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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.
Sinc