TCREUR_Public/080429.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

            Tuesday, April 29, 2008, Vol. 9, No. 84

                            Headlines


A U S T R I A

DJAKOVIC BAUTRAGER: Claims Registration Period Ends June 5
ENERXI HANDEL: Claims Registration Period Ends May 28
GSCHWANDTNER KG: Claims Registration Period Ends June 3
MULAOSMANOVIC KEG: Claims Registration Period Ends May 23
STARLIGHT GASTRO: Claims Registration Period Ends May 19


G E R M A N Y

AUTOHAUS FRIEDRICHSORT: Claims Registration Period Ends May 22
GETRANKE BAYER: Claims Registration Ends May 16
GRUENBAU REMSCHEID: Claims Registration Ends May 16
GUENTER SAAGE: Claims Registration Ends May 16
HANSE-MASSIVBAU: Claims Registration Period Ends May 22

KAMA KAULSDORFER: Claims Registration Period Ends May 22
KARL WERNER: Claims Registration Period Ends May 16
KARL-HANS BAUER: Creditors Meeting Slated for May 16
KOSLOWSKI & SOHN: Claims Registration Period Ends May 16
KUECHENDESIGN IM SPREEBELLEVUE: Claims Registration Ends May 22

KUNSTSTOFF UND METALLTEILE: Claims Registration Ends May 16
KWAAK GMBH: Claims Registration Period Ends May 22
MITOSINKA GARTEN: Claims Registration Period Ends May 22
MTU AERO: Earns EUR44.2 Million in First Quarter of 2008
NEVERINER TIEF: Claims Registration Period Ends May 22

NORD STERN: Claims Registration Period Ends May 22
NORDMEYER GMBH: Claims Registration Period Ends May 22
P. H. HOTEL: Claims Registration Period Ends May 16
PIN MAIL 59: Claims Registration Period Ends May 22
PIN MAIL INGOLSTADT: Claims Registration Period Ends May 22

PIN MAIL STUTTGART: Claims Registration Period Ends May 22
PIN MAIL SUEDOST: Claims Registration Period Ends May 22
PIN MAIL THUERINGEN: Claims Registration Period Ends May 22
PIN SHARED: Claims Registration Period Ends May 22
PIN SORTIERSERVICE: Claims Registration Period Ends May 22

POST SERVICE WESTFALEN: Claims Registration Period Ends May 22
SERVICE GMBH: Claims Registration Ends May 16
ODS MASTERING: Claims Registration Ends May 16


I R E L A N D

AURELIUS CAPITAL: S&P Rates Class E Notes at BB with Watch Neg.
SMURFIT KAPPA: S&P Lifts Rating on Improved Operations to BB
STANTON VINTAGE: S&P Rates US$159.6 Mln Class E Notes at BB


I T A L Y

MICRON TECHNOLOGY: S&P Holds 'BB-' Rating on Ample Liquidity


K A Z A K H S T A N

AK-KABAK LLP: Creditors Must File Claims by June 6
BAAD LLP: Claims Deadline Slated for June 6
EDELVEIS LLP: Claims Filing Period Ends June 10
KAMAZ-DIZEL LLP: Creditors' Claims Due on June 6
KAZ-TUMEN JSC: Claims Registration Ends June 11

LORGATE MANAGEMENT: Creditors Must File Claims by June 11
WIMPEX CONSTRUCTION: Claims Deadline Slated for June 11


K Y R G Y Z S T A N

SILK BEACH: Creditors Must File Claims by June 6


N E T H E R L A N D S

KINETIC CONCEPTS: Earns US$68 Million in First Quarter 2008
KINETIC CONCEPTS: Moody's Rates Proposed US$1.3BB Loan at Ba1
KINETIC CONCEPTS: 2008 Shareholders' Meeting Scheduled on May 20
YRC WORLDWIDE: Posts US$45.8 Million Net Loss in First Quarter
YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating


L U X E M B O U R G

AMERICAN AXLE: Posts US$27 Million Net Loss in 1Q 2008
GOODYEAR TIRE: Earns US147 Million in 2008 First Quarter


P O L A N D

BUCYRUS INT'L: Earns  US$41.1 Million in Quarter Ended March 31
BUCYRUS INT'L: Inks Preliminary JV Agreement with Huainan


R U S S I A

AMK CJSC: Tyumen Bankruptcy Hearing Slated for June 17
CENTRAL TELECOMMUNICATIONS: Plans 16,000 Job Cuts by 2012
KAMAZ LLC: Astrakhan Bankruptcy Hearing Slated for June 19
NORTH EXPEDITION: Bankruptcy Hearing Slated for June 20
PERVOMAYSKOE CJSC: Creditors Must File Claims by May 22

SPRING CJSC: Udmurtiya Bankruptcy Hearing Slated for July 22
TITAN PETROCHEMICAL: S&P Cuts Rating to B on Weak Performance


S L O V A K   R E P U B L I C

U.S. STEEL: R. Beltz Named as North-Am Flat-Rolled Marketing GM


S P A I N

GRUPO AISA: Asks Court to Dismiss Creditors' Insolvency Petition


S W I T Z E R L A N D

CASTELL WINE: St. Gallen Court Starts Bankruptcy Proceedings
DRIVER POOL: Creditors' Liquidation Claims Due by July 18
HOT CYCLE: Creditors' Liquidation Claims Due by May 26
INPART INVESTMENT: Creditors' Liquidation Claims Due by June 30
JSUALKIN LLC: Creditors' Liquidation Claims Due by June 12

LONDON LANGUAGE: Creditors' Liquidation Claims Due by May 31
MALEGA LLC: Creditors' Liquidation Claims Due by May 21
VINTSY JSC: Lucerne Court Starts Bankruptcy Proceedings


U K R A I N E

AGRO LI: Proofs of Claim Deadline Set May 10
CHUTOV AGRICULTURAL: Creditors Must File Claims by May 9
CONSTRUCTION CHEMICAL: Creditors Must File Claims by May 9
EUROPEAN EXPRESS: Creditors Must File Claims by May 10
GORMACH CJSC: Proofs of Claim Deadline Set May 9

MIR LLC: Creditors Must File Claims by May 9
MOTORCARINDUSTRIALWELDING PLANT: Creditors' Claims Due May 10
SCIENCE-TECHNICAL: Creditors Must File Claims by May 10
UKRTECHNOPLAST LLC: Creditors Must File Claims by May 10


U N I T E D   K I N G D O M

AMPEX CORPORATION: U.S. Trustee Forms Five-Member Committee
ASCOT INTERIORS: Brings In Liquidators from KPMG
BAA LTD: Airports Ownership May Not Be Good, UKCC Says
BAA LTD: JPMorgan Report Affirms Risk of Default Within a Year
BUTLER AND TANNER: Goes Into Receivership; 287 Jobs Affected

CIBENZE SERVICES: Taps Joint Administrators from BDO Stoy
CLEAR CHANNEL: Set to Release 1st Quarter 2008 Results on May 9
CLEAR CHANNEL: Further Extends Offers' Expiration Date to May 2
CREAM COMPUTER: Hires Liquidators from Tenon Recovery
CREATIVE BUSINESS: Brings In Menzies as Administrators

EVESHAM TECHNOLOGY: Ceases Acceptance of PC Orders
GRETNA FOOTBALL: Faces Liquidation as Offers Remain Unseen
HALIFAX TOWN: Administrators Reveal Proposal for Creditors
HEXCEL CORP: Moody's Keeps Ba3 Corporate Family Rating
INTERNET TELECOMMUNICATIONS: Taps Administrators from Tenon

MELDRUM YOUNG: Taps Begbies & Chantrey to Administer Assets
NPS PHARMA: December 31 Balance Sheet Upside-Down by US$188MM
NPS PHARMA: Annual Shareholders’ Meeting Scheduled on May 22
PAINTER SALTER: Appoints Joint Administrators from KPMG
POWERFORCE RECRUITMENT: Calls In Liquidators from PwC

PRO-LIGHT LABEL: Claims Filing Period Ends May 23
TARANATA LTD: Duncan R. Beat Leads Liquidation Procedure
TIMEWARP DISTRIBUTION: Taps Liquidators from Tenon Recovery
TZARINA JEWELS: Appoints Colin Prescott as Liquidator

* UK Corporate Insolvencies Up 17% to 3,359 in First Qtr. 2008

* Large Companies with Insolvent Balance Sheet


                            *********


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


DJAKOVIC BAUTRAGER: Claims Registration Period Ends June 5
----------------------------------------------------------
Creditors owed money by LLC Djakovic Bautrager (FN 252339m) have
until June 5, 2008, to file written proofs of claim to court-
appointed estate administrator Peter Schulyok at:

          Dr. Peter Schulyok
          c/o Dr. Arno Maschke
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: schulyok-unger@csg.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on June 19, 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 8, 2008 (Bankr. Case No. 5 S 27/08t).  Arno Maschke
represents Dr. Schulyok in the bankruptcy proceedings.


ENERXI HANDEL: Claims Registration Period Ends May 28
-----------------------------------------------------
Creditors owed money by LLC EnerXI Handel (FN 270410m) have
until May 28, 2008, to file written proofs of claim to court-
appointed estate administrator Arno Maschke at:

          Dr. Arno Maschke
          c/o Dr. Philipp Dobner
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: maschke@sup.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on June 11, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 8, 2008 (Bankr. Case No. 2 S 44/08w).  Philipp Dobner
represents Dr. Maschke in the bankruptcy proceedings.


GSCHWANDTNER KG: Claims Registration Period Ends June 3
-------------------------------------------------------
Creditors owed money by KG GSCHWANDTNER have until June 3, 2008,
to file written proofs of claim to court-appointed estate
administrator Erhard Hackl at:

          Dr. Erhard Hackl
          c/o Mag. Markus Weixlbaumer  
          Hofgasse 7
          4020 Linz
          Austria
          Tel: 0732/776234, 776235
          E-mail: hackl.hatak@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on June 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Enns, Austria, the Debtor declared bankruptcy
on April 8, 2008 (Bankr. Case No. 14 S 22/08w).  Markus
Weixlbaumer represents Dr. Hackl in the bankruptcy proceedings.


MULAOSMANOVIC KEG: Claims Registration Period Ends May 23
---------------------------------------------------------
Creditors owed money by KEG MULAOSMANOVIC (FN 183131k) have
until May 23, 2008, to file written proofs of claim to court-
appointed estate administrator Clemens Richter at:

          Mag. Clemens Richter  
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 712 33 30
          Fax: 712 33 30 30
          E-mail: kanzlei@engelhart.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 8, 2008 (Bankr. Case No. 28 S 51/08s).  


STARLIGHT GASTRO: Claims Registration Period Ends May 19
--------------------------------------------------------
Creditors owed money by LLC Starlight GASTRO (FN 284468k) have
until May 19, 2008, to file written proofs of claim to court-
appointed estate administrator Dominik Maringer at:

          Mag. Dominik Maringer
          Salzburgerstrasse 4
          4840 Voecklabruck
          Austria
          Tel: 07672/22625-0
          Fax: 07672/22625-22
          E-mail: ra.md@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:40 p.m. on May 29, 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 Regau, Austria, the Debtor declared bankruptcy
on April 4, 2008 (Bankr. Case No. 20 S 44/08h).  


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


AUTOHAUS FRIEDRICHSORT: Claims Registration Period Ends May 22
--------------------------------------------------------------
Creditors of Autohaus Friedrichsort Beteiligungsgesellschaft mbH
have until May 22, 2008, to register their claims with court-
appointed insolvency manager Ute Jacob.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Kiel
          17 Deliusstr. 22
          Kiel
          Germany

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

The insolvency manager can be reached at:

          Ute Jacob
          Lorentzendamm 19
          24103 Kiel
          Germany
          Tel: 0431/319110
          Fax: 0431/3191111

The District Court of Kiel opened bankruptcy proceedings against
Autohaus Friedrichsort Beteiligungsgesellschaft mbH on March 28,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Autohaus Friedrichsort Beteiligungsgesellschaft mbH
          Attn: Jens Rathje, Manager
          Friedrichsorter Str. 74
          24159 Kiel
          Germany


GETRANKE BAYER: Claims Registration Ends May 16
-----------------------------------------------
Creditors of Getranke Bayer GmbH have until May 16, 2008 to
register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Ansbach
         Meeting Hall 1
         Promenade 8
         91522 Ansbach
         Germany

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

The insolvency manager can be reached at:

         Joachim Exner
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911-951285-0
         Fax: 0911-95128510

The District Court of Ansbach opened bankruptcy proceedings
against Getranke Bayer GmbH on April 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Getranke Bayer GmbH
         Louis-Schmetzer-Str. 8
         91522 Ansbach
         Germany


GRUENBAU REMSCHEID: Claims Registration Ends May 16
---------------------------------------------------
Creditors of Gruenbau Remscheid GmbH have until May 16, 2008 to
register their claims with court-appointed insolvency manager
Sven Bader.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Sven Bader
         Carl-Grueber-Weg 14
         42853 Remscheid
         Germany
         Tel: 02191/421010
         Fax: 02191/421070

The District Court of Wuppertal opened bankruptcy proceedings
against Gruenbau Remscheid GmbH on April 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gruenbau Remscheid GmbH
         Attn: Hikmet Sivrikaya, Manager
         Bahnhofstrasse 1
         42897 Remscheid
         Germany


GUENTER SAAGE: Claims Registration Ends May 16
----------------------------------------------
Creditors of Guenter Saage Entsorgungswirtschaft GmbH have until
May 16, 2008 to register their claims with court-appointed
insolvency manager Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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 Stratenwerth
         Lemgoer Strasse 4
         33604 Bielefeld
         Germany
         Tel: 0521/9651636
         Fax: 0521/9651617

The District Court of Paderborn opened bankruptcy proceedings
against Guenter Saage Entsorgungswirtschaft GmbH on March 28,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Guenter Saage Entsorgungswirtschaft GmbH
         Ralph Gerdes
         Talle 95
         33102 Paderborn
         Germany


HANSE-MASSIVBAU: Claims Registration Period Ends May 22
-------------------------------------------------------
Creditors of Hanse-Massivbau GmbH have until May 22, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 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:

          Wolfgang Weidemann
          Wendenstrasse 4
          20097 Hamburg
          Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Hanse-Massivbau GmbH on March 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Hanse-Massivbau GmbH
          Schillerstr. 15
          17109 Demmin
          Germany


KAMA KAULSDORFER: Claims Registration Period Ends May 22
--------------------------------------------------------
Creditors of KaMa Kaulsdorfer Maler GmbH have until May 22,
2008, to register their claims with court-appointed insolvency
manager Philipp Hacklander.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on July 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Dr. Philipp Hacklander
          Genthiner Str. 48
          10785 Berlin
          Germany

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

The Debtor can be reached at:

          KaMa Kaulsdorfer Maler GmbH
          Brodauer Str. 38
          12621 Berlin
          Germany


KARL WERNER: Claims Registration Period Ends May 16
---------------------------------------------------
Creditors of Karl Werner Objekteinrichtungen GmbH have until
May 16, 2008, to register their claims with court-appointed
insolvency manager Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Germany

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

The Debtor can be reached at:

         Karl Werner Objekteinrichtungen GmbH
         Schulze-Delitzsch-Str. 17
         33100 Paderborn
         Germany

         Attn: Guenter Rohr, Manager
         Kornmesserstr. 8
         12205 Berlin
         Germany


KARL-HANS BAUER: Creditors Meeting Slated for May 16
----------------------------------------------------
The court-appointed insolvency manager for Karl-Hans Bauer
Kunststoffverarbeitung GmbH, Gerhard Tonhzuser, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 2:00 p.m. on May 5, 2008.

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

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

Creditors have until May 16, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Gerhard Tonhzuser
         Moltkestrasse 40
         74072 Heilbronn
         Germany
         Tel: 07131/60990
         Fax: 07131/609961


The District Court of Heilbronn opened bankruptcy proceedings
against Karl-Hans Bauer Kunststoffverarbeitung GmbH on
April 1, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Karl-Hans Bauer Kunststoffverarbeitung GmbH
         Attn: Reinhard Bauer, Manager
         Eichelbergstrasse 29
         74429 Sulzbach-Laufen
         Germany


KOSLOWSKI & SOHN: Claims Registration Period Ends May 16
--------------------------------------------------------
Creditors of Koslowski & Sohn Gesellschaft fuer Sanitzr- und
Heizungsbau mbH have until May 16, 2008, to register their
claims with court-appointed insolvency manager Dr. Olaf
Buechler.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Koslowski & Sohn Gesellschaft fuer Sanitzr- und
Heizungsbau mbH on April 10, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Koslowski & Sohn Gesellschaft fuer
         Sanitzr- und Heizungsbau mbH
         Attn: Markus Lutz, Manager
         Sandfoort 128
         22415 Hamburg
         Germany


KUECHENDESIGN IM SPREEBELLEVUE: Claims Registration Ends May 22
---------------------------------------------------------------
Creditors of Kuechendesign im SpreeBellevue GmbH have until
May 22, 2008, to register their claims with court-appointed
insolvency manager Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Kuechendesign im SpreeBellevue GmbH on Feb.
19, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Kuechendesign im SpreeBellevue GmbH
          Joachim-Karnatz-Allee 47
          10557 Berlin
          Germany


KUNSTSTOFF UND METALLTEILE: Claims Registration Ends May 16
-----------------------------------------------------------
Creditors of Kunststoff und Metallteile GmbH have until
May 16, 2008, to register their claims with court-appointed
insolvency manager Hans Peter Runkel.

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

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Hans Peter Runkel
         Friedrich-Ebert-Strasse 146
         42117 Wuppertal
         Germany
         Tel: 0202/30 20 71
         Fax: 0202/31 47 08

The District Court of Wuppertal opened bankruptcy proceedings
against Kunststoff und Metallteile GmbH on April 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kunststoff und Metallteile GmbH
         Attn: Ralph Burchardt, Manager
         Liegnitzer Strasse 7
         42277 Wuppertal
         Germany


KWAAK GMBH: Claims Registration Period Ends May 22
--------------------------------------------------
Creditors of Kwaak GmbH have until May 22, 2008, to register
their claims with court-appointed insolvency manager Wolf-Dieter
H. Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Wilhelmshaven
          Hall 109
          Old Building
          Marktstrasse 15-17
          26382 Wilhelmshaven
          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:

          Wolf-Dieter H. Weber
          Hauptstrasse 91
          D 26182 Edewecht
          Germany
          Tel: 04405/7071
          Fax: 04405/8046
          E-mail: Kanzlei@Weber-Kanzlei.de  

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

The Debtor can be reached at:

          Kwaak GmbH
          Attn: Marinus van Loef, Manager
          Muehlenweg 10
          26384 Wilhelmshaven
          Germany


MITOSINKA GARTEN: Claims Registration Period Ends May 22
--------------------------------------------------------
Creditors of Mitosinka Garten- und Landschaftsbau GmbH have
until May 22, 2008, to register their claims with court-
appointed insolvency manager Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hameln
          Hall 106
          Zehnthof 1
          31785 Hameln
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Hans-Peter Burghardt
          Bunsenstr. 3
          D 32052 Herford
          Germany
          Tel: 05221/693 0731
          Fax: 05221/693 0691 o. 9

The District Court of Hameln opened bankruptcy proceedings
against Mitosinka Garten- und Landschaftsbau GmbH on April 2,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Mitosinka Garten- und Landschaftsbau GmbH
          Landwehrgarten 1
          31840 Hess. Oldendorf
          Germany


MTU AERO: Earns EUR44.2 Million in First Quarter of 2008
--------------------------------------------------------
MTU Aero Engines Holding AG improved its EBITDA by 9% in the
first three months of 2008, from EUR90.6 million in the
equivalent period of 2007 to EUR98.3 million.  The EBITDA margin
increased by 1.5 percentage points to 15.6%.  Revenues of EUR630
million were generated in the first three months of 2008,
remaining close to the previous year's level (1-3/07: EUR640.6
million).  After adjustments for the U.S. dollar exchange rate,
revenues increased by 10%.

MTU's first-quarter net income more than doubled to EUR44.2
million (1-3/07: EUR18 million).  The 2007 figure includes a
nonrecurring charge for the early redemption premium in
connection with the high yield bond.  Excluding this exceptional
charge, net income increased by 40%.

"These results show that MTU is still a highly profitable
company, despite the continuing unfavorable U.S. dollar exchange
rate situation," MTU CEO Egon Behle commented.  "The first
quarter’s results substantiate our expectations for the
financial year 2008 as a whole.  We are confident that we will
reach the targets we have set, and we intend to optimize costs
still further in order to do so."

Developments during the first three months of 2008:

Like revenues at group level, revenues in the OEM and MRO
segments roughly matched those of the previous year.

The effects of the U.S. dollar exchange rate were evident in
both the commercial engine business and commercial MRO.  Whereas
commercial engine revenues increased by 11% after adjustments
for the U.S. dollar exchange rate, the actual amount in euros
was EUR265.3 million, which represents a year-on-year decrease
of 2.9% (March 31, 2007: EUR273.1 million).  Similarly,
commercial MRO revenues increased by 13% excluding adjustments
for the U.S. dollar exchange rate.  Expressed in euros, revenues
in the commercial MRO business amounted to EUR258.3 million, or
1.5% lower than at the end of the equivalent period in 2007.  
The main contributors to revenues in the commercial MRO segment
were the V2500 engine for the Airbus A320 family and the CF6
engine used to power wide-body passenger airliners such as the
A330 and the Boeing 747.  The programs that generated the
greatest revenues for the commercial engine business were the
V2500 and the PW2000 for the C17 transporter.

Revenues in the military engine business increased by 3% to
EUR114.1 million.  The highest contributions to these revenues
came from the EJ200 Eurofighter engine and the RB199 employed in
the Tornado.

At March 31, 2008, MTU's order backlog amounted to EUR3.1
billion or 1.2 times annual revenues in 2007.  This figure is
lower than that at the end of the last financial year
(Dec. 31, 2007: EUR3.3 billion), primarily as a result of the
U.S. dollar exchange rate.  Excluding this factor, the order
backlog is stable.

The improvement in the EBITDA margin is above all attributable
to the positive evolution of the OEM business, where the
successful implementation of various programs to improve
efficiency, a high demand for spare parts, and the start of
volume production in certain programs compensated for the
unfavorable U.S. dollar exchange rate.  EBITDA in the OEM
business grew by 45% to EUR85.6 million, bringing the EBITDA
margin to 22.6%.  The EBITDA margin for the commercial MRO
business amounted to 5.5%, while this segment's EBITDA dropped
by 53% to EUR14.2 million.  This result, which reflects the
additional costs occasioned by the introduction of new software
and logistics systems at MTU Maintenance Hannover, was not
unexpected.  "We have taken steps to bring the commercial MRO
business back on course, and these measures are already having
the desired effect at an operational level," MTU CFO Reiner
Winkler explained.

Free cash flow at the end of March 2008 amounted to EUR43.4
million, or roughly the same as at the end of the equivalent
period one year earlier (1-3/07: EUR44.3 million).

MTU's investing activities in the first three months of 2008
amounted to EUR18.9 million, exceeding those of the equivalent
period in the previous year by 6% (1-3/07: EUR17.9 million).  A
large part of these investments relate to the construction of a
new engine test rig at MTU Maintenance Hannover.

Research and development expenses in the first three months of
2008 amounted to EUR37.7 million (1-3/07: EUR39.5 million).
"Research and development is the keystone in our efforts to
strengthen our innovative lead, and we intend to make
considerable investments in this area in the future," Mr. Behle
points out.  "In the coming years, we expect to invest an
average of 7 to 8% of our revenues in R&D."

The number of MTU employees at March 31, 2008 was 7,156, which
is about the same as at the end of the previous year
(Dec. 31, 2007: 7,130 employees).

                           Outlook

There has been no change in MTU's end-of-year forecast for 2008.
The company expects to generate revenues of EUR2.6 billion,
roughly equivalent to those generated in 2007 (EUR2,575.9
million).  Adjusted EBITDA at year-end 2008 is expected to
amount to around EUR390 million, thereby remaining close to the
previous year’s level of EUR392.9 million despite a significant
increase in investing activity and despite the effects of the
U.S. dollar exchange rate.  MTU expects its reported EBITDA
(i.e. the EBITDA figure including the capitalized research and
development expenses) to reach EUR420 million at the end of
2008.  Net income for 2008 is expected to increase year-on-year
by an estimated 20% to around EUR180 million (2007: EUR154.1
million).  In view of the planned strategic investments to
assure MTU's future –- notably the acquisition of additional
shares in engine programs and the construction of the new plant
in Poland –- free cash flow is expected to decrease to around
EUR100 million (2007: EUR131.7 million).

Headquartered in Munich, Germany, MTU Aero Engines Holding AG  
-- http://www.mtu.de/-- develops, manufactures, markets, and   
repairs commercial and military engine modules and components
for aircraft engines and industrial gas turbines.

                         *     *     *

As of April 28, 2008, MTU Aero Engines Holding AG carries a
long-term corporate family rating of Ba1 and probability of
default rating of Ba1 from Moody's with a stable outlook.  The
company also carries a long-term foreign issuer credit rating of
BB+ and long-term local issuer credit rating of BB+ from
Standard & Poor's with a stable outlook.


NEVERINER TIEF: Claims Registration Period Ends May 22
------------------------------------------------------
Creditors of Neveriner Tief- und GaLa-Bau GmbH have until
May 22, 2008, to register their claims with court-appointed
insolvency manager Detlef Siwonia.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 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:

          Detlef Siwonia
          Am Muehlenberg 8
          17192 Waren
          Germany

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

The Debtor can be reached at:

          Neveriner Tief- und GaLa-Bau GmbH
          Gartenstrasse 38
          17039 Neverin
          Germany


NORD STERN: Claims Registration Period Ends May 22
--------------------------------------------------
Creditors of Nord Stern GmbH have until May 22, 2008, to
register their claims with court-appointed insolvency manager
Helmut Gattermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall 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:

          Helmut Gattermann
          Strassenbahnring 3
          20251 Hamburg
          Germany

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

The Debtor can be reached at:

         Nord Stern GmbH
         Attn: Yesilyurt Olcay, Manager
         Wehraustrasse 5
         24768 Rendsburg
         Germany


NORDMEYER GMBH: Claims Registration Period Ends May 22
------------------------------------------------------
Creditors of Nordmeyer GmbH have until May 22, 2008, to register
their claims with court-appointed insolvency manager Johannes
Franke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         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:

         Johannes Franke
         Verdener Platz 1
         30419 Hannover
         Germany
         Tel: 0511/794573
         Fax: 0511/794576

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

The Debtor can be reached at:

         Nordmeyer GmbH
         Willi-Eichler-Str. 15
         37079 Goettingen
         Germany


P. H. HOTEL: Claims Registration Period Ends May 16
---------------------------------------------------
Creditors of P. H. Hotel und Restaurant Betriebsgesellschaft mbH
have until May 16, 2008, to register their claims with court-
appointed insolvency manager Boris Frhr. v. d. Bussche.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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 Frhr. v. d. Bussche
         Lueneburger Str. 43 a
         29456 Hitzacker
         Germany
         Tel: 05862/5088
         Fax: 05862/5089
         E-mail: info@kanzlei-v-d-bussche.de

The District Court of Celle Nebenstelle opened bankruptcy
proceedings against P. H. Hotel und Restaurant
Betriebsgesellschaft mbH on March 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         P. H. Hotel und Restaurant Betriebsgesellschaft mbH
         An der Bundesstr. 4
         29614 Soltau
         Germany

         Attn: Rudolf Gronstedt, Manager
         Brink 2
         31099 Woltershausen
         Germany


PIN MAIL 59: Claims Registration Period Ends May 22
---------------------------------------------------
Creditors of PIN Mail 59 GmbH have until May 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Pin Mail 59 GmbH on April 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PIN Mail 59 GmbH
         Attn: Oezgun Alabaz, Manager
         Overweg 27
         59494 Soes
         Germany


PIN MAIL INGOLSTADT: Claims Registration Period Ends May 22
-----------------------------------------------------------
Creditors of PIN Mail Ingolstadt GmbH have until May 22, 2008,
to register their claims with court-appointed insolvency manager
Dr. Andreas Ringstmeier.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         PIN Mail Ingolstadt GmbH
         Attn: Hermann Fetsch, Manager
         Stauffenberger Str. 2a
         85051 Ingolstadt
         Germany


PIN MAIL STUTTGART: Claims Registration Period Ends May 22
----------------------------------------------------------
Creditors of PIN Mail Stuttgart GmbH & Co. KG have until May 22,
2008, to register their claims with court-appointed insolvency
manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 12:35 p.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         PIN Mail Stuttgart GmbH & Co. KG
         Mundelsheimer Str. 3
         74321 Bietigheim-Bissingen
         Germany


PIN MAIL SUEDOST: Claims Registration Period Ends May 22
--------------------------------------------------------
Creditors of PIN Mail Suedost GmbH have until May 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         PIN Mail Suedost GmbH
         Medienstr. 5
         94036 Passau
         Germany


PIN MAIL THUERINGEN: Claims Registration Period Ends May 22
-----------------------------------------------------------
Creditors of PIN Mail Thueringen GmbH have until May 22, 2008,
to register their claims with court-appointed insolvency manager
Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 12:55 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

          PIN Mail Thueringen GmbH
          An den Pappeln 2
          99100 Alach
          Germany

          Attn: Peter Engelbardt, Manager
          Bremervoerder Str. 3
          21682 Stade
          Germany


PIN SHARED: Claims Registration Period Ends May 22
--------------------------------------------------
Creditors of PIN Shared Service Center GmbH have until May 22,
2008, to register their claims with court-appointed insolvency
manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against PIN Shared Service Center GmbH on March 31, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PIN Shared Service Center GmbH
         Lothringer Str. 56
         50677 Cologne
         Germany


PIN SORTIERSERVICE: Claims Registration Period Ends May 22
----------------------------------------------------------
Creditors of PIN Sortierservice Muenchen GmbH have until May 22,
2008, to register their claims with court-appointed insolvency
manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

          PIN Sortierservice Munich GmbH
          Muthmannstr. 1
          80939 Munich
          Germany


POST SERVICE WESTFALEN: Claims Registration Period Ends May 22
--------------------------------------------------------------
Creditors of Post Service Westfalen GmbH have until May 22,
2008, to register their claims with court-appointed insolvency
manager Dr. Andreas Ringstmeier .

Creditors and other interested parties are encouraged to attend
the meeting at 12:45 p.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         Post Service Westfalen GmbH
         Gutenbergstr. 1
         59065 Hamm
         Germany


SERVICE GMBH: Claims Registration Ends May 16
---------------------------------------------
Creditors of its Service GmbH Industrieersatzteile have until
May 16, 2008 to register their claims with court-appointed
insolvency manager Joachim M. E. Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.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 Dessau-Rosslau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joachim M. E. Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany
         Tel: 030/2128020
         Fax: 030/21280222

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against its Service GmbH Industrieersatzteile on
April 3, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         its Service GmbH Industrieersatzteile
         Ziegelei 1-3
         06369 Wulfen
         Germany

         Attn: Norbert Wolf, Manager
         Damm 11 a
         39240 Calbe
         Germany


ODS MASTERING: Claims Registration Ends May 16
----------------------------------------------
Creditors of ODS Mastering & Development GmbH have until
May 16, 2008 to register their claims with court-appointed
insolvency manager Marc Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Marc Odebrecht
         August-Bebel- St5rasse 4
         19055 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against ODS Mastering & Development GmbH on April 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ODS Mastering & Development GmbH
         Attn: Wilhelm F. Mittrich, Manager
         Werkstrasse 2
         23942 Dassow
         Germany


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


AURELIUS CAPITAL: S&P Rates Class E Notes at BB with Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its rating on the
class E notes issued by Aurelius Capital CDO 2007-1 Ltd., a
hybrid cash flow/synthetic collateralized debt obligation
transaction, on CreditWatch with negative implications.  
Aurelius Capital CDO 2007-1 Ltd. is collateralized predominantly
by collateralized loan obligations.

The CreditWatch placement is primarily due to losses on the sale
of two assets in March 2008, which negatively affects the credit
enhancement available to support the notes.

Standard & Poor's will review the results of current cash flow
runs generated for Aurelius Capital CDO 2007-1 Ltd. to determine
the level of future defaults the rated classes can withstand
under various stressed default timing and interest rate
scenarios while still paying all of the interest and principal
due on the notes. S&P will compare the results of these cash
flow runs with the projected default performance of the
performing assets in the collateral pool to determine whether
the ratings currently assigned to the notes remain consistent
with the credit enhancement available.
   
Rating placed on creditwatch negative:
   
             Aurelius Capital CDO 2007-1 Ltd.
                     Rating
    Class        To              From      Balance (mil. US$)
    E            BB/Watch Neg    BB                  13.500
   
Other Outstanding Ratings:
   
             Aurelius Capital CDO 2007-1 Ltd.
    Class           Rating      Balance (mil. US$)
    A               AA+                  240.300
    C               A                     15.200
    D               BBB                   18.000


SMURFIT KAPPA: S&P Lifts Rating on Improved Operations to BB
------------------------------------------------------------
Standard & Poor's Rating Services raised its long-term corporate
credit ratings on Ireland-based paper and packaging company
Smurfit Kappa Group PLC to 'BB' from 'BB-'.  The outlook is
stable.

"The upgrade reflects Smurfit Kappa's improved operating
performance and financial position, both of which are likely to
prove sustainable over the longer term," said Standard & Poor's
credit analyst Jacob Zachrison.

"The improvements reflect better market conditions, lower debt
levels and successful implementation of cost savings. These
factors have contributed to improved credit measures, which we
expect to come into line with the requirements for the new
ratings," Mr. Zachrison added.

The ratings continue to reflect the group's aggressive financial
risk profile and exposure to volatile raw material prices as
well as cyclical industry conditions.  These risk factors are
offset by the group's satisfactory business risk profile, which
is supported by its leading position in the European
containerboard and corrugated board markets, good geographical
diversification, and high level of forward integrated
operations.

Demand for Smurfit Kappa's main products is relatively stable
and linked to general economic conditions.  Over the past two
years, pricing in the European recycled containerboard markets
has recovered from weak levels as the supply/demand balance has
improved.

The stable outlook reflects our expectations that Smurfit Kappa
will be able to continue to offset higher input costs through
increased sales prices.  This is based on probable continued
modest growth in demand for the group's  core products, as well
as modest capacity additions in containerboard.


STANTON VINTAGE: S&P Rates US$159.6 Mln Class E Notes at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit ratings on the class A, B,
C, D, and E notes issued by Stanton Vintage CDO Plc.
  
Stanton Vintage CDO Plc is a collateralized debt obligation  of
collateralized loan obligation and CDO of asset-backed
securities transaction managed by UNIQA Alternative Investments
GmbH.  The transaction closed in June 2006.
  
The CDO is structured as a hybrid, comprising a portfolio of
cash CLOs and CDOs of ABS, and total return swaps referencing
CLOs and CDOs of ABS.  US$159.6 million of notes were issued at
closing, as well as an unfunded super senior piece.
  
This CreditWatch placement reflects deterioration in the credit
quality of the underlying portfolio of assets and TRSs.
  
The portfolio has experienced negative rating migration
following the CreditWatch negative placements and lowering of
the ratings on U.S. CDOs of ABS in the underlying portfolio.
This has led to an increase in the scenario default rates that
may not be supported by current credit enhancement.
  
                          Ratings List
                                 Rating
              Class       To                 From
  
                     Stanton Vintage CDO PLC
              US$159.6 Million Floating-Rate Notes
  
           Rating(s) Placed On CreditWatch Negative
  
              A           AAA/Watch Neg      AAA
              B           AA/Watch Neg       AA
              C           A/Watch Neg        A
              D           BBB/Watch Neg      BBB
              E           BB/Watch Neg       BB


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


MICRON TECHNOLOGY: S&P Holds 'BB-' Rating on Ample Liquidity
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Micron Technology Inc., including its 'BB-' corporate credit and
senior unsecured debt ratings.  S&P removed all the ratings from
CreditWatch, where they had been placed with negative
implications on March 10, 2008.  The outlook is negative.
   
At the same time, Standard & Poor's assigned a '3' recovery
rating to Micron's US$1.3 billion senior unsecured notes,
indicating the expectation for meaningful (50% to 70%) recovery
in the event of a payment default.
   
"The rating action reflects our expectation that the company
will continue to maintain a moderate capital structure with
ample liquidity in the intermediate term," said Standard &
Poor's credit analyst Bruce Hyman.  "However, Micron's near- to
intermediate-term operating results will be pressured by weak
economic conditions that will constrain an increase in demand in
the company's NAND and traditional DRAM businesses."
   
The ratings on Boise, Idaho-based Micron reflect the company's
current profitability challenges and likely negative free cash
flows during the latest investment cycle in the semiconductor
memory industry.  These factors are offset partially by the
company's substantial liquidity and moderate capitalization.
   
Micron is the fifth-largest DRAM supplier, with about a 10%
market share, having substantially reduced its exposure to the
commodity market in the past few years.

                         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.


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


AK-KABAK LLP: Creditors Must File Claims by June 6
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ak-Kabak insolvent.

Creditors have until June 6, 2008, to submit written proofs of
claims to:

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


BAAD LLP: Claims Deadline Slated for June 6
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Construction Firm Baad insolvent on April 4, 2008.

Creditors have until June 6, 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


EDELVEIS LLP: Claims Filing Period Ends June 10
-----------------------------------------------
The Tax Committee of Almaty has ordered compulsory liquidation
of LLP Edelveis.

Creditors have until June 10, 2008, to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


KAMAZ-DIZEL LLP: Creditors' Claims Due on June 6
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai Trade House Kamaz-Dizel insolvent.

Creditors have until June 6, 2008, to submit written proofs of
claims to:

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


KAZ-TUMEN JSC: Claims Registration Ends June 11
-----------------------------------------------  
Branch of JSC Kaz-Tumen has declared insolvency.  Creditors have
until June 11, 2008, to submit written proofs of claims to:

         JSC Kaz-Tumen
         Polarnaya Str. 2/1
         Ridder
         071300, East Kazakhstan
         Kazakhstan


LORGATE MANAGEMENT: Creditors Must File Claims by June 11
---------------------------------------------------------  
Representation of Company Lorgate Management Inc. has declared
insolvency.  Creditors have until June 11, 2008, to submit
written proofs of claims to:

         Lorgate Management Inc.
         Office 44
         Gogol Str. 86
         Almaty
         Kazakhstan
         Tel: 8 (7272) 91-71-59


WIMPEX CONSTRUCTION: Claims Deadline Slated for June 11
-------------------------------------------------------  
LLP Wimpex Construction has declared insolvency.  Creditors have
until June 11, 2008, to submit written proofs of claims to:

         LLP Wimpex Construction
         Micro District Samal-2, 104
         Almaty
         Kazakhstan


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


SILK BEACH: Creditors Must File Claims by June 6
------------------------------------------------
LLC Silk Beach has declared insolvency.  Creditors have until
June 6, 2008 to submit written proofs of claim to:

         LLC Silk Beach
         Tolstoi Str. 57
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 21-93-36


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


KINETIC CONCEPTS: Earns US$68 Million in First Quarter 2008
-----------------------------------------------------------
Kinetic Concepts, Inc. reported first quarter 2008 total revenue
of US$420.0 million, an increase of 14% from the first quarter
of 2007.  Foreign currency exchange movements favorably impacted
total revenue for the first quarter of 2008 by 4% compared to
the corresponding period of the prior year.

Net earnings for the first quarter of 2008 were US$68.0 million,
up 27%, compared to US$53.6 million for the same period one year
ago.  Net earnings per diluted share for the first quarter of
2008 increased 25% to US$0.94 compared to US$0.75 for the same
period in the prior year.

“During the first quarter, we made progress on a number of
initiatives we have planned for 2008,” said Catherine Burzik,
President and Chief Executive Officer of KCI.  “We realigned our
domestic sales force, improving both focus and customer service
levels, submitted our application for regulatory approval of
V.A.C.(R) in Japan and completed due diligence related to a
major acquisition.  On top of these development activities, we
delivered higher revenue, earnings and margins compared to the
prior year.”

             Revenue Recap – First Quarter 2008

During 2007, we took steps to structure KCI as a global company,
which included the alignment of key leadership positions for
specific geographic regions.  Beginning with the first quarter
2008, we have reported financial results consistent with this
new structure.  The geographic reporting structure is made up of
(i) North America, which consists of the United States, Canada
and Puerto Rico and (ii) Europe, the Middle East and Africa and
the Asia Pacific region.

Total revenue for North America was US$309.5 million for the
first quarter of 2008, an increase of US$25.8 million, or 9%,
from the prior-year period due primarily to increased rental and
sales volumes for V.A.C. wound healing devices and related
disposables.  North American V.A.C. revenue of US$250.2 million
for the first quarter was 10% higher than the same period one
year ago due to continued market penetration.  Rental unit
growth was reported across all care settings.  North American
revenue from Therapeutic Support Systems was US$59.2 million for
the first three months of 2008, a 4% increase from the prior-
year period, due to higher rental unit volume in the acute care
setting, partially offset by lower TSS sales in the period.

Total revenue outside of North America, which consists of EMEA
and APAC, was US$110.6 million for the first quarter of 2008, an
increase of 30%, compared to the prior-year period due primarily
to an increase in V.A.C. revenue.  EMEA/APAC V.A.C. revenue for
the first three months of 2008 was US$82.7 million, an increase
of US$21.1 million, or 34%, from the prior-year period.

EMEA/APAC TSS revenue increased 18% from the prior-year period
to US$27.8 million for the first quarter resulting primarily
from an increase in rental volume and favorable foreign currency
exchange movements.  Foreign currency exchange movements
favorably impacted total EMEA/APAC revenue by 14% compared to
the prior-year period. Foreign currency exchange movements
favorably impacted EMEA/APAC V.A.C. and TSS revenue by 14% and
13%, respectively, in the 2008 first quarter.

Worldwide V.A.C. revenue was US$333.0 million for the first
quarter of 2008, an increase of 15% from the prior-year period.  
Foreign currency exchange movements favorably impacted worldwide
V.A.C. revenue by less than 4% compared to the first quarter of
the prior year.  The growth in V.A.C. revenue stemmed from
increased market penetration, resulting in higher rental and
sales unit volumes.

Worldwide TSS revenue was US$87.1 million for the first quarter
of 2008, an increase of US$6.8 million, or 8%, due primarily to
higher rental unit volume worldwide and foreign currency
exchange movements.  Foreign currency exchange movements
favorably impacted worldwide TSS revenue by 5% compared to the
same period one year ago.

                       Profit Margins

Gross profit for the first quarter of 2008 was US$209.0 million,
an increase of 22% from the prior-year period.  Gross profit
margin was 49.8% for the first quarter of 2008, an increase of
approximately 335 basis points from the same period one year
ago.  As a percent of total revenue, lower field service
expenses, product depreciation, cost of sales and marketing
costs made up the majority of the increase in gross margin.

Selling, general and administrative expenses increased US$17.1
million, or 22%, year-to-year.  The SG&A increase was due
primarily to certain costs associated with the U.S. sales force
realignment, additional costs associated with the transition of
V.A.C. unit production to our Ireland manufacturing facility and
higher share-based compensation expenses.  Research and
development spending increased 50% from the prior-year period to
US$14.7 million for the quarter.  Total research and development
expenses represented 3.5% of revenue for the first quarter of
2008.

                          Balance Sheet

Total long-term debt outstanding at March 31, 2008 was US$68.0
million.  Total cash at quarter-end was US$305.2 million, an
increase of US$39.2 million from year-end 2007.

                        Notes Offering

On April 21, 2008, the company closed its offering of US$600
million aggregate principal amount of 3.25% convertible senior
notes due 2015.  The company has also granted an option to the
initial purchasers of the notes to purchase up to an additional
US$90 million aggregate principal amount of notes to cover over-
allotments.  The over-allotment option is exercisable during the
13 day period beginning on the closing date.  The coupon on the
notes will be 3.25% per year on the principal amount.  Interest
will accrue from April 21, 2008, and will be payable semi-
annually in arrears on April 15 and October 15 of each year,
beginning Oct. 15, 2008.

The notes will mature on April 15, 2015, unless previously
converted or repurchased in accordance with their terms.  The
notes are not redeemable by us prior to the maturity date.  Upon
conversion, holders will receive cash up to the aggregate
principal amount of the notes being converted and shares of KCI
common stock in respect of the remainder, if any, of KCI’s
conversion obligation in excess of the aggregate principal
amount of the notes being converted.  The initial conversion
rate for the notes is based on an initial conversion price of
approximately US$51.34 per share of common stock and represents
a 27.5% conversion premium over the last reported sale price of
KCI’s common stock on April 15, 2008 (the day of pricing of the
notes), which was US$40.27 per share.  In connection with the
offering, we entered into convertible note hedge and warrant
transactions with financial institutions that are affiliates of
two of the offering’s initial purchasers to increase the
effective conversion price of the notes to approximately
US$60.41, which is approximately 50% higher than the closing
price of the Company’s common stock on April 15, 2008.  The
company intends to settle the principal amount of these notes in
cash.  The net proceeds of this offering will be used, in
combination with other financing arrangements and existing cash
on hand, primarily to fund our acquisition of LifeCell
Corporation.

                      Income Tax Rate

The effective income tax rate for the first quarter of 2008 was
33.5%, which was comparable to 33.2% for the same period in
2007.

                          Outlook

This guidance is based on current information and expectations
as of April 22, 2008:

KCI is reaffirming its projections for 2008 total revenue of
US$1.77 – US$1.82 billion based on continued demand for its
V.A.C. negative pressure wound therapy devices and related
supplies.  The company is also reaffirming its projections for
net earnings per diluted share for 2008 of US$3.85 – US$3.95 per
diluted share, based upon a weighted average diluted share
estimate of 72.0 – 73.0 million shares.  This outlook excludes
the impact associated with our anticipated acquisition of
LifeCell.

                          About KCI

Kinetic Concepts, Inc. (NYSE:KCI) -- http://www.kci1.com/-- is  
a global medical technology company with leadership positions in
advanced wound care and therapeutic support systems.  The
company designs, manufactures, markets and services a wide range
of proprietary products that can improve clinical outcomes and
can help reduce the overall cost of patient care.  The company
has subsidiaries in Austria, Belgium, Cayman Islands, Japan,
Netherlands, Puerto Rico and Singapore, among others.


KINETIC CONCEPTS: Moody's Rates Proposed US$1.3BB Loan at Ba1
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Kinetic
Concepts, Inc's proposed US$1.3 billion senior secured first
lien credit facility, consisting of a US$1 billion term loan and
a US$300 million revolver.  The Corporate Family Rating remains
unchanged at Ba2 and the ratings outlook is stable.

In addition, in accordance with Moody's Loss Given Default
methodology the probability of default rating was revised to Ba2
from Ba3 due to the introduction of unsecured debt into the
capital structure, which led to changes in assumptions for asset
recovery and a lower implied likelihood of default.  Moody's
will withdraw the ratings on KCI's existing senior secured
revolving credit facility (rated Ba2) at the close of the
transaction.

The proceeds of the proposed credit facility will be used to
finance the acquisition of LifeCell Corporation and repay the
amounts outstanding under KCI's existing senior secured credit
facility, which will be terminated at the close of the
transaction.  The new credit facility is rated one notch higher
than the Corporate Family Rating, benefiting from the first loss
absorption that will be provided by the recently issued
US$600 million unsecured 3.25% convertible notes.

Assigned:

  -- Proposed US$300 million Senior Secured Revolving Credit
     Facility due 2013, Ba1, LGD3, 32%

  -- Proposed US$1,000 million Senior Secured Term Loan A due
     2013, Ba1, LGD3, 32%

Revised:

  -- Probability of Default Rating, to Ba2 from Ba3

To be withdrawn:

  -- Existing US$500 million Senior Secured Revolving Credit
     Facility due 2012, Ba2, LGD3, 34%

The ratings outlook is stable.

Kinetic Concepts, Inc., headquartered in San Antonio, Texas, is
a global medical technology company with leadership positions in
advanced wound care and therapeutic support systems.  The
company's advanced would care systems incorporate proprietary
Vacuum Assisted Closure Therapy technology.  LifeCell is a
leading provider of innovative biological products for soft
tissue repair.  Moody's estimates that the combined company
would have reported pro forma revenues of approximately US$1.8
billion for the twelve months ended Dec. 31, 2007.


KINETIC CONCEPTS: 2008 Shareholders' Meeting Scheduled on May 20
----------------------------------------------------------------
Ronald W. Dollens, Chairman of Kinetic Concepts, Inc.'s Board of
Directors, said in a regulatory filing that the 2008 annual
meeting of the company's shareholders will be held on May 20,
2008 at 8:30 a.m. CDT.

The meeting will be the Westin Riverwalk Hotel – Hidalgo Room,
420 West Market Street in San Antonio, Texas.

At the meeting, shareholders will be asked to:

      -- elect three Class A directors for a three-year term;
   
      -- approve a new 2008 Omnibus Stock Incentive Plan;

      -- ratify the selection of Ernst & Young LLP as the
         company's independent auditors for our fiscal year
         ending Dec. 31, 2008.

      -- transact such other business as may properly come
         before the meeting or any adjournment or postponement
         thereof.

Only the company's shareholders of record at the close of
business on April 9, 2008 are entitled to notice of and to vote
at the annual meeting and at any adjournment or postponement
thereof.

                          About KCI

Kinetic Concepts, Inc. (NYSE:KCI) -- http://www.kci1.com/-- is  
a global medical technology company with leadership positions in
advanced wound care and therapeutic support systems.  The
company designs, manufactures, markets and services a wide range
of proprietary products that can improve clinical outcomes and
can help reduce the overall cost of patient care.  The company
has subsidiaries in Austria, Belgium, Cayman Islands, Japan,
Netherlands, Puerto Rico and Singapore, among others.


YRC WORLDWIDE: Posts US$45.8 Million Net Loss in First Quarter
--------------------------------------------------------------
YRC Worldwide Inc. reported a first quarter 2008 loss of
US$45,875,000 on operating revenue of US$2,232,592,000.  This
compares to a net income of US$1,279,000 on operating revenue of
US$2,328,342,000 for the three months ended March 31, 2007.  The
company also said that the results included the previously
announced reorganization charges related to USF Holland and USF
Reddaway and losses on property disposals.  The results also
included unfavorable actuarial adjustments primarily related to
prior-year development of self- insurance claims.

At March 31, 2008, the company had total assets of
US$5,011,025,000 and total debts of US$1,174,510,000.

"The soft economy, severe winter weather and record fuel prices
created a very difficult operating environment in the first
quarter," stated Bill Zollars, Chairman, President and CEO of
YRC Worldwide.  "With that said, we have taken a number of
actions that address the areas within our control and we are
seeing benefits from those efforts. Despite the macroeconomic
challenges that we are facing, we believe that we have turned
the corner and expect meaningful earnings improvement starting
with the current quarter," Zollars continued.

Although the practice of providing earnings guidance was
suspended in 2007, due in great part to uncertainty in the
economy, which remains difficult to predict, the company
determined that investors should be provided with additional
near-term clarity regarding the anticipated performance of YRCW.  
Based upon the internal actions the company has already
implemented, including securing a more competitive labor
contract, renewing its credit agreement, and making footprint
changes at YRC Regional Transportation, YRCW expects to earn
between US$.30 and US$.40 per share in the second quarter, which
ends June 30, 2008.

"Given our solid action plans and the momentum that is underway,
we are excited about the future of YRC and what we can do for
our customers, employees and investors," stated Zollars.

                      Segment Information

Key segment information for the first quarter 2008 included:

    * YRC National Transportation LTL revenue per hundredweight
      up 6.3% from first quarter 2007 and LTL tonnage per day
      down 8.9%

    * YRC Regional Transportation LTL revenue per hundredweight
      up 5.4% compared to last year and LTL tonnage per day down
      10.1%

    * YRC Logistics revenue and operating income consistent with
      last year despite the weak economy

                        About YRC Worldwide

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

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


YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on YRC
Worldwide Inc., including the 'BB' corporate credit rating, and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Feb. 21, 2008.  The outlook is
negative.  The ratings had been placed on CreditWatch because of
heightened concerns over the company's refinancing risk,
earnings performance, and liquidity position over the next year,
given the slowing U.S. economy and continuing pressures in the
trucking sector.
     
"The company has since obtained an amendment to its credit
facility that allows additional covenant relief, and has renewed
its 364-day asset-backed security facility, which was due to
expire on May 16, 2008," said Standard & Poor's credit analyst
Anita Ogbara.  YRC has meaningful debt maturities over the next
year and expects to use some combination of free cash flow,
refinancing, and capacity under its amended bank facility to
meet these maturities.  "We believe the additional covenant
relief provides sufficient room and expect the company to remain
in compliance with its covenants," the analyst added.
   
At the same time, Standard & Poor's lowered its issue-level
rating on Yellow Corp.'s unsecured debt to 'B+' from 'BB' (two
notches lower than the corporate credit rating on YRC Worldwide
Inc.).  S&P assigned a recovery rating of '6' to this debt,
indicating the expectation for negligible (0-10%) recovery in
the event of a payment default.  The issue-level rating on the
now partly secured notes at Roadway LLC is unchanged at 'BB'.  
S&P assigned a recovery rating of '4' to this debt, indicating
the expectation for average (30%-50%) recovery.
   
YRC is the largest less-than-truckload trucking company in North
America, generating US$9.6 billion in annual revenues.  YRC
competes with large LTL companies Arkansas Best Corp. (US$1.8
billion in revenue) and Con-Way Inc. (US$4.2 billion in revenue)
and with numerous smaller long-haul and regional LTL companies.  
Conditions in the trucking sector have deteriorated over the
past several quarters and will likely not improve materially
over the near term, given the weaker U.S. economy.
   
YRC has pursued selective acquisitions in the past that have
helped the company gain market share and increase its product
offering.  However, these acquisitions have stretched the
company's financial profile, and YRC has not yet rationalized
these acquired LTL operations.  To improve profitability, YRC
plans to streamline operations, reduce overhead, and manage
costs more effectively.  YRC has formalized plans to improve
financial performance and is targeting US$100 million in cost
savings over the next few quarters through the combination of
terminal rationalization, elimination of redundant activities,
and other cost reductions.
   
S&P expects YRC's financial results to improve by early 2009 in
response to various operating initiatives and as the freight
environment improves.  S&P could lower the ratings if financial
results do not improve and the expected improvement in credit
protection measures fails to materialize or if access to
liquidity becomes constrained.  S&P could revise the outlook to
stable if YRC's credit metrics return to expected levels, and
the improvement appears sustainable.


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


AMERICAN AXLE: Posts US$27 Million Net Loss in 1Q 2008
------------------------------------------------------
American Axle & Manufacturing Holdings, Inc. reported financial
results for the first quarter of 2008.

AAM's results in the first quarter of 2008 were a net loss of
US$27.0 million or US$0.52 per share. This compares to net
earnings of US$15.7 million, or US$0.30 per share, in the first
quarter of 2007.

                          UAW Strike

Upon expiration of the four-year master labor agreement between
AAM and the UAW at 11:59 p.m. on February 25, 2008, the
International UAW called a strike against AAM. The expiring
master labor agreement covered approximately 3,650 associates at
AAM's original U.S. locations in Michigan and New York.  AAM
estimates the reduction in sales and operating income resulting
from the International UAW strike to be US$132.6 million and
US$45.8 million (US$0.56 per share), respectively.

                       Special Charges

In the first quarter of 2008, AAM incurred US$3.5 million, or
US$0.04 per share, of special charges and non-recurring
operating costs, primarily related to the redeployment of
machinery and equipment.  In the first quarter of 2007, AAM
recorded special charges of US$2.9 million, or US$0.04 per
share, primarily related to attrition program activity.

"AAM's first quarter 2008 results were severely impacted by the
strike called by the International UAW at AAM's original U.S.
locations on February 25, 2008," said AAM Co-Founder, Chairman
of the Board & Chief Executive Officer Richard E. Dauch.  "AAM
must have a U.S. market cost competitive labor agreement for the
original U.S. locations with operating flexibility.  This is
needed to compete for new business and match the operational
flexibility and efficiency of our competitors.  While it would
be tragic to dismantle AAM's original U.S. manufacturing base,
AAM will be forced to consider additional restructuring and
capacity rationalization actions if the International UAW
refuses to accept the structural and permanent changes needed to
achieve market cost competitiveness at these facilities."

Net sales in the first quarter of 2008 were US$587.6 million as
compared to US$802.2 million in the first quarter of 2007.  AAM
estimates that approximately US$132.6 million of this decrease
was attributable to the International UAW strike.  Customer
production volumes for the full-size truck and SUV programs AAM
currently supports for GM and Chrysler were down approximately
31% in the first quarter of 2008 as compared to the prior year.  
AAM estimates that customer production volumes for its mid-sized
truck and SUV programs were down approximately 43% in the first
quarter of 2008 on a year-over-year basis.  Non-GM sales
represented 26% of total sales in the first quarter of 2008.

AAM's content-per-vehicle is measured by the dollar value of its
product sales supporting GM's North American truck and SUV
platforms and Chrysler's heavy duty Dodge Ram pickup trucks. For
the first quarter 2008, AAM's content-per-vehicle increased
approximately 6% to US$1,326 as compared to US$1,252 in the
first quarter of 2007.

Gross margin for the first quarter of 2008 was 2.2% as compared
to 10.6% in first quarter 2007. Operating loss was US$36.7
million or a negative 6.2% of sales in the first quarter of 2008
as compared to operating income of US$36.4 million or 4.5% of
sales in the first quarter of 2007.

AAM's SG&A spending for the first quarter of 2008 was US$49.4
million as compared to US$48.9 million in the first quarter of
2007.  AAM's R&D spending for the first quarter of 2008 was
approximately US$20.2 million as compared to US$20.1 million in
the first quarter of 2007.

Net cash provided by operating activities in the first quarter
of 2008 was US$8.2 million.  Capital spending for the first
quarter of 2008 was US$33.3 million as compared to US$42.5
million in the first quarter of 2007.  Reflecting the impact of
this activity and dividend payments of US$8.0 million, AAM's
free cash flow use of US$33.1 million in the first quarter of
2008 represents an improvement of US$7.4 million, or 18%, as
compared to the first quarter of 2007.

                         About America Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--    
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also subsidiaries in China, Japan, Korea, India,
Poland, Luxembourg and Mexico.

                          *     *     *

On April 3, 2008, Moody's Investors Service placed the ratings
of American Axle & Manufacturing Holdings, Inc., Corporate
Family -- Ba3, under review for downgrade.  In a related action,
American Axle's Speculative Grade Liquidity Rating was lowered
to SGL-2 from SGL-1.


GOODYEAR TIRE: Earns US147 Million in 2008 First Quarter
--------------------------------------------------------
The Goodyear Tire & Rubber Company reported record first quarter
sales and its highest first quarter net income in several years.

Goodyear's first quarter 2008 sales were US$4.9 billion, a 10%
percent increase compared with the 2007 quarter, offsetting
lower volumes with higher prices, a richer product mix and
favorable currency translation.

Improved pricing and product mix in all four businesses drove
revenue per tire up 7% over the 2007 quarter, reflecting the
company's successful strategy to focus on high-value-added
tires.  Lower volume primarily resulted from weak original
equipment markets in North America as well as soft consumer
replacement demand in North America and Europe, particularly for
low-value-added tires.

"Our excellent first quarter results demonstrate the success of
our strategies to grow our higher-margin premium product lines,
reduce costs and pay down debt," said Robert J. Keegan, chairman
and chief executive officer.

"Each of our four businesses improved margins and operating
income as we capitalized on attractive growth opportunities in
targeted market segments," he said.

"While the economy remains a concern, we continue to be
confident about the opportunities we see in the market and our
ability to take advantage of them," Keegan said.  "Over the last
five years, our strategic decisions have better positioned
Goodyear to face an economic downturn and to emerge as a
stronger competitor."

Goodyear said it made additional progress during the first
quarter on its plan to achieve US$1.8 billion to US$2 billion in
gross cost savings by the end of 2009. "We have now achieved
more than US$1.2 billion in savings since beginning this plan
and remain on target to reach our four-year goal," Keegan said.

Segment operating income set a first quarter record at US$367
million in 2008, up 62% from US$226 million in the strike-
affected 2007 first quarter.  Gross margin was 19.9% for the
2008 first quarter compared to 16.8 percent last year.

Segment operating income benefited from improved pricing and
product mix of US$157 million, which more than offset increased
raw material costs of US$13 million.

Favorable currency translation positively impacted sales by
US$341 million and segment operating income by US$27 million in
the quarter.

First quarter 2008 net income from continuing operations was
US$147 million (60 cents per share).  This compares to a loss
from continuing operations of US$110 million (61 cents per
share) in the year-ago quarter.  Including discontinued
operations, Goodyear had a net loss of US$174 million (96 cents
per share) in 2007's first quarter.  All per share amounts are
diluted.

The 2008 quarter included after-tax financing fees related to
debt repayment of US$43 million (18 cents per share), US$13
million (5 cents per share) in after-tax rationalization
charges, an after-tax gain on asset sales of US$33 million (13
cents per share) and an after-tax gain on an excise tax
settlement in Latin America of US$8 million (3 cents per share).

The 2007 quarter was impacted by after-tax charges of US$64
million (35 cents per share) due to salaried benefit plan
changes, an estimated US$34 million (19 cents per share) related
to the 2006 United Steelworkers strike and US$31 million (17
cents per share) in rationalization and accelerated depreciation
charges.

                        Business Segments

All three of the company's businesses outside of North America
achieved record sales for any quarter during the 2008 first
quarter as the emerging markets businesses continued to grow.

Segment operating income increased in all four businesses.
Segment operating income for the Latin America and Asia Pacific
businesses were records for any quarter.  Segment operating
income for the Europe, Middle East and Africa business was a
first quarter record.

                  North American Segment

North American Tire's first quarter sales decreased 1% from last
year.  The 2007 quarter included approximately US$150 million in
sales from T&WA, which was divested in December 2007.  Sales in
the 2008 quarter were impacted by reduced original equipment
volume resulting from lower vehicle production and a decline in
the consumer replacement tire market, particularly for low-
value-added tires.  Sales benefited from strong pricing and
product mix as well as market share gains for Goodyear and
Dunlop brand tires in the consumer replacement market.

Segment operating income increased US$52 million primarily due
to improved pricing and product mix of US$67 million, which more
than offset increased raw material costs of US$5 million. Lower
selling, administrative and general expenses and structural cost
savings, including savings from the 2006 contract with the USW,
were partially offset by lower volume and transitional
manufacturing costs.

The company estimates the USW strike reduced 2007 first quarter
sales by US$102 million and segment operating income by US$34
million.

                        EMEA Segment

Europe, Middle East and Africa Tire's first quarter sales were a
record for any quarter and increased 16% over last year due to
favorable currency translation, improved pricing and product mix
and market share gains in the consumer replacement and
commercial replacement markets.

Segment operating income was a first quarter record and up 24%
due to improved pricing and product mix of US$40 million, which
more than offset increased raw material costs of US$4 million.  
Favorable currency translation and lower selling, administrative
and general expenses offset higher manufacturing costs related
to ongoing labor issues in France and higher transportation
costs.

                     Latin America Segment

Latin American Tire's first quarter sales were a record for any
quarter and increased 29% over 2007 due to improved pricing and
product mix and favorable currency translation.

Segment operating income was a record for any quarter,
increasing 46% compared to the prior year.  Improved pricing and
product mix of US$37 million, a US$12 million gain from the
settlement of an excise tax case and favorable currency
translation more than offset higher manufacturing costs and
selling, administrative and general expenses.

                    Asia Pacific Segment

Asia Pacific Tire's first quarter sales were a record for any
quarter and up 21% over last year due to favorable currency
translation, higher volume and improved pricing and product mix.

Segment operating income increased 69% and was a record for any
quarter.  The improvement was due to improved pricing and
product mix of US$13 million, which more than offset US$4
million in increased raw material costs, as well as higher
volume, favorable currency translation and lower selling,
administrative and general expenses.

                        About Goodyear Tire

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

                          *     *     *

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


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


BUCYRUS INT'L: Earns  US$41.1 Million in Quarter Ended March 31
---------------------------------------------------------------
Bucyrus International, Inc. disclosed its summary unaudited
financial results for the quarter ended March 31, 2008.

                      Operating Results

The overall increase in surface mining sales was attributable to
the strong global demand for Bucyrus' products and services,
which continues to be driven by high international commodity
prices and strong markets for commodities mined by Bucyrus
machines.  Surface mining original equipment sales for the first
quarter of 2008 increased in all three product lines compared to
the first quarter of 2007.  Surface mining aftermarket parts and
service sales for the first quarter of 2008 increased in nearly
all worldwide markets compared to the first quarter of 2007.  
The expansion of Bucyrus' South Milwaukee, Wisconsin surface
mining facilities was substantially complete as of March 31,
2008, which will allow for annual shovel production capacity of
24 machines and almost doubled manufactured parts capacity from
2006 levels.  Underground mining sales for the first quarter of
2008 decreased from the third and fourth quarters of 2007
primarily due to the timing of new orders in 2007.

Gross profit for the first quarter of 2008 was US$141.6 million,
or 27.4% of sales, compared to US$52.1 million, or 27.4% of
sales, for the first quarter of 2007.  Gross profit for the
first quarter of 2008 was reduced by US$8.7 million of
amortization of purchase accounting adjustments as a result of
the acquisition of DBT in 2007, which had the effect of reducing
gross margin for the first quarter of 2008 by 1.7 percentage
points.  The increase in gross profit was primarily due to the
acquisition of DBT and increased surface mining sales. For the
first quarter of 2008, gross margins on surface mining original
equipment and aftermarket parts and services were improved from
the first quarter of 2007; however, overall gross margin was
negatively impacted by the sales mix of lower margin original
equipment and higher margin aftermarket parts and services.  
Gross margin on underground mining equipment for the first
quarter of 2008 was improved from the last two quarters of 2007
primarily due to 2008 sales consisting of a larger percentage of
higher margin aftermarket parts and services.

Selling, general and administrative expenses for the first
quarter of 2008 were US$59.5 million, or 11.5% of sales,
compared to US$21.1 million, or 11.1% of sales, for the first
quarter of 2007. This increase was primarily due to the
acquisition of DBT.

The increase in operating earnings for the first quarter of 2008
was primarily due to the acquisition of DBT and increased gross
profit resulting from increased surface mining sales volume.  
Operating earnings for underground mining operations were
reduced by purchase accounting adjustments related to the
acquisition of DBT of US$14.3 million for the first quarter of
2008.

Net interest expense for the first quarter of 2008 was US$5.9
million compared to US$1.2 million for the first quarter of
2007.  The increase in net interest expense in 2008 was due to
increased debt levels related to the financing of the
acquisition of DBT.

Net earnings for the first quarter of 2008 were US$41.1 million,
or US$1.11 per share, compared to US$17.9 million, or US$0.57
per share, for the first quarter of 2007.

Capital expenditures the first quarter of 2008 were US$21.2
million, which included US$7.5 million related to Bucyrus'
expansion of its South Milwaukee facilities.  At Bucyrus' Annual
Meeting of Stockholders held last week, Chief Executive Officer
Tim Sullivan reaffirmed that the Board of Directors had
previously approved an additional US$45 million for the
completion of renovations at Bucyrus' South Milwaukee, Wisconsin
facility. Bucyrus' capital expenditures for 2008 are expected to
be between US$90 million and US$100 million, including this
expenditure.

Backlog as of March 31, 2008 and December 31, 2007, as well as
the portion of backlog which is expected to be recognized within
12 months of these dates, was:


                             March 31,  December 31,
                              2008         2007      % Change
                        -----------    ------------- ---------
                                 (Dollars in thousands)

Surface mining:
   Total                US$1,136,222   US$804,781      41.2%
   Next 12 months         US$741,557   US$579,448      28.0%

Underground mining:
   Total                  US$881,042   US$636,473      38.4%
   Next 12 months         US$744,013   US$551,923      34.8%

Total:
  Total                 US$2,017,264   US$1,441,254    40.0%
  Next 12 months        US$1,485,570   US$1,131,371    31.3%

A portion of the surface mining backlog as of March 31, 2008 and
December 31, 2007 was related to multi-year contracts that will
generate revenue in future years.

New orders related to surface mining operations for the first
quarter of 2008 were US$260.8 million and US$354.7 million for
original equipment and aftermarket parts and service sales,
respectively.  Included in surface mining aftermarket parts and
service new orders was US$209.8 million related to multi-year
contracts that will generate revenue in future years.  New
orders related to underground mining operations for the first
quarter of 2008 were US$353.1 million and US$124.4 million for
original equipment and aftermarket parts and service sales,
respectively.

                   About Bucyrus International

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--   
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of USUS$738 million.  The company has operations in
Brazil, Chile, China, Poland, the United Kingdom, Australia,
India, Germany and Peru, among others.

                         *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at 'Ba3' in April 2007.  The rating
still holds to date with a stable outlook.


BUCYRUS INT'L: Inks Preliminary JV Agreement with Huainan
---------------------------------------------------------
Bucyrus International, Inc. last week entered into a preliminary
framework agreement with Huainan Mining Industry (Group) Co.,
Ltd. to establish the basis for the potential creation of a
joint venture in the Huainan mining area of the Anhui Province
in the People’s Republic of China.

The preliminary agreement contemplates Bucyrus owning a
controlling interest in a joint venture that would involve the
building of a new state of the art manufacturing facility in the
Huainan mining area of China that would initially manufacture
belt systems and armored face conveyors for resale on a
preferential basis to Huainan Mining, as well as to other third
parties in China and elsewhere.  It is possible that the joint
venture could manufacture and sell additional underground mining
equipment as well.  Both Bucyrus and Huainan Mining would
contribute an undisclosed amount of cash, as well as other
assets and personnel, to the joint venture.  The parties believe
that initial equipment manufacturing and sales by the joint
venture could begin within approximately nine months of final
completion of the proposed joint venture.

The preliminary agreement is subject to additional due
diligence, final legal documentation, approval by the boards of
directors of both Bucyrus and Huainan, Chinese governmental and
regulatory approvals and various other customary consents,
approvals and closing conditions and is anticipated to be
completed later this year.  Bucyrus does not intend to update
the status of this process unless and until either a final joint
venture agreement is completed, as to which there can be no
assurance, or negotiations are definitely terminated.

Bucyrus’ President and Chief Executive Officer Tim Sullivan
stated, “The joint venture which we hope will result from this
preliminary framework agreement will benefit both Bucyrus and
Huainan Mining. The first step in a resulting joint venture will
extend our market coverage and provide us with a low cost
manufacturing base in China. Huainan Mining will benefit from
the higher technology of our products, and the region will gain
through the development of a high technology manufacturing base
in Anhui Province.  There is also the future potential for
exports using our international sales network.” A business plan,
to be developed by both parties, will include expansion phases
linking additional future investment to direct successes in the
targeted markets.  “China is a large and very complex market,”
said Sullivan.  “Our underlying concept is to partner with
strong industry players, such as Huainan Mining, who have market
access, a manufacturing base and a service network through which
we can rapidly extend our footprint in China.  We recognize the
value of localized relationships and wish to maintain and expand
those links.”

“With Huainan Mining’s coal production at 42 million tons in
2007, there is an already existing base market for the products
that will result from a joint venture between us and Huainan
Mining,” said Sullivan.  “We have built a special relationship
with Huainan Mining where our engineers have an open forum to
look at mining issues and develop common solutions.  This moves
us away from a buyer versus seller, “western style” relationship
that is typical in China to one that allows us to apply our
technology to the benefit of both parties.”

In addition to the announcement regarding the Huainan framework
agreement, Mr Sullivan also emphasized, “This agreement is a
first step.  We are currently reviewing other, additional
options that may provide us with an opportunity to achieve a
market leading position in China with numerous product lines.”

                      About Huainan

Huainan Mining (Group) Co., Ltd. is a state-owned mining group
company in China with its primary business being coal mining and
power generation.  Its coal output in 2007 was 42 million tons.
The Huainan mining area is one of the largest coal fields in the
southeast area of China with coal reserves of approximately 21.4
billion tons.  The Huainan mining area has been listed as one of
China’s top 13 large coal production bases and one of the top 6
coal-electricity bases.


                   About Bucyrus International

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--   
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of USUS$738 million.  The company has operations in
Brazil, Chile, China, Poland, the United Kingdom, Australia,
India, Germany and Peru, among others.

                         *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at 'Ba3' in April 2007.  The rating
still holds to date with a stable outlook.


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


AMK CJSC: Tyumen Bankruptcy Hearing Slated for June 17
------------------------------------------------------
The Arbitration Court of Tyumen will convene on June 17, 2008,
to hear the bankruptcy supervision procedure on CJSC AMK.  The
case is docketed under Case No. A-70-270/3-2008.

The Temporary Insolvency Manager is:

         A. Zubairov
         Post User Box 6475
         625039 Tyumen-39
         Russia

The Court is located at:

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

The Debtor can be reached at:
         CJSC AMK
         Office 401
         Respubliki Str. 55
         625000 Tyumen
         Russia


CENTRAL TELECOMMUNICATIONS: Plans 16,000 Job Cuts by 2012
---------------------------------------------------------
OAO Central Telecommunications Co. will reduce its 42,000-strong
workforce by 16,000 jobs by 2012 to cut costs, Bloomberg News
reports citing Chief Executive Officer Vaagn Martirosyan.

CenterTelecom will use the saved funds to invest in the
broadband Internet market as it eyes to serve 735,000
subscribers by end of 2008, Mr. Martirosyan told Bloomberg News.  

According to Mr. Martirosyan, Bloomberg News relates, the
company currently provides broadband services to 380,000
subscribers and aims to serve 2.35 million clients in 2012,

The company posted RUR3.64 billion in net profit on RUR32.41
billion in net revenues for year ended Dec. 31, 2007, compared
with RUR2.05 billion in net profit on RUR28.4 billion in net
revenues for year ended Dec. 31, 2006.

                       About CenterTelecom

Headquartered in Moscow, Russia, OAO Central Telecommunications
Co. -- http://www.centertelecom.ru/eng-- provides fixed-line   
and mobile communications in the Russian Central Federal
District.  CenterTelecom had a charter capital of RUR6.31
billion (about US$234 million) as of July 1, 2006.

                            *   *   *

As of April 17, 2008, OAO CenterTelecom carries Standard &
Poor's B Corporate Credit Rating with stable outlook.  The
company also carries Fitch's Issuer Default B-, Short-term B,
National Long-term BB+ and a BB+ rating on its RUR3 billion
notes due August 2011 with stable outlook.


KAMAZ LLC: Astrakhan Bankruptcy Hearing Slated for June 19
----------------------------------------------------------
The Arbitration Court of Astrakhan will convene at 2:00 p.m. on
June 19, 2008, to hear the bankruptcy supervision procedure on
LLC Astrakhanskiy Motor Car Centre Kamaz (TIN 3017025898).  The
case is docketed under Case No. A06-7265/2007-11.

The Temporary Insolvency Manager is:

         S. Starzhevskiy
         Office 9
         Kachuevskoy Str. 2D
         400002 Volgograd
         Russia

The Court is located at:

         The Arbitration Court of Astrakhan
         Gubernatora A. Guzhvina Str. 6.
         Astrakhan
         Russia

The Debtor can be reached at:

         LLC Astrakhanskiy Motor Car Centre Kamaz
         Funtovskoe Shosse 9B
         Astrakhan
         Russia


NORTH EXPEDITION: Bankruptcy Hearing Slated for June 20
-------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy will convene at
9:15 a.m. on June 20, 2008, to hear the bankruptcy supervision
procedure on OJSC North Expedition.  The case is docketed under
Case No. A81-545/2008.

The Temporary Insolvency Manager is:

         N. Dmitriev
         Sverdlova Str. 5/2-306
         625002 Tyumen
         Russia

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy
         Russia

The Debtor can be reached at:

         OJSC North Expedition
         Promzona
         Purpe
         Purovskiy
         629840 Yamalo-Nenetskiy
         Russia


PERVOMAYSKOE CJSC: Creditors Must File Claims by May 22
-------------------------------------------------------
Creditors of CJSC Pervomayskoe (TIN 4339000480) have until
May 22, 2008, to submit proofs of claim to:

         V. Krygin
         Insolvency Manager
         Post User Box 1836
         610020 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-237/07-166/24.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         CJSC Pervomayskoe
         Svobody Str. 1
         Pervomayskoe
         Yaranskiy
         Kirov
         Russia


SPRING CJSC: Udmurtiya Bankruptcy Hearing Slated for July 22
------------------------------------------------------------
The Arbitration Court of Udmurtiya will convene on July 22,
2008, to hear the bankruptcy supervision procedure on CJSC
Spring.  The case is docketed under Case No. A71-1283/2008-G9.

The Temporary Insolvency Manager is:

         O. Reverchuk
         Post User Box 3502
         Izhevsk
         426034 Udmurtiya
         Russia

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         CJSC Spring
         30 Let Pobedy Str. 26
         Izhevsk
         426900 Udmurtiya
         Russia


TITAN PETROCHEMICAL: S&P Cuts Rating to B on Weak Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Titan Petrochemical Group Ltd. to 'B'
from 'B+'.  The outlook is negative.

At the same time, Standard & Poor's lowered the issue rating on
US$400 million senior unsecured notes guaranteed by Titan to
'B-' from 'B'.

"The rating actions reflect our expectation that Titan is likely
to continue to be under financial pressure over the next 12
months and that its performance is no longer commensurate with a
'B+' rating.  The company's expansion of its shipyard
operations, which requires large capital expenditure, is likely
to put further pressure on its funding and leverage," said
Standard & Poor's credit analyst Lawrence Lu.

Titan's various business lines--oil transportation, onshore oil
storage, and petroleum supply chain--will face challenging
conditions in 2008.  In the transportation segment, very large
crude carrier freight rates are weak, and operating and
bunkering expenses are rising.  Modest demand growth and stiff
competition in the onshore oil storage segment are likely to
continue to weigh on its profitability, although the utilization
rate has improved.  Onshore oil storage did not contribute as
much as expected to 2007 results because of weaker-than-expected
demand.  Margins in Titan's petroleum supply-chain operations
are likely to continue to erode.  The margin squeeze began in
the second half of 2007 because of stiff competition and
negative margins on imports to China, as a result of high crude
prices, which had a knock-on impact on Titan.

Titan's shipyard operations could put pressure on the company's
cash flow as capex mounts.  The ship-building business is
showing some progress, with two new orders from third parties
and several others under negotiation.  It continues to relay
heavily on orders from related parties, has limited pricing
power, and will be vulnerable further weakening of the U.S.
dollar.  The company's plan to expand into the ship-repairing
and offshore engineering business entails sizable capex over the
next few years, putting a further strain on Titan's fiscal
performance.

Titan's liquidity is weak.  The company will find it challenging
to meet all of its loan and bond covenants.

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.


=============================
S L O V A K   R E P U B L I C
=============================


U.S. STEEL: R. Beltz Named as North-Am Flat-Rolled Marketing GM
---------------------------------------------------------------
United States Steel Corporation disclosed that Robert J. Beltz
has been named general manager-North American flat-rolled
marketing.  Mr. Beltz will report to Richard M. Efkeman, vice
president-worldwide marketing.

Mr. Beltz, 39, will oversee industry market strategies, product
mix distribution and pricing for U. S. Steel's flat-rolled
operations in the United States and Canada.  Beltz joined the
company in 1990 as a management associate in accounting and
finance.  After spending two years in the audit department, he
moved into the company's commercial organization in 1993 and
advanced through increasingly responsible positions over the
next 14 years, including managerial roles in automotive sales
and marketing at U. S. Steel's Automotive Center in Troy, Mich.

In February 2007, Beltz relocated to the company's corporate
headquarters in Pittsburgh when he was named director-market
analysis and strategy.  He advanced to his most recent
position, director-industry marketing, in November 2007.

Mr. Beltz is a native of Canonsburg, Pa., and graduated from
Duquesne University in 1990 with a bachelor's degree in
accounting.  He earned a master's degree in business
administration from the University of Michigan-Flint in 1997.  
Mr. Beltz is a member of the American Iron and Steel Institute's
Construction Market Committee.

                About U.S. Steel Corporation

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 31.7 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works.  On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                          *    *    *

In December 2007, Standard & Poor's Ratings Services assigned
its 'BB+' senior unsecured rating to the proposed offering of up
to US$400 million in senior unsecured notes due Feb. 1, 2018, of
United States Steel Corp. (BB+/Negative/--).  The notes are
being issued under the company's unlimited shelf registration
filed on March 5, 2007.


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


GRUPO AISA: Asks Court to Dismiss Creditors' Insolvency Petition
----------------------------------------------------------------
Grupo Aisa SA has filed with a commercial court in Barcelona a
petition to dismiss a legal request to declare it insolvent and
place it under administration, Reuters reports.

As reported in the TCR-Europe on April 18, 2008, a group of five
creditors led by local insurer ASEFA asked the court on
April 11, 2008, to begin bankruptcy proceedings against Aisa,
after the property group missed a EUR1.3 million payment on a
late delivery of new houses.  

Aisa claimed that ASEFA has no grounds to make insolvency
claims, Bloomberg reports.

                        About Grupo Aisa

Headquartered in Barcelona, Spain, Grupo Aisa S.A. --
http://www.grupoaisa.com/AisaWeb/view/Inicio.aspx-- is   
principally engaged in property development and real estate
leasing.  It is also involved in brokerage activities related to
the construction industry.


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


CASTELL WINE: St. Gallen Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC Castell Wine & More on March 12, 2008.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Urs Benz
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Castell Wine & More
         Hauptstrasse 82
         9400 Rorschach
         Wahlkreis Rorschach SG
         Switzerland


DRIVER POOL: Creditors' Liquidation Claims Due by July 18
---------------------------------------------------------
Creditors of LLC Driver Pool have until July 18, 2008, to submit
their claims to:

         Robin Urech
         Dorfstrasse 70
         5417 Untersiggenthal
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Driver Pool
         Untersiggenthal
         Baden AG
         Switzerland


HOT CYCLE: Creditors' Liquidation Claims Due by May 26
-------------------------------------------------------
Creditors of LLC Hot Cycle Pilots have until May 26, 2008, to
submit their claims to:

         LLC Hot Cycle Pilots
         Zentweg 17
         3006 Berne
         Switzerland


INPART INVESTMENT: Creditors' Liquidation Claims Due by June 30
---------------------------------------------------------------
Creditors of LLC InPart Investment Equity have until June 30,
2008, to submit their claims to:

         LLC InPart Investment Equity
         Dorfstrasse 2
         6300 Zug
         Switzerland


JSUALKIN LLC: Creditors' Liquidation Claims Due by June 12
----------------------------------------------------------
Creditors of LLC Jsualkin have until June 12, 2008, to submit
their claims to:

         Niklaus Janitsch
         Industrie Neuhof 17
         3422 Kirchberg
         Burgdorf BE
         Switzerland

The Debtor can be reached at:

         LLC Jsualkin
         Burgdorf BE
         Switzerland


LONDON LANGUAGE: Creditors' Liquidation Claims Due by May 31
------------------------------------------------------------
Creditors of JSC London Language School have until May 31, 2008,
to submit their claims to:

         Egon Aebersold
         Sternenbergweg 4
         4413 Buren
         Dorneck SO
         Switzerland

The Debtor can be reached at:

         JSC London Language School
         Zurich
         Switzerland


MALEGA LLC: Creditors' Liquidation Claims Due by May 21
-------------------------------------------------------
Creditors of LLC Malega have until May 21, 2008, to submit their
claims to:

         Anton Theiler Treuhand
         Neuhofstr. 1
         6341 Baar ZG
         Switzerland

The Debtor can be reached at:

         LLC Malega
         Baar ZG
         Switzerland


VINTSY JSC: Lucerne Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against JSC Vintsy on March 11, 2008.

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         JSC Vintsy
         Kauffmannweg 17
         6003 Lucerne
         Switzerland


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


AGRO LI: Proofs of Claim Deadline Set May 10
--------------------------------------------
Creditors of LLC Agro Li (code EDRPOU 32092705) have until
May 10, 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 supervision
procedure on the company on Feb. 14, 2008.  The case is docketed
as 14/70/08.

The Debtor can be reached at:

         LLC Agro Li
         Morehodnaya Str. 14
         54010 Nikolaev
         Ukraine


CHUTOV AGRICULTURAL: Creditors Must File Claims by May 9
--------------------------------------------------------
Creditors of LLC Chutov Agricultural Road Building (code EDRPOU
03581262) have until May 9, 2008 to submit proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on March 25,  2008, after finding it
insolvent.  The case is docketed as 18/39.

The Debtor can be reached at:

         LLC Chutov Agricultural Road Building
         Gagarin Str. 1
         Artemovka
         Chutov District
         Poltava
         Ukraine


CONSTRUCTION CHEMICAL: Creditors Must File Claims by May 9
---------------------------------------------------------
Creditors of LLC Construction Chemical System (code EDRPOU
34884968) have until May 9, 2008 to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 3, 2008.  The case is docketed as B 15/111-08.

The Debtor can be reached at:

         LLC Construction Chemical System
         Kirov Avenue 42A
         49000 Dnipropetrovsk
         Ukraine


EUROPEAN EXPRESS: Creditors Must File Claims by May 10
------------------------------------------------------
Creditors of LLC European Express (code EDRPOU 34498004) have
until May 10, 2008 to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 1, 2008.  The case is docketed as B 15/109-08.

The Debtor can be reached at:

         LLC European Express
         Universalnaya Str. 4
         49000 Dnipropetrovsk
         Ukraine


GORMACH CJSC: Proofs of Claim Deadline Set May 9
------------------------------------------------
Creditors of CJSC Gormach (code EDRPOU 30540229) have until
May 9, 2008 to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on March 20, 2008.  The
case is docketed as B24/139-08.

The Debtor can be reached at:

         CJSC Gormach
         Prapornaya Str. 1
         49083 Dnipropetrovsk
         Ukraine


MIR LLC: Creditors Must File Claims by May 9
--------------------------------------------
Creditors of LLC Mir (code EDRPOU 03749460) 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 20, 2008.  The case is docketed as 16/7/08.

The Debtor can be reached at:

         LLC Mir
         Pervomayskaya Str. 1
         Novopoltavka
         Chernigovsky District
         Zaporozhje
         Ukraine


MOTORCARINDUSTRIALWELDING PLANT: Creditors' Claims Due May 10
-------------------------------------------------------------
Creditors of OJSC Motorcarindustrialwelding Plant (code EDRPOU
05743102)have until May 10, 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 25/76/08.

The Debtor can be reached at:

         OJSC Motorcarindustrialwelding Plant
         Sedov Str. 36
         69057 Zaporozhje
         Ukraine


SCIENCE-TECHNICAL: Creditors Must File Claims by May 10
-------------------------------------------------------
Creditors of LLC of Science-Technical Center Trans-Technology
(code EDRPOU 30921906) have until May 10, 2008 to submit proofs
of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 1, 2008.  The case is docketed as B 15/108-08.

The Debtor can be reached at:

         LLC of Science-Technical Center Trans-Technology
         Universalnaya Str. 10
         49024 Dnipropetrovsk
         Ukraine


UKRTECHNOPLAST LLC: Creditors Must File Claims by May 10
--------------------------------------------------------
Creditors of LLC Ukrtechnoplast (code EDRPOU 32403738) have
until May 10, 2008 to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 3, 2008.  The case is docketed as B 15/151-08.

The Debtor can be reached at:

         LLC Ukrtechnoplast
         Moscow Str. 25A-2
         49000 Dnipropetrovsk
         Ukraine


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


AMPEX CORPORATION: U.S. Trustee Forms Five-Member Committee
-----------------------------------------------------------
Diana G. Adams, United States Trustee for Region 2 named five
creditors as members to the Official Committee of Unsecured
Creditors in Ampex Corporation's chapter 11 case filed with the
U.S. Bankruptcy Court for the Southern District of New York.  

The five committee members are:

  1. David R. Bunker
     2800 South Court
     Palo Alto, CA 94306
     Tel: (408-522-6913)

  2. Robert L. Wilson
     908 Corriente Point Drive
     Redwood City, CA 94065
     Tel: (650) 678-7359

  3. The PMA Group, Inc.
     2345 Crystal Drive, Suite 300
     Arlington, VA 22202
     Attn: John Lynch
     Tel: (703) 415-0344

  4. Robert McAdams
     75644 Via Cortona
     Indian Wells, CA 92210
     Tel: (760) 610-1305

  5. David Chapman
     PO Box 490
     Pescadero, CA 94060
     Tel: (650) 879-0851

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and
financial affairs.  Importantly, official committees serve as
fiduciaries to the general population of creditors they
represent.  
Those committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the Debtors and other
core parties-in-interest.  If negotiations break down, the
Committee may ask the Bankruptcy Court to replace management
with
an independent trustee.  If the Committee concludes
reorganization
of the Debtor is impossible, the Committee will urge the
Bankruptcy Court to convert the Chapter 11 cases to a
liquidation
proceeding.

                         About Ampex

Headquartered in Redwood City, California, Ampex Corp. --  
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual   
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represents the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their  
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$$82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.  
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.


ASCOT INTERIORS: Brings In Liquidators from KPMG
------------------------------------------------
Richard James Philpott and Mark Jeremy Orton of KPMG LLP were
appointed joint liquidators of Ascot Interiors (Derby) Ltd. on
April 17 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


BAA LTD: Airports Ownership May Not Be Good, UKCC Says
------------------------------------------------------
The common ownership of BAA Ltd. of seven airports in the United
Kingdom may not be serving well the interests of either airlines
or passengers, the U.K. Competition Commission disclosed in a
press release on its website last week.

In an interim report on its investigation into the market for
the supply of airport services by BAA in the UK, the UKCC’s
report on its ‘emerging thinking’ sets out the its current view
on competition in the relevant UK airports markets on the basis
of the evidence to date, identifies areas where it is seeking
further evidence and outlines its next steps.

The Commission said that while no conclusions have been reached
at this stage, it expects to publish its provisional findings in
August and if competition problems are identified, it intends to
set out its possible remedies at the same time, whether
requiring the sale of one or more of BAA’s airports or
otherwise.

                      Chairman’s Statement

Christopher Clarke, Chairman of the BAA Airports inquiry, said:

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

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

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

There are no similar capacity constraints at any of BAA’s other
four airports at Edinburgh, Glasgow, Aberdeen and Southampton.
Particular features which we have identified as potentially
limiting competition include the common ownership by BAA of each
of its seven airports and the way it conducts its business.  We
are particularly concerned by its apparent lack of
responsiveness to the differing needs of its airline customers,
and hence passengers, and the consequences for the levels,
quality, scope, location and timing of investment and levels and
quality of service.

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

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

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

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

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

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

The main points in the document are:

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

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

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

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

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

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

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

                         About BAA Ltd.

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

                           *     *     *

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


BAA LTD: JPMorgan Report Affirms Risk of Default Within a Year
--------------------------------------------------------------
BAA Ltd. faces the risk of defaulting within a year as plans to
cut borrowing costs are impeded by an antitrust review,
Bloomberg News cites a report by Olek Keenan of JPMorgan Chase &
Co.

According Mr. Keenan's report, BAA is yet to refinance at least
GBP8 billion of debt used for its takeover.  Grupo Ferrovial SA
needs to seek an alternative as the U.K. Competition Commission
determines whether to impose the selling of one of BAA's
airports.

Grupo Ferrovial may have a 'silver bullet' plan to tackle the
concerns, Bloomberg relates, but if there is no such plan, then
"we think a default at BAA is a possibility in the next 12
months," Mr. Keenan said.

Bloomberg said that BAA has twice held off refinancing due to
the regulatory review by the Competition Commission.  The CC
disclosed that BAA may not be serving well the interests of
either airlines or passengers.

An official at Grupo Ferrovial told Bloomberg that the company
will keep its refinancing plan and that the CC does not affect
BAA's refinancing.

"The financial structure to refinance BAA takes into account
possible asset sales of both regulated and unregulated assets,
so its flexible and can adapt to future regulatory decisions,"
Bloomberg News quoted the Ferrovial official as saying.

                         About BAA Ltd.

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

                           *     *     *

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


BUTLER AND TANNER: Goes Into Receivership; 287 Jobs Affected
------------------------------------------------------------
The workforce of Butler and Tanner Printers Ltd. was informed by
post on Saturday, April 26, 2008, that the company has been
closed and is going into receivership owing 287 workers
thousands of pounds in unpaid wages and deducted pension
contributions.

The news came at talks between the union Unite and the color
book printers, Butler and Tanner were ongoing at the
conciliation service ACAS.

Negotiations have been underway on changes to working practices
and massive cost reductions.  On Friday, the union and the
management were still in discussions with ACAS with no
notification that the company was about to be closed.

Workers have been told the company is closed, they are redundant
with immediate effect and that an application for receivership
will be made next week.

Members gathered at the company on Saturday following receipt of
their notices to find the gates barred and bolted.

"Unite will be demanding recompense in full from the
perpetrators of this  despicable act sacrificing people's jobs
and livelihoods.  Mike Dolan and former boss Andrew Hillman
should be called to account for what they have done to the
workers' jobs, their pensions and their community," National
officer Ann Field said.

A members' meeting will be held today April 29, 2008.

Headquartered in Frome, England, Butler and Tanner Printers Ltd.
-- http://www.butlerandtanner.com/-- is a sheet-fed printing  
company specializing in book, brochures, annual reports,
catalogs and fine art.


CIBENZE SERVICES: Taps Joint Administrators from BDO Stoy
---------------------------------------------------------
David Harry Gilbert and Martha Honara Thompson of BDO Stoy
Hayward LLP were appointed joint administrators of Cibenze
Services Plc (Company Number 01811263) on April 18, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

          Cibenze Services Plc
          294-304  St. Jamess Road
          Bermondsey
          London
          SE1 5JX
          England
          Tel: 020 7740 3410
          Fax: 020 7216 6490
          Web site: http://www.cibenze.co.uk


CLEAR CHANNEL: Set to Release 1st Quarter 2008 Results on May 9
---------------------------------------------------------------
Clear Channel Communications, Inc. and Clear Channel Outdoor
Holdings, Inc. said that both companies will release first
quarter 2008 financial results before the market opens on
Friday, May 9, 2008 at approximately 7:00 a.m. Eastern Time.

The companies will not be hosting a teleconference or webcast as
a result of the Clear Channel Communications, Inc. pending
merger transaction that was approved by Clear Channel
Communications, Inc. shareholders on Sept. 25, 2007.

                      About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


CLEAR CHANNEL: Further Extends Offers' Expiration Date to May 2
---------------------------------------------------------------
In connection with Clear Channel Communications, Inc.'s
previously announced tender offer for its outstanding 7.65%
Senior Notes due 2010 (CUSIP No. 184502AK8) and Clear Channel's
subsidiary AMFM Operating Inc.'s previously announced tender
offer for its outstanding 8% Senior Notes due 2008 (CUSIP No.
158916AL0), Clear Channel disclosed that it has extended the
date on which the tender offers are scheduled to expire from
8:00 a.m. New York City time on April 25, 2008 to 8:00 a.m. New
York City time on May 2, 2008 and the consent payment deadline
for the Notes from 8:00 a.m. New York City time on April 25,
2008 to 8:00 a.m. New York City time on May 2, 2008.

The Offer Expiration Date and the Consent Payment Deadline are
subject to extension by Clear Channel, with respect to the CCU
Notes, and AMFM, with respect to the AMFM Notes, in their sole
discretion.

The completion of the tender offers and consent solicitations
for the Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger by and among Clear Channel, CC Media Holdings, Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple
Crown Merger Co., Inc., dated November 16, 2006, as amended by
Amendment No. 1, dated April 18, 2007, and Amendment No. 2,
dated May 17, 2007 and the closing of the merger contemplated by
the Merger Agreement.  The closing of the Merger has not
occurred.

On March 26, 2008, Clear Channel, joined by CC Media Holdings,
Inc., filed a lawsuit in the Texas State Court in Bexar County,
Texas, against Citigroup, Deutsche Bank, Morgan Stanley, Credit
Suisse, The Royal Bank of Scotland, and Wachovia, the banks who
had committed to provide the debt financing for the Merger.  
Clear Channel intends to complete the tender offers and consent
solicitations for the CCU Notes, and AMFM intends to complete
the tender offers and consent solicitations for the AMFM Notes,
upon consummation of the Merger.

Clear Channel previously announced on Jan. 2, 2008 that it had
received, pursuant to its previously announced tender offer and
consent solicitation for the CCU Notes, the requisite consents
to adopt the proposed amendments to the CCU Notes and the
indenture governing the CCU Notes applicable to the CCU Notes,
and that AMFM had received, pursuant to its previously announced
tender offer and consent solicitation for the AMFM Notes, the
requisite consents to adopt the proposed amendments to the AMFM
Notes and the indenture governing the AMFM Notes.

As of April 23 date, approximately 95 percent of the AMFM Notes
have been validly tendered and not withdrawn and approximately
99 percent of the CCU Notes have been validly tendered and not
withdrawn.  The Clear Channel tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the Clear Channel Offer to Purchase and Consent
Solicitation Statement for the CCU Notes dated Dec. 17, 2007,
and the related Letter of Transmittal and Consent.  The AMFM
tender offer and consent solicitation is being made pursuant to
the terms and conditions set forth in the AMFM Offer to Purchase
and Consent Solicitation Statement for the AMFM Notes dated
Dec. 17, 2007, and the related Letter of Transmittal and
Consent.  Further details about the terms and conditions of the
tender offers and consent solicitations are set forth in the
Offers to Purchase and the related documents.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the tender offers should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).  Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

                      About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


CREAM COMPUTER: Hires Liquidators from Tenon Recovery
-----------------------------------------------------
A. J. Pear and I. M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of Cream Computer (UK) Ltd. on
April 17 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


CREATIVE BUSINESS: Brings In Menzies as Administrators
------------------------------------------------------
David John Whitehouse and Philip Francis Duffy of Menzies
Corporate Restructuring were appointed joint administrators of
Creative Business Environments Ltd. (Company Number 05079693) on
April 16, 2008.

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

The company can be reached at:

          Creative Business Environments Ltd.
          49 Old Hall Road
          Sale
          Cheshire
          M33 2HT
          England
          Tel: 01612828524


EVESHAM TECHNOLOGY: Ceases Acceptance of PC Orders
--------------------------------------------------
Evesham Technology Ltd. is no longer taking orders for PCs or
for any peripherals through its sales line as it intends to sell
off all of its stock, Carrier-Ann Skinner of PC Advisor reports,
citing a sales advisor.

The sales advisor, however, told PC Advisor that new units may
become available in a month or so.

PC Advisor noted the company's Web site appears to be offering
PCs for sale.

Evesham's head office, on the other hand, said the company had
gone into liquidation, the paper relates.

As previously reported in the TCR-Europe, Evesham had
successfully completed its restructuring.

The company went into administration on Aug. 3, 2007, after
being unable to replace lost revenue of GBP30 million.  The
company said that the revenue loss was due to the decision made
by the Government to axe the HCI (Home Computing Initiative) at
short notice.

In a structured deal PCC Technology Ltd. acquired certain assets
of stricken Evesham from its administrators, including the
Evesham brand.

                     About Evesham Technology

Headquartered in Evesham, England, Evesham Technology Ltd. --
http://www.evesham.com/-- is a provider of computer hardware    
including desktop and notebook PCs, workstations, servers, data
storage systems, and third-party peripherals.  The company also
offers such services as consulting, network design and
integration, and technical support.  Evesham Technology has
partnerships with manufacturers including AMD, Intel, and
Microsoft.  It was founded by Richard Austin in 1983.


GRETNA FOOTBALL: Faces Liquidation as Offers Remain Unseen
----------------------------------------------------------
The joint administrators for Gretna Football Club Ltd., David
Elliott and Lisa Hogg of Wilson Field Ltd., will convene the
company's 139 creditors on May 8, 2008, to decide whether to
send it into liquidation, News and Star reports.

According to the report, three potential buyers -- including
football consultant and agent Paul Davies -- have expressed
interest on Gretna FC, but has yet to submit offers.

The report adds that if a buyer can't be found, the company may
be closed and placed into creditors voluntary liquidation.

                      List of Major Creditors

         Creditor                            Amount
         --------                         ------------
         Brooks Mileson                   GBP1,871,000
         Rowan Alexander                       800,000
         HM Inland Revenue is owed             439,762
         HM Customs and Excise                 136,292
         University of Cumbria                  74,000
         James Grady                            20,000
         Martin Canning                          9,000
         Carlisle City Council                   2,000

Gretna went into administration in March 2008 after Mr. Mileson
terminated financial support, News and Star reports.  

The company has GBP3,734,811.53 in total debts, which excluded
an administrators’ bill of more than GBP250,000.

Headquartered Gretna, United Kingdom, Gretna Football Club Ltd.  
-- http://www.gretnafootballclub.co.uk-- is a Scottish football  
club that plays in the Scottish Premier League.


HALIFAX TOWN: Administrators Reveal Proposal for Creditors
----------------------------------------------------------
Rob Sadler and Peter Sargent of Begbies Traynor, as
administrators of Halifax Town Association Football Club Ltd.,
disclosed a proposal that aims to pay creditors 2.5 pence in the
pound, Halifax Courier reports.  The creditors however will have
to give their approval to a company voluntary arrangement, the
report adds.

Messrs. Sadler and Sargent were appointed as administrators on
March 14, 2008.

According to Mr. Sadler, the Halifax Courier relates, the
proposal, if approved, would give the club an opportunity to
stabilize their financial standing and creditors will be able
receive a dividend on what is owed to them.

Failing to accept the proposal will more likely would lead the
club being put into liquidation, Mr. Sadler warned.

The proposal already has the backing of a consortium led by
businessmen David Bosomworth and Bobby Ham, the report further
relates.

Creditors are expected to vote for the proposal on May 7, 2008.

Halifax Town Association Football Club is an English football
team currently playing in the Conference National.  The club's
current ground is The Shay in Halifax, West Yorkshire.


HEXCEL CORP: Moody's Keeps Ba3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service affirmed Hexcel Corporation's  
Corporate Family and Probability of Default ratings of Ba3, and
the B1 rating of Hexcel's subordinated notes, but raised the
rating on the Secured Bank Credit Facilities to Baa3 from Ba1.
The rating outlook remains stable.

Because about US$96 million of the term loan portion of the
Credit Facilities was repaid, recovery expectations are higher
under Moody's Loss Given Default methodology and the rating on
the Credit Facilities was raised one notch to Baa3.  The claim
of the Credit Facilities in the waterfall benefits from
substantial collateral, up-stream guarantees from Hexcel's
material domestic subsidiaries as well as a significant level of
subordinated debt.

The Ba3 Corporate Family and Probability of Default ratings
balance the company's modest scale, significant market presence,
strong credit metrics, and favorable growth prospects with the
ongoing investment phase in its carbon fiber capacity, which
constrains prospects for near term free cash flow.  The rating
also recognizes concentration aspects in Hexcel's customer base
and the cyclical nature of the build rate for new commercial
aircraft.  Recent performance demonstrates healthy interest
coverage and significantly lower leverage, and flows from a
combination of higher production rates in commercial aerospace
and wind energy, increasing percentage use of composite
materials in new aircraft, sustained margins, and the
application of proceeds from business divestitures to reduce
indebtedness.  

Moody's expects favorable operating trends to continue, but the
company's plan for substantial capital expenditures is likely to
result in no better than break-even free cash flow in the near
term. Consequently, debt is not expected to be reduced. Hexcel
could generate strong free cash flow once the heavy capital
investments begin to ebb and the build-rates for larger aircraft
progress to a normalized production level.  The ratings are
further supported by Hexcel's strong competitive position in
what is expected to be a continuing robust environment for OEM
aircraft suppliers.

While Hexcel is anticipated to generate credit metrics at levels
at or above those typical for the Ba3 rating, the rating
considers uncertainty in the pace at which the Airbus A380 (on
which Hexcel will have US$3 million content per aircraft,
according to the company) and the ongoing delays in production
of Boeing's B787 (on which Hexcel will have between US$1.3
million to US$1.6 million of content per aircraft, according to
the company).  Also, a shareholder activist group has proposed
three alternative nominees to Hexcel's board of directors (the
shareholders meeting is scheduled for May 8, 2008) and has
further said that shareholder value has not been maximized.
Uncertainty of future financial policies constrains the rating.

The stable rating outlook reflects Moody's expectations for
continued healthy operating margins and revenue growth in an
ongoing robust commercial aerospace environment and is supported
by the firm's satisfactory liquidity profile despite the
prospects for break-even free cash flow in 2008.  The stable
outlook also assumes that any developments relating to the
production and delivery schedule of the A380 or B787 will have
no material negative impact on the company's margins or working
capital requirements.

Ratings upgraded with revised Loss Given Default Assessments:

   -- US$125 million secured revolving credit facility, Baa3
      (LGD-2, 14%) from Ba1 (LGD-2, 22%)

   -- US$87 million secured term loan, Baa3 (LGD-2, 14%) from
      Ba1 (LGD-2, 22%)

Ratings affirmed with revised Loss Given Default Assessment:

   -- Corporate Family, Ba3;
   -- Probability of Default, Ba3;
   -- US$225 million senior subordinated notes, B1 (LGD-4, 69%).

The last rating action was on April 3, 2007 at which time
Hexcel's Corporate Family and Probability of Default ratings
were up-graded to Ba3 from B1.

Hexcel Corporation, headquartered in Stamford, CT, is a leading
advanced structural materials company.  It develops,
manufactures and markets lightweight, high-performance
structural materials, including carbon fibers, reinforcements,
prepregs, honeycomb, matrix systems, adhesives and composite
structures, used in commercial aerospace, space and defense, and
certain industries.  Revenues in 2007 were approximately US$1.2
billion.  The company has subsidiaries in Austria, the United
Kingdom, Spain, Hong Kong, Japan and Brazil.


INTERNET TELECOMMUNICATIONS: Taps Administrators from Tenon
-----------------------------------------------------------
A.J. Pear and I. Cadlock of Tenon Recovery were appointed joint
administrators of Internet Telecommunications Plc (Company
Number 03950920) on April 17, 2008.

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

The company can be reached at:

          Internet Telecommunications PLC
          46 Clerkenwell Close
          Clerkenwell  
          London
          EC1R 0AZ
          England
          Tel: 020 7216 9000
          Fax: 020 7216 9001


MELDRUM YOUNG: Taps Begbies & Chantrey to Administer Assets
-----------------------------------------------------------
Paul Michael Davis of Begbies Traynor (South) LLP and Richard
Howard Toone of Chantrey Vellacott DFK LLP were appointed joint
administrators of Meldrum Young 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.  

Chantrey Vellacott DFK -- http://www.cvdfk.com/-- provides  
accounting, taxation and related advisory services.  

The company can be reached at:

          Meldrum Young
          6 Broad Road
          Sale
          Cheshire
          M33 2AL
          England
          Tel: 0161 969 6415
          Fax: 0161 969 6326


NPS PHARMA: December 31 Balance Sheet Upside-Down by US$188MM
-------------------------------------------------------------
NPS Pharmaceuticals Inc.'s balance sheet at Dec. 31, 2007,
showed total assets of US$231.757 million and total liabilities
of US$419.788 million, resulting to total shareholders' deficit
of US$188.031 million.

For the fourth quarter of 2007, NPS reported net income of
US$21.2 million versus a net loss of US$14.0 million for the
fourth quarter of 2006.

For the year ended Dec. 31, 2007, NPS reported a net loss of
US$657,000 as compared to a net loss of US$112.7 million for
2006.  NPS's improved 2007 financial results were primarily due
to (i) a US$30.0 million gain related to the sale of its
interests in an early-stage research and development
collaboration, (ii) declines in operating expenditures, and
(iii) increased milestone and royalty revenues.

In line with its new business plan, during 2007 NPS retired a
substantial amount of its debt and significantly reduced
operating expenditures.  In 2007, the company raised more than
US$275.0 million of capital and retired US$191.0 million in
convertible debt due in 2008.

The company's cash, cash equivalents, short- and long-term
investments totaled US$161.7 million as of Dec. 31, 2007.  NPS
now expects its 2008 cash burn to be in the range of US$45 to
US$55 million. The increase in the company's 2008 cash burn
from previous guidance is due to the timing of payments of
certain 2007 expenses, which are now projected to occur in 2008.

"After implementing a new business plan in 2007, raising
significant capital and obtaining regulatory clarity from the
FDA, NPS now has the direction, the resources and the
capabilities to develop its products in specialty indications
with high unmet medical needs, including short bowel syndrome
and hypoparathyroidism," Tony Coles, M.D., president and chief
executive officer of NPS, stated.  "With a two to three year
cash runway, I am confident that NPS is well-positioned to
advance its pipeline and achieve commercial success."

During 2007, NPS reported these accomplishments:

  * Refocused its business on specialty indications for
    gastrointestinal and endocrine disorders with unmet medical    
    need.

  * Raised more than US$275.0 million through the issuance of
    royalty-backed and convertible notes and the monetization of
    non-core assets.

  * Achieved net operating cash inflow of US$27.6 million for
    2007 as compared to a net operating cash outflow of US$103.9
    for 2006.

  * Retired US$191.0 million in convertible debt due in 2008.

  * Completed a Phase 3 study of GATTEX(TM) in short bowel
    syndrome patients who are dependent on parenteral nutrition.

  * Secured an ex-North America partnership for GATTEX with
    Nycomed.

  * Defined a clinical strategy and obtained orphan drug status
    for NPSP558 as a potential therapy for hypoparathyroidism.

NPS reported restructuring charges of US$1.1 million for the
fourth quarter of 2007 as compared to a US$61,000 credit for the
fourth quarter of 2006.  For the full year, restructuring
charges for 2007 were US$13.4 million versus US$8.2 million in
2006.  Restructuring charges were comprised of employee
termination benefits.

In connection with the implementation of NPS's new business
plan, the company sold its interests in an early-stage research
and development collaboration with AstraZeneca for metabotropic
glutamate receptors and recognized a US$30.0 million gain in the
fourth quarter of 2007.

As of Dec. 31, 2007, the company's cash, cash equivalents,
short- and long-term investments totaled US$161.7 million, as
compared to US$146.2 million as of Dec. 31, 2006.

The company's investment portfolio includes investments in
certain auction-rate securities or ARS investments.  As of Dec.
31, 2007, the company's ARS investments had an estimated value
of US$53.3 million and a cost basis of US$59.8 million.

Recently, NPS agreed to sell certain of these ARS investments to
one of its investment advisors for US$26.0 million.  These
securities had an estimated market value of US$24.9 million at
Dec. 31, 2007.  In connection with the agreement to sell these
investments, NPS recorded an other-than-temporary loss of
US$4.1 million in the fourth quarter of 2007 to reflect the
difference between the selling price of US$26.0 million and the
cost basis of US$30.1 million.

The estimated value of NPS's remaining ARS investments totaled
US$28.4 million at Dec. 31, 2007, which reflects a US$1.3
million reduction in the principal value of US$29.7 million.  
Excluding the ARS investments the company is selling, as of Feb.
29, 2008, the estimated value of the remaining ARS investments
was US$26.4 million.

                 About NPS Pharmaceuticals

Headquartered in Salt Lake City, Utah, NPS Pharmaceuticals Inc.
(NASDAQ:NPSP) -- http://www.npsp.com/-- develops small  
molecules and recombinant proteins as drugs, primarily for the
treatment of metabolic, bone and mineral, and central nervous
system disorders.  The company has drug candidates in various
stages of clinical development.

NPS Pharma UK LTD is a subsidiary of the company that is
incorporated in the United Kingdom.


NPS PHARMA: Annual Shareholders’ Meeting Scheduled on May 22
------------------------------------------------------------
Andrew Rackear, Senior Vice President of NPS Pharmaceuticals
Inc. disclosed in a regulatory filing that the company’s Annual
Meeting of Stockholders will be held on Thursday, May 22, 2008,
at 3:00 p.m.

The meeting will be at the Bridgewater Marriott, 700 Commons Way
in Bridgewater, New Jersey.

At the meeting, shareholders will be asked to:

     -- elect seven members to the Board of Directors, each for
        a term of one year;

     -- amend the company’s 1998 Stock Option Plan to extend the
        term of the plan by four (4) years until May 31, 2012;

     -- ratify the appointment of KPMG LLP as the company’s
        independent registered public accounting firm for the
        fiscal year ending Dec. 31, 2008; and

     -- transact such other business as may properly come before
        the meeting or any adjournment thereof.

The company’s Board of Directors has fixed the close of business
on March 28, 2008, as the record date for the determination of
stockholders entitled to notice of and to vote at this Annual
Meeting of Stockholders and at any adjournment thereof.

                 About NPS Pharmaceuticals

Headquartered in Salt Lake City, Utah, NPS Pharmaceuticals Inc.
(NASDAQ:NPSP) -- http://www.npsp.com/-- develops small  
molecules and recombinant proteins as drugs, primarily for the
treatment of metabolic, bone and mineral, and central nervous
system disorders.  The company has drug candidates in various
stages of clinical development.

NPS Pharma UK LTD is a subsidiary of the company that is
incorporated in the United Kingdom.


PAINTER SALTER: Appoints Joint Administrators from KPMG
--------------------------------------------------------
James Robert Tucker and Richard James Philpott of KPMG LLP were
appointed joint administrators of Painter Salter Ltd. (Company
Number 03259939) 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:

          Painter Salter Ltd.  
          3-16 The Wharf
          Bridge Street
          Birmingham
          West Midlands
          B1 2JS
          England
          Tel: 0121 631 1969
          Fax: 0121 643 2477


POWERFORCE RECRUITMENT: Calls In Liquidators from PwC
-----------------------------------------------------
Anthony Barrell and Stuart Maddison of PricewaterhouseCoopers
LLP were appointed joint liquidators of Powerforce Recruitment
Ltd. on April 15 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Donington Court
         Pegasus Business Park
         Castle Donington
         Derbyshire
         DE4 2UZ
         England


PRO-LIGHT LABEL: Claims Filing Period Ends May 23
-------------------------------------------------
Creditors of Pro-Light Label Ltd. have until May 23, 2008 to
send in their names and addresses with particulars of their
debts or claims to:

         Andrew Sheridan
         Joint Liquidator
         Baker Tilly Restructuring and Recovery LLP
         Hartwell House
         55-61 Victoria Street
         Bristol
         BS1 6AD
         England

Andrew Sheridan and Matthew Wild of Baker Tilly Restructuring &
Recovery LLP were appointed joint liquidators of the company on
April 11, 2008 for the creditors' voluntary winding-up
proceeding.


TARANATA LTD: Duncan R. Beat Leads Liquidation Procedure
--------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Taranata Ltd. on April 16 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


TIMEWARP DISTRIBUTION: Taps Liquidators from Tenon Recovery
-----------------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of Timewarp Distribution Ltd. (formerly Timewarp
Entertainments Ltd.) on April 21 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


TZARINA JEWELS: Appoints Colin Prescott as Liquidator
-----------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
Tzarina Jewels Ltd. on April 18 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


* UK Corporate Insolvencies Up 17% to 3,359 in First Qtr. 2008
--------------------------------------------------------------
New figures released by PricewaterhouseCoopers LLP show that the
number of corporate insolvencies in quarter one of 2008 rose by
21% compared to the last quarter of 2007 and 17% compared to the
same period of last year.  

In total, 3,359 businesses across England and Wales entered into
insolvency in January, February and March –- the highest number
of insolvencies since the fall-out from the dot-com crash in
2003.

"Clearly, the increase in the number of insolvencies this
quarter is a result of the current economic climate, but our
experience shows that most company failure and insolvency is
down to inadequate planning to deal with these more challenging
conditions," Mike Jervis, partner in the Business Recovery
Services practice at PricewaterhouseCoopers LLP, commented.

"Our message to businesses is not to panic, but to ensure they
are doing all they can to manage their way through the potential
downturn as soon as they see signs of financial distress.  The
four key areas to focus on are: reviewing their business
strategy so they can be certain it is still relevant; making
sure they have access to adequate finance and cash; looking at
their operational capability to ensure it is correctly deployed
around the profit making areas of the business; and finally
managing and communicating with their stakeholders from staff to
banks and suppliers," Mr. Jervis said.

"History has shown that the companies who emerge from the
downturn as sector leaders will be those who proactively
undertake a strategic, financial and operational review now,
while carefully and positively managing their stakeholders
differing agendas," Mr. Jervis added.

The rise in insolvencies is being driven by the retail and
construction sectors, which are also seeing five year highs this
quarter with 431 and 500 insolvencies respectively.

"The recent problems suffered by the retail sector have been
well documented and are further impacted by the squeeze on
consumer's discretionary spend.  However, our experience shows
that when retailers get into distress they shed nearly 40% of
their store portfolio.  Retailers need to constantly review
their store portfolios to recognize those stores that are loss
making and deal with them appropriately to ensure they have a
higher prospect of survival," Mr. Jervis continued.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
Sabena S.A.                          (86)       2,215     (297)


CYPRUS
------
Cyprus Airways            CAIR       (30)         262      (97)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE    
------
Arbel                     ARB       (150)         138      (96)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (311)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX        (9)         134      (26)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus PLC                 EXBUS     (30)         118    (5,162)

ICELAND
-------
Decode Genetics Inc.      DCGN     (146)         156       48

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       484
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Interoil Exploration      IOX         (9)         205      (11)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
Bagleys Investment                  (247)       1,094     (126)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY         (9)         648       35
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (2,266)       2,950     (296)
Evans Healthcare                     (86)         239     (144)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD       (894)       2,139     (356)
Lambert Fenchurch Group               (1)       1,827        3
Legal & Gen. Fin.                     (7)       3,576     (522)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
New Star Asset                      (418)         368       17
Next Plc                            (156)       3,224      (63)
Orange Plc                ORNGF     (594)       2,902        7
Pii Group Ltd                        (84)         236      (47)
Rank Group Plc                       (26)       1,209      (87)
Regus Plc                            (46)         367      (60)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Spirit Group                         (75)         365      (56)
Telereal Security                    (35)       3,418     1,948
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Unilever U.K. Cent.               (1,170)       4,509       82
Upperpoint Manufac.                  (10)         280      (10)
Webley Stadium                       (55)       1,561      (45)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *