TCREUR_Public/080501.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 1, 2008, Vol. 9, No. 86

                            Headlines


A U S T R I A

MIGLINE TRANSPORTE: Claims Registration Period Ends May 26
TOP CAR: Creditors' Meeting Slated for May 6
TREFF HANDEL: Claims Registration Period Ends May 13
WASABI ZHOU: Claims Registration Period Ends June 5


F R A N C E

HILITE INTERNATIONAL: S&P Cuts Rating to B- on Tight Liquidity


G E R M A N Y

ALERIS INTERNATIONAL: S&P Holds B+ Rating with Negative Outlook
BARGE BETRIEBS: Claims Registration Period Ends May 23
COMTRADE INTEGRATION: Claims Registration Period Ends May 23
COMTRADE MOBILIEN: Claims Registration Period Ends May 23
CELLKERN GMBH: Claims Registration Period Ends May 23

MANIA TECHNOLOGIE: Files for Insolvency Proceedings
N & B PROJEKTENTWICKLUNG: Claims Registration Ends May 21
PIN GROUP: Axel Springer CEO Regrets Investment in Firm
REMMERS GMBH: Claims Registration Period Ends May 16
RIMO WOHNBAU: Claims Registration Period Ends May 16

SAMUDRA GMBH: Claims Registration Period Ends May 16
SANITAR-GMBH: Claims Registration Period Ends May 16
SEEVETALER LAGER: Claims Registration Ends May 21
SSM PFALZ: Claims Registration Period Ends May 16
THIELERT AIRCRAFT: Parent to Sell Shares to Raise Funds

T.I.B. GMBH: Claims Registration Ends May 21


I C E L A N D

CONEXANT SYSTEMS: Terminates Daniel Artusi as President and CEO
CONEXANT SYSTEMS: D. Scott Mercer Named as New CEO
CONEXANT SYSTEMS: Posts US$142 Million Net Loss in 2008 2Q
CONEXANT SYSTEMS: Sells Broadband Media Product Line to NXP


I R E L A N D

CAIRN HIGH: Moody's May Further Cut B2 Rating After Review


I T A L Y

ALITALIA SPA: Files Over EUR1-Billion Damages Suit vs SEA SpA


K A Z A K H S T A N

GLINTVANE LLP: Claims Registration Ends June 18
IMPLANT-SERVICE ASTANA: Claims Registration Ends June 13
KAZ ALLIANCE: Creditors Must File Claims by June 17
MIGROS KIPA: Claims Deadline Slated for June 17

TDE-100 LLP: Claims Filing Period Ends June 18
UAK-SNUB LLP: Creditors' Claims Due on June 17


L U X E M B O U R G

PIN GROUP: Axel Springer CEO Regrets Investment in Firm


R U S S I A

AK TRANSNEFTEPRODUCT: S&P Lifts Corporate Credit Rating to BB-
ATEKS CJSC: Creditors Must File Claims by May 26
CENTRAL TELECOMMUNICATIONS: S&P Holds B+ Corporate Credit Rating
NORTH-SERVICE OJSC: Creditors Must File Claims by May 22
OGK-5 OAO: Earns RUR673.48 Million for 1st Qtr Ended March 31

ORLOVSKIY AGRICULTURAL: Asset Sale Slated for May 28
PROGRESS OJSC: Creditors Must File Claims by May 22
SISTEMA-HALS JSC: Earns US$34.68 Million for Year Ended Dec. 31
SISTEMA-HALS JSC: Hikes Share Value in Property Projects by 30%
SIVINSKIY AGRO-LES-KHOZ: Creditors Must File Claims by May 22

* Fitch Positive on Russian Power Sector's Liberalisation


S W E D E N

AVINMERITOR INC: Earns US$20 Million in Second Quarter 2008
SAS AB: Weak Performance Cues S&P's Negative Watch on BB Rating


S W I T Z E R L A N D

GLOBAL JET: Creditors' Liquidation Claims Due by May 7
HILDEGARD-DROGERIE: Creditors' Liquidation Claims Due by May 8
METABOLIC CONCEPTS: Creditors' Liquidation Claims Due by May 8
OBJECT-LINE: Bern Court Starts Bankruptcy Proceedings
PEARL METAL: Creditors' Liquidation Claims Due by May 8

PETER MULLER: Creditors' Liquidation Claims Due by May 7
POLAROME EUROPA: Creditors' Liquidation Claims Due by May 8
SCHMERIKON: Creditors' Liquidation Claims Due by May 8
SIMME-LADELI: Creditors' Liquidation Claims Due by May 8
SWISSAIR: Liquidator Oversees CHF320 Mln. Payment to Creditors

THERMA: Appenzell Ausserrhoden Court Starts Bankruptcy Process
WIRIPAX JSC: Creditors' Liquidation Claims Due by May 7


U K R A I N E

* S&P Discusses Debt Recovery and the Insolvency Law in Ukraine


U N I T E D   K I N G D O M

ADRIAN FISHER: Brings In Liquidators from Tenon Recovery
AMBERFELL ESTATES: Taps Joint Administrators from BDO Stoy
BEANCLEANED LTD: Appoints Joint Administrators from PwC
BEANCLEANED LTD: Appoints Joint Administrators from PwC
EOS AIRLINES: Case Summary and 19 Largest Unsecured Creditors

EOS AIRLINES: Files for Bankruptcy in New York
EOS AIRLINES: Menzies Appointed as Joint Administrators in UK
INSIDE TRACK: Undergoes Administration; Vantis Plc Appointed
INTRALINKS INC: S&P Holds B Rating; Revises Outlook to Negative
JONRO LTD: Claims Filing Period Ends June 2

LANDMARK MORTGAGE: Fitch Affirms Ratings on Eight Tranches
LANGLEY LANDSCAPES: Claims Filing Period Ends May 30
NEPHROS INC: Deloitte & Touche Issues Going Concern Doubt
NEPHROS INC: Annual Stockholders' Meeting Scheduled on June 25
NEPHROS INC: Gerald J. Kochanski Named Chief Financial Officer

NEW BOND: Moody's May Further Cut Junk Rating After Review
UNIQUE DISTRIBUTION: Accountants Ordered to Sell the Company
VIRGIN MEDIA: Fitch Upgrades Ratings on Notes and Removes Watch
VONAGE HOLDINGS: Seeks US$215-Million Loan to Refinance Debt

* Fitch Says Good Forecast Accuracy Helped Europe's Credibility
* Fitch Says Europe Structure Finance Market Still Active
* S&P Takes Credit Rating Actions on 130 European Synthetic CDOs
* Upcoming Meetings, Conferences and Seminars


                            *********


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


MIGLINE TRANSPORTE: Claims Registration Period Ends May 26
----------------------------------------------------------
Creditors owed money by LLC MIGLINE Transporte (FN 221062t) have
until May 26, 2008, to file written proofs of claim to court-
appointed estate administrator Eva Wexberg at:

          Dr. Eva Wexberg
          c/o Dr. Walter Kainz
          Gusshausstrasse 23
          1040 Vienna
          Austria
          Tel: 505 88 31
          Fax: 505 94 64
          E-mail: kanzlei@kainz-wexberg.at     

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 11, 2008 (Bankr. Case No. 3 S 35/08d).  Walter Kainz
represents Dr. Wexberg in the bankruptcy proceedings.


TOP CAR: Creditors' Meeting Slated for May 6
--------------------------------------------
Creditors owed money by LLC Top Car (FN 39274g) are encouraged
to attend the first creditors' meeting at noon on May 6, 2008.

The creditors' meeting will be held at:

          The Land Court of Graz
          Room 230
          Hall L
          Graz
          Austria

The Court will also examine the claims at 2:00 p.m. on June 26,
2008, at the same venue.

Creditors have until April 11, 2008, to file written proofs of
claim to court-appointed estate administrator Axel Reckenzaun
at:

          Dr. Axel Reckenzaun
          Annenstrasse 10/1
          8020 Graz
          Austria
          Tel: 0316/713353
          Fax: 0316/713353-30
          E-mail: office@boehm-reckenzaun.at  

Headquartered in Lieboch, Austria, the Debtor declared
bankruptcy on April 11, 2008 (25 S 29/08i).


TREFF HANDEL: Claims Registration Period Ends May 13
----------------------------------------------------
Creditors owed money by LLC TREFF Handel und Beteiligung (FN
202058w) have until May 13, 2008, to file written proofs of
claim to court-appointed estate administrator Georg Schuchlenz
at:

          Dr. Georg Schuchlenz
          Waaggasse 18/3
          9020 Klagenfurt
          Austria
          Tel: 0463/51 65 30
          Fax: 0463/51 65 30-73
          E-mail: office@dr-schuchlenz.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on April 10, 2008 (Bankr. Case No. 41 S 37/08a).  


WASABI ZHOU: Claims Registration Period Ends June 5
---------------------------------------------------
Creditors owed money by  KEG WASABI Zhou (FN 274880k) have until
June 5, 2008, to file written proofs of claim to court-appointed
estate administrator Brigitte Stampfer at:

          Dr. Brigitte Stampfer
          Stadlergasse 27
          1130 Vienna
          Austria
          Tel: 877 33 30
          Fax: 877 33 30 33
          E-mail: ra-stampfer@utanet.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 10, 2008 (Bankr. Case No. 5 S 29/08m).  


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


HILITE INTERNATIONAL: S&P Cuts Rating to B- on Tight Liquidity
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Hilite International Inc. to 'B-' from 'B' because of
the company's tight liquidity heading into a very difficult
sales environment for the North American and European automotive
industries.  

S&P do not expect Hilite to generate any material free cash from
operations until at least 2009, given the weak sales environment
and the need for investment to support business contracts won in
2007.  Although Hilite has adequate liquidity at the moment, the
company will use cash in 2008, and covenants, which tighten at
year-end 2008, provide little cushion for material weakness in
European original equipment production volumes or a rise in the
company's operational costs in 2008.

"The ratings on Cleveland-based auto supplier Hilite reflect the
company's tight liquidity, highly leveraged financial profile,
and vulnerable business position as a relatively small
participant in the intensely competitive automotive industry,"
said Standard & Poor's credit analyst Nancy Messer. Debt
outstanding as of Dec. 31, 2007, totaled US$231 million,
including an unrated US$23 million senior unsecured payment-in-
kind term loan at the holding company and US$26.3 million
financing liability resulting from the sale leaseback of a
German facility in 2007.

S&P could lower the ratings if Hilite is unable to maintain
adequate liquidity in 2008 in light of negative cash flow and
limited bank facility availability. We are concerned about the
company's ability to maintain adequate liquidity because of
volatile market conditions, including pricing pressures and
commodity cost increases, and our expectation of weak original
equipment manufacturer production volumes.  S&P could revise the
outlook to stable or positive the longer term if the company is
able to generate free cash flow, perhaps by increasing revenues
through new product launch volumes while stabilizing margins.


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


ALERIS INTERNATIONAL: S&P Holds B+ Rating with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Aleris International Inc., including its 'B+' corporate credit
rating.

At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on April 17,
2008.  The outlook is negative.

Pro forma consolidated debt, including debt-like obligations and
reflecting the November 2007 sale of U.S. Zinc, was about $2.7
billion at Dec. 31, 2007.

"The affirmation and CreditWatch removal reflects our
expectation that operating performance will improve as 2008
progresses because of the combination of productivity
improvements and increased volumes in the second half," said
Standard & Poor's credit analyst Maurice Austin.  "In addition,
we expect the company's favorable liquidity position to be
adequate to support Aleris through the ongoing end-market
downturn. Still, credit measures remain very weak for the
current rating and provide little cushion against further
deterioration.  A prolonged period of weakness in the
transportation and construction markets could significantly
constrain the company's ability to generate cash and to lower
its debt burden."

Beachwood, Ohio-based Aleris manufactures aluminum sheet for
distributors and the transportation, construction, and consumer
durables end-user markets.

"We could lower the ratings if the company's operating
performance does not improve and if Aleris doesn't reduce its
debt to maintain the ratio of debt to EBITDA below 5.5x for the
current rating," Mr. Austin said.  We are less likely to revise
the outlook to stable this year. Such an action would depend
on an improvement in profitability in conjunction with positive
market trends."

The company's international segment provides aluminum metal to
customers through both tolling arrangements and product sales,
and the types of scrap that it recycles are similar to those
processed by Aleris’ U.S. recycling facilities.  In 2004 its
five plants have a rated annual capacity of 1.08 billion pounds.
The operations include two aluminum recycling and foundry alloy
plants in Germany as well as aluminum recycling facilities in
Brazil, Mexico and Wales.  The segment’s growth is largely a
result of its development and use of efficient scrap preparation
and recycling technologies that allow high recovery of metal and
delivery of a top-quality product.  In Asia, the company has
subsidiaries in Hong Kong and China.


BARGE BETRIEBS: Claims Registration Period Ends May 23
------------------------------------------------------
Creditors of Barge Betriebs GmbH have until May 23, 2008, to
register their claims with court-appointed insolvency manager
Heiko Jaap.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 AE 26
         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:

         Heiko Jaap
         Steinbeckerstr. 10
         17489 Greifswald
         Germany

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

The Debtor can be reached at:

         Barge Betriebs GmbH
         Attn: Anja Meske,
         An der Thronpost 12
         17489 Greifswald
         Germany


COMTRADE INTEGRATION: Claims Registration Period Ends May 23
------------------------------------------------------------
Creditors of COMTRADE Integration & Support gGmbH have until
May 23, 2008, to register their claims with court-appointed
insolvency manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against COMTRADE Integration & Support gGmbH on April 3, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         COMTRADE Integration & Support gGmbH
         Attn: Heinz Leuer, Manager
         Karl-Heinz-Beckurts-Strasse 13
         52428 Juelich
         Germany


COMTRADE MOBILIEN: Claims Registration Period Ends May 23
---------------------------------------------------------
Creditors of COMTRADE Mobilien Leasing GmbH have until May 23,
2008, to register their claims with court-appointed insolvency
manager Jens-Soeren Schroeder.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against COMTRADE Mobilien Leasing GmbH on April 3, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         COMTRADE Mobilien Leasing GmbH
         Attn: Heinz Leuer, Manager
         Jarrestrasse 6
         22303 Hamburg


CELLKERN GMBH: Claims Registration Period Ends May 23
-----------------------------------------------------
Creditors of Cellkern GmbH have until May 23, 2008, to register
their claims with court-appointed insolvency manager Hans-Peter
Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on June 23,2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         Germany

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

The insolvency manager can be reached at:

         Hans-Peter Valentiner
         Bahnhofstr. 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de   

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

The Debtor can be reached at:

         Cellkern GmbH
         Attn: Guenter Schubert, Manager
         Markt 3
         29221 Celle
         Germany


MANIA TECHNOLOGIE: Files for Insolvency Proceedings
---------------------------------------------------
The management board of Mania Technologie AG filed for
insolvency proceedings on April 28, 2008, with the competent
local court of Bad Homburg v.d.H. due to over-indebtedness.

After intensive internal as well as expert examination the
management board of the Company assumes that the Company is
over-indebted in the meaning of Insolvency Law.

The insolvency filing of the Company has no direct or indirect
impact on the German and foreign operating subsidiaries of the
Company.  At present, the Company is preparing an insolvency
plan together with all participants which aims for the
restructuring of the whole Mania group.

Due to the filing for insolvency the calling of the
extraordinary shareholders’ meeting regarding the loss of half
of the registered share capital as mentioned in the ad-hoc-
announcement as of April 18, 2008 is not required any more and
therefore the management board will not make that calling.

Headquartered in Germany, Mania Technologie AG --
http://www.maniagroup.com/-- engages in the development,  
manufacture, and sale of machines, systems, and services to the
printed circuit board industry in Europe, Asia, Africa, and the
Americas.  The equipment portfolio includes imaging systems,
optical inspection (AOI), electrical testers, drilling machines,
and CAM software.


N & B PROJEKTENTWICKLUNG: Claims Registration Ends May 21
---------------------------------------------------------
Creditors of N & B Projektentwicklung GmbH have until May 21,
2008 to register their claims with court-appointed insolvency
manager Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstr. 6
         33602 Bielefeld
         Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Gütersloh
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against N & B Projektentwicklung GmbH on April 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         N & B Projektentwicklung GmbH
         Berliner Str. 9-11
         33378 Rheda-Wiedenbrueck
         Germany

         Attn: Daniel Koerfgen and Moritz Beuven, Managers
         Talstr. 41 b
         79263 Simonswald
         Germany


PIN GROUP: Axel Springer CEO Regrets Investment in Firm
-------------------------------------------------------
Acquiring a 64% stake in PIN Group AG was a mistake, Axel
Springer AG CEO Mathias Doepfner told shareholders during its
annual general meeting, Reuters reports.

According to Mr. Doepfner, Reuters relates, its PIN investment
along with the financial crisis in the capital markets in the
second half of 2007 and general skepticism among investors
towards media firms, had negative impact on Axel Springer's
share price, which dropped from EUR98 apiece as of Dec. 28,
2007, to EUR74 each as of April 24, 2008.

Axel Springer suffered a EUR288 million loss in 2007 following
EUR572 million in write-downs at PIN Group, Reuters says.

Axel Springer acquired PIN Group to challenge main player
Deutsche Post, but stopped its funding after the German
government set minimum wages of EUR8-EUR9.80 for the postal
industry, which is higher than PIN employees receive.

                          About PIN Group

Based in Luxembourg, PIN Group AG -- http://www.pin-group.net/  
-- provides postal services across Germany.  The group has more
than 60 regional subsidiaries, and in 2006 became a national
integrated provider by setting up an efficient nationwide
distribution network.

As previously reported in the TCR-Europe, PIN Group's units
filed for insolvency after Axel Springer AG decided to stop
funding the company.  Axel Springer said the business in
unviable following the German government's decision to introduce
minimum wages of EUR8-EUR9.80 for the postal industry, which
would PIN, which has 9,000 employees, up to EUR45 million,
although "most of the costs are expected to be covered by a form
of state reimbursement."


REMMERS GMBH: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors of Remmers GmbH have until May 16, 2008, to register
their claims with court-appointed insolvency manager Alexander
Kaesebier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hildesheim
          Hall 124
          Main Building
          Kaiserstrasse 60
          31134 Hildesheim
          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:

          Alexander Kaesebier
          Grothstr. 2
          31787 Hameln
          Germany
          Tel: 05151-821252
          Fax: 05151-821253

The District Court of Hildesheim opened bankruptcy proceedings
against Remmers GmbH on March 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Remmers GmbH
          Tiestr. 15
          31171 Nordstemmen
          Germany


RIMO WOHNBAU: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors of RIMO Wohnbau & Immobilien GmbH have until May 16,
2008, to register their claims with court-appointed insolvency
manager Klaus E. Breithaupt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Munich
          Meeting Hall 102
          Infanteriestr. 5
          80097 Munich
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Klaus E. Breithaupt
          Baierbrunner Str. 25
          81379 Munich
          Germany
          Tel: 089/45 22 77-0
          Fax: 089/45 22 77-29

The District Court of Munich opened bankruptcy proceedings
against RIMO Wohnbau & Immobilien GmbH on March 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          RIMO Wohnbau & Immobilien GmbH
          Rumfordstr. 16
          80469 Munich
          Germany


SAMUDRA GMBH: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors of Samudra GmbH have until May 16, 2008, to register
their claims with court-appointed insolvency manager Bjoern
Gehde.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Bjoern Gehde
          Goethestr. 85
          10623 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Samudra GmbH on March 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Samudra GmbH
          Schoenhauser Allee 79/80
          10439 Berlin
          Germany


SANITAR-GMBH: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors of Sanitar-GmbH Wernsdorf have until May 16, 2008, to
register their claims with court-appointed insolvency manager
Reinhard Klose.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Chemnitz
          Hall 27
          Fuerstenstrasse 21-23
          09130 Chemnitz
          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:

          Reinhard Klose
          Leipziger Str. 58
          09113 Chemnitz
          Germany
          Tel: (0371) 444610
          Fax: (0371) 4446111
          E-mail: klose@handschumacher.de  

The District Court of Chemnitz opened bankruptcy proceedings
against Sanitar-GmbH Wernsdorf on March 19, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Sanitar-GmbH Wernsdorf
          Attn: Udo Fischer, Manager
          Hauptstrasse 50b
          09328 Lunzenau
          Germany


SEEVETALER LAGER: Claims Registration Ends May 21
-------------------------------------------------
Creditors of Seevetaler Lager- und Transportlogistik GmbH have
until May 21, 2008 to register their claims with court-appointed
insolvency manager Rembert Kuebel-Heising.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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:

         Rembert Kuebel-Heising
         Winsener Strasse 14
         21376 Salzhausen
         Germany
         Tel: 04172/90900
         Fax: 04172/909011

The District Court of Lueneburg opened bankruptcy proceedings
against Seevetaler Lager- und Transportlogistik GmbH on
April 15, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Seevetaler Lager- und Transportlogistik GmbH
         Appenstedter Waldchen 1
         21217 Seevetal
         Germany


SSM PFALZ: Claims Registration Period Ends May 16
-------------------------------------------------
Creditors of SSM Pfalz Stoffstrommanagement GmbH have until
May 16, 2008, to register their claims with court-appointed
insolvency manager Matthias Bott.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Konstanz
          Hall 207
          Second Floor
          Untere Laube 12
          78462 Konstanz
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Matthias Bott
          Bodnegger Str. 19
          88287 Gruenkraut
          Germany

The District Court of Konstanz opened bankruptcy proceedings
against SSM Pfalz Stoffstrommanagement GmbH on April 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          SSM Pfalz Stoffstrommanagement GmbH
          Stadtgraben 1
          88677 Markdorf
          Germany


THIELERT AIRCRAFT: Parent to Sell Shares to Raise Funds
-------------------------------------------------------
Thielert AG, parent firm of Thielert Aircraft Engines GmbH, will
commence a share sale to increase liquidity and secure the
operations of its financially troubled unit, Bloomberg News
reports.

As reported in the TCR-Europe on April 25, 2008, the executive
board of Thielert Aircraft filed for the opening of insolvency
at the District Court of Chemnitz due to immediate illiquidity.

Thielert AG said that its shareholders refused to support a
restructuring plan for Thielert Aircraft.

Joseph Mapother of Bloombeg News writes that the Court has
appointed Bruno Kuebler as insolvency administrator, who has
commenced contacting Thielert creditors.

Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/-- is a full subsidiary  
of Thielert AG, which develops and manufactures components for
high-performance engines and special parts with complex
geometries and hardware and software for digital engine control
systems.


T.I.B. GMBH: Claims Registration Ends May 21
--------------------------------------------
Creditors of T.I.B. GmbH have until May 21, 2008 to register
their claims with court-appointed insolvency manager Friedrich-
Wilhelm Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Friedrich-Wilhelm Klein
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/493700
         Fax: 0202/4937099

The District Court of Wuppertal opened bankruptcy proceedings
against  T.I.B. GmbH on April 16, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         T.I.B. GmbH
         Wichlinghauser Str. 51-53
         42277 Wuppertal
         Germany

         Attn: Susanne Janssen, Manager
         Calvinstr. 15
         42103 Wuppertal
         Germany


=============
I C E L A N D
=============


CONEXANT SYSTEMS: Terminates Daniel Artusi as President and CEO
---------------------------------------------------------------
Conexant Systems, Inc. said that on April 21, 2008, it executed
an agreement, which became effective on April 29, 2008, with
Daniel A. Artusi, pursuant to which Mr. Artusi’s service as
President and Chief Executive Officer of the company ceased
effective as of April 14, 2008 and Mr. Artusi became a non-
executive employee of the company, which position he held
through April 25, 2008.

Pursuant to the Artusi Agreement, the company elected to
terminate Mr. Artusi’s employment as President and Chief
Executive Officer with the company per section 8(b)(ii) of the
original employment agreement between Mr. Artusi and the Company
dated June 21, 2007.  Mr. Artusi will receive certain
compensation and benefits that Mr. Artusi is entitled to receive
pursuant to the 2007 Agreement as a result of his termination
"without cause" from the company.

Pursuant to his employment agreement, Mr. Artusi will receive a
lump sum separation payment in full and final settlement of
matters relating to his employment with the company of
US$2,716,438, which payment will be paid within 30 days of
April 25, 2008.  In addition, all of Mr. Artusi’s stock options
and shares of non-performance based restricted stock will vest
and all vested stock options may be exercised for two years from
the date of termination, after which time all of his stock
options will expire.

In addition, Mr. Artusi is restricted from competing with the
company or soliciting employees or customers of the Company,
which provisions will apply to Mr. Artusi until April 25, 2009.

                       About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a  
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.


CONEXANT SYSTEMS: D. Scott Mercer Named as New CEO
--------------------------------------------------
In a regulatory filing, Conexant Systems, Inc. said that that
board member D. Scott Mercer has been named chief executive
officer.  The company also said that Christian Scherp, senior
vice president of Worldwide Sales, has been promoted to
president, and that Sailesh Chittipeddi, senior vice president
of Global Operations, has been promoted to executive vice
president of Global Operations and chief technical officer.

Mercer and Scherp replace Daniel Artusi, who had been president
and chief executive officer.  Artusi will be leaving the company
to pursue outside opportunities.

“We are fortunate that an executive of Scott’s caliber and
experience has chosen to become Conexant’s next chief executive
officer,” said Dwight W. Decker, non-executive chairman of
Conexant’s board of directors.  “Scott has been a Conexant
director for the past five years, so he is intimately familiar
with the issues facing our company.  I am confident that he will
provide the strategic leadership Conexant requires to attain the
next level of performance.”

Mercer, 57, will continue as a company director.

“I want to thank Dwight and the Conexant board for giving me the
opportunity to lead the company,” Mercer said.  “Over the past
three quarters, the Conexant team has done a good job of
reducing costs and improving financial performance, and we must
continue to drive progress in these areas.  Our highest priority
right now is to determine the best way to deliver increased
value to customers and shareholders.  I am looking forward to
working with Christian, Sailesh, and the rest of the senior team
in the coming weeks to evaluate our market and financial
positions, and to establish a clear strategic direction for our
company.

“I would also like to thank Dan for his service, and wish him
the best in his future endeavors,” Mercer said.

Mercer serves on the boards of Palm, Inc., Polycom, Inc., SMART
Modular Technologies, Inc., and Adaptec, Inc., where he is
chairman. In 2005, Mercer was named interim chief executive
officer at Adaptec.  Before that, he spent a total of eight
years at Western Digital Corporation in positions that included
executive vice president, chief financial and administrative
officer, and senior vice president and advisor to the CEO. He
also spent a year at TeraLogic, Inc. as chief financial officer,
five years at Dell, Inc. in a variety of financial-management
positions, and seven years at LSI Logic Corporation, where he
was promoted to chief financial officer.  After graduating with
a bachelor’s degree in Accounting from the California
Polytechnic University at Pomona, Mercer spent seven years with
Price Waterhouse in San Jose, Calif.

In his new position as president, Scherp, 42, will report to
Mercer and be responsible for the activities and results of
Conexant’s three business units in addition to managing the
company’s global sales force.  Prior to joining Conexant in June
2005, Scherp spent eight years with Infineon Technologies North
America.  In his last position at Infineon, he served as vice
president and general manager of the company’s Wireless/Wireline
Communications Group.  He was also vice president of marketing
for the Wireline Communications Group, and vice president and
general manager of the Communications Group’s wide area
networking business.  Before Infineon was spun-off from Siemens
AG in 1997, Scherp spent six years in a variety of positions in
engineering, marketing and business planning at Siemens.  He
holds a master’s degree in electrical and electronics
engineering, and a master’s degree in business administration
from the Technical University of Munich, Germany.

Chittipeddi, 45, joined Conexant in June 2006 as senior vice
president of Global Operations.  In his new role, Chittipeddi
will report to Mercer and be responsible for Global Operations,
Quality, Worldwide Manufacturing Engineering, Design Platform
Engineering, and Purchasing.  Prior to joining Conexant,
Chittipeddi held several senior operations-related positions
with Agere Systems, Lucent Technologies, and AT&T
Microelectronics.  He also served as Lucent’s SEMATECH
representative, and was a member of the Technical Staff with
AT&T Bell Labs.  Chittipeddi holds a master’s degree in business
administration from the University of Texas at Austin, a
master’s degree and a doctorate in physics from Ohio State
University, and a master’s degree in physics from Northern
Illinois University.  He also holds 59 U.S. patents related to
semiconductor process, package, and design, and has authored
nearly 40 publications.

                       About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a  
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.


CONEXANT SYSTEMS: Posts US$142 Million Net Loss in 2008 2Q
----------------------------------------------------------
Conexant Systems, Inc. reported that financial results for the
second quarter of fiscal 2008 that exceeded the company’s
expectations entering the quarter.  

Revenues for the second quarter of fiscal 2008 were
US$174.0 million.  Core gross margins were 45.0% of revenues.  
Core operating expenses were US$72.3 million, and core operating
income was US$6.0 million.  Conexant’s core net loss was
US$3.3 million, or US$0.01 per diluted share.

On a GAAP basis, gross margins for the second quarter of fiscal
2008 were 45.4% of revenues.  GAAP operating expenses were
US$204.7 million.  GAAP operating loss was US$125.7 million and
GAAP net loss was US$142.0 million, or US$0.29 per share.  The
GAAP net loss in the quarter included an asset impairment charge
of US$121.7 million primarily related to the write-down of
goodwill associated with the Broadband Media Processing
business.

The company ended the quarter with US$164.1 million in cash and
cash equivalents.  Cash declined by approximately US$68.0
million, due in large measure to the companyÂ’s re-purchase of
US$53.6 million of its floating rate senior notes.

                    Business Perspective

“I am pleased to be a part of the Conexant team and enthusiastic
about our company’s long-term prospects,” said Scott Mercer, who
joined Conexant as chief executive officer on April 14, 2008.
“In the coming weeks and months, I will be focusing on our
overall strategy, and on improving our financial performance and
position.”

“For the second fiscal quarter, we exceeded our expectations
entering the quarter,” Mercer said.  “We anticipated revenues in
a range between $165 million and $170 million, and we delivered
$174 million.  Core gross margins came in at the high end of the
range we provided, and core operating expenses were
significantly lower than we expected, which reflects the teamÂ’s
commitment to reducing costs.”

                      Business Outlook

Conexant expects revenues for the third quarter of fiscal 2008
to be in a range between US$167 million and US$171 million,
which includes revenues from its Broadband Media Processing
product lines.

                       About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a  
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.


CONEXANT SYSTEMS: Sells Broadband Media Product Line to NXP
-----------------------------------------------------------
Conexant Systems, Inc. signed a definitive agreement to sell its
Broadband Media Processing product lines to NXP Semiconductors
in a transaction valued at up to US$145 million.  Conexant’s
Broadband Media Processing business provides solutions for
satellite, cable, terrestrial, and IPTV set-top box
applications.

Under the terms of the agreement, Conexant will receive
US$110 million in cash, and up to US$35 million in an “earn-out”
fee, contingent upon the achievement of certain milestones over
the next two years.  The transaction is subject to customary
closing conditions and regulatory approvals, and is expected to
close within the next 60 days.

“Over the years, the Conexant team has successfully developed
complex solutions for a variety of set-top box applications,”
said Scott Mercer, Conexant’s chief executive officer.  “NXP has
a long history in consumer electronics, and they possess the
scale, skill-sets, and resources required to maintain and expand
the positions we established.  I am convinced that the combined
team will attain an even higher level of success as they
continue to deliver innovative, cost-effective set-top box
solutions to customers worldwide.

“Divesting our Broadband Media Processing product lines also
represents a major step in our continuing effort to restructure
our company’s business model and cost structure,” Mercer said.  
“As we get closer to completing the transaction, we plan to
provide additional information on the financial performance we
expect from our continuing company.”

Approximately 700 Conexant employees at locations in the United
States, Europe, Israel, Asia-Pacific, and Japan will transfer to
NXP and join the company’s Home BusinessUnit when the
transaction closes.  At that time, Conexant’s ongoing businesses
will consist of Imaging and PC Media, and Broadband Access.  The
total available market addressed by these product lines is
greater than US$3 billion today and expected to grow over the
next three years.

                       About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a  
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.


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


CAIRN HIGH: Moody's May Further Cut B2 Rating After Review
----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes issued by Cairn High
Grade ABS CDO I PLC, a limited purpose vehicle incorporated in
Ireland.

These rating actions are a response to severe credit
deterioration in the underlying portfolio. The transaction is a
managed cash CDO of ABS, containing roughly 12.46% ABS CDOs and
40.66% sub-prime RMBS of mostly 2005 vintage, but also some 2006
and 2007 vintages.  Many of the assets in the portfolio have
been downgraded, placed on review for downgrade, or both since
October 2007. 0.85% of the portfolio by volume (US ABS CDOs) is
currently rated C or Ca.

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

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

These rating actions are:

   (1) US$20,000,000 Class A2 Floating Rate Notes due 2055;

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

   (2) US$20,000,000 Class B Floating Rate Notes due 2055;

    -- Current Rating: Aa2, on review for downgrade
    -- Prior Rating: Aa1

   (3) US$20,000,000 Class C Floating Rate Notes due 2055;

    -- Current Rating: Baa2, on review for downgrade
    -- Prior Rating: Aa3

   (4) US$15,000,000 Class D Floating Rate Notes due 2055;

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: A3

The Aaa rating of US$911,000,000 Class A1 Delayed Draw Floating
Rate Notes due 2055 is not affected.


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


ALITALIA SPA: Files Over EUR1-Billion Damages Suit vs SEA SpA
-------------------------------------------------------------
Alitalia S.p.A. is seeking more than EUR1 billion in damages
against SEA S.p.A. for breach of contract and serious damage to
reputation, Agence France-Presse reports.

Alitalia claims SEA breached plans to expand Milan's Malpensa
airport and improve transport infrastructure, AFP relates.  
Alitalia also claims that SEA's EUR1.2-billion suit against it
has damaged the national carrier's sale prospects.

Air France-KLM SA, said its binding offer for the Italian
government's 49.9% stake in Alitalia hinges on several
conditions, including "the identification of an applicable
solution to definitely remove the risk connected to the SEA
claim."  Air France had withdrawn its bid.

As reported in the TCR-Europe on Feb. 6, 2008, SEA filed a
EUR1.2 billion damages suit against Alitalia over the carrier's
decision to downscale its operations at Milan's Malpensa
airport.  SEA chairman Giuseppe Bonomi said Alitalia violated a
hub partnership agreement and contracts with SEA and its SEA
Handling unit.

Mr. Bononi noted that SEA designed and developed Malpensa as
Alitalia required in terms of infrastructures, facilities and
organization.  However, Mr. Bononi added, the investments are
rendered useless by Alitalia's downscale plan.  According to Mr.
Bononi, Alitalia's downscale plan will cut traffic at Malpensa
by 6 million passengers and will reduce the airport's results by
EUR70 million.

In March, SEA said will not withdraw the suit against Alitalia,
but may consider an out-of-court settlement.

                         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.


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


GLINTVANE LLP: Claims Registration Ends June 18
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Glintvane insolvent on March 27, 2008.

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


IMPLANT-SERVICE ASTANA: Claims Registration Ends June 13
--------------------------------------------------------  
LLP Implant-Service Astana has declared insolvency.  Creditors
have until June 13, 2008, to submit written proofs of claims to:

         LLP Implant-Service Astana
         Jambyl Str. 20
         Stantsiya 40
         Almatinsky
         Astana
         Kazakhstan


KAZ ALLIANCE: Creditors Must File Claims by June 17
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kaz Alliance Stroy insolvent on April 7, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


MIGROS KIPA: Claims Deadline Slated for June 17
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Migros Kipa 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


TDE-100 LLP: Claims Filing Period Ends June 18
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP TDE-100 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


UAK-SNUB LLP: Creditors' Claims Due on June 17
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Uak-Snub insolvent April 4, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


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


PIN GROUP: Axel Springer CEO Regrets Investment in Firm
-------------------------------------------------------
Acquiring a 64% stake in PIN Group AG was a mistake, Axel
Springer AG CEO Mathias Doepfner told shareholders during its
annual general meeting, Reuters reports.

According to Mr. Doepfner, Reuters relates, its PIN investment
along with the financial crisis in the capital markets in the
second half of 2007 and general skepticism among investors
towards media firms, had negative impact on Axel Springer's
share price, which dropped from EUR98 apiece as of Dec. 28,
2007, to EUR74 each as of April 24, 2008.

Axel Springer suffered a EUR288 million loss in 2007 following
EUR572 million in write-downs at PIN Group, Reuters says.

Axel Springer acquired PIN Group to challenge main player
Deutsche Post, but stopped its funding after the German
government set minimum wages of EUR8-EUR9.80 for the postal
industry, which is higher than PIN employees receive.

                          About PIN Group

Based in Luxembourg, PIN Group AG -- http://www.pin-group.net/  
-- provides postal services across Germany.  The group has more
than 60 regional subsidiaries, and in 2006 became a national
integrated provider by setting up an efficient nationwide
distribution network.

As previously reported in the TCR-Europe, PIN Group's units
filed for insolvency after Axel Springer AG decided to stop
funding the company.  Axel Springer said the business in
unviable following the German government's decision to introduce
minimum wages of EUR8-EUR9.80 for the postal industry, which
would PIN, which has 9,000 employees, up to EUR45 million,
although "most of the costs are expected to be covered by a form
of state reimbursement."


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


AK TRANSNEFTEPRODUCT: S&P Lifts Corporate Credit Rating to BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russian oil product pipeline company
OJSC AK Transnefteproduct to 'BB-' from 'B+'.

At the same time, S&P raised the Russia national scale rating to
'ruAA' from 'ruAA-'.  At the same time, the global scale ratings
were removed from CreditWatch, where they had been placed on
April 17, 2007, following the announcement of the merger with
state-owned Russian oil pipeline monopoly OAO AK Transneft  
(BBB+/Stable/--).  The outlook is positive.

"We upgraded Transnefteproduct following our analysis of the
impact of the shareholding change on the company's financial and
business risk," said Standard & Poor's credit analyst Andrey
Nikolaev.

The ratings are based on the company's stand-alone credit
quality, which we continue to assess at 'B+', plus a one-notch
uplift for extraordinary support from its 100% shareholder,
Transneft, reflecting the credit enhancement of being owned by a
larger and stronger parent.

The stand-alone rating on Transnefteproduct continues to reflect
the company's position as a relatively small and mainly
commercial operator competing with other transportation
providers.  It also reflects the risks associated with the
company's large, new pipeline project, North.

Due to negative free cash flow during construction in 2005-2007,
TNP's debt increased to Russian ruble (RUR) 20.1 billion ($855
million) at the end of 2007 from almost zero in 2005.

"We expect that Transnefteproduct could be upgraded in the next
12 months or so if the company becomes free operating cash flow
positive--thanks to cash flows generated by the new North
project, as well as by its traditional routes and lower capital
expenditures--or if Transnefteproduct integrates more
closely within Transneft," said Mr. Nikolaev.

S&P will monitor the role of Transnefteproduct in the Transneft
group, as well as Transneft's strategy toward its subsidiary,
including its level of operational and financial autonomy;
whether the new debt will be issued at Transneft or the
Transnefteproduct level; and whether existing debt will be
refinanced.

Should the capacity utilization level or profitability of the
new route turn out to be substantially lower than that of
existing operations, or if the company embarks on a new major
debt-financed investment project prior to restoring its
financial flexibility, the outlook could come be negatively
affected.


ATEKS CJSC: Creditors Must File Claims by May 26
------------------------------------------------
Creditors of CJSC Ateks have until May 26, 2008, to submit
proofs of claim to:

         N. Egorova
         Temporary Insolvency Manager
         Post User Box 58
         127349 Moscow
         Russia
         Tel: (495) 500-70-57

The Arbitration Court of Moscow will convene at 10:00 a.m. on
July 29, 2008, to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
A41-4400/08.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Ateks
         Promyshlennaya Str. 10
         Dybna
         141980 Moscow
         Russia


CENTRAL TELECOMMUNICATIONS: S&P Holds B+ Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russian telecoms provider Central Telecommunications Co. (OJSC)
to stable from positive.  At the same time, the 'B+' long-term
corporate credit rating and 'ruA+' Russia national scale rating
were affirmed.

"The outlook revision reflects our opinion that the company's
increasing investments will likely prompt debt leverage to rise
above our expectations for a higher rating," said Standard &
Poor's credit analyst Alexander Griaznov. "Among Russian
regional incumbent operators, CTC has the lowest
network digitalization, explaining the company's need to
increase its capital expenditure."

To compete with Russia's two largest alternative operators--
Comstar United Telesystems (JSC) and Golden Telecom Inc.--CTC is
actively rolling out its broadband offering, which also requires
substantial spending.  The company's business profile continues
to be constrained by strong competition, limited revenue
diversification, and the modest characteristics of its
franchise area.

CTC's financial profile is currently adequate for the rating,
with moderate debt at less than 2x EBITDA.  However, gradually
increasing investments will lead to negative free operating cash
flow during the next several years, which will require
additional debt financing.

The ratings are supported by CTC's incumbent position, its vast
network in European Russia's central region, and its "last-mile"
access to 6.7 million customers.  CTC's effectiveness in
optimizing operations and improving profitability is highlighted
by the increase in its EBITDA margin to about 39% for the 12
months ended June 30, 2007.  The profitability uptrend stems
from substantial progress in headcount reduction, tighter
spending controls, and gradual expansion of value-added
services.

However, CTC has fairly limited revenue diversification, with
about 67% of revenues coming from traditional telephony.

"We expect that CTC will sustain its positive operating
performance, continue to diversify its revenue base, and enhance
its profitability," said Mr. Griaznov.  "The company will likely
manage its increasing investments prudently, avoiding material
deterioration to the financial profile."

CTC's inability to effectively manage its financial risk--such
as an upsurge in debt leverage or mounting liquidity pressures--
could have negative rating implications.

Ratings upside is fairly limited since any substantial
strengthening of business characteristics is not attainable over
the next 12 months.


NORTH-SERVICE OJSC: Creditors Must File Claims by May 22
--------------------------------------------------------
Creditors of OJSC North-Service have until May 22, 2008, to
submit proofs of claim to:

         O. Elistratova
         Temporary Insolvency Manager
         Premise 4N
         Let. B
         4th Sovetskaya Str. 20
         191036 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A56-37391/2007.

The Court is located at:

         The Arbitration Court of St. Petersburg and the                     
               
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         OJSC North-Service
         Berezovaya Al, 4
         Kamennogorsk
         Vyborgskiy
         Leningrad
         Russia


OGK-5 OAO: Earns RUR673.48 Million for 1st Qtr Ended March 31
-------------------------------------------------------------
OAO OGK-5 registered RUR673.48 million in net profit on
RUR10.79 billion in net revenues for the first quarter ended
March 31, 2008.

The company also posted RUR128 billion in sales profit and
RUR1.43 billion in gross profit for first quarter 2008.  In fist
quarter 2008, expenses related to income tax and other similar
compulsory payments, as well as the effect of tax assets and
deferred liabilities amounted to RUR247.43 million.

As of March 31, 2008, OGK-5 had RUR55.03 billion in total
assets, RUR6.53 billion in current accounts receivable,
RUR4.59 in non-current accounts receivable and RUR2.58 billion
in current accounts payable.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

As of March 26, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


ORLOVSKIY AGRICULTURAL: Asset Sale Slated for May 28
----------------------------------------------------
A. Evseev, the insolvency manager and the bidding organizer for
OJSC Orlovskiy Agricultural Combine, will open a public auction
for the company's properties at noon on May 28, 2008 at:

         A. Evseev
         4th floor
         3rd Kurskaya Str. 15
         Orel
         Russia
         Tel: (4862) 54-39-89

The case is docketed under Case No. A48-7181/06-17b.

Interested participants have until May 23, 2008, to deposit an
amount equivalent to 20% of the starting price to:

         OJSC Orlovskiy Agricultural Combine
         Settlement Account 40702810910000000528
         Correspondent Account 30101810700000000751
         BIK 045402751
         OJSC Rosselkhozbank
         Orel
         Russia

Bidding documents must be submitted to:

         A. Evseev
         4th floor
         3rd Kurskaya Str. 15
         Orel
         Russia
         Tel: (4862) 54-39-89

The Debtor can be reached at:

         OJSC Orlovskiy Agricultural Combine
         3rd Kurskaya Str. 15
         302004 Orel
         Russia


PROGRESS OJSC: Creditors Must File Claims by May 22
---------------------------------------------------
Creditors of OJSC Progress have until May 22, 2008, to submit
proofs of claim to:

         N. Tyutyunik
         Insolvency Manager
         Buynakskaya Str. 2/56
         344037 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at 9:00 a.m. on
Aug. 21, 2008, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A53-10485/2007-S1-21.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Progress
         Voroshilova Str. 2
         Platovo-Ivanovka
         Rodionovo-Nesvetayskiy
         346592 Rostov
         Russia


SISTEMA-HALS JSC: Earns US$34.68 Million for Year Ended Dec. 31
---------------------------------------------------------------    
JSC Sistema-Hals released its unaudited consolidated financial
results for the full year of 2007 in accordance with U.S. GAAP.

JSC Sistema-Hals posted US$34.68 million in net profit on
US$452.19 million in net revenues for the full year ended
Dec. 31, 2007, compared with US$55.57 million in net profit on
US$282.90 million in net revenues for the full year ended
Dec. 31, 2006.  

The company attributed the increase in net revenues to the
strong performance of its Real Estate Development division.

Sistema-Hals attributed the decline in net profit to the
increase in total operating expenses US$400.2 million in 2007
from US$200 million in 2006.

"During the year of 2007 we concentrated our efforts on
enhancing the efficiency of execution of our development
projects," Felix Evtushenkov, President of Sistema-Hals, said.
"This focus on construction program implementation and our
marketing efforts in the favorable market conditions allowed us
to deliver on strong results.  We are pleased to report a solid
59.8% increase in our revenues in comparison to the previous
year.

"Our priority for 2008 is to continue developing our competitive
advantages through enhancing our construction capabilities and
strengthening our position in premium real estate development
market segments.  We are sure, that along with strong execution
discipline and a focus on enhancing operational efficiency, our
continued efforts towards building a strong portfolio of
attractive projects in premium segments will allow us to
capitalize on new opportunities for sustainable long-term
growth."

As of Dec. 31, 2007, Sistema-Hals had US$1.76 billion in total
assets, US$1.18 billion in total liabilities, resulting to
US$550.66 million in shareholder's equity

                        About Sistema-Hals

Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/  
-- is property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kiev, Ukraine.  The company is involved in a number of
large-scale governmental infrastructural projects in the
capacity of project manager.  Sistema-Hals is a 71.1% subsidiary
of Sistema JSFC.

                          *     *     *

As of April 30, 2008, JSC Sistema-Hals carries B1 long-term
corporate family and probability-of-default rating from Moody's
Investor Service, which said the outlook is stable.

Sistema-Hals also carries B+ Issuer Default rating from Fitch,
whichsaid the outlook is stable.


SISTEMA-HALS JSC: Hikes Share Value in Property Projects by 30%
---------------------------------------------------------------
JSC Sistema-Hals disclosed the result of an independent
valuation of its share in properties and development projects as
of Jan. 1, 2008, carried out by Cushman & Wakefield Stiles &
Riabokobylko (C&WS&R).

According C&WS&R, the value of Sistema-Hals' holding in
properties and development projects rose by 30% during the
period from July 1, 2007, to Jan. 1, 2008.

C&WS&R determined that as at Jan. 1, 2008 the total market value
of 100% ownership of the 103 projects and properties amounted to
US$4.64 billion.  Of this, US$3.75 billion was attributable to
Sistema-Hals after deducting minority interests.

The previous appraisal by C&WS&R as at July 1, 2007, had valued
100% ownership of the properties and projects in the Sistema-
Hals portfolio at US$3.52 billion, with the share attributable
directly to Sistema-Hals being worth US$2.88 billion.

The growth in the value of the company's share in properties and
development projects is largely the result of acquisitions of
new projects, progress in execution of ongoing projects and an
increase in the GBA of development projects and properties in
the premium segments.

"In 2007 as part of our portfolio management strategy we devoted
special attention to raising the quality of our investment
projects, acquiring new projects in premium segments and
efficiently implementing projects at the active development
stage," Felix Evtushenkov, President of Sistema-Hals, commented.  
"The 30% rise in the value of our portfolio confirms the success
of this strategy.

"In 2008 we will focus our efforts on expanding the share of
premium projects in our portfolio and boosting project size,
with the intention of raising portfolio management efficiency
and increasing future rental income.  We believe that this
strategy will ensure steady growth in shareholder value."

                        About Sistema-Hals

Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/  
-- is property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kiev, Ukraine.  The company is involved in a number of
large-scale governmental infrastructural projects in the
capacity of project manager.  Sistema-Hals is a 71.1% subsidiary
of Sistema JSFC.

                          *     *     *

As of April 30, 2008, JSC Sistema-Hals carries B1 long-term
corporate family and probability-of-default rating from Moody's
Investor Service, which said the outlook is stable.

Sistema-Hals also carries B+ Issuer Default rating from Fitch,
whichsaid the outlook is stable.


SIVINSKIY AGRO-LES-KHOZ: Creditors Must File Claims by May 22
-------------------------------------------------------------
Creditors of LLC Sivinskiy Agro-Les-Khoz have until May 22,
2008, to submit proofs of claim to:

         A. Zhdanov
         Insolvency Manager
         Beloborodovo
         Nytvenskiy
         617000 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50P-22/2008.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Sivinskiy Agro-Les-Khoz
         Pushkina Str. 106
         Siva
         617240 Perm
         Russia


* Fitch Positive on Russian Power Sector's Liberalisation
---------------------------------------------------------
Fitch Ratings says it expects the Russian power sector's
liberalisation process to remain on schedule, but warns of the
potential for increased leverage from debt-funded capital
expenditure.

"Successful completion of Russia's power sector liberalisation
programme is central to Fitch's Positive Outlook for the
sector," said Anton Krawchenko, Associate Director, in Fitch's
Energy, Utilities and Regulation team.  "Liberalisation is
expected to have a positive impact on the cash flows of Russian
generators due to higher prices and reduced exposure to the
volatility of inflation and rising energy input prices."

In two special reports published today, Fitch says forecasts for
continued strong domestic economic growth (forecast GDP growth
of 7% in FY08) should help to keep Russia's power sector on
course for liberalisation, since a failure to considerably
expand generation capacity would undermine economic growth
prospects.  Competing social priorities mean that private
capital is the only realistic option to fund this capacity
expansion. Liberalisation, in turn, is a pre-requisite for the
continued attraction of both domestic and foreign private
capital to the power sector in Russia.

Nevertheless, Fitch cautions that while privatisation revenues
and subsequent equity injections are expected to fund the
sector's programme of capacity expansion and refurbishment, the
potential remains for sharply higher leverage among some
generators.  There is already evidence of capex plans at some
companies edging past the level originally envisaged by
incumbent RAO UES (which is unbundling its generation assets)
when it established the auction-based privatisation process.

In the report, Fitch also discusses the potential for a
reconsolidation of the competitive power sector, which may act
to constrain the ratings of Russia's smaller wholesale power
market participants.  Notably, the proposed merger of the power
assets of SUEK and Gazprom would consolidate almost 20% of
Russia's existing power capacity under two companies that
dominate domestic coal and gas supply.

The full reports, titled "The Russian Power Generation Landscape
2008" and "Russian Power Industry Overview", can be found on the
agency's public website at http://www.fitchratings.com/


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


AVINMERITOR INC: Earns US$20 Million in Second Quarter 2008
-----------------------------------------------------------
ArvinMeritor, Inc. reported financial results for its second
quarter ended March 31, 2008.

         Highlights for Second-Quarter Fiscal Year 2008

    -- Sales of US$1.8 billion - approximately US$150 million
       higher than the same period last year primarily due to
       the effects of changes in foreign currency.

    -- Net income was US$20 million, or US$0.28 per diluted
       share, compared to a net loss of US$94 million, or
       US$1.34 per diluted share in the second quarter of fiscal
       year 2007.

    -- Income from continuing operations, before special items,
       was US$27 million, or US$0.37 per diluted share, compared
       to US$12 million, or US$0.17 per diluted share one year
       ago.

    -- Cash flow from operations, net of capital expenditures,
       was US$134 million compared to an outflow of
       US$71 million in the same period last year.

    -- Commercial Vehicle Systems EBITDA margins increased by
       1.5 percentage points, before special items, in the
       second quarter of fiscal year 2008 compared to the same
       period last year, despite lower commercial vehicle
       volumes in North America.

    -- Performance Plus initiatives were implemented during the
       second quarter that will result in savings of
       US$32 million on an annual run-rate basis.  The company
       continues to expect Performance Plus cost reductions of
       US$75 million this year net of known risks; growth
       opportunities previously announced will provide
       incremental profit opportunities.


"In spite of the downturn in the North American commercial
vehicle market that has lasted longer than we anticipated, and
volume declines in the light vehicle market in North America, we
delivered strong results this quarter," said Chairman, CEO and
President Chip McClure.  "Initiatives driven through Performance
Plus, including lean improvements in our global manufacturing
operations, are helping us put in place a solid foundation for
continued earnings growth."

       Results for the Second-Quarter Fiscal Year 2008

In the second quarter of fiscal year 2008, ArvinMeritor posted
sales from continuing operations of US$1.8 billion, up from the
same period last year.  Excluding the impact of foreign currency
translation, sales were approximately flat due to a continued
weak economy in North America, offset by strong sales growth in
South America, Europe and Asia.

EBITDA, before special items, was US$104 million, up US$27
million from the same period last year.  This increase is
primarily due to improved pricing and commodity cost recovery
actions; cost reductions in direct material, overhead, labor and
burden; increased throughput in the company's European
facilities resulting from improved operational performance;
stronger volumes in South America and higher sales of off-
highway products in China and U. S. military products - all
partially offset by lower vehicle volumes in North America and
sharply rising commodity prices.

On a GAAP basis, the company's income from continuing operations
was US$24 million or US$0.33 per diluted share, compared to a
loss from continuing operations of US$13 million or US$0.19 per
diluted share in the same period last year.

Income from continuing operations, before special items, was
US$27 million, or US$0.37 per diluted share, compared to US$12
million, or US$0.17 per diluted share, a year ago.  The only
special item for the quarter was a US$3 million after-tax charge
associated with the company's previously announced restructuring
program, compared to special items totaling US$25 million after-
tax in the same quarter of last year.

Free cash flow (cash flow from operations net of capital
expenditures) was US$134 million in the second quarter.  
Excluding non-recourse sales of receivables, free cash flow was
US$52 million this quarter compared to an outflow of US$88
million one year ago.  Free cash flow included US$28 million in
proceeds from the termination of interest rate swaps, but did
not include US$28 million received in connection with the final
purchase price adjustment from the sale of our Emissions
Technologies business.

                  Update on Performance Plus

As previously announced, ArvinMeritor expects cost reductions
driven by its Performance Plus transformation program to
generate US$150 million in net savings by 2009, with US$75
million occurring by the end of fiscal year 2008.

The company originally defined three areas of Performance Plus
as cost reduction targets: Direct Material Optimization,
Manufacturing and Overhead.  In the second quarter, achievements
in each of these areas contributed to the company's cost
reduction targets including:

    -- In-sourced manufacturing for certain CVS products to
       result in annual savings of US$7 million.

    -- Continued performance improvements resulting from
       implementation of the ArvinMeritor Production System.

    -- Selected a single source provider for North American
       industrial labor and global professional and clerical
       labor resulting in annual savings of US$4 million.

Performance Plus also included initiatives to enhance the
company's profitable growth.  These growth actions were
implemented this quarter:

    -- Awarded a long-term, multi-million dollar, supply
       agreement to provide remanufactured transmissions and
       axle carriers to Navistar Parts.

    -- Launched remanufactured transmissions in the Plainfield,
       Ind., aftermarket facility.

    -- Entered into a multi-year agreement with Tata Consultancy
       Services in India to enhance Light Vehicle Systems (LVS)
       engineering capabilities including product development
       and support in Asia Pacific.

    -- Re-established the company's off-highway original
       equipment and aftermarket components business in North
       America, South America, Europe and Africa.

    -- Awarded new business in conjunction with 2,200 new MRAP
       orders since January 2008.

    -- Booked new business with an Asian manufacturer to supply
       more than two million additional window regulator motors
       in China beginning in mid-2008.

    -- Announced new products designed specifically for the
       Asian market including the New Asian Latch product range
       of modular door latch designs, and a new sliding door
       latch system.

               Manufacturing Footprint Improvements

In addition, several actions were implemented in the second
quarter of fiscal year 2008 to improve the company's global
manufacturing footprint.

    -- Building three new light vehicle manufacturing plants in
       Asia Pacific to support increased business in the region.

    -- Began production at the LVS facility in Salonta, Romania,
       to supply window regulators, cables, latches and
       actuators directly to Dacia – as well as for export to
       Western European customers.

    -- On track for July 2008 completion of the company's new
       commercial vehicle Monterrey, Mexico facility; also
       upgrading the company's Asheville, N.C. axle facility to
       include a new carrier assembly line for the NG14X - the
       next generation line haul axle to be launched in
       February 2009.

               Mitigating Rising Steel Prices

The commodity markets are currently experiencing unprecedented
volatility.  Scrap steel, iron ore, and coking coal prices have
simultaneously risen faster and higher than levels seen in the
past.  One of the world's largest steel producers has recently
announced a US$250 per short ton surcharge on contract sales of
sheet steel.

    Other factors contributing to the volatility include:

    -- Weak dollar resulting in a decline in imported steel
    -- Global consolidation in the steel industry
    -- Fuel and energy costs
    -- Global demand

The combined impact of these factors has created a situation
more significant to the global transportation industry than the
effect of steel price increases encountered in 2004.

While ArvinMeritor continues to drive lean improvement actions
throughout the company's global operations, and strives to
implement Performance Plus initiatives to gain additional
efficiencies, it will not be possible to mitigate increases of
this proportion through existing cost reduction programs alone.  
The company has steel cost recovery programs with most major
OEMs, and will aggressively pursue additional recovery actions
to address these extraordinary costs.

                       Outlook

The company's calendar year 2008 forecast for light vehicle
sales is 15.2 million vehicles in North America, down from the
previous forecast.  The company's forecast for Western Europe is
17.1 million vehicles, unchanged from the prior forecast.

ArvinMeritor's fiscal year 2008 forecast for North American
Class 8 truck production is in the range of 200,000 to 220,000
units.  The company's fiscal year 2008 forecast for heavy and
medium truck volumes in Western Europe is 565,000 to 575,000.  
On a calendar year basis, the company anticipates North America
Class 8 truck production to be in the range of 220,000 to
240,000 units; and heavy and medium truck volumes in Western
Europe to be in the range of 580,000 to 590,000.

The company now expects sales from continuing operations in
fiscal year 2008 in the range of US$7.1 billion to US$7.3
billion, up US$200 million from the previous guidance primarily
due to foreign exchange movements and continued growth outside
the U.S.

The outlook for full-year EBITDA from continuing operations,
before special items, is expected to be in the range of US$390
million to US$410 million for the fiscal year.  ArvinMeritor
reaffirms its forecast for diluted earnings per share from
continuing operations, before special items, to be in the range
of US$1.40 to US$1.60.  This guidance is based on the assumption
of 1.4 percent U.S. GDP growth, and excludes gains or losses on
divestitures and restructuring costs.  Arv reaffirms its
forecast for free cash flow to be in the range of negative US$75
million to negative US$125 million.

"Commodity prices are spiking in a dramatic fashion," said
McClure.  "These increases, combined with resulting higher
energy costs, require us to take additional recovery actions to
mitigate future impact.  For fiscal year 2008, we remain focused
on our strategy to deliver results and are confident we will
achieve our full-year guidance."

                       About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 18,000 people at more
than 120 manufacturing facilities in 24 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                         *     *     *

ArvinMeritor’s Conv. Sr. Unsec. Notes and Sr. Unsec. Notes is
rated by DBRS as BB(low)Neg.


SAS AB: Weak Performance Cues S&P's Negative Watch on BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long–term
corporate credit rating on Scandinavian airline group SAS AB on
CreditWatch with negative implications.

This reflects deteriorating industry conditions, including the
rising oil price and intensifying competition, which we expect
to pressure SAS' earnings and cash flow.

"The CreditWatch placement reflects our concerns that underlying
trading conditions are deteriorating," said Standard & Poor's
credit analyst Leigh Bailey.  "This is adversely affecting the
group's performance and could place additional pressure on its
financial profile."

The rapid rise in oil prices, which is difficult to
satisfactorily offset, and intensification of competition in
certain markets by budget carriers mean that SAS faces a very
challenging business environment, with costs rising at the same
time as unit revenues are coming under pressure. The group's
hedging position leaves it relatively exposed to market
uncertainty over fuel prices, with only 43% cover for forecast
consumption in 2008.

Negative earnings trends in the first quarter to March 31, 2008,
resulted in a substantial decline in profits compared with the
equivalent period in 2007.  This is reflected by an operating
loss of Swedish krona 872 million for the first quarter of 2008
compared with a profit of SEK421 million in the first quarter of
2007.  Although the first quarter is seasonally weak and
included expenses from additional Q400 fleet costs, the
underlying trading decline was about SEK600 million.  In April
2008, the group announced the extension of its existing action
plan to improve cost savings and offset additional costs,
targeting a positive earnings effect of SEK1.1 billion in
2008.  At March 31, 2008, credit protection measures were
satisfactory for the ratings, with funds from operations to
adjusted debt of about 25%, which is above average for the 'BB'
rating level. This is balanced by an aggressively leveraged
balance sheet, reflected by a debt-to-EBITDA ratio of about
6.0x.

"To resolve the CreditWatch, Standard & Poor's will meet with
management to discuss current and future trading expectations,
the progress of its disposal program, the full benefits of the
new cost-saving plan (Profit 2008), together with its funding
strategy and plans for fleet renewal and investment," Mr. Bailey
added. "Any lowering of the corporate credit rating will likely
be limited to one notch".


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


GLOBAL JET: Creditors' Liquidation Claims Due by May 7
------------------------------------------------------
Creditors of JSC Global Jet Finance have until May 7, 2008, to
submit their claims to:

         Alexander Vogele
         Liquidator
         Ruoss Vogele Partner
         Kreuzstrasse 54
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Global Jet Finance
         Baar ZG
         Switzerland


HILDEGARD-DROGERIE: Creditors' Liquidation Claims Due by May 8
--------------------------------------------------------------
Creditors of JSC Hildegard-Drogerie have until May 8, 2008, to
submit their claims to:

         Werner Ness
         Liquidator
         Aeschenvorstadt 24/25
         4051 Basel
         Switzerland

The Debtor can be reached at:

         JSC Hildegard-Drogerie
         Basel
         Switzerland


METABOLIC CONCEPTS: Creditors' Liquidation Claims Due by May 8
--------------------------------------------------------------
Creditors of LLC Metabolic Concepts have until May 8, 2008, to
submit their claims to:

         Uwe Sauer
         Liquidator
         Naglerwiesenstr. 13
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Metabolic Concepts
         Zurich
         Switzerland


OBJECT-LINE: Bern Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Berner Oberland Bankruptcy Service in Bern commenced
bankruptcy proceedings against LLC Object-Line Grunig on
Jan. 30, 2008.

The Berner Oberland Bankruptcy Service can be reached at:

         Berner Oberland Bankruptcy Service
         Amtsstelle Thun
         3602 Thun BE
         Switzerland

The Debtor can be reached at:

         LLC Object-Line Grunig
         Mittlere Strasse 12
         3600 Thun BE
         Switzerland


PEARL METAL: Creditors' Liquidation Claims Due by May 8
-------------------------------------------------------
Creditors of JSC Pearl Metal Tarding have until May 8, 2008, to
submit their claims to:

         Ralf Hotzel
         Liquidator
         Weidstrasse 7
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Pearl Metal Tarding
         Zug
         Switzerland


PETER MULLER: Creditors' Liquidation Claims Due by May 7
--------------------------------------------------------
Creditors of JSC Peter Muller, Hergiswil have until May 7, 2008,
to submit their claims to:

The Debtor can be reached at:

         JSC Peter Muller, Hergiswil
         Sonnenbergstrasse 22
         6052 Hergiswil NW
         Switzerland


POLAROME EUROPA: Creditors' Liquidation Claims Due by May 8
-----------------------------------------------------------
Creditors of JSC Polarome Europa have until May 8, 2008, to
submit their claims to:

         R&R Avocats
         rue Neuve-du-Molard 5
         1204 Geneva
         Switzerland

The Debtor can be reached at:

         JSC Polarome Europa
         Munchenstein
         Arlesheim BL
         Switzerland


SCHMERIKON: Creditors' Liquidation Claims Due by May 8
------------------------------------------------------
Creditors of LLC Schmerikon Elektroinstallationen have until
May 8, 2008, to submit their claims to:

         LLC Schmerikon Elektroinstallationen
         Obstwachsstrrasse 10
         8716 Schmerikon SG
         Switzerland


SIMME-LADELI: Creditors' Liquidation Claims Due by May 8
--------------------------------------------------------
Creditors of LLC Simme-Ladeli have until May 8, 2008, to submit
their claims to:

         Franziska Zurcher-Freidig
         Liquidator
         Eybodenweg 38
         3513 Bigenthal BE
         Switzerland

The Debtor can be reached at:

         LLC Simme-Ladeli
         Lenk
         Obersimmental BE
         Switzerland


SWISSAIR: Liquidator Oversees CHF320 Mln. Payment to Creditors
--------------------------------------------------------------
(pius/swissinfo) facilitate

Karl Wuethrich of Wenger Plattner, the liquidator for SAirGroup,
is facilitating the payment of CHF320 million to its 10,300
creditors for the past six months, according to a Swissinfo
report.  The amount is 5.3% of the company's total debts.

More payments are foreseen in the coming months but is not
likely to be over 14.3% of SAirGroup, the parent company's total  
debts.

                        About Swissair

Swissair collapsed in October 2001 after accumulating CHF17
billion in debt in relation to significant investments in a
number of European airlines including Sabena, Air Liberte of
France, and Turkish Airlines.  It defaulted on the debt during
the slump that followed the Sept. 11, 2001 terrorist attacks in
the U.S.  The entire Swissair fleet was grounded on Oct. 2,
2001, and Swissair ceased to exist after Crossair took over most
of its assets on March 31, 2002.  Kurt Hoss Liquidators in
Zurich liquidated the assets that Crossair did not take over.
Crossair was later renamed Swiss International Air Lines Ltd.

The District Courts of Zurich and Bulach in the Canton of Zurich
provisionally approved the debt-restructuring moratorium
petitions on Oct. 5, 2001, for:

   -- SAirGroup, Zurich (holding company)
   -- SAirLines, Zurich
   -- Flightlease AG, Zurich
   -- Swissair Schweizerische Luftverkehr AG, Kloten

On Oct. 7, 2001, the Courts granted a provisional debt-
restructuring moratorium to:

   -- Cargologic AG, Zurich
   -- Swisscargo AG, Zurich

The Court appointed Karl Wuethrich at Wenger Plattner as the
Debtors' provisional administrator.

Swissair's liquidation status as of Dec. 31, 2006 --
http://www.liquidator-swissair.ch/-- listed total assets at
CHF509,017,592 over total liabilities of CHF84,684,932.


THERMA: Appenzell Ausserrhoden Court Starts Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Service of Appenzell Ausserrhoden commenced
bankruptcy proceedings against LLC Therma Heiden on Jan. 31,
2008.

The Bankruptcy Service of Appenzell Ausserrhoden can be reached
at:

         Bankruptcy Service of Appenzell Ausserrhoden
         Branch Heiden
         9410 Heiden AR
         Switzerland

The Debtor can be reached at:

         LLC Therma Heiden
         Poststrasse 10
         Heiden AR
         Switzerland


WIRIPAX JSC: Creditors' Liquidation Claims Due by May 7
-------------------------------------------------------
Creditors of JSC Wiripax have until May 7, 2008, to submit their
claims to:

         JSC Homburger
         Weinbergstrasse 56/58
         8006 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Wiripax
         Baar ZG
         Switzerland


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


* S&P Discusses Debt Recovery and the Insolvency Law in Ukraine
---------------------------------------------------------------
As part of a continuing series of articles on insolvency regimes
around the world, Standard & Poor's Ratings Services published
an article that reviews the distinctive characteristics of
Ukraine's insolvency regime from a secured and unsecured
creditor's perspective and assesses how they may affect post-
default recovery prospects.

Ukraine is one of the least-friendly jurisdictions in Europe for
both secured and unsecured creditors.  Although a new bankruptcy
law was adopted in 1992 and subsequently amended to clarify
insolvency procedures, the lack of predictability in its
enforcement as a consequence of the country's weak institutional
environment remains the key factor constraining creditors'
rights in Ukraine.

These institutional weaknesses include insolvency administrators
who, according to practitioners, lack independence; frequent
and arbitrary government intervention in the insolvency process;
and the widespread practice of "asset stripping," which
generally leads to the piecemeal distribution of an insolvent
company's assets through private agreements that subvert
priority rules established by law.

Time to recovery is also generally lengthy and, in practice,
often exceeds the three-year maximum set out in the law.
Therefore, Standard & Poor's believes that creditors may
be materially affected in their recovery of principal and
interest during an insolvency procedure in Ukraine.

In connection with its global assignment of recovery and issue
ratings, Standard & Poor's has assessed Ukraine's insolvency
regime as a Group C jurisdiction, based on its relative degree
of "creditor-friendliness" as defined in Standard & Poor's
report titled "Jurisdiction-Specific Adjustments To Recovery And
Issue Ratings," published July 5, 2007, and available on
RatingsDirect.

The complete insolvency article, "Debt Recovery For Creditors
And The Law Of Insolvency In Ukraine," was published
April 29, 2008, on RatingsDirect.
  

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


ADRIAN FISHER: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Adrian Fisher Mazes
Ltd. on for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3T
         England


AMBERFELL ESTATES: Taps Joint Administrators from BDO Stoy
----------------------------------------------------------
Matthew Dunham and Toby Underwood of BDO Stoy Hayward LLP were
appointed joint administrators of Amberfell Estates Ltd.
(Company Number 03894270) on April 22, 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:

          Amberfell Estates Ltd.
          201 Griffin Court
          Chapel Street
          Salford
          Lancashire
          M3 5EQ
          England


BEANCLEANED LTD: Appoints Joint Administrators from PwC
-------------------------------------------------------
Mark David Arthur Loftus and Stephen Mark Oldfield of
PricewaterhouseCoopers LLP were appointed joint administrators
of Beancleaned Ltd. (Company Number 05480020) on April 22, 2008.

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

The company can be reached at:

          Beancleaned Ltd.
          Britannia House
          c/o Wherry & Sons Ltd.
          Cherry Holt Road
          Bourne
          Lincolnshire
          PE10 9LU
          England


BEANCLEANED LTD: Appoints Joint Administrators from PwC
-------------------------------------------------------
Mark David Arthur Loftus and Stephen Mark Oldfield of
PricewaterhouseCoopers LLP were appointed joint administrators
of Beancleaned Ltd. (Company Number 05480020) on April 22, 2008.

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

The company can be reached at:

          Beancleaned Ltd.
          Britannia House
          c/o Wherry & Sons Ltd.
          Cherry Holt Road
          Bourne
          Lincolnshire
          PE10 9LU
          England


EOS AIRLINES: Case Summary and 19 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Eos Airlines, Inc.
        aka FDBA Atlantic Express, Inc.
        287 Bowman Ave., 4th Fl.
        Purchase, NY 10577
        Tel: (914) 417-2100

Bankruptcy Case No.: 08-22581

Type of Business: The Debtor is a transatlantic airline that
                  offers flights between New York’s John F.
                  Kennedy International Airport and London’s
                  Stansted Airport.  As of April 26, 2008, Eos
                  operated 31 weekly flights between JFK and
                  Stansted.  See http://www.eosairlines.com/

Chapter 11 Petition Date: April 26, 2008

Court: Southern District of New York (White Plains)

Judge: Adlai S. Hardin Jr.

Debtor's Counsel: Stephen D. Lerner, Esq.
                  Email: slerner@ssd.com
                  Squire Sanders & Dempsey, LLP
                  221 E. Fourth St., Ste. 2900
                  Cincinnati, OH 45202-4036
                  Tel: (513) 361-1200
                  Fax: (513) 361-1201
                  http://www.ssd.com/

Financial Condition as of March 31, 2008:

Total Assets: US$70,233,455

Total Debts:  US$34,858,485

Debtor's List of 19 Largest Unsecured Creditors:

   Entity                                  Claim Amount
   ------                                  ------------
   Servisair LLC                             US$744,000
   111 Great Neck Road - Suite 320
   Great Neck, NY 11002-0355

   Campania Mexicana de Aviacion,            US$697,293
   S.A. DE C.V.
   Xola 535 - Col. Del Valle Mexico
   Apartado Postal 12-813
   MX 03100

   BAA Business Support Centre Limited       US$477,727
   Carlson House
   Glasgow, GB 3000 G52 4YG

   Delta Air Lines, Inc.                     US$363,692
   P.O. Box 101153
   Atlanta, GA 30392-1153

   JFK International Air Terminal            US$349,550
   Terminal 4, Room 161.022
   John F. Kennedy Airport
   Jamaica, NY 11430

   United Airlines Inc.                      US$338,729
   P.O. Box 74688
   Chicago, IL 60675-4688

   IMS Consultants                           US$309,885
   dba Innovative Media Solutions
   3995 East La Palma
   Anaheim, CA 92807

   Pan Am International Flight Academy       US$279,000
   P.O. Box 660920
   Miami, FL 33266-0920

   MediaCom                                  US$254,550
   777 Third Avenue
   New York, NY 10017

   Helios MPPD BV                            US$247,482

   DO & CO New York Int'l Catering, Inc.     US$245,000

   The Port Authority of NY & NJ             US$223,031

   ICTS (UK) Limited                         US$209,696

   Radisson SAS Hotel                        US$208,678

   B/E Aerospace                             US$204,280

   ASIG JFK                                  US$148,705

   ARC Financial Services                    US$143,683

   Boeing Commercial Airplanes               US$128,651

   SourceSpeed LLC                           US$127,594


EOS AIRLINES: Files for Bankruptcy in New York
----------------------------------------------
Eos Airlines Inc. filed a voluntary petition under Chapter 11 of
the U.S. Bankruptcy Code on April 26, 2008, with the U.S.
Bankruptcy Court in the Southern District of New York.

Eos said it will immediately implement a reduction in its
workforce, eliminating the positions of most of its employees,
and will cease operations entirely after April 27, 2008.

"After overcoming today's extremely challenging economic and
credit environment to negotiate terms for a round of financing,
it is regrettable that we were forced to take this action," Jack
Williams, Eos' chief executive, said.  "We had been clear since
closing on our last round of financing that we would need
additional capital.  As difficult as it is to raise funds in the
current environment, investors believe in our business model and
we were on the verge of success.

"Unfortunately, just as we were working toward closing on an
investment that would have carried us to corporate profitability
in 2009, some issues arose that we could not overcome.  It is
regrettable that, even though investors continue to be
enthusiastic about our business model, and even though we had a
term sheet in hand, we were unable to close on the financing we
needed.  That leaves us with insufficient cash on hand to
continue operations."

"There are times in business when even though you execute your
business plan and even though your employees do their jobs
beautifully, external forces prevent you from controlling your
own destiny.

"I want to express my appreciation to our dedicated employees
and to the many Guests who have become like family to us."

Headquartered in Staten Island, New York, Eos Airlines Inc. --
http://www.eosairlines.com/-- is a transatlantic airline that  
offers flights between New York’s John F. Kennedy International
Airport and London’s Stansted Airport.  As of April 26, 2008,
Eos operated 31 weekly flights between JFK and Stansted.  


EOS AIRLINES: Menzies Appointed as Joint Administrators in UK
-------------------------------------------------------------
Menzies Corporate Restructuring have been appointed as joint
administrators in the U.K., in connection with the recent U.S.
Chapter 11 bankruptcy filing of Eos Airlines, Inc.

The company said that anyone interested in acquiring the
business or assets of the company should contact:

    -- in the U.S.

       Nick Alvarez
       Managing Director
       Alvarez & Marsal
       Tel: (646) 495-3550

    -- in the U.K.

       Geoff Bouchier
       John Norris
       Menzies Corporate Restructuring.
       Tel: (020) 7487-7240

On April 26, 2008, Eos filed a voluntary petition for bankruptcy
protection under Chapter 11 of the U.S. Bankruptcy Code.  The
petition was filed in U.S. Bankruptcy Court in the Southern
District of New York.  Eos ceased operations as of April 27,
2008.

Headquartered in Staten Island, New York, Eos Airlines Inc. --
http://www.eosairlines.com/-- is a transatlantic airline that  
offers flights between New York’s John F. Kennedy International
Airport and London’s Stansted Airport.  As of April 26, 2008,
Eos operated 31 weekly flights between JFK and Stansted.  


INSIDE TRACK: Undergoes Administration; Vantis Plc Appointed
------------------------------------------------------------
Inside Track Seminars has been placed under administration.  
Jeremy French and Glyn Mummery of Vantis Plc have been appointed
Joint Administrators.

Despite significant measures involving a number of redundancies
and major cutbacks, it has become clear that the impact of the
credit crunch on the current market means that Inside Track
Seminars no longer has a sustainable proposition.

"The action with respect to Inside Track seminars is regrettable
but necessary," Managing Director Tony McKay said.  "The company
has seen a fall in the number of people who want to invest in
the property market for the first time and that is
understandable in the current climate."

Instant Access Properties, AfterCare Solutions, Pay As You Grow
and Fuel Investments are unaffected by the recent changes
associated with Inside Track.  All services offered by these
companies will continue as normal.  Indeed, following the
raising of significant additional capital they anticipate being
able to continue to expand and develop these businesses within
the context of current market conditions.

"Our IAP members have purchased over GBP2.3 billion of property
across the globe, and we look forward to driving the profitable
expansion of Instant Access Properties and Fuel Investments with
a series of initiatives specifically geared to current market
conditions", Mr. McKay added.  "Our advice to members remains
the same; they should view their investments as medium to long
term and hold units on a portfolio basis across various UK and
international markets."

Inside Track Seminars is a buy-to-let property seminar company
with a team of more than 250 expert staff who are based in
offices in the UK, Spain, USA, and Hong Kong.  This global team
of industry leaders includes experienced property developers,
letting agents, mortgage brokers, finance experts, surveyors,
lawyers, and accountants.


INTRALINKS INC: S&P Holds B Rating; Revises Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on New
York City-based IntraLinks Inc. to negative from stable.  At the
same time, Standard & Poor's affirmed its 'B' corporate credit
rating on the company.

"The outlook revision reflects our expectation that performance
in 2008 will be weaker than anticipated," said Standard & Poor's
credit analyst Clay Ching.  "In addition, we are concerned about
the substantial deterioration in the company's operating
environment and the impact it will have on cash flow
during the coming year."

During the near term, a downgrade in the rating would occur if
either the company failed to submit financial statements within
the 30-day cure period, or business fundamentals deteriorate
further, leading to substantial weakening in operating results.

IntraLinks is a provider of online workspaces used to exchange
and manage time-sensitive, confidential information.  The
company's Web-based platform is widely used by firms in the
financial services sector as an alternative mechanism for
document distribution, versus traditional methods such as mail,
courier, fax, and e-mail.


JONRO LTD: Claims Filing Period Ends June 2
-------------------------------------------
Creditors of Jonro (Derby) Ltd. have until June 2, 2008 to send
in their full forenames and surnames, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their solicitors (if any) to:

         Patrick Ellward
         Joint Liquidator
         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham
         NG7 6NX
         England

Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint liquidators of the company on April 18, 2008 by
resolutions of members and creditors.


LANDMARK MORTGAGE: Fitch Affirms Ratings on Eight Tranches
----------------------------------------------------------
Fitch Ratings affirmed eight tranches of Landmark Mortgage
Securities No.1 plc and six tranches of Landmark Mortgage
Securities No.2 plc.  The pools are comprised of loans
originated by Amber Home Loans, Unity Home Loans and Infinity
Mortgages.

These tranches have been affirmed and no changes have been made
to the Outlooks:

Landmark Mortgage Securities No.1 plc:

    -- Class Aa (ISIN XS0258051191): affirmed at 'AAA'; Outlook
       Stable

    -- Class Aa DAC 2011 (ISIN XS0258051357): affirmed at 'AAA';
       Outlook Stable

    -- Class Ac (ISIN XS0260674725): affirmed at 'AAA'; Outlook
       Stable

    -- Class Ac DAC 2011 (ISIN XS0260674998): affirmed at 'AAA';
       Outlook Stable

    -- Class B (ISIN XS0260675888): affirmed at 'A'; Outlook
       Stable

    -- Class Ca (ISIN XS0258052165): affirmed at 'BBB'; Outlook
       Stable

    -- Class Cc (ISIN XS0261199284): affirmed at 'BBB'; Outlook
       Stable

    -- Class D (ISIN XS0258052751): affirmed at 'BB'; Outlook
       Negative

Landmark Mortgage Securities No.2 Plc:

    -- Class Aa (ISIN XS0287189004): affirmed at 'AAA'; Outlook
       Stable

    -- Class Ac (ISIN XS0287192727): affirmed at 'AAA'; Outlook
       Stable

    -- Class Ba (ISN XS0287192131): affirmed at 'A'; Outlook
       Stable

    -- Class Bc (ISIN XS0287193451): affirmed at 'A'; Outlook
       Stable

    -- Class C (ISIN XS02871922141): affirmed at 'BBB'; Outlook
       Negative

    -- Class D (ISIN XS0287192644): affirmed at 'BB'; Outlook
       Negative

The performance of Landmark Mortgage Securities No.1 plc to date
has been in line with expectation.  Arrears greater than three
months, including possessions, as of the March 2008 investor
report comprised 9.69% of the outstanding collateral balance.  
There have been twenty two sold repossessions to date,
accounting for 1.44% of the original pool, which have generated
losses of 0.22%.  The Outlook for the class D notes continues to
be Negative due to a combination of factors that, given the
continued market uncertainty, could potentially affect the
rating of the most junior notes.  This includes the high
original WA LTV of the initial pool (79.4%), the high amount of
heavy (13.6%) and unlimited (8.7%) adverse loans in the pool at
closing (as per Fitch's adverse credit labels).

The performance of Landmark Mortgage Securities No.2 plc to date
has been worse than expected.  Arrears greater than three
months, including possessions, as of the March 2008 investor
report comprised 13.12% of the outstanding collateral balance.  
There have been five sold repossessions to date, accounting for
0.31% of the original pool, which have generated losses of
0.08%.  Fitch anticipates that the reserve fund is likely to be
drawn in the next two periods if losses on sold repossessions
are similar or worse than the current period.  However the
majority of the fixed rate and discounted loans will start
reverting to reversionary rates after the next two periods,
increasing the weighted average margin of the pool and providing
more cushion to absorb higher losses.  The Outlook for the class
C and Class D notes continues to be Negative due to worse than
expected performance.

Fitch notes that Investec Bank (UK) Limited (rated
'BBB+'/'F2'/Stable Outlook) is the named servicer on the
Landmark transactions and since November 17, 2007, special
servicing of the loans has been outsourced to Investec's
subsidiary, Kensington Mortgages (KM, rated 'RSS2+UK').  Primary
servicing of the assets continues to be performed by Homeloan
Management Limited (HML, rated 'RPS2+ (prime & subprime) UK').
As the loans were not originated by KM, behavioural scoring of
the assets is difficult.  However, KM has applied a more active
approach to managing the arrears including more frequent verbal
contact with borrowers and engagement of debt counsellors once a
loan is 30 days past due.  While the full impact of these
tactics and their effectiveness at stabilising arrears may not
be known for several months, Fitch views positively the efforts
currently undertaken by KM.


LANGLEY LANDSCAPES: Claims Filing Period Ends May 30
----------------------------------------------------
Creditors of Langley Landscapes Ltd. have until May 30, 2008 to
send in their names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Ian William Kings and Steven Philip Ross
         Joint Liquidators
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN  
         England

Ian William Kings and Steven Philip Ross were appointed joint
liquidators of the company on April 15, 2008 by resolutions of
members and creditors.


NEPHROS INC: Deloitte & Touche Issues Going Concern Doubt
---------------------------------------------------------
Rothstein, Kass & Company, P.C. in New Jersey expressed
substantial doubt on the ability of Nephros, Inc. to continue as
a going concern after auditing the company’s financial statement
for the year ended Dec. 31, 2007.  The auditing firm citied the
company’s negative cash flow from operations and net losses
since inception.

                           Financials

Total revenues for the fiscal year ended Dec. 31, 2007 were
approximately US$1,196,000 compared to approximately US$794,000
for the fiscal year ended December 31, 2006.

Total product revenues increased approximately $402,000, an
increase of almost 51% ascribed to these factors:

    -- 27% increase due to increased unit sales in the company’s
       Target European Market,

    -- 12% due to the impact to favorable currency translation
       factors,

    -- 7% increase in average realized selling prices in the
       company’s Target European Market and

    -- 7% for the impact of a $52,000 adjustment in the fiscal
       year ended December 31, 2007 to the returns reserve.

These factors are partially offset by 3% for the impact of no
sales of the DSU product in the US market for the fiscal year
ended December 31, 2007.  The increased unit sales of the
company’s OLpur MDHDF filter series product is in its Target
European Market; units sales increased by 9,216 as total units
sold increased to 44,000 in the fiscal year ended Dec. 31, 2007
from 34,784 fiscal year ended December 31, 2006.  The company’s
DSU product was introduced in January 2006 and contributed
approximately $21,000 to sales that fiscal year.

For the year ended Dec. 31, 2007, the company reported a net
loss of US$26,356,000 compared to an US$8,013,000 net loss for
the year ended Dec. 31, 2006.

At Dec. 31, 2007, the company’s balance sheet showed total
assets of US$10,085,000, total debts of US$1,329,000 and total
stockholders’ equity of US$8,756,000.  At Sept. 30, 2007, the
company had disclosed a US$5,643,000 deficit and a US$2,097,000
deficit as of Dec. 31, 2006.       

The balance sheet further showed accumulated deficit of
US$81,612,000 as of Dec. 31, 2007.

                   AMEX Compliance

The company disclosed that on March 5, 2008, it received a
letter from the AMEX acknowledging that it had resolved the
continued listing deficiencies referenced in the AMEX’s letters
dated July 17, 2006 and November 14, 2006.  However, the company
says that if is not able to generate revenues from operations or
timely raise equity capital, then it is likely to again fail to
comply with the AMEX rules regarding minimum shareholders’
equity.  Should this occur within 12 months of Jan. 17, 2009,
then, in accordance with Section 1009(h) of the AMEX Company
Guide, the AMEX may evaluate the relationship between the two
incidents and apply more truncated procedures for compliance or
immediately initiate delisting proceedings.

A full-text copy of the company’s financial report for the year
ended Dec. 31, 2007 may be viewed for free at:

               http://ResearchArchives.com/t/s?2b5d

                         About Nephros

Headquartered in New York, Nephros, Inc. (Amex: NEP) -–
http://www.nephros.com/-- is a medical device company that  
develops and markets products designed to improve the quality of
life for the End-Stage Renal Disease patient while addressing
the critical financial and clinical needs of the care provider.  
ESRD is a disease state characterized by the irreversible loss
of kidney function.  The Nephros HDF system is designed to
remove a range of harmful substances more effectively, and more
cost-effectively, than existing ESRD treatment methods;
particularly with respect to substances known collectively as
"middle molecules."  These molecules have been found to
contribute to such conditions as dialysis-related amyloidosis,
carpal tunnel syndrome, degenerative bone disease and,
ultimately, mortality in the ESRD patient.  Nephros products are
sold and distributed throughout Europe and are currently being
used in over fifty clinics in Europe.

Nephros also markets a line of water filtration products, the
Dual Stage Ultrafilter.  The company's patented dual stage cold
sterilization Ultrafilter has the capability to filter out
bacteria and, due to its exceptional filtration levels, filter
out many viruses and parasites.  The DSU proprietary design
provides dual-stage filtration which reduces the risk of
filtration failure.  With an initial focus on health care, the
DSU is in a pilot-use program at a major U.S. medical center and
has been selected for further development by the U.S. Marine
Corps.


NEPHROS INC: Annual Stockholders' Meeting Scheduled on June 25
--------------------------------------------------------------
Norman J. Barta, Chief Executive Officer & President of Nephros
Inc., said that the annual meeting of stockholders is scheduled
to take place at 9:00 a.m. on June 25, 2008.  The meeting will
be held at the offices of Haynes and Boone, LLP, at 153 East
53rd Street in New York.

At the meeting, stockholders will be asked to:

     1. elect two directors for a term of three years;

     2. ratify the appointment by the Audit Committee of
        Rothstein Kass & Company, P.C. as the company’s
        independent registered public accounting firm for our
        fiscal year ending Dec. 31, 2008; and

     3. approve an amendment to the Nephros, Inc. 2004 Stock
        Incentive Plan that increases the total number of shares
        of common stock that may be granted pursuant to awards
        under the Plan from 1,300,000 to 2,696,976.

Mr. Barta added that only stockholders with shares at the close
of business on April 28, 2008 will be allowed to vote at the
meeting.

                         About Nephros

Headquartered in New York, Nephros, Inc. (Amex: NEP) -–
http://www.nephros.com/-- is a medical device company that  
develops and markets products designed to improve the quality of
life for the End-Stage Renal Disease patient while addressing
the critical financial and clinical needs of the care provider.  
ESRD is a disease state characterized by the irreversible loss
of kidney function.  The Nephros HDF system is designed to
remove a range of harmful substances more effectively, and more
cost-effectively, than existing ESRD treatment methods;
particularly with respect to substances known collectively as
"middle molecules."  These molecules have been found to
contribute to such conditions as dialysis-related amyloidosis,
carpal tunnel syndrome, degenerative bone disease and,
ultimately, mortality in the ESRD patient.  Nephros products are
sold and distributed throughout Europe and are currently being
used in over fifty clinics in Europe.

Nephros also markets a line of water filtration products, the
Dual Stage Ultrafilter.  The company's patented dual stage cold
sterilization Ultrafilter has the capability to filter out
bacteria and, due to its exceptional filtration levels, filter
out many viruses and parasites.  The DSU proprietary design
provides dual-stage filtration which reduces the risk of
filtration failure.  With an initial focus on health care, the
DSU is in a pilot-use program at a major U.S. medical center and
has been selected for further development by the U.S. Marine
Corps.


NEPHROS INC: Gerald J. Kochanski Named Chief Financial Officer
--------------------------------------------------------------
Nephros, Inc. disclosed that, effective April 28, 2008, Gerald
J. Kochanski has been appointed Chief Financial Officer.

Mr. Kochanski joins the company from Lordi Consulting LLC, where
he has served as Director since 2007.

"Jerry has a proven track record as a chief financial officer,
and we will look to his expertise to help guide our financial
and business strategy," said Norman J. Barta, Chief Executive
Officer of Nephros.  "His wealth of experience in helping to run
several businesses combined with his knowledge of the investment
community, industry accounting requirements and SEC compliance
will be significant assets as our team continues to advance our
strategic vision."

"I look forward to becoming a key contributor to Nephros's
future growth," said Mr. Kochanski.  "Nephros's efforts to
develop new and improved filtration systems for medical and
field use are indeed exciting, and I'm anxious to start working
with the other members of the Nephros team to maximize the
Company's potential."

Mr. Kochanski is a Certified Public Accountant with over thirty
years of experience in finance and accounting.  Mr. Kochanski
has a strong track record working with growing companies, and
has played a key role in several major corporate collaborations,
successfully completing public and private financial
transactions.

Since February of 2007, Mr. Kochanski held the position of
Financial Consultant Director at Lordi Consulting LLC. Prior to
his tenure at Lordi, he spent three years with American Water
Enterprises, Inc. as Chief Financial Officer.  From 1998 through
2004, Mr. Kochanski was the Chief Financial Officer for Scanvec
Amiable Limited.  From 1991 to 1998 he was the Chief Financial
Officer for Marketing Technologies, Inc.  Prior to 1991, Mr.
Kochanski held various financial positions at Gist-Brocades Food
Ingredients, Inc., Keystone Franklin, Inc. and Airshields, Inc.  
Mr. Kochanski started his career and spent three years in public
accounting at Price Waterhouse & Co. Mr. Kochanski earned his
Bachelor's degree and MBA from LaSalle University and is a
Certified Public Accountant.

Mark Lerner has stepped down as Nephros's Chief Financial
Officer to pursue other interests.  "We thank Mark for his work
and his contributions to Nephros during a challenging
transitional period, and wish him well in his future endeavors,"
said Mr. Barta.

                         About Nephros

Headquartered in New York, Nephros, Inc. (Amex: NEP) -–
http://www.nephros.com/-- is a medical device company that  
develops and markets products designed to improve the quality of
life for the End-Stage Renal Disease patient while addressing
the critical financial and clinical needs of the care provider.  
ESRD is a disease state characterized by the irreversible loss
of kidney function.  The Nephros HDF system is designed to
remove a range of harmful substances more effectively, and more
cost-effectively, than existing ESRD treatment methods;
particularly with respect to substances known collectively as
"middle molecules."  These molecules have been found to
contribute to such conditions as dialysis-related amyloidosis,
carpal tunnel syndrome, degenerative bone disease and,
ultimately, mortality in the ESRD patient.  Nephros products are
sold and distributed throughout Europe and are currently being
used in over fifty clinics in Europe.

Nephros also markets a line of water filtration products, the
Dual Stage Ultrafilter.  The company's patented dual stage cold
sterilization Ultrafilter has the capability to filter out
bacteria and, due to its exceptional filtration levels, filter
out many viruses and parasites.  The DSU proprietary design
provides dual-stage filtration which reduces the risk of
filtration failure.  With an initial focus on health care, the
DSU is in a pilot-use program at a major U.S. medical center and
has been selected for further development by the U.S. Marine
Corps.


NEW BOND: Moody's May Further Cut Junk Rating After Review
----------------------------------------------------------
Moody's Investors Service downgraded five classes of notes and
left on review for further downgrade three classes of notes
issued by New Bond Street CDO 2 Limited.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
managed cash CDO of ABS, containing roughly 27.66% ABS CDOs.
Many of the assets in the portfolio have been downgraded, placed
on review for downgrade, or both since October 2007. One US ABS
CDO, 1.35% of the portfolio by volume, is currently rated C.

Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans." This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

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

These rating actions are:

New Bond Street 2 Limited:

   (1) US$100,000,000 Class A Floating Rate Notes due 2067

    -- Current Rating: Aa3, on review for downgrade
    -- Prior Rating: Aa1, on review for downgrade

   (2) US$40,000,000 Class B Floating Rate Notes due 2067

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: Aa3, on review for downgrade

   (3) US$25,000,000 Class C Deferrable Floating Rate Notes due
       2067

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: B3, on review for downgrade

   (4) US$20,000,000 Class D Deferrable Floating Rate Notes due
       2067

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

   (5) US$15,000,000 Class E Deferrable Floating Rate Notes due
       2067

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


UNIQUE DISTRIBUTION: Accountants Ordered to Sell the Company
------------------------------------------------------------
A Southwark Crown court judge has ordered the accountants in
charge of Unique Distribution to sell the company, Mobile today
reports.

David Hinc, Unique Distributions’s commercial director, said
that he is now looking for investors to assist with a management
buyout.

Mr. Hinc said, "The management team plan to talk to people
interested in acquiring us.  We’ve got a couple of interested
parties waiting in the wings.  The buyer could get a business
with the infrastructure in place and a go to market proposition
- it’s a huge opportunity."

Unique Distribution is the subject of a management receivership
order while HM Revenue and Customs investigates Unique's parent
company, IGB and its main shareholder Haider Ravjani.

Unique Distribution distributes mobile devices in the UK.


VIRGIN MEDIA: Fitch Upgrades Ratings on Notes and Removes Watch
---------------------------------------------------------------
Fitch Ratings upgraded the ratings of Virgin Media Finance PLC's
senior unsecured notes to 'BB'/'RR2' from 'B+'/'RR4' and removed
them from Rating Watch Positive, following the company's
successful issue of convertible notes and confirmation of the
corresponding prepayment of senior debt.  The agency has also
affirmed Virgin Media Inc.'s Long-term Issuer Default Rating  at
'B+' and Short-term IDR at 'B'.  The Outlook is Positive.

At the same time, Virgin Media Investment Holdings Limited's
GBP5.3bn senior secured bank facility is affirmed at
'BB+'/'RR1'.

Virgin Media Finance PLC bonds:

   -- GBP375m 9.75% senior notes due 2014: upgraded to
      'BB'/'RR2' from 'B+'/'RR4'; off RWP

   -- US$425m 8.75% senior notes due 2014: upgraded to
      'BB'/'RR2' from 'B+'/'RR4'; off RWP

   -- EUR225m 8.75% senior notes due 2014: upgraded to
      'BB'/'RR2' from 'B+'/'RR4'; off RWP

   -- US$550m 9.125% senior notes due 2016: upgraded to
      'BB'/'RR2' from 'B+'/'RR4'; off RWP

The completion of the issue of US$1bn of structurally
subordinated convertible notes and the use of GBP504m equivalent
proceeds to prepay senior secured debt allow an additional
potential GBP504m of value to flow through to the senior
noteholders in a default scenario, thus improving the potential
recoveries for senior noteholders.  This has resulted in the
upgrade of the senior notes of two notches to 'BB'/'RR2' from
'B+'/'RR4'.

Fitch's Recovery Ratings methodology, introduced in Europe in
2006, examines the potential distressed enterprise value (EV) of
the rated entity, and distributes the estimated value to
creditors according to the priority of claims.  In the case of
Virgin Media, Fitch estimates a distressed EV of GBP6bn, which
reflects its strong competitive position as the leading
alternative network operator in the UK as well as its 4.8
million customers and its national communications network with
the second-most dense level of local access, next to BT.  After
deducting 10% for priority claims and costs, the agency
estimates there would be approximately GBP5.4bn of value for
debt investors, of which GBP4.5bn of fully drawn senior secured
facilities and capital leases claim priority.  The remaining
GBP0.9bn of value could be available to senior noteholders, a
GBP0.5bn increase over the amount which would have been
available before the prepayment of the senior facilities.  This
represents approximately 85% of the outstanding GBP1,032m
equivalent of senior notes, and equates to a Recovery Rating of
'RR2'.  The convertible notes rank behind the senior notes in
order of priority.


VONAGE HOLDINGS: Seeks US$215-Million Loan to Refinance Debt
------------------------------------------------------------
Vonage Holdings Corp. has signed a non-binding letter of intent
with a third party financing source to provide US$215 million in
a private debt financing.

The company expects that approximately two-thirds of the
financing will be provided through a senior secured credit
facility and approximately one-third will be provided through
issuance of convertible secured notes.  The letter of intent is
a proposal that will be used as a basis for financing and does
not constitute a commitment.

Vonage Holdings intends to use the net proceeds from this
financing, plus cash on hand, to repay, tender for or redeem its
existing convertible notes, which can be put to the company on
Dec. 16, 2008 and have a principal amount due of approximately
US$253 million.

As of March 31, 2008, the Company had around US$190 million in
cash and cash equivalents, of which US$42 million was restricted
and US$148 million was unrestricted.

"We are pleased with our progress at this stage of our
refinancing efforts, particularly during this extremely
challenging time for the credit markets," John S. Rego, Vonage
Chief Financial Officer said.

                      About Vonage Holdings

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with nearly 2.6 million subscriber lines.
Vonage's service is sold on the web and through national
retailers including Best Buy, Circuit City, Wal-Mart Stores Inc.
and Target and is available to customers in the U.S., Canada and
the United Kingdom.

At Dec. 31, 2007, the company had US$462.3 million in total
assets and US$537.4 million in total liabilities, resulting in a
US$75.1 million total stockholders' deficit.


* Fitch Says Good Forecast Accuracy Helped Europe's Credibility
---------------------------------------------------------------
Fitch Ratings says European governments' reduced tendency to
make over-optimistic public finance predictions over the last
two years has enhanced the credibility of fiscal plans.  
Tracking fiscal outturns against official forecasts is an
important part of Fitch's monitoring of sovereign
creditworthiness in Europe.

"In the last two years, public finance outturns in Europe as a
whole have been better than official forecasts, reversing the
pattern of the previous five years.  Improved fiscal performance
in the euro area should help cushion risks to the public
finances as global economic growth slows in 2008 and 2009," says
Brian Coulton, Managing Director in Fitch's Sovereigns team.  
"However, euro area government debt remains high."

In a Special Report just published, Fitch examines the accuracy
of fiscal forecasts made by (pre-enlargement) EU15 member states
in the annual Stability Programmes (SPs) produced since 1998,
updating a similar study undertaken two years ago.  The latest
results show sharp improvements, even after accounting for
stronger-than-expected growth in a number of countries.  Fiscal
outturns for 2006 and 2007 in Germany, Italy, Netherlands and
Portugal outperformed forecasts made by their governments at
end-05 and end-06, a dramatic reversal on previous years.  While
improved underlying fiscal performance in these countries has
contributed to this shift, their recent forecasts have also
displayed a reduced tendency to predict sharp fiscal
improvements over the short- and medium- term than in the past.  
By contrast, the UK, France, Ireland, Belgium and Greece
recorded fiscal balances in 2007, which were worse than
predicted at end-06.  For the UK and Belgium these errors
occurred despite better-than-expected GDP growth.

Comparing outturns with historical forecasts made in SPs from
1998 to 2006, Fitch finds that the EU15 have, on average over
the last nine years, significantly over-estimated real GDP
growth and the fiscal balance/GDP ratio, and under-estimated the
public debt/GDP ratio. However, this "optimistic bias" is much
less pronounced now than when Fitch first conducted this
analysis two years ago.  EU15 forecasts for three years ahead
are, on average, 1.3pp of GDP higher than the actual outturns
for the fiscal balance and 1.8pp of GDP lower than actual
outturns for public debt, a substantial improvement on the
respective 2.1pp and 3.8pp of GDP seen two years ago.  This
improvement lends credibility to the framework of the Stability
and Growth Pact, under which EU member states must produce
medium-term plans for fiscal policy with reference to the
Maastricht guideline values for deficit and debt (3% and 60% of
GDP, respectively).

Forecast accuracy varies significantly: Austria, Belgium, Spain,
Sweden and the UK have the best record of accurate predictions
over the last nine years as a whole while Greece, Italy and
Portugal have the worst.  Italy and Portugal have on average
under-estimated their one-year-ahead fiscal deficits by 0.8pp
and 1.0pp of GDP respectively, compared with 0.2pp for the euro
area as a whole.  Fitch also finds that the majority of the
fiscal forecast errors cannot be accounted for by disappointing
growth.  For example, if the one-year-ahead fiscal balance
forecasting errors in Italy and Portugal are adjusted for the
errors made in forecasting GDP growth, they remain high at 0.5pp
and 0.8pp of GDP, respectively.



* Fitch Says Europe Structure Finance Market Still Active
---------------------------------------------------------
London-30 April 2008: Fitch Ratings has said today that despite
the current market conditions and lack of investor appetite, the
continental European structured finance market has remained
surprisingly active during the first quarter of 2008, mainly
driven by the possibility to post structured finance notes as
repo collateral with central banks.  During Q108, 23
transactions totalling EUR22.8bn (excluding CDOs of cedulas)
were issued.

Spain continues to dominate the continental European market,
with 15 transactions issued for a total of EEUR15.3bn in Q108.
While RMBS has remained the most active asset class in Spain,
with eight transactions for a total of EUR9.1bn (Q107: nine
transactions at EUR20bn), Fitch has noticed significant activity
in the ABS segment of the Spanish market, with three deals
totalling EUR3.7bn) (no ABS transactions closed in Q107).  
Furthermore, in Q108 four CDOs of SME transactions were issued
in Spain, totalling EUR4.3bn.

For Germany, the second-largest market in terms of issuance
volume, transactions and issuance volume has been stable,
equalling that of a year ago (four deals issued, totalling
EUR4bn).  However, the breakdown per asset class has changed,
with no CMBS issued so far (Q107: two issued) and a 100% market
share in Q108 for the ABS sector (four deals).  "We anticipate
this trend to continue, as the German market is mainly driven by
the ABS sector," says Emmanuelle Nasse Bridier, head of
Structured Finance Continental Europe team.

Activity in Italy has remained very high on all asset classes
despite a limited number of public transactions closed so far
(three transactions for a EUR1.6bn issuance volume versus five
transactions for EUR6.7bn in Q107).  Fitch has noticed a
significant level of activity in the private sector, driven by
"club deals" leading to the transfer of portfolios of assets to
a limited number of final investors and to the development of
refinancing structures involving warehousing facilities.  RMBS
transactions also appear to have been postponed for the second
half of the year, leading Fitch to expect active third and
fourth quarters in terms of new issuance for this market.

Due to the current market conditions, Fitch anticipates that
most notes issued shall continue to be purchased by banks and
used as collateral for repo agreements with central banks.  The
agency also noticed an increasing number of market participants
ready to test the appetite of final investors.  Following the
German example, ABS and auto ABS transactions seem to be the
favourite asset classes in continental Europe.

In terms of credit risk, Fitch will continue to closely monitor
the evolution of the performances of Spanish RMBS transactions.
Following actions recently taken (13 Outlook changes from Stable
to Negative and two downgrades), the agency performs an ongoing
review of the performances of these transactions.

Over the last six months, Fitch has also noticed an evolution of
the risk profiles of some of the residential mortgage pools
recently analysed.  These pools are generally more concentrated
in sub-segments of the mortgage market clearly identified by the
agency as riskier, due to the feature of the loans or borrower
profiles.  Reflecting this trend, capital structures of RMBS
transactions recently rated by Fitch provide rated tranches with
higher credit protection.


* S&P Takes Credit Rating Actions on 130 European Synthetic CDOs
----------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on 130 European synthetic collateralized debt
obligation.
  
Specifically, the ratings on:

   -- 93 tranches were removed from CreditWatch with negative
      implications and lowered;

   -- 20 tranches were lowered and remain on CreditWatch
      negative;

   -- Five tranches were lowered;

   -- Two tranches were removed from CreditWatch positive and
      placed on CreditWatch negative;

   -- One tranche was removed from CreditWatch negative and
      affirmed;

   -- Two tranches were removed from CreditWatch negative and
      raised;

   -- Two tranches were removed from CreditWatch positive and
      raised; and

   -- Five tranches were raised.
  
Of the 118 tranches lowered:

   -- 51 reference U.S. residential mortgage-backed mortgages  
      and U.S. CDOs that are exposed to U.S. RMBS, which have
      experienced recent negative rating actions; and

   -- 67 have experienced corporate downgrades in their
      portfolios.
  
These table provides a summary of the rating actions Standard &
Poor's has taken on European synthetic CDO tranches since the
last quarter of 2007.
  
                    Rating Action Summary
  
             Downgrades  Upgrades  Key corporate
             (no. of     (no. of   downgrades
             tranches)   tranches)
             ---------   --------- -------------
  
    Oct-07   28          13        Alliance Boots Ltd.
                                   (B-/Negative to NR)
                                   Oct. 4, 2007
                                   TXU Corp.
                                   (BB/Watch Neg to B-/Stable)
                                   Oct. 9, 2007
    Nov-07   48         15

    Dec-07   39          6         Quebecor World Inc.
                                   (B-/Watch Neg to CCC/Watch
                                   Neg)
                                   Dec. 18, 2007
                                   ACA Financial Guaranty Corp.
                                   (A/Watch Neg to CCC/Watch
                                   Dev)                             
                                   Dec. 19, 2007

    Jan-08   57          8         United Parcel Service Inc.
                                   (AAA/Watch Neg to AA-/Stable)
                                   Jan. 9, 2008
                                   Quebecor World Inc.
                                   (CCC/Watch Neg to D)
                                   Jan. 16, 2008

    Feb-08   90          9         GMAC LLC
                                   (BB+/Negative to B+/Negative)
                                   Feb. 22, 2008
                                   Residential Capital, LLC
                                   (BB+/Negative to B/Negative)
                                   Feb. 22, 2008
    Mar-08   79          2         FGIC Corp.
                                   (BBB/Watch Neg to B/Negative)
                                   March 28, 2008
                                   FGIC UK Ltd.
                                   (A/Watch Neg to BB/Negative)
                                   March 28, 2008
    Apr-08  118          9         Radian Group Inc.
                                   (A-/Watch Neg to BBB/Watch
                                   Neg)
                                   April 8, 2008
                                   PMI Group Inc.
                                   (A/Watch Neg to
                                   BBB+/Negative)
                                   April 8, 2008

For those transactions that have been on CreditWatch negative
for longer than 90 days, where we have either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, we have modeled recovery
rates in accordance with our criteria and assessed portfolio
quality based on its credit quality.
  
These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements
made on April 15, 2008.  The second review was of the ratings on
tranches that have been on CreditWatch negative for more than 90
days.
  
Where SROC is less than 100%, scenarios are run that project the
current portfolio 90 days into the future, assuming no asset
rating migration.  Where this projection indicates that the SROC
would return to a level above 100% at that time, the rating is
maintained, but placed on CreditWatch negative.  If, on the
other hand, the projection indicates that the SROC would remain
below 100%, the rating is immediately lowered.
  
                           Ratings List
  
Class (where applicable)
To                From               Rating     SROC  Projected
                                     scenario  today    90 day+
                                                 (%)    SROC(%)
  
Aldersgate Finance Ltd.
EUR249.5 million floating-rate credit-linked notes

A
AA+/Watch Neg     AAA/Watch Neg      AAA     98.9197    99.2596
                                     AA+     99.8210   100.0342
B
A+                AA/Watch Neg       AA      99.2073    99.4111
                                     AA-     99.5645    99.7628
                                     A+     100.0170   100.2180
D
BBB-              BBB/Watch Neg      BBB     99.3794    99.5331
                                     BBB-   100.0988   100.2247
E
BB+               BBB-/Watch Neg     BBB-    99.4485    99.5736
                                     BB+    100.3815   100.4996
  
Alexandria Capital PLC
EUR212 million secured floating-rate credit-linked notes series
2004-12 (Karnak)

A-4b
A                 A+/Watch Neg       A+      99.8595
                                     A      100.0668
  
Angel Court CDO PLC
EUR60 million tranche B secured floating-rate notes series
2006-1

B
A+/Watch Neg      AA/Watch Neg       AA      99.5890    99.6930
                                     AA-     99.7686    99.8558
                                     A+      99.9281   100.0279
  
Angel Court CDO PLC
US$2 million tranche B secured fixed-rate notes series
2006-2B

A+/Watch Neg      AA/Watch Neg       AA      99.5890    99.6930
                                     AA-     99.7686    99.8558
                                     A+      99.9281   100.0279
  
Angel Court CDO PLC
EUR15 million tranche B secured floating-rate notes series
2006-3

AA/Watch Neg      AA/Watch Pos       AA      99.9037   100.0081
  
Angel Court CDO PLC
US$10 million tranche B secured floating-rate notes series
2006-4

AA/Watch Neg      AA/Watch Pos       AA      99.9045   100.0089
  
Angel Court CDO PLC
US$30 million secured tranche B floating-rate notes series
2006-5

A+/Watch Neg      AA/Watch Neg       AA      99.5890    99.6930
                                     AA-     99.7686    99.8558
                                     A+      99.9281   100.0279
  
Angel Court CDO PLC
EUR20 million tranche A secured floating-rate notes series
2006-6A

AA                AAA/Watch Neg      AAA     99.5243    99.6436
                                     AA+     99.8056    99.9048
                                     AA     100.2221   100.3268
  
Angel Court CDO PLC
US$10 million tranche B secured floating-rate notes series
2006-7

A+/Watch Neg      AA/Watch Neg       AA      99.5890    99.6930
                                     AA-     99.7686    99.8558
                                     A+      99.9281   100.0279
  
Angel Court CDO PLC
US$25 million tranche A secured floating-rate notes series 2006-
11
AA+               AAA/Watch Neg      AAA     99.7803    99.8814
                                     AA+    100.0139   100.1252
  
Aphex Capital PLC
EUR15 million MANICHE secured callable portfolio credit-linked
floating-rate notes series 2006-25

AA                A/Watch Neg        AA     106.1087
                                     AA-    109.1213
                                     A+     112.8857
                                     A      116.5299
  
Aphex Capital PLC
EUR50 million MANICHE secured callable portfolio credit-linked
floating-rate notes series 2006-26
AA                A+/Watch Neg       AA     110.1817
                                     AA-    113.5686
                                     A+     117.5934
  
Aphex Capital PLC
EUR35 million MANICHE secured callable portfolio credit-linked
floating-rate notes series 2006-27

AAA               AA                 AAA    106.7273
                                     AA+    115.6902
                                     AA     134.1343
  
Aphex Capital PLC
EUR55 million SENWAI secured callable portfolio credit-linked
floating-rate notes series 2006-32

A-                A/Watch Neg        A       94.7536    99.9645
                                     A-     101.1985   106.5998
  
Aphex Capital PLC
EUR80 million Fatou secured callable portfolio credit-linked
floating-rate notes series 37

BBB+              A-/Watch Neg       A-      92.6661    97.1494
                                     BBB+   102.2411   107.0175
  
Argon Capital PLC
US$51 million limited-recourse secured credit-linked floating-
rate notes series 60

BBB+              A-/Watch Neg       A-      99.7831    99.7831
                                     BBB+   100.8606   100.8606
  
Argon Capital PLC
US$36 million limited-recourse secured credit-linked floating-
rate notes series 61

BB+               BBB-/Watch Neg     BBB-    99.7606    99.7606
                                     BB+    100.3489   100.3489
  
Astir B.V.
EUR210 million floating-rate variable coupon credit-linked notes
series 18 (Isara)

B
BBB+              A/Watch Neg        A       99.8541    99.8541
                                     A-      99.9332    99.9401
                                     BBB    100.0619   100.0619
  
Bassi Co. Ltd.
EUR33 million floating-rate secured portfolio callable credit-
linked notes series 2

A
AA-               AA/Watch Neg       AA      99.1892
                                     AA-    102.9099
  
Calyon and Citibank N.A. (PICCADILLY II)
US$5 million tranche C unfunded credit default swap

BBB+srp           A-srp              A-      99.7669    99.8539
                                     BBB+   100.0759   100.1652
  
Cerigo Capital Ltd.
EUR49 million and US$1 million denominated secured floating-rate
credit-linked notes series 2007-1 (Dolomite)

B-e1
A+                AA-/Watch Neg      AA-     99.8807    99.9993
                                     A+     100.0728   100.1869
  
Chiswell Street Finance Ltd.
EUR135.5 million floating-rate credit-linked notes

A
A+                AA-/Watch Neg      AA-     99.3495    99.4180
                                     A+     100.0699   100.1370
C
BB+               BBB-/Watch Neg     BBB-    99.6599    99.7489
                                     BB+    100.7676   100.8515
E
BB                BB+/Watch Neg      BB+     99.5956    99.6785
                                     BB     100.0701   100.1580
F
BB-/Watch Neg     BB/Watch Neg       BB      99.7073    99.7949
                                     BB-     99.9660   100.0399
  
Claris Ltd.
EUR28.57 million Rainbow floating-rate credit-linked notes
series 12

AA+               AA-/Watch Pos      AA+    100.3875
                                     AA     100.9441
                                     AA-    100.9719
  
Claris Ltd.
EUR31.1 million Gascogne floating-rate credit-linked notes
series 30/2004

A+                AA-/Watch Neg      AA-     99.9387
                                     A+     100.1062
  
Claris IV Ltd.
EUR40 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 5

BBB-              BBB+/Watch Neg     BBB+    98.4718    98.4718
                                     BBB     98.6786    99.3106
                                     BBB-   100.2758   100.2758
  
Claris IV Ltd.
EUR5 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 6

BB                BBB-/Watch Neg     BBB-    99.2494    99.2494
                                     BB+     99.3290    99.3290
                                     BB     100.0682   100.2843
  
Claris IV Ltd.
US$17.5 million Carmel Valley synthetic CDO of RMBS variable-
rate notes series 7

BB                BBB-/Watch Neg     BBB-    99.2494    99.2494
                                     BB+     99.3290    99.3290
                                     BB     100.0682   100.2843
  
Cloverie PLC
SEK111.6 million variable-rate portfolio credit-linked notes
series 2005-02

AA                AA+/Watch Neg      AA+     99.9261
                                     AA     100.9318
  
Cloverie PLC
SEK100 million class A floating-rate portfolio credit-linked
notes series 2005-06

A
AA                AA+/Watch Neg      AA+     99.6769    99.9083
                                     AA     100.3649   100.6041
  
Cloverie PLC
JPY1 billion fixed-rate portfolio credit-linked notes series
2005-15 (Rotonda II)

AA+               AAA/Watch Neg      AAA     99.4670
                                     AA+    100.3807
  
Coriolanus Ltd.
US$25 million variable-rate secured notes series 44

A2
CCC+              AAA                AAA     84.9231    84.9096
                                     AA+     86.2904    86.3439
                                     AA      87.9943    88.0529
                                     AA-     88.7763    88.8401
                                     A+      89.5618    89.6463
                                     A       90.1459    90.2264
                                     A-      91.0765    91.1675
                                     BBB+    92.2811    92.3358
                                     BBB     93.4221    93.4675
                                     BBB-    94.9488    95.0416
                                     BB+     95.5301    95.6583
                                     BB      96.3349    96.3378
                                     BB-     97.0763    97.1067
                                     B+      97.7327    97.7672
                                     B       98.4996    98.5147
                                     B-      99.5194    99.5417
                                     CCC+   101.3217   101.3479
  
Coriolanus Ltd.
US$50 million class B secured floating-rate notes series 63

B
B                 AAA/Watch Neg      AAA     73.7688    73.8623
                                     AA+     76.1430    76.2364
                                     AA      79.0778    79.1888
                                     AA-     80.1902    80.3241
                                     A+      81.4193    81.5415
                                     A       82.2353    82.3475
                                     A-      83.6209    83.7045
                                     BBB+    85.3983    85.4621
                                     BBB     87.2732    87.3778
                                     BBB-    90.5830    90.7293
                                     BB+     92.0444    92.1935
                                     BB      94.4763    94.6438
                                     BB-     96.9467    97.0958
                                     B+      98.9533    99.0698
                                     B      101.2171   101.2700
  
Coriolanus Ltd.
US$5 million class B secured floating-rate notes series 69

B
BBB+              AAA/Watch Neg      AAA     87.0991    87.2095
                                     AA+     89.9024    90.0126
                                     AA      93.3674    93.4986
                                     AA-     94.6808    94.8390
                                     A+      96.1321    96.2764
                                     A       97.0956    97.2280
                                     A-      98.7315    98.8302
                                     BBB+   100.8301   100.9054
  
Corsair (Cayman Islands) No. 4 Ltd.
EUR40 million floating-rate secured callable portfolio credit-
linked notes series 3

A+/Watch Neg      AA-/Watch Neg      AA-     94.3018
                                     A+      98.6104   105.6371
  
CreON Ltd.
EUR65 million variable-rate secured portfolio credit-linked
notes series 6

BBB               BBB+/Watch Neg     BBB+    96.1371
                                     BBB    102.5744
  
Delta CDO PLC
US$83.5 million floating-rate credit-linked secured notes series
2005-1

B-1
BBB+              AA/Watch Neg       AA      98.2610    98.2650
                                     AA-     98.6155    98.6179
                                     A+      99.3821    99.3821
                                     A       99.6434    99.6434
                                     A-      99.9537    99.9521
                                     BBB+   100.5498   100.5474
C-1
BB+               BBB+/Watch Neg     BBB+    98.6766    98.6743
                                     BBB     99.0360    99.0331
                                     BBB-    99.5893    99.5858
                                     BB+    100.1135   100.1135
D-1
B                 BB+/Watch Neg      BB+     99.0753    99.0753
                                     BB      99.5751    99.5751
                                     BB-     99.6791    99.6791
                                     B+      99.9288    99.9288
                                     B      100.2915   100.2930
  
Delta CDO PLC
US$142.5 million floating-rate credit-linked secured notes
series 2005-2

E-1
BBB-              A-/Watch Neg       A-      99.2398    99.2503
                                     BBB+    99.5754    99.6167
                                     BBB     99.7425    99.8706
                                     BBB-   100.1362   100.2301
  
Deutsche Bank AG and Deutsche Securities Inc.
US$150 million floating-rate unfunded credit default swap (Tsar
16 portfolio)

A-2
BBB+              AA+/Watch Neg      AA+     96.3521    96.4163
                                     AA      97.3507    97.4185
                                     AA-     97.8272    97.9031
                                     A+      98.5023    98.5708
                                     A       98.8398    98.9124
                                     A-      99.3585    99.4373
                                     BBB+   100.1579   100.2365
  
Eirles Two Ltd.
US$37.2 million variable rate secured notes series 143

BBB-              AA/Watch Neg       AA      96.0031    96.1103
                                     AA-     96.5336    96.6043
                                     A+      97.2077    97.2717
                                     A       97.6461    97.6986
                                     A-      98.1185    98.1915
                                     BBB+    98.9079    98.9233
                                     BBB     99.4545    99.4572
                                     BBB-   100.1461   100.1676
  
Eirles Two Ltd.
US$35.7 million variable rate secured notes series 144

CCC+              A/Watch Neg        A       95.1085    95.1596
                                     A-      95.5686    95.6398
                                     BBB+    96.3376    96.3526
                                     BBB     96.8700    96.8726
                                     BBB-    97.5436    97.5646
                                     BB+     98.1266    98.1266
                                     BB      98.7244    98.7244
                                     BB-     98.8773    98.8773
                                     B+      99.2126    99.2126
                                     B       99.6698    99.6698
                                     B-      99.9553    99.9553
                                     CCC+   100.2438   100.2438
  
Eirles Two Ltd.
US$7.1 million variable rate secured notes series 145

CCC-              A-/Watch Neg       A-      94.4072    94.4775
                                     BBB+    95.1668    95.1816
                                     BBB     95.6927    95.6953
                                     BBB-    96.3582    96.3789
                                     BB+     96.9341    96.9341
                                     BB      97.5246    97.5246
                                     BB-     97.6757    97.6757
                                     B+      98.0069    98.0069
                                     B       98.4585    98.4585
                                     B-      98.7406    98.7406
                                     CCC+    99.0255    99.0255
                                     CCC     99.2436    99.2436
                                     CCC-    99.7796    99.7796
  
Eirles Two Ltd.
EUR21 million variable-rate secured notes series 160

A/Watch Neg       AAA/Watch Neg      AAA     94.9082    94.8340
                                     AA+     96.4280    96.3248
                                     AA      98.2811    98.3909
                                     AA-     98.8242    98.8966
                                     A+      99.5143    99.5798
                                     A       99.9631   100.0168
  
Eirles Two Ltd.
EUR50 million floating-rate credit-linked secured notes series
222
B
A                 AA/Watch Neg       AA      92.4561    92.4561
                                     AA-     94.7512    94.7512
                                     A+      98.2967    98.2967
                                     A      100.5031   100.5031
  
Eirles Two Ltd.
EUR27.5 million variable-rate secured notes series 223

BB+               BBB-/Watch Neg     BBB-    99.4722    99.4698
                                     BB+    100.1517   100.1427
  

Eirles Two Ltd.
EUR42.75 million variable-rate secured notes series 224
BB-               BB/Watch Neg       BB      99.4914    99.4914
                                     BB-    100.1408   100.1447
  
Eirles Two Ltd.
EUR26.125 million variable-rate secured notes series 225

B                 B+/Watch Neg       B+      99.6707    99.6701
                                     B      100.1287   100.1281
  

Eirles Two Ltd.
EUR26.125 million variable-rate secured notes series 226

CCC+              B-/Watch Neg       B-      99.6859    99.6900
                                     CCC+   100.6494   100.6589
  
Eirles Two Ltd.
US$20 million secured floating-rate portfolio credit-linked
notes series 236

A                 A+/Watch Neg       A+      99.2408    99.5105
                                     A      100.7692   100.7892
  
Eirles Two Ltd.
EUR50 million zero-coupon portfolio credit-linked secured notes
series 254

BBB               BBB+/Watch Neg     BBB+    99.7344    99.8797
                                     BBB    100.3321   100.4655
  
Eirles Two Ltd.
US$15 million floating-rate portfolio credit-linked secured
notes series 260

A-/Watch Neg      A/Watch Neg        A       99.7897    99.8588
                                     A-      99.9477   100.0203
  
Eirles Two Ltd.
US$16.5 million class B variable-rate secured notes series 269

B
BB-               BB/Watch Neg       BB      99.9578    99.9972
                                     BB-    100.2717   100.2717
  
Eirles Two Ltd.
US$55 million floating-rate portfolio credit-linked secured
notes series 273

BBB-              BBB/Watch Neg      BBB     98.1138    98.1974
                                     BBB-   102.5555   102.8293
  
Eirles Two Ltd.
US$25 million floating-rate portfolio credit-linked secured
notes series 274

BB                BBB-/Watch Neg     BBB-    96.9759    96.9759
                                     BB+     98.7569    98.7569
                                     BB     100.9450   100.9450
  
Eirles Two Ltd.
US$17 million variable-rate secured notes series 307

A-4
BBB-              BBB/Watch Neg      BBB     99.8919    99.9094
                                     BBB-   100.4205   100.4250
  
Eirles Two Ltd.
JPY3.7 billion variable-rate secured notes series 317

A-4
BBB-              BBB/Watch Neg      BBB     99.8919    99.9094
                                     BBB-   100.4205   100.4250
  
Eirles Two Ltd.
EUR34.062 million variable- and deferrable-rate secured notes
series 336

AA+               AAA/Watch Neg      AAA     99.7848    99.8591
                                     AA+    100.1049   100.1852
  
ELM B.V.
EUR50 million secured floating-rate notes series 8

AA-               A-/Watch Pos       AA-    105.1337
                                     A+     105.4813
                                     A      105.8289
                                     A-     106.1765
  
Elva Funding PLC
EUR157 million, JPY4.15 billion and US$28 million floating- and
fixed-rate notes series 2005-2

F-1
A-/Watch Neg      A/Watch Neg        A       99.5104   100.0000
                                     A-      99.8020   100.0000
                                     BBB+   100.0000   100.0000
F-2
A-/Watch Neg      A/Watch Neg        A       99.5104   100.0000
                                     A-      99.8020   100.0000
                                     BBB+   100.0000   100.0000
F-3
A-/Watch Neg      A/Watch Neg        A       99.5104   100.0000
                                     A-      99.8020   100.0000
                                     BBB+   100.0000   100.0000
F-4
A-/Watch Neg      A/Watch Neg        A       99.5104   100.0000
                                     A-      99.8020   100.0000
                                     BBB+   100.0000   100.0000
  
Elva Funding PLC
US$2.5 million and EUR10 million secured floating-rate credit-
linked notes series 2006-5

B1
BBB+              A-/Watch Neg       A-      99.8636    99.9711
                                     BBB+   100.1883   100.2959
  
Heartland Funding PLC
US$130 million tranche B secured floating-rate notes series
2007-5 (PICCADDILLY II)

B
A-                A+/Watch Neg       A+      99.6650    99.7603
                                     A       99.8030    99.8922
                                     A-     100.0305   100.1109
  
Heartland Funding PLC
EUR5 million tranche D secured floating-rate notes series 2007-6
(PICCADILLY II)

D
BB+               BBB-/Watch Neg     BBB-    99.8719    99.9506
                                     BB+    100.0506   100.1287
  
Heartland Funding PLC
JPY1 billion tranche A secured floating-rate notes series 2007-7
(PICCADILLY II)

A
AA                AA+/Watch Neg      AA+     99.6452    99.7422
                                     AA     100.0194   100.1295
  
Heartland Funding PLC
EUR40 million tranche B secured floating-rate notes series 2007-
10 (PICCADILLY II)

B
A-                A+/Watch Neg       A+      99.6646    99.7554
                                     A       99.8051    99.8923
                                     A-     100.0320   100.1150
  
Heartland Funding PLC
SEK128 million tranche B secured floating-rate notes series
2007-11 (PICCADILLY II)

B
A-                A+/Watch Neg       A+      99.6646    99.7554
                                     A       99.8051    99.8923
                                     A-     100.0320   100.1150
  
Heather Finance Ltd.
EUR85 million credit-linked floating-rate notes series 2004-04
II

BBB+              A-/Watch Neg       A-      90.1176    94.8235
                                     BBB+   100.0784   104.6275
  
Herald Ltd.
US$121.4 million floating-rate credit-linked secured notes
(Logan CDO) series 25

A-1
BB                BBB+/Watch Neg     BBB+    96.7974    96.8420
                                     BBB     97.5473    97.5554
                                     BBB-    98.6067    98.6375
                                     BB+     99.8604    99.8679
                                     BB     100.5336   100.5318
  
Herald Ltd.
US$19.2 million floating-rate credit-linked secured notes (Logan
CDO) series 26

A-2
B+                BBB-/Watch Neg     BBB-    97.5859    97.6164
                                     BB+     98.8266    98.8340
                                     BB      99.4928    99.4910
                                     BB-     99.8321    99.8192
                                     B+     100.2808   100.2732
  
Herald Ltd.
US$17.2 million floating-rate credit-linked secured notes (Logan
CDO) series 27

B
B-                BB-/Watch Neg      BB-     98.9148    98.9020
                                     B+      99.3594    99.3518
                                     B       99.8671    99.8696
                                     B-     100.1374   100.1369
  
Joynaz CDS
US$25 million unfunded credit default swap (Joynaz)

AA                AA+/Watch Neg      AA+     99.6117
                                     AA     100.7397
  
Khamsin Credit Products (Netherlands) II B.V.
EUR17.5 million floating-rate credit-linked notes series 2005-1
(Milan)

CCC-              BB+/Watch Neg      BB+     98.4394    98.4394
                                     BB      98.6065    98.6065
                                     BB-     98.6749    98.6749
                                     B+      98.8624    98.8624
                                     B       99.0442    99.0442
                                     B-      99.1029    99.1029
                                     CCC+    99.2665    99.2665
                                     CCC     99.5238    99.5238
                                     CCC-    99.7716    99.8108
  
Linker Finance PLC
US$86.5 million class B floating-rate secured notes series 2
(Tsar 16)

B
BB-               BB+/Watch Neg      BB+     99.1524    99.4232
                                     BB      99.7383    99.9444
                                     BB-    100.3217   100.4613
  
Logan CDO II Ltd.
US$150 million floating-rate credit-linked secured notes

A-1
CCC-              BBB                BBB     92.3386    92.3786
                                     BBB-    92.9629    93.0129
                                     BB+     93.2242    93.2876
                                     BB      93.7680    93.8445
                                     BB-     94.3780    94.4565
                                     B+      94.9191    94.9964
                                     B       95.5744    95.6500
                                     B-      96.3834    96.4538
                                     CCC+    97.7426    97.7890
                                     CCC     98.4079    98.4553
                                     CCC-    99.5644    99.5644
A-2
CCC-              B-                 B-      92.9828    93.0507
                                     CCC+    94.2941    94.3388
                                     CCC     94.9358    94.9816
                                     CCC-    96.0515    96.0515
B
CCC-              CCC                CCC     93.4556    93.5007
                                     CCC-    94.5539    94.5539
  
Lunar Funding V PLC
US$200 million secured floating-rate credit-linked notes (Menton
CDO I)

D2
A+                AA/Watch Neg       AA      99.7037    99.7649
                                     AA-     99.8312    99.8876
                                     A+     100.2886   100.3423
  
Lunar Funding V PLC
US$200 million limited recourse secured floating-rate credit-
linked notes series 2007-39

BB-               AAA                AAA     57.7399    57.7399
                                     AA+     61.5778    61.5778
                                     AA      65.9488    65.9488
                                     AA-     68.2942    68.2942
                                     A+      70.7463    70.7463
                                     A       72.5586    72.5586
                                     A-      75.5011    75.5011
                                     BBB+    79.7015    79.7015
                                     BBB     84.0725    84.0725
                                     BBB-    91.0021    91.0021
                                     BB+     93.3475    93.3475
                                     BB      98.1450    98.1450
                                     BB-    102.9851   102.9851
  
Mainsail CDO I Ltd.
US$298.25 million secured floating credit-linked notes

A1
CCC+              BB/Watch Neg       BB      90.6198    90.6737
                                     BB-     92.3027    92.3633
                                     B+      93.8234    93.8800
                                     B       95.6474    95.7055
                                     B-      98.0197    98.0748
                                     CCC+   102.6165   102.6791
A2
CCC-              CCC/Watch Neg      CCC     96.4629    96.5247
                                     CCC-    99.1339    99.1608
  
Menton CDO IV Ltd.
US$250 million secured floating-rate notes

A1
A+                AAA/Watch Neg      AAA     98.4462    98.4462
                                     AA+     98.5419    98.5419
                                     AA      99.9994    99.9994
                                     AA-     99.9994    99.9994
                                     A+     100.0951   100.0951
A2
BB-               BBB/Watch Neg      BBB     98.4118    98.4118
                                     BBB-    98.4118    98.4118
                                     BB+     98.4118    98.4118
                                     BB      99.2592    99.2592
                                     BB-    100.1066   100.1066
  
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-1

AA+               AA                 AA+    100.1126
                                     AA     100.8350
  
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-4

AAA               AA                 AAA    100.1583
                                     AA+    100.6308
                                     AA     101.2739
  
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-5

AAA               AA                 AAA    100.6593
                                     AA+    101.0500
                                     AA     101.6406
  
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-6

AA+               AA                 AA+    100.5396
                                     AA     101.1791
  
Omega Capital Investments PLC
CHF75 million and EUR15 million secured floating-rate notes
series 17

B
A+                AA-/Watch Neg      AA-     99.6163
                                     A+     100.5678
  
Omega Capital Investments PLC
NOK200 million and EUR16 million secured floating-rate notes due
2013 series 28 Broadway

B1-7E
A+                AA-/Watch Neg      AA-     99.8596    99.9873
                                     A+     100.0177   100.1353
  
Omega Capital Investments PLC
US$10 million class AA-U5 secured floating-rate notes series 33

AA-U5
A-                A/Watch Neg        A       99.9024    99.9743
                                     A-     100.0775   100.1472
  
Omega Capital Investments PLC
EUR150 million secured floating-rate notes series 39

A
AA                AA+/Watch Neg      AA+     99.7407    99.8594
                                     AA     100.1159   100.2551
B
A+/Watch Neg      AA-/Watch Neg      AA-     99.7584    99.8872
                                     A+      99.9156   100.0459
  
Prime Square CDO Ltd.
US$50 million tranche Ba & Bb PRIMO secured floating-rate notes
series 2006-1

Ba
AA-               AA/Watch Neg       AA      99.9153    99.9979
                                     AA-    100.0365   100.1199
Bb
AA-               AA/Watch Neg       AA      99.9153    99.9979
                                     AA-    100.0365   100.1199
  
Prime Square CDO Ltd.
EUR10 million tranche B PRIMO secured floating-rate notes series
2006-2

B
AA-               AA/Watch Neg       AA      99.9153    99.9979
                                     AA-    100.0365   100.1199
  
Prime Square CDO Ltd.
US$5 million tranche C PRIMO secured floating-rate notes series
2006-3

C
A-                A/Watch Neg        A       99.8679    99.9441
                                     A-     100.0631   100.1379
  
Prime Square CDO Ltd.
EUR6 million tranche A PRIMO secured floating-rate notes series
2006-4

A
AA+               AAA/Watch Neg      AAA     99.8525    99.9224
                                     AA+    100.0995   100.1774
  
Prime Square CDO Ltd.
EUR20 million tranche C PRIMO secured floating-rate notes series
2006-5

C
A-                A/Watch Neg        A       99.8679    99.9446
                                     A-     100.0631   100.1386
  
Prime Square CDO Ltd.
US$20 million tranche B PRIMO secured floating-rate notes series
2006-6

B
AA-               AA/Watch Neg       AA      99.9153    99.9988
                                     AA-    100.0365   100.1201
  
Prime Square CDO Ltd.
JPY2,000 million tranche A PRIMO secured floating-rate notes
series 2006-7

A
AA+               AAA/Watch Neg      AAA     99.8525    99.9226
                                     AA+    100.0995   100.1777
  
Prime Square CDO Ltd.
JPY2 billion tranche A PRIMO secured floating-rate credit-linked
notes series 2006-8

A
AA+               AAA/Watch Neg      AAA     99.8525    99.9226
                                     AA+    100.0995   100.1777
  
Prime Square CDO Ltd.
JPY1 billion tranche B PRIMO secured floating-rate credit-linked
notes series 2006-9

B
AA-               AA/Watch Neg       AA      99.9153    99.9988
                                     AA-    100.0365   100.1201
  
Rheinwest Credit Management
EUR15 million credit-linked floating-rate notes series 10

A                 A+/Watch Neg       A+      99.9143    99.9881
                                     A      100.0342   100.1077
  
Saphir Finance PLC
EUR45.5 million credit-linked synthetic portfolio notes (Lennox
II) series 2005-3 class A

A
AA                AA+/Watch Neg      AA+     95.9059
                                     AA     121.0964
  
Saphir Finance PLC
EUR28 million credit-linked synthetic portfolio notes (Lennox
II) series 2005-3 class B

B
A+/Watch Neg      AA-/Watch Neg      AA-     95.8988
                                     A+      97.8755   105.4794
  
Saphir Finance PLC
EUR25 million class A1 credit-linked synthetic portfolio notes
series 2005-10

A1
AA                AA+/Watch Neg      AA+     99.3238
                                     AA     101.2450
  

Saphir Finance PLC
US$25 million class A2 credit-linked synthetic portfolio notes
series 2005-10

A2
AA                AA+/Watch Neg      AA+     99.3238
                                     AA     101.2450
  
Saphir Finance PLC
EUR20 million class A3 Oak Harbour credit-linked synthetic
portfolio notes with a reserve coupon linked to the global large
cap ethical index series 2006-3

A3
Ap/Watch Neg A+i  A+p/Watch Neg A+i  A+      90.2403    94.4841
                                     A       96.6168   100.8460
  
Saphir Finance PLC
EUR15 million class A4 Oak Harbour credit-linked synthetic
portfolio notes with a reserve coupon linked to the global large
cap ethical index series 2006-3

A4
AA-p/Watch Neg    AAp/Watch Neg      AA      89.3813    94.9438
                                     AA-     99.2653   104.1683
  
Saphir Finance PLC
EUR25 million Spring Sand 10 years non-call 5 years step-up CMS
credit-linked synthetic portfolio notes series 2006-6

AA                AA+/Watch Neg      AA+     99.8472    99.9432
                                     AA     100.1355   100.2304
  
Saphir Finance PLC
EUR50 million credit-linked synthetic portfolio notes series
2007-1

AA                AA+/Watch Neg      AA+     99.6812    99.7779
                                     AA     100.0040   100.1107
  
Saphir Finance PLC
EUR100 million credit-linked synthetic portfolio notes series
2007-5

AA-               AA/Watch Neg       AA      99.8098    99.9097
                                     AA-    100.0110   100.1133
  
Sceptre Capital B.V.
EUR20 million forward-starting synthetic CDO floating-rate notes
series 2006-01

A
A+                AA/Watch Neg       AA      99.7451    99.8662
                                     AA-     99.8810    99.9766
                                     A+     100.0103   100.1016
  
Starling Finance PLC
JPY500 million class C floating-rate Brevan Howard CDO I
portfolio credit-linked notes series 2007-04

A-/Watch Neg      A+/Watch Neg       A+      99.6390    99.7057
                                     A       99.7689    99.8364
                                     A-      99.9992   100.0628
  
Starling Finance PLC
JPY1.1 billion class B floating-rate Brevan Howard CDO I
portfolio credit-linked notes series 2007-005

A+                AA/Watch Neg       AA      99.7752    99.8478
                                     AA-     99.9043    99.9690
                                     A+     100.0353   100.0893
  
Starling Finance PLC
JPY1.1 billion class B floating-rate Brevan Howard CDO I
portfolio credit-linked notes series 2007-015

B
AA-/Watch Neg     AA+/Watch Neg      AA+     99.4781    99.5387
                                     AA      99.8477    99.9203
                                     AA-     99.9796   100.0416
  
Topaz Finance Ltd.
EUR50 million Tulip Lane CDO of CDO variable-rate credit-linked
synthetic portfolio notes series 2005-1

AA                AA/Watch Neg       AA     100.1794
  
WISE 2006-1 PLC
GBP63.75 million floating-rate credit-linked notes

A
AA+               AAA/Watch Neg      AAA     98.9054    98.9054
                                     AA+    100.5627   100.5627
B
AA-               AA/Watch Neg       AA      99.5466    99.5466
                                     AA-    100.4870   100.4870
C
A+                AA-/Watch Neg      AA-     99.7333    99.7333
                                     A+     100.0000   100.0000
  
Xelo PLC
EUR10 million secured limited recourse credit-linked notes
(Piccadilly 7) series 2006

A-/Watch Neg      A+/Watch Neg       A+      99.4639    99.5749
                                     A       99.6649    99.7742
                                     A-      99.9879   100.1011
  
Xelo PLC
EUR40 million secured limited recourse credit-linked notes
series 2006 (Spinnaker III Europe series 1)

AA+               AAA/Watch Neg      AAA     99.8441    99.9506
                                     AA+    100.1077   100.2114
  
Xelo PLC
EUR10 million secured limited resource credit-linked notes
series 2006 (Spinnaker III Europe TRED 1 Series 1)

AA+               AAA/Watch Neg      AAA     99.8441    99.9506
                                     AA+    100.1077   100.2114  


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

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

                    *      *      *

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *