
successfully undertaken a significant number of smaller projects
simultaneously, it seems largely to have limited itself to one
major project at a time, for example Terminal 5.  The planning
system itself is an inherent constraint on at least the timing
of airport development, but airport operators are not unique in
having to comply and function within it.  There are other long-
term infrastructure businesses, such those engaged in utilities
and energy projects and property development which operate
successfully within similar constraints.

There are, however, other features which appear to limit the
scope for competition, including aspects of government policy.
While the 2003 White Paper provided a much-needed policy
framework for airport development, there are certain elements
which may have the unintended consequence of introducing
constraints which reduce competition.

In particular, by supporting the specific location and timing of
additional runway capacity at Stansted and Heathrow, and also by
stating that it would not support the development of a new
runway at Gatwick before 2019 unless there was demonstrably no
alternative way forward, it may have introduced at least two
constraints.  First, against the background of uncertainty over
at least the timing of expansion at both Stansted and Heathrow,
it arguably raises the risks of delay to much-needed new
capacity becoming available in the South-East on a timely basis.
Second, it may make it more difficult for other projects which
have not received explicit government support in the White Paper
to obtain planning consent even though they can be expected to
be considered on their merits.

We are also concerned that the system of economic regulation and
the way it is conducted by the CAA may adversely affect
competition though it is not yet clear to us whether it is a
feature in itself or whether it facilitates or exacerbates other
features of the airport services market which themselves limit
competition.  We recognize that the legal framework for the
economic regulation of airports differs significantly from those
in other regulated sectors.  In setting a five-year price cap,
the CAA is obliged to further the reasonable interests of
airport users and to promote the efficient operation of
airports; however, it has only limited powers to intervene in an
airport’s business between price caps.  Also BAA is not subject
to a license and there are no provisions to ring-fence the
assets of any airport or for a special administration regime in
the event that BAA were to get into financial difficulties.
However, it may also be that the CAA's "light touch" approach to
economic regulation impacts on the levels, quality, scope and
timing of BAA's investment as well as on the levels and quality
of service, thereby impacting competition.

Overall, our current view is that there is potential for
competition at all BAA's airports.  Under separate ownership
there would be potential for competition between Edinburgh and
Glasgow, and between Aberdeen and the other two BAA airports in
Scotland, although the evidence on Aberdeen is less strong.  We
therefore need to consider further the scope for potential
competition between Aberdeen and either of the other two
airports.

On the south-east airports, there is a very real prospect of
competition between the three London airports, and from the BAA
London airports to Southampton subject to capacity constraints
and regulation.  Given the current shortage of capacity,
competition in the short term between the London airports, were
they separately owned, is unlikely, at least in the near future,
to be as intense or effective as competition between regional
airports at least for some airlines; but nonetheless there is
scope for a degree of competition between them despite capacity
constraints.  But separate ownership would itself create a
greater incentive to expand capacity at the three airports.
While we are purposely setting out our current thinking in some
detail, we have reached no conclusions.  By being as explicit as
possible at this stage, however, we are providing all interested
parties with the opportunity to respond and provide further
evidence which we will consider before we reach our provisional
findings in the late summer.  It is quite possible, therefore,
that our lines of argument set out in today's report may change
between now and then."

The main points in the document are:

The CC is inclined to the view that common ownership of the BAA
airports is a feature of the market that adversely affects
competition between airports and/or airlines.  It is also
inclined to the view that shortage of airport capacity,
government policy and the regulatory system for airports might
also be features that adversely affect competition or exacerbate
other features which do so.

The CC has considered each of BAA's airports individually and it
is currently inclined to the view that:

   (a) There is potential for competition between Edinburgh and
       Glasgow airports, hence common ownership adversely
       affects competition between them, although it is
       currently less clear to us whether there is a competition
       problem deriving from BAA's common ownership of Aberdeen
       together with its other airports.

   (b) There is a real possibility of competition between the
       BAA London airports given the willingness of passengers
       to switch between them, although the scope for that
       competition is also restricted in the short term by
       capacity constraints.  Common ownership therefore
       adversely effects competition between them.  We also
       currently see the potential for competition from Heathrow
       and Gatwick to Southampton, if not vice versa; hence
       competition problems also derive from BAA's ownership of
       Southampton.

   (c) The capacity constraints adversely affect competition;
       but nonetheless may well result from aspects of planning
       restrictions and of government policy which may well also
       therefore adversely affect competition, and from the way
       BAA has conducted its business taking account of planning
       considerations.

   (d) The regulatory system applied to the BAA London airports
       and/or the way it operates may also reinforce or
       exacerbate other features which adversely affect
       competition; but BAA's own ownership of the designated
       airports in turn exacerbates the inadequacies of the
       regulatory system, reducing the benefit of regulation.

The CC also expresses concern that BAA has a financial structure
with a dependence on a single group parent balance sheet that
could constrain the ability of the airports adequately to invest
or maintain service standards.

The CC will now consider responses to this document and hold
further hearings during the summer with a view to publishing its
provisional findings report in August.

The CC would like to hear views on the issues statement from all
interested parties, in writing, by May 30, 2008.

                         About BAA Ltd.

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

                           *     *     *

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


BAA LTD: To Take Steps to Overhaul Airports & Passenger Services
----------------------------------------------------------------
BAA Ltd. notes the publication of the Competition Commission's
emerging thinking, which effectively marks the end of the first
stage of the Commission's investigation.

BAA will be considering the document carefully, and looks
forward to engaging further with the CC as it progresses its
investigation.

BAA welcomes the important acknowledgment by the CC that
capacity constraints in the South East limit the scope for
competition between airports.

BAA also shares the view that the regulatory system, created in
1986, is outdated and should be reformed to ensure that it
supports the delivery of new capacity and provides encouragement
to airports to drive up service standards.

BAA notes that the CC raises important questions about the
effect of the 2003 White Paper policy on the development of new
airport capacity.  It continues to believe that the Government
is right to set long-term policy for the development of air
transport, taking into account a range of public policy
objectives, and that new capacity will be delivered most
effectively within that framework.

In Scotland, BAA remains firmly of the view, based on the
evidence provided to the CC, that its airports in Edinburgh,
Glasgow and Aberdeen have distinct local catchment areas,
demonstrating that passengers and airlines do not view the
airports as effective substitutes, and that separate ownership
would do little, if anything, to engender competition between
airports.

BAA also continues to believe that the London airports do not
compete with each other, and that Heathrow competes with the
other global hubs in Europe and beyond.

"The challenge for us all in addressing the lack of capacity in
the South East is how we ensure the timely delivery of
investment.  BAA remains committed to making the investments
needed to transform our airports and improve passenger service
standards in London, Scotland and Southampton," BAA chief
executive Colin Matthews said.  "We recognize many of the
concerns that have been expressed by airlines, and reflected by
the CC, and we will be doing everything we can to address these.  
However, BAA remains of the view that its ownership is in
passengers' interests, both in terms of tackling the shorter
term service problems, and in following through with major
commitments to investment in new facilities and capacity."

"We will continue to work constructively with the CC as its
investigation proceeds," Mr. Matthews added.

                      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.


BRIDGEFORD LODGE: Appoints Philip Michael Lyon as Liquidator
------------------------------------------------------------
Philip Michael Lyon of Mazars LLP was appointed liquidator of
Bridgeford Loge Ltd. on April 11 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


CLS LIFTING: Calls In Liquidators from Vantis
---------------------------------------------
D. Wilson and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of CLS Lifting and Engineering
Services Ltd. on April 11 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

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


COMEX DEEP: Taps Kroll to Administer Assets
-------------------------------------------
Charles Peter Holder and Alastair Paul Beveridge of Kroll Ltd.
were appointed joint administrators of Comex Deep Sea Salvage
Ltd. (Company Number 01813142) on April 11, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in London, England, Comex Deep Sea Salvage Ltd. is
engaged in marketing of survey services and undertaking and
managing operations at sea. It is subsidiary of Subsea Resources
Plc.


D.S.F. KITCHENS: Claims Filing Period Ends May 31
-------------------------------------------------
Creditors of D.S.F. Kitchens & Bathrooms Ltd. have until
May 31, 2008 to send in their names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Keith Morgan
         Liquidator
         PKF (UK) LLP
         18 Park Place
         Cardiff
         CF10 3PD
         Wales

Keith Morgan of PKF (UK) LLP was appointed liquidator of the
company on April 14, 2008 by resolutions of members and
creditors.


DURA AUTOMOTIVE: Wants to Implement Canadian Restructuring
----------------------------------------------------------
As part of Dura Automotive Systems Inc. and its debtor-
affiliates' intent to emerge from Chapter 11 protection in May
2008, the potential tax and other corporate steps that must be
taken to maximize their value and ensure that they are compliant
with all applicable laws have been closely examined, Christopher
M. Samis, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, tells the U.S. Bankruptcy Court for the
District of Delaware.

As part of the examination process, the Debtors' independent
auditors and accountants, Deloitte & Touche LLP, is examining
the potential foreign tax consequences of the Debtors' Revised
Joint Plan of Reorganization, which contemplates a taxable sale
of substantially all the Debtors' assets to New Dura.

Mr. Samis relates that the "acquisition of control" rules under
Canadian tax law could cause certain negative tax consequences
to the Debtors' affiliates, reorganizing under the Canadian
Companies' Creditors Arrangement Act, that are organized as
partnerships upon consummation of that taxable sale transaction.

To reduce the potential negative tax consequences, the Debtors
seek the Court's authority to effectuate a restructuring on
certain of the Canadian Debtors, which restructuring includes:

   * changing the jurisdiction of organization of Debtor Trident
     Automotive Ltd., and Dura Automotive Systems (Canada) Ltd.,
     from Ontario to Nova Scotia;

   * dissolving Dura Canada LP by transferring the general
     partner's 0.1% interest in Dura Canada LP from Dura
     Automotive British Columbia ULC to Dura Automotive Canada
     ULC;

   * amending the partnership agreements of Trident Automotive
     LP and Dura Holdings Canada LP to allow a non-Canadian
     entity to hold the general partner's interests in the
     partnership;

   * transferring the general partner's 0.1% interest in Trident
     Automotive LP held by Trident Automotive Ltd. to Dura
     European Holding LLC & Co. KG;

   * transferring the general partner's 0.1% interest in Dura
     Holdings Canada LP held by Dura Holdings ULC to Dura
     European Holding LLC & Co KG; and

   * changing the interest rate and convert the currency
     denomination on certain intercompany notes owed by Dura
     Holdings Canada LP and Trident Automotive LP to Canadian
     Dollars from U.S Dollars

Mr. Samis notes that Dura Canada LP will cease to exist, and
Trident Automotive LP and Dura Holding Canada LP will no longer
constitute "Canadian Partnerships" for purposes of the Canadian
acquisition of control regulations.  Additionally, changing the
currency denomination on the intercompany notes could mitigate
certain tax issues that may arise as a result of Canadian
foreign exchange gain.

               Aviation-Aircraft Operating Merger

The Debtors also seek the Court's authority to merge Automotive
Aviation Partners, LLC, into Dura Aircraft Operating Company,
LLC.

According to Mr. Samis, Aviation has a clause in its operating
agreement that requires dissolution upon the occurrence of
certain events, including the bankruptcy of a member.

Minnesota law does not allow the dissolution requirement to be
reversed after the bankruptcy has occurred, Mr. Samis says.  
Minnesota law further limits Aviation solely to undertaking
activities to wind up operations once the liquidation clause has
been triggered, he adds.

Due to the automatic stay, liquidation of Aviation has not been
completed, Mr. Samis says.  However, out of an abundance of
caution and as part of a general corporate reorganization, the
Debtors desire to eliminate Aviation to resolve any corporate
governance ambiguity.  Thus, the Debtors believe that Aviation
should be merged into Aircraft Operating.

Mr. Samis relates that Aviation is a guarantor of the DIP
Facility and the Second Lien Facility, Senior Notes, and
Subordinated Notes.  Aviation and Aircraft Operating are both
guarantors and obligors under the debts.  Aviation has
approximately US$5,600,000 in assets and there have been no
prepetition claims schedule for or filed against Aviation other
than the debts.  Aircraft Operating also has no prepetition
filed against it other than the debts.  As a result, the Debtors
believe the merger will not affect recoveries under the Revised
Plan and does not prejudice any third party creditors.

                           About DURA

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


ERINACEOUS GROUP: Administrators Confirm Sale of Key Businesses
---------------------------------------------------------------
The joint administrator of Erinaceous Group Plc confirmed that
they have agreed to sell three of the group's key businesses to
a vehicle owned by Erinaceous' banks.

Following the sale of Erinaceous Insurance Services last week,
the sale of the Residential Management division and the Property
Maintenance division have been completed on April 21, 2008.
These deals have helped to protect the jobs of around 1,800
employees.

Joint administrator Jim Tucker said, "We have successfully
managed to secure the future of these three strongly performing
subsidiaries with little or no impact on employees or
customers."

                        Further disposals

The administrators have completed or are about to complete a
further 15 separate sales across Erinaceous’ other divisions.
Within the Building Consultancy division seven separate
businesses have been sold back to management to preserve value
and save the majority of jobs.  A total of 322 employees have
transferred to the purchasers as part of these transactions.
There are a small number of employees who have been retained to
assist with the transition, however it has been necessary to
make 155 employees redundant.

Erinaceous Consultancy Services Ireland Ltd., remains outside of
any insolvency process and continues to operate as normal.

Although there have been 78 job losses in the Professional
Services and Commercial Management divisions the majority of
employees of 283 have or are expected to be transferred to new
owners following a number of further deals.

Around 200 employees from the Managed Services division, which
provided cleaning, catering, security and ground maintenance to
the private and public sector have been transferred to new
employers.  A small number have also been retained to provide
ongoing services to the other parts of the Group that are not in
administration.

Erinaceous Group Plc had interests in two regional airports at
Shoreham in West Sussex and Fairoaks in Surrey.  A sale was
successfully concluded at Shoreham saving 49 jobs.  The Fairoaks
site was not subject to an insolvency procedure and has
continued to operate as normal.

"Although there have been 546 redundancies across parts of the
group, we have worked extremely hard to complete deals that
would protect as many employees from this as possible.  As a
result more than 2,500 jobs have been saved through sales of
various businesses and divisions or keeping key parts of the
group outside of the administration process.  This has enabled
us to maximize the value of the assets under our control and
avoid any significant disruption to customers and clients," Mr.
Tucker said.

"Our attention is now focussed on realising the remaining assets
within the Group. These include our interests in Erinaceous
Ireland and Fairoaks Airport, neither of which is subject to
insolvency proceedings, as well as various other assets," Mr.
Tucker added.

"The positive progress we have made this week has only been
possible because of the huge effort put in by everyone involved.
I would particularly like to thank the board and employees who
have remained committed and professional throughout these very
difficult circumstances," concluded Mr. Tucker.

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

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

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

                     About Erinaceous Group

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

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

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


ESINO LTD: Creditors' Meeting Slated for May 2
----------------------------------------------
Creditors of Esino Ltd. (Company Number 06229570) will meet at
10:30 a.m. on May 2, 2008, at:

          MWB Business Exchange
          Fourth Floor
          Exchange House
          494 Midsummer Boulevard
          Milton Keynes
          MK9 2EA
          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 May 1, 2008, at:

          Gary Steven Pettit
          Joint Administrator
          Begbies Traynor (South) LLP
          Calverton House
          Tilers Road
          Milton Keynes  
          MK11 3LL
          England

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


FAIRWAYS YACHT: Brings In Liquidators from Vantis
-------------------------------------------------
Martin Weller and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Fairways Yacht
Charters Ltd. on April 15 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

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


FKI PLC: Unveils Terms of Melrose Recommended Acquisition
---------------------------------------------------------
The boards of Melrose plc and FKI plc have reached agreement on
the terms of a recommended proposal whereby Melrose will acquire
the entire issued and to be issued ordinary share capital of FKI
not already held by Melrose.

The Acquisition will be on the basis of 0.277 of a Consideration
Share and 40 pence in cash for each FKI Share.

It is currently envisaged that the Acquisition will be
implemented by way of a Court sanctioned scheme of arrangement
of FKI.

Prior to the Scheme becoming Effective, FKI intends to declare a
dividend of 3 pence per FKI Share in lieu of the final dividend
that FKI Shareholders would have otherwise received in respect
of the financial year ended March 31, 2008.

The Acquisition values the entire issued ordinary share capital
of FKI at approximately GBP478 million and each FKI Share at
81.3 pence (based on the Closing Price of 149 pence per Melrose
Share on  April 21, 2008), representing a premium of
approximately 62% to the Closing Price of 50.25 pence per FKI
Share on Jan. 31, 2008 (being the last Business Day prior to the
commencement of the Offer Period).

In order to fund the cash element of the Acquisition, Melrose
has arranged a placing and an open offer of approximately 200
million Melrose Shares at 145.0 pence per Melrose Share to raise
up to approximately GBP291 million, which are being fully
underwritten by JPMorgan Securities and Investec.

Melrose has arranged a GBP750 million facility to be used to
refinance FKI's and Melrose's existing borrowing facilities,
underwritten by Lloyds TSB Bank PLC, Barclays Bank plc, The
Royal Bank of Scotland plc, J.P. Morgan PLC, HSBC Bank PLC and
Commerzbank AG.  In addition, Melrose has also recently had
GBP65 million in committed bonding lines made available to it
which are able to be drawn down from the Effective Date.

The Melrose Board believes that its proposed acquisition of FKI,
and the continued development of the existing Melrose
businesses, will provide shareholders in the Enlarged Group with
an opportunity for substantial improvement in shareholder value
from improving the performance of FKI businesses, refinancing
the FKI Group and improving capital discipline.

Melrose's strategy in relation to FKI will be the same as for
its acquisitions to date.  It will continue to seek to create
value for its shareholders and to return value to shareholders
as appropriate in the form of capital and dividends.

The FKI Directors, who have been so advised by Rothschild,
consider the terms of the Acquisition to be fair and reasonable.
In providing advice to the FKI Directors, Rothschild has taken
into account the FKI Directors' commercial assessment of the
Acquisition.  Accordingly, the FKI Directors intend to recommend
unanimously that FKI Shareholders vote in favor of the
resolutions to be proposed at the FKI Extraordinary General
Meeting and the Scheme Meeting, as the FKI Directors have
irrevocably undertaken to do in respect of their own beneficial
holdings in FKI representing approximately 0.072% of the issued
share capital of FKI.

The Melrose Directors, who have been so advised by JPMorgan
Cazenove and Dresdner Kleinwort, consider the terms of the
Acquisition to be fair and reasonable.  In providing advice to
the Melrose Directors, JPMorgan Cazenove and Dresdner Kleinwort
have taken into account the Melrose Directors' commercial
assessment of the Acquisition.  The Melrose Directors intend to
recommend unanimously that Melrose Shareholders vote in favour
of the resolutions to approve and implement the Acquisition, as
the Melrose Directors intend to do in respect of their own
beneficial holdings in Melrose representing approximately 5.9%
of the issued share capital of Melrose.

"We believe FKI presents us with an opportunity to create
substantial shareholder value for the benefit of shareholders in
the Enlarged Group.  It is a tribute to the robustness of our
model that we are able to launch this acquisition in such
challenging financial markets," Christopher Miller, Chairman of
Melrose, said.


"The FKI Board believes that Melrose's offer delivers an
attractive opportunity to FKI Shareholders through both the
immediate offer premium and the ability to participate in the
prospects of the enlarged business.  In difficult markets, the
provision of a robust and flexible financing package
significantly de-risks funding requirements whilst providing
enhanced prospects for growth," Gordon Page, Chairman of FKI,
said.

                         About FKI plc

Headquartered in Loughborough, England, FKI plc --
http://www.fki.co.uk/-- is an international engineering group
active in the four specialized business areas: FKI Logistex,
Lifting Products & Services, Hardware and Energy Technology.

                            *   *   *

As of February 6, 2008, FKI Plc carries Moody's Investors
Service ratings at Ba3 long term corporate family rating, Ba3
senior unsecured debt and Ba3 probability of default with stable
outlook.

FKI carries Standard & Poor's long-term foreign issuer credit
rating at BB, long-term local issuer credit rating at BB, short-
term foreign issuer credit rating at B, and short-term local
issuer credit rating at B.


GAP INC: March 2008 Net Sales Down 12% to US$1.37 Billion
---------------------------------------------------------
Gap Inc. reported net sales of US$1.37 billion for the five-week
period ended April 5, 2008, which represents a 12% decrease
compared with net sales of US$1.55 billion for the same period
ended April 7, 2007.  The company's comparable store sales for
March 2008 decreased 18% compared with a 6% increase for March
2007.

Comparable store sales by division for March 2008 were:

    * Gap North America: negative 14% versus positive 4% last
      year;

    * Banana Republic North America: negative 8% versus positive
      8% last year;

    * Old Navy North America: negative 27% versus positive 10%
      last year; and

    * International: negative 3% versus negative 5% last year.

"Overall March traffic and sales results across our brands were
disappointing, particularly at Old Navy," Sabrina Simmons, chief
financial officer of Gap Inc., said.  "With our continued
inventory discipline across the brands, we delivered merchandise
margins above last year.  As we execute our strategy of
delivering healthier earnings through improved margins and cost
management, we remain comfortable with our previously
communicated 2008 annual earnings per share guidance of US$1.20-
US$1.27."

Year-to-date net sales of US$2.28 billion for the nine weeks
ended April 5, 2008, dropped 7% compared with net sales of
US$2.46 billion for the nine weeks ended April 7, 2007.  The
company's year-to-date comparable store sales decreased 13%
compared with a 2% increase in the prior year.

The company reiterated that it expects diluted earnings per
share of US$1.20 to US$1.27 for fiscal year 2008.

The company will report April sales on May 8, 2008.

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. has subsidiaries in the United Kingdom, Canada,
France, Ireland, Japan, Hong Kong, Bermuda and Mexico, among
others.  In addition, Gap Inc. is expanding its international
presence with franchise agreements for Gap and Banana Republic
in Southeast Asia and the Middle East.


GAP INC: Fitch Affirms IDR at BB+ on Considerable Liquidity
-----------------------------------------------------------
Fitch has affirmed its ratings on The Gap, Inc, (NYSE: GPS) as:

   -- Issuer Default Rating at 'BB+';
   -- Senior unsecured notes at 'BB+'.

The Rating Outlook is revised to Stable from Negative.  The
rating action affects approximately US$188 million of debt.

Gap's rating reflects its considerable liquidity as reflected in
cash of US$1.9 billion against debt of US$188 million at the
fiscal year ending Feb. 2, 2008.  The company is expected to be
debt free after Mar. 1, 2009.  Gap has been a strong cash
generator.  Free cash flow (operating cash flow less capital
expenditures and dividends) has been positive in the past seven
years ranging from a low of US$301 million in the poor retail
year of 2001 to as high as US$1.8 billion in 2003.  Fitch
expects that the company will remain free cash flow positive in
the intermediate term.

The rating also encompasses the significant pressure placed on
the top line given poor same store sales trends which has been
negative in each of the past three fiscal years.  The negative
trend continues into the current fiscal year with -6% in
February 2008 and -18% in March 2008.  The slide in top line
performance is of concern as it has long term negative
implications for the business.  

The company has significantly scaled back new store additions
domestically, which means that top line growth is reliant on
same store sales growth, international expansion and online
operations.  Additionally, the macro-economic environment and
management turnover at the brand level - particularly at Old
Navy - is not favorable towards a reversal of these trends.
Nevertheless, there is additional focus on return on invested
capital at the store level, inventory discipline, and cost
containment.

Management is committed to maintaining significant cash balances
at a current minimum of US$1.2 billion. Fitch expects that Gap
will maintain on a clean balance sheet, keep liquidity high, and
will pull back on discretionary spending as needed.  Gap's minor
debt burden and strong liquidity underpin the rating.

Despite a weak economy and expected sales decline, the Stable
Outlook is based on the company's ability to comfortably meet
its capital and investment requirements as well as the
expectation that liquidity will remain strong and remaining debt
will be repaid by Mar. 1, 2009.  The risk to note-holders is
low.

For the fiscal year ended Feb. 2, 2008, the company continued to
experience sales declines of 1.1% to US$15.8 billion.  The EBIT
margin improved 60 basis points to 8.3% due to tighter inventory
management and more regular price selling.  Free cash flow was
up US$734 million to US$1.1 billion helped by the improvement in
margins and working capital.  As a result, both FFO fixed charge
coverage of 2.2 times (x) and total adjusted debt/EBITDAR
improved of 3x was an improvement over the previous year.


GENERAL MOTORS: Plastech Complains About Tooling Repossession
-------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the Eastern District of Michigan
to deny the request of General Motors Corporation to lift the
automatic stay to allow it to repossess tooling from the
Debtors.

General Motors seeks "contingent" relief from the automatic stay
to allow it to repossess the Tooling only in the event that the
Debtors reject a relevant purchase order, the Debtors close a
relevant plant, the Debtors' financing expires, or the Debtors
are unable to supply parts.

Matthew P. Ward, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Wilmington, Delaware, states that General Motors'
request is procedurally improper, as the relief must be sought
only through an adversary proceeding, pursuant to Rule 7001 of
the Federal Rules of Bankruptcy Procedure.

Bankruptcy Rule 7001 provides that, "a proceeding to recover
. . . property" and "a proceeding to determine the validity,
priority, or extent of a lien or other interest in property" are
adversary proceedings."

Mr. Ward contends General Motors' request is improper because it
seeks only prospective and "contingent" relief from the
automatic stay based upon speculative future events.  As these
"speculative" events have not occurred, the motion is merely an
advisory opinion rather than an actual case or controversy, and
therefore the Court lacks jurisdiction because there does not
presently exist any actual dispute that is ripe for
adjudication, Mr. Ward relates.

In addition, Mr. Ward says the standards applicable for
modifying the automatic stay under Section 362(d)(1) of the
Bankruptcy Code are not satisfied.  He cites that General Motors
has not afforded the Debtors with the breathing spell to which
they are entitled.  To the contrary, General Motors filed the
Stay Relief Motion within six weeks of the Petition Date, a
period when the Debtors' initial exclusivity period has not yet
expired, and the Debtors have been engaged in negotiating
restructuring proposals with their major creditor
constituencies, Mr. Ward maintains.

Mr. Ward tells the Court that General Motors has created issues
for vendors, moldbuilders, and other major customers by sending
a negative signal, such as the relief sought by Roush
Manufacturing, Inc., to lift the automatic stay in order to
exercise state law rights with respect to certain Tooling.

Mr. Ward avers that relief from the automatic stay would be
particularly inappropriate because General Motors is merely an
unsecured creditor.  He emphasizes ceding to GM's request would
be detrimental to other unsecured creditors, and other creditors
in general, and would put the collateral of the Debtors' secured
lenders in jeopardy, particularly those claims senior in
priority to General Motors, whose recovery depends on the
Debtors' continuing operations.  Mr. Ward maintains that lifting
the stay would affect the Debtors' production of GM's parts and
would, in turn, cause immediate shutdowns at GM's plants.  To
the Debtors' knowledge, Mr. Ward says there is no orderly
transition plan in place, and any transition plan would take
weeks, if not months, to implement procedures and protocols to
identify any Tooling and to safely remove it without causing
disruption to the Debtors' operations and its other customers'
production lines.

The Official Committee of Unsecured Creditors concurs with the
Debtors' contentions.  "The relief requested in the Motion is of
a contingent nature and based upon speculation as to future
events.  The Motion essentially seeks an advisory opinion on a
controversy that is not ripe for adjudication."

                   Goldman Sachs Joins Objection

Goldman Sachs Credit Partners L.P., the administrative and
collateral agent for the Debtors' Prepetition First Lien Term
Lenders, joins in the Debtors' objection to GM's request.

According to Richard A. Levy, Esq., at Latham Watkins LLP, in
Chicago, Illinois, Goldman Sachs asks the Court, in the event
the Court grants GM's request, to make clear that nothing in the
Court's order terminates or otherwise impairs any liens, claims
or other interests the Prepetition First Lien Term Agent and the
Prepetition First Lien Lenders may have in the Tooling under
applicable law.

                    About Plastech Engineered

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.  
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           About GM

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

                         *     *     *

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


MACCWEB LTD: Claims Filing Period Ends May 31
---------------------------------------------
Creditors of Maccweb Ltd. have until May 31, 2008 to send in
their names, their addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
solicitors (if any) to:

         Keith Morgan
         Liquidator
         PKF (UK) LLP
         18 Park Place
         Cardiff
         CF10 3PD
         Wales

Keith Morgan of PKF (UK) LLP was appointed liquidator of the
company on April 11, 2008 by resolutions of members and
creditors.


NATIONWIDE SCHOOLWEAR: Goes Into Administrative Receivership
------------------------------------------------------------
David Hudson and Tim Dolder of Begbies Traynor (South) LLP were
appointed joint administrative receivers of National Schoolwear
Centres plc on April 11, 2008.

Although orders cannot be taken via the company's Web site, it
is currently continuing to trade while in administrative
receivership.  In addition, the receivership does not affect the
franchised outlets, the vast majority of the National Schoolwear
Centres stores.

Based in Norwich, England, National Schoolwear Centres plc --     
http://www.nationalschoolwearcentres.co.uk/--  is a chain of  
school uniform shops.  The company has 58 outlets across the UK.


NEMARK TECHNOLOGIES: Creditors' Meeting Slated for May 1
--------------------------------------------------------
Creditors of Nemark Technologies (HW) Ltd. (Company Number
05745406) will meet at 10:00 a.m. on May 1, 2008, at:

          Begbies Traynor
          11 Clifton Moor Business Village
          James Nicolson Link
          Clifton Moor
          York  
          YO30 4XG
          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 30, 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.  



SALESCENTRIC TECHNOLOGIES: Appoints KPMG as Joint Administrators
----------------------------------------------------------------
Allan Watson Graham and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Salescentric Technologies Ltd.
(Company Number 04929237) on April 15, 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:

          Salescentric Technologies Ltd.
          Roff Swayne
          Ashcombe Court
          Woolsack Way
          Godalming
          GU7 1LQ
          England


SELF BUILD: Taps Liquidators from Deloitte & Touche
---------------------------------------------------
Richard Michael Hawes and Stephen Anthony John Ramsbottom of
Deloitte & Touche LLP were appointed joint liquidators of Self
Build Investments Ltd. on April 9 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         Blenheim House
         Fitzalan Court
         Newport Road
         Cardiff
         CF24 0TS
         Wales


SKYSAT.TV LTD: Claims Filing Period Ends June 9
-----------------------------------------------
Creditors of Skysat.TV Ltd. have until June 9, 2008 to detail
their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on April 9, 2008 for the creditors' voluntary winding-up
procedure.


WILLOWBROOK PROPERTY: Claims Filing Period Ends June 9
------------------------------------------------------
Creditors of Willowbrook Property Services Ltd. have until
June 9, 2008 to detail their names and addresses (and solicitors
if applicable) together with particulars of their debts or
claims, in writing, or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the  
company on April 9, 2008 for the creditors' voluntary winding-up
procedure.


WINDERMERE VIII: S&P Puts Class E Notes' BB Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its 'BB' rating on the class E notes
issued by Windermere VIII CMBS PLC.  The ratings on the other
classes in the transaction are unaffected.
  
This CreditWatch placement follows an initial analysis of the
two loans in this transaction that are due for refinancing in
April 2009.  The analysis highlighted that the Amadeus loan,
which represents 4.9% of the pool balance (1.7% at cut-off), may
default before loan maturity in April 2009 due to decreasing
asset performance.
  
The loan is currently secured by three properties in Colindale,
London, Middlesbrough and Nottingham.
  
Hatfield Philips reported in its January 2008 investor report
that amortization is due to increase to GBP131,000 from
GBP58,000 at the April 2008 interest payment date.  This would
have resulted in the debt service coverage ratio for April 2008
being below the covenant (1.05x), but the borrower can top up
the reserve to prevent a breach.  In addition, a reserve of
GBP180,000 is available to meet shortfalls.
  
If asset performance continues to decline, rental income
continues to be received late, and there is insufficient money
in the reserve to make debt service payments, there will be
increased uncertainty around a potential default of the Amadeus
loan.  At closing, we considered it to be one of the
weaker loans in the pool.
  
There is a liquidity facility for the transaction, which has an
appraisal reduction mechanism. This is structured to limit the
drawing by automatically reducing the liquidity facility
available following the occurrence of a loan event of default in
case the updated loan-to-value ratio exceeds 90%.
  
Due to scheduled amortization payments, the LTV ratio for the
loan had slightly decreased to 85.3% at the January IPD from
86.3% at cut-off.  However, the current LTV ratio is very close
to the 90% appraisal reduction threshold.  Given the current
yield environment for secondary U.K. assets, there is an
increased uncertainty whether the LTV ratio would exceed 90%
following an updated valuation.
  
Standard & Poor's will now carry out a more detailed analysis of
this transaction as part of our ongoing surveillance to
investigate whether the rating on the class E notes should be
lowered.
  
Windermere VIII CMBS closed on Aug. 1, 2006 and was originated
by Lehman Brothers.  The notes were backed by eight loans
secured by 52 commercial properties comprised of office (97.7%),
retail (1.3%), leisure (1.2%), and other (1%), in the U.K. The
largest geographical concentration was in London (80%).  The
expected note maturity date falls in July 2013 for all
outstanding notes, and the final legal maturity date of the
issued notes is in January 2015.
  
To date, the original loan pool balance of GBP1,037.8 million
has amortized by 40% to GBP623.15 million.  The class A1 notes
have fully redeemed.  Two loans have redeemed, reducing the
collateral of the loan pool to six loans secured on 48
properties.


* Fitch Says BoE's Special Liquidity Scheme to Benefit UK Banks
---------------------------------------------------------------
Fitch Ratings says that Bank of England's announcement on April
21, 2008, that it is launching a Special Liquidity Scheme to
allow banks to boost their liquidity by swapping high quality
mortgage-backed and other securities for UK Treasury Bills is a
positive market development for UK banks.

"Fitch views the scheme as a positive development.  It should
improve access to liquid assets for UK banks and building
societies and offers longer maturities than some are able easily
to obtain in the markets," says Gordon Scott, Managing Director
in Fitch's Financial Institutions Group.  "The scheme's features
have the potential to strengthen confidence in UK institutions.
The anonymity attached to the scheme should also make it
attractive to banks. At the moment, we don't know how many banks
will use the scheme or how much they will borrow or how they
will use the proceeds."

Fitch notes that the credit risk associated with the securities
remains with the banks using the scheme.  BoE will provide funds
of a smaller value than the face value of the securities.  As a
consequence, while banks' liquidity should improve there will be
no change to their underlying creditworthiness.  In addition,
banks may only use assets already on their balance sheets at
end-2007, meaning that they cannot use the facility to fund
growth.

Under the scheme, banks will benefit by placing with BoE
potentially illiquid securities backed by UK or EEA mortgages,
which may be denominated in a range of major currencies.  In
return, banks will receive UK government Treasury Bills, which
may be readily exchanged for cash in the secondary market.  The
initial transaction with BoE has a maturity of one year and, at
the discretion of BoE, may be renewed annually to extend the
maturity to a maximum of three years.  As a result, banks and
building societies eligible to sign up for the standing deposit
and lending facilities under BoE's Sterling Monetary Framework
may use the scheme, which may allow them to obtain longer
maturity funding than easily available to them in the markets.


* Baker Tilly Survey Says U.K. Economic Outlook Down in March
-------------------------------------------------------------
British businesses are now reacting to the effects of the credit
crunch after months of uncertainty regarding the impact on
companies outside the financial sector.

A Baker Tilly survey carried out in February and early April,
found that a cross-section of businesses adjusted their outlook
on the U.K. economy downwards during March, becoming more
focused on cutting costs in the light of an expected drop in
earnings.  

In addition, the number of companies bringing in additional risk
controls tripled, as the effects of the credit crunch deepened
and widened.  Baker Tilly surveyed the finance directors of over
100 listed and owner-managed companies with turnovers of between
GBP20-GBP250 million.

Reactions to credit crunch

    * A third of respondents (32%) said that the credit crunch
      was beginning to impact more on their business during
      March.  Nearly two thirds of these (60%) said that they
      were experiencing a decrease in their profits, and a
      quarter (23%) said that they were finding problems with
      financing.

    * The biggest change during the month was in attitudes to
      risk.  By the beginning of April, nearly two thirds (64%)
      were implementing risk management controls compared to
      just over a fifth (22%) a month earlier.  This largely
      consisted of implementing tougher credit controls and
      assessing customer and supplier risk.  

    * The importance of financial forecasting grew from 11% from
      February to April, with 44% of Finance Directors saying
      that the credit crunch had made it more important to their
      role.

    * The number of companies considering cutting their costs
      nearly doubled during March– rising from 26% to 45% by the
      beginning April.  The biggest area for potential cost
      savings was seen in head count – one in four companies
      (25%) was  looking at limiting recruitment; one in six
      (15%) was pondering redundancies, while 10% of those
      surveyed were looking at changing their remuneration
      policies.

    * The perceived threat of bankruptcy among suppliers jumped
      markedly between the two survey dates.  In the first
      survey, under a fifth (18%) thought that 5% or more of
      their suppliers were in danger of going bankrupt, this
      rose sharply to more than a third (38%) at the beginning
      of April.  

Growth plans

    * The vast majority of companies (75%) are continuing their
      growth strategies this year.  This is only an 11% drop on
      the first survey.

    * A third of these companies (33%) expected that the growth
      will come from acquisitions, while a third foresee
      continued organic expansion despite the credit crunch.

    * Surprisingly there was only small change in sentiment on
      listing, of the 15 per cent of those that were considering
      listing, 60 per cent would do so irrespective of the
      economy.  This is only a 15% drop on the previous figure.

Economy

    * The majority of companies (95%) felt the economic growth
      would be substantially lower in 2008 than 2007, with 38%
      citing the second half of 2009 as the turnaround period
      for the U.K. economy.

    * Companies became much more pessimistic about the economic
      outlook during March.  A third of companies (33%) in the
      later survey felt that the U.K. economy would only recover
      in 2010 and beyond, this compared to a quarter (23%) in
      the earlier survey.

    * Over half (60%) of finance directors were at loggerheads
      with the prime minister over whether the economy was in a
      good position to survive the global crisis. Just under a
      third (30%) agreed with his analysis, while 10% did not
      know.

"A cross-section of British businesses began to feel the
widening effects of the credit crunch during March," Laurence
Longe, Baker Tilly National Managing Partner, said.  "Most are
considering belt tightening and are proposing increased
vigilance to deal with the tough market conditions.  We are in a
period of uncertainty and companies are focusing more attention
towards internal controls and assessing external risks.  Working
with external experts that have experience in operating through
these situations can help companies avoid potential pitfalls."


* Corporate Reorganizations Set to Become More Complex, FSA Says
----------------------------------------------------------------
Restructuring firms will be more complicated, difficult, and
expensive due to the widespread use of complex financial
products like credit-default swaps, Bloomberg News reports
citing U.K.'s Financial Services Authority.

FSA said that due to the use complex financial products,
companies can't assume there will be a "liquid secondary market"
to buy a distressed firm's debt.

Credit-default swaps are used to speculate on a company's
ability to repay debt and as a proxy for corporate bonds or
loans.  The contracts pay the buyer face value in exchange for
the underlying securities or the cash equivalent should a
borrower fail to adhere to its debt agreements.
  
                            *********

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 * * *