TCREUR_Public/080428.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, April 28, 2008, Vol. 9, No. 83

                            Headlines


A U S T R I A

HFM PESENDORFER: Claims Registration Period Ends June 2
MIBA BAUMGARTNER: Claims Registration Period Ends May 13
RKM BAU: Claims Registration Period Ends May 20
ZONICO -INSTITUT: Claims Registration Period Ends May 29


F R A N C E

PATHEON INC: Undertakes Series of Events on Restructuring Plan
PATHEON INC: Moody's Holds B2 Rating; Changes Outlook to Neg.


G E R M A N Y

A. REIFF: Claims Registration Ends May 23
ALLGEMEINE-ZEITSCHRIFTEN UND MEDIEN: Claims Filing Ends May 23
ASTARE PERSONALSERVICE: Claims Registration Ends May 23
AUTOZEITEN GMBH: Claims Registration Period Ends May 21
BAUBETRIEB ZICK: Claims Registration Ends May 23

BAUGESCHAFT M. ZAPF: Claims Registration Period Ends May 21
BK-BERLIN KULTUR: Claims Registration Period Ends May 20
BLASS BAUGESELLSCHAFT: Claims Registration Period Ends May 21
CASA BELLINI: Claims Registration Ends May 23
CONCEPT CLEANTEC: Claims Registration Period Ends May 9

CONSALTO GMBH: Claims Registration Period Ends May 21
CSC-VERWALTUNGS: Claims Registration Period Ends May 21
DASITECH GMBH: Claims Registration Period Ends May 21
EURASIA-FOOD-SERVICE: Claims Registration Period Ends May 21
EUROLEASING GMBH: Claims Registration Ends May 23

KS - VERTRIEB: Claims Registration Period Ends May 7
PRISMA 1. VERWALTUNGSGESELLSCHAFT: Claims Period Ends May 1
PROSIEBENSAT.1 MEDIA: Posts EUR88.5 Mln Group EBITDA for 1Q 2008
PVP GMBH: Claims Registration Ends May 22
ROJA 96: Claims Registration Period Ends May 6

RONDO ELFTE: Claims Registration Period Ends May 19
RONDO ZWOELFTE: Claims Registration Period Ends May 19
RSM RELATIONSHIP: Claims Registration Period Ends May 19
SPEZIALSANIERUNG NORD: Claims Registration Period Ends May 9
STEIN GESELLSCHAFT: Claims Registration Period Ends May 19

STRIEGL BAU: Claims Registration Period Ends May 7
TAMCKE TECHNIK: Claims Registration Period Ends May 19
TELEVISED REVOLUTION: Claims Registration Period Ends May 19


I R E L A N D

EIRLES TWO: Moody's May Further Cut Low-B Ratings After Review
IBOND SECURITIES: Moody's Cuts Rating on iBoxx 100 Notes to Ba1
LUNAR FUNDING: Moody's Junks Rating on EUR11 Mln Series 17 Notes
TITAN EUROPE: S&P Cuts Rating on Class J Notes to B-


I T A L Y

ALITALIA SPA: Italy Has Until May 4 to Explain Loan, EC Rules
FIAT SPA: Earns EUR427 Million in First Quarter of 2008
MICRON TECH: Inks New DRAM Joint Venture with Nanya Technology
MICRON TECH: Moody's Holds Ba3 Corporate Family Rating


K A Z A K H S T A N

AKTAU POLIMER: Creditors Must File Claims by June 3
AL-STROY LLP: Claims Deadline Slated for June 4
ANKOR LLP: Claims Filing Period Ends June 3
EKIBASTUZ-ART LLP: Creditors' Claims Due on June 4
GLINTWANE LLP: Claims Registration Ends June 4

JANA GASYR-AS: Creditors Must File Claims by June 3
KAZGIPRO ENGINEERING: Claims Deadline Slated for June 4
KURYLYS KURALDARY: Claims Filing Period Ends June 3
REAL SAPA: Creditors' Claims Due on June 3
TUMAR LLP: Claims Registration Ends June 3


K Y R G Y Z S T A N

MIR & K LLC: Creditors Must File Claims by June 6


L U X E M B O U R G

MILLICOM INTERNATIONAL: Earns US$158.1 Mln for 1st Quarter 2008


R O M A N I A

CENTRAL EUROPEAN: To Issue 1st Quarter 2008 Earnings on April 30
CENTRAL EUROPEAN: S&P Rates US$475MM Senior Convertible Notes BB


R U S S I A

AK BARS: Fitch Upgrades Ratings to BB with Outlook Stable
BAYKAL-MATCHES: Creditors Must File Claims by May 22
FORD MOTOR: Hiring 1,500 Jobs in Russia to Hike Production
MAGNITOGORSK IRON: Shareholders Okay Annual Report & Dividend
MAGNITOGORSK IRON: Fitch Affirms Ratings at 'BB'; Outlook Stable

MOVABLE MECHANIZED: Court Names Sh. Minkin as Insolvency Manager
NOVOMURATOVSKIY WOOD: Creditors Must File Claims by May 22
SEAL-TRANS: Creditors Must File Claims by May 22
TALITSKIY YEAST: Creditors Must File Claims by May 22
TMK OAO: Moody's Confirms Ba3 Rating & Changes Outlook to Neg.


S W I T Z E R L A N D

GASTRO TRADE: Aargau Court Starts Bankruptcy Proceedings
IFFA LLC: Creditors' Liquidation Claims Due by May 7
MILON TRADING: Creditors' Liquidation Claims Due by May 4
MOVIEWORLD.CH LLC: Creditors' Liquidation Claims Due by May 5
RADWARE LLC: Creditors' Liquidation Claims Due by May 5

TERMACOM LLC: Creditors' Liquidation Claims Due by May 4
THIRUMAGAL TEXTILE: Creditors' Liquidation Claims Due by May 7
TOUREX – PZP: Creditors' Liquidation Claims Due by May 7


T U R K E Y

CALIK HOLDING: Fitch Downgrades IDR to B; Keeps Watch Negative
GLOBUS CAPITAL: Fitch Cuts US$200 Million Notes' Rating to B


U K R A I N E

COM-TRADE LLC: Creditors Must File Claims by May 9
ELECTRONIC SYSTEMS: Creditors Must File Claims by May 9
FURNEL-UKRAINE: Creditors Must File Claims by May 9
KIEV BUILDING: Creditors Must File Claims by May 9
LADYZHIN PLANT Proofs of Claim Deadline Set May 9

MOTORCAR ENTERPRISE 0928: Proofs of Claim Deadline Set May 9
TG BUDSUPPLY: Creditors Must File Claims by May 9
UKRTECHNOEKSIM CJSC: Creditors Must File Claims by May 9
VINOGRAD LLC: Creditors Must File Claims by May 9
ZAPOROZHJE FURNITURE: Creditors Must File Claims by May 9


U N I T E D   K I N G D O M

AVERIES WASTE: Brings In Administrators from Deloitte
BDC LTD: Appoints Joint Administrators from PwC
BOSS STEEL: Brings In Liquidators from Moore Stephens
CARMAZ LTD: Taps Liquidators from BDO Stoy Hayward
CHROME FUNDING: Moody's Junks Ratings on Series 23-30 Notes

DIOMED HOLDINGS: Seeks Court OK to Sell Assets to AngioDynamics
DIOMED HOLDINGS: Selects Fladgate LLP as U.K. Legal Counsel
DIOMED HOLDINGS: Can Use Cash Collateral on Interim Basis
ECOMOLD LTD: Lack of Buyers Cue Wind Down of Remaining Business
EUROSAIL 2006-1: Fitch Affirms Rating on Class E Notes at BB

EUROSAIL 2006-2BL: Fitch Affirms Class F1c Notes' Rating at B
GABRIELLA MILLER: Appoints Martin Dominic Pickard as Liquidator
GENERAL MOTORS: Moody's Holds B3 Rating; Changes Outlook to Neg.
HARTLEY BRIGGS: Calls In Liquidators from Mazars
JESSOP & SMITH: Willie Duncan Leads Liquidation Procedure

LEA VALLEY: Brings In Administrators from KPMG
MIKROLIVE LTD: Hires Liquidators from Grant Thornton
NEW PCORP: Brings In Liquidators from BDO Stoy Harward
NORTHERN ROCK: UKSA Seeks Judicial Review of Compensation Order
PETROLEOS DE VENEZUELA: Output Totals 1.1 Bln. Barrels in 2007

PETROLEOS DE VENEZUELA: Takes Over Diques y Astilleros
PETROLEOS DE VENEZUELA: Selling Fuel Oil to Petrobras
POLESTAR HOLDINGS: Appoints Liquidators from BDO Stoy Hayward
SEA CONTAINERS: SCSL Panel Asks Documents on Pension Dispute
UNITED EGG: Names David Hill as Administrator

WHISTLEJACKET CAPITAL: Creditors' Meeting Slated for May 9
Y.C. PLASTICS: Taps Joint Administrators from Baker Tilly


* BOND PRICING: For the Week April 21 to April 25, 2008


                            *********

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


HFM PESENDORFER: Claims Registration Period Ends June 2
-------------------------------------------------------
Creditors owed money by LLC HFM Pesendorfer (FN 265016f) have
until June 2, 2008, to file written proofs of claim to court-
appointed estate administrator Guenther Eybl at:

          Mag. Guenther Eybl
          Schlagenstrasse 17
          4810 Gmunden
          Austria
          Tel: 07612/77011-0
          Fax: 07612/77011-77
          E-mail: kanzlei-eybl@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on June 12, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Gmunden, Austria, the Debtor declared
bankruptcy on April 7, 2008 (Bankr. Case No. 20 S 31/08x).  


MIBA BAUMGARTNER: Claims Registration Period Ends May 13
--------------------------------------------------------
Creditors owed money by LLC MIBA Baumgartner (FN 251966p) have
until May 13, 2008, to file written proofs of claim to court-
appointed estate administrator Siegfried Schuessler at:

          Dr. Siegfried Schuessler
          Kanalplatz 5
          9400 Wolfsberg
          Austria
          Tel: 04352/51 6 44
          Fax: 04352/52220
          E-mail: ra.dr.schuessler@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in St. Gertraud, Austria, the Debtor declared
bankruptcy on April 7, 2008 (Bankr. Case No.41 S 35/08g).  


RKM BAU: Claims Registration Period Ends May 20
-----------------------------------------------
Creditors owed money by LLC RKM Bau (FN 281890w) have until
May 20, 2008, to file written proofs of claim to court-appointed
estate administrator Karl Schirl at:

          Dr. Karl Schirl   
          Krugerstrasse 17/3
          1010 Vienna
          Austria
          Tel: 513 22 31
          Fax: 513 22 31-1
          E-mail: dr.karl.schirl@der-rechtsanwalt.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 7, 2008 (Bankr. Case No. 6 S 49/08k).  


ZONICO -INSTITUT: Claims Registration Period Ends May 29
--------------------------------------------------------
Creditors owed money by LLC ZONICO -Institut fuer Wohnen –
Wohnberatung have until May 29, 2008, to file written proofs of
claim to court-appointed estate administrator Nikolaus Vogt at:

          Mag. Nikolaus Vogt  
          Zeltgasse 3
          1080 Vienna
          Austria
          Tel: 402 57 01 33
          Fax: 402 57 01-57
          E-mail: nikolaus.vogt@riess.co.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 12, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 7, 2008 (Bankr. Case No. 5 S 26/08w).  


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


PATHEON INC: Undertakes Series of Events on Restructuring Plan
--------------------------------------------------------------
Patheon Inc. completed the sale of its York Mills facility
located in Toronto, Canada, for US$12.3 million effective
April 15, 2008.

The agreement to sell the facility was entered into on Dec. 31,
2007 as part of Patheon's global network restructuring plan.  
Patheon is currently in the process of transferring all
commercial production and development services undertaken at its
York Mills facility to, primarily, its Whitby facility, with a
smaller portion of activity being transferred to the company's
Mississauga and Cincinnati facilities.  This is primarily
intended to improve capacity utilization and profitability at
the continuing Canadian sites.

Patheon is de-commissioning the York Mills facility and has
leased back the facility for up to two years in order to
facilitate this process.

"We are pleased that we have completed another step in our
global restructuring plan and are now focused on consolidating
our resources at Whitby and improving our productivity in our
Canadian Operations," Wes Wheeler, chief executive officer,
said.

On Feb. 19, 2008, Patheon Inc. reported changes in the roles of
several of the company's senior executives.

Nick DiPietro has now assumed the role as executive vice-
president, corporate development and has relinquished his
responsibilities as president and chief operating officer of
Patheon.  Clive Bennett, former President has assumed the role
of chief technical officer, reporting to Wes Wheeler shief
executive officer.  Steve Liberty is appointed senior vice-
president, operations, Canada and USA.  These posts were
effected March 1, 2008.

                      About Patheon Inc.

Headquartered in Mississauga, Ontario, Patheon Inc. (TSX: PTI)
-- http://www.patheon.com/-- provides drug development and   
manufacturing services to the international pharmaceutical
companies located primarily in North America, France, Italy, the
United Kingdom and Japan.  It produces both prescription and
over-the-counter drugs for its clients.  Patheon provides
manufacturing services for a range of products in many dosage
forms and packaging, such as compressed tablets, hard-shell
capsules, liquids and powders filled in ampoules, vials, bottles
or pre-filled syringes. The pharmaceutical development services
provided by Patheon include dosage form development services,
scale-up and technology transfer services, and manufacturing of
pilot batches of drugs.


PATHEON INC: Moody's Holds B2 Rating; Changes Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family
Rating of Patheon Inc. and changed the ratings outlook to
negative from stable.  Moody's also revised the rating on the
US$75 million secured asset based revolver to Ba3 from B1 in
accordance with Moody's Asset-Based Loan Rating Methodology and
reflecting Moody's belief that the instrument would have very
good recovery in a distressed scenario.  The B1 rating on the
US$150 million senior secured term loan B remains unchanged.

The negative outlook reflects risks associated with the
company's continued restructuring program and Moody's
uncertainty regarding the company's ability to improve
profitability and sustain meaningful free cash flow.  If the
company does not begin to demonstrate meaningful improvement in
operating cash flow generation by late 2008, there could be
further pressure on the ratings.

The B2 Corporate Family Rating is constrained by the weak
operating performance that Patheon has demonstrated over the
last several years, partly due to the underperformance of three
Puerto Rican facilities acquired in 2005.  The company continues
to make efforts to restructure the business, diversify its
revenue base and improve profitability.  The ratings are also
constrained by the risks inherent in the business, including
loss of revenues due to generic competition, product approval
delays and client repatriation of products.

The ratings are supported by the company's leading market
position in the pharmaceutical contract manufacturing arena
which has high barriers to entry and longer-term favorable
industry fundamentals.  The ratings are also supported by the
company's relatively modest financial leverage and good near-
term liquidity and interest coverage.

Affirmed:

-- Corporate Family Rating, B2

-- Probability of Default Rating, B2

Instrument Ratings Revised:

-- US$75 million Senior Secured Asset Based Revolver, to Ba3
    (LGD3, 32%) from B1, (LGD3, 37%)

-- US$150 million Senior Secured Term Loan B, to B1 (LGD3, 34%)
    from B1 (LGD3, 37%)

The ratings outlook was changed to negative from stable.


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


A. REIFF: Claims Registration Ends May 23
-----------------------------------------
Creditors of A. Reiff Muenchen GmbH have until May 23, 2008 to
register their claims with court-appointed insolvency manager  
Dr. Martin Prager.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Prager
         Barthstr. 16
         80339 Munich
         Germany
         Tel: 089-8589633
         Fax: 089-85896350

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

The Debtor can be reached at:

         A. Reiff Muenchen GmbH
         Lehrer-Goetz-Weg 17
         81825 Munich
         Germany


ALLGEMEINE-ZEITSCHRIFTEN UND MEDIEN: Claims Filing Ends May 23
--------------------------------------------------------------
Creditors of Allgemeine-Zeitschriften und Medien Beteiligungs
GmbH have until May 23, 2008 to register their claims with
court-appointed insolvency manager Steuerberater Bernd Walte.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on June 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Steuerberater Bernd Walte
         Goethestrasse 6
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Allgemeine-Zeitschriften und Medien
Beteiligungs GmbH on April 4, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Allgemeine-Zeitschriften und Medien Beteiligungs GmbH
         Freyensteiner Str. 1
         17209 Massow
         Germany


ASTARE PERSONALSERVICE: Claims Registration Ends May 23
-------------------------------------------------------
Creditors of ASTARE Personalservice GmbH have until May 23, 2008
to register their claims with court-appointed insolvency manager  
Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         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:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         ASTARE Personalservice GmbH
         Attn: Dr. Hanno Stoecker and Jens Zimmermann, Managers
         Winterhuder Marktplatz 6-7a
         22299 Hamburg
         Germany


AUTOZEITEN GMBH: Claims Registration Period Ends May 21
-------------------------------------------------------
Creditors of autoZeiten GmbH have until May 21, 2008, to
register their claims with court-appointed insolvency manager
Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Bernd Depping
         Alfredstr. 108-112
         45131 Essen
         Germany

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

The Debtor can be reached at:

         autoZeiten GmbH
         Kurt-Schumacher-Str. 100
         45881 Gelsenkirchen
         Germany

         Attn: Monika Holldorf, Manager
         Groendelle 1
         42555 Velbert
         Germany


BAUBETRIEB ZICK: Claims Registration Ends May 23
------------------------------------------------
Creditors of Baubetrieb Zick GmbH & Co. KG have until May 23,
2008 to register their claims with court-appointed insolvency
manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at noon 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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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:

         Dirk Decker
         Obotritenring 98
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Baubetrieb Zick GmbH & Co. KG on April 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baubetrieb Zick GmbH & Co. KG
         Degtower Weg 9
         23936 Grevesmuehlen
         Germany


BAUGESCHAFT M. ZAPF: Claims Registration Period Ends May 21
-----------------------------------------------------------
Creditors of Baugeschaft M. Zapf GmbH & Co. KG have until
May 21, 2008, to register their claims with court-appointed
insolvency manager Detlef Stuermann.

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 Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         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:

          Detlef Stuermann
          Domshof 18-20
          28195 Bremen
          Germany
          Tel: 0421-3686-0
          Fax: 0421-3686-100
          E-mail: InsolvenzBremen@schubra.de

The District Court of Stade opened bankruptcy proceedings
against Baugeschaft M. Zapf GmbH & Co. KG on March 31, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baugeschaft M. Zapf GmbH & Co. KG
         Wesermünder Strasse 4
         27432 Bremervoerde
         Germany


BK-BERLIN KULTUR: Claims Registration Period Ends May 20
--------------------------------------------------------
Creditors of BK-Berlin Kultur GmbH have until May 20, 2008, to
register their claims with court-appointed insolvency manager
Thomas Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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:

          Thomas Kuehn
          Luetzowstr. 100
          10785 Berlin
          Germany

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

The Debtor can be reached at:

          BK-Berlin Kultur GmbH
          Hardenbergplatz 9
          10623 Berlin
          Germany


BLASS BAUGESELLSCHAFT: Claims Registration Period Ends May 21
-------------------------------------------------------------
Creditors of Blass Baugesellschaft mbH have until May 21, 2008,
to register their claims with court-appointed insolvency manager
Petra Gerlach.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Petra Gerlach
         Kaiserstr. 25a
         66111 Saarbruecken
         Germany
         Tel: 0681-306410
         Fax: 0681-399249

The District Court of Saarbruecken opened bankruptcy proceedings
against Blass Baugesellschaft mbH on March 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Blass Baugesellschaft mbH
          Breslauer Str. 1c
          66128 Saarbruecken
          Germany


CASA BELLINI: Claims Registration Ends May 23
---------------------------------------------
Creditors of Casa Bellini GmbH  have until May 23, 2008 to
register their claims with court-appointed insolvency manager
Dr. Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C207
         Second 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:

         Dr. Andreas Roepke
         Muelheimer Strasse 100
         47057 Duisburg
         Germany

The District Court of  Duisburg opened bankruptcy proceedings
against Casa Bellini GmbH on April 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Casa Bellini GmbH
         Muelheimer Str. 135-137
         46045 Oberhausen
         Germany

         Attn: Maurizio Vigna and Pasquale Mazzei, Managers
         Hubertusstr. 2
         47199 Duisburg
         Germany


CONCEPT CLEANTEC: Claims Registration Period Ends May 9
-------------------------------------------------------
Creditors of CONCEPT CLEANTEC GmbH have until May 9, 2008, to
register their claims with court-appointed insolvency manager
Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on June 10, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany

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

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstr. 54
         50676 Koeln
         Germany
         Tel: 0221/9212170
         Fax: 0221/92121720

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

The Debtor can be reached at:

         CONCEPT CLEANTEC GmbH
         Attn: Reinhard Steindreischer, Manager
         Seelbacher Str. 65
         57258 Freudenberg
         Germany


CONSALTO GMBH: Claims Registration Period Ends May 21
-----------------------------------------------------
Creditors of Consalto GmbH have until May 21, 2008, to register
their claims with court-appointed insolvency manager Michael
Moenig.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Moenig
         Von-Steuben-Strasse 18
         48143 Muenster
         Germany
         Tel: 0251/38484-333
         Fax: +4925138484300

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

The Debtor can be reached at:

         Consalto GmbH
         Buldernweg 42
         48163 Muenster
         Germany


CSC-VERWALTUNGS: Claims Registration Period Ends May 21
-------------------------------------------------------
Creditors of CSC-Verwaltungs GmbH have until May 21, 2008, to
register their claims with court-appointed insolvency manager
Dr. Hubertus Bartelheimer.

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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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. Hubertus Bartelheimer
         Bernburger Strasse 32
         10963 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against CSC-Verwaltungs GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CSC-Verwaltungs GmbH
         Fahrstrasse 31
         15890 Eisenhuettenstadt
         Germany


DASITECH GMBH: Claims Registration Period Ends May 21
-----------------------------------------------------
Creditors of dasitech GmbH have until May 21, 2008, to register
their claims with court-appointed insolvency manager Michael
Moenig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Moenig
         Von-Steuben-Strasse 18
         48143 Muenster
         Germany
         Tel: 0251/38484-333
         Fax: +4925138484300

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

The Debtor can be reached at:

         dasitech GmbH
         Schuerkamp 6
         48163 Muenster
         Germany


EURASIA-FOOD-SERVICE: Claims Registration Period Ends May 21
------------------------------------------------------------
Creditors of EurAsia-Food-Service GmbH have until May 21, 2008,
to register their claims with court-appointed insolvency manager
Thorsten Springstub.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thorsten Springstub
         Humboldtstr. 24
         07743 Jena
         Germany

The District Court of Gera opened bankruptcy proceedings against
EurAsia-Food-Service GmbH on April 9, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EurAsia-Food-Service GmbH
         Poellnitzerweg 5a
         07819 Triptis
         Germany


EUROLEASING GMBH: Claims Registration Ends May 23
-------------------------------------------------
Creditors of Euroleasing GmbH have until May 23, 2008 to
register their claims with court-appointed insolvency manager
Dr. Michael C. Frege.

Claims will be verified at 10:05 a.m. on July 24, 2008 at:

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

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

The insolvency manager can be reached at:

         Dr. Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Euroleasing GmbH on Feb. 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Euroleasing GmbH
         Paul-Zobel-Strasse 8F
         10367 Berlin
         Germany


KS - VERTRIEB: Claims Registration Period Ends May 7
----------------------------------------------------
Creditors of KS - Vertrieb GmbH have until May 7, 2008, to
register their claims with court-appointed insolvency manager
Florian Schott.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Weiden
         Law Court
         Room 219
         Ledererstrasse Nr. 9
         Weiden

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:

         Florian Schott
         Postgasse 1
         92637 Weiden
         Germany
         Tel: 0961/390310

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

The Debtor can be reached at:

         KS - Vertrieb GmbH
         Attn: Simona Kramer, Manager
         Ketteler Str. 4
         92665 Altenstadt
         Germany


PRISMA 1. VERWALTUNGSGESELLSCHAFT: Claims Period Ends May 1
-----------------------------------------------------------
Creditors of Prisma 1. Verwaltungsgesellschaft mbH have until
May 1, 2008, to register their claims with court-appointed
insolvency manager Toralf Maatz.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Toralf Maatz
         Holstenstrasse 22
         24103 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Prisma 1. Verwaltungsgesellschaft mbH on March 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Prisma 1. Verwaltungsgesellschaft mbH
         Attn: Monika Pichler, Manager
         Koenigsberger Strasse 2a
         24537 Neumuenster
         Germany


PROSIEBENSAT.1 MEDIA: Posts EUR88.5 Mln Group EBITDA for 1Q 2008
----------------------------------------------------------------
ProSiebenSat.1 Media AG released its preliminary figures for the
first quarter of fiscal 2008.

The ProSiebenSat.1 Group increased its revenues by 45.5% to
EUR729.1 million and recurring EBITDA by 7.8% to EUR88.5 million
due to the first time consolidation of SBS Broadcasting Group.

On a pro-forma basis for the combined Group, revenues decreased
by 2.0% or EUR14.9 million to EUR729.1 million in first quarter
2008 versus first quarter 2007, recurring EBITDA declined by
25.1% to EUR88.5 million.

Pro-forma results in first quarter 2008 have been impacted
primarily by the segment Free TV German speaking region that saw
a reduction in external revenues of 4.9% to EUR417.1 million.
Recurring EBITDA of the segment decreased accordingly by 18.4%
to EUR57.6 million.  The decrease in revenues and earnings is
due to uncertainties linked to the implementation of the new
advertising sales model introduced at the end of 2007 as a
consequence of proceedings of the German Federal Cartel Office
and to a time-lag effect of the weak ratings of Sat.1 in 2007.

International TV advertising markets of the former SBS countries
again showed stronger dynamics than Germany.  External revenues
of the Groups segment Free TV International grew by 1.3% and
reached EUR176.0 million (pro forma first quarter 2007:
EUR173.7 million). Recurring EBITDA showed a decrease of 28.6%
to EUR27.5 million partly due to start-up costs for new TV
channels in Sweden (Kanal 9) and Norway (FEM).

External revenues in the Diversification segment rose 3.1% to
EUR135.9 million (pro forma combined).  Recurring EBITDA
decreased by EUR5.1 million to EUR4.0 million due to lower call
TV revenues of 9Live in Germany and to start-up costs for new
services in Pay TV and Video-on-Demand as well as for the
internationalization of 9Live.

The Group has taken decisive accelerated steps in the execution
of its strategy by implementing an action plan.  The advertising
sales model for the German market has been adjusted to increase
its competitiveness.  The Company is confident that it will
regain market share with the adjusted model in second half 2008.   
The Group has also decided to reorganize the German advertising
sales organization to more optimally address the German market
following the changes in the advertising sales model, as well as
to better position the business for the challenges and
opportunities of digitization.

Due to the issues related to the advertising sales model in
Germany, which will also affect second quarter 2008, the Group
has decided to implement a cost savings plan of EUR70 million in
2008 versus its original budget for 2008.  Savings will come
from a reduction of Selling, General and Administrative Expenses
and better use of the Groups existing programming inventory.  
The Group continues to actively invest in new programming
developments.

In this regard, the Group has devoted particular attention to
Sat.1 over recent months. The station has been able to increase
its average audience to 11.0% YTD 2008 vs. 10.5% in the same
time period in 2007 (14-49).

Finally, the Group has initiated the first steps in the
digitization of ProSiebenSat.1 Production by outsourcing its IT
services to IBM.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

As of April 23, 2008, ProsiebenSat.1 Media AG carries Moody's
Investors Service's Ba1 senior unsecured and corporate family
ratings.


PVP GMBH: Claims Registration Ends May 22
-----------------------------------------
Creditors of PVP GmbH Ingenieur-Service Berrens have until
May 22, 2008 to register their claims with court-appointed
insolvency manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Hall H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Krefeld opened bankruptcy proceedings
against  PVP GmbH Ingenieur-Service Berrens on .  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         PVP GmbH Ingenieur-Service Berrens
         Rebhuhnweg 17
         47877 Willich
         Germany


ROJA 96: Claims Registration Period Ends May 6
----------------------------------------------
Creditors of ROJA 96 GmbH have until May 6, 2008, to register
their claims with court-appointed insolvency manager Wolfgang
Lorisch.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Lorisch
         Kurt-Schumacher-Str. 48
         45699 Herten
         Germany
         Tel: 02366/10820
         Fax: +492366108282

The District Court of Muenster opened bankruptcy proceedings
against ROJA 96 GmbH on April 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ROJA 96 GmbH
         Zum Heubach 32
         48734 Reken
         Germany

         Attn: Ruediger Kuhlmann
         Zum Heubach 32
         48734 Reken
         Germany


RONDO ELFTE: Claims Registration Period Ends May 19
---------------------------------------------------
Creditors of RONDO elfte Verwaltungsgesellschaft mbH have until
May 19, 2008, to register their claims with court-appointed
insolvency manager Boris Reski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 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 Pinneberg
          Hall 5
          First Floor
          Bahnhofstrasse 17
          25421 Pinneberg
          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:

          Boris Reski
          Moltkestrasse 3-5
          25421 Pinneberg
          Germany

The District Court of Pinneberg opened bankruptcy proceedings
against RONDO elfte Verwaltungsgesellschaft mbH on April 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          RONDO elfte Verwaltungsgesellschaft mbH
          Attn: Harald Claussen, Manager
          Hamburger Strasse 205
          25337 Elmshorn
          Germany


RONDO ZWOELFTE: Claims Registration Period Ends May 19
------------------------------------------------------
Creditors of RONDO zwoelfte Verwaltungsgesellschaft mbH & Co. KG
have until May 19, 2008, to register their claims with court-
appointed insolvency manager Boris Reski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on June 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 Pinneberg
          Hall 5
          First Floor
          Bahnhofstrasse 17
          25421 Pinneberg
          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:

          Boris Reski
          Moltkestrasse 3-5
          25421 Pinneberg
          Germany

The District Court of Pinneberg opened bankruptcy proceedings
against RONDO zwoelfte Verwaltungsgesellschaft mbH & Co. KG on
April 8, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          RONDO zwoelfte Verwaltungsgesellschaft mbH & Co. KG
          Hamburger Strasse 205
          25337 Elmshorn
          Germany


RSM RELATIONSHIP: Claims Registration Period Ends May 19
--------------------------------------------------------
Creditors of RSM Relationship Management Vertriebs GmbH have
until May 19, 2008, to register their claims with court-
appointed insolvency manager Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Hamburg
          Hall B 405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Stephan Neubauer
          Spitalerstrasse 4
          20095 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against RSM Relationship Management Vertriebs GmbH on April 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          RSM Relationship Management Vertriebs GmbH
          Attn: Roberto Heindl, Manager
          Dehnhaide 81
          22081 Hamburg
          Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 9, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Germany  

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

The insolvency manager can be reached at:

         Bettina Schmudde
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

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


STEIN GESELLSCHAFT: Claims Registration Period Ends May 19
----------------------------------------------------------
Creditors of STEIN Gesellschaft fuer Bautenschutz mbH have until
May 19, 2008, to register their claims with court-appointed
insolvency manager Ralf Diehl.

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

The meeting of creditors will be held at:

          The District Court of Giessen
          Hall 408
          Fourth Floor
          Building B
          Gutfleischstrasse 1
          35390 Giessen
          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:

          Ralf Diehl
          Marktlaubenstr. 9
          D 35390 Giessen
          Germany
          Tel: 0641/93243-0
          Fax: 0641/932-4350

The District Court of Giessen opened bankruptcy proceedings
against STEIN Gesellschaft fuer Bautenschutz mbH on April 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          STEIN Gesellschaft fuer Bautenschutz mbH
          Attn: Frank Poelitz, Manager
          Kiesacker 16
          35418 Buseck
          Germany


STRIEGL BAU: Claims Registration Period Ends May 7
--------------------------------------------------
Creditors of Striegl Bau GmbH have until May 7, 2008, to
register their claims with court-appointed insolvency manager
Volker Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Weiden
         Law Court
         Room 219
         Ledererstrasse Nr. 9
         Weiden

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

The insolvency manager can be reached at:

         Volker Boehm
         Rothenburger Str. 241
         90439 Nuernberg
         Germany
         Tel: 0911/60001-0

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

The Debtor can be reached at:

         Striegl Bau GmbH
         Attn: Schell Alfred, Manager
         Max-Reger-Str. 16
         92637 Weiden
         Germany


TAMCKE TECHNIK: Claims Registration Period Ends May 19
------------------------------------------------------
Creditors of Tamcke Technik GmbH have until May 19, 2008, to
register their claims with court-appointed insolvency manager
Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.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 Hamburg
          Hall B405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          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:

          Hendrik Rogge
          Haferweg 22
          22769 Hamburg
          Germany

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

The Debtor can be reached at:

          Tamcke Technik GmbH
          Attn: Hermann-Dieter Tamcke, Manager
          Hein-Sass-Weg 27
          21129 Hamburg
          Germany


TELEVISED REVOLUTION: Claims Registration Period Ends May 19
------------------------------------------------------------
Creditors of Televised Revolution GmbH have until May 19, 2008,
to register their claims with court-appointed insolvency manager
Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cologne
          Meeting Hall 142
          First Floor
          Luxemburger Strasse 101
          50939 Cologne
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Andreas Amelung
          Wankelstr. 9
          50996 Cologne
          Germany

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

The Debtor can be reached at:

          Televised Revolution GmbH
          Attn: Tobias Trosse, Manager
          Krefelder Str. 18
          50670 Cologne
          Germany


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


EIRLES TWO: Moody's May Further Cut Low-B Ratings After Review
--------------------------------------------------------------
Moody's Investors Service downgraded three swaps and three
classes of notes issued by Deutsche Bank AG, London Branch -N-
Tsar and Eirles Two Limited.  All of the tranches remain on
review for downgrade.  The three classes of notes are repacks of
the three classes of swaps.  These rating actions are a response
to credit deterioration in the underlying portfolio. The
transactions are synthetic managed CDOs referencing RMBS and ABS
CDOs, containing 20% RMBS and 18% ABS CDOs of the 2004, 2005,
and 2006 vintages.

Moody's announced on Feb. 04, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring its
ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will
rely on certain projections of the lifetime average cumulative
losses for 2006's quarterly vintages of RMBS set forth in a
recent Moody's Special Report, "Moody's Updates Loss Projections
for 2006 Subprime Loans." This report illustrates average loss
results for the 2006 quarterly vintages under five distinct loss
projection scenarios. Moody's explained that it will utilise the
range of loss projections set forth in Scenarios 2 and 3 based
on deal performance and quarterly vintage to modify its prior
assumptions of the expected loss inputs when monitoring ABS CDO
ratings.

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

These rating actions are:

Deutsche Bank AG, London Branch - N-Tsar:

   (1) US$105,000,000 Class C Swap due 2019

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

   (2) US$66,500,000 Class D Swap due 2019

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: Aa2

   (3) US$31,500,000 Class E Swap due 2019

    -- Current Rating: B3, on review for downgrade
    -- Prior Rating: A2

Eirles Two Limited - Series 102, 103, 104:

   (1) US$105,000,000 Eirles Two Limited - Series 102 due 2019

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

   (2) US$66,500,000 Eirles Two Limited - Series 103 due 2019

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: Aa2

   (3) US$31,500,000 Eirles Two Limited - Series 104 due 2019

    -- Current Rating: B3, on review for downgrade
    -- Prior Rating: A2


IBOND SECURITIES: Moody's Cuts Rating on iBoxx 100 Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service downgraded iBoxx 100: Diversified
Series 3C Notes issued by iBond Securities Plc

This downgrade is the result of negative credit migration in the
underlying pool of corporate reference credits.

This rating action is:

iBond Securities Plc

   (1) iBoxx 100: Diversified Series 3C Notes EUR786,570,000
       Notes due 2009

    -- Current Rating: Ba1
    -- Prior Rating: Baa3 on review for downgrade


LUNAR FUNDING: Moody's Junks Rating on EUR11 Mln Series 17 Notes
----------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade classes of notes issued by Marc CDO I Plc and
Lunar Funding V Plc.  The underlyings of these CDO transactions
are predominantly US subprime RMBS, however, the portfolio also
contains ABS CDOs and CDOs of leveraged loans.  The subprime
RMBS are of the vintages 2005, 2006 and 2007.

Moody's announced on Feb. 04, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

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

These rating actions are as follows:

Issuer: Marc CDO I PLC

   (1) The US$38,000,000 Class A1 Secured Floating Rate Credit
       Linked Notes due 2053

    -- Current Rating: B3, on review for downgrade
    -- Prior Rating: Aa1, on review for downgrade

   (2) The US$20,000,000 Class A2 Secured Floating Rate Credit
       Linked Notes due 2053

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: A2, on review for downgrade

   (3) The US$25,000,000 Class B Secured Floating Rate Credit
       Linked Notes due 2053

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

   (4) The US$13,000,000 Class C Secured Floating Rate Credit
       Linked Notes due 2053

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

Issuer: Lunar Funding V Plc

   (1) The Series 17 EUR11,050,000 Secured Asset-Backed Notes
       due 2053

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


TITAN EUROPE: S&P Cuts Rating on Class J Notes to B-
----------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and lowered its ratings on the class J
notes issued by Titan Europe 2006-2 PLC.  At the same time, it
affirmed its ratings on the remaining notes in the transaction.
  
The class J notes were initially placed on CreditWatch negative
on Jan. 10, 2008.
  
This rating actions are due to our concerns regarding the term
risk for the Labrador Portfolio Loan (13.89% of the mortgage
loan pool).  This loan has a current reported debt-service
coverage ratio below 1.00x and on the January 2008 interest
payment date the sponsor had to inject equity to avoid
loan default.  The drop in rental income was caused by cost
increases and by vacancy increases in the Lueneberg and Winsen
sub-portfolios.
  
The planned refurbishment of the assets has still not been
completed and there are ongoing discussions regarding whether to
continue. However, the assets are in need of extensive
refurbishment to achieve higher occupancy rates. The DSCR
has been close to the default covenant throughout 2007. Given
the continuing underperformance of this loan compared with the
initial assumptions, Standard & Poor's adjusted the net
operating income to EUR2.57 million per year to
reflect a higher structural vacancy.  Based on Standard & Poor's
NOI, the DSCR would be below 1.00x for the entire loan term,
increasing the uncertainty of a term default for this loan.
  
In our opinion, if this loan defaults, there is likely to be a
shortfall in the timely payment of interest on the class J notes
as not all associated amounts may be drawable under the
liquidity facility.  If this occurs, the rating on this class
would be further lowered to 'D'.
  
To address our concerns, we have removed from CreditWatch
negative and lowered our rating on the class J notes to 'B-'. We
have affirmed our ratings on the remaining classes of notes.
  
The transaction, which was arranged by Credit Suisse
International, closed on May 31, 2006.  The EUR862.2 million
commercial mortgage-backed floating-rate notes issued at closing
were backed by a pool of seven commercial real estate loans
originated by CSI.  The balance has now reduced to EUR672.99
million, with three loans prepaying at the January 2008 interest
payment date.
  
Ratings List
  
                  Titan Europe 2006-2 PLC
         EUR862.2 Million Commercial Mortgage-Backed
            Floating-Rate And Variable-Rate Notes
  
            Class      To                  From
  
Rating Removed From CreditWatch Negative and Lowered
  
            J          B-                  B/Watch Neg
   
Ratings Affirmed
  
            A          AAA
            X          AAA
            B          AAA
            C          AAA
            D          AA
            E          A
            F          BBB+
            G          BBB
            H          BB


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


ALITALIA SPA: Italy Has Until May 4 to Explain Loan, EC Rules
-------------------------------------------------------------
The European Commission gave the Italian government until
May 4, 2008, to reply on concerns whether its planned EUR300-
million loan to Alitalia S.p.A. breaks the European Union rule
on state aid, Matthew Newman writes for Bloomberg News.

As reported in the TCR-Europe on April 24, 2008, the Commission
said it would review the financing to Alitalia.  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.  Alitalia
cannot receive further aid until 2011, since it took fiscal
assistance in 2001.

According to Bloomberg News, Italy needs to prove that the loan
was offered on commercial terms to gain approval from the
Commission.  Alitalia may face months-long probe over the
legality of the loan, which may further cramp Italy's efforts to
sell its 49.9% stake in the national carrier.

As reported in the TCR-Europe on April 25, 2008, Ryanair Plc
said it will file a suit at the European Commission against the
EUR300-million bridging loan granted to Alitalia.

Italy said it would respond to the Commission's query within the
deadline, Bloomberg News relates.

                         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.


FIAT SPA: Earns EUR427 Million in First Quarter of 2008
-------------------------------------------------------
The Board of Directors of Fiat S.p.A. met in Turin under the
chairmanship of Luca Cordero di Montezemolo to approve the
Group’s first quarter 2008 results.

Group revenues rose nearly 10% to EUR15 billion, with all
businesses contributing to the increase, despite the uneven
trading conditions in some key regions:

   -- Continued success of new and existing models enabled Fiat
      Group Automobiles to achieve growth, with a total of
      563,600 units delivered during the quarter (+4.1% over
      first quarter 2007).  Although overall demand in Western
      Europe was down, FGA reported notable year-over-year
      increases in Germany (+15%) and France (+27%), in addition
      to experiencing a record quarter in Brazil (+35%).

   -- Agricultural and Construction Equipment (CNH) revenues
      were up 10.1% (25.9% in US dollar terms). The Sector’s
      global presence enabled it to capitalise on growth
      opportunities in international markets, offsetting       
      declines in Construction Equipment in North America.

   -- Trucks and Commercial Vehicles (Iveco) had record first
      quarter revenues, with the number of vehicles delivered up
      21% over prior year. 2007 new product launches ensured
      that the Sector could meet increased demand in the heavy
      vehicle range.

Trading profit increased 28.7% to EUR766 million, with gains in
all industrial businesses:

   -- FGA contributed trading profit of EUR193 million (2.8% of
      revenues), slightly higher than 2007 reported levels but
      up EUR81 million or 53% excluding one-off items.

   -- CNH reported an increase of EUR9 million to EUR198 million       
      (up 19.4% in US dollar terms). Margins were down 0.3% to       
      6.7% as a result of industrial inefficiencies caused by
      the rapid increase in demand for agricultural products.

   -- Iveco posted another record first quarter trading profit,       
      up 48% year-over-year to EUR222 million, representing a
      significant improvement in trading margin to 7.6% (from 6%       
      for first quarter 2007).

Strategic developments during the quarter include three joint
ventures announced by Magneti Marelli in India and the
acquisition of a manufacturing plant by FPT Powertrain
Technologies in Brazil.

At the AGM held on March 31, 2008, shareholders approved an
aggregate 2007 dividend of EUR523 million and renewed
authorization for the Group’s share buy-back program.

The Group closed the quarter with Net Industrial Debt of EUR1.1
billion, driven by a seasonal increase in working capital of
EUR1.3 billion, acquisitions of EUR0.1 billion and EUR0.2
billion in share repurchases.  Liquidity remains strong at
EUR4.8 billion.

All 2008 Group targets are confirmed, including Net Industrial
Cash of EUR1.5 billion at year end (excluding the impact of
additional share buybacks).

The Group

Group revenues for first quarter 2008 totaled EUR15 billion, up
9.9% over the same period in 2007, with all industrial
businesses contributing to the increase.

Trading profit of EUR766 million (5.1% of revenues) rose nearly
29 % over the EUR595 million reported for first quarter 2007
(4.4% of revenues).

Operating profit came in at EUR783 million for the quarter, and
included net unusual income of EUR17 million, primarily arising
from the release of provisions for risks and restructuring costs
which are no longer required.

Net financial expense for the quarter totaled EUR210 million and
included a EUR63 million charge for the marking to market of two
stock-option related equity swaps.  The equivalent item yielded
a EUR91 million income inclusion in first quarter 2007, thus
yielding a year-over-year difference of EUR154 million. The
aggregate fair value for these equity swaps continues to be
positive at quarter end. Excluding the impact of the equity
swaps, net financial expense for the quarter was flat compared
with first quarter 2007.

Profit before taxes totaled EUR636 million, an increase of
EUR62 million over first quarter 2007.  Higher operating profit
(+EUR188 million) and an increase in investment income (+EUR27
million) more than offset higher net financial expense.

Income taxes amounted to EUR209 million (EUR198 million in first
quarter 2007), representing an effective tax rate of 32.9%
(34.5% in first quarter 2007).

Net profit (before minority interests) for first quarter 2008
totaled EUR427 million, compared to EUR376 million for the same
period in 2007.

Net industrial Debt rose by EUR1.5 billion, mainly due to
seasonal working capital absorption (EUR1.3 billion), share buy-
backs of EUR0.2 billion, acquisitions of EUR 0.1 billion and the
equity swap impact of EUR63 million. Liquidity of EUR4.8 billion
remained strong and in line with Group guidelines.

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


MICRON TECH: Inks New DRAM Joint Venture with Nanya Technology
--------------------------------------------------------------
Micron Technology, Inc. and Nanya Technology Corporation said
last week that they have signed an agreement to create MeiYa
Technology Corporation, a new DRAM joint venture.

The partnership will leverage both Micron and Nanya’s
manufacturing technology, strengths and experience.  As part of
the joint venture, a 200 millimeter (mm) Nanya manufacturing
facility in Taiwan will be upgraded to industry-leading 300mm
technology starting this year, with the facility coming online
for production in 2009.  In addition to MeiYa, the parties will
jointly develop and share future technology.

Both parent companies will own 50 percent of the joint venture
initially, and each will contribute US$550 million in cash by
the end of 2009.  The transaction is subject to customary
closing conditions, including regulatory approval in Taiwan, and
is expected to close within the next few months.

“This partnership brings greater scale and efficiency to the
DRAM manufacturing operations of both parent companies, and
Micron is pleased to officially enter into this joint venture
with Nanya,” said Mark Durcan, Micron’s President and Chief
Operating Officer.

“We are sure that MeiYa will demonstrate the synergistic
combinations of Nanya and Micron’s strength in the DRAM
industry,” said Dr. Jih Lien, Nanya’s President.  “Nanya has a
very high expectation for this new entity.”

                        About Nanya

Nanya Technology Corporation -- http://www.ntc.com.tw-- is a  
member of the Formosa Plastics Group.  The company is in the
business of advanced memory semiconductors, focusing on research
and development, design, manufacturing, and sales of DRAM
products.  NTC’s common stock is traded on the Taiwan Stock
Exchange Corporation under the 2408 symbol.  The company
currently owns two 200mm fabrication facilities and one 300mm
fabrication facility in Taiwan.  The company also has a 300mm
joint venture, Inotera Memories, Inc., which operates two 300mm
fabrication facilities in Taiwan.

                         About Micron

Headquartered in Boise, Idaho, Micron Technology, Inc. --
http://www.micron.com/-- (NYSE:MU) is a provider of advanced  
semiconductor solutions.  Through its worldwide operations,
Micron manufactures and markets DRAMs, NAND flash memory, CMOS
image sensors, other semiconductor components, and memory
modules for use in leading-edge computing, consumer, networking,
and mobile products.  Outside the United States, the company has
subsidiaries in the United Kingdom, Japan, Singapore, Germany,
China, Italy, and Puerto Rico.


MICRON TECH: Moody's Holds Ba3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service affirmed Micron Technology, Inc.'s Ba3
corporate family rating and revised the outlook to negative from
stable.  Moody's also assigned a speculative grade liquidity
rating of SGL-2.

The negative rating outlook reflects expectations for continued
challenging conditions in Micron's core DRAM and NAND flash
memory markets.  Over the past year, the memory markets have
been hampered by excess capacity, lower unit demand and
continued sharp ASP (average selling price) erosion.  For most
of fiscal 2007 the company was unable to lower unit production
costs quickly enough to offset sharp ASP degradation given the
difficult DRAM pricing environment.

The negative outlook also reflects the company's weakened
financial flexibility given Micron's capital intensive business
model in which large capital expenditures to transition its
wafer fabs to 300mm capacity have outpaced internally funded
cash flow generation, which has resulted in significant negative
free cash flow over the past 18 months.  Though Micron has
flexibility to reduce certain capex requirements, our
expectation is for lower cash balances over the near-term given
the large capital expenditures planned for fiscal 2008, which
are anticipated to be in excess of internal cash flow from
operations.

Additionally, Moody's believes Micron will be challenged to
expand its leading edge technology in a timely manner beyond
consumer-based end markets, which depend, in large part, on
consumer discretionary spending, an area that has experienced a
marked slowdown in recent months.

Maintenance of the Ba3 rating is predicated on prudent cash
management and improvement in credit protection measures and
margins as a result of continued cost reductions and increased
operating efficiencies relative to ASP pressures.  Moody's notes
the rating would likely experience downward pressure near-term
if challenging industry conditions do not abate and/or poor
execution causes Micron to experience further operating margin
degradation and sustained levels of negative free cash flow,
resulting in further weakening of its liquidity position or
increased use of debt.

The SGL-2 rating reflects the company's good liquidity.  
However, Micron's liquidity position could become an area of
concern given the company's declining cash balances, weakening
gross cash flow and expectations of continued negative free cash
flow generation.  As of February 2008, the company had
approximately US$1.8 billion in cash and short-term investments.  
This is down from US$2.9 billion of cash in May 2007, which was
artificially boosted by proceeds from a US$1.3 billion
convertible note issue to help fund the large capex requirement.
Micron will need to service roughly US$528 million of debt
maturities over the next year, presumably with balance sheet
cash since we do not anticipate free cash flow to be positive
over this period.  The Ba3 rating incorporates Moody's
expectations that Micron will maintain at least US$1.2 billion
of balance sheet liquidity and flat to lower debt levels over
the near to intermediate term.

For the quarter ended Feb. 28, 2008, Micron's revenues declined
5% to US$1.36 billion from US$1.43 billion in the comparable
2007 period while gross margins declined to -3.2% from 25% over
the same time period, which can be attributed to sharp ASP
decline in its core memory markets (i.e., 60% drop in DRAM and
70% drop in NAND), the company's inability to reduce costs at a
faster pace than market price erosion and lack of a material
increase in DRAM production volumes to offset sharp ASP
declines.  However, Micron's ongoing transition of its DRAM
production using 68-nanometer process technology and 50-
nanometer NAND process technology could provide a base off of
which cost reductions and higher volumes can be realized to
offset the steep price declines across the memory market.

These ratings and assessments were affirmed:

   -- Corporate Family Rating -- Ba3
   -- Probability of Default Rating -- Ba3
   -- Senior Unsecured Shelf Registration -- (P)B1 (LGD-5, 71%)
   -- Subordinated Shelf Registration -- (P)B2 (LGD-6, 97%)

This rating was assigned:

   -- Speculative Grade Liquidity -- SGL-2
   -- The outlook is negative.

Micron Technology, Inc., headquartered in Boise, Idaho, is a
manufacturer of DRAM, NAND flash memory, CMOS image sensors, and
semiconductor components.  Revenues and EBITDA (Moody's
adjusted) for the twelve months ended Feb. 28, 2008 were
approximately US$5.6 billion and US$1.1 billion, respectively.


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


AKTAU POLIMER: Creditors Must File Claims by June 3
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Aktau Polimer Stroy insolvent on March 25, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


AL-STROY LLP: Claims Deadline Slated for June 4
-----------------------------------------------  
LLP Construction Company Al-Stroy has declared insolvency.  
Creditors have until June 4, 2008, to submit written proofs of
claims to:

         LLP Construction Company Al-Stroy
         Stroitelny side street 4/1
         Uralsk
         West Kazakhstan
         Kazakhstan


ANKOR LLP: Claims Filing Period Ends June 3
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ankor insolvent on Feb. 28, 2008.

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

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


EKIBASTUZ-ART LLP: Creditors' Claims Due on June 4
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ekibastuz-Art insolvent on March 25, 2008.

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

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


GLINTWANE LLP: Claims Registration Ends June 4
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Glintwane insolvent on March 25, 2008.

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

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


JANA GASYR-AS: Creditors Must File Claims by June 3
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Jana Gasyr-As insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Momyshuly Str. 27
         Shymkent
         South Kazakhstan
         Kazakhstan


KAZGIPRO ENGINEERING: Claims Deadline Slated for June 4
-------------------------------------------------------  
LLP Kazgipro Engineering has declared insolvency.  Creditors
have until June 4, 2008, to submit written proofs of claims to:

         LLP Kazgipro Engineering
         Eset-Batyr Str. 150-50
         Aktobe
         Aktube
         Kazakhstan


KURYLYS KURALDARY: Claims Filing Period Ends June 3
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kurylys Kuraldary insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


REAL SAPA: Creditors' Claims Due on June 3
------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Real Sapa Group insolvent on March 21, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


TUMAR LLP: Claims Registration Ends June 3
------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Firm Tumar insolvent on Feb. 28, 2008.

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

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


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


MIR & K LLC: Creditors Must File Claims by June 6
-------------------------------------------------
Joint Kyrgyz-Chinese LLC Mir & K has declared insolvency.  
Creditors have until June 6, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (0-555) 77-25-70.


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


MILLICOM INTERNATIONAL: Earns US$158.1 Mln for 1st Quarter 2008
--------------------------------------------------------------
Millicom International Cellular S.A. posted US$158.1 million in
net income on US$800.7 million in net revenues for the
first quarter 2008, compared to US$345.2 million in net income
on US$562.7 million in net revenues for the same period in 2007.

As of March 31, 2008, Millicom had US$4.76 billion in total
assets, US$3.03 billion in total liabilities, resulting to
US$1.73 billion in total shareholders equity.  The company's
March 31 balance sheet showed a working capital deficit with
US$1.8 million in total current assets and US$2 million in total
current liabilities.
                       
"Millicom recorded the second best quarter in its history in
terms of net subscriber additions, adding 2.8 million in the
quarter, following the exceptional final quarter of 2007," Marc
Beuls, CEO of Millicom, said.  "We are also particularly pleased
with the first quarter year-on-year revenue growth of 42%, which
is higher than the 41% growth in the previous quarter, and with
the net profit of $158 million for the quarter, reflecting a
very strong margin of 20%."

"Given that first quarter has historically been the weakest
quarter of the year, owing to the seasonality of our business,
our results show that we have achieved real traction across our
markets as a result of sustained and heavy investment in sales
and marketing, distribution and our networks in the last few
years.  It is encouraging to see the EBITDA margin improve to
42% from 40% in the previous quarter given this high level of
investment.  In 2008 it is our intention to increase capex still
further and we are forecasting capex in excess of one billion
U.S. dollars for the year, which underlines our belief that we
can continue to grow both our subscriber base and market share
as the penetration rates rise across all our markets.

"Millicom's strategy continues to be to build a mass market pre-
paid business in all 16 of its markets and it is important to
understand, as we have often mentioned, that in order to drive
penetration and subscriber growth we need to target customers
with less disposable income.  In first quarter we delivered
higher than expected subscriber growth, a record for a first
quarter, by aggressively targeting these customers.  Firstly,
the percentage of net new subscriber additions from Africa and
Asia has risen from 39% in first quarter 2007 to 45% in first
quarter 2008.  Secondly, in Latin America as we continue to
drive mobile voice penetration levels beyond the current levels,
we need to increasingly target those customers with limited
disposable incomes.  Our low cost pre-paid business model is
ideally suited to attracting a high volume of this mass market
segment.

“We will continue to improve affordability for our customers
which will result in a gradual decline in ARPUs and will sustain
our market leading rates of revenue growth.  This will also help
improve our EBITDA margin as we achieve economies of scale from
higher volumes.”

“The prospects for the business continue to be excellent.”

                     About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                            *     *     *

As of April 25, 2008, Millicom International Cellular S.A.
carries Ba2 corporate family rating and B1 senior debt rating
from Moody's Investors Service, which said the outlook is
stable.


=============
R O M A N I A
=============


CENTRAL EUROPEAN: To Issue 1st Quarter 2008 Earnings on April 30
----------------------------------------------------------------
Central European Media Enterprises Ltd. will release its first
quarter 2008 financial results before United States market hours
on April 30, 2008.

The company will also host a teleconference to discuss its first
quarter 2008 results on April 30, 2008, at 10:00 a.m. New York
time (3:00 p.m. London and 4:00 p.m. Prague time).  The
teleconference will refer to presentation slides which will be
available on Central European Media's web site at
http://www.cetv-net.comprior to the call.

To access the teleconference, U.S. and International callers may
dial +1 973-321-1024 ten minutes prior to the start time and
reference passcode: 44056751. The conference call will be
broadcast live via http://www.cetv-net.com.

A replay of the teleconference will be available for two weeks
following the call and can be accessed by dialing +1 800-642-
1687 for U.S. callers and 1-706-645-9291 for International
callers, passcode: 44056751.  A digital audio replay in mp3
format will also be archived on the company's web site.

Central European Media Enterprises Ltd., a Bermuda-based company
is a TV broadcasting company with leading networks in six
Central and Eastern European countries.  Launched in 1994, CME
and its partners now operate 16 channels in six countries,
including TV Nova, Nova Cinema and Galaxie Sport in the Czech
Republic; PRO TV, PRO Cinema, Pro International, Sport.ro, MTV
and Acasa in Romania; Nova TV in Croatia, TV Markiza in the
Slovak Republic; POP TV and Kanal A in Slovenia; and Studio 1+1,
Kino and Citi in Ukraine.  For the year ending on 31 December
2007, CME generated segment revenues of US$840 million and
segment EBITDA of US$320 million.


CENTRAL EUROPEAN: S&P Rates US$475MM Senior Convertible Notes BB
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' debt rating
to the US$475 million senior secured convertible notes due 2013
issued by Bermuda-based emerging markets TV broadcaster, Central
European Media Enterprises Ltd. in March 2008.  The long-term
corporate credit rating was affirmed at 'BB'.  The outlook is
stable.
     
At the same time, S&P raised the debt rating on both Central
European Media's EUR245 million and EUR150 million floating-rate
notes due, respectively, in 2012 and 2014 to 'BB' from the
previous 'BB-', in line with the corporate credit rating,
following a review of the collateral and the evolution of
structural subordination aspects within the group's capital
structure.
     
With fully adjusted total debt to EBITDA at about 2.3x at the
end of December 2007, the ratings on Central European Media
remain constrained by the group's acquisition-led financial
policy and by its high concentration of profitability in a
single TV channel in the Czech Republic and in its Romanian TV
channels.  The ratings are also constrained by the cyclical
nature of the TV advertising markets in which the group operates
and the potential for regulatory and political interference.
     
These factors are mitigated to a significant degree by Central
European Media's market-leading positions in four of the six
Eastern European countries in which it is present, good short-
term revenue visibility, and its position as a producer of
established, locally produced content.  In addition, the rating
continues to reflect good rates of growth in the group's TV
advertising markets and increasing equity control of operations
in all markets.  This is supported by the company's recently
announced intention to buy out its partners' 30% equity
interests in Ukrainian broadcaster Studio 1+1 for US$219.6
million, while having the right to acquire the remaining 10%
through a put and call arrangement.
     
"The stable outlook reflects our expectation that the level of
operating maturity of CME's core TV broadcasting assets will
continue to translate into EBITDA growth and healthy operating
cash generation," said S&P's credit analyst Manuela Gabetta.  To
maintain the 'BB' rating, S&P expects that the group will use an
adequate mixture of debt and equity to support its expansion
into more risky markets.
     
"We also expect that CME will moderate distributions to
shareholders for as long as it remains on an acquisitive path,"
said Ms. Gabetta.  The ratio of fully adjusted total debt to
EBITDA is expected to strengthen on back on cash flow generation
and remain comfortably below 4x on an ongoing basis.
     
The ratings would come under immediate pressure if any
acquisition target takes financial ratios outside the stated
thresholds for a protracted period, or if the group's largest TV
stations underperform.

Rating upside is currently restricted by Central European Media
Enterprises Ltd.'s continuing investments in volatile markets
such as Ukraine.

Central European Media Enterprises Ltd., a Bermuda-based company
is a TV broadcasting company with leading networks in six
Central and Eastern European countries.  Launched in 1994, CME
and its partners now operate 16 channels in six countries,
including TV Nova, Nova Cinema and Galaxie Sport in the Czech
Republic; PRO TV, PRO Cinema, Pro International, Sport.ro, MTV
and Acasa in Romania; Nova TV in Croatia, TV Markiza in the
Slovak Republic; POP TV and Kanal A in Slovenia; and Studio 1+1,
Kino and Citi in Ukraine.  For the year ending on 31 December
2007, CME generated segment revenues of US$840 million and
segment EBITDA of US$320 million.


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


AK BARS: Fitch Upgrades Ratings to BB with Outlook Stable
---------------------------------------------------------
Fitch Ratings has upgraded AK BARS Bank's Long-term Issuer
Default rating to 'BB' from 'BB-' (BB minus) and National Long-
term rating to 'AA-(AA minus)(rus)' from 'A+(rus)'. The Outlooks
on the LT IDR and National Long-term rating remain Stable. At
the same time Fitch has affirmed the bank's other ratings at
Short-term IDR 'B', Support '3' and Individual 'D'.

The upgrades follow the Republic of Tatarstan's upgrade to Long-
term 'BBB-'/Stable Outlook from 'BB+', and therefore the higher
ability of RT to provide support to Ak Bars, in case of need.  
In Fitch's opinion, RT would have a strong propensity to support
Ak Bars in the light of the government's control of the bank,
the long-standing close relationship between the government and
Ak Bars, the servicing by Ak Bars of RT accounts, the bank's
extensive retail franchise in the republic (1.4 million
individual depositors) and its overall importance to RT's
banking system.

However, the lack of transparency over RT's control of the
bank's shares makes it difficult for Fitch to fully assess the
relationship between the RT government and Ak Bars.  Uncertainty
also remains as to RT's ability to make sufficient support
available in a timely manner, particularly in the light of
certain budget constraints.  As a result, Fitch maintains a two-
notch differential between the Long-term rating of RT and the LT
IDR of Ak Bars.

Further movements in Ak Bars' Long-term IDR and National Long-
term rating are likely to be driven by changes in RT's Long-term
rating.  Greater transparency of RT's ownership and control of
Ak Bars could also be positive for the bank's Long-term IDR,
although this is not anticipated at present.

Ak Bars was founded by the Tatarstan government in 1993.  It is
the largest bank in the republic by assets and was among the 20
largest banks in Russia at end-2007.  The RT indirectly controls
a large majority of the bank's shares.  Ak Bars is diversifying
its franchise into the retail market and rapidly expanding its
loan portfolio outside the republic.


BAYKAL-MATCHES: Creditors Must File Claims by May 22
----------------------------------------------------
Creditors of CJSC Baykal-Matches (TIN 3819005913) have until
May 22, 2008, to submit proofs of claim to:

         A. Efanov
         Insolvency Manager
         Post User Box 12
         666034 Shelekhov
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-1591/08-63.

The Court is located at:  

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

The Debtor can be reached at:

         CJSC Baykal-Matches
         Molotovaya Str. 103
         Usolye-Sibirskoe
         Irkutsk
         Russia


FORD MOTOR: Hiring 1,500 Jobs in Russia to Hike Production
----------------------------------------------------------
Ford Motor Co. will employ 1,500 people at its manufacturing
site in Vsevolozhsk, Russia to boosts the plant's capacity to
125,000 vehicles in 2009, Bloomberg News reports, citing
spokeswoman Ekaterina Kulinenko.

According to Ms. Kulinenko, Bloomberg News says, Ford will
commence manufacturing its Mondeo car this year at the plant,
which currently employs 2,074 people.

Ford plans to boost its sales by expanding its operations in
Russia and other eastern European countries, where its Fod of
Europe unit posted remarkable increase, Ms. Kulinenko added to
Bloomberg News.

                     About Ford Motor

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

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

                          *     *     *

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

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


MAGNITOGORSK IRON: Shareholders Okay Annual Report & Dividend
-------------------------------------------------------------
OAO Magnitogorsk Iron and Steel Works disclosed that its
shareholders have approved all the resolutions proposed at its
Annual General Meeting.

This included the approval of the annual report, annual
accounting statements and dividend payments.  The dividend
payment for 12 months of 2007 is set at EUR0.502 per ordinary
share.

The shareholders also approved the Board of Directors.

Deloitte & Touche CIS were approved as auditors.

"2007 has been a landmark year in MMK’s development," Victor
Rashnikov, Chairman of MMK, commented.  "We are very proud to
have become a publicly listed company and to have welcomed a
new, expanded base of high quality international and domestic
investors.  Overall, in terms of our financial and operational
performance, this has been a very successful year for MMK.

"Through our transaction with Belon and the development of
Prioskol iron ore deposit, we have taken a major strategic step
forward towards raw material security, Mr. Rashnikov adds.  
"Furthermore, we are continuing with our strategy of expanding
internationally, which we have advanced through our partnership
in Turkey.  Given the positive outlook both for steel prices and
for demand, we expect further strong progress in 2008."

                     About Magnitogorsk Iron

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


MAGNITOGORSK IRON: Fitch Affirms Ratings at 'BB'; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Magnitogorsk Iron and Steel Works'
Long-term Issuer Default and senior unsecured ratings at 'BB'.  
The Outlook for the Long-term IDR is Stable.

MMK's ratings continue to be supported by its strong operational
profile, including its scale as the largest flat products
producer in Russia, low operating costs and high plant
productivity due to significant modernization in recent years.  
The ratings also reflect MMK's continuing high profitability
(fiscal year ending 2007 EBITDAR margin of 29%) - albeit lower
in percentage terms than peers such as NLMK ('BB+'/'B'/Stable)
and Evraz ('BB'/'B'/Stable) - and a conservative capital
structure with average gross leverage over the past four years
of 0.6x. Fitch believes that MMK management remain committed to
a conservative financial profile in coming periods including
maintenance of gross debt/EBITDAR below 1.5x throughout the
steel price cycle.  The agency also believes that MMK will
continue to focus on organic growth and abstain from large scale
M&A activity.  Over the next 12-18 months, Fitch believes that
the demand and price environment within Russia for steel
producers should also remain supportive.

MMK's ratings continue to be constrained by its limited raw
material self-sufficiency (presently only 12% self-sufficient in
its iron ore requirements), which, given significant yoy
increases in market prices of iron ore and coking coal, may see
credit metrics weaken over 2008-09.  MMK is also part way
through a significant capex program, which, based on Fitch
estimates, will see MMK group capex average approximately
US$2.3-2.5bn per annum over the next two years as the company
commissions two new rolling facilities.  Free cash flow is
expected to be negative during this period.

Fitch recognizes the provisions made by MMK over the past 12
months to improve its raw material supply position in the
future; notably the purchase of a 41% interest in coal producer
Belon.  By 2010, Fitch estimates that output from Belon will
enable MMK to meet around half of its coking coal requirements
from internal sources, with iron ore self-sufficiency increasing
to around 22% from a variety of sources.

The Stable Outlook reflects Fitch's view that MMK's low-
operating cost position and operational efficiency will enable
the company to maintain operating margins and a capital
structure commensurate with the rating category.

Based in Magnitogorsk, MMK is a leading Russian steel producer
with 2007 output of 12.2 million tonnes of steel products.  In
fical year ending 2007, MMK generated revenues of US$8.2bn and
EBITDAR (adj) of US$2.3bn. The company focuses on the production
of flat-steel products for use in construction, pipe production
and machinery manufacture.


MOVABLE MECHANIZED: Court Names Sh. Minkin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Mariy El appointed Sh. Minkin as
Insolvency Manager for CJSC Movable Mechanized Column 2 (TIN
1215003243, KPP 121501001, OGRN 1021200755267).  He can be
reached at:

         Sh. Minkin
         Lenina Str. 45
         Yoshkar Ola
         424003 Mariy El
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-278/2008-9-38.

The Court is located at:

         The Arbitration Court of Mariy El
         Lenina Pr. 40
         Yoshkar Ola
         424000 Mariy El
         Russia

The Debtor can be reached at:

         CJSC Movable Mechanized Column 2
         Lenina Pr. 40
         Yoshkar Ola
         424000 Mariy El
         Russia


NOVOMURATOVSKIY WOOD: Creditors Must File Claims by May 22
----------------------------------------------------------
Creditors of OJSC Novomuratovskiy Wood Combine have until
May 22, 2008, to submit proofs of claim to:

         P. Dmitriev
         Insolvency Manager
         Post User Box 075
         429333 Kanash
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-8595/2007.

The Court is located at:

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

The Debtor can be reached at:

         P. Dmitriev
         Insolvency Manager
         Post User Box 075
         429333 Kanash
         Russia


SEAL-TRANS: Creditors Must File Claims by May 22
------------------------------------------------
Creditors of LLC Seal-Trans (TIN 3908017558) Mill have until
May 22, 2008, to submit proofs of claim to:

         V. Dmitriev
         Insolvency Manager
         Post User Box 17
         150040 Yaroslavl
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A82-3329/07-43-B/34.

The Debtor can be reached at:

         LLC Seal-Trans
         Apt. 5
         Chekhova Str. 10
         150054 Yaroslavl
         Russia


TALITSKIY YEAST: Creditors Must File Claims by May 22
-----------------------------------------------------
Creditors of LLC Talitskiy Yeast Mill have until May 22, 2008,
to submit proofs of claim to:

         A. Katrushin
         Insolvency Manager
         Gorkogo Str. 31
         620075 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-13406/07-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia  

The Debtor can be reached at:

         LLC Talitskiy Yeast Mill
         Zavodskaya Str. 13
         Talitsa
         623640 Sverdlovsk
         Russia


TMK OAO: Moody's Confirms Ba3 Rating & Changes Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service confirmed TMK's Ba3 corporate family
rating, NSR rating at Aa3.ru and upgraded the rating for the
loan participation notes from B1 to Ba3.  The outlook for the
ratings was changed to negative.

The confirmation concludes the review for possible downgrade for
TMK' ratings initiated on March 17, 2008 following the recent
announcement of the acquisition from Evraz Group S.A. (Ba2) of
the assets and subsidiaries of IPSCO Tubular's business in the
USA for approximately US$1.2 billion, following the acquisition
of IPSCO Tubular's business by Evraz Group from SSAB.  TMK will
acquire 100% of IPSCO Tubulars Inc. and 51% of NS Group Inc. In
addition, TMK and Evraz have entered into a call/put option for
the remaining 49% of NS Group Inc. which will be exercised in
2009 for app. US$0.5 billion.

The confirmation reflects Moody views that:

   (1) the recent acquisition was in line with the company
       strategy to enhance product mix with high value added               
       products and to strengthen its geographical diversity by        
       adding manufacturing presence in the North American        
       market.  Moody's also notes that this transaction is a
       transforming acquisition for TMK by its relative size and
       the significant increase in the geographical footprint
       that it brings to the company;

   (2) High growth in revenues and strong cash flow generating
       capability in recent years supported by a robust pricing        
       environment, strong demand from the main customers and
       substantially completed capex program aimed at increased
       capacity and efficiency, should help TMK to sustain its
       current rating and bring down the absolute level of debt.
       Moody expects the company to continue to maintain its
       moderate financial policies and its demonstrated
       disciplined approach to acquisitions with leverage not
       exceeding x2.0 times EBITDA after 2009. This target would
       likely require dividend constraint and a pause to further        
       acquisitions

The negative outlook for the rating reflects the integration and
control challenges for the geographically spread company and the
reliance on cash flow and a large 15 months bridge facility for
refinancing of maturing debt.

The rating could be downgraded if the company would not decrease
its leverage below x2.5 times EBITDA in the next 1.5 years or
would not be able to maintain a satisfactory liquidity position
in particular by arranging a refinancing or a take-out to the
bridge facility over the next few months.

In line with loss-given-default methodology, Moodys' upgraded of
the rating for the loan participation notes from B1 to Ba3 and
LGD assessment of LGD4 (64.57%) to LGD4 (51.67%). T he upgrade
is a result of substantial reduction in secured indebtedness of
TMK.  The secured indebtedness is secured by property,
equipment, fixed assets and revenue proceeds fell from 27% as of
June 2007 to 11% of the total loan portfolio at 11 April 2008.

Moody's last rating action was the change of rating outlook to
positive on Nov. 14, 2007.

TMK is Russia's largest and one of the world's leading
manufacturers of value-added steel pipe products for the oil &
gas industry.  In the first half of 2007, the company reported
US$2.03 billion in revenues, an increase of 28% and US$500
million in EBITDA leading to an improvement by 27% compared to
1H 2006.  Following an IPO in 2006 the company is 76.98% owned
by the founder, Mr. Pumpyanskiy


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


GASTRO TRADE: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Gastro Trade Andax on March 26, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Gastro Trade Andax
         Badenerstrasse 9
         5200 Brugg AG
         Switzerland


IFFA LLC: Creditors' Liquidation Claims Due by May 7
----------------------------------------------------
Creditors of LLC IfFA have until May 7, 2008, to submit their
claims to:

         LLC IfFA
         Christoph Merian-Ring 11
         4153 Reinach BL
         Switzerland


MILON TRADING: Creditors' Liquidation Claims Due by May 4
---------------------------------------------------------
Creditors of JSC Milon Trading have until May 4, 2008, to submit
their claims to:

         Martin Karg
         Liquidator
         Untermuli 7
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Milon Trading
         Zug
         Switzerland


MOVIEWORLD.CH LLC: Creditors' Liquidation Claims Due by May 5
-------------------------------------------------------------
Creditors of LLC Movieworld.ch have until May 5, 2008, to submit
their claims to:

         LLC Movieworld.ch
         Mail box: 2227
         8645 Jona SG
         Switzerland


RADWARE LLC: Creditors' Liquidation Claims Due by May 5
-------------------------------------------------------
Creditors of LLC Radware have until May 5, 2008, to submit their
claims to:

         Abt Treuhandgesellschaft
         Zurcherstrasse 138
         8500 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Radware
         Zurich
         Switzerland


TERMACOM LLC: Creditors' Liquidation Claims Due by May 4
--------------------------------------------------------
Creditors of LLC Termacom have until May 4, 2008, to submit
their claims to:

         Marcel Suter
         Liquidator
         Oberbruglenweg 8
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         LLC Termacom
         Baar ZG
         Switzerland


THIRUMAGAL TEXTILE: Creditors' Liquidation Claims Due by May 7
--------------------------------------------------------------
Creditors of LLC Thirumagal Textile & Jewellers have until May
7, 2008, to submit their claims to:

         Sritharmarajah Maylvaganam
         Schulweg 2
         4562 Biberist
         Wasseramt SO
         Switzerland

The Debtor can be reached at:

         LLC Thirumagal Textile & Jewellers
         Solothurn
         Switzerland


TOUREX – PZP: Creditors' Liquidation Claims Due by May 7
--------------------------------------------------------
Creditors of LLC TOUREX – PZP have until May 7, 2008, to submit
their claims to:

         Margrith Kanis
         Liquidator
         Kirchenacker 22
         8574 Lengwil-Oberhofen
         Switzerland

The Debtor can be reached at:

         LLC TOUREX – PZP
         Lengwil
         Kreuzlingen TG
         Switzerland


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


CALIK HOLDING: Fitch Downgrades IDR to B; Keeps Watch Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Calik Holding A.S.'s Long-term
foreign and local currency Issuer Default ratings to 'B' from
'B+'.  This follows the company's 75%-owned subsidiary Turkuvaz
Radyo ve Televizyon's US$1.1 billion acquisition of the media
group Sabah-ATV's assets, with US$750 million debt and
US$350 million equity financing.

Fitch has also downgraded Globus Capital Finance S.A.'s
US$200 million 8.5% notes, maturing in 2012, senior unsecured
rating to 'B'/'RR4' from 'B+'/'RR4'.  Globus used the note
proceeds to finance a loan to Calik.  The notes are guaranteed
by Calik and two of its subsidiaries.  Further, Calik's National
Long-term rating has been downgraded to 'BBB+(tur)' from 'A-
(tur)'.

Fitch has also downgraded Calik's subsidiary GAP Guneydogu
Tekstil A.S.'s National Long-term rating to 'A-(tur)' from
'A(tur)'.  All the above ratings remain on RWN.
Fitch notes that GAP carries a US$37.5 million murabaha
facility, limiting its ability to guarantee any group borrowing.

The downgrades reflect Fitch's concerns about the negative
direct and indirect financial impact of the Sabah-ATV
acquisition on Calik's financial profile.  Fitch believes the
potential execution and financial risks associated with this
large acquisition are considerable at this stage.  The ratings
remain on RWN pending more detailed discussions with management,
the receipt of the loan documentation, Calik's fiscal year 2007
consolidated financials as well as the completion of a
US$150 million cash equity injection into Turkuvaz.  Fitch
expects to resolve the RWN by end-June.

The Calik loan is reportedly non-recourse acquisition financing
credit, secured by Turkuvaz assets only, with no holding or
group company guarantees or collaterals.  Based on Fitch's
projections, the ability of Turkuvaz to service interest and
principal payments over the projection period rely on profitable
operations generating sufficient cash as well as the additional
shareholder support of US$150 million over the next two years to
cover any funding gap and working capital requirements.  Based
on the capex and high working capital required to revamp the
Sabah-ATV brand names, Fitch cautions that interest coverage
ratios will be tight in the initial two-to-three years of
operations.   The competitive nature of the media business in
Turkey and its lower operating margins (compared to global
competitors), plus the fact that Sabah-ATV has been under
Savings and Deposit Insurance Fund administration for the last
two years questions the likely cash generation ability of
Turkuvaz and hence its ability to service a high debt stock.  
Fitch notes that gross debt/EBITDA is expected to reach 8.3x at
fiscal year ending 200808 at the Turkuvaz level.  Calik directly
and indirectly owns 75% of Turkuvaz with the remainder held by
Lusail International Media Company.

Fitch continues to monitor Calik's planned expansion in the
electricity generation, petrochemicals, and oil and gas sectors.
It will also watch the funding structures and eventual financial
impact of such capital expenditures on the group results.


GLOBUS CAPITAL: Fitch Cuts US$200 Million Notes' Rating to B
------------------------------------------------------------
Fitch Ratings has downgraded Globus Capital Finance S.A.'s
US$200 million 8.5% notes, maturing in 2012, senior unsecured
rating to 'B'/'RR4' from 'B+'/'RR4'.  Globus used the note
proceeds to finance a loan to Calik.  The notes are guaranteed
by Calik and two of its subsidiaries.  

Fitch has also downgraded Calik Holding A.S.'s Long-term foreign
and local currency Issuer Default ratings to 'B' from 'B+'.  
This follows the company's 75%-owned subsidiary Turkuvaz Radyo
ve Televizyon's US$1.1 billion acquisition of the media group
Sabah-ATV's assets, with US$750 million debt and US$350 million
equity financing. Further, Calik's National Long-term rating has
been downgraded to 'BBB+(tur)' from 'A-(tur)'.

Fitch has also downgraded Calik's subsidiary GAP Guneydogu
Tekstil A.S.'s National Long-term rating to 'A-(tur)' from
'A(tur)'.  All the above ratings remain on RWN.
Fitch notes that GAP carries a US$37.5 million murabaha
facility, limiting its ability to guarantee any group borrowing.

The downgrades reflect Fitch's concerns about the negative
direct and indirect financial impact of the Sabah-ATV
acquisition on Calik's financial profile.  Fitch believes the
potential execution and financial risks associated with this
large acquisition are considerable at this stage.  The ratings
remain on RWN pending more detailed discussions with management,
the receipt of the loan documentation, Calik's fiscal year 2007
consolidated financials as well as the completion of a
US$150 million cash equity injection into Turkuvaz.  Fitch
expects to resolve the RWN by end-June.

The Calik loan is reportedly non-recourse acquisition financing
credit, secured by Turkuvaz assets only, with no holding or
group company guarantees or collaterals.  Based on Fitch's
projections, the ability of Turkuvaz to service interest and
principal payments over the projection period rely on profitable
operations generating sufficient cash as well as the additional
shareholder support of US$150 million over the next two years to
cover any funding gap and working capital requirements.  Based
on the capex and high working capital required to revamp the
Sabah-ATV brand names, Fitch cautions that interest coverage
ratios will be tight in the initial two-to-three years of
operations.   The competitive nature of the media business in
Turkey and its lower operating margins (compared to global
competitors), plus the fact that Sabah-ATV has been under
Savings and Deposit Insurance Fund administration for the last
two years questions the likely cash generation ability of
Turkuvaz and hence its ability to service a high debt stock.  
Fitch notes that gross debt/EBITDA is expected to reach 8.3x at
fiscal year ending 200808 at the Turkuvaz level.  Calik directly
and indirectly owns 75% of Turkuvaz with the remainder held by
Lusail International Media Company.

Fitch continues to monitor Calik's planned expansion in the
electricity generation, petrochemicals, and oil and gas sectors.
It will also watch the funding structures and eventual financial
impact of such capital expenditures on the group results.


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


COM-TRADE LLC: Creditors Must File Claims by May 9
--------------------------------------------------
Creditors of LLC Com-Trade (code EDRPOU 34690941) have until
May 9, 2008 to submit proofs of claim to:
Liquidator 02097 Kiev Ukraine Leskovskaya Str. 28, ap. 15
Tel. 8(067)295-0803
         
         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 28, 2008, after finding it
insolvent.  The case is docketed as 43/291.

The Debtor can be reached at:

         LLC Com-Trade
         P. Lumumba Str. 15-a
         01042 Kiev
         Ukraine


ELECTRONIC SYSTEMS: Creditors Must File Claims by May 9
-------------------------------------------------------
Creditors of LLC Electronic Systems (code EDRPOU 30264402) have
until May 9, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on March 5, 2008.  
The case is docketed as 23/117.

The Debtor can be reached at:

         LLC Electronic Systems
         Saperno-Slobodskaya Str. 25
         Kiev
         Ukraine


FURNEL-UKRAINE: Creditors Must File Claims by May 9
---------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on March 5, 2008.   
The case is docketed as 23/116.

Creditors of Furnel-Ukraine (code EDRPOU 30178552) have until
May 9, 2008 to submit proofs of claim to:
Liquidator 01033 Kiev Ukraine Zhylianskaya Str. 23
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         Furnel-Ukraine
         Vasilkovskaya Str. 25
         Kiev
         Ukraine


KIEV BUILDING: Creditors Must File Claims by May 9
--------------------------------------------------
Creditors of LLC Kiev Building Company (code EDRPOU 31413855)
have until May 9, 2008 to submit proofs of claim to:
Liquidator 04053 Kiev Ukraine Artem Str. 1/5, of. 701
         
         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 43/248.

The Debtor can be reached at:

         LLC Kiev building company
         Kharkov Highway Str. 210
         02121 Kiev
         Ukraine


LADYZHIN PLANT Proofs of Claim Deadline Set May 9
-------------------------------------------------
Creditors of Ladyzhin Plant Extra (code EDRPOU 20119003) have
until May 9, 2008 to submit proofs of claim to:

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

The Economic Court of Vinnica has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
5/10-08.

The Debtor can be reached at:

         Ladyzhin Plant Extra
         Ladyzhin
         Lenin Str. 118
         24321 Vinnica
         Ukraine


MOTORCAR ENTERPRISE 0928: Proofs of Claim Deadline Set May 9
------------------------------------------------------------
Creditors of OJSC Motorcar Enterprise 0928 (code EDRPOU
03345863)have until May 9, 2008 to submit proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company on March 25, 2008.  The
case is docketed as B-21/52.

The Debtor can be reached at:

         OJSC Motorcar Enterprise 0928
         Maksimov Str. 11
         76007 Ivano-Frankovsk
         Ukraine


TG BUDSUPPLY: Creditors Must File Claims by May 9
-------------------------------------------------
Creditors of LLC TG Budsupply (code EDRPOU 33798245) have until
May 9, 2008 to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on March 25,
2008.  The case is docketed as 5/124/08.

The Debtor can be reached at:

         LLC TG Budsupply
         Budenny Str. 44-A
         Nikolaev
         Ukraine


UKRTECHNOEKSIM CJSC: Creditors Must File Claims by May 9
--------------------------------------------------------
The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/700.

Creditors of CJSC Ukrtechnoeksim (code EDRPOU 30263739) have
until May 9, 2008 to submit proofs of claim to:

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

The Debtor can be reached at:

         CJSC Ukrtechnoeksim
         Saperno-Slobodskaya Str. 25
         Kiev
         Ukraine


VINOGRAD LLC: Creditors Must File Claims by May 9
-------------------------------------------------
Creditors of LLC Vinograd (code EDRPOU 20220248) have until
May 9, 2008 to submit proofs of claim to:

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

The Economic Court of Lvov has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 8/318.

The Debtor can be reached at:

         LLC Vinograd
         I. Franko Str. 73
         79000 Lvov
         Ukraine


ZAPOROZHJE FURNITURE: Creditors Must File Claims by May 9
-------------------------------------------------------------
Creditors of LLC Zaporozhje Furniture – Holding (code EDRPOU
32149824) have until May 9, 2008 to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
March 27, 2008.  The case is docketed as 21/7/08.

The Debtor can be reached at:

         LLC Zaporozhje Furniture – Holding
         Karpenko-Kary Str. 60
         69084 Zaporozhje
         Ukraine


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


AVERIES WASTE: Brings In Administrators from Deloitte
-----------------------------------------------------
Richard Michael Hawes and Robin David Allen of Deloitte & Touche
LLP were appointed April 17, 2008, joint administrators of:

   -- Averies Waste Management Ltd. (Company Number 05575115);
   -- Swindon Reclamation Ltd. (Company Number 04148464); and
   -- Southwood Skip Hire Ltd. (Company Number 02096171).

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

The companies can be reached at:

          Averies Waste Management Ltd.
          1 Rodbourne Road
          Swindon
          Wiltshire
          SN2 2AG
          England


BDC LTD: Appoints Joint Administrators from PwC
-----------------------------------------------
Russell Stewart Cash and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of BDC (Morley) Ltd. (Company Number 05374665) on April 16,
2008.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.  

The company can be reached at:

          BDC (Morley) Ltd.
          Fountain Street
          Churwell  
          Leeds
          West Yorkshire
          LS27 7QZ
          England
          Tel: 0113 219 7200
          Fax: 0113 219 7201


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

The joint liquidators can be reached at:

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


CARMAZ LTD: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------
Geoffrey Stuart Kinlan and William John Turner of BDO Stoy
Hayward LLP were appointed joint liquidators of Carmaz Ltd. on
April 16 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS


CHROME FUNDING: Moody's Junks Ratings on Series 23-30 Notes
-----------------------------------------------------------
Moody's Investors Service downgraded seven classes of notes and
left on review for further downgrade one class issued by Chrome
Funding Ltd under Series 23 -- 30 (Green Bay).  The underlyings
of this CDO transaction are predominantly US subprime RMBS bonds
and in particular of the 2005 and 2006 vintages.

Moody's announced on Feb. 04, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring its
ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will
rely on certain projections of the lifetime average cumulative
losses for 2006's quarterly vintages of RMBS set forth in a
recent Moody's Special Report, "Moody's Updates Loss Projections
for 2006 Subprime Loans." This report illustrates average loss
results for the 2006 quarterly vintages under five distinct loss
projection scenarios. Moody's explained that it will utilise the
range of loss projections set forth in Scenarios 2 and 3 based
on deal performance and quarterly vintage to modify its prior
assumptions of the expected loss inputs when monitoring ABS CDO
ratings.

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

These rating actions are:

Chrome Funding Ltd:

   (1) Series 23 Class I US$33,000,000 Floating Rate Variable
       Spread Credit Linked Notes due October 2046

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Baa3, on review for downgrade

   (2) Series 24 Class II USUS$ 28,500,000 Floating Rate
       Variable Spread Credit Linked Notes due October 2046

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

   (3) Series 25 Class III USUS$ 28,000,000 Floating Rate
       Variable Spread Credit Linked Notes due October 2046

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

   (4) Series 26 Class IV USUS$ 21,000,000 Floating Rate
       Variable Spread Credit Linked Notes due October 2046

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

   (5) Series 27 Class V-A USUS$ 13,000,000 Floating Rate
       Variable Spread Credit Linked Notes due October 2046

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

   (6) Series 28 Class V-B USUS$ 9,500,000 Floating Rate
       Variable Spread Credit Linked Notes due October 2046

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

   (7) Series 29 Class VI USUS$ 7,000,000 Floating Rate Variable
       Spread Credit Linked Notes due October 2046

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


DIOMED HOLDINGS: Seeks Court OK to Sell Assets to AngioDynamics
---------------------------------------------------------------
Diomed Holdings Inc. and Diomed Inc. asked permission from the
U.S. Bankruptcy Court for the District of Massachusetts to sell
their medical device development and marketing business
operations and majority of their estates to AngioDynamics Inc.

As reported in the Troubled Company Reporter-Europe on April 14,
2008, Diomed entered into an asset purchase agreement with
AngioDynamics for the sale of its U.S. operations for
a cash purchase price of US$8 million.  The assets subject to
the Agreement exclude the proceeds of Diomed's settlement of its
777 patent litigation with AngioDynamics.  Under the settlement,
AngioDynamics agreed to pay US$7 million, and the proceeds of
Diomed's anticipated US$3.6 million settlement with Vascular
Solutions, Inc, now pending bankruptcy court approval, as well
as certain patents.

The buyer will assume liabilities arising after the closing of
the deal including ordinary course of business wage of employees
who will be absorbed by the new owner.  This wage is valued at a
maximum of US$160,000 with respect to salaries plus US$160,000
with respect to commissions.

A break-up fee of US$250,000 will be paid to the buyer at the
closing of an alternative transaction.

                      About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--  
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


DIOMED HOLDINGS: Selects Fladgate LLP as U.K. Legal Counsel
-----------------------------------------------------------
Diomed Holdings Inc. and Diomed Inc. seek permission from the
U.S. Bankruptcy Court for the District of Massachusetts to
engage Fladgate LLP as their United Kingdom counsel.

The Debtors continue to operate their businesses, including
their operations in the United Kingdom and Mexico through their
units, Diomed Ltd. and Diolaser Mexico SA de CV.

The Debtors told the Court that Fladgate LLP will represent
their interests with respect to Diomed Ltd., effective as of the
date of their retention motion.  Fladgate LLP will render
various legal services necessary in the Debtors' cases.

According to the motion, Diomed Ltd. was formed under the laws
of the United Kingdom, and 100% of Diomed Ltd. is owned by
Diomed Inc.  Contemporaneous with the filings in the U.S.,
Diomed Ltd. filed documents in Court commencing administration
proceeding in the United Kingdom.

Based on the motion, Fladgate LLP's rates range from US$550 to
US$850 for attorneys and $350 for paralegals.

The Debtors assured the Court that "Fladgate is well-qualified
to represent them in the cases in an efficient and timely
manner." They added that Fladgate LLP won't duplicate the
services to be rendered by its other counsels and hired
professionals.

The firm can be reached at:

            Rupert Connell, Esq.
               (rconnell@faldgate.com)
            Edward Marriott, Esq.
               (emarriottl@faldgate.com)
            Fladgate LLP
            25 North Row
            London, W1K6DJ
            Tel: +44 (0)20 7323 4747
            Fax: +44 (0)20 7629 4414

In his affidavit, Mr. Connell said that his firm has over 80
attorneys, has a large and diversified law practice.  He said
that although his firm may have a client roll encompassing
several entities that may have interests in the Debtors' cases,
Fladgate will not represent other client in matters related to
the Debtors during the pendency of the case.

                      About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--  
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


DIOMED HOLDINGS: Can Use Cash Collateral on Interim Basis
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts gave
Diomed Holdings Inc. and Diomed Inc. interim approval to use
lenders' cash collateral.

In March 2008, the Debtors told the Court that they need to use
cash collateral for the continued management and operations of
their business.  The Debtors particularly said that they have to
fund efforts to sell their assets.

The Debtors related that the use of cash collateral alone won't
sustain their cash needs beyond the initial weeks of the cases.  
Access to additional post-petition credit will be necessary to
pay for future daily operating costs associated with the
Debtors' ordinary course operations in order to finalize the
terms of and consummate, subject to Court approval, a
transaction for the sale of their operating assets.

          Creditors Holding Interest in Cash Collateral

Based on a court document, Hercules Technology Growth Capital
Inc., Iroquis Capital LP, Cranshire Capital LP, Portside Growth
and Opportunity Fund, and Rockmore Investment Master Fund Ltd.
are among those that have interests in the cash collateral.

a. Hercules Term Loan

The Debtors disclose that they are borrowers under a certain
loan and security agreement dated Sept. 28, 2007, with Hercules
as lender.  Hercules loaned the Debtors with a principal amount
of US$10,000,000 allowing the Debtors to draw US$6,000,000 on
the closing date.  The Debtors can then draw up to US$4,000,000
to be advanced in minimum increments of US$2,000,000 beginning
Jan. 31, 2008, until March 30, 2008.  The loan agreement with
Hercules has a prime rate plus 3.20%, plus additional 5%
following event of default.  The Debtors granted Hercules in its
assets, including inventory but excluding 35% of the capital
stock of foreign units and the capital stock of Luminetix Corp.  
As of the bankruptcy filing, the Debtors are obligated to
Hercules in the amount of US$6,000,000 with respect to term
loan, plus costs.

b. 2004 Variable Rate Convertible Debentures

Diomed Holdings issued variable rate convertible debentures in
October 2004, held as of the bankruptcy filing, by four
investors, Iroquis, Cranshire, Portside and Rockmore.  The
debentures mature on Oct. 25, 2008, or at an earlier date, in
cash or common stock.  
In the event of mandatory repayment, the debentures is subject
to a 30% prepayment premium.  The debentures bear interest at a
variable rate of the greater of 500 basis points over six-month
LIBOR, or 10%, subject to an increase to 18% following event of
default.  Diomed Holdings initially issued US$7,000,000 of
convertible debentures, the amount was reduced over time.  The
conversion price of the debentures is currently at US$0.70 per
share.  Although the debentures were unsecured when issued in
2004, a subordinated security interest was granted to the
debenture holders as a condition to the debenture holders'
consent to the Hercules Term Loan on Sept. 28, 2007.  As of the
bankruptcy filing, the balance of the outstanding debentures was
US$3,536,090, plus costs.

c. Other Liabilities

The Debtors have other current liabilities, including general
unsecured liquidated accounts payable of US$1,652,001 and
accrued expenses of US$3,755,612, totaling US$5,407,614.

                        Debtors' Assets

The Debtors disclose that as of Feb. 29, 2008, they hold
accounts receivable of US$1,612,917, cash and cash equivalents
of US$309,273, inventory of US$2,626,306, prepaid expenses of
US$456,805, property and equipment of US$862,337, long-term
assets of US$4,408,240, and other assets of US$14,700,000.  The
total value of the Debtors' assets as of Feb. 29, 2008, reached
about US$24,975,881.

                      About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--  
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.  The
company also has an affiliate in Asia through Diomed Hong Kong.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


ECOMOLD LTD: Lack of Buyers Cue Wind Down of Remaining Business
---------------------------------------------------------------
Ecomold Ltd.'s joint administrators disclosed that the remaining
business is to be wound down over several months as a suitable
buyer has not been found.

James Douglas Ernle Money and Mark Jeremy Orton of KPMG LLP were  
successful in selling on the plant in Scunthorpe and saving 179
jobs, but they have not been able to find a suitable buyer for
the remaining operations in Dunstable and Southend.

Several interested parties were involved in detailed reviews of
the company but ultimately no acceptable bids to purchase all or
part of the business were made.

The joint administrators have  taken the decision that the
remaining parts of the business will enter into a phased ‘wind
down’ leading to its closure.  Current customer demand
information indicates that Dunstable will end production in
August and the Southend facility in September this year.
Customers include Ford, FCSD & Jaguar Land Rover.

"It is disappointing that we have been unable to find a suitable
buyer for the remaining operations in Dunstable and Southend,
however we would like to stress that despite this announcement
we are continuing to seek offers for the business and will
continue this process over the coming months," Mr. Orton said.

"We would like to thank all of Ecomold’s staff for their hard
work and support since the commencement of the administration,"
Mr. Orton added.

Details of the 'wind down plans' have been communicated to all
staff in a letter sent out by KPMG.

There are currently 203 members of staff at Dunstable and 181
staff at based at Southend.

As previously reported in the TCR-Europe, Mr. Money and Mr.
Orton were appointed as joint administrators of Ecomold on Nov.
29, 2007, following an application by its directors.

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

Headquartered in Southend, England, Ecomold --
http://www.ecomold.net/-- is a long established plastic
injection moulding company which specializes in providing
components for the automotive industry.  Among a wide customer
base, its customers include many well known global automotive
brands.


EUROSAIL 2006-1: Fitch Affirms Rating on Class E Notes at BB
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Eurosail 2006-1 plc.  
Eurosail 2006-1 is an RMBS transaction comprised of loans
originated by Southern Pacific Mortgages Ltd, a wholly-owned
subsidiary of Lehman Brothers.  The current ratings are:

Eurosail 2006-1 Plc:

   -- Class A1b (ISIN XS0253564545): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1c (ISIN XS0253565781): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2c (ISIN XS0253567720): affirmed at 'AAA'; Outlook
      Stable

   -- Class B1a (ISIN XS0253569007): affirmed at 'AA'; Outlook
      Stable

   -- Class B1c (ISIN XS0253571243): affirmed at 'AA'; Outlook
      Stable

   -- Class C1a (ISIN XS0253572050): affirmed at 'A'; Outlook
      Stable

   -- Class C1c (ISIN XS0253573298): affirmed at 'A'; Outlook
      Stable

   -- Class D1a (ISIN XS0253573611): affirmed at 'BBB-'; Outlook
      Negative

   -- Class D1c (ISIN XS0253574932): affirmed at 'BBB-'; Outlook
      Negative

   -- Class E (ISIN XS0253576630): affirmed at 'BB'; Outlook
      Negative

The transaction currently has 15.30% loans more than three
months in arrears, and 2.89% of loans are currently in
possession.  Losses to date have been 0.29% of the original
collateral balance. Although the arrears levels for this
transaction are high in comparison to other UK non-conforming
transactions, cash flow remains strong.  With the redemption of
the class DTC notes in June 2007, the transaction no longer has
any interest stripping mechanisms that would reduce revenue
receipts available to pay interest on the notes or cover losses.

The current level of excess spread, reported as 0.90% annualized
as per the March investor report, provides sufficient cover for
the current level of losses experienced by the transaction.
Fitch anticipates that the transaction will continue to see
rising arrears levels and higher losses as the number of loans
in possession are worked through the foreclosure process.

The Negative Outlooks have been maintained on the Class D and E
notes due to concerns over the payment shock that borrowers will
face when their fixed-rate term ends.  Over 11% (11.13%) of the
pool rolls off fixed-rate loans in December 2008 and another
22.06% will be rolling of in March 2009.  Prepayment rates have,
however, remained strong, despite the reduction of mortgage
products in the market.  Fitch anticipates prepayment rates for
the transaction will fall in the next two periods, as the number
of loans resetting from fixed or discount rates is low; however,
the relatively high prepayment rate in the last period suggests
that borrowers from this pool are able to find alternative
mortgages at the end of their fixed or discount period.

The transaction does not hedge the risk of the reset dates
between the loans and the notes.  The variable rate loans reset
on the first of each month, while the notes reset on the 15th.  
The transaction is therefore at risk of any significant
movements on LIBOR during this period.  Fitch has taken into
account this risk in its analysis of the transaction.


EUROSAIL 2006-2BL: Fitch Affirms Class F1c Notes' Rating at B
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Eurosail 2006-2BL plc.  
Eurosail 2006-2BL is an RMBS transaction comprised of loans
originated by Preferred Mortgages Ltd., a wholly-owned
subsidiary of Lehman Brothers.  The ratings are:

Eurosail 2006-2BL plc:

   -- Class A1b (ISIN XS0266228914): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1c (ISIN XS0266232197): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2c (ISIN XS0266235612): affirmed at 'AAA'; Outlook
      Stable

   -- Class B1a (ISIN XS0266238715): affirmed at 'AA'; Outlook
      Stable

   -- Class B1b (ISIN XS0266244440): affirmed at 'AA'; Outlook
      Stable

   -- Class C1a (ISIN XS0266246817): affirmed at 'A'; Outlook
      Stable

   -- Class C1c (ISIN XS0266250413): affirmed at 'A'; Outlook
      Stable

   -- Class D1a (ISIN XS0266252625): affirmed at 'BBB'; Outlook
      Negative

   -- Class D1c (ISIN XS0266256709): affirmed at 'BBB'; Outlook
      Negative

   -- Class E1c (ISIN XS0266258317): affirmed at 'BB'; Outlook  
      Negative

   -- Class F1c (ISIN XS0266260560): affirmed at 'B'; Outlook
      Negative

Unlike other transactions from the Eurosail series, Eurosail
2006-2BL does not contain any interest stripping notes in the
form of either a detachable coupon or excess spread notes.  The
absence of these notes means that available interest revenue is
not removed senior to covering for losses or to replenish the
reserve fund.

The current level of excess spread, reported as 1.13% annualized
as per the March investor report, is currently providing
adequate support to cover losses on repossessed loans without
requiring the transaction to draw on its reserve fund.  Losses
to date have been 0.13% of the original collateral balance.
Loans greater than three months in arrears and loans currently
in possession comprise 13.72% and 3.79% of the current
collateral balance, respectively.  Arrears and possession levels
are, however, rising; therefore, Fitch expects revenue receipts
to be reduced by rising arrears levels and losses to increase as
more repossession are worked through the foreclosure process.

Eurosail 06-2BL is comprised predominantly of first charge loans
and only contains 0.53% of second charge loans of the current
collateral balance. This is significantly lower than other
transactions from the Eurosail series.

The Negative Outlooks have been maintained on the Class D, E and
F notes due to concerns over the potential for higher period
losses from the proportion of loans currently in possession and
also the potential for significant increases in arrears
following the payment shock borrowers will face when their
fixed-rate term ends.  Eleven percent of the pool rolls off
fixed-rate loans in April 2008 and another 11% will revert to
variable rates in July 2008.

The transaction does not hedge the risk of the reset dates
between the loans and the notes.  The variable rate loans reset
on the first of each month, while the notes reset on the 15th.  
The transaction is, therefore, at risk of any significant
movements on LIBOR during this period. Fitch has taken into
account this risk in its analysis of the transaction.

Prepayment rates have, however, remained strong, despite the
reduction of mortgage products in the market.  Fitch anticipates
prepayment rates for the transaction will increase in the next
period as loans reset from fixed or discount.  Current
observations indicate that borrowers from these pools are, in
general, able to find alternative products at the end of their
teaser period despite the recent reduction in products available
to non-conforming borrowers.


GABRIELLA MILLER: Appoints Martin Dominic Pickard as Liquidator
---------------------------------------------------------------
Martin Dominic Pickard of Mazars LLP were appointed joint
liquidators of Gabriella Miller Ltd. on April 18 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

        Mazars LLP
        Sovereign Court
        Witan Gate
        Milton Keynes
        MK9 2HP
        England


GENERAL MOTORS: Moody's Holds B3 Rating; Changes Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service changed the rating outlook for General
Motors Corporation to negative from stable, but affirmed the
company's B3 corporate family rating and its SGL-1 speculative
grade liquidity rating.

The change in outlook reflects Moody's concerns that GMAC LLC's
ability to provide retail and wholesale funding in support of
GM's automotive operations may be eroded by the operating
weakness at its subsidiary, ResCap LLC.  GMAC's long-term rating
was lowered to B2 from B1 and remains under review for further
possible downgrade because of the risks that ResCap poses for
GMAC's capital position and liquidity profile.  Moody's believes
that in order for ResCap to have continued access to debt
capital, GMAC may be required to provide additional indications
of support for the unit and that it is likely to do so. This
support, however, could weaken GMAC's own credit profile and
limit its ability to access the secured and unsecured debt
markets.

Moody's recognizes that GMAC retains a large cash position and
sizable committed credit facilities that can support a
significant portion of anticipated new receivable originations.
In addition, should GMAC's ability to fund originations be
constrained by reduced access to debt capital, third party
lenders would likely remain willing to fund higher-quality GM
retail receivables.  Nevertheless, Moody's views the potential
erosion in GMAC's credit profile and its ability to fund retail
and wholesale receivables as a material risk factor for GM.

Bruce Clark, senior vice president with Moody's, said that "GMAC
has always filled a critical role in supporting GM's retail
sales, and anything that lessens its ability to provide that
support is a negative for GM.  We think that one of the
tradeoffs for GMAC's potential support of ResCap is an erosion
in its ability to support GM's retail sales."

Additional factors contributing to the negative outlook are the
considerable cash requirements that GM will face during 2008 and
2009.  By 2010, GM has the potential to generate positive cash
flow due, in part, to the considerable savings that will begin
to be realized from the UAW-managed health care plan established
as part of the 2007 labor contract.  Going into 2008, GM's gross
liquidity consisted of approximately US$27.3 billion in cash and
US$7.3 billion in committed credit facilities.  These liquidity
resources support the company's SGL-1 speculative grade
liquidity rating by providing substantial coverage of all cash
requirements likely to arise during the coming twelve months.
These requirements include: ongoing minimum levels of cash
required to fund intra-month working capital requirements that
can approximate 5%-6% of revenues in the automotive OEM sector;
scheduled debt repayments; a large operating cash burn
associated with declining industry volumes in North America; and
anticipated restructuring expenditures at both GM and Delphi. GM
could also be faced with additional cash expenditures related to
a resolution of the American Axle -UAW contract negotiations,
Delphi's bankruptcy emergence plans, or capital contributions to
GMAC.

"A critical element of GM's strategy is to maintain enough
liquidity to bridge the large cash consumption requirements of
2008 and 2009, until significantly lower health care
expenditures start to occur in 2010," Clark noted.  "Our key
credit concern is that while this liquidity bridge is pretty
robust through 2008, it could become more tenuous as the company
gets in into the latter half of 2009. We'll continue to focus a
lot of our attention on GM's liquidity and its adequacy to get
the company to 2010."

Although GM's approximately US$34.6 billion in gross liquidity
will amply cover all of 2008's cash requirements, the resulting
level of liquidity available to cover 2009's requirements will
be significantly reduced.  Moreover, Moody's remains concerned
that absent a material rebound in North American automotive
demand, GM's 2009 cash requirements have the potential to strain
the liquidity resources the agency expects to be available at
that time.  As a result Moody's will closely monitor GM's
operating performance, the magnitude of cash needs, and the
prevailing market conditions through the coming nine months in
order to gauge the likely sufficiency of the company's liquidity
resources to fund all requirements during 2009. Over the course
of this nine-month period, indications that cash requirements
are exceeding expectations would likely lead to a lowering of
the company's speculative grade liquidity rating. An unabated
erosion in the liquidity profile would likely be a precursor to
a downgrade of the company's long-term ratings. Conversely,
evidence that GM's intermediate term cash requirements are lower
than anticipated and that the resulting liquidity position will
adequately cover 2009's requirements would contribute to a
stabilization of the rating outlook.

General Motors Corporation, headquartered in Detroit, Michigan,
is the world's second-largest automotive manufacturer.


HARTLEY BRIGGS: Calls In Liquidators from Mazars
------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Hartley Briggs & Ross Design Co.
Ltd. on April 14 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


JESSOP & SMITH: Willie Duncan Leads Liquidation Procedure
---------------------------------------------------------
Willie Duncan of PKF (UK) LLP  and Jeffrey Mark Brenner of B & C
Associates were appointed joint liquidators of on for the
creditors' voluntary winding-up proceeding.

Mr. Duncan can be reached at:
         
         PKF (UK) LLP
         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England

Mr. Brenner can be reached at:

         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London
         NW7 3SA
         England


LEA VALLEY: Brings In Administrators from KPMG
----------------------------------------------
James Robert Tucker and Richard James Philpott of KPMG LLP were
appointed joint administrators of Lea Valley Business Centres
Ltd. (Company Number 4216987) on April 18, 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:

          Lea Valley Business Centre Ltd.
          Skillion Business Centre
          1 Hawley Road
          London
          N18 3SB
          England
          Tel: 020 88072233


MIKROLIVE LTD: Hires Liquidators from Grant Thornton
----------------------------------------------------
David Matthews and Leslie Ross of Grant Thornton UK LLP were
appointed joint liquidators of Mikrolive Ltd. on April 9 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         Kennet House
         80 Kings Road
         Reading
         RG1 3BJ
         England


NEW PCORP: Brings In Liquidators from BDO Stoy Harward
------------------------------------------------------
Malcolm Cohen and Antony David Nygate of BDO Stoy Hayward LLP
were appointed joint liquidators of New Pcorp Ltd. on April 17
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         55 Baker Street
         London
         W1U 7EU
         England

NORTHERN ROCK: UKSA Seeks Judicial Review of Compensation Order
---------------------------------------------------------------
The UK Shareholders Association is seeking a judicial review
after the Treasury rejected the plea of Northern Rock plc's
small investors for fair compensation, Christine Seib, Miles
Costello and James Rossiter write for the Times Online.

The judicial review, the Times Online says, will challenge a
legislation introduced at the time of Northern Rock's
nationalization under which compensation payouts for
shareholders are based on the assumption that the bank was
unable to continue without public aid.

The UKSA, which is being advised by David Green of Edwin Coe, is
set to lodge an application for a judicial review to the
Administrative court, part of the High Court, by May 22, the
Times Online relates.

According to the Daily Telegraph, UKSA has raised GBP60,000 from
shareholders to fund the legal campaign, which is expected to be
heard within at least a year.

A Treasury spokeswoman, however, argued that the compensation
legislation was fair and reasonable, the paper adds.

As previously reported in the TCR-Europe on March 25, 2008, the
UKSA held a press conference to disclose the first steps in the
legal actions by shareholders to obtain fair recompense for the
compulsory purchase of their shares by the Government.  In
addition they gave details of the launch of a campaign to raise
funds to cover legal and other expenses associated with the
campaign.

                     The Basis of the Case

In UKSA's view the UK Government have confiscated the shares
even though there was a good private sector solution on the
table that would have enabled the company to recover and to
repay the debts it owed to the Bank of England.

According to the UKSA, they have promised to pay some
compensation but have rigged the basis of the valuation of the
shares so that shareholders are likely to get very little or
nothing (newspapers have been suggesting it could be as little
as 5 pence per share and the UKSA also believes it will be a
negligible figure).

The UKSA claimed the reason they have done this is apparently
because they have deduced that it offers "better value" to the
Government to acquire the shares for a pittance, and then sell
off the company after a period of "temporary public ownership"
to the highest bidder.  The association noted that there is no
commitment to give back to former shareholders any interest in
the company when it is subsequently sold, so they will not
benefit from any recovery in the business.

                 Rigging the Independent Valuation

How have they rigged the compensation terms?  

The UKSA said they have set the terms of reference for the
independent valuation by specifying that these assumptions
(among others) should apply:
   
   a) that the company is unable to continue as a going concern;
      and

   b) that the company is in administration.

These "assumptions" clearly did not apply when the
nationalization took place.  The company was not in
administration, and was trading normally and as a going concern
as Ministers have repeatedly said in Parliament and elsewhere.
Such terms of reference for the valuation of any company are
likely to result in a negligible valuation.

In addition the selection of the valuers is solely at the
discretion of the Treasury and there is no guarantee that they
will be unbiased and impartial.

         The Government Benefiting from its Own Actions

It is a general principle followed in commercial disputes that
anyone who damages the value of a business should not benefit as
a result in any subsequent valuation of that business.  But here
the UKSA alleged the Government and its agencies caused many of
the problems that Northern Rock faced.

            A Legal Challenge is Justifiable

The UKSA considers the valuation approach to be unlawful,
immoral and unethical and it believes that the Government should
not gain by being able to purchase the company cheaply as a
result of its own actions.  The association has taken legal
advice on these issues and it believes there is good grounds to
pursue legal action to challenge many aspects of this process
and the likely compensation that will be offered.

The UKSA believes that shareholders have a prima facie case that
their human rights have been violated under the Human Rights Act
1998 and the European Convention on Human Rights.  In
particular, the Act and the Convention protect rights in
property from the type of action which has been taken by the
Government here.

In the UKSA's view a proper, independent valuation of this
business when it was acquired by the Government might produce a
figure of more like GBP5 than 5 pence per share, which gives you
a measure of how much compensation it believes shareholders
should be asking for as opposed to what the Government wishes to
pay.  However, the association noted that it does not wish to
prejudge any valuation as not all the necessary financial
information is available to them at this time – all it asks is
that the valuation should be done on a normal commercial basis
with shareholders and the Government being able to make
submissions about the factors that might affect the conclusion.

But it is certainly not natural justice that a buyer of any
business should dictate the terms of reference for the
determination of the purchase price.

                Launch of Legal Action Fund

The UKSA estimates that there are over 150,000 private
individuals who have been affected by this matter.  It is
therefore asking everyone who was a shareholder in Northern Rock
to register their interest in this legal challenge and
contribute a minimum of GBP25.  Larger donations are invited
from shareholders with more than 1,000 shares, in proportion to
their holdings.

                Details of Legal Action

David Greene of Edwin Coe, UKSA's solicitors, has sent a "letter
before action" to the Treasury on behalf of three representative
plaintiffs (members of the group) outlining its claim that
there is a breach of the European Convention of Human Rights in
how the nationalization Act and the Compensation Order are
framed and requesting a response within 21 days.  The intention
is to seek a judicial review if there is no acceptable response.
SRM Global has sent a similar letter and it is likely that other
institutions may join in at a later date.  The association noted  
that although there is likely to be a joint case because clearly
the claims are similar, it would need separate legal
representation.

                    About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *

In December 2007, Moody's Investors Service downgraded to E+
from D+ Northern Rock's Bank Financial Strength Rating.  The E+
maps into a Baseline Credit Assessment of B1.

The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively.  All of
these ratings have negative outlooks.  Northern Rock's short-
term rating was affirmed at Prime-1.


PETROLEOS DE VENEZUELA: Output Totals 1.1 Bln. Barrels in 2007
--------------------------------------------------------------
El Universal reports that Venezuelan oil production in 2007
totaled 1.1 billion barrels or 3.13 million barrels per day,
exactly the amount reported in Petroleos de Venezuela SA's
audited financial statements.  

As reported in the Troubled Company Reporter-Latin America on
April 23, 2008, the Venezuelan government will discuss in May
the discrepancy between Petroleos de Venezuela's oil output
figures and estimates from the Organization of Petroleum
Exporting Countries.  The Venezuelan government said that its
daily output is about 3.3 million barrels, but outside estimates
have placed Venezuela's actual production below official levels.  
Venezuela was producing about 2.33 million barrels per day
"based on secondary sources," and the International Energy
Agency placed the nation's daily oil production at 2.44 million
barrels, OPEC said.

According to El Universal, the Energy and Petroleum Ministry
disclosed in the edition of the Official Gazette on
April 18, 2008, the addition of 748.46 million barrels of oil to
Venezuelan proven reserves in the fourth quarter 2007, bringing
the total amount of reserves to 99.37 billion barrels as of
Dec. 31, 2007.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                       *     *     *

On April 24, 2008, Standard & Poor's Ratings Services affirmed
its 'BB-' long-term corporate credit rating on Petroleos de
Venezuela S.A.  The outlook is stable.


PETROLEOS DE VENEZUELA: Takes Over Diques y Astilleros
------------------------------------------------------
Petroleos de Venezuela SA has assumed control Diques y
Astilleros Nacionales CA as part of a plan for Venezuela to
build its own oil tankers and offshore rigs, Steven Bodzin of
Bloomberg News reports.

The shipbuilder was transferred to PDVSA through a resolution
published in the Official Gazette, the formal record of
government actions.  Diques y Astilleros was previously owned by
Venezuela's defense ministry, the report notes.

According to the report, PDVSA has plans to expand its fleet as
it increases supply to Asia.  Two ships were built in Argentina
and PDVSA would build its own ships.

Bolivarian News Agency disclosed that Diques y Astilleros
Nacionales would build a naval vessel.  Iran would assist in
building oil vessels.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                       *     *     *

On April 24, 2008 Standard & Poor's Ratings Services affirmed
its 'BB-' long-term corporate credit rating on Petroleos de
Venezuela S.A.  The outlook is stable.


PETROLEOS DE VENEZUELA: Selling Fuel Oil to Petrobras
-----------------------------------------------------
Petroleos de Venezuela SA has sold a prompt-loading 270,000-
tonne cargo of fuel oil to Petroleo Brasileiro via private deals
following the cancellation of a tender earlier due to poor price
offers, the Economic Times reports, citing certain traders.

The traders said in a statement that both companies are all
connected in more ways than one.  The companies were partnered
in a US$4.5 million joint-venture refinery project.  Under the
project, the construction was set in northeastern Brazil with
100,000 barrels per day, the report states.

According to the traders, the cargo, based on current market
prices, was valued at a discount of about US$14 to Singapore
spot quotes, on freight-on-board (FOB) basis.  The cargo would
likely be shipped to Asia, the report adds.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                       *     *     *

On April 24, 2008 Standard & Poor's Ratings Services affirmed
its 'BB-' long-term corporate credit rating on Petroleos de
Venezuela S.A.  The outlook is stable.


POLESTAR HOLDINGS: Appoints Liquidators from BDO Stoy Hayward
-------------------------------------------------------------
Malcolm Cohen and Antony David Nygate of BDO Stoy Hayward LLP
were appointed joint liquidators of Polestar Holdings Ltd.
(formerly Topweb Ltd. and Alnery No.1716 Ltd.) on April 17 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         55 Baker Street
         London
         W1U 7EU
         England


SEA CONTAINERS: SCSL Panel Asks Documents on Pension Dispute
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Services Ltd. asks the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to compel the
Official Committee of Unsecured Creditors of Sea Containers Ltd.
to produce documents that have been withheld on the basis of the
common interest privileges between the SCL Committee and the DIP
Lenders or the Bondholders.

As previously reported, the Debtors asked the Court to approve
the pension scheme agreement between them and the trustees of
the two main Sea Containers Pension Schemes to agree on the
amount of their claims against the Sea Containers estate.

As a result of extensive negotiations that commenced prior to
the bankruptcy filing and have continued throughout these
Chapter 11 cases, the Debtors, their Official Committee of
Unsecured Creditors, and the Trustees agreed to the Settlement
under which the Schemes' claims against the Debtors are fully
resolved.

The SCSL Committee's Document Requests seek to obtain from the
SCL Committee various categories of documents directly relevant
to the issues raised by its objection to the Settlement,
including:

  -- documents relating to the SCL Committee's evaluation and
     analysis of the Pension Schemes' claims;

  -- documents concerning communications between the SCL
     Committee and the Debtors or their creditors about:

     * the Pension Schemes' claims;

     * the SCL Committee's contention that the Pension Schemes
       and the SCSL Committee violated the automatic stay; and

     * set-off rights between the Debtors; and

  -- documents relating to the grounds raised in the objection
     to the Pension Schemes' proofs of claim filed by the SCL
     Committee.

Mr. Stratton says the SCL Committee has not produced, and does
not intend to produce, a privilege log for the documents
withheld
based on the common interest privileges it asserted.  Although
the parties did agree that privilege logs need not be produced
for documents withheld based on the attorney-client privilege or
attorney-work product doctrine, reflecting communications
between
the committees and their members and advisors, no agreement was
reached with respect to documents withheld based on a common
interest privilege, he continues.

                  Dispute on Common Interests

David B. Stratton, Esq., at Pepper Hamilton LLP, in Wilmington,
Delaware, argues that the SCL Committee's assertion that it has
a
"common interest" privilege with respect to all communications
between the SCL Committee and two groups of creditors, the DIP
Lenders, and a group of unsecured bondholders represented by
Kramer Levin Naftalis & Frankel LLP, is not supported by law.

Mr. Stratton tells Judge Carey that there is no common interest
between the DIP Lenders and the SCL Committee.  He asserts that
the interests of the DIP Lenders, by virtue of their position,
differ significantly from, and potentially conflict with, the
interests of unsecured creditors.  He notes that it was this
divergence in interest that led the U.S. Trustee to remove
certain noteholders, who became DIP Lenders, from the original
SCL Committee.  Hence, he points out, the SCL Committee cannot
withhold communications with the DIP Lenders under the guise of
a
"common interest" privilege.

Although the SCL Committee and the Bondholders may share a
common
commercial interest, that interest alone is insufficient to give
rise to a common interest privilege, Mr. Stratton argues.  He
contends that the SCL Committee cannot demonstrate that it
shares
a common legal interest with the Bondholders in opposing the
Debtors' request to approve the settlement regarding the pension
claims.

As a result of the expansive privileges asserted by the SCL
Committee, its entire document production consists of seven
documents, a number of which are duplicates, totaling eleven
pages in the aggregate, Mr. Stratton tells the Court.  He notes
that the SCSL Committee, the Sea Containers 1983 Pension Scheme
and the Sea Containers 1990 Pension Scheme have produced more
than 20,000 pages of documents in response to the SCL
Committee's
discovery requests.

                           Objections

A. SCL Committee

The SCL Committee tells Judge Carey that the SCSL Committee's
document requests seek to compel disclosure of communications
among the SCL Committee, creditors and DIP Lenders concerning:

  -- the claims asserted by the Pension Schemes;

  -- whether the SCSL Committee acted in violation of the
     automatic stay in taking steps to procure the Pension
     Claims;

  -- the Debtors' request to approve the Settlement; and

  -- any settlement discussions regarding the Pension Claims.

William  H. Sudell, Jr., Esq., at Morris, Nichols, Arsht &
Tunnell LLP, in Wilmington, Delaware, says the SCL Committee is
stranger to the Settlement and the request to approve the
Settlement because it played no part in the facts and
circumstances that form the basis for the Pension Claims and
equalization matters that were resolved in the Settlement.  
Hence, he asserts, there is no historical fact that the SCL
Committee could provide documents that would be in any way
relevant in evaluating the issues presented by the Settlement.

Mr. Sudell contends that the communications among the SCL
Committee, certain creditors, and the DIP Lenders, that the SCSL
Committee seeks to compel took place in aid of a common interest
arising in connection with litigation -- resisting the dilutive
effect on creditors of allowance of the Pension Claims in an
inflated amount.  He notes that the communications necessarily
took place in the conduct of SCL Committee's duties as an
official committee.

The communications are irrelevant to the facts that would
determine the merits of the Settlement Request, and are
protected
by the common-interest privilege, Mr. Suddell argues.  He adds
that the disclosure of the communications would chill the:

  -- SCL Committee from carrying its function,

  -- creditors from obtaining the benefit of the official
     committee, and

  -- inhibit the orderly plan process.  

Hence, the SCL Committee asks the Court to deny the request to
compel.

B. Bondholders

Bondholders Contrarian Capital Advisors, LLC; J.P. Morgan
Securities Inc.; Credit Trading Group; Post Advisory Group, LLC;
Trilogy Capital LLC; and Varde Investment Partners, L.P.; say
that while they are not aware of the specific documents the SCL
Committee has withheld pursuant to the common interest
privilege, there can be little debate that the privilege applies
to communications between the SCL Committee and the Bondholders,
and their counsel and advisors.

The Bondholders inform the Court that they have had numerous
detailed communications concerning the legal merits of the
Pension Claims and the Settlement Request, as well as strategy
and tactics related to the SCL Committee's litigation against
both.  They relate that included in their communications are the
objectives and interests of the Bondholders and the SCL
Committee.  Hence, the Bondholders point out that their
privileged communications with the SCL Committee fall squarely
within the common interest privilege.

The Bondholders also argue that they share a common legal
interest with the SCL Committee in assuring that the allowed
amount of the Pension Claims conforms to all applicable legal
requirements, and in challenging a Settlement, which fails to
reasonably reflect those requirements.  Accordingly, the
Bondholders ask the Court to deny SCSL Committee's request.

C. Mariner Investment Group

Mariner Investment Group Inc., one of the DIP Lenders, joins and
supports the SCL Committee's objection to the request.  Mariner
objects to the document production request as it relates to
communications between Mariner Investment and the SCL Committee
concerning the Pension Claims.

Janet M. Weiss, Esq., at Gibson, Dunn & Crutcher LLP, in New
York, contends that communications with Mariner Investment could
not possibly have any bearing on approval of the Pension
Settlement because it has not filed any objection or other
pleadings in connection with the settlement.  She adds that the
request is not, by any stretch, "reasonably calculated to lead
to the discovery of admissible evidence," pursuant to Rule
26(b)(1) of the Federal Rules of Civil Procedure.

"The [SCSL] Committee's request for communications between
Mariner and the SCL Committee is merely a litigation tactic
designed to chill open discussions between Mariner and the SCL
Committee, which is representing Mariner's substantial interests
as a bondholder," Ms. Weiss points out.

Ms. Weiss further argues that the request, which is specifically
aimed at the DIP Lenders is "nothing more than an intimidation
tactic," which creates wasteful expense and harms to the
bankruptcy estates.  Hence, Mariner Investment asks the Court to
limit the scope of the SCSL Committee's discovery to exclude
documents reflecting any communications with the DIP Lenders
relating to the Pension Claims.

                      About Sea Containers

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

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

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

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

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

The Debtors were not able to file a Chapter 11 plan of
reorganization on April 15, 2008.  (Sea Containers Bankruptcy
News, Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  


UNITED EGG: Names David Hill as Administrator
---------------------------------------------
David Hill of Begbies Traynor was named administrator of United
Egg Ltd. (Company Number 04522197) on April 11, 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:

          United Egg Ltd.
          Unit 18
          Llandough Trading Estate
          Cardiff
          South Glamorgan
          CF11 8RR
          England
          Tel: 029 2070 5701
          Fax: 029 2070 5366


WHISTLEJACKET CAPITAL: Creditors' Meeting Slated for May 9
----------------------------------------------------------
Creditors of Whistlejacket Capital Ltd. (Company Number
114992ZJY) will meet at 10:00 a.m. on May 9, 2008, at:

          Clifford Chance  
          4 Coleman Street
          London  
          EC2R 5JJ
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 8, 2008, at:

         N.B. Kahn
         Joint Administrative Receiver
         Deloitte & Touche  
         Athene Place
         66 Shoe Lane
         London  
         EC4A 3BQ
         England

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


Y.C. PLASTICS: Taps Joint Administrators from Baker Tilly
---------------------------------------------------------
Andrew Sheridan and Guy Mander of Baker Tilly Restructuring and
Recovery LLP were appointed joint administrators of Y.C.
Plastics Ltd. (Company Number 02955114) on April 15, 2008.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

          Y.C. Plastics Ltd.
          Litchard Industrial Estate
          Bridgend
          Mid Glamorgan
          CF31 2AL
          England
          Tel: 01656 647 774
          Fax: 01656 647 323


* BOND PRICING: For the Week April 21 to April 25, 2008
-------------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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