TCREUR_Public/080502.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

            Friday, May 2, 2008, Vol. 9, No. 87

                            Headlines


A U S T R I A

AZEGO TECHNOLOGY: Claims Registration Period Ends May 27
ILSE UND HERMANN: Claims Registration Period Ends May 28
KARIN GROEGER: Claims Registration Period Ends June 10
LIDZO BAU: Claims Registration Period Ends June 2
PICOMED MEDIZINTECHNIK: Claims Registration Period Ends May 3

SLIWON HANDEL: Claims Registration Period Ends May 27


F R A N C E

ALCATEL-LUCENT SA: Posts EUR181 Million Loss for 1st Qtr 2008


G E R M A N Y

DUERR AG: Earns EUR4.4 Million for First Quarter Ended March 31
HANSE-MASSIVBAU: Claims Registration Period Ends May 22
HEIDE-FLOWER GMBH: Claims Registration Ends May 23
HEIZUNGSMARKT -VOM VENTIL: Claims Registration Ends May 23
JANKE GMBH: Claims Registration Ends May 23

KOETHE - HOLZMARKT: Claims Registration Period Ends May 20
METALLBAU EISENACH: Claims Registration Ends May 23
PETER JORDAN: Claims Registration Ends May 23
PIN MAIL: Claims Registration Period Ends May 22
PIN MAIL 06: Claims Registration Period Ends May 22

PRONTO MODA: Claims Registration Period Ends May 20
RAD GESELLSCHAFT: Claims Registration Period Ends May 20
SCHWABAU BAUUNTERNEHMUNG: Claims Registration Period Ends May 20
TALISMAN-1 FINANCE: Fitch Upgrades Ratings on Five Tranches
TSAR 15 CDO: Fitch Junks Ratings on Series 223-227 Note Classes

Q29 NETWORK: Claims Registration Period Ends May 22
THIELERT AIRCRAFT: Parent Names Marcel Kleiss as Chief Executive


I R E L A N D

CLOVERIE PLC BRERA: Fitch Junks Ratings on Two Note Classes
CLOVERIE PLC-GHIBLI: Fitch Cuts Ratings on Two Note Classes
COLTRANE CLO: Loans Portfolio Sold at April 29 Auction
EIRLES FOUR: Moody's May Further Cut Junk Ratings After Review
EIRLES TWO: Moody's May Further Cut Junk Ratings After Review

MAGNOLIA FINANCE: Fitch Cuts Rating on US$14.875MM Notes to 'CC'


I T A L Y

THERMADYNE HOLDINGS: To Hold Annual Meeting on Tuesday
THERMADYNE HOLDINGS: S&P Lifts Corporate Credit Rating to 'B-'


K Y R G Y Z S T A N

LIKERO-VODOCHNY ZAVOD: Creditors' Meeting Slated for May 6
SAVITAR OJSC: Creditors' Meeting Slated for May 6


N E T H E R L A N D S

CHEMTURA CORP: Posts US$21 Mil. Net Loss in 2008 First Quarter
CHEMTURA CORP: Annual Stockholders Meeting Scheduled for May 14
CHEMTURA CORP: Inks Pact with Baerlocher on Heat Stabilizers
SUN MICRO: Posts US$34 Million Net Loss in Fiscal 3rd Quarter


R U S S I A

EAST-FISH: Court Starts Bankruptcy Supervision Procedure
NADEZHDA LLC: Creditors Must File Claims by May 26
NOVOLIPETSK STEEL: To Invest US$6.1 Bln to Double Output by 2015
SAMARSKIY REGIONAL: Creditors Must File Claims by May 26
SERVICE BUILDING: St. Petersburg Bankruptcy Hearing Set Aug. 12

TIMBER-CENTRE: St. Petersburg Bankruptcy Hearing Set August 5


S E R B I A   &   M O N T E N E G R O

FIAT SPA: Signs MoU to Acquire Zastava's Kragujevac Plant


S W I T Z E R L A N D

BS FISCHHANDEL: Creditors' Liquidation Claims Due by May 11
CLOROX CO: March 31 Balance Sheet Upside-Down by US$472 Million
EURODOCTORS JSC: Creditors' Liquidation Claims Due by May 11
GISAG INFORMATIK: Creditors' Liquidation Claims Due by May 11
HOTEL PLAZA: Creditors' Liquidation Claims Due by May 14

HYSTERICAL WEB: Creditors' Liquidation Claims Due by May 14
MAMMUT ENERGY: Zug Court Starts Bankruptcy Proceedings
OPATAX JSC: Zug Court Starts Bankruptcy Proceedings
R & R PULVER: Creditors' Liquidation Claims Due by May 11


U K R A I N E

COMPLIMENT LLC: Creditors Must File Claims by May 14
DESTROERS LLC: Proofs of Claim Deadline Set May 14
EAST-TRADE LLC: Creditors Must File Claims by May 14
GROT POSEIDON: Creditors Must File Claims by May 14
LUGANSK CRANKSHAFTS: Creditors Must File Claims by May 14

MEDIA SET: Creditors Must File Claims by May 14
SK-HOLDING LLC: Proofs of Claim Deadline Set May 14
SOYUZ-PERSPECTIVE LLC: Proofs of Claim Deadline Set May 14
TLC-SERVICE LLC: Creditors Must File Claims by May 14
UKRPROTECTION LLC: Creditors Must File Claims by May 14


U N I T E D   K I N G D O M

BEACON BUILDING: Brings In Liquidators from Tenon Recovery
BEACON PLUMBING: Calls In Liquidators from Tenon Recovery
BRITISH AIRWAYS: Eyes Transatlantic Tie-Up With Two US Carriers
ELEPHANT LOANS LTD: Liquidator Reveals Redundancy of Staff
CLARIS LTD III: Moody's May Further Cut Ba1 Rating After Review

CLARIS LTD VII: Moody's May Further Cut B3 Rating After Review
CLARIS LTD X: Moody's May Further Cut Junk Rating After Review
DEUTSCHE BANK: Moody's Cuts Ratings on 11 Credit Default Swaps
GLOBAL TRADER: Creditors Names Grant Thornton as Administrator
KMC INT'L: Managing Director Confirms Administration Proceedings

METRONET RAIL: Inks GBP10.4 Mln Re-Signaling Deal with Thales
NON - WOVEN LTD: Colin Nicholls Leads Liquidation Procedure
SCOTTISH MUTUAL: S&P Cuts Junior Subordinated Debt Rating to BB+
SCOTTISH RE: S&P Says Ratings Remaon on Negative CreditWatch
STUDIO AMBIENCE: Claims Filing Period Ends May 27

TELCOGAMES: Cash Flow Problems Prompt Administration Proceeding

* ICAEW Focuses on Trust in Insolvency Profession

* BOOK REVIEW: Dangerous Pursuits - Mergers and Acquisitions in
               the Age of Wall Street


                            *********


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


AZEGO TECHNOLOGY: Claims Registration Period Ends May 27
--------------------------------------------------------
Creditors owed money by LLC Azego Technology Services (AT) (FN
258779h) have until May 27, 2008, to file written proofs of
claim to court-appointed estate administrator Georg Freimueller
at:

          Dr. Georg Freimueller  
          Alser Strasse 21
          1080 Vienna
          Austria
          Tel: 406 05 51
          Fax: 406 96 01
          E-mail: kanzlei@jus.at    

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 17, 2008 (Bankr. Case No. 6 S 37/08w).  


ILSE UND HERMANN: Claims Registration Period Ends May 28
--------------------------------------------------------
Creditors owed money by LLC Ilse und Hermann Scharinger (FN
121329a) have until May 28, 2008, to file written proofs of
claim to court-appointed estate administrator Robert Schertler
at:

          Dr. Robert Schertler
          Salzburgerstr. 4
          5280 Braunau am Inn
          Austria
          Tel: 07722 / 81188
          Fax: 07722 / 81188-20
          E-mail: kanzlei-paischer-schertler@utanet.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Ried im Innkreis
          Hall 101
          First Floor
          Ried im Innkreis
          Austria

Headquartered in Ostermiething, Austria, the Debtor declared
bankruptcy on April 17, 2008 (Bankr. Case No. 17 S 18/08s).  


KARIN GROEGER: Claims Registration Period Ends June 10
------------------------------------------------------
Creditors owed money by KEG Karin Groeger (FN 263626k) have
until June 10, 2008, to file written proofs of claim to court-
appointed estate administrator Katharina Widhalm-Budak at:

          Dr. Katharina Widhalm-Budak
          c/o Dr. Andrea Simma
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 10 37
          Fax: 513 10 37 22
          E-mail: widhalm-budak@anwaltsteam.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 17, 2008 (Bankr. Case No. 4 S 52/08m).  Andrea Simma
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


LIDZO BAU: Claims Registration Period Ends June 2
-------------------------------------------------
Creditors owed money by LLC LIDZO Bau (FN 273759m) have until
June 2, 2008, to file written proofs of claim to court-appointed
estate administrator Karl Schirl at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on June 16, 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 17, 2008 (Bankr. Case No. 3 S 40/08i).  Markus
Siebinger represents Dr. Schirl in the bankruptcy proceedings.


PICOMED MEDIZINTECHNIK: Claims Registration Period Ends May 3
-------------------------------------------------------------
Creditors owed money by LLC PICOMED Medizintechnik (FN 284412d )
have until May 3, 2008, to file written proofs of claim to
court-appointed estate administrator Gerhard Mueller at:

          Dr. Gerhard Mueller
          Maria-Theresien-Strasse 8
          6890 Lustenau
          Austria
          Tel: 05577/88644
          Fax: 05577/88644-3
          E-mail: kanzlei@grabher-mueller.jet2web.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Feldkirch
          Room 45
          First Floor
          Feldkirch
          Austria

Headquartered in Lustenau, Austria, the Debtor declared
bankruptcy on April 18, 2008 (Bankr. Case No. 14 S 12/08i).  


SLIWON HANDEL: Claims Registration Period Ends May 27
-----------------------------------------------------
Creditors owed money by LLC Sliwon Handel (FN 294311k) have
until May 27, 2008, to file written proofs of claim to court-
appointed estate administrator Werner Stanek at:

          Dr. Werner Stanek
          Wollzeile 33/20
          1010 Vienna
          Austria
          Tel: 512 29 02
          Fax: 512 29 02 30
          E-mail: werner-stanek@chello.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on June 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 17, 2008 (Bankr. Case No. 6 S 56/08i).  


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


ALCATEL-LUCENT SA: Posts EUR181 Million Loss for 1st Qtr 2008
-------------------------------------------------------------
Alcatel-Lucent S.A. posted EUR181 million in net losses on
EUR3.86 billion in net revenues for the first quarter ended
March 31, 2008, compared with EUR8 million in net losses on
EUR3.88 billion in net revenues for the same period in 2007.

The company posted EUR95 million in adjusted net losses for
first quarter 2008, compared with EUR199 million in adjusted net
profit for the same period in 2007.

"Considering the impact of the Euro/USD adverse shift, our
revenue performance was in line with our expectations, with a
year-over-year growth of 6.3%and a sequential decline in the mid
point of our typical seasonal pattern of –20% to –25%," Patricia
Russo, CEO, said. "

"We achieved significant progress in our adjusted gross margin,
up 3.8 points quarter-over-quarter to 36.2%, in spite of
significantly lower volumes," Ms. Russo continued.  "This is
attributable in part to one-time gains and a favorable mix, but
also reflects an improved ability to retain the benefits of our
product costs reduction programs.  Additionally, we reduced our
operating expenses by 12% year-over-year, excluding the one time
capital gain."

                        2008 Forecast

With approximately half of its revenue in US dollar or dollar-
linked currencies, Alcatel-Lucent expects its full year 2008
revenue, expressed in current rate, to be down in the low to
mid-single digit range.

This is due primarily to the significant deterioration in the
Euro/US$ exchange rate and, to a much lesser extent, the
potential for lower capital spending by a few customers.

Against this backdrop, Alcatel-Lucent will continue to execute
against its three-year plan, with an aim to improve gross
margin, reduce operating expenses and turn around
underperforming businesses.

    * for full year 2008, the company believes it can achieve an
      adjusted gross margin in the mid thirties and confirms its
      target to achieve a low to mid single-digit adjusted
      operating margin in percentage of revenues; and

    * for the second quarter 2008, Alcatel-Lucent expects
      revenues to increase in the mid single-digit range
      sequentially.

                 Balance Sheet and Pension Status

The net debt position was EUR30 million as of March 31, 2008,
compared with net cash position of EUR271 million as of
Dec. 31, 2007.

It should be noted that the amount of accounts receivable sold
during the quarter was reduced by Euro 217 million sequentially.

The funded status of pensions and other post retirement benefits
(OPEB) amounted to EUR2.609 billion as of March 31, 2008, down
from EUR2.806 billion as of Dec. 31, 2007.

As of March 31, 2008, the global asset allocation of the group’s
funds was 20% in equity securities, 60% in bonds and 20%in
alternatives (i.e., real estate, private equity and hedge
funds), unchanged from year-end 2007.

                       About Alcatel-Lucent

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

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

                          *     *     *

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

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


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


DUERR AG: Earns EUR4.4 Million for First Quarter Ended March 31
---------------------------------------------------------------
The Duerr Group AG posted EUR4.5 million in net profit on
EUR356.2 million in net revenues for the first quarter ended
March 31, 2008, compared with EUR2.1 million in net losses on
EUR304.1 billion in net revenues for the same period in 2007.

"We have taken a first important step towards raising the EBIT
margin to 5% in 2008 as announced," CEO Ralf Dieter said.  
"Duerr aims to increase sales revenues by up to 10%."

Net financial debt was reduced to EUR57.2 million from
EUR60.7 million.  Orders on hand were up 20% to EUR1.2 billion.

The Group’s gross margin rose by 0.4 percentage points to 17.0%.
Besides higher capacity utilization, this also reflects the
continuous improvement of internal processes. At 3.5%, the
increase in administrative and selling expenses was held well
below the growth in sales revenues.

                   Positive Outlook Unchanged

For 2008, Duerr expects incoming orders on a level with last
year provided the general economic conditions and currency
situation do not take a decisive turn for the worse. Sales
revenues will probably increase by up to 10%.

Duerr forecasts a further strong improvement in earnings, to
which a higher gross margin and the earnings improvement
targeted in final assembly conveyor systems are expected to
contribute.  As a result of the tax reform the effective tax
rate should not be more than 30% (2007: 39%) which will
additionally boost earnings. Duerr aims to hold cash flow at
least at the 2007 level.  The company therefore expects further
improvements in net financial debt and liquidity.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As reported in the TCR-Europe on March 3, 2008, Standard &
Poor's Ratings Services revised its outlook to positive from
stable on Duerr AG.  S&P also affirmed its 'B' long-term
corporate credit rating on the group.

Duerr AG also carries B2 Corporate Family, B2 Probability of
Default and Caa1 Senior Subordinate ratings from Moody's
Investor Service.  Moody's said the outlook is stable.


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

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Wolfgang Weidemann
         Wendenstrasse 4
         20097 Hamburg
         Germany

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

The Debtor can be reached at:

         Hanse-Massivbau GmbH
         Schillerstr. 15
         17109 Demmin
         Germany


HEIDE-FLOWER GMBH: Claims Registration Ends May 23
--------------------------------------------------
Creditors of Heide-Flower GmbH have until May 23, 2008 to
register their claims with court-appointed insolvency manager
Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 Uelzen
         Hall 1
         Main Building
         Fritz-Roever-Str 5
         29525 Uelzen
         Germany

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

The insolvency manager can be reached at:

         Henning Samisch
         Muehlenkamp 59
         22303 Hamburg
         Tel: 040/650390
         Fax: 040/65039199

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

The Debtor can be reached at:

         Heide-Flower GmbH
         Wulhop 3 A
         29525 Uelzen
         Germany

         Attn: Michael Ohlde, Manager
         Meyerstrasse 5
         29556 Suderburg
         Germany


HEIZUNGSMARKT -VOM VENTIL: Claims Registration Ends May 23
----------------------------------------------------------
Creditors of Heizungsmarkt -vom Ventil bis zur kompletten
Anlage- GmbH have until May 23, 2008 to register their claims
with court-appointed insolvency manager Wilhelm Salim Khan
Durani.

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

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Deliusstr. 22
         Kiel
         Germany

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

The insolvency manager can be reached at:

         Wilhelm Salim Khan Durani
         Sell Speicher/Wall 55
         24103 Kiel
         Germany
         Tel: 0431/600 530
         Fax: 0431/6005360

The District Court of Kiel opened bankruptcy proceedings against
Heizungsmarkt -vom Ventil bis zur kompletten Anlage- GmbH on
April 9, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Heizungsmarkt -vom Ventil bis zur kompletten
         Anlage- GmbH
         Attn: Tim Rehder, Manager
         Diedrichstr. 31
         24143 Kiel
         Germany


JANKE GMBH: Claims Registration Ends May 23
-------------------------------------------
Creditors of Janke GmbH have until May 23, 2008 to register
their claims with court-appointed insolvency manager Dr. Thomas
Dithmar.

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

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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. Thomas Dithmar
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Janke GmbH on March 20, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Janke GmbH
         Attn: Anton Gericks, Manager
         Lange Strasse 62
         99610 Soemmerda
         Germany


KOETHE - HOLZMARKT: Claims Registration Period Ends May 20
----------------------------------------------------------
Creditors of KOETHE - Holzmarkt GmbH have until May 20, 2008, to
register their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Erfurt
          Hall 12
          Judicial Center
          Rudolfstr. 46
          99092 Erfurt
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Rolf Rombach
          Magdeburger Allee 159
          99086 Erfurt
          Germany

The District Court of Erfurt opened bankruptcy proceedings
against KOETHE - Holzmarkt GmbH on April 17, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          KOETHE - Holzmarkt GmbH
          Bergstrasse 10
          99192 Neudietendorf
          Germany


METALLBAU EISENACH: Claims Registration Ends May 23
---------------------------------------------------
Creditors of Metallbau Eisenach GmbH have until May 23, 2008 to
register their claims with court-appointed insolvency manager
Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting at 12:20 p.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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         98617 Meiningen
         Germany

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

The insolvency manager can be reached at:

         Andreas Schafft
         Willy-Brandt-Platz 1
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Metallbau Eisenach GmbH on March 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Metallbau Eisenach GmbH
         Eichrodter Weg 150
         99817 Eisenach
         Germany


PETER JORDAN: Claims Registration Ends May 23
---------------------------------------------
Creditors of Peter Jordan GmbH have until May 23, 2008 to
register their claims with court-appointed insolvency manager  
Dr. Thomas Lanio.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         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. Thomas Lanio
         Waldstrasse 45, D
         63065 Offenbach am Main
         Germany
         Tel: 069/8007490
         Fax: 069/80074990

The District Court of Offenbach am Main opened bankruptcy
proceedings against Peter Jordan GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Peter Jordan GmbH
         Heinrich-Krumm-Str. 5
         63073 Offenbach am Main
         Germany


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

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         PIN Mail GmbH
         An den Pappeln 2
         99100 Alach
         Germany


PIN MAIL 06: Claims Registration Period Ends May 22
---------------------------------------------------
Creditors of PIN Mail 06 GmbH have until May 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against PIN Mail 06 GmbH on April 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          PIN Mail 06 GmbH
          Alt-Moabit 91
          10559 Berlin
          Germany


PRONTO MODA: Claims Registration Period Ends May 20
---------------------------------------------------
Creditors of Pronto Moda GmbH & Co. Bekleidungs KG have until   
May 20, 2008, to register their claims with court-appointed
insolvency manager Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 1, 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 Darmstadt
          Hall 4.311
          Fourth Floor
          Building D
          Mathildenplatz 15
          64283 Darmstadt
          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:

          Ulrich Bert
          Birkenweg 24
          64295 Darmstadt
          Germany
          Tel: 06151/66 72 9-0
          Fax: 06151/66 72 9-20
          E-mail: darmstadt@ltb-anwaelte.de

The District Court of Darmstadt opened bankruptcy proceedings
against Pronto Moda GmbH & Co. Bekleidungs KG on April 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Pronto Moda GmbH & Co. Bekleidungs KG
          Lebrechtstrasse 43
          64846 Gross-Zimmern
          Germany


RAD GESELLSCHAFT: Claims Registration Period Ends May 20
--------------------------------------------------------
Creditors of RAD Gesellschaft fuer Recycling, Abriss und
Dienstleistungen mbH have until May 20, 2008, to register their
claims with court-appointed insolvency manager Arne Brumm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Magdeburg
          Hall 14
          Justizzentrum Magdeburg
          Breiter Weg 203-206
          39104 Magdeburg
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Arne Brumm
          Koenigstrasse 17
          39116 Magdeburg
          Germany
          Tel: 0391/ 5971240
          Fax: 0391/ 5971241

The District Court of Magdeburg opened bankruptcy proceedings
against RAD Gesellschaft fuer Recycling, Abriss und
Dienstleistungen mbH on April 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          RAD Gesellschaft fuer Recycling, Abriss und
          Dienstleistungen mbH
          Gewerbegebiet Neustassfurt
          39418 Stassfurt
          Germany


SCHWABAU BAUUNTERNEHMUNG: Claims Registration Period Ends May 20
----------------------------------------------------------------
Creditors of SCHWABAU Bauunternehmung GmbH have until May 20,
2008, to register their claims with court-appointed insolvency
manager Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hof
          Meeting Hall 012
          Ground Floor
          Berliner Platz 1
          95030 Hof
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Joachim Exner
          Ludwigstr. 50
          95028 Hof
          Germany
          Tel: 09281/8331080
          Fax: 09281/8331089

The District Court of Hof opened bankruptcy proceedings against
SCHWABAU Bauunternehmung GmbH on April 23, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          SCHWABAU Bauunternehmung GmbH
          Schafereiweg 3
          95126 Schwarzenbach/Saale
          Germany


TALISMAN-1 FINANCE: Fitch Upgrades Ratings on Five Tranches
-----------------------------------------------------------
Fitch Ratings upgraded five tranches of Talisman-1 Finance Plc's
commercial mortgage-backed notes due 2012, and affirmed the rest
as:

    -- EUR64.7m Class A (XS0220377906) affirmed at 'AAA';
       Outlook Stable

    -- EUR0.05m Class X (XS0220378201) affirmed at 'AAA';
       Outlook Stable

    -- EUR28.6m Class B (XS0220378896) upgraded to 'AAA' from
       'AA'; Outlook remains Stable

    -- EUR28.6m Class C (XS0220379274) upgraded to 'AA' from
       'A'; Outlook remains Stable

    -- EUR27.5m Class D (XS0220379514) upgraded to 'BBB+' from
       'BBB'; Outlook remains Stable

    -- EUR3.1m Class E (XS0220379787) upgraded to 'BBB' from
       'BBB-' (BBB minus); Outlook remains Stable

    -- EUR5.3m Class F (XS0220380017) upgraded to 'BB+' from
       'BB'; Outlook remains Stable

    -- EUR7m Class G (XS0220380363) affirmed at 'BB'; Outlook
       Stable

The rating actions follow a satisfactory review of this
transaction.  The upgrades are predominantly attributed to the
full prepayment of the EUR216.5m VVG loan in April 2008.  This
loan comprised 37% of the remaining transaction, and was not
performing to expectations.  The prepayment of this loan has
improved both the weighted average interest coverage ratio (WA
ICR) and debt service coverage ratio (WA DSCR) of the remaining
pool, as well as significantly increasing credit enhancement and
lowering advance rates (e.g. 64.18% advance rate on the class G,
down from 72.68% at closing).

The two remaining loans have a combined principal balance of
EUR164.9m, secured on four properties (original number of
properties within the transaction was 113) worth EUR256.9m,
resulting in a WA loan-to-value (LTV) of 64.2%.  By value, there
are now 96% retail properties and 4% multi-family, compared to
23.4% and 64.3%, respectively at closing.  The latest prepayment
has left properties only in Berlin, Hamburg and Nordrhein-
Westfalen.

With regards to the Alpha loan, which represents 12.14% of the
remaining balance, as of April 2008 the ICR remained unchanged
from January 2008 at 1.89x and the DSCR improved to 1.33x from
1.24x, well above the covenants of 1.25x and 1.00x respectively.  
The LTV improved to 74.51% from 78.29% at closing. The vacancy
rate is 13%, an increase from 7.2% in January 2008, the result
of a number of lease terminations in Munster.

The Prime loan, representing 87.86% of the remaining pool, has a
vacancy rate of 2.6% for its two properties in Hamburg and
Cologne.  The ICR increased in the last quarter to 1.69x from
1.62x in January 2008, primarily due to an increase in step-up
rent: the Hamburg property had a rental uplift of EUR46,190 and
Cologne EUR29,875. The securitised LTV has remained at 62.6%
since closing.

The majority of the leases expire in 2010, while 38% expire
after 2012.  No tenant accounts for more than 6% of the total
rent.  The exit debt yield for the Alpha loan is 10.13% by net
operating income and 9.83% for the Prime loan.


TSAR 15 CDO: Fitch Junks Ratings on Series 223-227 Note Classes
----------------------------------------------------------------
Fitch Ratings downgraded all classes of Tsar 15 CDO Eirles Two
Ltd. Series 223-227 and removed them from Rating Watch Negative.

      -- EUR27.5m Series 223 C-1 (XS0237935399) downgraded to
         'CC' from 'BB+', removed from Rating Watch Negative

      -- EUR42.75m Series 224 C-2 (XS0238519382) downgraded to
         'CC' from 'BB-' (BB minus), removed from Rating Watch
         Negative

      -- EUR26.125m Series 225 D-1 (XS0238519549) downgraded to
         'CC' from 'B', removed from Rating Watch Negative

      -- EUR26.125m Series 226 D-2 (XS0238518574) downgraded to
         'CC' from 'CCC', removed from Rating Watch Negative

      -- EUR25.5m Series 227 E (XS0238519036) downgraded to 'C'
         from 'CC', removed from Rating Watch Negative

Tsar 15 is a synthetic collateralised debt obligation (CDO)
referencing a USD3.27bn portfolio of mainly U.S. structured
finance assets.  At close, proceeds from the issuance of the
EUR148m Eirles Series 223-227 notes were used to collateralise
five credit default swaps (CDS) between the issuer and Deutsche
Bank AG (Deutsche, rated 'AA-'(AA minus)/Outlook Stable/'F1+'),
the CDS counterparty.  The reference portfolio is selected and
actively monitored by Winchester Capital, a subsidiary of
Deutsche Bank AG.

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in Tsar 15's
portfolio.  The negative credit migration is primarily
attributable to the rapid credit deterioration in subprime
residential mortgage-backed securities (RMBS) from the 2004,
2005, and 2006 vintages as well as exposure to US structured
finance CDOs.

The portfolio comprises U.S. subprime RMBS (21.4%), Alternative
A (Alt-A) mortgage loans (10.3%), and U.S. diversified
structured finance CDOs (25%).  Subprime RMBS of the 2005, 2006,
and 2007 vintages account for approximately 17.1%, 1.9%, and 0%
of the portfolio, respectively.  At the time of the rating
action in November 2007, only 0.5% of the portfolio was rated
'CCC+' or below and only 2.6% of the portfolio was rated 'BB+'
or below.  As per the latest trustee report dated April 2008,
7.2% of the portfolio was rated 'CCC+' or below and 17.5% of the
portfolio was rated 'BB+' or below.  This compares to credit
enhancement levels of 6.07%, 4.51%, 3.56%, 2.61%, 1.61% for
series 223, 224, 225, 226 and 227, respectively.


Q29 NETWORK: Claims Registration Period Ends May 22
---------------------------------------------------
Creditors of Q29 Network GmbH have until May 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 3:40 p.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koenigstein/Ts.
         Hall 106 A
         Burgweg 9
         61462 Koenigstein/Ts.
         Germany

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

The insolvency manager can be reached at:

         Dr. Georg Bernsau
         Zeilweg 42D
         60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069-963761-145

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against Q29 Network GmbH on April 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Q29 Network GmbH
         Zum Quellenpark 29
         65812 Bad Soden
         Germany


THIELERT AIRCRAFT: Parent Names Marcel Kleiss as Chief Executive
----------------------------------------------------------------
Thielert AG, parent firm of Thielert Aircraft Engines GmbH, has
appointed Marcel Kleiss as chief executive officer, Joseph
Mapother writes for Bloomberg News.

According to Bloomberg News, Mr. Kleiss, who leads Thielert
Aircraft's executive board, filed for the opening of insolvency
at the District Court of Chemnitz due to immediate illiquidity.

Thielert AG also canceled its annual general shareholders'
meeting and deferred the publication of its annual report.

Headquartered in Lichtenstein, 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.


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


CLOVERIE PLC BRERA: Fitch Junks Ratings on Two Note Classes
-----------------------------------------------------------
Fitch Ratings downgraded Cloverie Plc's Brera collateralised
debt obligation I Series 64 Class A and Series 65 Class B
secured floating-rate portfolio credit-linked notes due in
December 2030 as:

    -- US$37,500,000 Series 64 Class A (ISIN: XS0206862277):
       downgraded to 'CC' from 'BB'. Class A notes are removed
       from Rating Watch Negative.

    -- USD50,000,000 Series 65 Class B (ISIN: XS0206861899):
       downgraded to 'C' from 'CC'.

Cloverie Plc is a special purpose vehicle incorporated under the
laws of Ireland.  This transaction is a partially funded
synthetic CDO referencing a substitutable portfolio of asset-
backed securities obligations with a maximum notional amount of
USD1.25bn.  At close, proceeds from the issuance of the notes
were used to collateralise mezzanine credit default swaps (CDS)
between the issuer and Citigroup Global Markets Limited, the CDS
counterparty (guaranteed by Citigroup Global Markets Holdings
Inc., rated 'AA-' (AA minus)/'F1+'/Outlook Negative).

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in Cloverie
Brera's reference portfolio.  The negative credit migration is
primarily attributable to the rapid credit deterioration in
subprime residential mortgage-backed securities (RMBS) from the
2005 and 2006 vintages as well as exposure to US structured
finance CDOs.

The portfolio comprises U.S. subprime RMBS (14%), Alternative A
(Alt-A) mortgage loans (11%), and U.S. diversified structured
finance CDOs (12%).  Subprime RMBS of the 2005 and 2006 vintages
account for approximately 2% and 4% of the portfolio,
respectively.

Since Fitch's rating action in November 2007, non-IG assets in
the portfolio have increased to 20% from 6% of the portfolio.  
Of these, assets rated at 'CCC+' or below have increased to 8.1%
from 1.1% of the portfolio.  This compares to credit enhancement
levels of 8.2% for Series 64 Class A and 3.5% for Series 65
Class B. Further, approximately 10% of the reference portfolio
is currently on Rating Watch Negative.


CLOVERIE PLC-GHIBLI: Fitch Cuts Ratings on Two Note Classes
-----------------------------------------------------------
Fitch Ratings downgraded Cloverie Plc-Ghibli CDO 1's floating-
rate portfolio credit-linked notes due April 2030 as:

    -- EUR50m Series 2004-26 Class A (ISIN XS0191537389):
       downgraded to 'BB' from 'AA'.  Class A notes remain on
       Rating Watch Negative.

    -- EUR50m Series 2004-27 Class B (ISIN XS0191536738):
       downgraded to 'CC' from 'BB'.  Class B notes are removed
       from RWN.

Cloverie Plc is a special purpose vehicle incorporated under the
laws of Ireland.  This transaction is a partially funded
synthetic collateralised debt obligation referencing a
substitutable portfolio of asset-backed securities obligations
with a maximum notional amount of EUR1.25bn.  At close, proceeds
from the issuance of the notes were used to collateralise
mezzanine credit default swaps between the issuer and Citigroup
Global Markets Limited, the CDS counterparty (guaranteed by
Citigroup Global Markets Holdings Inc., rated 'AA-' (AA
minus)/'F1+'/Outlook Negative).

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in Cloverie
Ghibli's reference portfolio.  The negative credit migration is
primarily attributable to the rapid credit deterioration in
subprime residential mortgage-backed securities (RMBS) from the
2005 and 2006 vintages as well as exposure to US structured
finance CDOs.

The portfolio comprises U.S. subprime RMBS (19%), Alternative A
(Alt-A) mortgage loans (12%), and U.S. diversified structured
finance CDOs (12%).  Subprime RMBS of the 2005 and 2006 vintages
account for approximately 1% and 7% of the portfolio,
respectively.

Since Fitch's rating action in November 2007, non-IG assets in
the portfolio have increased to 14% from 7% of the portfolio. Of
these, assets rated at 'CCC+' or below have increased to 7.2%
from 1.8% of the portfolio.  This compares to credit enhancement
levels of 12.6% for Series 2004-26 Class A and 5.4% for Series
2004-27 Class B.

The RWN status for the Series 2004-26 Class A notes reflects the
continued credit deterioration in subprime RMBS and growing
concerns with the performance of Alt-A mortgage loans.  Further,
approximately 10% of the reference portfolio is currently on
RWN.  The RWN on the notes will be resolved once the RWN status
of the 10 reference entities in the portfolio is resolved.


COLTRANE CLO: Loans Portfolio Sold at April 29 Auction
------------------------------------------------------
The auction of the Coltrane CLO Plc portfolio of leveraged loans
took place on April 29, 2008.  It is the first time that an
auction of a CLO in receivership has taken place.  

Richard Heis and Ray Jackson of KPMG were appointed joint
receivers of the Dublin, Ireland based company on Feb. 27, 2008.  
The company had gone into receivership when the values of its
assets had fallen which led to the triggering of default
clauses.

The entire portfolio of assets with a face value of EUR394.6
million, was sold to nine separate investmentbanks and their
clients, at an average price of EUR0.867.  The auction was
conducted by Cairn Capitalon behalf of the joint receivers and
invitees were able to bid for the whole or part of the
portfolio.

"This was a complex auction, with a number ofspecial features in
order to encourage competitive bids on all assets." Joint
receiver and KPMG partner, Richard Heis said.  "We are very
pleased with the outcome and the fact that every asset attracted
a bid and also that the vast majority of assets attracted
more than one bid."

Lenders who submitted a winning bid on the category B assets
earned themselves the "last look" at category A assets, this
linking mechanism helped to ensure that demand was maintained
for the lesser-known assets.  The funds raised from the auction
will provide the return to the existing loan note holders,
according to their respective tranches.

"We are delighted that the auction process worked so well. It
attracted a high level of interest in all assets, even some of
the less well known or challenged names," Andrew Burke of Cairn
Capital commented.  "The success of the asset realisation
process for Coltrane demonstrates that receivership is a
credible alternative to restructuring in some situations."

Coltrane was set up as a market-value CLO with a face value of
EUR498 million, consisting of notes sold to a number of
institutional investors.


EIRLES FOUR: Moody's May Further Cut Junk Ratings After Review
--------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade six classes of notes issued by Eirles Four
Limited, three classes of notes issued by Eirles Two Limited and
eleven credit default swaps entered into by Deutsche Bank AG
referencing the TSAR_05 transaction.  These credit-linked notes
issued by the Eirles program are repacks of various credit
default swaps transacted by Deutsche Bank AG, London Branch.

This CDO transaction contains subprime RMBS bonds and ABS CDOs,
particularly of the 2004, 2005 and 2006 vintages. All of these
notes and credit default swaps reference the same TSAR 05
portfolio.

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 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:

Deutsche Bank AG, London Branch - TSAR_05:

   (1) The US$63,000,000 Class C Swap

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

   (2) The US$63,000,000 Class D Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$42,000,000 Class E Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$21,000,000 Class F Swap

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

Deutsche Bank AG, London Branch - Tsar_05 Credit Default Swap:

   (1) The US$63,000,000 Class D(2) Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (2) The US$63,000,000 Class D(3) Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$42,000,000 Class E(2) Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$21,000,000 Class F(2) Swap

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

Deutsche Bank AG, London Branch - TSAR_05 Swaps 2005 (Class B to
E):

   (1) The US$7,160,000 TSAR_05 (DB) Class C Portfolio Credit
       Default Swap

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

   (2) The US$7,160,000 TSAR_05 (DB) Class D Portfolio Credit
       Default Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$4,770,000 TSAR_05 (DB) Class E Portfolio Credit
       Default Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

Eirles Four Limited:

   (1) The US$126,000,000 Series 9 Floating Rate Secured Notes

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aa3

   (2) The US$15,000,000 Series 11 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (3) The US$5,000,000 Series 15 Floating and Variable Rate  
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$5,000,000 Series 16 Floating and Variable Rate
       Secured Notes

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

   (5) The US$5,000,000 Series 54 Floating and Variable Rate
       Secured Notes

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

   (6) The EUR 10,000,000 Series 82 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

Eirles Two Limited:

   (1) The JPY1000,000,000 Series 81 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (2) The JPY500,000,000 Series 82 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (3) The US$15,000,000 Series 85 Floating and Variable Rate
       Secured Notes

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


EIRLES TWO: Moody's May Further Cut Junk Ratings After Review
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade six classes of notes issued by Eirles Four
Limited, three classes of notes issued by Eirles Two Limited and
eleven credit default swaps entered into by Deutsche Bank AG
referencing the TSAR_05 transaction.  These credit-linked notes
issued by the Eirles program are repacks of various credit
default swaps transacted by Deutsche Bank AG, London Branch.

This CDO transaction contains subprime RMBS bonds and ABS CDOs,
particularly of the 2004, 2005 and 2006 vintages. All of these
notes and credit default swaps reference the same TSAR 05
portfolio.

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 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:

Deutsche Bank AG, London Branch - TSAR_05:

   (1) The US$63,000,000 Class C Swap

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

   (2) The US$63,000,000 Class D Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$42,000,000 Class E Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$21,000,000 Class F Swap

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

Deutsche Bank AG, London Branch - Tsar_05 Credit Default Swap:

   (1) The US$63,000,000 Class D(2) Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (2) The US$63,000,000 Class D(3) Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$42,000,000 Class E(2) Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$21,000,000 Class F(2) Swap

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

Deutsche Bank AG, London Branch - TSAR_05 Swaps 2005 (Class B to
E):

   (1) The US$7,160,000 TSAR_05 (DB) Class C Portfolio Credit
       Default Swap

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

   (2) The US$7,160,000 TSAR_05 (DB) Class D Portfolio Credit
       Default Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$4,770,000 TSAR_05 (DB) Class E Portfolio Credit
       Default Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

Eirles Four Limited:

   (1) The US$126,000,000 Series 9 Floating Rate Secured Notes

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aa3

   (2) The US$15,000,000 Series 11 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (3) The US$5,000,000 Series 15 Floating and Variable Rate  
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$5,000,000 Series 16 Floating and Variable Rate
       Secured Notes

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

   (5) The US$5,000,000 Series 54 Floating and Variable Rate
       Secured Notes

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

   (6) The EUR 10,000,000 Series 82 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

Eirles Two Limited:

   (1) The JPY1000,000,000 Series 81 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (2) The JPY500,000,000 Series 82 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (3) The US$15,000,000 Series 85 Floating and Variable Rate
       Secured Notes

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


MAGNOLIA FINANCE: Fitch Cuts Rating on US$14.875MM Notes to 'CC'
----------------------------------------------------------------
Fitch Ratings downgraded Magnolia Finance V Plc's US$14.875m
Series 2006-4 leveraged super senior credit-linked notes due
2048 to 'CC' from 'CCC'.  The notes have been removed from
Rating Watch Negative.

Magnolia Finance is a special purpose vehicle incorporated under
the laws of Ireland.  The vehicle has entered into a leveraged
super senior transaction with Credit Suisse International and
invested the note issuance proceeds in highly rated securities.

The reference portfolio consists of structured finance
collateralised debt obligations.  If the weighted average credit
rating of the reference obligations breach pre-specified trigger
levels within a specified period, investors have the option to
unwind the trade or de-leverage their position by posting
further principal.

The downgrade reflects the increased probability of default of
US structured finance CDOs within Magnolia Finance's portfolio
due to worsening mortgage performance.  Of the portfolio, 13.6%
- all SF CDOs - is currently on RWN by Fitch or one or two other
Nationally Recognised Statistical Rating Organisations (NRSRO).

Currently, the weighted average rating factor of 12.54
(equivalent to 'BB+'/'BB') is still below the trigger of 13.85
(equivalent to 'BB'/'BB-').  In the calculation provided by the
transaction's documentation, the ratings for the SF CDOs on RWN
are notched one level down from their current ratings.  However,
Fitch believes that when the RWNs of SF CDOs are resolved, the
ratings are likely to be downgraded by more than one notch.  
Fitch therefore subjected the eight SF CDOs currently on RWN to
different downgrade stresses to judge the impact on the WARF.  
In the agency's opinion, downgrades by more than one notch in
the assets that are on RWN to the lowest rating of all three
NRSROs would cause the trigger to breach.

The ratings address the payment of interest and principal
according to the documentation terms, by the scheduled maturity
date, as well as the risk of mark-to-market losses due to an
early termination following an unwind trigger event.  Under the
documentation, the interest payment (including the LIBOR
component) may be reduced under certain circumstances, such as a
downgrade to 'AA' or below of the charged asset.


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


THERMADYNE HOLDINGS: To Hold Annual Meeting on Tuesday
------------------------------------------------------
Thermadyne Holdings Corp. will hold its Annual Meeting of
Stockholders at 10 a.m., Central Daylight Savings Time, on
Tuesday, May 6, 2008, Chairman and Chief Executive Officer Paul
D. Melnuk disclosed in a regulatory filing.

The meeting will be held at the company's corporate headquarters
at 16052 Swingley Ridge Road, Suite 300 in St. Louis, Missouri.

At the meeting, the stockholders will be asked to:

      (1) elect a board of directors;

      (2) approve the Amended and Restated 2004 Stock Incentive
          Plan;

      (3) ratify the appointment of KPMG LLP as our independent
          registered public accountants for the year ending
          Dec. 31, 2008; and

      (4) transact any other business properly presented at the
          meeting.

Mark A. McColl, Interim General Counsel and Corporate Secretary,
added that only stockholders of record at the close of business
on March 10, 2008, will be allowed to vote at the meeting.


                        About Thermadyne

Headquartered in St. Louis, Missouri, Thermadyne Holdings Corp.
(NASDAQ: THMD) -- http://www.Thermadyne.com/-- manufactures and  
markets metal cutting and welding products and accessories under
a variety of leading premium brand names including Victor(R),
Tweco(R) / Arcair(R), Thermal Dynamics(R), Thermal Arc(R),
Stoody(R), TurboTorch(R), Firepower(R) and Cigweld(R).  
Thermadyne has subsidiaries outside the United States which
inlucdes, among others, Australia, Philippines, Malaysia,
Indonesia, England, Italy, Japan, Mexico and Brazil.


THERMADYNE HOLDINGS: S&P Lifts Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Thermadyne Holdings Corp. to 'B-' from 'CCC+'.  At the
same time, S&P raised the ratings on the subordinated notes to
'CCC' from 'CCC-'.

"This action results from the improved performance at the
company and from adequate cash and availability on its credit
facility," said Standard & Poor's credit analyst John Sico.  
S&P's previous concerns regarding material weaknesses that had
caused delays in Thermadyne's financial reporting have moderated
as the company has taken steps to alleviate this issue.  The
company is current on its filings with the SEC.  The outlook is
positive.

The ratings on Thermadyne reflect the company's aggressive
financial profile, weak but improving cash flow protection, and
still somewhat limited financial flexibility.  Thermadyne's
business risk profile is weak because of its participation in
the large, fragmented, intensely competitive, and cyclical
global welding-equipment industry.  Thermadyne's current
operating and financial performance reflect improving cost
controls and inventory levels, and somewhat better product-
pricing.  The company has invested heavily in working capital to
fund seasonal business needs.  It has exposure to raw-material
prices -- namely for copper, brass, and steel -- which has hurt
its operating performance.  Thermadyne has been addressing these
issues and is working to alleviate concerns regarding the
effectiveness of internal control over financial reporting.

S&P could raise the ratings one notch in the near term if the
company continues to generate free cash flow to reduce debt.  
The ratings do not incorporate any acquisitions or share
repurchases.  Conversely, S&P could revise the outlook to
negative or lower the ratings if market conditions deteriorate
and Thermadyne's performance deteriorates.  As of Dec. 31, 2007,
Thermadyne still had a material weakness in its financial
disclosure controls and procedures.  However, the company is
making progress toward resolving this weakness.


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


LIKERO-VODOCHNY ZAVOD: Creditors' Meeting Slated for May 6
----------------------------------------------------------
Creditors of State JSC Bishkeksky Alcoholic Beverage Plant
Likero-Vodochny Zavod will convene at 10:00 a.m. on May 6, 2008
at:

         JSC Likero-Vodochny Zavod
         Sovetskaya Str. 220
         Bishkek
         Kyrgyzstan

The meeting will discuss:

   -- the temporary insolvency process and the course of
      court examination; and

   -- consideration and approval of the estimated cost of the
      temporary insolvency procedure.

The Inter-District Court of Bishkek for Economic Issues declared  
State JSC Bishkeksky Alcoholic Beverage Plant Likero-Vodochny
Zavod (Bankr. Case #AB-177/06 ED) on March 27, 2008.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Urmat Dushembaev has been appointed temporary insolvency manager
of the company.

Creditors must submit written proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

Inquiries can be addressed to (+996 312) 66-51-94, 66-52-64.


SAVITAR OJSC: Creditors' Meeting Slated for May 6
-------------------------------------------------
Creditors of OJSC Savitar will convene at 11:00 a.m. on
May 6, 2008 at:
         
         OJSC Savitar
         Kollektivnaya Str. 16
         Bishkek
         Kyrgyzstan

OJSC Savitar declared insolvency on April 14, 2008.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Beishenbek Tynaliev has been appointed temporary insolvency
manager of the company.

Creditors must submit written proofs of claim and be registered
registered within seven days before the meeting with the
temporary insolvency manager.

Proxies must have authorization to vote.

Inquiries can be addressed to (0-772) 66-15-05.


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


CHEMTURA CORP: Posts US$21 Mil. Net Loss in 2008 First Quarter
--------------------------------------------------------------
Chemtura Corporation reports a net loss of US$21 million, or
US$0.09 per share, for the first quarter of 2008 and net
earnings on a managed basis of US$23 million, or US$0.10 per
share.

“Our focus in the first quarter has been on execution.
Performance was in line with our expectations and we delivered
on cost reduction.  We did a better job in managing the
continuing inflation in raw material costs and we completed a
number of our portfolio realignment projects,” said Robert L.
Wood, chairman and CEO.

“We saw the benefit of the diversity in our portfolio this
quarter.  Our Crop Protection business delivered a very strong
quarter with operating income up 50% on 10% growth in sales
revenues.  This offset a flat year-on-year performance from our
Performance Specialties business due to the timing of the
recovery of raw material cost increases and higher manufacturing
costs.  Consumer Products was able to increase profitability
despite sales 8% lower than last year.  Operating profit for
Polymer Additives was slightly down from last year but up 20%
from the fourth quarter of 2007.

“With our cost reduction actions taking hold, SGA&R was US$15
million or 13% lower than in the first quarter of 2007 at 11% of
sales compared to 13% a year ago.  Gross profit margins at 20%,
down from 23% a year ago, reflect dramatic impact of raw
material increases over the last year.  While we have not yet
recovered the ground lost last year, our businesses did a great
job in recovering the raw material cost increases in the last
quarter.

“The first quarter saw a flurry of activity related to our
portfolio realignment.  We completed the divestiture of our
oleochemicals business, reducing our exposure to the volatility
in the cost of natural oils and fats, and closed the sale of our
fluorine business.  We acquired our partners’ interests in our
Baxenden urethanes chemicals joint venture and our antimony
joint venture.  Yesterday, we announced an agreement with
Baerlocher for the manufacture of certain heat stabilizer
products used in PVC applications.  The oleochemicals, antimony
and heat stabilizer actions all form part of our continuing
efforts to improve the positioning and performance of our
Polymer Additives business segment.  The Baxenden purchase will
permit us to integrate our global urethane chemicals activities
and leverage our opportunities for growth.

“The second quarter is historically our strongest quarter of the
year and a quarter in which we expect to demonstrate earnings
growth despite the uncertainties of the global economy.  Our
businesses remain focused on tightly managing the impacts of raw
material cost increases and improving manufacturing operations.”

        First Quarter 2008 Business Segment Highlights

Polymer Additives revenues decreased US$2 million compared with
the first quarter of 2007.  The divestiture of the oleochemicals
and organic peroxides businesses reduced revenues by US$9
million and US$5 million, respectively.  Additionally, sales
volume decreased by US$12 million, primarily related to reduced
sales of plastic antioxidants. These reductions were partially
offset by favorable foreign currency translation of US$12
million and higher selling prices of US$12 million.  Operating
profit on a managed basis declined 4% or US$1 million compared
with the first quarter of 2007, primarily due to the net impact
of raw material and energy cost increases, which were partially
offset by the benefit of higher selling prices and improved
product mix.  On a GAAP basis, operating profit declined 68% or
US$17 million and included the impact of US$14 million of
accelerated depreciation of property, plant and equipment and
US$2 million of accelerated recognition of asset retirement
obligations.

Performance Specialties revenues increased 21% or US$44 million
compared with the first quarter of 2007 but operating profit on
a managed basis was unchanged from the first quarter of 2007.  
The revenue increase was primarily due to the acquisition of
Kaufman of US$20 million, increased sales volumes of US$16
million, higher selling prices of US$4 million and favorable
foreign currency translation of US$4 million.  Operating profit
benefited from the Kaufman acquisition, higher selling prices
and improved product mix.  However, these benefits were offset
by increased raw material and energy costs, manufacturing and
freight cost variances and the impact of the stronger Canadian
dollar.  On a GAAP basis, operating profit decreased 4% or US$1
million and included a US$1 million impact from the accelerated
depreciation of property, plant and equipment.

Consumer Products revenues declined 8% or US$9 million compared
with the first quarter of 2007.  The decline in sales is due to
lower seasonal demand from the U.S. mass market channel for
recreational and household products, and lower international
demand than the first quarter of 2007.  These impacts were
partially offset by higher selling prices and the benefit of
favorable foreign exchange translation.  Operating profit rose
150% or US$3 million primarily due to the net benefit of
favorable manufacturing efficiencies.

Crop Protection revenues increased 10% or US$8 million compared
with the first quarter of 2007.  The increase in sales was
primarily from European markets.  Operating income rose 50% or
US$7 million in the first quarter as compared with the same
quarter of 2007 largely from improvements in product mix,
volume, reductions in selling, general and administrative, and
research and development expenses and favorable foreign currency
translation.

Corporate expense for the quarter was US$32 million, which
included US$10 million of amortization expense related to
intangibles and US$7 million relating to the correction of
accounting treatment for an assumed lease that was not
identified at the time of the merger.  Corporate expense in the
first quarter of 2007 was US$23 million, which included US$9
million of amortization expense related to intangibles.

   First Quarter 2008 Significant Transactions and Events

On Jan. 31, 2008, the company completed the sale of its fluorine
chemical business located at the Company's El Dorado, Arkansas
facility.  The fluorine chemical business had revenue of
approximately US$49 million in 2007.  The fluorine chemical
business is reported as a discontinued operation in the
accompanying consolidated financial statements.

On Feb. 29, 2008, the Company completed the sale of its
oleochemicals business. The oleochemicals business had revenue
of approximately US$175 million in 2007.  Proceeds from the
transaction were used to reduce debt.

On Feb. 29, 2008, Chemtura acquired the remaining stock of
Baxenden Chemicals Limited Plc.  Increasing our ownership to
100%.  Chemtura previously held 53.5% of Baxenden’s stock.

On March 12, 2008, the company purchased the remaining 50%
interest in GLCC Laurel, LLC.

On April 30, 2008, the company announced it had entered into an
agreement with Baerlocher for the manufacture of certain heat
stabilizers used in PVC.

As of March 31, 2008 the company employed 5,049 people compared
to 5,144 as of Dec. 31, 2007.  The reduction reflects the net
effect of the divestitures of the oleochemicals and fluorine
businesses and the benefit of restructuring actions offset by
the addition of 284 employees as a result of the acquisitions of
Baxenden and GLCC Laurel.

           First Quarter Results - GAAP

Revenue for the quarter was US$909 million, or 2% above first
quarter 2007 revenue of US$889 million.  The increase in revenue
was attributable to US$24 million from favorable foreign
exchange translation, US$19 million from higher selling prices
and US$20 million from the Kaufman acquisition.  The increase
was partially offset by US$36 million from the impact of the
divestitures of the oleochemicals business, organic peroxides
business and Celogen(R) foaming agents product line and US$7
million impact from product mix.

Gross profit decreased US$18 million compared with the same
period of 2007.  The decrease in gross profit resulted from
US$31 million in higher raw material and energy costs, US$7
million relating to the correction of accounting treatment for
an assumed lease that was not addressed at the time of the
merger and other cost increases of US$4 million, offset by US$19
million from higher selling prices, US$4 million contribution
from the Kaufman acquisition and US$1 million benefit from
favorable manufacturing efficiencies.

Operating profit decreased US$17 million in the first quarter of
2008 as compared with the same quarter last year.  The decrease
in operating profit resulted from a US$18 million decrease in
gross profit discussed above, US$23 million from the loss on
sale of the oleochemicals business and US$6 million increase in
depreciation and amortization primarily due to accelerated
depreciation of property, plant and equipment, offset by a US$15
million decrease in SGA&R, US$12 million decrease in antitrust
costs and a US$3 million decrease in facility closures,
severance and related costs.

Other income, net, of US$14 million for the quarter primarily
reflects non-recurring foreign exchange gains resulting from the
over-hedging of two inter-company loans.

The loss from continuing operations for the first quarter of
2008 was US$21 million, or US$0.09 per share, compared with a
loss of US$20 million, or US$0.08 per share, for the first
quarter of 2007.  The increase in the loss primarily reflects
the US$17 million decrease in operating profit discussed above,
partially offset by a US$12 million increase in other income,
net, US$3 million decrease in interest expense and US$1 million
decrease in income tax expense.

Earnings from discontinued operations were not material for the
first quarter of 2008 and reflect that the fluorine business was
sold on January 31, 2008 and only provided one month of
contribution in the quarter.  Earnings from discontinued
operations for the first quarter of 2007 were US$5 million (net
of US$2 million of tax) and reflecting the contribution from the
EPDM, fluorine and optical monomers businesses that have been
subsequently sold.

In the first quarter of 2007, the gain on sale of discontinued
operations of US$2 million (net of US$1 million of tax)
represents the final contingent earn-out proceeds related to the
sale of the OrganoSilicones business in 2003.

           First Quarter Managed Basis Results

On a managed basis, first quarter 2008 gross profit was US$186
million, or 20% of net sales, as compared with first quarter
2007 managed basis gross profit of US$205 million, or 23% of net
sales.

On a managed basis, first quarter 2008 operating profit was
US$41 million, or 5% of net sales, as compared with first
quarter 2007 managed basis operating profit of US$43 million, or
5% of net sales.

Earnings from continuing operations before income taxes on a
managed basis in 2008 and 2007 exclude pre-tax charges of US$47
million and US$32 million, respectively, primarily related to
accelerated depreciation of property, plant and equipment, loss
on sale of businesses, antitrust costs, facility closures,
severance and related costs and accelerated recognition of asset
retirement obligations.

Chemtura’s managed basis tax rate of 35% represents the expected
effective tax rate for the Company’s core operations.  The
company has chosen to apply this rate to pre-tax income on a
managed basis to better reflect underlying operating
performance.

Earnings from discontinued operations on a managed basis
principally reflect the contribution of the EPDM, optical
monomers and fluorine businesses of US$5 million for the quarter
ended March 31, 2007.

                      Cash Flows - GAAP

Net cash provided by operations in the first quarter of 2008 was
US$16 million as compared with net cash used in operations of
US$31 million in 2007.  The change is primarily due to an
increase in securitized receivables during the three months
ended March 31, 2008 as compared to the three months ended
March 31, 2007.

The company’s accounts receivable securitization programs
totaled US$337 million as of March 31, 2008, US$239 million as
of Dec. 31, 2007 and US$328 million as of March 31, 2007.

At March 31, 2008, the company’s inventory balance of US$707
million was increased by the foreign currency translation impact
of the weakening in the U.S. dollar.  At the same exchange rates
that applied as of December 31, 2007, the value of inventories
as of March 31, 2008 would have been US$695 million.

Capital expenditures for the first quarter of 2008 were US$23
million compared with US$20 million in 2007.  The company
currently anticipates capital expenditures to be US$165 million
in 2008, which includes US$25 million related to the
consolidation of its legacy ERP systems onto a single instance
of SAP.

The company’s total debt as of March 31, 2008 was US$1,092
million as compared with US$1,063 million as of December 31,
2007.  Cash and cash equivalents were US$115 million as of
March 31, 2008 compared to US$77 million as of December 31,
2007.

                   About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/-- manufactures and  
markets specialty chemicals, crop protection products, and pool,
spa and home care products.  The company has subsidiaries in the
United Kingdom, Netherlands, Australia, China, Japan, Chile and
Mexico, among others.

                          *     *     *

In December 2007, Moody's Investors Service placed Chemtura
Corporation's corporate family rating of Ba2 under review for
possible downgrade after reports that its "board of directors
has authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

Standard & Poor's Ratings Services similarly placed its 'BB+'
corporate credit and senior unsecured debt ratings of Chemtura
Corp. on CreditWatch with developing implications.


CHEMTURA CORP: Annual Stockholders Meeting Scheduled for May 14
---------------------------------------------------------------
Chemtura Corp. will hold its Annual Meeting of Stockholders at
11:15 a.m. on Wednesday, May 14, 2008, Chief Executive Officer
Robert L. Wood said in a regulatory filing.

The meeting will be held at the company’s headquarters located
at 199 Benson Road in Middlebury, Connecticut.

At the meeting, stockholders will be asked to:

     -- elect six directors for a term of one-year expiring at
        the 2009 Annual Meeting of Stockholders; and

     -- ratify the company’s selection for 2008 of its
        independent registered public accounting firm.

Only stockholders of record at the close of business on
March 18, 2008, will be allowed to vote at the meeting.

                   About Chemtura Corporation
Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/-- manufactures and  
markets specialty chemicals, crop protection products, and pool,
spa and home care products.  The company has subsidiaries in the
United Kingdom, Netherlands, Australia, China, Japan, Chile and
Mexico, among others.

                          *     *     *

In December 2007, Moody's Investors Service placed Chemtura
Corporation's corporate family rating of Ba2 under review for
possible downgrade after reports that its "board of directors
has authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

Standard & Poor's Ratings Services similarly placed its 'BB+'
corporate credit and senior unsecured debt ratings of Chemtura
Corp. on CreditWatch with developing implications.


CHEMTURA CORP: Inks Pact with Baerlocher on Heat Stabilizers
------------------------------------------------------------
Chemtura Corporation on Wednesday entered into an agreement with
Baerlocher for the manufacture of certain heat stabilizers used
in PVC.

In addition, Chemtura is selling its organic-based stabilizers
product line for rigid PVC applications to Baerlocher.

“Chemtura has developed a valuable intellectual property estate
in OBS but has been unable to fully leverage the technology in
rigid PVC,” said Anne Noonan, group president for Chemtura
Polymer Additives.  “Chemtura will, however, continue its
efforts in further development of OBS technology, particularly
for flexible PVC applications where we have greater
capabilities.

“This represents another step in the strategic restructuring of
our non-flame-retardant Polymer Additives businesses,” Noonan
said.  “In the last year, we have restructured our antioxidants
business by moving manufacturing from high-cost facilities in
Europe to lower-cost facilities in Asia and the Middle East.  We
also have divested our organic peroxides and oleo chemicals
businesses in order to focus on businesses we are better
positioned to grow.  The agreement with Baerlocher continues
this trend and establishes a sustainable platform for Chemtura
to develop its PVC business.”

                   About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/-- manufactures and  
markets specialty chemicals, crop protection products, and pool,
spa and home care products.  The company has subsidiaries in the
United Kingdom, Netherlands, Australia, China, Japan, Chile and
Mexico, among others.

                          *     *     *

In December 2007, Moody's Investors Service placed Chemtura
Corporation's corporate family rating of Ba2 under review for
possible downgrade after reports that its "board of directors
has authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

Standard & Poor's Ratings Services similarly placed its 'BB+'
corporate credit and senior unsecured debt ratings of Chemtura
Corp. on CreditWatch with developing implications.


SUN MICRO: Posts US$34 Million Net Loss in Fiscal 3rd Quarter
-------------------------------------------------------------
Sun Microsystems, Inc. reported results for its fiscal third
quarter, which ended March 30, 2008.

Revenues for the third quarter of fiscal 2008 were US$3.266
billion, a decrease of 0.5% as compared with US$3.283 billion
for the third quarter of fiscal 2007.  Total gross margin as a
percent of revenues was 44.9, an increase of 0.4 percentage
points, as compared with the third quarter of fiscal 2007.

Net loss for the third quarter of fiscal 2008 on a GAAP basis
was US$34 million, or US$(0.04) per share, as compared with net
income of US$67 million, or US$0.07 per share, for the third
quarter of fiscal 2007.  In the third quarter of fiscal 2008,
the company recorded a US$52 million dollar tax provision, as
compared to a tax benefit of US$3 million in the third quarter
of fiscal 2007.  Net loss for the third quarter included charges
related to the acquisition of MySQL, which reduced earnings per
share by approximately US$0.04.

Cash generated from operations for the third quarter of fiscal
2008 was US$329 million, and the cash and marketable debt
securities balance at the end of the quarter was US$3.801
billion. During the third quarter, Sun continued to leverage its
cash position, spending US$300 million to repurchase 17.5
million shares of its common stock.  There is currently US$500
million remaining of the US$3 billion share repurchase program
announced in the company's fiscal fourth quarter of 2007.

"The U.S. economy presented Sun with significant challenges in
the third quarter, masking our progress in developing nations
and economies across the world," said Jonathan Schwartz, CEO of
Sun Microsystems.  "With double digit year-over-year growth in
India and Brazil, and triple digit year-over-year billings
growth in our energy-efficient, SolarisTM-based Chip Multi-
Threading (CMT) systems, Sun made considerable progress during
the quarter.  We continue to invest in the future created by
open alternatives to proprietary technologies, best exemplified
by the acquisition of MySQL. The world is moving to open source
innovation, and Sun continues to lead that revolution."

                   Third Quarter Highlights

Sun reported year-over-year revenue growth in 12 out of its 16
sales geographies during the third quarter, with double-digit
revenue growth in key international markets across EMEA, Asia
Pacific and the International Americas.

From a product perspective, SolarisTM-based Chip Multi-Threading
systems billings more than doubled year-over-year, with the
company's blade systems also delivering impressive billings
growth fueled by Sun's comprehensive portfolio spanning AMD
OpteronTM, Intel Xeon(R) and Sun UltraSPARC(R) offerings.

Furthering its presence in the open source software marketplace,
Sun announced the close of two significant acquisitions: MySQL,
the world's most popular open source database provider, and
innotek, whose VirtualBoxTM products provide free desktop
virtualization.

Sun signed a landmark collaboration agreement with The People's
Republic of China Ministry of Education to cultivate integrated
circuit engineering talent and industry development based upon
Sun's OpenSPARCTM open source silicon platform.

Sun was awarded significant contracts including funding from the
Defense Advanced Research Projects Agency for a five and a half
year research project focused on microchip interconnectivity via
on-chip optical networks enabled by silicon photonics and
proximity communication.

                     About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: JAVA) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems has subsidiaries in, among other, the United
Kingdom, Netherlands, Singapore, Taiwan, Mexico, Argentina,
Chile, India and Bermuda.

                          *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


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


EAST-FISH: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Chukotskiy commenced bankruptcy
supervision procedure on CJSC East-Fish (TIN 8709008090, OGRN
1028700589213).  The case is docketed under Case No. A80-21/
2008-B.

The Temporary Insolvency Manager is:

         O. Komelkova
         Building 2
         Ilyinka Str. 5
         Moscow
         Russia


NADEZHDA LLC: Creditors Must File Claims by May 26
--------------------------------------------------
Creditors of LLC Nadezhda have until May 26, 2008, to submit
proofs of claim to:

         D. Pakhomov
         Temporary Insolvency Manager
         Leanhouse
         Vernadskogo Str. 5
         456320 Miass
         Russia
         Tel/Fax: (3513) 52-70-27

The Arbitration Court of Chelyabinsk will convene at 10:00 a.m.
on Aug. 28, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A76-27113/
07-60-348.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nadezhda
         Apt. 8
         Mikrorajon 2, 21
         Ust-Katav
         456040 Chelyabinsk
         Russia


NOVOLIPETSK STEEL: To Invest US$6.1 Bln to Double Output by 2015
----------------------------------------------------------------
Novolipetsk Steel OJSC plans a US$6.1 billion investment to
double its local steel production by 2015, Maria Kolesnikova
writes for Bloomberg News, citing chairman Vladimir Lisin.

According to Mr. Lisin, Bloomberg News reports, NLMK plans to
hike crude steel production to 22 million metric tons by 2015,
to meet up to 65% increase in Russian steel consumption by the
same year, driven by a boom in construction and car making.

                        About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *    *

As of April 7, 2008, Novolipetsk Steel OJSC carries Ba1
Corporate Family and Probability-of-Default ratings from Moody's
Investors Service, which said the Outlook is stable.

NLMK carries BB+ Issuer Credit rating from Standard &
Poor's Ratings Services,  which said the Outlook is stable.

The company also carries BB+ Long-term Issuer Default,
B and Short-term Issuer Default ratings from Fitch Ratings,
which said the Outlook is Stable.


SAMARSKIY REGIONAL: Creditors Must File Claims by May 26
--------------------------------------------------------
Creditors of OJSC Samarskiy Regional Trading House (TIN
7707280161, OGRN 1037739027039) have until May 26, 2008, to
submit proofs of claim to:

         M. Dyakonov
         Temporary Insolvency Manager
         Post User Box 481
         111141 Moscow
         Russia

The Arbitration Court of Samara will convene at 2:00 p.m. on
June 20, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A55-17536/2007.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         OJSC Samarskiy Regional Trading House
         Vyatskaya Str. 11
         443052 Samara
         Russia


SERVICE BUILDING: St. Petersburg Bankruptcy Hearing Set Aug. 12
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene on Aug. 12, 2008, to hear the bankruptcy supervision
procedure on LLC Service Building Company.  The case is docketed
under Case No. A56-1330/2008.

The Temporary Insolvency Manager is:

         P. Tarasov
         Post User Box 19
         Post Office 100
         Tver
         Russia

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:

         LLC Service Building Company
         Krasnoflotskaya Str. 16
         Kirovsk
         187340 Leningrad
         Russia


TIMBER-CENTRE: St. Petersburg Bankruptcy Hearing Set August 5
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene on Aug. 5, 2008, to hear the bankruptcy supervision
procedure on LLC Timber-Centre.  The case is docketed under Case
No. A56-44510/2007.

The Temporary Insolvency Manager is:

         P. Tarasov
         Post User Box 19
         Post Office 100
         Tver
         Russia

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:

         LLC Timber-Centre
         Let. A
         Konstantina Zaslonova Str. 26
         191119 St. Petersburg
         Russia


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


FIAT SPA: Signs MoU to Acquire Zastava's Kragujevac Plant
---------------------------------------------------------
Fiat S.p.A. and Serbia’s Ministry of Economy and Regional
Development has signed a Memorandum of Understanding as the
basis for the acquisition by Fiat Group Automobiles of the
assets of the Zastava plant at Kragujevac, Serbia.

Under the MoU, joint teams are to be set up by FGA and Zastava
with the support of the Serbian Ministry of Economy, which will
examine the various aspect of the initiative in greater detail.

If deemed feasible, the two companies will enter into a
definitive agreement in the course of the coming months.

"This initiative represents a further step in Fiat Group
Automobiles’ strategy aimed at supporting its growth and volume
aspirations," Sergio Marchionne, Fiat CEO, said.  "It follows a
number of targeted alliances and partnerships signed with
leading carmakers and automotive suppliers over the last four
years.  Moreover, it demonstrates our confidence and trust in
Serbia, its industry, management competence and the skill of its
workers, not to forget the Serbian automotive market itself,
which we consider an integral extension of our domestic market.

"[Fifty-four] years ago, Fiat and Zastava signed an accord for
the construction of the factory at Kragujevac where the Fiat
Punto is manufactured today," Mr. Marchionne added.  "We believe
that, together with Zastava, we have played an important role in
enhancing the Serbian automotive industry from both the
manufacturing as well as the technological point of view.  We
are proud that many Serbian engineers and technicians have been
trained at Fiat in Italy and in Serbia."

                        About Fiat S.p.A.

Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--      
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters.  Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil and
Argentina, among others.

                          *     *     *

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


The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The company also carries B short-
term rating.  S&P said the outlook is stable.


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


BS FISCHHANDEL: Creditors' Liquidation Claims Due by May 11
------------------------------------------------------------
Creditors of LLC BS Fischhandel have until May 11, 2008, to
submit their claims to:

         Dr. Ramon Mabillard
         Aeschenvorstadt 4
         Mail box: 526
         4010 Basel
         Switzerland

The Debtor can be reached at:

         LLC BS Fischhandel
         Basel
         Switzerland


CLOROX CO: March 31 Balance Sheet Upside-Down by US$472 Million
----------------------------------------------------------------
The Clorox Company reported results for its fiscal third
quarter, which ended March 31, 2008.

“Total company and base business sales growth were strong,
especially considering our very high level of growth in the
year-ago quarter,” said Chairman and CEO Don Knauss.  “Our
market shares held steady despite the economic pressures
consumers are facing.

“As expected, we faced intense cost pressures from commodity
cost increases.  Aggressive cost savings and the benefit of
recent price increases helped mitigate much of this impact, and
we feel good about our overall performance in this environment.  
Importantly, we continue to make progress against our Centennial
strategy and do the things we believe will drive economic profit
growth and shareholder value over the long term.”

                    Third-quarter highlights

Clorox reported third-quarter net earnings of US$100 million, or
71 cents diluted earnings per share, based on weighted average
diluted shares outstanding of 140 million.  Current quarter
earnings were reduced by US$17 million in pretax charges, or 8
cents diluted EPS, associated with the announced consolidation
of the company’s manufacturing networks and other charges, and
US$11 million, or 5 cents diluted EPS, associated with the
Burt’s Bees acquisition.  Excluding these factors, the company
delivered 84 cents diluted EPS.

In the year-ago quarter, Clorox reported US$129 million, or 84
cents diluted EPS, based on weighted average diluted shares
outstanding of 154 million.  The year-ago quarter’s results
included 6 cents diluted EPS, or US$14 million on a pretax
basis, of incremental costs associated with the IT services
agreement and asset impairments.  Excluding these factors, the
company delivered 90 cents diluted EPS in the year-ago quarter.

Third-quarter sales grew 9%  to US$1.35 billion, compared with
US$1.24 billion in the year-ago quarter, when the company
delivered 7% sales growth.  Excluding the Burt’s Bees and bleach
business acquisitions, sales growth in the current quarter was 5
percent.  This includes the benefit of favorable foreign
exchange rates and the unfavorable impact of exiting the
company’s private label food bags business.

Total volume increased 4% compared to the year-ago quarter, when
the company delivered 8% volume growth.  Excluding about 3
percentage points of growth from Burt’s Bees(R) products and
less than half a percentage point of growth from the bleach
business acquisition, volume was up slightly due to core volume
growth, offset by the impact of price increases and a higher
year-ago comparison.  Sales growth outpaced volume growth
primarily due to the benefit of price increases, favorable
foreign exchange rates and improved product mix.

Gross margin in the third quarter decreased 350 basis points to
39.8% from 43.3% in the year-ago quarter.  Excluding the impact
of the Burt’s Bees purchase-accounting step-up in inventory
values and previously announced restructuring-related charges,
gross margin was 41.8 percent.  The decrease was primarily due
to the impact of unfavorable commodity costs and higher costs
for manufacturing and logistics, including diesel fuel.  These
factors were partially offset by the benefit of cost savings,
price increases and improved product mix.

Net cash provided by operations was US$165 million, compared to
US$172 million in the year-ago quarter.  The year-over-year
decrease was primarily due to lower net earnings in the current
quarter.

At March 31, 2008, the company's balance sheet showed total
assets of US$4.750 billion and total debts of US$5.222 billion
resulting in a stockholders' deficit of US$472 million.

                         North America

The segment reported 8% sales growth, 4% volume growth and a 3%
decline in pretax earnings.  Volume benefited from the addition
of Burt’s Bees, the launch of Green Works(TM) cleaners, and
higher shipments of Brita products(R) and Fresh Step(R)
scoopable cat litter.  These results were partially offset by
the impact of poor weather on the auto and Kingsford(R) charcoal
businesses, price increases and the company’s exit from the
private-label food bags business.  Sales growth outpaced volume
growth primarily due to the benefit of price increases, a
favorable Canadian exchange rate and improved product mix.  
Pretax earnings reflected the impact of unfavorable commodity
costs and the charge of US$14 million for a purchase-accounting
step-up of inventory values associated with Burt’s Bees,
partially offset by the benefit of higher sales and cost
savings.

                        International

The segment reported 14% sales growth, 4% volume growth and a
16% decline in pretax earnings.  Sales results included about 6
percentage points from favorable foreign exchange rates and
about 4 percentage points of growth from the bleach business
acquisition.  Volume growth was driven by the bleach business
acquisition and category growth in Latin America.  Sales growth
outpaced volume growth primarily due to the benefit of favorable
foreign exchange rates and price increases.  Pretax earnings
reflected the impact of unfavorable commodity and manufacturing
costs and charges related to restructuring and asset impairment.

          Updated fiscal year 2008 financial outlook

For fiscal year 2008, Clorox now anticipates total sales growth
in the range of 8-9%.  Excluding the anticipated benefit of the
bleach business and Burt’s Bees acquisitions, Clorox anticipates
sales growth in the range of 5-6%.  This includes the benefit of
favorable foreign exchange rates and the unfavorable impact of
exiting the company’s private-label food bags business.

The company’s earnings outlook has been updated to reflect a
greater impact from commodity cost inflation and revised
estimates for dilution from the Burt’s Bees acquisition.
Previously, Clorox anticipated EPS dilution in the range of 13
cents to 15 cents from the Burt’s Bees acquisition.  Due to
strong business performance and lower interest rates, the
projected EPS dilution impact from the acquisition is now
anticipated to be in the range of 9 cents to 11 cents.  This
range includes pretax costs of about US$2 million for
amortization of intangible assets, US$19 million for the
purchase-accounting step-up in inventory values, and the impact
of financing the transaction.  Including the above factors,
Clorox now anticipates diluted EPS in the range of US$3.20 to
US$3.28.

Excluding the impact of the Burt’s Bees acquisition and
announced restructuring-related charges in the range of 25 cents
to 26 cents diluted EPS, the company anticipates fiscal year
2008 diluted EPS in the range of US$3.57 to US$3.62.

           Initial fiscal year 2009 financial outlook

For fiscal year 2009, Clorox’s initial outlook is for total
sales growth in the range of 6-8%.  Excluding the impact of the
Burt’s Bees acquisition, Clorox anticipates sales growth in the
range of 4-6%.  This range includes about 2 percentage points of
growth from innovation, including Green Works(TM) natural
cleaners.

The company anticipates modest gross margin expansion.  The
benefits of cost savings and price increases are expected to
more than offset the impact of commodity cost pressure for the
fiscal year.

For the fiscal year, Clorox projects cost savings in the range
of US$90 million to US$100 million; restructuring-related
charges in the range of US$20 million to US$25 million,
primarily related to the previously announced consolidation of
the company’s manufacturing networks; and a tax rate in the
range of 34-35 percent. The company anticipates weighted average
diluted shares outstanding of about 142 million.  Including
these factors, the company anticipates fiscal year 2009 diluted
EPS in the range of US$3.75 to US$3.90.

              Clorox completes credit agreement

On April 16, Clorox signed a five-year, US$1.2 billion unsecured
revolving credit agreement, with JPMorgan Chase Bank N.A.,
Citicorp USA Inc. and Wachovia Bank N.A. as the administrative
agents.  Amounts available under the agreement are for general
corporate purposes and to support the company’s issuance of
commercial paper.  Concurrently with the new pact, the company
ended its existing credit agreement, dated Dec. 7, 2004.

                     The Clorox Company

The Clorox Company -- http://www.TheCloroxCompany.com/--  
(NYSE:CLX) manufactures and markets of consumer products with
fiscal year 2007 revenues of US$4.8 billion.  Clorox brands
include its namesake bleach and cleaning products, Green
Works(TM) natural cleaners, Armor All(R) and STP(R) auto-care
products, Fresh Step(R) and Scoop Away(R) cat litter,
Kingsford(R) charcoal, Hidden Valley(R) and K C Masterpiece(R)
dressings and sauces, Brita(R) water-filtration systems, Glad(R)
bags, wraps and containers, and Burt’s Bees(R) natural personal
care products.  With 8,300 employees worldwide, the company
manufactures products in more than two dozen countries and
markets them in more than 100 countries.  The company has
subsidiaries in Switzerland, Luxembourg, Mexico, Venezuela,
Chile, Hong Kong, Korea and Australia, among others.


EURODOCTORS JSC: Creditors' Liquidation Claims Due by May 11
------------------------------------------------------------
Creditors of JSC Eurodoctors have until May 11, 2008, to submit
their claims to:

         JSC Panotrust Treuhand & Beratung
         Kappelergasse 14
         Mail box: 2725
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Eurodoctors
         Baar ZG
         Switzerland


GISAG INFORMATIK: Creditors' Liquidation Claims Due by May 11
------------------------------------------------------------
Creditors of JSC Gisag Informatik have until May 11, 2008, to
submit their claims to:


         JSC Gisag Informatik
         Mail box: 382
         3052 Zollikofen BE
         Switzerland


HOTEL PLAZA: Creditors' Liquidation Claims Due by May 14
--------------------------------------------------------
Creditors of JSC Hotel Plaza Betrieb have until May 14, 2008, to
submit their claims to:

         JSC Hotel Plaza Betrieb
         Neumarktstrasse 40
         2502 Biel BE
         Switzerland


HYSTERICAL WEB: Creditors' Liquidation Claims Due by May 14
-----------------------------------------------------------
Creditors of LLC HYSTERICAL Web Design Factory have until
May 14, 2008, to submit their claims to:

         LLC HYSTERICAL Web Design Factory
         Altwiesenstr. 39
         5436 Wurenlos
         Baden AG
         Switzerland


MAMMUT ENERGY: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Mammut Energy on April 1, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Mammut Energy
         Baarerstrasse 14
         6300 Zug
         Switzerland


OPATAX JSC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Opatax on April 1, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Opatax
         6535 Roveredo GR
         Switzerland


R & R PULVER: Creditors' Liquidation Claims Due by May 11
---------------------------------------------------------
Creditors of LLC R&R Pulver have until May 11, 2008, to submit
their claims to:

         Marianne Haldimann
         Grunenstrasse 6
         3455 Grunen/Sumiswald
         Trachselwald BE
         Switzerland

The Debtor can be reached at:

         LLC R&R Pulver
         Lutzelfluh
         Trachselwald BE
         Switzerland


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


COMPLIMENT LLC: Creditors Must File Claims by May 14
----------------------------------------------------
Creditors of LLC Compliment (code EDRPOU 32796959) have until
May 14, 2008, to submit proofs of claims to:

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

The Economic Court of Kharkov has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B-19/237-07.  

The Debtor can be reached at:

         LLC Compliment
         Voroshylov Str. 12
         Dergachi
         Kharkov
         Ukraine


DESTROERS LLC: Proofs of Claim Deadline Set May 14
--------------------------------------------------
Creditors of LLC Destroers (code EDRPOU 34979298) have until
May 14, 2008, to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on March 31, 2008.  The case is
docketed as 43/308.

The Debtor can be reached at:

         LLC Destroers
         Citadelnaya Str. 6/8
         01015 Kiev
         Ukraine


EAST-TRADE LLC: Creditors Must File Claims by May 14
----------------------------------------------------
Creditors of LLC East-Trade (code EDRPOU 33382405) have until
May 14, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
March 27, 2008.  The case is docketed as B 26/60-08.

The Debtor can be reached at:

         LLC East-Trade
         Apartment 31
         Titov Str. 5
         49000 Dnipropetrovsk
         Ukraine


GROT POSEIDON: Creditors Must File Claims by May 14
---------------------------------------------------
Creditors of LLC Grot Poseidon (code EDRPOU 33612202) have until
May 14, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
March 27, 2008.  The case is docketed as B 26/59-08.

The Debtor can be reached at:

         LLC Grot Poseidon
         Apartment 108
         Mir Avenue 83
         49000 Dnipropetrovsk
         Ukraine


LUGANSK CRANKSHAFTS: Creditors Must File Claims by May 14
---------------------------------------------------------
Creditors of CJSC Lugansk Plant of Crankshafts (code EDRPOU
05786063) have until May 14, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on March 17, 2008, after finding it
insolvent.  The case is docketed as 12/79b.

The Debtor can be reached at:

         CJSC Lugansk Plant of Crankshafts
         Sverdlov Str. 71
         91000 Lugansk
         Ukraine


MEDIA SET: Creditors Must File Claims by May 14
-----------------------------------------------
Creditors of LLC Media Set (code EDRPOU 35066924) have until
May 14, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on April 2, 2008.  
The case is docketed as 5/149/08.

The Debtor can be reached at:

         LLC Media Set
         Lenin Avenue 67
         54017 Nikolaev
         Ukraine


SK-HOLDING LLC: Proofs of Claim Deadline Set May 14
---------------------------------------------------
Creditors of LLC SK-Holding (code EDRPOU 33830450) have until
May 14, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on March 31, 2008.  The case is
docketed as 43/307.

The Debtor can be reached at:

         LLC SK-Holding
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


SOYUZ-PERSPECTIVE LLC: Proofs of Claim Deadline Set May 14
----------------------------------------------------------
Creditors of LLC Soyuz-Perspective (code EDRPOU 32862188) have
until May 14, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on March 5, 2008.  The case is docketed
as 45/93B.

The Debtor can be reached at:

         LLC Soyuz-Perspective
         Pavshyh communarov Avenue 102B
         83023 Donetsk
         Ukraine


TLC-SERVICE LLC: Creditors Must File Claims by May 14
-----------------------------------------------------
Creditors of LLC TLC-Service (code EDRPOU 3366832) have until
May 14, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
March 27, 2008.  The case is docketed as B 26/61-08.

The Debtor can be reached at:

         LLC TLC-Service
         Apartment 108
         Mir Avenue 83
         49000 Dnipropetrovsk
         Ukraine


UKRPROTECTION LLC: Creditors Must File Claims by May 14
-------------------------------------------------------
Creditors of LLC Ukrprotection (code EDRPOU 32796964) have until
May 14, 2008, to submit proofs of claims to:

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

The Economic Court of Kharkov has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B-19/238-07.

The Debtor can be reached at:

         LLC Ukrprotection
         Gorky Str. 72
         Dergachi
         Kharkov
         Ukraine


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

BEACON BUILDING: Brings In Liquidators from Tenon Recovery
----------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Beacon Building Co.
Ltd. on April 22 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


BEACON PLUMBING: Calls In Liquidators from Tenon Recovery
---------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Beacon Plumbing and
Heating Co. Ltd. on April 22 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


BRITISH AIRWAYS: Eyes Transatlantic Tie-Up With Two US Carriers
---------------------------------------------------------------
British Airways plc is exploring opportunities for co-operation
with American Airlines and Continental Airlines.

Further details will be announced when appropriate.

However, Sir Richard Branson, founder and president of Virgin
Atlantic, criticized BA's attempt to establish a transatlantic
joint venture with the two US carriers, saying "the regulators
ruled it was against the consumer interest," the Financial Times
relates.

Meanwhile, BA chief executive Willie Walsh urged US and EU
authorities to relax regulatory rules on foreign ownership and
control of airlines, the FT reveals.

Mr. Walsh stated EU investors, which are currently restricted to
owning a maximum voting share of 25% in a US carrier, must be
allowed to take majority stakes, and vice versa, Justin Baer and
Kevin Don writes for the paper.

A TCR-Europe report on Oct. 24, 2007 disclosed BA tried to forge
a transatlantic tie-up with American Airlines twice but failed
after competition regulators insisted it would have to give up
landing slots at London's Heathrow airport to obtain approval.

"A link between a European and a US carrier is
transformational," Mr. Walsh said.  "If that were possible it
would definitely be something worth chasing."

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel Shops
Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


ELEPHANT LOANS LTD: Liquidator Reveals Redundancy of Staff
----------------------------------------------------------
Sixteen employees have been made redundant at Elephant Loans
Ltd., Mortgage Solutions reports, citing liquidator, Begbies
Traynor LLP.

As reported in the TCR-Europe on April 24, 2008, Elephant Loans
Ltd. was placed into liquidation by parent Elephant Loans &
Mortgages Plc.

According to the report, the unit's firm has GBP300,000 in debts
as a result of discontinued trading activities.

Peter Blair of Begbies Traynor told Mortgage Solutions that
there were a number of staff have yet to receive their holiday
and redundancy pay.  However, employees can claim some money
back from the Government under the Employment Rights Act 1996,
Mr. Blair explained.

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


GENERAL MOTORS: Incurs US$3.3 Bln Net Loss in First Quarter 2008   
----------------------------------------------------------------
General Motors Corp. released financial results for the first
quarter of 2008, marked by improved adjusted automotive
operating performance, rapid growth in emerging markets,
continued cost performance in GM North America (GMNA) operations
and liquidity of nearly US$24 billion, despite the impact of the
American Axle strike on North American operations and weakness
in the U.S. auto industry.

"We continue to leverage our global product portfolio to take
advantage of tremendous growth in key emerging markets, while at
the same time taking the appropriate actions to deal with the
challenging economic conditions in the U.S.," GM Chairman and
Chief Executive Officer Rick Wagoner said.

GM reported a net loss of US$3.3 billion, or US$5.74 per share
in the first quarter of 2008, compared with a net loss from
continuing operations of US$42 million, or US$.07 per diluted
share, in the year-ago quarter.    

Adjusted automotive earnings before taxes were US$392 million,
up US$161 million despite the significant impact of the American
Axle strike and weak U.S. auto industry (reported earnings
declined US$118 million).  These positive results were driven by
strong combined earnings before taxes of US$1 billion in GM
Latin America, Africa and Middle East (GMLAAM), GM Asia Pacific
(GMAP) and GM Europe (GME), which more than offset a loss at
GMNA.

Excluding special items, GM posted an adjusted net loss of
US$350 million, or US$.62 per diluted share in the first quarter
of 2008, reflecting losses at GMAC and tax expenses.  These
results compare to an adjusted net loss from continuing
operations of US$10 million, or US$0.01 per diluted share in the
first quarter of 2007.

The reported results for the first quarter of 2008 include
unfavorable special items totaling US$2.9 billion.  The charges
include US$1.45 billion to record a non-cash partial impairment
of our equity investment in GMAC.  Based on current market
pricing, GM concluded that the estimated fair value of the
common and preferred equity interests it holds in GMAC were
approximately US$1.45 billion less than GM's carrying value.

GM also took a non-cash charge of US$731 million to increase
GM's liability for estimated net costs associated with GM's
support of Delphi's bankruptcy and restructuring efforts.  This
charge primarily results from updated estimates reflecting
uncertainty around the nature, value and timing of GM's
recoveries.  In addition, GM recorded US$394 million in non-cash
tax-related valuation allowances related to deferred tax assets
in Europe, and US$324 million in charges related to previously-
announced restructuring actions in North America and Europe.  

GM's total revenue for the first quarter of 2008 was US$42.7
billion, down slightly from US$43.4 billion in the year-ago
quarter primarily due to lower North America automotive and
financial services and insurance revenues.  Automotive revenues
outside of North America were up over 20 percent, with strong
growth in China, Brazil, Russia and India.

As reported in the fourth quarter of 2007, and reflected in the
remainder of this release, GM now reports its automotive
operations and regional results on an earnings-before-tax basis,
with taxes reported on a total corporate basis.

                   GM Automotive Operations

Adjusted profits from GM's global automotive operations
improved, with first quarter 2008 earnings before tax of US$392
million on an adjusted basis (reported earnings before tax of
US$68 million), compared to US$231 million in the year-ago
period (reported earnings before tax of US$186 million).

GM sold 2.25 million vehicles in the first quarter of 2008, down
less than one percent from 2.27 million units in the first
quarter 2007, with a record 64 percent of sales outside of the
United States.  Unit sales outside GMNA were up 8 percent
compared with the same quarter last year.  Robust sales in the
first quarter in GM's GMLAAM and GMAP regions, and improved
sales in the GME region helped offset a 10 percent unit decline
in GMNA.

                            GMNA

GMNA revenue for the first quarter 2008 was US$24.5 billion,
compared to US$28.1 billion in the year-ago period.  The decline
in GMNA first quarter revenue was significantly impacted by the
lost production due to the American Axle strike.  Other factors
include a softer U.S. market and planned actions to maintain
lean inventories.  With the industry shift toward more fuel-
efficient vehicles, GM's most recently launched passenger cars
and crossovers, including the Cadillac CTS, GMC Acadia, Buick
Enclave and the all-new Chevrolet Malibu continue to perform
well in the marketplace.  

The decline in GMNA first quarter earnings was more than
accounted for by the loss of 100,000 production units resulting
from the American Axle strike, which had an estimated impact to
earnings of US$0.8 billion.  Other factors included lower
volumes resulting from a softer U.S. market and lower market
share, as well as shifts in product mix.  Partially offsetting
the declines were favorable material and structural cost
performance and commodity hedging gains and foreign exchange.

                           GME

GME Revenue was up 17 percent and adjusted earnings before tax
improved by US$137 million.  GME's improved earnings for the
first quarter were driven by improved material cost performance,
commodity hedging gains and reduced warranty costs, which were
partially offset by negative foreign exchange and unfavorable
country mix.  GME had record first-quarter sales volumes of
572,000 units.

                         GMLAAM

Adjusted earnings before tax in the GMLAAM region more than
doubled in the first quarter of 2008, driven by continued strong
market growth and gains in GM market share in the region.  
GMLAAM revenue was up over 33 percent and volumes were up 20
percent, setting new first-quarter records for both unit sales
and revenue.  In addition, Argentina, Egypt and North Africa
each set new quarterly sales records.

                           GMAP

GMAP adjusted earnings before tax increased by 49 percent,
driven by strong volume and improvements in material cost
performance, which were partially offset by mix and pricing
deterioration and increased structural costs incurred to support
growth.  Revenue and earnings before tax improved significantly
due to the overall volume gains, although market share was down
slightly primarily due to declines in China, Australia and
Korea.

                          GMAC

On a standalone basis, GMAC Financial Services reported a net
loss of US$589 million for the first quarter 2008, primarily due
to significant declines in the international mortgage operation
of Residential Capital, LLC.  The company's global automotive
and insurance businesses posted profits.  GM reported an
adjusted loss before taxes of US$276 million for the quarter
attributable to GMAC, as a result of its 49 percent equity
interest and preferred dividends.  While continued volatility in
the capital and credit markets put pressure on first quarter
results, GMAC continues to take actions to reduce risk,
streamline its cost structure and preserve liquidity in an
effort to protect franchise value.

                     Cash and Liquidity

Cash, marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association trust totaled
US$23.9 billion on March 31, 2008, down from US$24.7 billion on
March 31, 2007.  The change in liquidity reflects adjusted
negative operating cash flow of US$3.6 billion in the first
quarter 2008.  The decrease was driven largely by lower
production in GMNA, including the impact of the American Axle
strike.  Including undrawn, committed U.S. credit facilities of
approximately US$7 billion, GM has access to more than US$30
billion in liquidity.

                         Looking Forward

In light of the current state of the U.S. economy and automotive
industry, GM has revised its 2008 U.S. total industry seasonally
adjusted annual rate outlook to the mid to high 15 million unit
range, down from the low 16 million unit range.  As a result of
the anticipated softer automotive industry, GM announced earlier
this week that it will eliminate a shift of production at four
assembly plants: Janesville, WI; Pontiac and Flint, MI and
Oshawa, Ont.

"We remain focused on taking the actions necessary to assure
GM's long-term success – product excellence, leadership in
advanced propulsion technology, growth in emerging markets, and
accelerating the restructuring of our U.S. business to achieve
sustainable profitability,” Mr. Wagoner said.

Results for the first quarter of 2008 are preliminary and may be
revised prior to the filing of GM's first quarter report on Form
10-Q in May.

                         About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries including the United Kingdom, Germany,
France, Russia, Brazil and India.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 24,
2008, Standard & Poor's Ratings Services placed the General
Motors Corp.'s B rating on CreditWatch with negative
implications citing the extended American Axle strike.


CLARIS LTD III: Moody's May Further Cut Ba1 Rating After Review
---------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade one synthetic CDO notes issued by Claris
Limited - Napa Valley III.  The underlying portfolio of this CDO
transaction includes US subprime RMBS bonds, in particular of
the 2005 vintage.

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:

Claris Limited - Napa Valley III

    * Series 38/2005 Tranche 1 EUR25,000,000 Napa Valley III
      Synthetic CDO of ABS Floating Rate Notes due 2025

   -- Current rating: Ba1, on review for downgrade
   -- Prior rating: Aa3

This transaction will continue to be monitored and any further
rating action will be publicly disseminated.


CLARIS LTD VII: Moody's May Further Cut B3 Rating After Review
--------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade the notes of four synthetic CDO notes issued
by Claris Limited - Napa Valley VII.  The underlyings of this
CDO transaction includes US subprime RMBS bonds, in particular
of the 2005, 2006 and 2007 vintages.

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 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:

Issuer: Claris Limited

   (1) Series 66/2006 Tranche 1 EUR20,000,000 Napa Valley VII
       Synthetic CDO of ABS Floating Rate Notes due 2026

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

   (2) Series 67/2006 Tranche 1 EUR40,000,000 Napa Valley VII   
       Synthetic CDO of ABS Floating Rate Notes due 2026

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


CLARIS LTD X: Moody's May Further Cut Junk Rating After Review
---------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade three synthetic CDO notes issued by Claris
Limited - Napa Valley X.  The underlying portfolio of this CDO
transaction includes US subprime RMBS bonds, in particular of
the 2006 vintage.

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:

Claris Limited - Napa Valley X

   (1) Series 91/2007 Tranche 1 EUR14,000,000 Napa Valley X
       Synthetic CDO of ABS Floating Rate Notes due 2027

    -- Current rating: Caa1, on review for downgrade
    -- Previous rating: Baa1, on review for downgrade

   (2) Series 99/2007 Tranche 1 EUR10,000,000 Napa Valley X
       Synthetic CDO of ABS Floating Rate Notes due 2027

    -- Current rating: Ba3, on review for downgrade
    -- Previous rating: Aaa

   (3) Series 101/2007 Tranche 1 EUR36,000,000 Napa Valley X
       Synthetic CDO of ABS Floating Rate Notes due 2027

    -- Current rating: Ba3, on review for downgrade
    -- Previous rating: Aaa


DEUTSCHE BANK: Moody's Cuts Ratings on 11 Credit Default Swaps
--------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade six classes of notes issued by Eirles Four
Limited, three classes of notes issued by Eirles Two Limited and
eleven credit default swaps entered into by Deutsche Bank AG
referencing the TSAR_05 transaction.  These credit-linked notes
issued by the Eirles program are repacks of various credit
default swaps transacted by Deutsche Bank AG, London Branch.

This CDO transaction contains subprime RMBS bonds and ABS CDOs,
particularly of the 2004, 2005 and 2006 vintages. All of these
notes and credit default swaps reference the same TSAR 05
portfolio.

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 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:

Deutsche Bank AG, London Branch - TSAR_05:

   (1) The US$63,000,000 Class C Swap

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

   (2) The US$63,000,000 Class D Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$42,000,000 Class E Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$21,000,000 Class F Swap

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

Deutsche Bank AG, London Branch - Tsar_05 Credit Default Swap:

   (1) The US$63,000,000 Class D(2) Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (2) The US$63,000,000 Class D(3) Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$42,000,000 Class E(2) Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$21,000,000 Class F(2) Swap

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

Deutsche Bank AG, London Branch - TSAR_05 Swaps 2005 (Class B to
E):

   (1) The US$7,160,000 TSAR_05 (DB) Class C Portfolio Credit
       Default Swap

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

   (2) The US$7,160,000 TSAR_05 (DB) Class D Portfolio Credit
       Default Swap

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (3) The US$4,770,000 TSAR_05 (DB) Class E Portfolio Credit
       Default Swap

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

Eirles Four Limited:

   (1) The US$126,000,000 Series 9 Floating Rate Secured Notes

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aa3

   (2) The US$15,000,000 Series 11 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (3) The US$5,000,000 Series 15 Floating and Variable Rate  
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (4) The US$5,000,000 Series 16 Floating and Variable Rate
       Secured Notes

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

   (5) The US$5,000,000 Series 54 Floating and Variable Rate
       Secured Notes

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

   (6) The EUR 10,000,000 Series 82 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

Eirles Two Limited:

   (1) The JPY1000,000,000 Series 81 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: A1

   (2) The JPY500,000,000 Series 82 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2

   (3) The US$15,000,000 Series 85 Floating and Variable Rate
       Secured Notes

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


GLOBAL TRADER: Creditors Names Grant Thornton as Administrator
--------------------------------------------------------------
Creditors of Global Trader Europe has appointed Steve Akers at
Grant Thornton LLP as liquidator of the company's assets, Ben
Bland writes for The Telegraph.

Mr. Akers will coordinate with GTE administrators Stephen Cork
and Joanne Milner at Smith & Williamson Ltd. after the
administration is converted to liquidation within this month,
The Telegraph relates.

During the meeting, a representative of GTE parent New World
Trader asked for a seat on the five-man creditors' committee,
The Telegraph reports.  The administrators, however, refused the
request.

                      Global Trader Europe

Global Trader Europe Ltd. offers a Spread Trading and a Contract
for Difference execution and advisory service to both
institutional and private clients investing in international and
domestic markets.  Global Trader was founded in Europe in 2000.  
Since then it has grown its global reach into South Africa,
North America and Asia, with a physical presence in the United
Kingdom, South Africa, Thailand, Canada and Russia.

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

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


KMC INT'L: Managing Director Confirms Administration Proceedings
----------------------------------------------------------------
KMC International has filed for administration, the company's
managing director Elizabeth Haywood confirmed on April 29, 2008,
Aled Blake reports for the Western Mail.

According to the report, the company appointed Grant Thornton  
to administer its assets.

Dr. Haywood blamed the company's demise on "malicious rumors"
that linked KMC to her husband, former Welsh Secretary Peter
Hain's resignation from the Cabinet, Western Mail relates.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

Headquartered in London, KMC International --
http://www.kmcinternational.co.uk/-- is a leading recruitment  
consultancy helping CEOs, senior management and other decision
makers in the public and private sectors find key players for
their management teams.  It was established in 1994 as part of
Kay Management Consultants.  The company has offices in London,
Cardiff and Melbourne and, with associates CMI Group, in
Ireland, France and Spain.


METRONET RAIL: Inks GBP10.4 Mln Re-Signaling Deal with Thales
-------------------------------------------------------------
The Metronet Rail Group has awarded Thales a GBP10.4 million
re-signaling contract to prepare its north west London depot at
Neasden for the next generation of London Underground trains.

Neasden is London Underground's largest and most complex depot,
servicing 73 trains from the Metropolitan and Jubilee lines. As
well as being London Underground's biggest depot, it's also the
most complex, with 15 miles of track, 75 roads and nearly 100
point machines.

In future Neasden will house and service the majority of a new
fleet of 191 trains being introduced across the shallow,
sub-surface' network of Underground lines of the Metropolitan,
District, Circle and Hammersmith & City.

To accomplish this, a massive transformation is taking place,
replacing 80 per cent of the depot buildings and facilities all
without impacting the existing Underground service.

Thales will install its modular interlocking system, LockTrac
6172 PMI, to improve the depot's signaling control
functionality.  The project will provide capabilities to set and
confirm routes, manage train moves within the depot and control
and monitor signaling assets.

Thales' LockTrac 6172 PMI solution is a layered system that
supports Neasden in providing additional stabling facilities in
an overcrowded depot without having an impact on ongoing rail
activities.

"Thales consistently demonstrated a clear understanding of the
complexities and importance of Neasden depot to London
Underground throughout the tender exercise," Metronet Chief
Programmes Officer Steve Mole said.  "With its proven technology
and delivery methodology, Thales assures Metronet it will meet
the requirements of this highly complex project, delivering the
necessary upgrades to the depot on time, to the highest quality
standards."

"This contract provides Metronet with real performance benefits
and demonstrates Thales' ongoing commitment to public transport
in London.  The project builds on our current experience of
working on other London Underground projects.  As such, Thales
is fully qualified to efficiently manage the implementation
process throughout all of the different stages,"  Simon Jones,
UK MD of Thales Rail Signalling Solutions, added.


                        About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.


NON - WOVEN LTD: Colin Nicholls Leads Liquidation Procedure
-----------------------------------------------------------
Colin Nicholls of Tenon Recovery was appointed liquidator of
Non - Woven (UK) Ltd. on April 18 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         6 College Yard
         Worcester
         WR1 2LA
         England

The company can be reached at:

         Non - Woven (UK) Ltd.
         Second Floor
         Barclays Bank Chambers
         50 High Street
         Evesham
         Worcestershire
         WR11 1HJ
         England


SCOTTISH MUTUAL: S&P Cuts Junior Subordinated Debt Rating to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit ratings on U.K.-based insurers Scottish
Mutual Assurance Ltd. and Scottish Provident Ltd. to 'BBB' from
'BBB+'.

At the same time, it lowered its insurer financial strength
rating on SMA to 'BBB' from 'BBB+' and its junior subordinated
debt rating on notes issued by SMA to 'BB+' from 'BBB-'.  It
also removed all these ratings from CreditWatch with developing
implications, on which it had originally placed them on July 23,
2007.  The outlooks are negative.

Furthermore, the 'BBB+' long-term counterparty credit and
insurer financial strength ratings on Phoenix Life Assurance
Ltd. remain on CreditWatch with developing implications.  This
reflects our expectation that Royal London Mutual Insurance
Society Ltd. (Royal London; A-/Stable/--) will acquire this
entity.  Standard & Poor's expects Royal London to exercise its
call option to acquire certain assets of Resolution, including
PLA.

S&P took these rating actions after Impala Holdings Ltd., a
subsidiary of Pearl Group Ltd. had completed its acquisition of
Resolution.  This transaction will make Pearl the largest closed
life fund consolidator in the U.K., with about GBP87.5 billion
in assets under management.

"There are longer-term risks to the ratings on SMA and SPL if
Pearl does not complete a suitable fund merger involving these
entities," said Standard & Poor's credit analyst Mark Button.
"The sale of Resolution's new-business operations and the in-
force protection business to Royal London will accelerate SMA's
run-off and increase the risk profile of emerging surplus. We
do not expect Pearl to retain the proceeds from these disposals
within the operating life companies."

Standard & Poor's notes that the SMA bonds cannot be called
until 2021, well beyond the expiry of the FSA's change of
control conditions in 2016.  Standard & Poor's considers these
factors likely to increase risk for the SMA bondholders.  At
this stage, Pearl's plan for the SMA bonds is unclear.


SCOTTISH RE: S&P Says Ratings Remaon on Negative CreditWatch
------------------------------------------------------------
Standard & Poor's Ratings Services its counterparty credit
rating on Scottish Re Group Ltd. (B/Watch Neg/--; Scottish Re)
and its counterparty credit and financial strength ratings on
Scottish Re's operating companies and the ratings on these
companies' dependent unwrapped securitized deals remain on
CreditWatch with negative implications.

"Standard & Poor's placed these ratings on CreditWatch on
Jan. 31, 2008, because of the erosion of Scottish Re's
capitalization due to the declining market value of its subprime
and Alt-A investments, our increased estimate of expected losses
on these assets, and the meaningful risk of losing some reserve
credits secured through Ballantyne Re plc," said Standard &
Poor's
credit analyst Robert Hafner.

"Our increasing estimates of cumulative subprime and Alt-A
expected losses based on the composition of such investments, by
vintage and other characteristics negatively affects our view of
Scottish Re's capitalization," said Mr. Hafner. "Scottish Re's
announcement of a letter of intent signed with ING, the only
cedent for the Ballantyne trust, moderates our concern about its
ability to avert loss of significant reserve credits pending
execution of the arrangement."

"We continue to monitor developments and awaits the release of
Scottish Re's delayed financial data, which are needed to better
refine our view of expected cumulative losses and the impact on
the firm's capitalization," Mr. hafner added.  "The ratings will
be lowered if a substantial risk of losing reserve credits
lingers or if our investment loss estimate were to increase
materially.  The ratings will be affirmed if our refined
investment loss estimate is in line with our current
expectations and the risk of losing reserve credits is
ameliorated."


STUDIO AMBIENCE: Claims Filing Period Ends May 27
-------------------------------------------------
Creditors of Studio Ambience Designs Ltd. have until
May 27, 2008 to send in their names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Edward T. Kerr
         Joint Liquidator
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England

Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of the company on April 24 by resolutions of
members and creditors.


TELCOGAMES: Cash Flow Problems Prompt Administration Proceeding
---------------------------------------------------------------
Menzies Corporate Restructuring confirmed that Telcogames is in
administration, Mobile Entertainment reports.  Jason Godefroy
was named administrator of the company.

In a report by Tim Green for ME, Mr. Godefroy plans to sell the
business as a going concern and is in negotiations with parties
interested in the company.

In a report by Tim Green for ME, Menzies cited cashflow problems  
caused by investing on developments that drained the capital for
operations.

Mr. Godefroy told ME that Telcogames' expansion plans included
games development through acquiring development studios, which
resulted in a build up of creditor arrears and cashflow
pressures.

Mr. Godefroy said that administration was necessary to provide
protection from creditors and to allow the business to continue
as a going concern, the report said.

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

Headquartered in London, England, Telcogames --
http://www.telcogames.com/-- is a global publisher, developer  
and distributor of quality mobile games across all major formats
including Symbian, Windows Mobile, Linux, J2ME and Brew.  The
company distributes mobile games to tier 1-3 carriers globally
and are regarded as the leader in off-portal distribution.


* ICAEW Focuses on Trust in Insolvency Profession
-------------------------------------------------
Building and strengthening confidence in the insolvency
profession has been the focus of activity for the Institute of
Chartered Accountants in England and Wales (ICAEW)in 2007.

The ICAEW, the largest licensing body for insolvency
practitioners in the U.K., published its annual report to the
Insolvency Service at the Department for Business, Enterprise
and Regulatory Reform (DBERR).

In the last twelve months, the ICAEW has been involved in the
development of the Individual Voluntary Arrangement (IVA)
protocol.  This is aimed at building trust between all parties
in the IVA process so that IVA’s can continue to function as a
credible and efficient way for individuals to resolve their debt
problems.  The Institute is also represented on the IVA Standing
Committee which will review the effectiveness of the IVA
protocol going forward.

"Given the economic climate we're all operating in, I believe
that the insolvency profession will come under greater scrutiny
and pressure.  The Institute's approach to insolvency
regulation, including licensing, monitoring and guiding
practitioners, is taken fully into account," Vernon Soare,
executive director of Professional Standards at the ICAEW said.  

"The many measures we have in place to uphold the ethical and
professional standards of the insolvency profession, are
designed to ensure accountability, transparency, consistency and
independence,” Mr. Soare added.

The key features and processes of the Institute’s systems to
ensure public confidence include:

   -- compliance with the "Principles of Monitoring” agreed with
      the Insolvency Service;

   -- participation in arrangements for independent input into
      the ethical and professional standards of the insolvency
      profession via the independent Insolvency Practices
      Council (IPC);

   -- the inclusion of members who are neither insolvency
      practitioners nor chartered accountants, on the committees
      which license, monitor and, if necessary, discipline
      insolvency practitioners;

   -- cooperation through the Joint Insolvency Committee with
      other licensing bodies; and

   -- a requirement for insolvency practitioners to comply with
      Statements of Insolvency Practice which are adopted
      as common standards across all the licensing bodies.

In its licensing role, at the end of 2007 the Institute had
licensed 719 insolvency practitioners compared to 710 the
previous year out of a U.K. total of around 1,700.

The Institute granted 41 new licenses to insolvency
practitioners during 2007.  About 15 were granted to institute
members and 26 to non-members who became affiliates, of whom the
majority were in firms controlled by Institute members. In
addition, 9 new license applications were granted to take effect
from Jan. 1, 2008.

The Institute’s Insolvency Licensing Committee considered 87
monitoring visit reports and took regulatory action where
appropriate.

While no licenses were withdrawn during the year at the
direction of the ILC, regulatory penalties were issued in 8
cases.


* BOOK REVIEW: Dangerous Pursuits - Mergers and Acquisitions in
               the Age of Wall Street
---------------------------------------------------------------
Authors: Walter Adams and James W. Brock
Publisher: Beard Books
Softcover: 222 pages
List Price: $34.95

http://www.amazon.com/exec/obidos/ASIN/1587981890/internetbankru
pt  

First published in 1989, Dangerous Pursuits - Mergers and
Acquisitions in the Age of Wall Street analyzes central concerns
raised by the flurry of mergers, acquisitions, takeovers, and
buyouts as the twentieth century drew to a close.  This was a
period of great economic vitality that challenged conventional
theories and practices.  Economists battled over the best way
forward.  It was a period of time when "coalition capitalism"
was offered as an alternative to "cowboy capitalism" - that is,
the belief in economic laissezfaire.  As set forth by the
authors, "Coalition capitalism, grounded in 'industrial policy,'
is the neoliberal Left's riposte to the cowboy capitalism of the
Right."  Coalition capitalism takes the approach that "planning
can be used to improve [a country's] market performance."

The authors strive to present a balanced portrayal of the
engineers of this economic growth - those individuals behind the
mergers and acquisitions.  To some, they were "predators,
piranhas, greenmailers."  Others, however, see T. Boone Pickens,
Carl Icahn, Ivan Boesky, and others as "necessary catalysts for
shaking up stodgy managements and for restoring giant
corporations to their owners, the shareholders."  Even the term
"greed" is subject to debate.  As a motivation for mergers,
"greed is good" - as notably voiced by the character Gordon
Gekko in the movie Wall Street - was an opinion apparently
shared by Ivan Boesky, who told a college graduating class that
"greed is all right." On the other hand, Henry Kravis, a top
Wall Street leveraged-buyout strategist is quoted as saying,
"Greed really turns me off."

In discussing the many opinions regarding mergers and
acquisitions, Dangerous Pursuits gives the reader a complete
picture of a time when the American economy, workplace, and
society were transformed.  But the authors make no secret that
they are concerned that mergers are weakening American business
and society.  Their position is substantiated in chapters on the
effects of mergers from a macro and micro perspective.  In a
chapter entitled "The Macro Record," Adams and Brock step back
from viewing mergers in terms of the parochial interest of the
players and look at the "merger game" through the lens of the
national interest.  Shorn of media hype, the authors find that
the "merger game" undermines advances in productivity, obstructs
technological development, and weakens competitiveness.  What
the "game" does do is earn outsized, quick profits for the
specialists, lawyers, financiers, and bankers who engage in it.  
In the chapter "The Micro Record," the authors look at how
mergers have affected particular airlines, steel companies, and
conglomerates.  From this micro perspective, they find that the
benefits touted by those with "parochial interests" do not
materialize.

At best, the mergers, acquisitions, takeovers, and buyouts are
seen as impeding the economy from moving ahead.  At worst,
Taylor and Brock see an "addiction to mergeritis."  No one
argues that mergers did not produce large profits for some.  The
authors warn, however, that such success is a "slow and secret
poison" to the U.S. economy.

One-time President of Michigan State University where he also
taught, Walter Adams also taught at European universities,
appeared as an expert on economics before Congressional
committees, and published other books.  James W. Brock has been
a member of the economics department faculty at Miami University
in Ohio for more than 20 years, and is the coauthor with Walter
Adams on several books.
  
                            *********

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 * * *