TCREUR_Public/080424.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, April 24, 2008, Vol. 9, No. 81

                            Headlines


A U S T R I A

IVANICS BAUUNTERNEHMUNG: Claims Registration Period Ends May 14
MASTER MESSENGER: Creditors' Meeting Slated for May 14
MODER BAU: Claims Registration Period Ends April 30
TOLLHAUS WARENHANDELS: Claims Registration Ends May 26


B E L G I U M

SOLUTIA INC: Court OKs Payment of US$197 Mln. to Professionals
SOLUTIA INC: Court Approves Settlement Pact with Air Liquide


C Z E C H   R E P U B L I C

IVENSTICNI A POSTOVNI: Prague Court Acquits Ex-Managers


D E N M A R K

EASTMAN KODAK: S&P Holds B+ Corporate Credit Rating


F R A N C E

ALCATEL-LUCENT SA: Rebecca Hick to Lead New Zealand Channel Unit


G E R M A N Y

1A ELEKTRONISCHE: Claims Registration Period Ends May 15
AREAL IMMOBILIEN: Claims Registration Period Ends May 13
BAU-UND BAUBETREUUNGS: Claims Registration Period Ends May 13
BAV VERTRIEBS: Claims Registration Period Ends May 9
BLOSSEYCOM GMBH: Claims Registration Period Ends May 20

BRI-WI-TRON GEDRUCKTE: Claims Registration Period Ends May 20
BRILLIANT 570: Claims Registration Ends May 20
BTR GMBH: Claims Registration Period Ends May 20
BUNTDRUCK ASCHAFFENBURG: Claims Registration Period Ends May 20
DERLA ROHRLEITUNGSBAU: Claims Registration Period Ends May 20

EIKA WACHSWERKE: Claims Registration Period Ends April 28
EURO-ASIA GLOBAL: Claims Registration Period Ends May 15
FLIESEN PITTER: Claims Registration Period Ends May 15
FRANK SPEDITIONS: Claims Registration Period Ends May 13
GKR GESELLSCHAFT: Claims Registration Period Ends May 15

H. EBBERS: Claims Registration Period Ends May 15
IKB DEUTSCHE: Expects EUR200-Million Group Loss for 2007/2008
JOERG WEICHOLD: Claims Registration Period Ends May 13
LOCO HOLDING: Claims Registration Period Ends May 15
MESO MARKETING: Claims Registration Ends May 20

PIN MAIL BAYERN: Claims Registration Period Ends May 10
PS PLANUNGSGRUPPE: Claims Registration Ends May 20
Q - TEC GMBH: Claims Registration Ends May 20
SADIE GMBH: Claims Registration Ends May 20
SCHAFERS REISEN: Claims Registration Ends May 20

SOUFIS PUTZUNTERNEHMEN: Claims Registration Ends May 20


I R E L A N D

BASE CLO I: Moody's Rates EUR14 Million Class E Notes at Ba2


I T A L Y

ALITALIA SPA: To Receive EUR300-Million Bridging Loan from Italy
DANA CORP: Appoints Gary Convis as Chief Executive Officer
FIAT SPA: Shows Interest in Acquiring Serb Car Maker Zastava
PARMALAT SPA: Factorit & Italease Settle Revocatory Suit
PARMALAT SPA: Selling Newlat SpA to TMT Finance


K Y R G Y Z S T A N

TOLEBI LIMITED: Creditors Must File Claims by June 6


L U X E M B O U R G

EVRAZ GROUP: Highveld Unit to Sell Assets to VVP for US$160 Mln


N E T H E R L A N D S

X5 RETAIL: Tatyana Franous Quits from Supervisory Board


N O R W A Y

OCEAN RIG: Main Shareholder's Stake Now Exceeds 50%
OCEAN RIG: S&P Puts B Corporate Credit Ratings with Watch Pos.


R U S S I A

BARAITSKOE CJSC: Krasnoyarsk Bankruptcy Hearing Set May 30
DIARY CRYSTAL: Belgorod Bankruptcy Hearing Slated for June 30
EASTERN FISH: Creditors Must File Claims by May 22
EVRAZ GROUP: Highveld Unit to Sell Assets to VVP for US$160 Mln
NORTH-INVEST LLC: Creditors Must File Claims by May 22

NOVATEK OAO: Board Okays US$800-Million Unsecured Loan
SOUTH-URAL ELECTRO-TECHNICAL: Claims Filing Period Ends May 22
TRANS-LES-COMP: Creditors Must File Claims by May 22
TYVA-GOLD: Creditors Must File Claims by May 22
X5 RETAIL: Tatyana Franous Quits from Supervisory Board


S E R B I A   &   M O N T E N E G R O

FIAT SPA: Shows Interest in Buying Zastava; May Invest EUR300MM


S W E D E N

XERIUM TECH: Ernst & Young Expresses Going Concern Doubt


U K R A I N E

ANT-BUDRECONSTRUCTION LLC: Creditors Must File Claims April 30
BATKIVSCHINA LLC: Creditors Must File Claims by April 30
DNIPRO-DELTASTROY LLC: Creditors Must File Claims by April 30
NADIYA LLC Creditors Must File Claims by April 30
ROVAL LLC: Creditors Must File Claims by April 30

SCIENCE-RESEARCH INNOVATIVE: Creditors' Claims Due April 30
SLOVAGROIMPEKS LLC: Creditors Must File Claims by April 30
STARIY DRUZHE: Creditors Must File Claims by April 30
VUGILNYK LLC: Creditors Must File Claims by April 30


U N I T E D   K I N G D O M

BAA LTD: New CEO Colin Matthews Implements Management Changes
BNP PARIBAS: Moody's Rates Two Bifrost Series 16 Notes at Ba1
BRITISH ENERGY: Iberdrola Still Interested in Takeover Bid
CHIPOPTION LTD: Appoints Tenon Recovery as Administrators
DANKA BUSINESS: To Undergo Voluntary Liquidation After Sale

E PAWSON & SON: Brings In Administrators from P&A
ELEPHANT LOANS: Unit Goes Into Liquidation; Moves Headquarters
EMI GROUP: Restructuring Continues Despite Contractual Hurdles
ESTATES AND LAW: Taps Joint Administrators from Begbies Traynor
FKI PLC: Moody's Puts Ba3 Corporate Family Rating Under Review

GLOBAL TRADER: Administrator Launches Probe Into Affairs
GMAC LLC: Moody's May Further Cut B2 Rating After Review
INDUS PLC: Fitch Affirms BB Rating on GBP9.9 Mln. Class E Notes
MILLAR KITCHING: Taps Joint Administrators from KPMG
PETROLEOS DE VENEZUELA: S&P Holds BB- Corporate Credit Rating

SFH LTD: Smith & Williamson Named as Administrators

* PwC Names Ian Powell as Chairman and Senior Partner

* Upcoming Meetings, Conferences and Seminars


                            *********


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


IVANICS BAUUNTERNEHMUNG: Claims Registration Period Ends May 14
---------------------------------------------------------------
Creditors owed money by LLC Ivanics Bauunternehmung (FN 121696s)
have until May 14, 2008, to file written proofs of claim to
court-appointed estate administrator Felix Stortecky at:

          Dr. Felix Stortecky
          Schulerstrasse 18
          1010 Wien
          Austria
          Tel: 01/513 88 37
          Fax: 01/513 88 37 22
          E-mail: office@stortecky.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 28, 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 Leopoldsdorf im Marchfelde, Austria, the Debtor
declared bankruptcy on April 10, 2008 (Bankr. Case No. 36 S
38/08t).  


MASTER MESSENGER: Creditors' Meeting Slated for May 14
------------------------------------------------------
Creditors owed money by LLC Master Messenger Technologies Handel
(FN 266051b) are encouraged to attend the first creditors'
meeting at 12:15 p.m. on May 14, 2008.

The creditors' meeting will be held at:

          The Land Court of Leoben
          Hall IV
          First Floor
          Leoben
          Austria

The Court will also examine the claims at noon on June 18, 2008,
at the same venue.

Creditors have until June 4, 2008 to file written proofs of
claim to court-appointed estate administrator Peter Freiberger
at:

          Mag. Peter Freiberger
          Wiener Strasse 50-54
          8680 Muerzzuschlag
          Austria
          Tel: 03852-30080
          Fax: 03852-30080-80
          E-mail: office@rpf.at  

Headquartered in Muerzsteg, Austria, the Debtor declared
bankruptcy on April 10, 2008 (18 S 8/08i).


MODER BAU: Claims Registration Period Ends April 30
---------------------------------------------------
Creditors owed money by LLC Moder Bau  (FN 227667f) have until
April 30, 2008, to file written proofs of claim to court-
appointed estate administrator Wilfrid Stenitzer at:

          Dr. Wilfrid Stenitzer
          Hauptplatz 32-34
          8430 Leibnitz
          Austria
          Tel: 03452/82203
          Fax: 03452/86742
          E-mail: office@stenitzer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:55 a.m. on May 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on April 10, 2008 (Bankr. Case No. 26 S 37/08y ).  


TOLLHAUS WARENHANDELS: Claims Registration Ends May 26
------------------------------------------------------
Creditors owed money by LLC Tollhaus Warenhandels (FN 200227b)
have until May 26, 2008, to file written proofs of claim to
court-appointed estate administrator Wolfgang Kempf at:

          Mag. Wolfgang Kempf
          Buergerstrasse 41
          4020 Linz
          Austria
          Tel: 77 72 07
          Fax: 78 25 70
          E-mail: ra.kempf.linz@utanet.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 9, 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 9, 2008 (Bankr. Case No. 12 S 25/08a ).  


=============
B E L G I U M
=============


SOLUTIA INC: Court OKs Payment of US$197 Mln. to Professionals
--------------------------------------------------------------
Bloomberg News reports that Judge Prudence C. Beatty of the U.S.
Bankruptcy Court for the Southern District of New York has
allowed Solutia, Inc., to pay about US$197,000,000 to lawyers
and other retained professionals, including US$57,091,080 to
Kirkland & Ellis LLP, despite objections by the Office of the
U.S. Trustee to some of the fees.

Diana G. Adams, the United States Trustee for Region 2, noted
that the the professionals seek a total of US$185,216,656 in
fees and US$11,701,151 in expenses -- for an aggregate of
US$196,917,807.  While the professionals have touted their
success in obtaining confirmation of Solutia's reorganization
plan, "success" does not entitle professionals to a blank check,
The U.S. Trustee said.

Greg M. Zipes, Esq., trial attorney for the Office of the U.S.
Trustee, said that payments to some of the retained
professionals should be reduced due to conflicts of interest,
questionable strategies, and expensive meals sought for
reimbursement.

"I'm not prepared to dock the fee applications for these
issues," Judge Beatty told Mr. Zipes at the hearing, that "a lot
of what I see is penny-ante moralism.  People getting moral
about technical issues."

According to Bloomberg, the Court did not rule on a request from
Rothschild Inc. for final allowance of its fees and expenses.  
Rothschild, Solutia's financial advisors, requested allowance of
US$10,500,000 in fees and US$721,486 in expenses for services
rendered from Dec. 17, 2003, to Feb. 28, 2009.

     U.S. Trustee's Objections to 7 Firms' Fees & Expenses

The U.S. Trustee pointed out that under the Debtors' Fifth
Amended Joint Plan of Reorganization, the retirees and unsecured
creditors have received or will receive a partial distribution,
and not all in cash.  The retirees' future distributions depend
in part on the financial health of the Debtors.  The
professionals, on the other hand, which will be paid in full and
in cash, have sought nearly US$200,000,000.

Mr. Zipes noted that in certain instances, the professionals
have generously staffed uncontested hearings with attorneys and
"pursued questionable strategies in light of this Court's
directions."

Because of conflicts, certain professionals could not litigate
against the exit financing commitment parties, but nonetheless
these professionals billed the bankruptcy estate in connection
with this very litigation, Mr. Zipes contends.  The
professionals also sought reimbursement for expensive meals,
hotels (such as at the Ritz-Carlton) and car services, he added.

The U.S. Trustee objected to portions of fees and expenses
sought by seven firms.

The U.S. Trustee says she has no specific objections to the
request for payment and allowance of fees and expenses of
professionals from 17 firms.

Several professionals say fees wer not excessive, including
Gibson, Dunn & Crutcher LLP, Jefferies, Akin Gump Strauss Hauer
& Feld LLP, Houlihan, Pillsbury Winthrop Shaw Pittman LLP,
Kirkland & Ellis, and Rothschild.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Court Approves Settlement Pact with Air Liquide
------------------------------------------------------------
A dispute arose between Solutia Inc., and Air Liquide Large
Industries U.S. LP regarding the amount Solutia owes for
nitrogen delivered by Air Liquide.

To settle the matter, Judge Prudence C. Beatty of the U.S.
Bankruptcy Court for the Southern District of New York approved
the stipulation between the Debtors and Air Liquide.

The agreement provides that:

     * Air Liquide has preserved its right to an administrative
       claim as to the Billing Dispute by timely filing its
       Motion.

     * Due to the pendency of Air Liquide's action against
       Solutia in the 165th Judicial District Court, Harris
       County Texas, and the absence of any core issues in the
       Billing Dispute requiring involvement of the Bankruptcy
       Court, the amount, if any, of Air Liquide's
       administrative claim will be determined in the Texas
       State Court Action.

     * Air Liquide will have an allowed administrative claim as
       to the Billing Dispute in an amount equal to the
       disposition ultimately entered in the Texas State Court
       Action.

As reported in the Troubled Company Reporter on April 14, 2008,
Air Liquide asks the Court for the allowance and immediate
payment of its US$1,059,228 administrative claim against the
Debtors.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


===========================
C Z E C H   R E P U B L I C
===========================


IVENSTICNI A POSTOVNI: Prague Court Acquits Ex-Managers
-------------------------------------------------------
The Prague City Court has acquitted former managers of
Ivensticni a Postovni Banka of exceeding reasonable business
risk related to its 1998 debenture issue, Ceskenoviny reports.

Plaintiffs claimed that IPB illegally issued CZK6 billion in
debentures in April 1998 since the bank allegedly financed the
issue through firms it provided with credits, contrary to the
the procedure that allows only third parties to raise financing,
Ceskenoviny relates.

Plaintiffs claimed that this artificially raised IPB's assets
and the managers were sending distorted information on its
capital level to the Czech National Bank for two years,
Ceskenoviny says.  

This, the plaintiffs claimed, resulted in IPB's forced
administration order and subsequent sale.

The accused -- CEO Jan Klacek, deputies Libor Prochazka and
Aladar Blaas, board members Jiri Fabian, Jiri Farek and Alfred
Sebek and Nomura representative Eduard Onderka -- denied the
change, saying transactions were not illegal and that no one
incurred any damage.

The Czech National Bank placed Prague-based IPB under forced
administration in June 2000 and sold the bank in 2004.


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


EASTMAN KODAK: S&P Holds B+ Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Eastman Kodak Co. to stable from negative.  At the same time,
S&P affirmed the ratings, including the 'B+' corporate credit
rating.

"The outlook change reflects our opinion that a near-term
downgrade is unlikely," explained Standard & Poor's credit
analyst Tulip Lim.

Kodak has substantial liquid resources.  Additionally, S&P
believes that absent significant acquisitions or sharp earnings
deterioration, leverage is not likely to increase in the near-
term.  S&P expects that the company's discretionary cash flow
generation will improve this year because it will be making less
cash restructuring payments than it did last year.  S&P believes
that Kodak may be starting to gain some traction with its
digital business, reducing its exposure to the secular decline
of its traditional products.

The rating reflects Standard & Poor's concern about the
company's earnings and cash flow prospects in light of the
ongoing and rapid deterioration of its traditional consumer
imaging business, the unproven long-term profit potential of its
consumer digital imaging businesses, its still-meaningful cash
restructuring costs, and its leveraged financial profile.
Kodak's substantial cash balances, competitive positions in
various digital imaging markets, some business diversity
provided by the Graphic Communications Group, and our
expectation that cash restructuring costs will subside in 2009,
only partially offset these risks.


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


ALCATEL-LUCENT SA: Rebecca Hick to Lead New Zealand Channel Unit
----------------------------------------------------------------
Alcatel-Lucent SA has appointed Rebecca Hick as channel manager
for its Enterprise Business division in New Zealand.

Ms. Hick will lead a growing sales team and manage a multi-
channel network of resellers to promote Alcatel-Lucent’s market-
leading portfolio of enterprise products.

An ICT specialist, Ms. Hick joins Alcatel-Lucent from Fronde, an
IT services company, where she was client business manager and
consultant.  Prior to that she held similar roles at Vodafone,
Air New Zealand and ASB bank.

"I am looking forward to working with the sales team at Alcatel-
Lucent and our channel partners in New Zealand to provide the
kind of advanced communications solutions businesses in
New Zealand need to compete in this global environment," Ms.
Hicks said.  "We have the advantage of strong and successful
channel partnerships in New Zealand with such companies as
Cogent, Datacraft and DownerCommspec."

She noted that in 2007 Cogent Communications and Vodafone
secured a pilot contract with NZ Steel, deploying Alcatel-
Lucent’s Omni PCX IP PBX solution to provide mobile extension
capabilities as part of NZ Steel’s unified communications
facelift.

"This is very much the kind of success story I will work to
emulate in 2008 and beyond," she said.

"New Zealand is an important market for Alcatel-Lucent,” said
Sean O’Halloran, Vice President of Enterprise Business,
Australasia.  "We are pleased to be able to add someone with
Rebecca’s talent and depth of experience to help us meet the
needs of our customers here."

In the past 12 months Alcatel-Lucent has announced two major
projects with New Zealand enterprises.  Transpower awarded the
company a five-year, multi-million dollar, network integration
and transformation contract, and Kordia selected Alcatel-
Lucent’s IP routing products to support the delivery of Freeview
TV simultaneously over both satellite and terrestrial networks.

"With her strong background in software, services and
applications, Rebecca Hick’s appointment will further strengthen
the New Zealand team to continue transforming customer’s
businesses, and is testament to our commitment over the coming
year to grow our Australasian Enterprise business."

                       About Alcatel-Lucent

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

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

                          *     *     *

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

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


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G E R M A N Y
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1A ELEKTRONISCHE: Claims Registration Period Ends May 15
--------------------------------------------------------
Creditors of 1a Elektronische Bauelemente GmbH have until
May 15, 2008, to register their claims with court-appointed
insolvency manager Lason Gutsche.

Creditors and other interested parties are encouraged to attend
the meeting at 2:40 p.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koenigstein/Ts.
         Hall 106
         Burgweg 9
         61462 Koenigstein/Ts.
         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. Lason Gutsche, Cronstettenstraße 30, 60322           
          Frankfurt (Main)
          Germany
          Tel: 069-95911041
          Fax: 069-95911012

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against 1a Elektronische Bauelemente GmbH on March
31, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          1a Elektronische Bauelemente GmbH
          Altkoenigstrasse 9
          61462 Koenigstein
          Germany


AREAL IMMOBILIEN: Claims Registration Period Ends May 13
--------------------------------------------------------
Creditors of Areal Immobilien Management GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Andre Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany
         Tel: 0391/7324630 o. 39
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de

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

The Debtor can be reached at:

         Areal Immobilien Management GmbH
         Richard-Wagner-Str. 8
         39106 Magdeburg
         Germany

         Attn: Joerg Becker, Manager
         Domblick 38c
         39175 Gerwisch
         Germany


BAU-UND BAUBETREUUNGS: Claims Registration Period Ends May 13
-------------------------------------------------------------
Creditors of Bau-und Baubetreuungs-GmbH have until May 13, 2008,
to register their claims with court-appointed insolvency manager
Jochen Horch.

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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Heilbronn opened bankruptcy proceedings
against Bau-und Baubetreuungs-GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bau-und Baubetreuungs-GmbH
         Kreuzstrasse 23
         74321 Bietigheim-Bissingen
         Germany


BAV VERTRIEBS: Claims Registration Period Ends May 9
----------------------------------------------------
Creditors of BAV Vertriebs und Verwaltungs GmbH have until
May 9, 2008, to register their claims with court-appointed
insolvency manager Matthias Boenecke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Matthias Boenecke
         Poststr. 2
         06844 Dessau
         Germany
         Tel: 0340/6615820
         Fax: 0340/6615822

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against BAV Vertriebs und Verwaltungs GmbH on
March 17, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         BAV Vertriebs und Verwaltungs GmbH
         Bonauer Str. 1
         06682 Teuchern OT Bonau
         Germany

         Attn: Hans-Peter Kunkel, Manager
         Hartemicker Weg 16
         51702 Bergneustadt
         Germany


BLOSSEYCOM GMBH: Claims Registration Period Ends May 20
-------------------------------------------------------
Creditors of blosseyCOM GmbH have until May 20, 2008, to
register their claims with court-appointed insolvency manager
Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 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 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:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle
         Germany
         Tel: 0345/5220024
         Fax: 0345/5220026

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

The Debtor can be reached at:

         blosseyCOM GmbH
         Collegienstrasse 59d
         06886 Wittenberg
         Germany


BRI-WI-TRON GEDRUCKTE: Claims Registration Period Ends May 20
-------------------------------------------------------------
Creditors of Bri-wi-tron gedruckte Schaltungen GmbH have until
May 20, 2008, to register their claims with court-appointed
insolvency manager Ernest C. Pirkl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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 Wolfratshausen
         Meeting Halll 3/I         
         Bahnhofstrasse 18
         Wolfratshausen
         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:

         Ernest C. Pirkl
         Joh.-Seb.-Bach-Str. 19
         82538 Geretsried
         Germany
         Tel: 08171/909143
         Fax: 08171/909145

The District Court of Wolfratshausen opened bankruptcy
proceedings against Bri-wi-tron gedruckte Schaltungen GmbH on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

        Bri-wi-tron gedruckte Schaltungen GmbH
        Dieselweg 13
        82538 Geretsried
        Germany


BRILLIANT 570: Claims Registration Ends May 20
----------------------------------------------
Creditors of Brilliant 570. GmbH have until May 20, 2008 to
register their claims with court-appointed insolvency manager
Dr. Juergen Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against  Brilliant 570. GmbH on Feb. 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Brilliant 570. GmbH
         Linienstr. 130
         10115 Berlin
         Germany


BTR GMBH: Claims Registration Period Ends May 20
------------------------------------------------
Creditors of BTR GmbH Biederitzer Transport-und Reiseunternehmen
have until May 20, 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 2:30 p.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         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: 0391/555 6840
         Fax: 0391/555 6849

The District Court of Stendal opened bankruptcy proceedings
against BTR GmbH Biederitzer Transport-und Reiseunternehmen on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         BTR GmbH Biederitzer Transport-und Reiseunternehmen
         Zerbster Chaussee 8
         39245 Gommern
         Germany


BUNTDRUCK ASCHAFFENBURG: Claims Registration Period Ends May 20
---------------------------------------------------------------
Creditors of Buntdruck Aschaffenburg GmbH have until May 20,
2008, to register their claims with court-appointed insolvency
manager Dr. Gerhard Koerner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.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 Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         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. Gerhard Koerner
         Theresienstr. 3
         63741 Aschaffenburg
         Germany
         Tel: 06021/428220
         Fax: 06021/428210

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

The Debtor can be reached at:

         Buntdruck Aschaffenburg GmbH
         Kolbornstr. 7
         63739 Aschaffenburg
         Germany


DERLA ROHRLEITUNGSBAU: Claims Registration Period Ends May 20
-------------------------------------------------------------
Creditors of Derla Rohrleitungsbau Boetzow-West GmbH have until
May 20, 2008, to register their claims with court-appointed
insolvency manager Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Friedrich-Ebert-Strasse 36
         14469 Potsdam
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Derla Rohrleitungsbau Bötzow-West GmbH on April 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Derla Rohrleitungsbau Bötzow-West GmbH
         Attn:  Maures Salih Kanik, Manager
         Meyerweg 20
         13591 Berlin
         Germany


EIKA WACHSWERKE: Claims Registration Period Ends April 28
---------------------------------------------------------
The court-appointed insolvency manager for Eika Wachswerke Fulda
GmbH, Sandra Mitter will present her first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on April 28, 2008.

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

          The District Court of Fulda
          Hall 3100
          Koenigstrasse 38
          36037 Fulda
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 14, 2008, at the same
venue.

Creditors have until May 15, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Sandra Mitter
          Kanzlei Leonhardt, Westhelle & Partner
          Wilhelmshoeher Allee 270
          34131 Kassel
          Germany
          Tel: 0561/3166-311
          Fax: 0561/3166-312

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

The Debtor can be reached at:

          Eika Wachswerke Fulda GmbH
          Vierzehnheiligen 19-25
          36039 Fulda
          Germany


EURO-ASIA GLOBAL: Claims Registration Period Ends May 15
--------------------------------------------------------
Creditors of Euro-Asia Global GmbH have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Christian Graf Brockdorff.

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

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Christian Graf Brockdorff
          Friedrich-Ebert-Str. 36
          14469 Potsdam
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Euro-Asia Global GmbH on Feb. 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Euro-Asia Global GmbH
          Karl-Marx-Str. 61/63
          12043 Berlin
          Germany


FLIESEN PITTER: Claims Registration Period Ends May 15
------------------------------------------------------
Creditors of Fliesen PITTER GmbH have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Rainer Beck.

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

The meeting of creditors will be held at:

          The District Court of Duisburg
          Hall C315
          Third Floor
          Kardinal-Galen-Strasse 124-132
          47058 Duisburg
          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:

          Rainer Beck
          Rheinstrasse 75
          47623 Kevelaer
          Germany

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

The Debtor can be reached at:

          Fliesen PITTER GmbH
          Attn: Peter Muehleweg, Manager
          Blaufuss 24
          46485 Wesel
          Germany


FRANK SPEDITIONS: Claims Registration Period Ends May 13
--------------------------------------------------------
Creditors of Frank Speditions & Logistic GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Thomas Herzog.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thomas Herzog
         Moltkestr. 27 II
         77654 Offenburg
         Germany

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

The Debtor can be reached at:

         Frank Speditions & Logistic GmbH
         Attn: Andreas Karkos, Manager
         Dieselstr. 23
         77833 Ottersweier
         Germany


GKR GESELLSCHAFT: Claims Registration Period Ends May 15
--------------------------------------------------------
Creditors of GKR Gesellschaft fuer Kompostierung und
Rekultivierung mbH have until May 15, 2008, to register their
claims with court-appointed insolvency manager Thomas Jacobs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Halle-Saalkreis
         Hall 1.044
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

          Thomas Jacobs
          Tieckstrasse 3
          04275 Leipzig
          Germany
          Tel: 0341/303850
          Fax: 0341/3038511

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against GKR Gesellschaft fuer Kompostierung und
Rekultivierung mbH on April 4, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          GKR Gesellschaft fuer Kompostierung und
          Rekultivierung mbH
          Attn: Frank Hippe, Manager
          Merseburger Str. 71
          06249 Muecheln
          Germany


H. EBBERS: Claims Registration Period Ends May 15
-------------------------------------------------
Creditors of H. Ebbers Verwaltungs GmbH have until May 15, 2008,
to register their claims with court-appointed insolvency manager
Wolfgang Koehler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Arnsberg
          Meeting Hall 328
          Eichholzstr. 4
          59821 Arnsberg
          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. Wolfgang Koehler
          Schubertstr. 31
          59581 Warstein
          Germany

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

The Debtor can be reached at:

          H. Ebbers Verwaltungs GmbH
          Hankerfeld 8
          59602 Ruethen
          Germany


IKB DEUTSCHE: Expects EUR200-Million Group Loss for 2007/2008
-------------------------------------------------------------
The Board of Managing Directors of IKB Deutsche Industriebank AG
expects that IKB Group will post a loss of EUR200 million for
the 2007/2008 financial year, based on IFRS.  The Board had
forecast a EUR800 million loss.

This reduction resulted from calculations during the ongoing
process of preparing IKB's consolidated financial statements for
the financial year 2007/2008.

The deviation from the previous forecast is due, on the one
hand, to an increase of EUR250 million in the positive valuation
effects regarding liabilities of currently EUR1.5 billion after
deferred taxes.

On the other hand, the favorable valuation effect from the
debtor warrants (Besserungsabreden) of EUR350 million had not
been included in the previous forecast.  

The debtor warrants are an element of KfW’s capital injection
that was made in February and March 2008 in a total amount of
EUR1.05 billion.  It has to be accounted for as liability in the
IFRS group accounts and shown at the present value of the future
payments.

The difference between nominal value and present value has to be
recorded in the income statement.

IKB will present its audited six-month results for the financial
year 2007/08 on April 29, 2008.

                       About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing.  The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                         *     *     *

As reported in the TCR-Europe April 2, 2008, Moody's Investors
Service downgraded these ratings of IKB: bank financial strength
rating to E from E+.  The outlook on the BFSR is now stable
(previously developing); IKB's subordinated debt ratings were
downgraded to Ba2.  The outlook on is negative; IKB's short-term
ratings were downgraded to Prime-3; IKB's junior subordinated
securities were downgraded to Ca from Caa1.  Its hybrid capital
instruments eligible for Tier 1 capital (silent participations)
and the preferred securities of IKB Funding Trust I & II were
downgraded to Caa3 from Caa1.  All hybrid ratings now have a
stable outlook.

As reported in the TCR-Europe on March 7, 2008, Fitch Ratings
downgraded IKB Deutsche Industriebank AG's hybrid securities to
'CCC-' (CCC minus) from the 'B' range and removed them from
Rating Watch Negative (RWN) where they were placed on Feb. 14,
2008, and Dec. 21, 2007.  The company carries Fitch's 'E'
Individual rating.


JOERG WEICHOLD: Claims Registration Period Ends May 13
------------------------------------------------------
Creditors of Joerg Weichold GmbH Heizung-Sanitar-Bauklempnerei
have until May 13, 2008, to register their claims with court-
appointed insolvency manager Dr. Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111
         E-mail: leipzig@stapper-korn.de

The District Court of Leipzig opened bankruptcy proceedings
against Joerg Weichold GmbH Heizung-Sanitar-Bauklempnerei on
April 2, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Joerg Weichold GmbH Heizung-Sanitar-Bauklempnerei
         Attn: Joerg Weichold, Manager
         Am Thalgut 2
         04758 Oschatz
         Germany


LOCO HOLDING: Claims Registration Period Ends May 15
----------------------------------------------------
Creditors of Loco Holding GmbH have until May 15, 2008, to
register their claims with court-appointed insolvency manager
Juergen Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Loco Holding GmbH on Feb. 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Loco Holding GmbH
          Wegerichstr. 14
          12357 Berlin
          Germany


MESO MARKETING: Claims Registration Ends May 20
-----------------------------------------------
Creditors of MeSo Marketing GmbH have until May 20, 2008 to
register their claims with court-appointed insolvency manager
Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  MeSo Marketing GmbH on Feb. 26, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MeSo Marketing GmbH
         Deulstr.5
         12459 Berlin
         Germany


PIN MAIL BAYERN: Claims Registration Period Ends May 10
-------------------------------------------------------
Creditors of PIN Mail Bayern GmbH have until May 10, 2008, to
register their claims with court-appointed insolvency manager
Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.m. on May 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Koeln
         Germany

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

The Debtor can be reached at:

         PIN Mail Bayern GmbH
         Attn: Norbert Hansen, Manager
         Berner Str. 2
         97084 Wuerzburg
         Germany


PS PLANUNGSGRUPPE: Claims Registration Ends May 20
--------------------------------------------------
Creditors of PS Planungsgruppe Stadtebau GmbH have until May 20,
2008 to register their claims with court-appointed insolvency
manager Michael Wahl.

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 Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Michael Wahl
         Karlstrasse 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-52

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

The Debtor can be reached at:

         PS Planungsgruppe Stadtebau GmbH
         Attn: Jochen Bernhardt, Manager
         Willi-Bleicher-Str. 3
         73033 Goeppingen
         Germany


Q - TEC GMBH: Claims Registration Ends May 20
---------------------------------------------
Creditors of Q - TEC GmbH have until May 20, 2008 to register
their claims with court-appointed insolvency manager Christian
Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Christian Beck
         Hansering 1
         06108 Halle
         Germany
         Tel: 0345/21222400
         Fax: 0345/21222436

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against  Q - TEC GmbH on April 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Q - TEC GmbH
         Theater 11
         06749 Bitterfeld-Wolfen
         Germany

         Attn: Friedrich Wilhelm, Manager
         Muldeaue 8
         06774 Pouch
         Germany


SADIE GMBH: Claims Registration Ends May 20
-------------------------------------------
Creditors of SADIE GmbH have until May 20, 2008 to register
their claims with court-appointed insolvency manager Dr.
Reinhard Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Esslingen
         Hall 1
         First Floor          
         Rit-terstr. 5
         Esslingen
         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. Reinhard Schmid
         Hasenbergsteige 5
         70178 Stuttgart
         Germany
         Tel: 0711/66907-0
         Fax: 0711/66450-68

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

The Debtor can be reached at:

         SADIE GmbH
         Attn: Stefan Mayer, Manager
         Gan-sackerstr. 11
         73730 Esslingen
         Germany


SCHAFERS REISEN: Claims Registration Ends May 20
------------------------------------------------
Creditors of Schafers Reisen GmbH have until May 20, 2008 to
register their claims with court-appointed insolvency manager
Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Bochum
         Meeting Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rolf Weidmann
         Farnstrasse 59
         44789 Bochum
         Germany

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

The Debtor can be reached at:

         Schafers Reisen GmbH
         Daimlerstr. 22
         44805 Bochum
         Germany

         Attn: Thomas Guenter Adami, Manager
         Heimatscholle 8
         44805 Bochum
         Germany


SOUFIS PUTZUNTERNEHMEN: Claims Registration Ends May 20
-------------------------------------------------------
Creditors of Soufis Putzunternehmen GmbH have until May 20, 2008
to register their claims with court-appointed insolvency manager
Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511 325095
         Fax: 0511 329934

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

The Debtor can be reached at:

         Soufis Putzunternehmen GmbH
         Attn: Joannis Soufis, Manager
         Porschestrasse 4
         30827 Garbsen
         Germany


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


BASE CLO I: Moody's Rates EUR14 Million Class E Notes at Ba2
------------------------------------------------------------
Moody's Investors Service has assigned these ratings to seven
classes of notes issued on 17 April 2008 by Base CLO I B.V.:

   (1) Aaa to the EUR266,875,000 Class A-1 Senior Secured
       Floating Rate Notes due 2018;

   (2) Aaa to the EUR9,000,000 Class A-2 Senior Secured
       Floating Rate Notes due 2018;

   (3) Aa2 to the EUR33,000,000 Class B Senior Secured Floating
       Rate Notes due 2018;

   (4) A2 to the EUR12,000,000 Class C Deferrable Senior
       Secured Floating Rate Notes due 2018;

   (5) Baa2 to the EUR9,400,000 Class D-1 Deferrable Senior
       Secured Floating Rate Notes due 2018;

   (6) Baa2 to the EUR2,600,000 Class D-2 Deferrable Senior
       Secured Floating Rate Notes due 2018; and

   (7) Ba2 to the EUR14,000,000 Class E Deferrable Senior
       Secured Floating Rate Notes due 2018.

The ratings of the notes address the expected loss posed to
investors by legal final maturity in 2018.

These ratings are based upon:

   1. An assessment of the characteristics of the collateral
      debt obligations included in the portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of Notes to the more senior
      classes of Notes;

   3. The overcollateralization of the Notes;

   4. The strategy for hedging foreign exchange risk;

   5. The legal and structural integrity of the issue.

This transaction is a static high yield collateralized loan
obligation related to a collateral portfolio of approximately
EUR383 million acquired as at the closing date.  The portfolio
is comprised primarily of senior secured loans, but includes as
well second lien loans and mezzanine loans.  The liquidation
agent, M&G Investment Management Limited, may act on behalf of
the Issuer to dispose of credit impaired and defaulted
obligations, subject to certain conditions set out in the
liquidation and servicing agency agreement.


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


ALITALIA SPA: To Receive EUR300-Million Bridging Loan from Italy
----------------------------------------------------------------
The Italian government has approved a EUR300-million bridging
loan to Alitalia S.p.A. to keep it afloat and prevent it from
seeking bankruptcy protection, various reports say.

As reported in the TCR-Europe on April 22, 2008, the incoming
administration of Prime Minister-elect Silvio Berlusconi and the
outgoing government of current Prime Ministe Enrico Prodi have
initially agreed to provide a EUR150 million emergency financing
to Alitalia, which only had EUR170 million in cash and credit as
of March 31, 2008.

Finance Minister Tommaso Padoa-Schioppa was quoted by Bloomberg
News as saying that without the loan, Alitalia would have to
seek protection from creditors.

Mr. Prodi said Mr. Berlusconi asked him to raise the loan amount
to EUR300 million to allow more "time to put together and
organize possible alternative solutions," the Associated Press
reports.  Mr. Prodi noted that Alitalia has to repay the loan by
end of 2008.

                       State Aid Violation?

The European Commission, meanwhile, would review the financing
to Alitalia, whether it violates the European Union rule on
state aid, Bloomberg News says citing spokesman Michele Cercone.

Under EU's "one time, last time" principle, a company
beneficiary of a state aid cannot receive additional rescue or
restructuring funding within 10 years since its accepted
financial assistance.

AP quoted the Commission last week said Alitalia cannot receive
further aid until 2011, since it took fiscal assistance in 2001.

                         Italian Bidders

AirOne S.p.A., banks led by Intesa Sanpaolo S.p.A. and Italian
businessmen led by Mr. Berlusconi adviser Bruno Ermolli may form
a group to bid for Alitalia, Bloomberg News says, citing an
unsourced Il Messaggero report.

According to Il Messaggero, AirOne will own 40% of the bidding
vehicle, the banks will control 40% and Mr. Bruno's group will
hold 20%.

Mr. Berluconi has been insisting that an Italian consortium will
present a binding offer for Italy's 49.9% stake in Alitalia in
less than a month.

                         About Alitalia

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

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

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


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

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

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

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

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

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/   
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  Judge Burton
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York entered an order confirming the Third Amended Joint
Plan of Reorganization of the Debtors on Dec. 26, 2007.  (Dana
Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

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


FIAT SPA: Shows Interest in Acquiring Serb Car Maker Zastava
------------------------------------------------------------
Fiat SpA has expressed its intention to acquire Serbia's lone
auto manufacturer, Zastava, various reports say citing outgoing
Economic Minister Mladjan Dinkic.  Representatives from Fiat are
expected to arrive Serbia this week to start talks.

The sale of Zastava was supposed to occur this month but was
later moved to May due to the elections.  Fiat, reports add, is
said to be planning to invest up to EUR300 million in Zastava.

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

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

                        *     *     *

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

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The company al


PARMALAT SPA: Factorit & Italease Settle Revocatory Suit
--------------------------------------------------------
Factorit S.p.A. and Banca Italease S.p.A. have settled the claim
related to revocatory action filed by Parmalat S.p.A. in
Extraordinary Administration and by Parmalat S.p.A., Assumptor
of the Proposal of Composition.

The Factorit settled the revocatory action and committed to
pay of EUR2,500,000 as well as to relinquishing in favor of
Parmalat the outstanding credits that have not been collected by
Factorit.

Italease is foregoing the right to claim in the bankruptcy
procedure for the payment made.  Litigation expenses will be
compensated among the parties.

                      About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Selling Newlat SpA to TMT Finance
-----------------------------------------------
Parmalat S.p.A., following a competitive procedure, has
signed a contract with TMT Finance S.A. to dispose of the entire
share capital of Newlat S.p.A., in compliance with antitrust
rulings no. 14452 dated June 30, 2005, and no. 16282 dated
Dec. 31, 2006.  

Disposal of the shares is subject to approval and authorization
of the purchase by the Italian competition and market authority.

Newlat has its registered offices in Reggio Emilia, and has been
part of the Parmalat group since August 2006 after coming out of
controlled administration procedure.  The company operates under
the "Polenghi," "Matese," "Giglio," "Torre in Pietra" and "Fior
di Salento" brands.  

Newlat reported turnover of around EUR150 million in 2007, and
had a headcount numbering more than 300 staff.

TMT, with headquarters in Lugano in Switzerland, has a footprint
in various sectors of the food and agricultural industry, such
as milling, production of pasta and milk and dairy produce, and
also in shipping and modern trade distribution.  The TMT Group’s
reported consolidated 2007 turnover of more than EUR200 million,
with a headcount of over 600 staff and a production structure
distributed across 12 facilities in Italy.

Newlat will be sold at the closing date for a token value of
EUR1, against the sale by Parmalat to Newlat of a receivable in
an amount of up to EUR8 million, again for a token value of
EUR1.

Inter-company items for an amount of approximately EUR4.5
million will be reimbursed before the closing, with an estimated
cash flow of equal amount in favor of Parmalat Group.

The sale will not have any economic impact on Parmalat.  With
this transaction, Parmalat will de-consolidate financial debt
and amounts payable under finance leases for a total of
around EUR36 million on the basis of the situation as at
March 31, 2008.

Parmalat S.p.A. will promptly inform of the execution of shares
transfer as per the agreement signed.

                      About Parmalat

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

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

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

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

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

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


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


TOLEBI LIMITED: Creditors Must File Claims by June 6
----------------------------------------------------
LLC Tolebi Limited has declared insolvency.  Creditors have
until June 6, 2008 to submit written proofs of claim to:

         LLC Tolebi Limited
         Aeroport Str. 2-18
         Bishkek
         Kyrgyzstan


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


EVRAZ GROUP: Highveld Unit to Sell Assets to VVP for US$160 Mln
---------------------------------------------------------------
Highveld Steel and Vanadium Corp., a unit of Evraz Group S.A.,
has entered into definitive agreements with Vanchem Vanadium
Products (Proprietary) Limited, a special purpose company
controlled by Duferco Investment Partners Inc, on the disposal
by Highveld of certain vertically integrated vanadium assets.  

In 2007, Evraz committed to procure the disposal as a condition
to the approval by the European Commission and South African
competition authorities of its acquisition of a majority
interest in Highveld.

Under the agreements, Highveld will dispose of:

    * Class A ordinary shares in the issued share capital of
      Mapochs Mine (Proprietary) Limited, a special purpose
      company that has been incorporated by Highveld for
      purposes of acquiring and holding the Mapochs Mine.  The
      rights attached to the Class A ordinary shares are limited
      to rights required to enable VVP to protect its rights
      under the fines ore supply agreement;

    * its Vanchem operations; and

    * its 50% shareholding in South Africa Japan Vanadium
      (Proprietary) Limited.

In addition, Highveld has entered into supply agreements with
VVP for the supply of certain volume of fines ore from the
Mapochs Mine, which cannot be used by Highveld in its
steelworks, and for the supply of certain volumes of vanadium-
bearing slag, which is produced by Highveld as a by-product of
steel, both at market-related prices.

Highveld has agreed to sell the assets for an aggregate
consideration of US$160 million, which will be discharged by the
immediate payment of US$100 million in cash, and by the buyer’s
commitment to undertake specific environmental projects in
relation to Vanchem.

The implementation of the disposal is subject to certain
conditions, including approvals of the European Commission,
South African competition authorities and the JSE Limited.

                          About Evraz

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

                         *     *     *

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

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

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


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


X5 RETAIL: Tatyana Franous Quits from Supervisory Board
-------------------------------------------------------
Tatyana Franous has tendered her resignation as a member of the
Supervisory Board of X5 Retail Group N.V.

Together with Andrei Rogachev, who tendered his resignation from
the Supervisory Board on April 21, 2008, Ms. Franous is a
founding member of Pyaterochka.  

She resigned from the Supervisory Board effective April 23,
2008, in order to concentrate on her other business activities.

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

                        About X5 Retail

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

                          *     *     *

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

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


===========
N O R W A Y
===========


OCEAN RIG: Main Shareholder's Stake Now Exceeds 50%
---------------------------------------------------
Ocean Rig Norway AS received notification that companies
represented by George Economou have acquired additional shares
and reached a total holding of more than 50% of the outstanding
shares.  The shareholder further said that it is preparing a
mandatory offer for the company.

The Board of Ocean Rig urges shareholders to take no further
action at this time pending clarification regarding the
mandatory offer.  The Board will issue an opinion related to the
mandatory offer when it has been made public.

Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and  
operates two of the world’s largest and most modern drilling
rigs, built for ultra deep waters and extreme weather
conditions.  The units are currently operating in the US Gulf of
Mexico and in the North Sea.


OCEAN RIG: S&P Puts B Corporate Credit Ratings with Watch Pos.
--------------------------------------------------------------
Standard & Poor's Ratings Services had placed its 'B' long-term
corporate credit ratings on Norway-based contract driller Ocean
Rig Norway A.S. on CreditWatch with positive implications.

The CreditWatch placement follows a recent change in ownership,
in which Greece-based Dry Ships Inc. increased it stake from 30%
to 49.9%.  The chairman and CEO of Dry Ships privately holds
4.4% of Ocean Rig.  Dry Ships is expected to commence a
mandatory offer for the remaining stake in Ocean Rig within four
weeks.

"The CreditWatch placement reflects a potential improvement in
credit quality, pending closure of the transaction," said
Standard & Poor's credit analyst Per Karlsson.

Dry Ships is active in the dry bulk shipping segment. While the
company is not rated, and available information about what the
combined entity would look like is limited, Dry Ships benefits
from currently favorable industry conditions in the dry bulk
segment.

If we decide after further analysis and upon receipt of more
information that only limited credit enhancement has been
achieved, the rating could remain unchanged at the current
level.


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


BARAITSKOE CJSC: Krasnoyarsk Bankruptcy Hearing Set May 30
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene at 9:00 a.m.
on May 30, 2008, to hear the bankruptcy supervision procedure on
Agricultural CJSC Baraitskoe.  The case is docketed under Case
No. A33-788/2008.

The Temporary Insolvency Manager is:

         M. Trubachev
         Molokova Str. 29-127
         660077 Krasnoyarsk
         Russia

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         Agricultural CJSC Baraitskoe
         Barait
         Novoselovskiy
         Krasnoyarsk
         Russia


DIARY CRYSTAL: Belgorod Bankruptcy Hearing Slated for June 30
-------------------------------------------------------------
The Arbitration Court of Belgorod will convene at noon on
June 30, 2008, to hear the bankruptcy supervision procedure on
LLC Diary Crystal.  The case is docketed under Case No.
A08-725/08-24B.

The Temporary Insolvency Manager is:

         A. Ovchinnikov
         Rzhevskoe Shosse Str. 11
         Shebekino
         309290 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Diary Crystal
         Marinchenko Str. 46
         Chernyaka
         309560 Belgorod
         Russia


EASTERN FISH: Creditors Must File Claims by May 22
--------------------------------------------------
Creditors of CJSC Eastern Fish Resources have until May 22,
2008, to submit proofs of claim to:

         M. Kalmakova
         Insolvency Manager
         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Arbitration Court of Chukostkiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A80-55/2007-?.

The Debtor can be reached at:

         CJSC Eastern Fish Resources
         Energetikov Str. 24-2
         Anadyr
         Chukostkiy
         Russia


EVRAZ GROUP: Highveld Unit to Sell Assets to VVP for US$160 Mln
---------------------------------------------------------------
Highveld Steel and Vanadium Corp., a unit of Evraz Group S.A.,
has entered into definitive agreements with Vanchem Vanadium
Products (Proprietary) Limited, a special purpose company
controlled by Duferco Investment Partners Inc, on the disposal
by Highveld of certain vertically integrated vanadium assets.  

In 2007, Evraz committed to procure the disposal as a condition
to the approval by the European Commission and South African
competition authorities of its acquisition of a majority
interest in Highveld.

Under the agreements, Highveld will dispose of:

    * Class A ordinary shares in the issued share capital of
      Mapochs Mine (Proprietary) Limited, a special purpose
      company that has been incorporated by Highveld for
      purposes of acquiring and holding the Mapochs Mine.  The
      rights attached to the Class A ordinary shares are limited
      to rights required to enable VVP to protect its rights
      under the fines ore supply agreement;

    * its Vanchem operations; and

    * its 50% shareholding in South Africa Japan Vanadium
      (Proprietary) Limited.

In addition, Highveld has entered into supply agreements with
VVP for the supply of certain volume of fines ore from the
Mapochs Mine, which cannot be used by Highveld in its
steelworks, and for the supply of certain volumes of vanadium-
bearing slag, which is produced by Highveld as a by-product of
steel, both at market-related prices.

Highveld has agreed to sell the assets for an aggregate
consideration of US$160 million, which will be discharged by the
immediate payment of US$100 million in cash, and by the buyer’s
commitment to undertake specific environmental projects in
relation to Vanchem.

The implementation of the disposal is subject to certain
conditions, including approvals of the European Commission,
South African competition authorities and the JSE Limited.

                          About Evraz

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

                         *     *     *

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

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

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


NORTH-INVEST LLC: Creditors Must File Claims by May 22
------------------------------------------------------
Creditors of LLC North-Invest have until May 22, 2008, to submit
proofs of claim to:

         E. Trushkokov
         Insolvency Manager
         Post User Box 300
         640102 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-10839/07-29/38.

The Court is located at:

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

The Debtor can be reached at:

         LLC North-Invest
         Bebelya Str. 36
         Novosibirsk
         Russia


NOVATEK OAO: Board Okays US$800-Million Unsecured Loan
------------------------------------------------------
OAO Novatek's Board of Directors has approved a US$800 million
unsecured syndicated term loan facility.

The Facility is obtained for general corporate purposes
including funding our 2008 capital expenditure program.

The Facility has a three-year tenor with an 18-month repayment
grace period and is to be repaid in quarterly installments.

The Facility pays an initial margin of LIBOR plus 1.25% per
annum for the first 18 months and rising to 1.50% per annum
thereafter.

The loan is guaranteed by the company’s subsidiaries -- OOO
Novatek-Tarkosaleneftegas and OOO Novatek-Yurkharovneftegas.

The Facility is arranged and fully underwritten by BNP Paribas,
CALYON, Citibank International plc and Sumitomo Mitsui Banking
Corporation Europe Limited.  The Facility Agreement was signed
on April 21, 2008.

                         About Novatek

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

                         *     *     *

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

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


SOUTH-URAL ELECTRO-TECHNICAL: Claims Filing Period Ends May 22
--------------------------------------------------------------
Creditors of CJSC South-Ural Electro-Technical Company have
until May 22, 2008, to submit proofs of claim to:

         S. Cherepanov
         Insolvency Manager
         Office 402
         Stepana Razina Str. 3
         454005 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-8287/2007-52-54.

The Court is located at:

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

The Debtor can be reached at:

         CJSC South-Ural Electro-Technical Company
         2nd Zapadnyj Pr. 4
         Chelyabinsk
         Russia


TRANS-LES-COMP: Creditors Must File Claims by May 22
----------------------------------------------------
Creditors of LLC Trans-Les-Comp have until May 22, 2008, to
submit proofs of claim to:

         M. Nikolaev
         Insolvency Manager
         Post User Box 51
         Lyzina Str. 28
         664009 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-13629/07-8.

The Court is located at:  

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

The Debtor can be reached at:

         LLC Trans-Les-Comp
         6th Entrance
         Smolnogo Str. 1/3
         191060 St. Petersburg
         Russia


TYVA-GOLD: Creditors Must File Claims by May 22
-----------------------------------------------
Creditors of Federal State Unitary Enterprise Tyva-Gold have
until May 22, 2008, to submit proofs of claim to:

         A. Tsekh
         Insolvency Manager
         Energetikov Str. 2/1
         Kyzyl
         667010 Tyva
         Russia

The Arbitration Court of Tyva commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A69-766/05-8.

The Debtor can be reached at:

         Federal State Unitary Enterprise Tyva-Gold
         Energetikov Str. 2/1
         Kyzyl
         667010 Tyva
         Russia


X5 RETAIL: Tatyana Franous Quits from Supervisory Board
-------------------------------------------------------
Tatyana Franous has tendered her resignation as a member of the
Supervisory Board of X5 Retail Group N.V.

Together with Andrei Rogachev, who tendered his resignation from
the Supervisory Board on April 21, 2008, Ms. Franous is a
founding member of Pyaterochka.  

She resigned from the Supervisory Board effective April 23,
2008, in order to concentrate on her other business activities.

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

                        About X5 Retail

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

                          *     *     *

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

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


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


FIAT SPA: Shows Interest in Buying Zastava; May Invest EUR300MM
---------------------------------------------------------------
Fiat SpA has expressed its intention to acquire Serbia's lone
auto manufacturer, Zastava, various reports say citing outgoing
Economic Minister Mladjan Dinkic.  Representatives from Fiat are
expected to arrive Serbia this week to start talks.

The sale of Zastava was supposed to occur this month but was
later moved to May due to the elections.  Fiat, reports add, is
said to be planning to invest up to EUR300 million in Zastava.

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

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

                        *     *     *

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

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The company al


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


XERIUM TECH: Ernst & Young Expresses Going Concern Doubt
--------------------------------------------------------
Ernst & Young LLP raised substantial doubt on the ability of
Xerium Technologies, Inc., to continue as a going concern after
it audited the company's financial statements for the year ended
Dec. 31, 2007.  

The auditing firm stated that the company will likely have
future debt covenant violations under its existing loan
agreements.  Failing to meet financial covenants constitutes an
event of default, upon which the company's lenders could
accelerate the debt causing it to become payable and due.

Management related that while the company was in compliance with
the financial covenants under its senior credit facility at
Dec. 31, 2007, and expects that it would generate cash flow from
operations sufficient to service the debt under the senior
credit facility prior to the stated maturity of the debt if
there is not otherwise an event of default under the debt, the
company anticipates to be in financial covenant non-compliance
for the period ended March 31, 2008.

The company posted a net loss of US$150,212,000 on total sales
of US$615,426,000 for the year ended Dec. 31, 2007, as compared
with a net income of US$31,288,000 on total sales of
US$601,439,000 in the prior year.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$891,441,000 in total assets and US$892,493,000 in
total liabilities, resulting in US$1,052,000 stockholders'
deficit.  

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$286,338,000 in total current
assets available to pay US$768,020,000 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2a8c

                    About Xerium Technologies

Headquartered in Youngsville, North Carolina, Xerium
Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of consumable products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, utilizes a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products integral to production, all designed to
optimize performance and reduce operational costs.  With 35
manufacturing facilities in 15 countries around the world,
Xerium has approximately 3,800 employees.  

In Europe the company has subsidiaries in Austria, Italy,
Germany, Sweden, Spain, the United Kingdom, Finland, France,
Switzerland and Ireland.  Xerium also has subsidiaries in Asia,
particularly in China, Hong Kong, Australia, Japan and Vietnam.  
Three subsidiaries are meanwhile located in Central and South
America, specifically Brazil, Mexico and Argentina.


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


ANT-BUDRECONSTRUCTION LLC: Creditors Must File Claims April 30
--------------------------------------------------------------
Creditors of LLC Ant-Budreconstruction (code EDRPOU 35465399)
have until April 30, 2008, to submit their proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  

The Debtor can be reached at:

         LLC Ant-Budreconstruction
         Artem Str. 37-41
         Kiev
         Ukraine


BATKIVSCHINA LLC: Creditors Must File Claims by April 30
--------------------------------------------------------
Creditors of Agricultural LLC Batkivschina (code EDRPOU
30714146) have until April 30, 2008, to submit their proofs of
claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 21, 2008.  
The case is docketed as 12/28b.

The Debtor can be reached at:

         Agricultural LLC Batkivschina
         Novoaleksandrovka
         Troitsky District
         92134 Lugansk
         Ukraine


DNIPRO-DELTASTROY LLC: Creditors Must File Claims by April 30
-------------------------------------------------------------
Creditors of LLC Dnipro-Deltastroy (code EDRPOU 34409553) have
until April 30, 2008, to submit their proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company on March 13, 2008, after finding
it insolvent.  The case is docketed as B 15/85-08.

The Debtor can be reached at:

         LLC Dnipro-Deltastroy
         Quay of Victory Str. 130
         49106 Dnipropetrovsk
         Ukraine


NADIYA LLC Creditors Must File Claims by April 30
-------------------------------------------------
Creditors of Agricultural LLC Nadiya (code EDRPOU 30759559) have
until April 30, 2008, to submit their proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 21, 2008.  
The case is docketed as 12/27b.

The Debtor can be reached at:

         Agricultural LLC Nadiya
         Bogachka
         Troitsky District
         92112 Lugansk
         Ukraine
         

ROVAL LLC: Creditors Must File Claims by April 30
-------------------------------------------------
Creditors of LLC Roval (code EDRPOU 32435382) have until
April 30, 2008, to submit their proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on March 17, 2008, after finding it
insolvent.  The case is docketed as 6/186-8/175.

The Debtor can be reached at:

         LLC Roval
         Industrial Str. 2
         Zhorniska
         Yavorovsky District
         81083 Lvov
         Ukraine


SCIENCE-RESEARCH INNOVATIVE: Creditors' Claims Due April 30
-----------------------------------------------------------
Creditors of LLC Science-Research Innovative Production-
Technological Bureau (code EDRPOU 03001968) have until
April 30, 2008, to submit their proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on March 18, 2008, after finding it
insolvent.  The case is docketed as 8/307.

The Debtor can be reached at:

         LLC Science-Research Innovative
         Production-Technological Bureau
         Staroevreyskaya Str. 22
         Lvov
         Ukraine


SLOVAGROIMPEKS LLC: Creditors Must File Claims by April 30
----------------------------------------------------------
Creditors of LLC Euro Agro Trade Subsidiary Company
Slovagroimpeks (code EDRPOU 20800866) have until April 30, 2008,
to submit their proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 4, 2008.  
The case is docketed as 29/213.

The Debtor can be reached at:

         LLC Euro Agro Trade Subsidiary Company Slovagroimpeks
         Gorodotskaya Str. 367
         79040 Lvov
         Ukraine


STARIY DRUZHE: Creditors Must File Claims by April 30
-----------------------------------------------------
Creditors of LLC Trading House Stariy Druzhe (code EDRPOU
31991115) have until April 30, 2008, to submit their proofs of
claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 27, 2008, after finding it
insolvent.  The case is docketed as 43/278.

The Debtor can be reached at:

         LLC Trading House Stariy Druzhe
         Kikvidze Str. 18
         Kiev
         Ukraine


VUGILNYK LLC: Creditors Must File Claims by April 30
----------------------------------------------------
Creditors of Agricultural LLC Vugilnyk (code EDRPOU 30714036)
have until April 30, 2008, to submit their proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 21, 2008.  
The case is docketed as 12/26b.

The Debtor can be reached at:

         Agricultural LLC Vugilnyk
         Sovetskaya Str. 67
         Pokrovskoye
         Troitsky District
         92135 Lugansk
         Ukraine


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


BAA LTD: New CEO Colin Matthews Implements Management Changes
-------------------------------------------------------------
Colin Matthews, the new chief executive of BAA Ltd., is carrying
out significant changes to the group's top management structure,
targeting Heathrow, Kevin Done writes for the Financial Times.

According to the report, Mr. Matthews, who replaced Stephen
Nelson as the group's chief executive earlier this month
following the Terminal 5 chaos, is merging the separate BAA
corporate and Heathrow managements into one executive team,
which will include Mark Bullock, managing director of Heathrow.  
Mr. Bullock will report directly to Mr. Matthews.

However, the role of chief operating officer, which is currently
filled by BAA deputy chief executive Luis Sanchez Salmeron, will
be eliminated, while a new position of managing director to
oversee the group's six other airports will also be created, the
FT relates.

The changes, which will take effect on June 1, will allow the
organization to focus more directly on daily operations at
Heathrow, the FT reveals.

"Our intention is to provide direct, hands-on leadership on a
daily basis.  We need to be more focused on our operations and
this change will allow that to happen, as well as giving our
other airports the freedom to develop faster," Mr. Matthews was
quoted by the paper as saying.

                     About BAA Ltd.

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

                           *     *     *

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


BNP PARIBAS: Moody's Rates Two Bifrost Series 16 Notes at Ba1
-------------------------------------------------------------
Moody's Investors Service took rating actions on various classes
related to Bifrost Investment Plc Series 11 to 20, Bifrost
Series 4, Bifrost Series 6 and Bifrost Legolas 1.

The ratings of these tranches are downgraded:

   -- Series 4 Class F MZ 10 Year EUR60,000,000 Credit Default
      Swap due 2013, to Aa3 from Aa2

   -- Series 6 Class B MZ 7 Year EUR60,000,000 Credit Default
      Swap due 2010, to Aa2 from Aa1

   -- Series 6 Class F MZ 10 Year EUR60,000,000 Credit Default
      Swap due 2013, to Aa3 from Aa2

   -- Series 14 Class 10C EUR105,000,000 Credit Default Swap
      due 2013, to A2 from A1

   -- Series 14 Class 10D EUR60,000,000 Credit Default Swap due
      2013, to Baa3 from Baa2

   -- Series 16 Class 7B EUR125,000,000 Credit Default Swap due
      2010, to Aa2 from Aa1

   -- Series 16 Class 7C EUR67,500,000 Credit Default Swap due
      2010, to Baa1 from A1

   -- Series 16 Class 7D EUR55,000,000 Credit Default Swap due
      2010, to Ba1 from Baa2

   -- Series 16 Class 10B EUR135,000,000 Credit Default Swap
      due 2010, to Aa3 from Aa2

   -- Series 16 Class 10C EUR80,000,000 Credit Default Swap due
      2013, to Baa2 from A2

   -- Series 16 Class 10D EUR65,000,000 Credit Default Swap due
      2013, to Ba1 from Baa2

   -- Series 18 Class 7D EUR65,000,000 Credit Default Swap due
      2010, to Baa2 from Baa1

   -- Series 18 Class 10B EUR135,000,000 Credit Default Swap
      due 2013, to Aa2 from Aa1

   -- Series 18 Class 10D EUR65,000,000 Credit Default Swap due
      2013, to Baa3 from Baa2

The ratings of these tranches are confirmed:

   -- Series 14 Class 7D EUR50,000,000 Credit Default Swap due
      2010, rated A3

   -- Series 15 Class 10C EUR80,000,000 Credit Default Swap due
      2013, rated Aa3

   -- Series 16 Class 5C EUR60,000,000 Credit Default Swap due
      2008, rated Aa3

   -- Series 16 Class 5D EUR50,000,000 Credit Default Swap due
      2008, rated A3

   -- Series 18 Class 10C EUR80,000,000 Credit Default Swap due
      2013, rated A2

   -- Series 19 Class 7C EUR75,000,000 Credit Default Swap due
      2010, rated A3

The ratings of these tranches are upgraded:

   -- Legolas 1 Class B MZ 7 Year EUR60,000,000 Credit Default
      Swap due 2010, to Aa1 from Aa2

   -- Series 11 Class 5B EUR115,000,000 Credit Default Swap due
      2008, to Aaa from Aa1

   -- Series 11 Class 5C EUR60,000,000 Credit Default Swap due
      2008, to Aa3 from A2

   -- Series 11 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to A3 from Baa2

   -- Series 11 Class 7C EUR75,000,000 Credit Default Swap due
      2010, to A3 from Baa1

   -- Series 11 Class 7D EUR55,000,000 Credit Default Swap due
      2010, to Baa3 from Ba1

   -- Series 12 Class 5C EUR60,000,000 Credit Default Swap due
      2008, to Aa1 from A1

   -- Series 12 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to A2 from Baa1

   -- Series 12 Class 10B EUR135,000,000 Credit Default Swap
      due 2013, to Aa1 from Aa2

   -- Series 12 Class 10C EUR100,000,000 Credit Default Swap
      due 2013, to A2 from Baa1

   -- Series 12 Class 10D EUR65,000,000 Credit Default Swap due
      2013, to Baa3 from Ba1

   -- Series 13 Class 5B EUR115,000,000 Credit Default Swap due
      2008, to Aaa from Aa1

   -- Series 13 Class 5C EUR75,000,000 Credit Default Swap due
      2008, to Aa3 from A3

   -- Series 13 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to Baa2 from Ba1

   -- Series 13 Class 7B EUR130,000,000 Credit Default Swap due
      2010, to Aa2 from Aa3

   -- Series 13 Class 7C EUR75,000,000 Credit Default Swap due
      2010, to A3 from Baa1

   -- Series 14 Class 5C EUR60,000,000 Credit Default Swap due
      2008, to Aaa from Aa1

   -- Series 14 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to Aa3 from A1

   -- Series 17 Class 5C EUR63,000,000 Credit Default Swap due
      2008, to Aaa from A1

   -- Series 17 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to A1 from Baa1

   -- Series 17 Class 7B EUR125,000,000 Credit Default Swap due
      2010, to Aa1 from Aa2

   -- Series 17 Class 7C EUR67,500,000 Credit Default Swap due
      2010, to A1 from A2

   -- Series 17 Class 7D EUR50,000,000 Credit Default Swap due
      2010, to Baa2 from Baa3

   -- Series 17 Class 10B EUR150,000,000 Credit Default Swap
      due 2013, to Aa2 from Aa3

   -- Series 17 Class 10C EUR80,000,000 Credit Default Swap due
      2013, to A3 from Baa1

   -- Series 19 Class 5B EUR115,000,000 Credit Default Swap due
      2008, to Aaa from Aa1

   -- Series 19 Class 5C EUR60,000,000 Credit Default Swap due
      2008, to Aa2 from A2

   -- Series 19 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to A3 from Baa2

   -- Series 20 Class 5C EUR60,000,000 Credit Default Swap due
      2008, to Aaa from Aa3

   -- Series 20 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to Aa2 from A3

   -- Series 20 Class 7B EUR117,500,000 Credit Default Swap due
      2010, to Aaa from Aa1

   -- Series 20 Class 7C EUR75,000,000 Credit Default Swap due
      2010, to Aa3 from A1

   -- Series 20 Class 7D EUR62,500,000 Credit Default Swap due
      2010, to Baa1 from Baa3

These rating actions are the result of credit migration in the
underlying pool of corporate reference credits and reduced time
to maturity.


BRITISH ENERGY: Iberdrola Still Interested in Takeover Bid
----------------------------------------------------------
Iberdrola disclosed that it is still interested in making an
offer for British Energy Group Plc, The Scotsman reports.  The
company's statement comes despite reports from Spain that a
joint acquisition was more likely.

The company however said that it will only consider making an
offer if the buying price is reduced.  The report adds that the
price is currently set at 700 pence per share.

According to Jose Luis del Valle, Iberdrola's strategy head,
while Iberdrola could make a good combination with British
Energy, the deal should fit the financial objective of the
company, The Scotsman adds.

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

                        *     *     *

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

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

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


CHIPOPTION LTD: Appoints Tenon Recovery as Administrators
---------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint administrators of Chipoption Ltd.
(Company Number 03830186) on April 10, 2008.

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

Headquartered in London, England, Chipoption Ltd. wholesales
clothing and footwear.


DANKA BUSINESS: To Undergo Voluntary Liquidation After Sale
-----------------------------------------------------------
Danka Business Systems PLC disclosed in a regulatory filing that
the company will undergo a voluntary liquidation under the laws
of the United Kingdom.

As reported in the Troubled Company Reporter-Europe on April,
11, 2008, the company signed a definitive agreement with Konica
Minolta Business Solutions U.S.A., Inc., enabling Konica Minolta
to acquire the company's wholly owned U.S. subsidiary, Danka
Office Imaging Company, at a transaction valued at US$240
million.  Danka Office is the company's remaining operating
business.

The company's board of directors said that liquidation is the
"most cost effective manner" to distribute the net cash obtained
from the sale to shareholders.

According to the Thomson Financial, the company plans to
distribute around US$6.5 million to shareholders.  

The company will hold an extraordinary general meeting wherein
shareholders will be asked to vote on:

     (i) the sale of the company's U.S. operations on the terms
         of and subject to the conditions of the stock purchase
         agreement, dated as of April 8, 2008, by and among
         Danka Business Systems PLC, Danka Holding Company, and
         Konica Minolta, pursuant to which the Danka Holding
         will sell DOIC to Konica Minolta in a sale of all the
         outstanding capital stock of DOIC;

    (ii) entry into a “members voluntary liquidation,” pursuant
         to which the company will be voluntarily wound up;

   (iii) the approval of a US$5 million termination fee to be
         paid to Konica Minolta in the event the stock purchase
         agreement is terminated under certain circumstances;
         and

    (iv) other resolutions necessary to effect both the sale of
         the U.S. operations and the Liquidation, including a
         resolution authorizing the directors of the company to
         take any and all actions required to be taken by the
         company or which the directors of the company (or a
         duly authorized committee thereof) deem necessary or
         desirable to consummate the sale of DOIC to Konica
         Minolta.

No date has yet been set for the meeting.

                     About Danka Business

Danka Business Systems PLC (LON: DNK) -- http://www.danka.com/  
--  offers document solutions, including office imaging
equipment, software, support, and related services and supplies
in the United States.  It offers office imaging products,
services, supplies and solutions, including digital and color
copiers, digital and color multifunction peripherals printers,
facsimile machines and software.  It also provides a range of
contract services, including professional and consulting
services, maintenance, supplies, leasing arrangements, technical
support and training, collectively referred to as Danka Document
Services.  The company's revenue is generated from two primary
sources: new retail equipment, supplies and related sales, and
service contracts.  Danka sells Canon products, as well as
Kodak, Toshiba and Hewlett-Packard.  On Aug. 31, 2006, the
company sold its subsidiary, Danka Australasia, PTY Limited, to
Onesource Group Limited.  In January 2007, the company disposed
of its European businesses to Ricoh Europe B.V.

The company's Dec. 31, 2007 balance sheet showed total assets of
US$233.5 million, total liabilities of US$225.0 million, 6.5%
senior convertible participating shares of US$362.6 million, and
total stockholders' deficit of US$354.1 million.


E PAWSON & SON: Brings In Administrators from P&A
-------------------------------------------------
Christopher Michael White and Gareth David Rusling of The P&A
Partnership were appointed joint administrators of E. Pawson &
Son Ltd. (Company Number 01162966) on April 10, 2008.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

Headquartered in Sheffield, England, E. Pawson & Son Ltd. is
engaged in freight transport, storage and warehousing.


ELEPHANT LOANS: Unit Goes Into Liquidation; Moves Headquarters
--------------------------------------------------------------
Elephant Loans & Mortgages plc is to move its operations to
premises near Southend.  These premises are owned by Finance
House (Southend) Ltd., an associated company of Financial Trade
Partnership Ltd. and FT Compliance Services Ltd.  These premises
also house the operations of both FTP and FTCS.  Elephant's
offices in both Twickenham and Oldham will be closed.

In addition, the Company has placed one of its operating
subsidiaries, Elephant Loans Ltd., into liquidation as part of
its continued restructuring efforts; Begbies Traynor LLP has
been appointed as provisional liquidator.  The Company will now
conduct all its trading activities through another subsidiary,
Elephant Loans (Direct) Ltd., and there is not expected to be
any interruption to the service provided to Elephant's
customers.

The measures will substantially reduce the cost base of the
Company.

The Company has changed its registered office to 69-85
Tabernacle Street, London EC2A 4RR.

"Following the announcement of Elephant's membership of the FT-
Partners network and proposed reverse takeover by FTP, it
has been decided to relocate Elephant's operations to FTP's new
corporate headquarters near Southend.  This move is
anticipated to yield cost savings and will mean that there will
be some redundancies within one of the group's
subsidiaries; the board has therefore decided to instruct
Begbies Traynor to consider the position of the subsidiary
affected.  The credit crunch has had many victims over the past
6 months and the board feels that by strengthening and
re-organizing the group in this way, the business will be able
to look forward to the rest of 2008 with cautious
optimism," Gary Miller-Cheevers, chief executive of Elephant
Loans, commented.

On March 20, 2008 that Elephant Loans (Direct) Ltd., a wholly
owned subsidiary of the Company had become an appointed
representative of FTCS, and a member of the FT-Partners broker
network, operated by FTP.  On April 11, 2008 Elephant had agreed
outline terms to undertake a reverse takeover by FTP,  which is
subject  to  the approval of the Company's shareholders at a
general meeting  of the Company.

Elephant Loans & Mortgages plc --
http://www.elephantloans.co.uk/-- arranges secured and  
unsecured loans for any purpose including store card and credit
card debt consolidation and business loans.


EMI GROUP: Restructuring Continues Despite Contractual Hurdles
--------------------------------------------------------------
EMI Group Plc reiterated that its planned restructuring is on
track despite contractual obstacles on implementing it, Reuters
reports.

Reuters' sources said some challenges appeared and slowed down
EMI's restructuring plan.  The issues include:

    * "key man" clauses in contracts that allow artists to leave
      EMI if a label president or A&R executive who signed the
      act leaves or is fired;

    * clauses in executive contracts that allow top employees to
      leave if their responsibilities change or the company
      comes under new ownership or management; and

    * meeting deadlines by certain sectors of the company.

An EMI executive confirmed to Reuters that the overall
restructuring is slow "because some people are missing their
deadlines.

The sources commented to Reuters that Terra Firma, which
acquired EMI in August 2007 for GBP2.4 billion, may not have
realized the extent to which the "key man" contracts exist
within the label.

Reuters' sources added that a number top EMI executives want to
leave, claiming breach of contract due to impending changes in
title or responsibilities.  The sources said EMI is fighting
executives in instances where it believes it is in the right.

As reported in the TCR-Europe on Jan. 16, 2008, Terra Firma
unveiled a restructuring plan for EMI.  The plan entails:

    * positioning EMI's labels to ensure they will be
      completely focused on A&R and maximizing the potential of
      all their artists;

    * developing a new partnership with artists, based on
      transparency and trust, and helping all artists monetise
      the value of their work by opening new income streams such
      as enhanced digital services and corporate sponsorship
      arrangements;

    * bringing together all the group's key support activities
      including sales, marketing manufacturing and distribution
      into a single division with a unified global leadership;
      and

    * the elimination of significant duplications within the
      group to simplify processes and reduce waste.

The changes, which will be implemented over the next six months,
will enable the group to invest more in its A&R operations both
to identify and sign promising new artists and to maximize the
potential of its existing roster.

                       About EMI Group plc

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

At March 31, 2007, EMI Group's consolidated balance sheet
revealed GBP1.5 billion in total assets, GBP2.65 billion in
total liabilities resulting to GBP1.15 billion in shareholders'
deficit.


ESTATES AND LAW: Taps Joint Administrators from Begbies Traynor
---------------------------------------------------------------
David Acland and Sarah Bell of Begbies Traynor were appointed
joint administrators of Estattes and Law Advertising Ltd.
(Company Number 02622130) on April 10, 2008.

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

The company can be reached at:

          Estates and Law Advertising Ltd.
          Mentor House
          Ainsworth Street
          Blackburn
          BB1 6AY
          England


FKI PLC: Moody's Puts Ba3 Corporate Family Rating Under Review
--------------------------------------------------------------
Moody's Investors Service placed the Ba3 Corporate Family Rating
for FKI plc under review with uncertain direction.

The rating review was prompted by Melrose's approach to acquire
the entire share capital of FKI plc.  According to an
announcement, made by Melrose plc, yesterday, agreement has been
reached with FKI's board on the terms of a recommended proposal.

The Acquisition, which shall be done by way of a Court
sanctioned scheme of arrangement of FKI, values the entire
issued ordinary share capital of FKI at approximately
GBP478 million and each FKI share at 81.3 pence (based on the
closing price of 149 pence per Melrose share on April 21, 2008).  
The acquisition will be paid with a combination of cash and new
Melrose shares: The cash component is 40 pence per FKI share.  
In addition to that FKI's shareholders will receive 0.277
consideration shares from Melrose, which equals 41.27 pence on
the basis of 149 pence per Melrose share at closing on April 21.

Moody's notes that Melrose has announced having arranged credit
facilities in the total amount of GBP750 million which could be
sufficient to repay all outstanding debt of FKI in case such
decision were to be taken.  At the same time, Melrose indicated
that its new leverage would be reduced compared to the current
FKI's.  While the agency recognizes that this offer clarifies
the strategic direction of the company, and that it may help in
shoring up the liquidity profile of FKI, the agency nonetheless
notes that the execution of the transaction is subject to
shareholders approval and still includes a number of
uncertainties.  Moody's comments that the shortening liquidity
profile has been a growing concern and hence failure to complete
such transaction and/or arrange in short order refinancing for
the debt maturing in the next 24 months would create strong
downward pressure.

The review process will consider:

   (i) the likelihood and form of a prepayment of FKI's EUR600
       million Eurobond maturing in February 2010;

  (ii) Melrose's strategy for value creation and their track
       record with other acquisitions;

(iii) FKI's position within the enlarged Melrose group;

  (iv) structural considerations;

   (v) possible ring-fencing structures; and

  (vi) an assessment of Melrose group.

On Review Direction Uncertain:

   * Issuer: FKI plc

   -- Probability of Default Rating, Placed on Review Direction
      Uncertain, currently Ba3;

   -- Corporate Family Rating, Placed on Review Direction
      Uncertain, currently Ba3;

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      Direction Uncertain, currently 56 - LGD4.

Outlook Actions:

   * Issuer: FKI plc

   -- Outlook, Changed To Rating Under Review From Stable

The last rating action for FKI has been on Oct. 2, 2007, when
Moody's downgraded the Corporate Family Rating and the long-term
senior unsecured rating to Ba3 from Ba2 and changed the outlook
on all ratings to stable from negative.  FKI, headquartered in
Loughborough, England, is an international engineering group
active in four specialized business areas: FKI Logistex, Lifting
Products & Services, Hardware and Energy Technology.  The group
generated revenues of GBP1,331 million from continuing
operations in fiscal year 2006/7.


GLOBAL TRADER: Administrator Launches Probe Into Affairs
--------------------------------------------------------
Smith & Williamson Ltd., the administrator of Global Trader
Europe Ltd., has commenced an in-depth probe into the company's
affairs, Ben Bland writes for the Daily Telegraph.

Kirkland & Ellis and Macfarlanes, the Daily Telegraph relates,
is assisting Smith & Williamson with the investigation, which
also seeks to determine whether there was any suggestion of
wrongful and fraudulent trading, including "transactions at an
undervalue."

However, Mark Trafeli, general counsel of GTE's parent company
New World Trader, dismissed Smith & Williamson's move as
"expected and very ordinary," saying the law requires due
consideration of such matters in each and every liquidation,"
the Daily Telegraph discloses.

Meanwhile, GTE's creditors, who are at risk of losing 85% of
their money, expressed distress over the administrator's rate of
progress as costs reaches above GBP500,000.

Stephen Cork of Smith Williamson, on the other hand, argued "our
duty is to undertake a full and proper investigation into the
affairs of the company in order to establish the extent to which
legal actions against any and all parties may be taken," the
paper adds.

As previously reported in the TCR-Europe on Feb. 20, 2008,
Global Trader experienced a regulatory capital deficit as a
result of a single client margin call default.  Thus, under
these circumstances GT Europe applied, at the close of business
on Wednesday, Feb. 13, 2008, to the Financial Services Authority
in the United Kingdom for a Variation of Permission - the
official method by which companies change the terms of their
authorization, limiting principal activities to closing existing
trades.

Purple Capital, together with the Board and management of GT
Europe, continues to evaluate alternatives for the re-
capitalization of the company, including the possible
introduction of an international equity partner.

However, to ensure that the various alternatives can be
evaluated within an orderly operational structure and regulated
financial exposure, GT Europe, on Feb. 15, 2008, applied, with
the permission of the FSA, to be managed under Administration.

                      Global Trader Europe

Global Trader Europe Limited is held independently as the owner
of the international operations of the Global Trader group.

Global Trader -- http://www.gt247.co.za/-- is a pioneering   
international financial institution offering a Spread Trading
and a Contract for Difference execution and advisory service to
both institutional and private clients investing in
international and domestic markets.  Global Trader was founded
in Europe in 2000.  Since then it has grown its global reach
into South Africa, North America and Asia, with a physical
presence in the United Kingdom, South Africa, Thailand, Canada
and Russia.

Worldwide, Global Trader is authorized and regulated by the
Financial Services Authority in the United Kingdom.  Global
Trader is an authorized Financial Services Provider by the
Financial Services Board of South Africa and registered as a
derivatives dealer with the Securities and Exchange Commission
of Thailand.  Global Trader is a Member of the London Stock
Exchange and is a derivative member of the JSE Limited.  Global
Trader is run by a group of market professionals who share a
common goal to redefine trading.  Applying their extensive
financial backgrounds with leading Global Investment banks and
software houses, the management team have built Global Trader
into an international trading house.

Global Trader is 100% owned by Purple Capital Limited --
http://www.purplecapital.co.za/-- a financial services   
investment holding company.


GMAC LLC: Moody's May Further Cut B2 Rating After Review
---------------------------------------------------------
Moody's Investors Service downgraded GMAC LLC's senior rating to
B2 from B1; the rating remains on review for further possible
downgrade.

This action follows Moody's rating downgrade of ResCap LLC,
GMAC's wholly-owned residential mortgage unit, to Caa1 from B2.

The GMAC downgrade is based upon Moody's opinion that further
operating weakness at ResCap poses risks to GMAC's capital
position and liquidity that exceed previous estimates. In
particular, Moody's believe that for ResCap to have continued
access to debt capital, GMAC may be required to provide
additional indications of support to the unit and that it is
likely to do so.  As noted in the ResCap related press release,
ResCap faces significant near-term refinancing needs.

GMAC has strategic significance to GM, as its exclusive provider
of consumer incentive financing for nearly all of its brands,
and as a provider of inventory floorplan loans to GM's dealer
base. As a consequence,  Moody's don't believe GMAC's owners
intend to compromise the firm's credit profile to the point of
weakening its ability to perform under its contractual asset
origination and servicing obligations to GM.  It is our belief,
however, that the ResCap exposures that GMAC has accumulated to
date, and may yet further accumulate, represent a risk
concentration that could challenge the strength of the GMAC's
credit standing.

During its review, Moody's will examine GMAC's intentions for
supporting ResCap through its difficulties, as well as the terms
pertaining to any such support extension.

Moody's considers GMAC's stand-alone strengths in its auto
finance and insurance businesses to continue to provide support
to its rating profile.

Ratings downgraded and placed under review for further downgrade
include:

   -- Issuer rating: to B2 from B1
   -- Senior Unsecured: to B2 from B1
   -- Preferred Stock: to Caa2 from Caa1

GMAC LLC, based in Detroit, is a provider of retail and
wholesale auto financing, auto insurance and warranty products,
and through its wholly-owned subsidiary Residential Capital LLC,
residential mortgage products and services.  GMAC reported 2007
consolidated net loss of US$2.3 billion and total assets of
US$248 billion.


INDUS PLC: Fitch Affirms BB Rating on GBP9.9 Mln. Class E Notes
---------------------------------------------------------------
Fitch Ratings has revised, April 23, 2008, the Outlook on Indus
(Eclipse 2007-1) plc's class E commercial mortgage-backed notes
to Negative from Stable and affirmed the remaining outstanding
ratings. The ratings ar:

   -- GBP703.46 million class A due January 2020 (XS0294756449):
      affirmed at 'AAA'; Outlook Stable

   -- GBP0.08 million class X due January 2020 (XS0294756878):
      affirmed at 'AAA'; Outlook Stable

   -- GBP47.27 million class B due January 2020 (XS0294757173):
      affirmed at 'AA'; Outlook Stable

   -- GBP53.18 million class C due January 2020 (XS0294757256):
      affirmed at 'A'; Outlook Stable

   -- GBP52.69 million class D due January 2020 (XS0294757504):
      affirmed at 'BBB'; Outlook Stable

   -- GBP9.93 million class E due January 2020 (XS0294757686):
      affirmed at 'BB'; Outlook revised to Negative from Stable

The Negative Outlook for the Class E tranche is a culmination of
deteriorating performance and declining values in the portfolio.  
The Gullwing loan was watch-listed by the servicer mid-2007 due
to the projected four-quarter interest cover ratio being below
the covenant of 1.25x.  This has caused excess rental income to
be trapped.  Actual ICR is 1.22x and is projected at 1.1x for
the next four quarters.  Occupancy is currently 76.2% because of
tenant turnover.  The high vacancy and relatively short loan
term have increased refinance risk.  Partial mitigants include
leases that are less than market value and ongoing refurbishment
of vacant space.

The Apex loan, which is backed by an office property in
Edgebaston, had the highest loan-to-value ratio at closing
(83.70%).  The property has recently been re-valued and LTV has
increased to 92.37%, triggering a breach of the LTV covenant
(87.5%) contained within the facility agreement.  The servicer
is in active dialog with the borrower to remedy this breach.

The Adelphi House, Criterion and Greater London offices loans
have also been re-valued.  With the exception of the Greater
London offices loan, all have experienced a decline in property
value (Adelphi by 10.46%, Criterion by 5.56% and Apex by
10.71%).  These declines have been taken into account in the
affirmation of ratings.

Loan-by-loan performance, exit debt yields and the implications
on the borrowers' ability to repay their loans upon maturity
were the major parameters analyzed.  Despite the rise in LTVs,
these parameters support the affirmation of the tranches at
their current ratings.

The current pool consists of 19 loans secured by 365 properties.  
The total balance was GBP864.53 million at the end of the
collection period (Jan. 22, 2008).


MILLAR KITCHING: Taps Joint Administrators from KPMG
----------------------------------------------------
James Robert Tucker and Richard James Philpott of KPMG LLP were
appointed joint administrators of Millar Kitching Ltd. (Company
Number 02597396) on April 16, 2008.

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

The company can be reached at:

          Millar Kitching Ltd.  
          11 Wellesley Road
          Croydon
          Surrey
          CR0 2NW
          England


PETROLEOS DE VENEZUELA: S&P Holds BB- Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Petroleos de Venezuela S.A.  The
outlook is stable.

The rating on PDVSA and its sole shareholder, the Bolivarian
Republic of Venezuela (BB-/Stable/B), are tightly linked,
reflecting our opinion that PDVSA is a public policy-based
institution that plays a central role in meeting the sovereign's
political and economic objectives.  The ties of ownership and
economic interests between PDVSA and Venezuela are evident in
the significant contribution of the oil industry to government
revenues (50%) and the country's exports (90%).  The sharp
increases in direct social spending by PDVSA and recent
investments in nonoil-related assets provide further
support to our opinion.

The ratings assigned to PDVSA also consider the inconsistencies
observed in reported production figures versus those of other
sources and the absence of an external audit of its reserve
base.  

"In our opinion, the weighting toward heavy and extra-heavy
crude in the issuer's reserve base presents technical and
financial challenges that create uncertainty around its stated
production targets.  Furthermore, we are concerned about the
issuer's ability to attract foreign investment in light of the
government's decision to restructure PDVSA's operating service
agreements, grant PDVSA a majority share in the heavy oil
production, and upgrade projects in the Orinoco Zuata
region," said Standard & Poor's credit analyst Jose Coballasi.

The ratings factor in our expectations that PDVSA's capital
expenditures during the next couple of years will exceed its
operating cash flow generation and require a significant
increase in its debt leverage.  As a result, S&P believes that
PDVSA's key financial measures will weaken and that its exposure
to commodity price volatility will weigh more heavily on its
financial performance.

The ratings are supported by PDVSA's position as one of the
world's leading integrated national oil companies. PDVSA's
standing in the industry reflects its mandate to develop
Venezuela's considerable proven reserve base, low finding and
development costs, and its ownership of CITGO Petroleum Corp.
(CITGO; BB/Stable/--), one of the leading refiners in the U.S.

PDVSA's business strategy is focused on developing Venezuela's
hydrocarbon resources.  DVSA's business plan requires
approximately US$78 billion in capital expenditures during the
next four years to achieve a sustainable crude oil production of
5.8 million barrels per day by 2012 and to increase its refining
capacity by 1 million barrels of oil equivalent per day (in
2007, Venezuela's crude oil production was 3.15 million barrels
per day).

PDVSA has also evolved toward an institution that plays a direct
role in social programs and has acted as an acquisition vehicle
for some industries (particularly electricity) that are deemed
strategic for the government, as demonstrated by an agreement
with the AES Corp. to purchase a controlling stake in C.A. La
Electricidad de Caracas (BB-/Stable/--), which operates the
electricity distribution system in Caracas, for US$739.26
million.

The stable outlook incorporates our expectations that PDVSA's
financial performance will weaken during the next couple of
years as a result of higher debt leverage, and that production
figures will remain around 2007 levels.  Beyond a negative
rating action on Venezuela's sovereign rating, financial and
operating performance below our expectations or continued
increases in debt levels could lead to a negative rating action
on PDVSA.  A positive trend in production figures and additional
comfort regarding production and reserve figures, coupled with
an improvement in the sovereign credit rating on Venezuela,
could lead to a positive rating change.


SFH LTD: Smith & Williamson Named as Administrators
---------------------------------------------------
Smith & Williamson Ltd. has been appointed administrators of one
of the largest CD brokerage companies of its kind in the UK
following a year-long police investigation into an GBP5 million
music piracy racket.

Joint administrators Greg Palfrey and Steve Adshead, from the
accountancy and business advisory group's Southampton office,
are currently going through the assets of SFH (UK) Ltd. in
Hatfield, Hertfordshire, to see what can be salvaged for sale.

"We have been appointed to try and recover value from assets
which will be distributed to creditors in the usual way.
Investigations are ongoing," Mr Palfrey said.  "We will write to
creditors once we know the full picture about the amount of
money that we can realize for them."

"A husband and wife team involved in running SFH were jailed on
Wednesday, April 2, 2008, in relation to a piracy ring costing
the music industry an estimated GBP5 million," Mr. Palfrey
added.  "We were appointed following a year-long investigation
by the police and music industry into SFH.  If assets cannot be
retrieved, we will put the business into liquidation."

Among the artists pirated were R&B act Destiny's Child and pop
diva Mariah Carey.

Hatfield businesswoman Farhat Nissa, 35, and her husband
Mohammed Shaikh, 38, were jailed after being convicted of
conspiracy to defraud the music industry, between May 21, 2003,
and December 22, 2005, after a trial at Snaresbrook Crown Court
in London.

The businesswoman was jailed for four and a half years less time
already served while her husband received a year.

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


* PwC Names Ian Powell as Chairman and Senior Partner
-----------------------------------------------------
PricewaterhouseCoopers LLP elected Ian Powell as chairman and
senior partner for a four year term effective July 1, 2008.

"I'm delighted to be elected by my fellow partners to lead the
firm.  As the market leader our firm's focus will be to use the
enormous range of our skills to bring real benefit to our
clients and our people, and to show responsible leadership in
everything we do," Mr. Powell said.

"The opportunity to lead our thriving business is hugely
exciting and I look forward to building on the great work done
by Kieran Poynter in developing trust and confidence in our
firm," Mr. Powell added.

"Ian will be taking the reins at a time of great opportunity and
when the firm is in excellent shape to take advantage of those
opportunities. Ian’s energy and vision are reflected in an
outstanding track record and I have every confidence that he
will lead this great firm to even greater things," Kieran
Poynter, PwC's senior partner commented on the appointment.

Mr. Powell is head of advisory and has been a partner in the
U.K. firm for 17 years, he has also held a number of leadership
roles over this time head of business recovery services.

The senior partner is responsible for leading over 16,000
partners and staff in the U.K. and for establishing the vision
and strategic direction of the firm.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                  Featured Conferences

Beard Conferences presents:

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

                    *      *      *

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

  
                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla and Marites Claro, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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