TCREUR_Public/080430.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

            Wednesday, April 30, 2008, Vol. 9, No. 85

                            Headlines


A U S T R I A

BABUSCU KEG: Claims Registration Period Ends June 17
DOPPELREITER & DOPPELREITER: Claims Registration Ends June 17
PLEINER OEG: Claims Registration Period Ends June 3
RADINGER & CO: Claims Registration Period Ends June 3
ROPLA HANDEL: Claims Registration Period Ends May 27


F I N L A N D

STORA ENSO: Moody's Lowers Senior Unsecured Rating to Ba1


G E R M A N Y

BECHERT GMBH: Claims Registration Period Ends May 13
CUX FONDS: Claims Registration Period Ends May 13
DGN-PUTZ GMBH: Claims Registration Period Ends May 13
FRITZ SCHILLINGER: Claims Registration Ends May 19
GBP-CONCEPT: Claims Registration Period Ends May 16

GOLDY RAHMEN: Claims Registration Period Ends May 5
HARTMANN WOHNBAU: Claims Registration Ends May 20
HCW AUTOWASCHANLAGEN: Claims Registration Ends May 19
HELI-FLIGHT VERWALTUNGS: Claims Registration Ends May 20
INGENIEURBUERO-KABEL GMBH: Claims Registration Ends May 19

MOEBEL-MARKT-MATTHIES: Claims Registration Period Ends May 16
MOELLER IMMOBILIEN: Claims Registration Period Ends May 16
TV-MEDIENSERVICE: Claims Registration Period Ends May 13
VAHLDORFER PROJEKT: Claims Registration Period Ends May 14
WEST MAIL: Claims Registration Period Ends May 13


I R E L A N D

LUNAR FUNDING: Moody's May Further Cut Ratings After Review


I T A L Y

ALITALIA SPA: Silvio Berlusconi Mulls Firm's Nationalization
WORLDSPACE INC: Grant Thornton Raises Substantial Doubt


K A Z A K H S T A N

ALEX COMPANY: Creditors Must File Claims by June 17
EKIBASTUZ-ART LLP: Claims Deadline Slated for June 18
ESTA AVANGARD: Claims Filing Period Ends June 17
GERMES TRADE: Creditors' Claims Due on June 13
TRANSMERIDIAN EXPLORATION: UHY LLP Raises Substantial Doubt

* S&P Holds Ratings on 12 Banks on Sovereign Outlook Revision


K Y R G Y Z S T A N

NIKA LLC: Creditors Must File Claims by June 6


N E T H E R L A N D S

COMMODORE INTERNATIONAL BV: Court Rewinds Bankruptcy
STICHTING MEMPHIS 2005-I: Fitch Hold Class F Notes' BB Rating
STICHTING MEMPHIS 2006-I:: Fitch Affirms Class G Notes' B Rating


P O L A N D

ELEKTRIM SA: Makes EUR37.4 Mln Payment; Redeems Bonds in Full
ELEPHANT TALK: Kabani & Co Expresses Going Concern Doubt


R U S S I A

ALNAS-INVEST-SERVICE: Creditors Must File Claims by May 22
COMSTAR-UNITED: First Quarter Subscriber Base Hikes by 14%
EUROLINE LLC: Creditors Must File Claims by May 22
KAZANORGSINTEZ OJSC: Weak Credit Profile Cues Fitch's B- Ratings
KLYUCHINSKIY LLC: Court Starts Bankruptcy Supervision Procedure

MEKHSERVIS OJSC: Creditors Must File Claims by May 22
ROSNEFT OIL: Board Recommends 20% Dividend Increase
SEVERSTAL OAO: Unit Wins Rights for Ostantsovy Gold Field


S P A I N

HEXCEL CORP: Opens First Carbon Fiber Plant in Spain
TDA CAJAMAR 2: Fitch Hold Class D Notes' Rating at BB+


U K R A I N E

BUILDING MANAGEMENT4: Proofs of Claim Deadline Set May 10
EPRAISE-SP: Creditors Must File Claims by May 10
FREGAT 555: Creditors Must File Claims by May 10
ROSAGRO LLC: Proofs of Claim Deadline Set May 10
RUSSIA LLC: Creditors Must File Claims by May 10

SCHEGLOVSKY GEOLOGICAL: Proofs of Claim Deadline Set May 10
TELECOMINVEST-KIEV: Proofs of Claim Deadline Set May 10
TEXTILE TRADE: Creditors Must File Claims by May 10
TOP VERESEN: Creditors Must File Claims by May 10
TRIBAL TRADE: Creditors Must File Claims by May 10

UKRAINIAN BUILDING: Creditors Must File Claims by May 10
VALENTA LLC: Creditors Must File Claims by May 10
ZASTAVNOVSKYAL AGRICULTURAL: Creditors' Claims Due May 10


U N I T E D   K I N G D O M

CASTLE FINANCE: Moody's Withdraws Low-B Ratings on Two Notes
CITY WALL: Creditors' Meeting Slated for May 14
CROSSBURN LTD: Creditors' Meeting Slated for May 14
DESIGNFORCE LTD: Brings In Administrators from Vantis
ECOHOMES LTD: Brings In Liquidators from KPMG

EXRADIA LTD: Goes Into Liquidation; Transfers Assets to Parent
FORD MOTOR: Tracinda Offers to Buy 20MM Shares at US$8.50/Share
GIZMONDO: Liquidators Call Ex-Director Over Bankruptcy Probe
INFORMATION TECHNOLOGY: Taps Liquidators from BDO Stoy Hayward
KANTH INDUSTRIES: Claims Filing Period Ends May 30

LEADERS OF LIVERPOOL: Sacks 45 Jobs as Liquidators Take Helm
NEWGATE FUNDING: Moody's Cuts Ratings on Eight Note Classes
ODS BUSINESS: Brings In Administrators from BDO Stoy
PHOENIX SECURITY: Calls In Liquidators from Tenon Recovery
PROMISE FINANCE: Appoints Joint Administrators from Deloitte

PROTEA PRODUCTS: Creditors' Meeting Slated for May 9
QUEBECOR WORLD: Randy Benson Named Chief Restructuring Officer
QUEBECOR WORLD: Posts US$2 Billion Net Loss for Full Year 2007
QUEBECOR WORLD: Quebecor Inc Issues Clarification
SUNKING FLOWERS: Creditors' Meeting Slated for May 1

UKLI LTD: Taps Deloitte & Touche to Administer Assets
VALENTINO'S WINES: Names David Hill as Administrator
ZIFF DAVIS: Inks Agreement with Creditors on Chapter 11 Plan


                            *********


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


BABUSCU KEG: Claims Registration Period Ends June 17
----------------------------------------------------
Creditors owed money by KEG BABUSCU (FN 232216w) have until
June 17, 2008, to file written proofs of claim to court-
appointed estate administrator Karl Mayer at:

          Dr. Karl Mayer
          Wiener Strasse 46
          2500 Baden
          Austria
          Tel: 02252/84677
          Fax: 02252/45818
          E-mail: ra.mayer@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 a.m. on July 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Bad Voeslau, Austria, the Debtor declared
bankruptcy on April 9, 2008 (Bankr. Case No. 11 S 35/08w).  


DOPPELREITER & DOPPELREITER: Claims Registration Ends June 17
-------------------------------------------------------------
Creditors owed money by OEG Doppelreiter & Doppelreiter  (FN
192469v) have until June 17, 2008, to file written proofs of
claim to court-appointed estate administrator Michael Lentsch
at:

          Dr. Michael Lentsch  
          Hauptplatz 32
          2700 Wiener Neustadt
          Austria
          Tel: 02622/27 0 41
          Fax: 02622/29246
          E-mail: office@kosch-partner.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on July 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Erlach an der Pitten, Austria, the Debtor
declared bankruptcy on April 9, 2008 (Bankr. Case No. 11 S
34/08y).  


PLEINER OEG: Claims Registration Period Ends June 3
---------------------------------------------------
Creditors owed money by OEG Pleiner FN 167373m have until
June 3, 2008, to file written proofs of claim to court-appointed
estate administrator Julius Bitter at:

          Dr. Julius Bitter  
          Schmideggstrasse 5
          4560 Kirchdorf/Krems
          Austria
          Tel: 07582/60040
          E-mail: office@ra-bitter.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 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 Micheldorf, Austria, the Debtor declared
bankruptcy on April 9, 2008 (Bankr. Case No. 14 S 21/08y).


RADINGER & CO: Claims Registration Period Ends June 3
-----------------------------------------------------
Creditors owed money by KEG Radinger & Co (FN 141968b) have
until June 3, 2008, to file written proofs of claim to court-
appointed estate administrator Heinz Kassmannhuber at:

          Dr. Heinz Kassmannhuber
          c/o Dr. Gerwald Schmidberger
          Stelzhamerstrasse 11
          4400 Steyr
          Austria
          Tel: 07252/50 300
          E-mail: office@sks-law.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:45 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 St. Florian bei Linz, Austria, the Debtor
declared bankruptcy on April 10, 2008 (Bankr. Case No. 14 S
24/08i).  Gerwald Schmidberger represents Dr. Kassmannhuber in
the bankruptcy proceedings.


ROPLA HANDEL: Claims Registration Period Ends May 27
----------------------------------------------------
Creditors owed money by LLC prot. Firma ROPLA Handel (FN 51782a)
have until May 27, 2008, to file written proofs of claim to
court-appointed estate administrator Maximilian Schludermann at:

          Dr. Maximilian Schludermann
          Reisnerstrasse 32/12
          1030 Vienna
          Austria
          Tel: 715 50 45
          Fax: 715 50 474
          E-mail: office@anwalt-vienna.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 10, 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 10, 2008 (Bankr. Case No. 28 S 53/08k).  


=============
F I N L A N D
=============


STORA ENSO: Moody's Lowers Senior Unsecured Rating to Ba1
---------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the senior
unsecured rating for Stora Enso Oyj and assigned a Ba1 Corporate
Family Rating.  The P-3 short term rating has been changed to
not prime.  The outlook has been changed to stable.  This rating
action concludes the review process initiated on March 28, 2008.

"Despite the sizable cash proceeds from the disposal of the
merchant business and the North American communication paper
operations, which have both strengthened the capital structure
by reducing debt by EUR1.6 billion (pro forma the Papyrus
divestment) over the last six months, Moody's has noted a
fundamental deterioration of Stora Enso's earnings power and
cash flow generation over the past years and believes that these
are a result of secular trends that are likely to exert
continued pressure on the company's financial profile," said
Martin Kohlhase, a Moody's Assistant Vice President and Lead
Analyst for the Paper and Forest Products industry in EMEA.

"While we have observed benign macroeconomic conditions in
Europe so far, the risk of a slow-down in GDP growth rates has
increased and could accelerate future restructuring and a
further decline in financial performance, he continued.  "This
is in addition to an already precarious operating environment
with largely stable prices for major paper grades, input cost
inflation from various sources and adverse FX rates."

Moody's calculates credit ratios on the back of published March
2008 quarter end figures and pro-forma the Papyrus disposal
proceeds.  The retirement of debt from about EUR 1.6 billion
disposal proceeds had the largest impact on debt-based credit
metrics.  Although Retained Cash Flow to Debt is in line with
Moody's expectations for 2007, the weak profitability and the
expected cost inflation of 2.5-3.0% (before benefits from
restructuring) in combination with announced EUR160 million cash
restructuring costs to be incurred are expected to weaken
metrics again in 2008, which is contrary to a further
improvement of this metrics towards 25%.  Moody's anticipates
that EBITDA, too, is not going to strengthen to levels of 16%
and above, which Moody's had expected for the rating to be
affirmed at Baa3.

Although Moody's acknowledges the management's initiatives to
streamline the business and improve the cost structure, which is
continuing to have a positive impact on the operating
flexibility, Moody's remains concerned that secular and cyclical
trends at play make it challenging to strengthen the financial
profile such that it exhibits sustainable investment grade
characteristics: EBITDA margins in the high teens, retained cash
flow to debt of well above 20% and a track record of free cash
flow generation.

The stable outlook assigned to Stora Enso's rating takes into
account the capital structure that was substantially
strengthened through two major disposals and builds in some
headroom against a further potential weakening of the operating
performance that could emerge should Europe, Stora Enso's main
revenue-generating region, exhibit slower GDP growth rates. It
also reflects that the company's management is expected to
continue to exert tight discipline in managing the operating
costs going forward which should provide some flexibility if the
anticipated headwinds were to strengthen.

These rating changes were made:

Downgrades:

    * Issuer: Stora Enso Oyj

   -- Senior Unsecured Commercial Paper, Downgraded to NP from
      P-3;

   -- Senior Unsecured Medium-Term Note Program, Downgraded to
      Ba1 from Baa3;

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
      from Baa3.

Assignments:

    * Issuer: Stora Enso Oyj

   -- Probability of Default Rating, Assigned Ba1;
   -- Corporate Family Rating, Assigned Ba1.

Outlook Actions:

    * Issuer: Stora Enso Oyj

   -- Outlook, Changed To Stable From Rating Under Review

Stora Enso, with headquarters in Helsinki, Finland, is among the
world's largest paper and forest products companies with 2007
annual sales of approximately EUR13.4 billion.  The company's
activities encompass newsprint and book paper, magazine paper,
fine paper, consumer board, industrial packaging and wood
products.  The products are predominantly sold in Europe, which
in 2007 captured a revenue share of about 83%.


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


BECHERT GMBH: Claims Registration Period Ends May 13
----------------------------------------------------
Creditors of Bechert GmbH & Co. KG have until May 13, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Graf.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on May 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Bayreuth
          Meeting Hall 520
          Ground Floor
          Friedrichstr. 18
          Bayreuth
          Germany

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

The insolvency manager can be reached at:

          Dr. Ulrich Graf
          Rathenaustrasse 7
          95444 Bayreuth
          Germany
          Tel: 0921/75933-0
          Fax: 0921/75933-50

The District Court of Bayreuth opened bankruptcy proceedings
against Bechert GmbH & Co. KG on April 19, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Bechert GmbH & Co. KG
          Ludwig-Thoma-Str. 15
          95447 Bayreuth
          Germany


CUX FONDS: Claims Registration Period Ends May 13
-------------------------------------------------
Creditors of Cux Fonds GmbH have until May 13, 2008, to register
their claims with court-appointed insolvency manager Henning
Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on June 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cuxhaven
          Hall 112
          Old Building
          Deichstr. 12 A
          27472 Cuxhaven
          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:

          Henning Samisch
          Muehlenkamp 59
          22303 Hamburg
          Germany
          Tel: 040 65039-0
          Fax: 040 65039-199

The District Court of Cuxhaven opened bankruptcy proceedings
against Cux Fonds GmbH on April 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Cux Fonds GmbH
          Attn: Hans Koenig, Manager
          Marktstrasse 17
          21762 Otterndorf
          Germany


DGN-PUTZ GMBH: Claims Registration Period Ends May 13
-----------------------------------------------------
Creditors of DGN-Putz GmbH have until May 13, 2008, to register
their claims with court-appointed insolvency manager Angela
Gerigk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 27, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Essen
          Meeting Hall 291
          Second Floor
          Zweigertstr. 52
          45130 Essen
          Germany   
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Angela Gerigk
          Katharinenstr. 7
          46282 Dorsten
          Germany
          Tel: 02362/993480

The District Court of Essen opened bankruptcy proceedings
against DGN-Putz GmbH on April 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          DGN-Putz GmbH
          Attn: Abidin Dogan, Manager
          Borkener Str. 169
          46284 Dorsten
          Germany


FRITZ SCHILLINGER: Claims Registration Ends May 19
--------------------------------------------------
Creditors of Fritz Schillinger GmbH have until May 19, 2008 to
register their claims with court-appointed insolvency manager
Stefano Buck.

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

The meeting of creditors will be held at:

         The District Court of Offenburg
         Hall 0005
         Hindenburgstr. 5
         77654 Offenburg
         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:

         Stefano Buck
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against Fritz Schillinger GmbH on April 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Fritz Schillinger GmbH
         Attn: Fritz Schillinger, Manager
         Geroldsecker Vorstadt 12-26
         77933 Lahr
         Germany


GBP-CONCEPT: Claims Registration Period Ends May 16
---------------------------------------------------
Creditors of GBP-Concept GmbH have until May 16, 2008, to
register their claims with court-appointed insolvency manager
Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Hendrik Gittermann
         Am Sandtorkai 62
         20457 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against GBP-Concept GmbH on April 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GBP-Concept GmbH
         Schulterblatt 58
         20357 Hamburg
         Germany


GOLDY RAHMEN: Claims Registration Period Ends May 5
---------------------------------------------------
Creditors of Goldy Rahmen GmbH have until May 5, 2008, to
register their claims with court-appointed insolvency manager
Raimund Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Detmold
          Meeting Room 12
          Ground Floor
          Gerichtsstr. 6
          32756 Detmold
          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:

          Raimund Schafmeister
          Moltkestr. 12
          32756 Detmold
          Germany

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

The Debtor can be reached at:

          Goldy Rahmen GmbH
          Attn: Siegfried Sowa, Manager
          Steinheimer Str. 60
          32816 Schieder-Schwalenberg
          Germany


HARTMANN WOHNBAU: Claims Registration Ends May 20
-------------------------------------------------
Creditors of Hartmann Wohnbau GmbH have until May 20, 2008 to
register their claims with court-appointed insolvency manager
Thomas Schaefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:
         
         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Schaefer
         Fuggerstr. 16
         86150 Augsburg
         Germany

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

The Debtor can be reached at:

         Hartmann Wohnbau GmbH
         Dr.-Zoller-Strasse 6
         86399 Bobingen
         Germany


HCW AUTOWASCHANLAGEN: Claims Registration Ends May 19
-----------------------------------------------------
Creditors of HCW Autowaschanlagen Vertriebsgesellschaft mbH have
until May 19, 2008 to register their claims with court-appointed
insolvency manager Dr. Klaus Tappmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Hall 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         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. Klaus Tappmeier
         Schwoerhausgasse 4/1
         89073 Ulm
         Germany
         Tel: 0731/140820
         Fax: 0731/1408222

The District Court of Neu-Ulm opened bankruptcy proceedings
against HCW Autowaschanlagen Vertriebsgesellschaft mbH on
April 9, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         HCW Autowaschanlagen Vertriebsgesellschaft mbH
         Siemensstr. 1
         89264 Weissenhorn
         Germany


HELI-FLIGHT VERWALTUNGS: Claims Registration Ends May 20
--------------------------------------------------------
Creditors of HELI-FLIGHT Verwaltungs GmbH have until
May 20, 2008 to register their claims with court-appointed
insolvency manager Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Friedberg (Hessen)
         Hall 236
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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:

         Ottmar Hermann
         Bleichstrasse 2-4
         60313 Frankfurt am Main
         Germany
         Tel: (069) 9130920
         Fax: (069) 913092-30

The District Court of Friedberg opened bankruptcy proceedings
against  HELI-FLIGHT Verwaltungs GmbH on April 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HELI-FLIGHT Verwaltungs GmbH
         Flugplatz Reichelsheim
         61203 Reichelsheim
         Germany

         Attn: Thomas Scholz, Manager
         Backstrasse 10
         63069 Offenbach
         Germany


INGENIEURBUERO-KABEL GMBH: Claims Registration Ends May 19
----------------------------------------------------------
Creditors of Ingenieurbuero-Kabelgesellschaft mbH have until
May 19, 2008 to register their claims with court-appointed
insolvency manager Dr. Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 027
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany


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

The insolvency manager can be reached at:

         Dr. Michael C. Frege
         Augustusplatz 9
         04109 Leipzig
         Germany
         Tel:0341/2167225
         Fax: 0341/2167232
         E-mail: insolvenz@cms-hs.com  

The District Court of Leipzig opened bankruptcy proceedings
against Ingenieurbuero-Kabelgesellschaft mbH on April 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ingenieurbuero-Kabelgesellschaft mbH
         Bahnhofstrasse 27
         04736 Waldheim
         Germany


MOEBEL-MARKT-MATTHIES: Claims Registration Period Ends May 16
-------------------------------------------------------------
Creditors of Moebel-Markt-Matthies GmbH have until May 16, 2008,
to register their claims with court-appointed insolvency manager
Goerge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Gera
          Hall 317
          Rudolf-Diener-Str. 1
          Gera
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Goerge Scheid
          Rudolf-Diener-Str. 9
          07545 Gera
          Germany

The District Court of Gera opened bankruptcy proceedings against
Moebel-Markt-Matthies GmbH on April 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Moebel-Markt-Matthies GmbH
          Wiesestra-sse 202
          07551 Gera
          Germany


MOELLER IMMOBILIEN: Claims Registration Period Ends May 16
----------------------------------------------------------
Creditors of Moeller Immobilien GmbH i.L. have until May 16,
2008, to register their claims with court-appointed insolvency
manager Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund         
         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:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Moeller Immobilien GmbH i.L. on April 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moeller Immobilien GmbH i.L.
         Attn: Gunnar Moeller, Liquidator
         Am Waldessaum 1
         18311 Hirschburg
         Germany


TV-MEDIENSERVICE: Claims Registration Period Ends May 13
--------------------------------------------------------
Creditors of TV-Medienservice GmbH have until May 13, 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 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 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 TV-Medienservice GmbH on April 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         TV-Medienservice GmbH
         Niederkircher Str. 18
         54294 Trier
         Germany


VAHLDORFER PROJEKT: Claims Registration Period Ends May 14
----------------------------------------------------------
Creditors of Vahldorfer Projekt-und Entwicklungs Beteiligungs-
GmbH have until May 14, 2008, to register their claims with
court-appointed insolvency manager Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@floetherwissing.de  

The District Court of Magdeburg opened bankruptcy proceedings
against Vahldorfer Projekt-und Entwicklungs Beteiligungs-GmbH on
April 16, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

        Vahldorfer Projekt-und Entwicklungs Beteiligungs-GmbH
        Jacob-Uffrecht-Str. 20
        39340 Haldensleben
        Germany


WEST MAIL: Claims Registration Period Ends May 13
-------------------------------------------------
Creditors of West Mail Zustelldienste III GmbH have until
May 13, 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 11:00 a.m. on June 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 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 West Mail Zustelldienste III GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         West Mail Zustelldienste III GmbH
         Karl-Benz-Str. 10
         40764 Langenfeld
         Germany


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


LUNAR FUNDING: Moody's May Further Cut Ratings After Review
-----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
possible further downgrade the rating on these notes issued by
Lunar Funding V Plc:

Issuer: Lunar Funding V Plc Series 2006-27

    * Class Description: US$30,000,000 Limited Recourse Secured
      Floating Rate Credit-Linked notes due 2052

    -- Prior Rating: Baa3, on review for possible downgrade
    -- Current Rating: Caa1, on review for possible downgrade

Additionally, Moody's downgraded these notes:

Issuer: Lunar Funding V Plc Series 2006-28

    * Class Description: US$80,000,000 Limited Recourse Secured
      Floating Rate Credit-Linked Notes due 2052

    -- Prior Rating: B1, on review for possible downgrade
    -- Current Rating: Ca

Issuer: Lunar Funding V Plc Series 2006-29

    * Class Description: US$25,000,000 Limited Recourse Secured
      Floating Rate Credit-Linked Notes due 2052

    -- Prior Rating: Caa1, on review for possible downgrade
    -- Current Rating: Ca

According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.


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


ALITALIA SPA: Silvio Berlusconi Mulls Firm's Nationalization
------------------------------------------------------------
Italy's prime minister-elect Silvio Berlusconi threatened to
nationalize Alitalia S.p.A. if the European Commission starts
"harassing him" over the planned EUR300-million loan to the
national carrier, various reports say.

"If they continue whining, we could take a decision in which
Alitalia could be bought by the state -- by state railway
[Ferrovie dello Stato]," Mr. Berlusconi was quoted by Reuters as
saying. "It's a threat, not a decision."

Umberto Bossi, a Northern League party-mate, doubted the
possibility of Ferrovie dello Stato buying Alitalia, since the
state railway posted EUR409 million in losses in 2007, Agence
France-Presse relates.

                        Commission Reacts

Commission spokesman Jonathan Todd noted that though Union
executive is not concerned whether Italy nationalize Alitalia,
since in the process itself there is a transfer of state
resources to the company, AFP adds.

Mr. Todd, Reuters reports, added that the Commission could
intervene if Italy paid more than what Alitalia would have
fetched in the open market.

As reported in the TCR-Europe on April 28, 2008, the Commission
gave the Italian government until May 4, 2008, to reply on
concerns whether its planned EUR300-million loan to breaks the
European Union rule on state aid.

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

European Transport Commissioner Jacques Barrot, however,
commented that it would be hard for the Italian government to
prove that the loan is not public aid.

The Commission said it would review the financing to Alitalia.  
Under EU's "one time, last time" principle, a company
beneficiary of a state aid cannot receive additional rescue or
restructuring funding within 10 years since its accepted
financial assistance.  Alitalia cannot receive further aid until
2011, since it took fiscal assistance in 2001.

                         About Alitalia

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

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

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


WORLDSPACE INC: Grant Thornton Raises Substantial Doubt
-------------------------------------------------------
Grant Thornton LLP in McLean, Va., raised substantial doubt
about WorldSpace, Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2007, and 2006.  The auditing firm
pointed to the company's net loss, negative working capital, and
shareholders' deficit.  Grant Thornton also cited that the
company's management does not believe its cash on hand and cash
available is sufficient to meet its operating needs during the
coming year.

                            Financials

For the year ended Dec. 31, 2007, the company's net loss
increased to US$169,507,000 from US$128,603,000 in 2006, while
its total revenues for the year ended Dec. 31, 2007, decreased
to US$13,784,000 from US$15,611,000 in the prior year period
ended Dec. 31, 2006.

At Dec. 31, 2007, the company's balance sheet showed
US$340,014,000 in total assets and US$2,091,745,000 in total
liabilities, resulting in a US$1,752,420,000 shareholders'
deficit.

The company's balance sheet at Dec. 31, 2007, also showed
strained liquidity with US$16,689,000 in total current assets
available to pay US$86,279,000 in total current liabilities.

The company's accumulated deficit increased to US$2,494,323,000
from US$2,321,912,000 at Dec. 31, 2006.

                         Yenura Financing

In December 2007, the company entered into a facility agreement
with Yenura Pte Ltd. in which Yenura agreed to make available up
to US$40 million from time to time pursuant to draw down notices
issued on or prior to Jan. 31, 2008, in consideration for the
issuance of certain subordinated convertible notes.

The subordinated convertible notes mature on Jan. 3, 2013, and
accrue interest at the rate of 8% per year and shall be payable
in arrears with the first interest date being Jan. 15, 2009.

During the first quarter 2008, the company has drawn US$19.2
million under this facility due to Yenura's slow action in
making the full committed amount available.

Yenura is a company controlled by Noah Samara, chairman and CEO
of Worldspace.

                            Plans

Through the end of December 2007, the company has spent
approximately US$1.7 billion in connection with the development
and launch of its business.

With the signing of a major distribution arrangement with Fiat
Group Automobiles S.p.A., WorldSpace is close to launching in
Italy its first mobile service; it expects to launch this mobile
service in early 2009.

In 2009, in addition to Italy, WorldSpace is planning to launch
a mobile service first in Bahrain and then in the United Arab
Emirates and potentially in Switzerland; in each of these
jurisdictions WorldSpace now has the regulatory authorizations
to establish a mobile service.

WorldSpace has delayed previously scheduled launches in the
Middle East in order to take advantage of the enhancements to
its planned mobile system provided by its European standard
technical development activities undertaken for Italy and other
countries in the European Union.

These enhancements include, among other things, a new generation
of satellite receivers, which will receive broadcasts from its
networks of terrestrial repeaters as well as from its
satellites.

WorldSpace is planning similar system enhancements in India,
where it initiated a non-mobile service in 2005, subject to the
resolution of the satellite radio regulatory issues and the
formation of a strategic alliance with a local partner.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2b52  

Based in Silver Spring, Md., WorldSpace, Inc. (NASDAQ: WRSP) --
http://www.worldspace.com/-- designs, develops, constructs,  
deploys and finances satellite-based radio and data broadcasting
service, which serve areas of the world where traditional
broadcast media or Internet services are limited.  The company
has one satellite in orbit over Africa (accepted for service in
1999) and another over Asia (accepted for service in 2000).  The
company has a completed third satellite currently in storage at
EADS Astrium's facilities in France.  This satellite can be used
to replace either of the company's two operational satellites or
modified and launched to provide Digital Audio Radio Service in
Western Europe.  The company has operations in Italy and India.


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


ALEX COMPANY: Creditors Must File Claims by June 17
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Alex Company insolvent.

Creditors have until June 17, 2008, to submit written proofs of
claims to:

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


EKIBASTUZ-ART LLP: Claims Deadline Slated for June 18
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ekibastuz-Art insolvent.

Creditors have until June 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pobeda ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-38-46


ESTA AVANGARD: Claims Filing Period Ends June 17
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Esta Avangard insolvent.

Creditors have until June 17, 2008, to submit written proofs of
claims to:

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


GERMES TRADE: Creditors' Claims Due on June 13
----------------------------------------------  
LLP Germes Trade Group Company has declared insolvency.  
Creditors have until June 13, 2008, to submit written proofs of
claims to:

         LLP Germes Trade Group Company
         Michurin ave. 1a
         Oital
         Merkensky
         Jambyl
         Kazakhstan


TRANSMERIDIAN EXPLORATION: UHY LLP Raises Substantial Doubt
-----------------------------------------------------------
UHY LLP in Houston raised substantial doubt about Transmeridian
Exploration Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2007, and 2006.  The auditing firm pointed
to the company's negative working capital, stockholders'
deficit, and operating losses since its inception.

Transmeridian's management said that its current liabilities
include approximately US$17.8 million in returns obligations
incurred in connection with the issuance of its 20% Junior
Redeemable Convertible Preferred Stock.

However, the returns are not payable until the earlier of:

   (i) the occurrence of a change of control of the company
       (as defined in the certificate of designations, as
       amended, governing the Junior Preferred Stock) or

  (ii) June 18, 2008.

Provided, however, that if the returns become due and payable on
June 18, 2008, in the absence of a change of control
transaction, Transmeridian may elect to satisfy its payment
obligations by delivery of shares of its common stock valued at
97% of the common stock's market value at such time.

Additionally, there is approximately US$5.2 million in preferred
stock dividends that can be satisfied by the issuance of
additional preferred shares or common shares subject to certain
restrictions.

                  Definitive Agreement With TMI

Transmeridian announced on Dec. 31, 2007, that it entered into a
definitive agreement to be acquired by Trans Meridian
International, Inc., a company formed by its Chairman and CEO
Lorrie T. Oliver.

Pursuant to the agreement, TMI will commence a tender offer to
purchase all of Transmeridian's outstanding shares of common
stock for US$3.00 per share in cash.

The transaction is subject to satisfaction of various conditions
precedent.  As a result, no prediction can be made as to the
timing of the commencement or completion of a tender offer.  
There can be no assurance that the transaction will be
completed.

As TMI has not met the financing condition in the definitive
agreement within the prescribed time period, which Transmeridian
extended from Jan. 31, 2008, to Feb. 15, 2008, Transmeridian may
terminate the agreement at any time until the condition is
satisfied.

Transmeridian's board of directors requested certain detailed
information regarding TMI's financing be provided by March 21,
2008, and, if Transmeridian's board is not satisfied with such
information, then it intends to terminate the agreement if the
financing condition is not satisfied by March 31, 2008.  To
date, Transmeridian's board is not satisfied with the
information that has been provided.

                         Financials

For the year ended Dec. 31, 2007, the company posted a
US$57,748,000 net loss on US$34,024,000 of revenues from oil
sales compared with a US$53,247,000 net loss on US$24,672,000 of
revenues from oil sales in the prior year period ended Dec. 31,
2006.

At Dec. 31, 2007, the company's balance sheet showed
US$406,276,000 in total assets, US$335,058,000 in total
liabilities, US$42,076,000 in senior redeemable convertible
preferred stock, and US$43,961,000 in junior redeemable
convertible preferred stock, resulting in a US$14,819,000
stockholders' deficit.

The company had US$25,997,000 in total stockholders' equity at
Dec. 31, 2006.

The company's balance sheet at Dec. 31, 2007, also showed
strained liquidity with US$6,685,000 in total assets available
to pay US$57,498,000 in total current liabilities.

The company's accumulated deficit at Dec. 31, 2007, increased
more than 80% to US$166,167,000 from US$92,047,000 at Dec. 31,
2006.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2b45

                About Transmeridian Exploration

Based in Houston, Transmeridian Exploration Inc. (AMEX: TMY) --
http://www.tmei.com/-- is an independent energy company that  
acquires, develops and produces oil and natural gas.  The
company's activities are primarily focused on the Caspian Sea
region of the former Soviet Union.  The company currently has
projects in Kazakhstan and southern Russia.  Its primary oil and
gas property is the South Alibek Field in the Republic of
Kazakhstan, covered by License 1557 and the related exploration
and production contracts.  The company conducts its operations
in Kazakhstan through its wholly owned subsidiary, JSC Caspi
Neft TME, a joint stock company organized under the laws of
Kazakhstan.  The company has a 100% interest in both Caspi Neft
and the Field.


* S&P Holds Ratings on 12 Banks on Sovereign Outlook Revision
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its counterparty
credit ratings on 12 Kazakh banks:

     -- Kazkommertsbank (JSC)
     -- Halyk Savings Bank of Kazakhstan
     -- BTA Bank J.S.C.
     -- ATF Bank
     -- Temirbank JSC
     -- BTA Ipoteka Mortgage Co.
     -- JSC Nurbank
     -- JSC Eurasian Bank
     -- Joint Bank Lariba Bank (JSC)
     -- Tsesna Bank
     -- KazInvestBank
     -- Alliance Bank JSC

The outlooks on the individual banks are unchanged.

The rating affirmations follow the outlook revision on the
Republic of Kazakhstan to negative from stable.  The sovereign
outlook revision reflects the increasing risk that deteriorating
bank asset quality in combination with funding challenges will
weaken the country's fiscal and external balance sheets, and
impair policy flexibility and growth prospects.

S&P will continue to closely monitor the way Kazakh banks handle
ongoing liquidity and asset quality pressures.  Although asset
quality continues to deteriorate, we consider that problems are
manageable, due to the loss absorption capacity of the banks and
ongoing state support.  Standard & Poor's expected this
deterioration in asset quality, given that the former fast loan
growth can no longer flatter nonperforming loan ratios, coupled
with the natural seasoning effect of loans.

S&P will continue to evaluate the situation, and any signs of
material deterioration beyond our expectations would trigger
negative rating actions.  Standard & Poor's does not consider
that asset quality problems have peaked.  The trends in the
economy, in particular the real estate market and the banks'
ability to finance this fragile sector, will be crucial over the
next six months to a year in deciding whether the Kazakh banks
face a soft or hard landing.

Ultimately, S&P consider that banks' high interest margins,
growing levels of loan loss reserves, and good equity base are
sufficient to absorb current levels of asset quality problems.

Furthermore, S&P believes that if problems increase, regulatory
forbearance could play a larger role in assisting banks
to smooth their problems.  Such support would help to maintain
final counterparty credit ratings, lower stand-alone ratings,
and factor in higher uplift for government support.  S&P
believes that only systemically important banks would benefit
from government support.

                        Ratings List

       Kazkommertsbank (JSC)
           Counterparty credit rating     BB/Negative/B
  
       Halyk Savings Bank of Kazakhstan
           Counterparty credit rating     BB+/Negative/B
  
       BTA Bank J.S.C.
           Counterparty credit rating     BB/Negative/B
  
       ATF Bank
           Counterparty credit rating     BB+/Stable/B
  
       Temirbank JSC
           Counterparty credit rating     B+/Negative/B
  
       BTA Ipoteka Mortgage Co.
           Counterparty credit rating     BB-/Negative/B
  
       JSC Nurbank
           Counterparty credit rating     B/Negative/C
  
       JSC Eurasian Bank
           Counterparty credit rating     B/Negative/B
  
       Joint Bank Lariba Bank (JSC)
           Counterparty credit rating     B/Stable/B
  
       Tsesna Bank
           Counterparty credit rating     B-/Stable/C
  
       KazInvestBank
           Counterparty credit rating     B/Stable/B
  
       Alliance Bank JSC
           Counterparty credit rating     B+/Negative/B


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


NIKA LLC: Creditors Must File Claims by June 6
----------------------------------------------
LLC Joint Kyrgyz-German Enterprise Nika has declared  
insolvency.  Creditors have until June 6, 2008 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 65-24-23.


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


COMMODORE INTERNATIONAL BV: Court Rewinds Bankruptcy
----------------------------------------------------
Commodore International Corp. said Tuesday that the court in ‘s-
Hertogenbosch, The Netherlands, has decided to rewind the
bankruptcy of its subsidiary, Commodore International BV

As a result of the court decision, the case has been concluded
successfully.

On April 15, 2008 the court had declared the bankruptcy of
Commodore International BV.  As previously reported in the
Troubled Company Reporter-Europe, related that the judicial
declaration was a result of procedural mistakes.

Commodore International Corporation (OTC:CDRL) --
http://www.commodorecorp.com/-- creates, develops and full-
service provider of innovative digital media services, software
and hardware.


STICHTING MEMPHIS 2005-I: Fitch Hold Class F Notes' BB Rating
-------------------------------------------------------------
Fitch Ratings has affirmed 6 tranches of the Stichting Memphis
2005-I and Stichting Memphis 2006-I, following a satisfactory
review of the performance of these deals.

Stichting Memphis 2005-I:

   -- Class A (ISIN XS0215132969) affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0215134585) affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN XS0215137174) affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN XS0215139204) affirmed at 'BBB+', Outlook
      Stable

   -- Class E (ISIN XS0215139972) affirmed at 'BBB-', Outlook
      Stable

   -- Class F (ISIN XS0215141101) affirmed at 'BB', Outlook
      Stable

As of the last reporting period, delinquencies, defined as
mortgage loans that are more than three months in arrears, stood
at 0.22% of the current balance outstanding (excluding savings
deposits) for Stichting Memphis 2005-I.  

These transactions are synthetic securitization of mortgage
loans originated by Postbank N.V. and serviced by ING Service
Center Hypotheken B.V.  The structure of Stichting Memphis 2005-
I includes a synthetic reserve that will continue increasing
5bps per annum (calculated on the notional loan portfolio
outstanding, excluding defaulted loans).  As of the last
reporting period this reserve stood at 0.2% of the notes
outstanding.  This pool of mortgage loans, which are envisaged
to replenish quarterly, subject to the satisfaction of a defined
criterion, stopped replenishing in May 2007, and has since then
had an average annualized principal payment rate, calculated by
Fitch, of 14.53%.  The stop in replenishment and increasing
synthetic reserve had a positive impact on the level of credit
enhancement of the notes.


STICHTING MEMPHIS 2006-I:: Fitch Affirms Class G Notes' B Rating
---------------------------------------------------------------
Fitch Ratings has affirmed 7 tranches of the Stichting Memphis
Stichting Memphis 2006-I, following a satisfactory review of the
performance of these deals.

Stichting Memphis 2006-I:

   -- Class A (ISIN XS0240658632) affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0240658988) affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN XS0240659283) affirmed at 'A+', Outlook
      Stable

   -- Class D (ISIN XS0240659796) affirmed at 'A', Outlook
      Stable

   -- Class E (ISIN XS0240660299) affirmed at 'BBB', Outlook
      Stable

   -- Class F (ISIN XS0240660372) affirmed at 'BB', Outlook
      Stable

   -- Class G (ISIN XS0240660455) affirmed at 'B', Outlook
      Stable

Stichting Memphis 2006-I, saw slightly higher arrears rates
compared to levels seen across other Dutch transactions.  The
ratio of delinquencies-to-current loan portfolio outstanding was
0.47% (excluding savings deposits) in March 2008.

These transaction are synthetic securitizations of mortgage
loans originated by Postbank N.V. and serviced by ING Service
Center Hypotheken B.V.  As of the last reporting period this
reserve stood at 0.2% of the notes outstanding.  This pool of
mortgage loans, which are envisaged to replenish quarterly,
subject to the satisfaction of a defined criterion, stopped
replenishing in May 2007, and has since then had an average
annualized principal payment rate, calculated by Fitch, of
14.53%.  The stop in replenishment and increasing synthetic
reserve had a positive impact on the level of credit enhancement
of the notes.

At close, Stichting Memphis 2006-I was assigned a first loss
piece to the amount of EUR30.8 million.  To date, the
transaction has suffered a loss of EUR327,000, which is at only
0.01% of the initial collateral balance.


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


ELEKTRIM SA: Makes EUR37.4 Mln Payment; Redeems Bonds in Full
-------------------------------------------------------------
After extensive negotiations, significant multi-jurisdictional
litigation and enforcement action on behalf of the ad hoc
committee of bondholders, Elektrim S.A. made payment of
EUR37,373,083.91 and redeemed the bonds in full, Bingham’s
London office disclosed.

The bondholders still have the benefit of a contingent payment
claim against Elektrim and will continue to pursue their rights
in connection with this claim, according to Bingham partner
James Roome, who headed the London legal team with partner
Natasha Harrison.  They were assisted by associates Sheena
Buddhdev and Liz Osborne.  The Elektrim bonds were redeemed on
April 25, 2008.

The bonds were accelerated in January 2005 following the
occurrence of a number of Events of Default, and summary
judgment was obtained against Elektrim in September 2005 in the
English High Court.  As part of its strategy, the ad hoc
committee (led by Elliott Associates) initiated a series of
litigation in Poland and England and undertook numerous other
measures to protect the interests of the bondholders and recover
the amount due under the bonds.  As a consequence of this
strategy, a payment of EUR525 million was made by Elektrim in
October 2006.  However, this payment was insufficient
to redeem the bonds in full.  Elektrim entered composition
bankruptcy proceedings in August 2007 and negotiations re-
commenced with Elektrim’s bankruptcy receiver to secure payment
of approximately EUR35 million, which was required to redeem the
bonds.  Following a successful conclusion of these negotiations,
the bonds were redeemed in full.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

The company filed for bankruptcy protection in a court in Warsaw
on Aug. 10, 2007, after its second debt restructuring talks with
bondholders failed.


ELEPHANT TALK: Kabani & Co Expresses Going Concern Doubt
--------------------------------------------------------
Kabani & Company, Inc., raised substantial doubt about the
ability of Elephant Talk Communications, Inc., to continue as a
going concern after it audited the company's financial
statements for the year ended Dec. 31, 2007.  The auditor
pointed to the company’s net loss of US$12,057,732, working
capital deficit of US$24,429,464, accumulated deficit of
US$29,019,832 and cash used in operations of US$3,449,351.

The increase in net cash used in operating activities for the
year ended Dec. 31, 2007, is primarily due to the increase in
loss of US$7,228,067 in 2007, decrease in accounts receivable of
US$991,412, increase in prepaid expenses of US$183,556, decrease
in accounts payable and customer deposits of US$916,376,
decrease in deferred revenue of US$11,444 and increase in
accrued expenses and other payable of US$1,428,141.

Net cash used in investment activities for the year ended
Dec. 31, 2007, was US$2,037,269.  Cash used to purchase plant
and equipment was US$2,154,559, restricted cash deposit for
inter-connect was US$23,266, cash paid for acquisition of
subsidiary was US$241,883 and cash obtained from acquisitions
was US$382,439.

Net cash received by financing activities for the year ended
December 31, 2007 was US$9,085,991.  The Company received
US$8,498,471 from the sales of shares of its common stocks and
US$561,520 from third parties.

As a result, the Company recorded a cash and cash equivalent
balance of US$4,366,312 as of Dec. 31, 2007, a net increase in
cash and cash equivalent of US$4,034,311 for the year ended Dec.
31, 2007.

Management has devoted considerable efforts during the period
ended Dec. 31, 2007, and in the first few months of 2008 towards
obtaining additional equity financing, controlling of salaries
and general and administrative expenses, management of accounts
payable, settlement of debt by issuance of common shares and
strategically acquire profitable companies that bring synergies
to the company’s products and services.  Management believes the
company’s existing available cash, cash commitments, cash
equivalents and short term investments as of Dec. 31, 2007 in
combination with continuing contractual commitments will be
sufficient to meet our anticipated capital requirements until
the May 2008.

The company posted a net loss of US$12,057,732 on total revenues
of US$47,361,028 for the year ended Dec. 31, 2007, as compared
with a net loss of US$4,829,663 on total revenues of US$158,292
in the prior year.

At Dec. 31, 2007, the company's balance sheet showed
US$24,608,228 in total assets and US$34,322,539 in total
liabilities, resulting in US$9,714,311 stockholders' deficit.  

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$9,661,500 in total current
assets available to pay US$34,090,964 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2ae8

                   About Elephant Talk

Based in Orange, California, Elephant Talk Communications Inc.
(OTC BB: ETLK) -- http://www.elephanttalk.com/-- until recently
was engaged in the long distance telephone business in China and
the Special Administrative Region Hong Kong.  The company
currently operates a switch-based telecom network with national
licenses and direct fixed line interconnects with the
Incumbents/National Telecom Operators in eight (8) European
countries, one (1) in the Middle East (Bahrain), licenses in
Hong Kong and the U.S.A. and partnerships with telecom operators
in Scandinavia, Poland, Germany and Hong Kong.


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


ALNAS-INVEST-SERVICE: Creditors Must File Claims by May 22
----------------------------------------------------------
Creditors of LLC Alnas-Invest-Service have until May 22, 2008,
to submit proofs of claim to:

         A. Gilmetdinov
         Insolvency Manager
         Ordzhonikidze Str. 4A
         Izhevsk
         426063 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-280/2008 (G21).

The Court is located at:

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

The Debtor can be reached at:

         LLC Alnas-Invest-Service
         Gorkogog Str. 53
         Izhevsk
         Udmurtiya
         Russia


COMSTAR-UNITED: First Quarter Subscriber Base Hikes by 14%
----------------------------------------------------------
Comstar – United TeleSystems JSC's broadband Internet subscriber
base in Russia reached 848,000 users by the end of first quarter
of 2008, reflecting a 14% growth in comparison with 743,000 at
the end of 2007.  More than 105,000 net new subscribers
therefore were added in the first quarter of 2008.

In Moscow, Comstar’s broadband Internet subscriber base had
exceeded 796,000 users by the end of March 2008, which is 15%
more than at the end of 2007.  The 750,000 residential
subscribers accounted for 94% of Comstar’s broadband subscriber
base in Moscow. Internet connection speeds of 1 Megabit per
second or above were used by 90% of the total residential
subscriber base in Moscow.

Comstar’s broadband Internet subscriber base in the regions
totalled 52,000 users by the end of the quarter, up 8% since the
end of the year.

The total number of pay-TV subscribers in Russia increased by 8%
to 241,000 subscribers by the end of the quarter, including
130,000 in Moscow, an increase from 122,000 at the end of 2007.  
The number of regional pay-TV subscribers therefore increased
from 102,000 to 111,000 during the period.

"Comstar continues to strengthen its position in Moscow and
regional broadband markets,"Sergey Pridantsev, President and
Chief Executive Officer of Comstar, commented.  "We plan to
increase our subscriber base in Moscow to one million by the end
of 2008 and reach a 50% share of the Moscow broadband market by
the end of 2011.  The subscriber base is growing strongly in the
regions due to the development of networks and the introduction
of new services.  We expect the broadband subscriber base in the
regions to exceed 100,000 users by the end of 2008."

"Our leading position in the Moscow broadband Internet market is
confirmed by a number of independent research reports by key
analysts," Sergey Nazarov, Vice President for Marketing of
Comstar, added.  "According to J'Son&Partners, Comstar had
increased its market share in Moscow to 35.7% at the end of the
first quarter of 2008 from 34.3% at the end of 2007.  

"However, it is not only important to increase the subscriber
base, but also to retain customers.  We have therefore
introduced new customer services such as Internet portal
STREAM24, and we are also planning to introduce programmes to
further increase customer loyalty.  New tariff plans for high-
speed Internet access and HDTV services will be launched in the
coming month."

                       About Comstar-UTS

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.Comstar-uts.com/en/-- provides fixed line
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five regions of Russia,
Ukraine and Armenia.  As at Dec. 31, 2006, Comstar had US$1.12
billion in revenues and US$428.6 million in EBITDA (excluding
US$62 million stock bonus awards).

                           *    *    *

As of March 27, 2008, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.

Standard & Poor's gave the company BB- on long-term foreign
issuer credit rating and BB- on long-term local issuer credit
rating.  The outlook is positive.


EUROLINE LLC: Creditors Must File Claims by May 22
--------------------------------------------------
Creditors of LLC Euroline (OGRN 1025901219332) have until
May 22, 2008, to submit proofs of claim to:

         A. Popov
         Insolvency Manager
         Office 208
         Bolshevistskaya Str. 120a
         614015 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-12416/2007-B5.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Euroline
         Bratyev Ignatovykh Str. 13
         614036 Perm
         Russia


KAZANORGSINTEZ OJSC: Weak Credit Profile Cues Fitch's B- Ratings
----------------------------------------------------------------
Fitch Ratings has downgraded Russian chemical producer OJSC
Kazanorgsintez's Long-term Issuer Default Rating and Senior
Unsecured Rating to 'B-' from 'B'.  The LT IDR of 'B-', Senior
Unsecured Rating of B- and Short-term IDR of 'B' have been
placed on Rating Watch Negative.

The downgrade reflects the weakening of KOS's credit profile in
fiscal year 2007 as the group's aggressive investment program
continued to put pressure on its credit metrics without
translating into the expected uplift in profitability.

KOS is in the final phase of an ambitious four-year capital
expenditure plan designed to improve its vertical integration
and cost structure and to expand its higher-margin products.  
Eighty percent of the targeted investments have been completed
to date.  

The most sizeable projects realized between 2004 and 2007
include the upgrade in the group's HDPE plant to 510kT/year from
197kT/year, the upgrade of its Phenol production facility to
65KT/year from 45KT/year and the construction of a 70KT/year
Bisphenol-A plant designed to feed a new 65KT/year polycarbonate
plant under construction.  However, KOS's ability to run and
operate its new facilities at optimal capacity was impaired by
hydrocarbon supply disruptions and bottle-necking issues
(inadequate storage facilities) in fiscal year 2007.  Supply
disruptions and resulting underperformance have been a recurring
theme in the company's history and highlight the risks
associated with its high dependency on OAO Gazprom (Gazprom,
'BBB' (BBB)/Stable Outlook) for butane and ethane supplies.

Against the backdrop of rising feedstock prices, Fitch estimates
that while KOS's EBITDA grew by about 24% in fiscal year 2007 to
RUB4.9 billion, EBITDA margin contracted to approximately 23%,
from 26.7% in fiscal year 2006.  Concomitantly, cost inflation
on building materials, equipment, labour and transportation in
Russia resulted in incremental expenses on the original capital
expenditure budgeted.  Total investments are now expected to
reach about US$1.1bn, up from initial forecasts of US$775
million, of which around US$880 million was spent between 2004
and 2007.

Fitch estimates fiscal year 2007 debt/EBITDA at 4.4x due to the
combination of lower-than- expected operating earnings and
higher-than-expected debt.  The agency also believes that
leverage will peak during fiscal year 2008 as the benefits from
the projects completed will only fully ramp up in the second
half of fiscal year 2008, with the gradual de-leveraging that
had been expected through fiscal year 2008 now postponed to
FY09. The 'B-' rating provides modest headroom for further
deterioration in leverage.  Key to realizing the benefits from
the investments in the next 12-18 months will be KOS's ability
to minimize supply disruption and utilizing the full capacity
constructed.

The RWN reflects Fitch's concerns about a potential breach of
the 4.0x consolidated debt/EBITDA covenant under the group's
US$200 million five-year loan participation notes.  Fitch needs
to gain assurance about KOS's ability to obtain a waiver or
alternative sources of funding.  It will therefore seek to
resolve the RWN status once this has been clarified.

The ratings continue to reflect KOS's leading market position as
Russia's largest producer of polyethylene.  While the group's
capital expenditure program has not yet translated into visible
profitability improvements, Fitch recognizes that KOS's margins
continue to rank among the highest in the chemical sector.
Growth in the medium-term is expected to be supported by strong
demand in the domestic market and the investments completed so
far place KOS in a strong position to benefit from those trends.


KLYUCHINSKIY LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk commenced bankruptcy
supervision procedure on LLC Open Pit Klyuchinskiy.  The case is
docketed under Case No. A33-1413/2008.

The Temporary Insolvency Manager is:

         A. Gievskiy
         Urvantseva Str. 23-7
         660125 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Open Pit Klyuchinskiy
         Sovetskaya Str. 17
         Berezovskoe
         Sharypovskiy
         Krasnoyarsk
         Russia


MEKHSERVIS OJSC: Creditors Must File Claims by May 22
-----------------------------------------------------
Creditors of OJSC Mekhservis (TIN 2634035695) have until
May 22, 2008, to submit proofs of claim to:

         V. Orlov
         Insolvency Manager
         Office 4
         Lermontova Str. 343
         Stavropol
         Russia
Tel: (8652) 37-16-93

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-8097/07-S5-28.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         OJSC Mekhservis
         Stavropol
         Russia


ROSNEFT OIL: Board Recommends 20% Dividend Increase
---------------------------------------------------
On April 25, 2008, Rosneft’s Board of Directors met to review
preparations for the Company’s Annual General Shareholders
Meeting scheduled for June 5, 2008.

The Board of Directors recommended the Annual General
Shareholders Meeting to approve an increase of the annual
dividend by 20% to 1.6 rubles per share for 2007 compared to
1.33 rubles per share for 2006.  The record date was April 16,
2008.

The Board of Directors also approved the agenda for the Annual
General Shareholders Meeting, which includes the approval of the
annual report, annual accounting statements, profit distribution
based on the 2007 results including the amount, timeframe and
form of dividend payment for 2007, discussion of Board member
compensation, election of the Board and the Internal Audit
Committee, approval of the Company’s auditor for 2008, approval
of proposed amendments and supplements to the Company’s Charter
and related-party transactions.

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines, and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         *     *     *

As of Feb. 7, 2008, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.


SEVERSTAL OAO: Unit Wins Rights for Ostantsovy Gold Field
---------------------------------------------------------
OOO Severnaya Zolotorudnaya Kompaniya, a unit of OAO Severstal,
has won an auction for the geological exploration and gold
extraction rights at the Ostantsovy field in Irkutsk region in
Russia.

Severnaya Zolotorudnaya’s winning bid was RUR45 million at the
auction held by the Irkutsk Department of the Russian Subsurface
Resource agency on April 25, 2008.

Ostantsovy is situated in the Bodaybo district of Irkutsk
region.  Estimated category P3 resources in this field are
predicted to be 18 tons of gold.  The license permits geological
exploration and extraction for 25 years with  prolongation
rights.

Severstal already owns various gold mines and exploration and
extraction licenses in the Irkutsk and Chita regions, in the
republics of Saha-Yakutiya and Buryatiya in Russia, and in the
eastern Kazakhstan.  

The mines total production in 2007 was 5.3 tons, and the summary
resource base, including the new field, is about 410 tons of
gold.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of March 26, 2008, OAO Severstal carries Ba2 Corporate
Family, Senior Unsecured Debt and Probability-of-Default ratings
from Moody's Investor Service, which said the the outlook on all
ratings is stable.

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

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


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


HEXCEL CORP: Opens First Carbon Fiber Plant in Spain
----------------------------------------------------
Hexcel Corp. opened its first European carbon fiber plant at a
special ceremony attended by over 200 people.  The new plant,
located at Illescas near Toledo, is the first ever plant to
manufacture carbon fiber in Spain.

The new Hexcel plant was opened by the Regional President of
Castilla La Mancha, Excelentisimo Senor Don Jose Maria Barreda,
in the presence of Dave Berges, Hexcel Chairman and CEO and Bill
Hunt, Hexcel President.  Among the attendees were
representatives from the neighbouring Airbus plant that will be
a major customer for the HexTow carbon fibers made at the new
facility.  Other attendees included customers from the aerospace
and composites industry, local dignitaries and regional
representatives.

After touring the new plant, attendees listened to speeches by
Dave Berges, Excelentisimo Senor Don Jose Maria Barreda, Andrea
Domenichini, Hexcel’s VP Operations and Ilustrísimo Señor D.
Jose Manuel Tofiño, the Mayor of Illescas.

"We are very honored to be opening Hexcel’s new carbon fiber
plant in Castilla La Mancha", Dave Berges said in his opening
address.  This is the first ever carbon fiber facility to be
built in Spain – and is the first for Hexcel in Europe.  It is a
key part of Hexcel’s ongoing investment to increase carbon fiber
capacity worldwide.

"We are passionate about carbon fiber and carbon fiber
reinforced prepregs here at Hexcel.  That’s why we embarked on a
US$280 million investment program to boost our carbon fiber
capacity to 7000 tons both in Europe and the USA by the end of
2009.   The extra capacity is essential to meet the growing use
of carbon fiber composites in both commercial and military
aircraft as well as selected industrial applications.  

"I wish to thank the Hexcel project team and our suppliers for
their outstanding support in seeing this project through, on
schedule.  They have created a state of the art carbon fiber
manufacturing facility that will support the future of the
European aerospace industry.

Hexcel is already the world’s largest producer of intermediate
modulus carbon fiber, a type of fiber that is being increasingly
specified in new industrial and aerospace programs.  The
increased carbon fiber capacity means that Hexcel is very well
positioned to support the growth in European customers’ product
requirements

The new Illescas plant is close to Hexcel’s established plant
located in Parla, near Madrid.  The Parla plant will convert
carbon fiber from Illescas into prepregs, which are carbon-fiber
reinforced resin materials used to produce aerospace components
such as A320/A330 horizontal empennage and A380 rear fuselage
section.

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

                       *     *     *

As reported in the TCR-Europe on April 23, 2008, Standard &
Poor's Ratings Services revised its outlook on aerospace
supplier Hexcel Corp. to positive from stable.  At the same
time, S&P affirmed ratings, including the 'BB' corporate
credit rating, on the company.  About US$370 million of debt is
outstanding.


TDA CAJAMAR 2: Fitch Hold Class D Notes' Rating at BB+
------------------------------------------------------
Fitch Ratings has changed the Outlook on two tranches of TDA
Cajamar 2 Fondo de Titulizacion Activos' RMBS notes to Positive
from Stable.  All the six tranches are affirmed as.

   -- Class A2 (ISIN ES0377965019): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3 (ISIN ES0377965027): affirmed at 'AAA'; Outlook
      Stable

   -- IO (interest only) (ISIN ES0377965068): affirmed at 'AAA';
      Outlook Stable

   -- Class B (ISIN ES0377965035): affirmed at 'A+'; Outlook
      revised to Positive from Stable

   -- Class C (ISIN ES0377965043): affirmed at 'A-'; Outlook
      revised to Positive from Stable

   -- Class D (ISIN ES0377965050): affirmed at 'BB+' ; Outlook
      Stable

   -- Class A1 (ISIN ES0377965001) notes were redeemed in full
      in September 2006

The Outlook change reflects the low arrears and the de-
leveraging of the deal since its close in May 2005; the deal had
a modest average original loan-to-value of 67% at close. With
three years of seasoning the transaction has benefited from the
significant home appreciation recorded in recent years.  The
transaction's credit enhancement has also grown due to
significant prepayments and a sequential pay structure.  For
example, CE for Class D grew to 1.16% from 0.75% at closing,
Class C to 3.65% from 2.3%, Class B to 4.46% from 2.8% and Class
A to 7.59% from 4.75% .

The reserve fund was partially replenished in the last two
quarters, to EUR7.2 million in March 2008 from EUR6.6 million in
September 2007, which is close to its target of EUR7.5 million.  
It has been drawn on four consecutive occasions since December
2006.  The recent RF increase was due to income provided by a
swap and the absence of new defaults reported during the period.
Loans more than three months in arrears are stable and represent
less than half the Spanish Fitch Three Months Plus Index, at
0.16% in February 2008.  Defaulted loans to date total 0.13%,
which is well within performance expectations for the different
rating scenarios.

Fitch also expects the RF to be replenished to required levels
over the next several periods due to higher available excess
spread. Driving this improvement is the amortization of the NAS
IO in the transaction, which expires in June 2008.

The collateral is originated by Caja Rural Intermediterranea
S.C.C..


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


BUILDING MANAGEMENT4: Proofs of Claim Deadline Set May 10
---------------------------------------------------------
Creditors of OJSC Gorlovka Dwelling Building Subsidiary Company
Building Management4 (code EDRPOU 01237589) have until
May 10, 2008, to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on March 25, 2008.  The case is
docketed as 27/304B.

The Debtor can be reached at:

         OJSC Gorlovka Dwelling Building Subsidiary Company
         Building Management4
         50 Years of October Avenue 58
         Yenakiyevo
         86405 Donetsk
         Ukraine


EPRAISE-SP: Creditors Must File Claims by May 10
------------------------------------------------
Creditors of LLC Epraise-SP (code EDRPOU 35057417) have until
May 10, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 27, 2008, after finding it
insolvent.  The case is docketed as 43/276.

The Debtor can be reached at:

         LLC Epraise-SP
         Kikvidze Str. 18
         01103 Kiev
         Ukraine


FREGAT 555: Creditors Must File Claims by May 10
------------------------------------------------
Creditors of LLC Fregat 555 (code EDRPOU 33147304) have until
May 10, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 27, 2008, after finding it
insolvent.  The case is docketed as 43/273.

The Debtor can be reached at:

         LLC Fregat 555
         Liatoshynsky Str. 4-A
         03191 Kiev
         Ukraine


ROSAGRO LLC: Proofs of Claim Deadline Set May 10
------------------------------------------------
Creditors of LLC Rosagro (code EDRPOU 32414011) have until
May 10, 2008, to submit proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on Feb. 28, 2008.  The case is docketed
as 8/33-08.

The Debtor can be reached at:

         LLC Rosagro
         October Square 4
         Shapovalovka
         Konotop District
         41600 Sumy
         Ukraine


RUSSIA LLC: Creditors Must File Claims by May 10
------------------------------------------------
Creditors of Agricultural LLC Russia (code EDRPOU 03792510) have
until May 10, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 20, 2008, after finding it
insolvent.  The case is docketed as 14/1051.

The Debtor can be reached at:

         Agricultural LLC Russia
         Kirovo
         Korsun-Shevchenkovsky District
         19421 Cherkassy
         Ukraine


SCHEGLOVSKY GEOLOGICAL: Proofs of Claim Deadline Set May 10
------------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on Feb. 29, 2008.  The case is docketed
as 45/85b.

Creditors of OJSC Donbass Geology Subsidiary Company Scheglovsky
Geological Reconnaissance expedition (code EDRPOU 34150999) have
until May 10, 2008, to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Donbass Geology Subsidiary Company Scheglovsky
         Geological Reconnaissance Expedition
         Lutugin Str. 1
         Makeyevka
         86114 Donetsk
         Ukraine


TELECOMINVEST-KIEV: Proofs of Claim Deadline Set May 10
-------------------------------------------------------
Creditors of CJSC Telecominvest-Kiev (code EDRPOU 14369176) have
until May 10, 2008, to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced the bankruptcy
supervision procedure on the company.  The case is docketed as
24/14-b.

The Debtor can be reached at:

         CJSC Telecominvest-Kiev
         Kopernik Str. 18
         04116 Kiev
         Ukraine


TEXTILE TRADE: Creditors Must File Claims by May 10
---------------------------------------------------
Creditors of LLC Textile Trade (code EDRPOU 33019935) have until
May 10, 2008, to submit proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine
       
The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on March 6, 2008.  
The case is docketed as 3/19-b.  

The Debtor can be reached at:

         LLC Textile Trade
         Michaylovskaya Str. 21
         10014 Zhytomir
         Ukraine


TOP VERESEN: Creditors Must File Claims by May 10
-------------------------------------------------
Creditors of LLC Top Veresen (code EDRPOU 34618870) have until
May 10, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on March 27,
2008.  The case is docketed as 43/275.

The Debtor can be reached at:

         LLC Top Veresen
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


TRIBAL TRADE: Creditors Must File Claims by May 10
--------------------------------------------------
Creditors of LLC Agricultural Firm Tribal Trade Service (code
EDRPOU 32575940) 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
Jan. 17, 2008.  The case is docketed as B 29/24/71/05.

The Debtor can be reached at:

         LLC Agricultural Firm Tribal Trade Service
         Znamenka
         Novomoskovsky District
         Dnipropetrovsk
         Ukraine


UKRAINIAN BUILDING: Creditors Must File Claims by May 10
--------------------------------------------------------
Creditors of LLC Ukrainian Building Trade (code EDRPOU
33205753)have until May 10, 2008, to submit their proofs of
claims by to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on April 4, 2008.  
The case is docketed as B-48/55-08.

The Debtor can be reached at:

         LLC Ukrainian Building Trade
         Traktorostroiteley Str. 130, ap. 61
         Kharkov
         Ukraine


VALENTA LLC: Creditors Must File Claims by May 10
-------------------------------------------------
Creditors of LLC Production-Commerce Firm Valenta (code EDRPOU
22804963) have until May 10, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on March 6, 2008.  
The case is docketed as 14/4975.

The Debtor can be reached at:

         LLC Production-Commerce Firm Valenta
         30 Years of Victory Str. 62
         18024 Cherkassy
         Ukraine


ZASTAVNOVSKYAL AGRICULTURAL: Creditors' Claims Due May 10
---------------------------------------------------------
Creditors of OJSC Zastavnovskyal Agricultural Chemistry (code
EDRPOU 05491735) have until May 10, 2008, to submit proofs of
claim to:
         
         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent on March 4, 2008.  
The case is docketed as 8/151/B.

The Debtor can be reached at:

         OJSC Zastavnovskyal Agricultural Chemistry
         Verenchanka
         Zastavnovsky District
         59420 Chernovcy
         Ukraine


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


CASTLE FINANCE: Moody's Withdraws Low-B Ratings on Two Notes
-----------------------------------------------------------
Moody's Investors Service withdrew the ratings of two series of
Notes issued by Castle Finance I Limited:

   * Series 6 JPY2,500,000,000 SURF CPDO

   -- Current rating: WR
   -- Prior rating: Ba2, on review for possible downgrade

    * Series 12 EUR 50,000,000 SURF CPDO

    -- Current rating: WR
    -- Prior rating: Ba2, on review for possible downgrade

Series 6 Notes are currently being restructured and 100% of
noteholders have requested that the rating be withdrawn.  Series
12 Notes have been repurchased and canceled in full.


CITY WALL: Creditors' Meeting Slated for May 14
-----------------------------------------------
Creditors of City Wall Corp. Ltd. and City Wall Corp. (Leeds)
Ltd. will meet at 10:30 a.m. and 11:30 a.m. respectively, on
May 14, 2008, at:

          Ernst & Young LLP
          1 Bridgewater Place
          Water Lane
          Leeds
          LS11 5QR
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 13, 2008, at:

          Ernst & Young LLP
          c/o James Edwards          
          1 Bridgewater Place
          Water Lane
          Leeds
          LS11 5QR
          England

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.


CROSSBURN LTD: Creditors' Meeting Slated for May 14
---------------------------------------------------
Creditors of Crossburn Ltd. will meet at 10:00 a.m. on May 14,
2008, at:

          Ernst & Young LLP
          1 Bridgewater Place
          Water Lane
          Leeds
          LS11 5QR
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 13, 2008, at:

          Ernst & Young LLP
          c/o James Edwards          
          1 Bridgewater Place
          Water Lane
          Leeds
          LS11 5QR
          England

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.


DESIGNFORCE LTD: Brings In Administrators from Vantis
-----------------------------------------------------
Nicholas Hugh O'Reilly and Jonathan Birch of Vantis were
appointed joint administrators of Designforce Ltd. (Company
Number 03885335) on April 17, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

The company can be reached at:

          DesignForce Ltd.
          Marcoms House
          Abbey Barn Road
          High Wycombe
          Buckinghamshire
          HP11 1RL
          England
          Tel: 01494 538 252
          Fax: 01494 538 253


ECOHOMES LTD: Brings In Liquidators from KPMG
---------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Ecohomes Ltd. on April 9 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


EXRADIA LTD: Goes Into Liquidation; Transfers Assets to Parent
--------------------------------------------------------------
Exradia Ltd., which markets Angel batteries, has gone into
liquidation, Bill Ray writes for The Register.  The report adds
that the company is also transferring assets and some staff to
US parent Exradia Inc.

According to the report, Exradia, whose expenses stood at
GBP6 million, promised to repay creditors, including suppliers,
once new funding from its US parent is available.

Creditors, however, argued that while the company has stock and
merchandise, its product, which neutralizes emissions from
mobile phones, is "far from complete and not currently viable,"
The Register relates.

Exradia, The Register, discloses, could not be reached, although
Expansys (USA) is still taking pre-orders for the company's
product.  The company's Web site had also been suspended.

                      About Exradia

London, England-based Exradia -- http://www.exradia.com/--  
markets “Angel” batteries used by mobile phoies.


FORD MOTOR: Tracinda Offers to Buy 20MM Shares at US$8.50/Share
---------------------------------------------------------------
Tracinda Corporation intends to make a cash tender offer for up
to 20 million shares of common stock of Ford Motor Company at a
price of US$8.50 per share.  The offer price represents a 13.3%
premium over Ford's closing stock price of US$7.50 on April 25,
2008 and a 38.7% premium over Ford's closing stock price on
April 2, 2008, the day upon which Tracinda began accumulating
shares in the company.

The shares to be purchased pursuant to the offer represent
approximately 1% of the outstanding shares of Ford common stock.
Tracinda Corporation, of which Kirk Kerkorian is the sole
shareholder, currently owns 100 million shares of Ford common
stock, which represents approximately 4.7% of the outstanding
shares.  Tracinda's average cost for such shares is
approximately US$6.91 per share.  Upon completion of the offer,
Tracinda would beneficially own 120 million shares of Ford
common stock, or approximately 5.6% of the outstanding shares.

Mr. Kerkorian paid an initial US$691 million and intends to
disburse another US$170 million, Bill Koenig and Jeff Green of
Bloomberg News report.

According to Ford Executive Chairman Bill Ford and Ford
President and CEO Alan Mulally: "We welcome confidence in Ford
and the progress we are making on our transformation plan.  Any
investor can purchase Ford shares, which are sold on the open
market.  The Ford team remains focused on executing our plan to
transform Ford into a lean global enterprise delivering
profitable growth for all."

Tracinda has been following Ford closely since the company
released its fourth quarter 2007 results which indicated that
Ford's management was starting to achieve highly meaningful
traction in its turnaround efforts.  Last week this was
reinforced by Ford's first quarter 2008 results, achieved
despite the difficult U.S. economic environment.  Tracinda
believes that Ford management under the leadership of Chief
Executive Officer Alan Mulally will continue to show significant
improvements in its results going forward.

As reported in the Troubled Company Reporter on April 25, 2008,
Ford reported net income of US$100 million for the first quarter
of 2008.  This compares with a net loss of US$282 million in the
first quarter of 2007.

Once the tender offer is commenced, offering materials will be
mailed to Ford stockholders and filed with the Securities and
Exchange Commission.  Ford stockholders are urged to read the
offering materials when they become available because they will
contain important information.

The tender offer will be subject to customary conditions for
transactions of this type, including expiration of any
applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.  Tracinda's offer will not
be subject to financing.

However, analysts warn Ford on Tracinda's designs on the
automaker, Matthew Dolan and Jeff Bennett of The Wall Street
Journal relate.  JP Morgan Stanley & Co. Inc.'s Jonathan
Steinmetz predicts that like General Motors Corp., Tracinda
might, at first, be a passive shareholder, but will later seek a
board seat, criticize management leadership skills and instigate
the sale of non-core assets or potential industry consolidation.  
The shareholder will eventually pull out from the company.

According to WSJ citing Peter Nesvold of Bear Stearns, Tracinda
first bought a stake, in both automakers, of just under 5% and
then offered to buy additional stake at a 13% premium.

Bloomberg recounts that Ford's trading stock rose 10% in the New
York Stock Exchange on Monday.

                   About Ford Motor

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

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

                          *     *     *

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

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


GIZMONDO: Liquidators Call Ex-Director Over Bankruptcy Probe
------------------------------------------------------------
Stefan Erikkson, former director Gizmondo Europe Ltd., has been
called for an interview by Begbies Traynor as part of an
investigation into the company's collapse, David Landes writes
for The Local.  Gizmondo went into liquidation in February 2006.

"We've interviewed all the main characters," Colin Wilson of
Begbies Traynor told The Local.  "But we have yet to speak with
Stefan Eriksson."

According to the report Mr. Erikkson, who was earlier released
from a California prison for allegedly stealing luxury cars,
plans to meet with the liquidators in a few weeks, saying that
he has "nothing to hide."

Begbies Traynor, the paper discloses, is looking into possible
fraud at Gizmondo, which was registered in the U.S. as Tiger
Telematics.

Headquartered in Farnborough, Gizmondo (Europe) Limited --
http://www.gizmondo.com/-- develops handheld entertainment
devices for gaming, movies, music, camera, texting, and mapping
services.  The company, a wholly owned subsidiary of Tiger
Telematics, Inc., filed a High Court application for
administration in the United Kingdom on Jan. 20, 2006.  The
filing provides Gizmondo Europe with a moratorium in order to
effect a financial restructuring of the business.


INFORMATION TECHNOLOGY: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Information
Technology Resource Ltd. (formerly  Tera-Technology Resource
Ltd., Apache Park Ltd.) on April 12 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England


KANTH INDUSTRIES: Claims Filing Period Ends May 30
--------------------------------------------------
Creditors of Kath Industries Ltd. have until May 30, 2008 to
send their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Simon Paterson
         Liquidator
         Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England

Simon Paterson of Moore Stephens LLP was appointed liquidator of
the company on April 22, 2008 for the creditors' voluntary
winding-up procedure.


LEADERS OF LIVERPOOL: Sacks 45 Jobs as Liquidators Take Helm
------------------------------------------------------------
Leaders of Liverpool Ltd. had gone into liquidation and
appointed French Duncan to wind up its assets and terminate all
45 employees, Liverpool Echo reports.

Annette Menzies, the company's liquidator told Liverpool Echo
that it was "highly unlikely" that the company could be saved.  
Ms. Menzies added that the company halted its operations due to
a downturn in profits.

French Duncan -- http://www.frenchduncan.co.uk/-- is one of  
Scotland’s largest independent firms of chartered accountants.

Headquartered in Bootle, England, Leaders of Liverpool Ltd. --
http://www.leaders.citroen.co.uk/-- is engaged in car  
dealership.


NEWGATE FUNDING: Moody's Cuts Ratings on Eight Note Classes
-----------------------------------------------------------
Moody's Investors Service downgraded 8 classes of notes issued
by Newgate Funding PLC: Series 2006-1, Newgate Funding PLC:
Series 2007-1 and Newgate Funding PLC: Series 2007-2 classes of
notes;

    * Issuer: Newgate Funding PLC: Series 2006-1

   -- Class D, Current Rating Baa3, downgraded to Ba3
   -- Class E, Current Rating Ba2, downgraded to B3

    * Issuer: Newgate Funding PLC: Series 2007-1

   -- Class Db, Current Rating Baa3, downgraded to Ba2
   -- Class E, Current Rating Ba2, downgraded to B2
   -- Class F, Current Rating Ba3, downgraded to B3

    * Issuer: Newgate Funding PLC: Series 2007-2

   -- Class Db, Current Rating Baa3, downgraded to Ba2
   -- Class E, Current Rating Ba1, downgraded to B2
   -- Class F, Current Rating Ba2, downgraded to B3

The rating actions were prompted by worse than expected
collateral performance and unhedged interest rate risk which has
exposed these transactions to recent interest rate volatility at
levels above those initially modeled by Moody's.  This rating
actions take into account revised assumptions for excess spread
reduction due to unhedged interest rate risk, as well as
increased loss expectations accounting for the relatively high
delinquency levels shown in the collateral performance of these
portfolios.  The transactions where originated by Mortgages plc,
the origination platform of Merrill Lynch International Bank
Ltd.

In March 2008, Newgate 2006-1 has drawn on its reserve fund
which is currently at 92.1% of its required level.  The drawing
was primarily due to unhedged basis risk between interest
received on the mortgage loans, ultimately linked to BBR, and
the 3-Month-GBP-Libor due on the notes.  Approximately 87.5% of
the pool currently comprises floating rate loans exposed to the
base rate mismatch. For the fixed rate portion of the pool, the
transaction benefits from interest rate cap agreements with a
strike rate of 4.8% for loans resetting to floating before
January 2009 and a strike of 6.75% for loans resetting up until
March 2010.  As of March 2008, the detachable coupon stepped up
from the initial 0.75% to a final 1.25% which will cause further
excess spread stripping accounted for in the cash-flow modeling.

In addition, the liquidity facility cost will increase in the
next quarter as the provider (Barclays Bank plc) did not renew
its commitment. With respect to performance, the transaction is
deviating from the UK non-conforming market index and at 24
months since issuance, delinquencies 90+ days correspond to
15.05% of current principal balance, outstanding unsold
repossession rate is at present 2.46% of CB and 0.23% cumulative
losses of original pool balance have been realized.  Taking into
account the current amount of realized losses and completing a
roll-rate and severity analysis for the non-defaulted portion of
the portfolio, Moody's has adjusted its loss expectations to
2.25% of original balance.  The transaction is currently paying
sequential, and it will not pay pro rata unless the reserve fund
is replenished to its required amount. Newgate 2006-1 closed in
March 2006 and its current pool factor is 49%.

The reserve funds for both Newgate 2007-1 and Newgate 2007-2
were also drawn as of the last IPD and they are currently equal
to 84.5% and 85.4% of their respective required levels.
Similarly to Newgate 2006-1, the drawings were mainly due to
liquidity shortfalls caused by unhedged interest rate risk in
the structures. Approximately 92.6% (Newgate 2007-1) and 96.8%
(Newgate 2007-2) of the pools are currently still in the fixed
rate period.  In these transactions the fixed-floating swap
provides only a partial hedging as the 3-month-GBP-Libor payable
by the swap counterparty resets 3 times in the quarter whereas
the GBP Libor payable on the Notes resets quarterly. Due to the
decreasing Libor in the last three months, the GBP LIBOR paid by
the swap has been lower than the Note Libor, reducing the
available excess spread.  These transactions are also exposed to
a BBR - Libor mismatch for the floating rate portion of the
collateral and loans in arrears are not covered by the fixed
floating swap.  Moody's expects that the reserve funds in these
two transactions may continue to be below the target level in
the next few quarters.

In addition, the transactions are performing worse than Newgate
2006-1 and the UK non-conforming market index.  At only 12 and 9
months since issuance, these transactions have particularly high
levels of 90+days delinquencies equal to 11.35% and 11.07% of CB
and outstanding unsold repossession rate stands at 1.07% and
0.72% of CB respectively.  Moody's has increased its required
credit enhancement levels and adjusted its loss expectations to
2.7% of the original balance for Newgate 2007-1 and to 2.9% of
the original balance for Newgate 2007-2.  Newgate 2007-1 and
Newgate 2007-2 closed in March and June 2007 and their current
pool factors are 92% and 95% respectively.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


ODS BUSINESS: Brings In Administrators from BDO Stoy
----------------------------------------------------
Martha H. Thompson and Antony Nygate of BDO Stoy Hayward LLP
were appointed joint administrators of ODS Business Services
Ltd. (Company Number 05623008)on April 15, 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:

          ODS Business Services Ltd.
          Spectrum House
          Rivermead Industrial Estate
          Swindon
          SN5 7UT
          England
          Tel: 01793511125


PHOENIX SECURITY: Calls In Liquidators from Tenon Recovery
---------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Phoeniz Security Consultancy Ltd. on
April 18 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


PROMISE FINANCE: Appoints Joint Administrators from Deloitte
------------------------------------------------------------
Richard Michael Hawes and Stephen Anthony John Ramsbottom of
Deloitte & Touche LLP were appointed joint administrators of
Promise Finance Ltd. (Company Number 04651036) on April 18,
2008.

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

The company can be reached at:

          Promise Finance Ltd.
          Promise House
          Stafford Road
          Wolverhampton
          West Midlands
          WV10 6AD
          England
          Tel: 01902 378 000
          Fax: 01902 378 001


PROTEA PRODUCTS: Creditors' Meeting Slated for May 9
----------------------------------------------------
Creditors of Protea Products Ltd. (Company Number 03892159) will
meet at 11:00 a.m. on May 9, 2008, at:

          Vantis Business Recovery
          67 Butts Green Road
          Hornchurch
          Essex  
          RM11 2JX
          England

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

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

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.


QUEBECOR WORLD: Randy Benson Named Chief Restructuring Officer
--------------------------------------------------------------
Quebecor World Inc. has appointed Randy Benson, Chief
Restructuring Officer of the company.  Mr. Benson will report to
the Restructuring Committee of the Board of Directors.

"We are very pleased to have someone of Randy's experience and
capabilities joining Quebecor World at this time," said Jacques
Mallette, President and CEO, Quebecor World.  "Randy brings
valuable experience in working with other companies going
through a financial restructuring process.  He will work closely
with our senior management team and the Creditors' Committees,
as we develop our restructuring plan with a view of quickly
emerging from creditor protection as a strong company in our
industry."

Mr. Benson most recently served as Chief Restructuring Officer
for Hollinger Inc and prior to that held the same position at
Ivaco Inc. Mr. Benson was Senior Vice-President and Chief
Financial Officer at Call-Net Enterprises-Sprint Canada Inc. and
before that he served as a division president at Parmalat Canada
and as Executive Vice-President and Chief Financial Officer of
Beatrice Foods Inc.  He is the principal of R.C. Benson
Consulting Inc., a management consulting company focused on
providing strategic analysis, chief executive management, and
financial and operational restructuring expertise.

                    About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., along with other
U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of       
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.


QUEBECOR WORLD: Posts US$2 Billion Net Loss for Full Year 2007
--------------------------------------------------------------
Quebecor World Inc. reported that for full year 2007 it
generated revenues of US$5.7 billion compared to US$6.1 billion
in 2006 and a net loss of US$2.2 billion or (US$16.85) per share
compared to a net income of US$28.3 million or a net loss of US$
0.04 per share the previous year taking into account dividends
on preferred shares.  Full-year results included a goodwill
impairment charges, and impairment of assets, restructuring and
other charges net of income taxes of US$2.1 billion or
(US$16.26) per share, compared to US$87.3 million or (US$0.67)
per share in 2006.  The cash component of this charge was
US$42.7 million in 2007 compared to US$76.4 million in 2006.
Excluding these charges, the adjusted net loss was US$54.9
million or (US$0.58) per share in 2007 compared to adjusted net
income of US$117.9 million or diluted earnings per share of
US$0.64 for the same period in 2006.  Operating income before
IAROC and goodwill impairment charge in 2007 was US$90.1 million
compared to US$241.5 million in 2006.  On the same basis, EBITDA
was US$461.9 million in 2007 compared to US$579.9 million in
2006.  The reduction of EBITDA in 2007 is principally explained
by US$80 million in largely non-cash, additional specific
charges, compared to the prior year.

Quebecor World's full-year 2007 revenues reflect a reduction in
volume in its North American operations, in particular as the
result of several plant closures as the company moved to
complete its three-year restructuring and retooling program.  In
addition to goodwill, IAROC and specific charges, the decrease
in profitability reflects volume reduction, pricing pressure,
underperforming European assets and higher financial expenses
not fully compensated by cost reductions and efficiency gains.

On January 21, 2008, Quebecor World filed for creditor
protection in the United States and Canada due to the inability
of the Company to raise new capital in the current market
environment and to complete the sale of its European operations.  
The filing was necessary to ensure the long-term viability of
the Company within a process that ensures fair and equitable
treatment for all stakeholders.

"We have made important and substantial efforts to stabilize our
business and to reach out to all our stakeholders in this
process," said Jacques Mallette, President and CEO, Quebecor
World.  "I am pleased with what we have accomplished so far, and
it demonstrates the support of our customers, our suppliers and
our employees to our business going forward.  We continue to
renew and earn new business with important customers across our
global platform including, most recently, McGraw Hill, Wenner
Media and RONA."

                          Bankruptcy Update

Since the initial filing, the company received the final order
for its US$1 billion DIP (debtor-in-possession) financing from
the US court.  As stated in the Monitor's report of April 1,
2008, the company had unrestricted cash balances of US$160
million and access to revolving credit facility of up to US$400
million.  The company believes that this financing and its
ability to generate significant cash flow from operations will
allow it to emerge from creditor protection as a strong company
in its industry.  The company continues to serve all its global
customers with superior products and enhanced value-added
services as illustrated by the recent launch of its integrated
multi-channel solutions offering designed to increase the
efficiency of its customers advertising campaigns.

To assist in its efforts to emerge from creditor protection as
quickly as possible, the Company has appointed Mr. Randy Benson,
Chief Restructuring Officer of the company.  Mr. Benson has
extensive experience in working with other companies going
through a financial restructuring process.  He reports to the
Restructuring Committee of the Board of Directors.

"The restructuring process is proceeding as planned. To date we
have passed several important milestones and we are actively
developing our five-year business plan which we expect to be
completed in the second quarter.  The appropriate creditors and
ad hoc committees have been established in the U.S. and Canada
and we are pursuing an active and ongoing dialogue," added Mr.
Mallette.  "To date we have had more than 60 uncontested motions
approved in the U.S. process which is a strong indication of
everyone's focus and determination to make this process a
success by exiting creditor protection as soon as possible."

                 Fourth Quarter Results

For the fourth quarter of 2007, the company generated revenues
of US$1.5 billion compared to US$1.6 billion in 2006, and a net
loss of US$1.8 billion or (US$13.87) per share compared to net
income from continuing operations of US$11.6 million or US$0.03
per share in the same period last year.  Fourth quarter results
included impairment of assets, restructuring and other charges
(IAROC) and a goodwill impairment charge, net of income taxes,
of US$1.8 billion or (US$13.81) per share compared to US$33.0
million or (US$0.25) per share in 2006.

The cash component of this charge was US$5.1 million in 2007
compared to US$21.1 million in 2006. Excluding these charges,
the adjusted net loss was US$1.9 million or (US$0.06) per share
for the fourth quarter of 2007 compared to adjusted net income
of US$44.6 million or diluted earnings per share of US$0.28 for
the same period in 2006.  Operating income before IAROC and
goodwill impairment for the fourth quarter of 2007 was US$1.8
million compared to US$74.2 million for the same period in 2006.
On the same basis, EBITDA was US$130.3 million for the fourth
quarter of 2007 compared to US$170.2 million for the same period
in 2006.  In the fourth quarter 2007, the Company incurred US$45
million in additional specific charges compared to the fourth
quarter of 2006.  These charges were largely non-cash. Excluding
these additional charges, EBITDA in the fourth quarter 2007 was
slightly higher than during the same period in 2006.

                    About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., along with other
U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of       
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.


QUEBECOR WORLD: Quebecor Inc Issues Clarification
-------------------------------------------------
MONTREAL, QUEBEC--(Marketwire - April 29, 2008) -
Following the release of the financial results of Quebecor World
Inc. for the 2007 financial year, Quebecor Inc. specifies that
Quebecor World is a legal entity distinct from Quebecor and
Quebecor World's announced net losses have no impact on
Quebecor's liquidity.

On January 21, 2008, Quebecor World Inc. placed itself under the
protection of the Companies' Creditors Arrangement Act in Canada
and Chapter 11 of the Bankruptcy Code in the United States.  As
a result, Quebecor Inc. does not expect to realize any future
earnings on its investment in Quebecor World.  Quebecor Inc. has
not secured Quebecor World's commitments, including its debt and
advances under its securitization programs.

In accordance with generally accepted accounting principles,
Quebecor Inc. ceased consolidating the result of Quebecor World
as of Jan. 21, 2008.

Quebecor Inc. plans to release its financial results for the
2007 financial year and the results of its Quebecor Media
subsidiary for the first quarter of 2008 during the week of
May 5, 2008.

                   About Quebecor Inc.

Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B) is a holding company with
interests in two companies, Quebecor Media Inc. and Quebecor
World Inc.  Quebecor holds a 54.7% interest in Quebecor Media,
which owns operating companies in numerous media-related
businesses: Videotron Ltd., the largest cable operator in Quebec
and a major Internet Service Provider and provider of telephone
and business telecommunications services; Sun Media Corporation,
the largest publisher of newspapers in Canada; Quebecor
MediaPages, a publisher of print and online directories; TVA
Group Inc., operator of the largest French-language over-the-air
television network in Quebec, a number of specialty channels,
and the English-language over-the-air station Sun TV; Canoe
Inc., operator of a network of English- and French-language
Internet properties in Canada; Nurun Inc., a major interactive
technologies and communications agency with offices in Canada,
the United States, Europe and Asia; magazine publisher TVA
Publishing Inc.; book publisher and distributor Quebecor Media
Book Group Inc.; Archambault Group Inc. and TVA Films, companies
engaged in the production, distribution and retailing of
cultural products, and Le SuperClub Videotron ltee, a DVD and
console game rental and retail chain.

                    About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., along with other
U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of       
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.


SUNKING FLOWERS: Creditors' Meeting Slated for May 1
----------------------------------------------------
Creditors of Sunking Flowers Ltd. (Company Number 03478130) will
meet at 10:00 a.m. on May 1, 2008 at:

          KPMG LLP
          1 Waterloo Way
          Leicester  
          LE1 6LP
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 30, 2008 at:

          Richard James Philpott
          Joint Administrator
          KPMG LLP
          1 Waterloo Way
          Leicester  
          LE1 6LP
          England

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.


UKLI LTD: Taps Deloitte & Touche to Administer Assets
-----------------------------------------------------
Lee Antony Manning and Carlton Malcolm Siddle of Deloitte &
Touche LLP were appointed joint administrators of UKLI Ltd.
(Company Number 04656772) on April 22, 2008.

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

The company can be reached at:

          UKLI Ltd.
          Second Floor
          Berkeley Square House
          Berkeley Square
          West End
          London
          W1J 6BD
          England


VALENTINO'S WINES: Names David Hill as Administrator
----------------------------------------------------
David Hill of Begbies Traynor was named administrator of
Valentino's Wines Ltd. (Company Number 05077434) on April 16,
2008.

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

The company can be reached at:

          Valentino's Wines Ltd.
          Unit 27F
          Bessemer Market
          Cardiff
          CF11 8BE
          England
          Tel: 029 2034 3661
          Fax: 029 2037 2019
          Web site: http://www.valentinoswines.co.uk/


ZIFF DAVIS: Inks Agreement with Creditors on Chapter 11 Plan
------------------------------------------------------------
Ziff Davis Media Inc., an indirect wholly-owned subsidiary of
Ziff Davis Holdings Inc., said Tuesday that it has reached an
agreement with an ad hoc group of holders of more than 80% in
principal amount of its Senior Secured Floating Rate Notes and
the Official Committee of Unsecured Creditors on a consensual
plan of reorganization that substantially de-leverages Ziff
Davis' balance sheet by converting over US$428 million in funded
indebtedness to (a) new common stock of reorganized Ziff Davis
Media and (b) a new note that will not exceed US$57.5 million.
The Plan was filed with the Court today.

The Plan provides Ziff Davis with sufficient cash to fund its
exit from Chapter 11 as well as its ongoing business plan.  
Additionally, the Plan provides for two pools of cash for
distribution to general unsecured creditors.  The Official
Committee includes both trade creditors and holders of well over
60% of the company's unsecured subordinated notes, which notes
aggregate approximately US$186 million.

The ad hoc noteholder group had previously agreed to set aside
up to US$24.5 million to fund the company's operations during
the Chapter 11 case as well as after the Company emerges from
Chapter 11.

"We are pleased to have achieved one of our long-standing goals
to reach a consensual agreement with both our Senior Secured
Noteholders and the Official Committee of Unsecured Creditors,"
said Jason Young, Chief Executive Officer of Ziff Davis Media.  
"The Plan reflects their confidence in the strength of our
business and our ability to unlock the underlying value in the
Company.  We believe that [Tues]day's Plan agreement provides
the highest value and best outcome for all constituents and
leaves us with a strong, de-levered balance sheet."

"I would like to thank our customers, partners and employees for
their continued loyalty to Ziff Davis throughout this process,"
continued Mr. Young.  "We are poised to capitalize on the recent
digital momentum that we are experiencing, as shown through the
unique visitor growth in the first quarter, which grew by more
than 20% over the first quarter of last year.  We look forward
to emerging quickly from Chapter 11 so that we can put our
complete focus on operating our business and continuing our
strong digital momentum."

Ziff Davis will ask the U.S. Bankruptcy Court for the Southern
District of New York to confirm the Plan in June 2008, and
expects to emerge from bankruptcy shortly thereafter.  The Plan
has not been approved by the Bankruptcy Court. As a result, the
Plan may be materially modified before approval.

                     About Ziff Davis

Headquartered in New York City, Ziff Davis Media Inc. --
http://www.ziffdavis.com/-- is a wholly-owned indirect  
subsidiary of Ziff Davis Holdings.  Ziff Davis Holdings is the
ultimate parent.  Ziff Davis Holdings is majority owned by
various investment funds managed by Willis Stein.

Ziff Davis Media is an integrated media company serving the
technology and videogame markets.  Ziff Davis currently reaches
over 26 million people a month through its portfolio of 15
websites, three award-winning magazines, consumer events and
direct marketing services.  The company has offices and labs in
San Francisco and exports its brands internationally in 45
countries and 13 languages.  The company manages its business
through two business segments: the “PCMag Network” and the “1UP
Network.

Ziff Davis Media, Ziff Davis Holdings and five other affiliates
filed voluntary petitions under Chapter 11 of the Bankruptcy
Code on March 5, 2008 (Bankr. S.D.N.Y., Case No.
08-10768).  Carey D. Schreiber, Esq., and David Neier, Esq., at
Winston & Strawn, LLP and represents the Debtors in their
restructuring efforts.  The Official Committee of Unsecured
Creditors has selected O'Melveny & Myers LLP as its counsel.  In
its schedules filed with the Court, Ziff Davis Media disclosed
total assets of US$144,224,155 and total debts of
US$441,406,545.  

Ziff Davis' non-debtor foreign affiliates include Ziff Davis
Europe Ltd. (United Kingdom), Ziff Davis Publishing (UK) Ltd.
(United Kingdom), Ziff Davis France S.A. (France), SEEC/Ziff
Davis Group (China) Ltd. (British Virgin Islands), and Ziff
Davis Internet I.
  
                            *********

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.

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