TCREUR_Public/080506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, May 6, 2008, Vol. 9, No. 89

                            Headlines


A U S T R I A

SATO HOTEL: Claims Registration Period Ends May 13
T29 TRADING: Claims Registration Period Ends June 3
ZENON-BAU HANDEL: Claims Registration Period Ends May 14


F I N L A N D

NVIDIA Corporation: Annual Stockholders Meeting Set for June 19


G E O R G I A

* S&P Keeps Government's B+ Ratings; Outlook Revised to Stable


G E R M A N Y

BERLIN-HANNOVERSCHE: Fitch Puts Individual Rating at D
DEUTSCHE BANK: U.S. Affiliate Faces Insolvency Claims
DONGES GRUNDBESITZ: Creditors' Meeting Slated for May 28
KAUFHAUS PAUSCH: Creditors' Meeting Slated for May 21
POLYPORE INT'L: Improved Performance Cues Moody's to Lift Rtgs.

TUI AG: Court Appoints Vladimir Yakushev to Supervisory Board


H U N G A R Y

GARDENIA CSIPKEFUGGONYGYAR: May File for Bankruptcy this Month


I T A L Y

ALITALIA SPA: Group Net Debt at EUR1.35 Billion as of March 31
IT HOLDING: Board Confirms Tonino Perna as CEO
PARMALAT SPA: Seeking US$2.2BB Damages vs Citigroup at NJ Case


K A Z A K H S T A N

ALGOL LLP: Creditors Must File Claims by June 10
ASPARA-ASTYK LLP: Claims Deadline Slated for June 10
FARZAM AKBAR: Claims Filing Period Ends June 11
KARAD LLP: Creditors' Claims Due on June 6
KAZ AUTO: Claims Registration Ends June 10

ORTALYK OIL: Creditors Must File Claims by June 10
SLEKOPHARM LLP: Claims Deadline Slated for June 10
U VAGNERA LLP: Claims Filing Period Ends June 11
UOOL LLP: Creditors' Claims Due on June 11
VENDASSTROY LLP: Claims Registration Ends June 10


K Y R G Y Z S T A N

GROCERY TRADE: Creditors Must File Claims by June 25


N E T H E R L A N D S

SUN MICROSYSTEMS: Cuts 2,500 Jobs to Save US$220MM in Costs


R U S S I A

AGO-POKROVSKOE: Belgorod Bankruptcy Hearing Slated for July 21
INZA OJSC: Creditors Must File Claims by May 26
POLIKHIM CJSC: Orel Bankruptcy Hearing Slated for July 2
RESOURCES OF SIBIREA: Creditors Must File Claims by May 26
YURLOVSKOE LLC: Tambov Bankruptcy Hearing Slated for May 12


S W I T Z E R L A N D

ADVANTIS LLC: Proofs of Claim Filing Deadline in May 16
AMBER WORLD: Creditors' Liquidation Claims Due by May 17
HANS DENIFL: Creditors Must File Liquidation Claims by May 17
METROVIA JSC: Proofs of Claim Filing Deadline is May 17
OVERGAS INTERNATIONAL: Proofs of Claim Filing Deadline is May 17

TREUHAND ALLIANCE: Zug Court Initiates Bankruptcy Proceedings
TURTLE’S PARADISE: Zug Court Commences Bankruptcy Proceedings
VMZ LLC: Creditors' Liquidation Claims Due on May 16


U K R A I N E

AGRICULTURAL INVESTMENTS: Creditors Must File Claims by May 16
ARKADIYA GROUP: Creditors Must File Claims by May 16
BNTK LLC: Creditors Must File Claims by May 15
FISON LLC: Creditors Must File Claims by May  16
SINTRA LLC: Creditors Must File Claims by May 16

TERMOTECHNICS LLC: Creditors Must File Claims by May 16
TITAN XXI: Creditors Must File Claims by May 16
ZHOVTNEVE AGRICULTURAL: Creditors Must File Claims by May 15


U N I T E D   K I N G D O M

AFC BOURNEMOUTH: Former Chair Jeff Mostyn Named Preferred Bidder
ERINACEOUS GROUP: Caley Acquires Property Maintenance Unit
CITEL PLC: Sells Trading Operations to Tortel for US$2.3 Million
GLOBAL CROSSING UK: Opens Excess Cash Offer for Sr. Sec. Notes
GLOBAL CROSSING UK: Posts GBP2 Mln Net Loss in 4th Quarter 2007

INTERACTIVE DV: Claims Filing Period Ends July 25
JDR DISTRIBUTION: Brings In Cooper Parry as Administrators
MASONITE CORP: Moody's Cuts Corporate Family Rating to B3
MEDLOCK CONSTRUCTION: Taps Liquidators from Deloitte & Touche
PARAGON DESIGN: Appoints Duncan R. Beat as Liquidator

PROTON POWER: Reveals Plan to Raise GBP3 Million
RED DOG: Duncan R. Beat Leads Liquidation Procedure
SEA CONTAINERS: Inks Settlement Deal with General Electric
TG BROS: Claims Filing Period Ends July 30
THOMAS FISH: Goes Into Administration

VIRGIN MEDIA: BSkyB Mulls Acquiring Cable & UKTV Channels
ZIFF DAVIS: Wants to Sign New Contracts with CRO & Former CEO
ZIFF DAVIS: Wants to Assume FileFront Purchase Agreement

* Large Companies with Insolvent Balance Sheet


                            *********


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


SATO HOTEL: Claims Registration Period Ends May 13
--------------------------------------------------
Creditors owed money by LLC SATO Hotel Restaurent Event
Management (FN 240138w) have until May 13, 2008, to file written
proofs of claim to court-appointed estate administrator Michael
Ruhdorfer at:

         Dr. Michael Ruhdorfer
         Paulitschgasse 17/II/4
         9020 Klagenfurt
         Austria
         Tel: 0463/55520
         Fax: 0463/55520-20
         E-mail: kanzlei@ruhdorfer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on April 14, 2008 (Bankr. Case No. 41 S 38/08y).


T29 TRADING: Claims Registration Period Ends June 3
---------------------------------------------------
Creditors owed money by LLC T29 Trading (FN 271798d) have until
June 3, 2008, to file written proofs of claim to court-appointed
estate administrator Michael Lesigang  at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 14, 2008 (Bankr. Case No. 28 S 56/08a).  


ZENON-BAU HANDEL: Claims Registration Period Ends May 14
--------------------------------------------------------
Creditors owed money by LLC ZENON-BAU Handel (FN 65922w) have
until May 14, 2008, to file written proofs of claim to court-
appointed estate administrator Susi Pariasek at:

         Dr. Susi Pariasek
         c/o  Mag. Beate Holper
         Gonzagagasse 15
         1010 Wien
         Germany
         Tel: 01/533 28 55
         Fax: 01/533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 28, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second  Floor
         Koreneuburg
         Austria

Headquartered in  Gramatneusiedl, Austria, the Debtor declared
bankruptcy on April 15, 2008 (Bankr. Case No. 36 S 40/08m).  
Beate Holper represents Dr. Pariasek in the bankruptcy
proceedings.


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


NVIDIA Corporation: Annual Stockholders Meeting Set for June 19
---------------------------------------------------------------
NVIDIA Corporation will hold its Annual Meeting of Stockholders
of on Thursday, June 19, 2008 at 10:00 a.m.

The meeting will be held at Building E of the company's
headquarters, which is located at 2800 Scott Boulevard in Santa
Clara, California.

At the meeting, stockholders will be asked to:

     -- elect three directors nominated by the Board of
        Directors to hold office until the company's 2011 Annual
        Meeting of Stockholders described in the attached proxy
        statement.


     -- approve an amendment to the company's certificate of
        incorporation to increase the number of authorized
        shares of common stock from 1,000,000,000 to
        2,000,000,000 shares.

     -- ratify the selection of PricewaterhouseCoopers LLP as
        the company's independent registered public accounting
        firm for the fiscal year ending Jan. 25, 2009.

     -- conduct any other business properly brought before the
        Annual Meeting.

Only stockholders who own stock at the close of business on
April 21, 2008 may vote at the Annual Meeting.

                           About NVIDIA

Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq:
NVDA) -- http://www.nvidia.com/-- is in the business of visual  
computing technologies and invented the GPU, a high-performance
processor which generates breathtaking, interactive graphics on
workstations, personal computers, game consoles, and mobile
devices.  NVIDIA serves the entertainment and consumer market
with its GeForce(R) products, the professional design and
visualization market with its Quadro(R) products, and the high-
performance computing market with its Tesla(TM) products.  
Outside the U.S., the company has subsidiaries  in these
countries; Canada, Cayman Islands, Singapore, Australia, the
United Kingdom, Germany, Hong Kong, Japan, Mauritius, India,  
China, British Virgin Islands, Finland and Netherlands.

                       *     *     *
       
The company carries Standard & Poor's Ratings Services' BB-
corporate credit rating.


=============
G E O R G I A
=============


* S&P Keeps Government's B+ Ratings; Outlook Revised to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
long-term ratings on the Government of Georgia to stable from
positive.  At the same time, S&P affirmed our 'B+' long-term and
'B' short-term ratings on the state.

"The outlook revision was based on further deterioration of
relations with Russia as militarization of the separatist
regions increases," said Standard & Poor's credit analyst Trevor
Cullinan.

The decision by The Russian Federation (BBB+/Positive/A-2
foreign currency sovereign credit ratings) to increase its
forces stationed in South Ossetia and Abkhazia will escalate
regional tensions and further complicate Georgia's aspirations
to membership in the North Atlantic Treaty Organization.  The
move is also likely to pressure Georgia's fiscal performance
this year, potentially interrupting financial inflows to its
expanding economy.

The stable outlook reflects the balance between the Georgian
government's strong commitment to a reformist macroeconomic
stance and the high and rising political and security risks.


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


BERLIN-HANNOVERSCHE: Fitch Puts Individual Rating at D
------------------------------------------------------
Fitch Ratings has assigned Berlin-Hannoversche Hypothekenbank AG
ratings of Long-term Issuer Default Rating 'A+' with a Stable
Outlook, Short-term IDR 'F1', Individual 'D', and Support '1'.

At the same time, the agency has assigned Berlin Hyp's public-
sector Pfandbriefe a 'AAA' rating and its mortgage Pfandbriefe a
'AA+' rating.  Berlin Hyp is 90.4%-owned by Landesbank Berlin AG
('AA-'/Stable Outlook).

"Berlin Hyp's Long-term IDR is at its support floor and reflects
Fitch's opinion on the likelihood of external support being made
available, if needed, by S-Group, Germany's public banking
sector," says Simone Brehmer, Associate Director in Fitch's
Financial Institutions team.

Fitch notes that LBB has provided a letter of comfort for Berlin
Hyp's liabilities.  Legally, this letter is limited to LBB's
share in the bank.  However, Fitch considers the likelihood of
unrestricted support through LBB, if ever required, to be
extremely high, given the high integration of Berlin Hyp within
LBB and the financial strength of S-Group, the 98.6% owner of
LBB.  Since early 2008 Berlin Hyp has been part of the German
Landesbanks' protection scheme.  Should the resources of S-Group
ever be insufficient to resolve a problem within the public
banking sector, Fitch would expect sovereign support to flow
through S-Group.

The Individual rating reflects Berlin Hyp's still sizeable
portfolio of non-performing loans, modest operating
profitability and weak capitalization.  At the same time, it
also takes into account the bank's high cost-efficiency, risk-
conscious new lending and solid funding base.

Berlin Hyp, one of Germany's largest Pfandbrief issuers, has a
strong focus on commercial real estate lending, which it targets
to expand further in western Germany and in selected
international markets.  Historically, the lending portfolio has
been somewhat concentrated in Berlin and eastern Germany.


DEUTSCHE BANK: U.S. Affiliate Faces Insolvency Claims
-----------------------------------------------------
Lindsay Jenkins has notified a Florida law firm representing
Deutsche Bank AG that she is preparing to file insolvency papers
against a Deutsche Bank affiliate in the United States.

In her March letter to Deutsche Bank's attorneys, Akerman
Senterfitt, Ms. Jenkins stated:

Given the highly publicized failure of Bear Stearns, I am of the
opinion that the Deutsche Bank affiliate that is serving as a
trustee may be insolvent and may be subjected to an involuntary
bankruptcy petition. I am exploring whether such a petition can
be filed in the Southern District of New York.  I will not,
however, take any action until I receive a response to this
letter, or before April 14, 2008.

"We have not heard from Deutsche Bank's attorneys denying that
the U. S. affiliate is insolvent, and they have not denied they
filed a frivolous and malicious lawsuit against me. Therefore,
we are proceeding to prepare a filing for the U. S.  Bankruptcy
Court," Ms. Jenkins stated.

She added, "Under U. S. law, I stand in a creditor's class that
may initiate a voluntary petition for receivership or, in the
alternative, if a federal court is not available a state court
proceeding seeking appointment of a receiver."

Headquartered in Frankfurt am Main, Germany, Deutsche Bank AG
performs banking services in Germany and operates as a financial
institute in Europe and the rest of the world.

As of Dec. 31, 2007, the company employed 78,291 people on a
full-time equivalent basis and operated in 76 countries out of
1,889 facilities worldwide, of which 52 percent were in Germany.
The company offers investment, financial and related products
and services to private individuals, corporate entities and
institutional clients.


DONGES GRUNDBESITZ: Creditors' Meeting Slated for May 28
--------------------------------------------------------
The court-appointed insolvency manager for Donges Grundbesitz
GmbH & Co KG, Dr. Jan Markus Plathner, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:45 a.m. on May 28, 2008.

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

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 8, 2008, at the same
venue.

Creditors have until May 26, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-mail: m.plathner@brinkmann-partner.de

The District Court of Darmstadt opened bankruptcy proceedings
against Donges Grundbesitz GmbH & Co KG on April 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Donges Grundbesitz GmbH & Co KG
         Mainzer Str. 55
         64293 Darmstadt
         Germany


KAUFHAUS PAUSCH: Creditors' Meeting Slated for May 21
-----------------------------------------------------
The court-appointed insolvency manager for Kaufhaus Pausch GmbH
& Co. KG, Hartmut Mitze, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on May 21, 2008.

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

         The District Court of Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         Germany         

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on June 18, 2008, at the same
venue.

Creditors have until May 26, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartmut Mitze
         Jahnstrasse 18
         35066 Frankenberg
         Germany
         Tel: 06451/71919-22
         Fax: 06451/7191921

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Kaufhaus Pausch GmbH & Co. KG on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kaufhaus Pausch GmbH & Co. KG
         Neustadter Strasse 7-15
         35066 Frankenberg
         Germany


POLYPORE INT'L: Improved Performance Cues Moody's to Lift Rtgs.
---------------------------------------------------------------
Moody's Investors Service raised the ratings of Polypore
International, Inc., Corporate of Family to B2 from B3 and
Probability of Default to B2 from B3.  

Moody's also raised the ratings of Polypore's bank credit
facility to Ba2 from Ba3, and senior subordinated notes to B3
from Caa1.  The outlook is changed to stable.

The upgrade reflects Polypore's overall improvement in credit
metrics stemming from a reduction in leverage, steady free cash
flow generation, improved interest coverage, and strong
operating margins.  Polypore's de-leveraging activities and
actions to shift production to low cost countries, close plants,
and restructure away from its cellulosic membrane business have
all contributed to the improvement of credit metrics.  The
ratings also reflect the expectation that the hemodialysis and
lead-acid battery after-markets will continue to support the
company's track record of generating positive free cash, and its
recent turnaround.  The company's recent acquisition of
Microporous Holding Corporation for approximately US$76 million
adds rubber-based battery separator technology to Polypore's
energy storage segment.  The acquisition was funded with a
combination of US$45 million of cash, US$17 million of revolver
borrowings, and US$14 million of assumed debt.  Moody's sees
that additional debt from this transaction as nominal and
expects these amounts to paid down over the near term.  The
acquisition is expected to be accretive to Polypore's earnings
prior to any synergies.

The stable rating outlook reflects the expectation that the
company's solid growth trends and operating performance will
continue, bolstered by solid end-market growth prospects, its
recurring revenue base and strong geographical diversification,
tempered to some extent by a sluggish North American economy. In
addition, the outlook reflects the company's adequate liquidity
profile, including nominal debt maturities over the near term.

These ratings are raised:

    * Polypore International, Inc.

    -- Corporate Family Rating, to B2 from B3;

    -- Probability of Default, to B2 from B3;

    -- US$90 million guaranteed senior secured revolving credit
       facility due 2013; to Ba2 (LGD2, 19%) from Ba3 (LGD2,
       19%);

    -- US$370 million guaranteed senior secured term loan due
       November 2014; to Ba2 (LGD2, 19%) from Ba3 (LGD2, 19%);

    -- US$ guaranteed senior subordinated notes due May 2012, to
       B3 (LGD5, 76%) from Caa1 (LGD5, 78%);

    -- Euro guaranteed senior subordinated notes due May 2012,
       to B3 (LGD5, 76%) from Caa1 (LGD5, 78%);

The last rating action was on May 9, 2007 when the bank credit
facility ratings were assigned and the outlook changed to
Positive.

Using Moody's standard adjustments for the last twelve months
ended March 29, 2008, Polypore's consolidated total debt/EBITDA
leverage approximated 5.5x, EBIT/interest was approximately
1.4x. Pro forma for the exclusion of interest accreted on the
discount notes, EBIT/ interest coverage was approximately 1.5x.
Polypore maintained a US$90 million revolving credit facility
under which there were approximately US$17 million of borrowings
at March 29, 2008.  The company also maintained $23 million of
cash on hand.

Polypore International Inc., headquartered in Charlotte, North
Carolina, is a leading worldwide developer, manufacturer and
marketer of specialized polymer-based membranes used in
separation and filtration processes.  The company is managed
under two business segments.  The energy storage segment, which
currently represents approximately two-thirds of total revenues,
produces separators for lead-acid and lithium batteries.  These
products have applications in transportation, electronics, and
general industrial applications.  The separations media segment,
which currently represents approximately one-third of total
revenues, produces membranes used in various healthcare and
industrial applications.  For the twelve months ending March 31,
2008, Polypore's net sales approximated US$553 million.


TUI AG: Court Appoints Vladimir Yakushev to Supervisory Board
-------------------------------------------------------------
The Hanover local court has appointed Vladimir Yakushev to TUI
AG's supervisory board with immediate effect.  Dr. Franz
Vranitzky, former chancellor of the Republic of Austria had
previously resigned from the company's supervisory board.

"The supervisory board and executive board thank Dr. Vranitzky
for his outstanding work over the past seven years.  He has
always supported the realignment of our group with his critical
and constructive comments based on his expertise," Dr. Juergen
Krumnow, chairman of the supervisory board, disclosed.

Against the background of the appointment of Vladimir Yakushev,
TUI AG’s Supervisory Board and Executive Board emphasized the
fact that TUI AG continues to be open for a further reshuffle of
the Supervisory Board.  The written offer submitted to TUI’s
major shareholder John Fredriksen by the nomination committee to
join the Supervisory Board is upheld unamended.

Vladimir Yakushev is managing partner of S-Group Capital
Management and an experienced Russian manager.  He was executive
director at Severstal-Resurs from 2003 to 2006.  As graduated
physicist, he also received an MBA from INSEAD in Fontainebleau,
France.  Yakushev had previously held leading positions at the
McKinsey consultancy company in Russia and Australia and as
business development manager for Mars in Russia.

                       About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The Company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. Subsidiaries.

                      *    *    *

TUI AG carries Standard & Poor's ratings of "BB-" on long-term
corporate credit and all issue ratings on creditwatch with
negative implicatins.

Moody's Investors Service confirmed the B1 Corporate Family
Rating for TUI AG, while the B2 unsecured rating
has been lowered to B3, and the subordinated rating is also
confirmed at B3.  The outlook is negative.


=============
H U N G A R Y
=============


GARDENIA CSIPKEFUGGONYGYAR: May File for Bankruptcy this Month
--------------------------------------------------------------
Shareholders of Gardenia Csipkefuggonygyar NyRt. will convene on
May 26, 2008, and vote whether the company should file for
bankruptcy, Bloomberg News reports citing Vilaggazdasag.

According to Gardenia president Ivan Holler, Vilaggazdasag
reports, the company incurred a HUF259 million loss in 2007 and
HUF211 million in 2006.

Further, Gardenia also incurred HUF300 million debts to
creditors and suppliers, Mr. Holler told Vilaggazdasag.

Headquartered in Gyor, Hungary, Gardenia Csipkefuggonygyar NyRt.
-- http://www.gardenia.hu/-- manufactures home textile  
products.  Its products include transparent curtains, jacquards,
light voiles, organzas, and sables.


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


ALITALIA SPA: Group Net Debt at EUR1.35 Billion as of March 31
--------------------------------------------------------------
Alitalia Group’s net debt as of March 31, 2008, amounted to
EUR1.353 billion, showing a decrease in net indebtedness of
EUR15 million compared to the situation on Feb. 29, 2008,
announced on Feb. 28, 2008.

The amount includes the encashment of EUR79 million relating to
the sale of Air France-KLM shares held in portfolio and the
disbursement of EUR56 million in payment of the annual dividend
coupon for the convertible bond loan.  Not included is the
encashment of fiscal credit amounting to about EUR69 million,
which took place on April 2, 0028.

The net debt of the parent company Alitalia on March 31, 2008,
(including short-term financial credits of subsidiaries)
amounted to EUR1.347 billion showing a decrease of EUR10 million
(-0.7%) compared to net debt as of Feb. 29, 2008.

The Group’s cash-to-hand and short-term financial credits as of
March 31, 2008, at the Group level and for Alitalia, amounted to
EUR180 million and EUR186 million respectively.

It should be noted that as of March 31, 2008, there were several
leasing contracts at the Group level (referring almost entirely
to fleet aircraft mostly held by the parent company amounting to
EUR80 million) whose capital share, including lease closure
value, amounted to EUR92 million (of which EUR12 million
represent the current capital share falling due within 12 months
of the reference date, with EUR9 million held by the parent
company).

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During March 2008, repayments were made of medium/long-term
financing amounting to EUR13 million.  Regarding debts of a
financial, fiscal and social welfare nature, there were no
outstanding sums or payment irregularities on March 31, 2008,
both for the parent company and for the other companies in the
Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

    * an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million
      (two decrees);

    * an injunction issued by a supplier of on-board movies for
      EUR1.2 million (two decrees);

    * an injunction has been issued by an IT services supplier
      for EUR812,000;

    * an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EUR288,000;

    * an injunction has been issued by a maintenance services
      supplier for EUR492,000;

    * an injunction has been issued by the special manager of a
      firm for presumed debts relating to air ticket sales, for       
      EUR3.2 million;

    * one injunction issued by a fuel supplier for about
      EUR1 million;

    * an injunction has been issued by an airport management
      company for limited failure to pay handling fees for about
      EUR375,000; and

    * an injunction has been issued by four suppliers, for
      EUR188,000.

There are no other executive actions undertaken by creditors
notified as of March 31, 2008, nor are there any threats by
suppliers to suspend operations.  It should be pointed out that,
as part of ordinary management practices, the Company is
committed to maintaining commercial relations with its customers
and suppliers who guarantee -– in the absence of critical  
situations or operational emergencies -– the necessary financial
flexibility in support of cash-to-hand requirements.

                         About Alitalia

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

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

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


IT HOLDING: Board Confirms Tonino Perna as CEO
----------------------------------------------
The board of directors of IT Holding S.p.A. confirmed, on April
30, 2008, Tonino Perna as chief executive officer of the
company.

Headquartered in Milan, Italy, IT Holding S.p.A.
-- http://www.itholding.it/-- controls a group of companies
that design, produce and distribute high-quality products under
owned brands -- Ferre, Malo, Exte -- as well as under license
agreements -- D&G, Versus, Versace Jeans Couture, Just Cavalli,
C'N'C Costume National.  Worldwide distributing network includes
29 directly operated stores, 111 other mono-brand stores and
over 4,000 highly selected department and specialty stores.  IT
Holding has over 1,700 employees.  It went public on November
1997 and its shares are traded on Milan Stock Exchange.

                          *     *     *

IT Holding S.p.A. carries Moody's B3 Corporate Family and
Probability-of-Default rating.  Moody's said the outlook is
stable.

The company also carries Standard & Poor's B- long-term foreign
issuer credit rating, 'B-' long-term local issuer credit rating
with stable outlook.


PARMALAT SPA: Seeking US$2.2BB Damages vs Citigroup at NJ Case
--------------------------------------------------------------
Parmalat S.p.A. is seeking US$2.2 billion in damages from
Citigroup Inc. over the bank's alleged role in the food group's
financial collapse in December 2003, Chad Bray writes for
MarketWatch.

As reported in the TCR-Europe on April 17, 2008, the Hon.
Jonathan N. Harris of the New Jersey Superior Court dismissed
fraud, conspiracy, racketeering and unjust enrichment claims
filed by Parmalat against Citigroup, but allowed charges of
aiding and abetting breach of fiduciary duty relating to the
corrupt insiders' larceny from the company.

Parmalat had been seeking around US$10 billion from Citigroup,
but reduced the amount to US$2.2 billion after Judge Harris
threw out its claims.

At Monday's hearing, Citigroup lawyer John F. Baughman said the
bank is seeking US$699 million in counterclaims from Parmalat in
the case, MarketWatch says.

                       Italian Documents

Judge Harris denied Citigroup's motion to bar Parmalat from
presenting more than 500 documents, which include Italian police
reports and statements by Parmalat insiders, MarketWatch
reports.

Judge Harris said he plans to preclude two of Parmalat's expert
witnesses from testifying -- Stefania Chiaruttini, a technical
consultant for the Milan court, and Franco Lagro, a
PriceWaterhouseCoopers auditor tapped to review the company's
accounts after its collapse, MarketWatch adds.

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/ -- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court granted
Parmalat permanent injunction.


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


ALGOL LLP: Creditors Must File Claims by June 10
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Algol insolvent on March 12, 2008.

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

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


ASPARA-ASTYK LLP: Claims Deadline Slated for June 10
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Aspara-Astyk insolvent.

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

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


FARZAM AKBAR: Claims Filing Period Ends June 11
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Farzam Akbar Ltd. insolvent on
March 21, 2008.

Creditors have until June 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         308 Krasnoznamenny polk Str. 37
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KARAD LLP: Creditors' Claims Due on June 6
------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Firm Karad insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Room 216
         Manas Str. 2
         010000, Astana
         Kazakhstan
         Tel: 8 (7172) 37-40-09


KAZ AUTO: Claims Registration Ends June 10
------------------------------------------  
LLP Kaz Auto Sell has declared insolvency.  Creditors have until
June 10, 2008, to submit written proofs of claims to:

         LLP Kaz Auto Sell
         Auezov Str. 2
         050000, Almaty
         Kazakhstan
         Tel: 8 (7272) 77-84-77


ORTALYK OIL: Creditors Must File Claims by June 10
--------------------------------------------------  
LLP Ortalyk Oil has declared insolvency.  Creditors have until
June 10, 2008, to submit written proofs of claims to:

         LLP Ortalyk Oil
         Abdirov ave. 49
         Karaganda
         Kazakhstan


SLEKOPHARM LLP: Claims Deadline Slated for June 10
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Slekopharm insolvent on March 7, 2008.

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

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


U VAGNERA LLP: Claims Filing Period Ends June 11
------------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP U Vagnera insolvent on March 20,
2008.

Creditors have until June 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         308 Krasnoznamenny polk Str. 37
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


UOOL LLP: Creditors' Claims Due on June 11
------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP UOOL insolvent on March 11, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Room 216
         Manas Str. 2
         010000, Astana
         Kazakhstan
         Tel: 8 (7172) 37-40-09


VENDASSTROY LLP: Claims Registration Ends June 10
-------------------------------------------------  
LLP Vendasstroy has declared insolvency.  Creditors have until
June 10, 2008, to submit written proofs of claims to:

         LLP Vendasstroy
         Podvoisky Str. 107
         Shymkent
         South Kazakhstan
         Kazakhstan


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


GROCERY TRADE: Creditors Must File Claims by June 25
----------------------------------------------------
LLC Grocery Trade Company has declared insolvency.  Creditors
have until June 25, 2008 to submit written proofs of claim to:

         LLC Grocery Trade Company
         Gorky Str. 1/19
         Bishkek
         Kyrgyzstan


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


SUN MICROSYSTEMS: Cuts 2,500 Jobs to Save US$220MM in Costs
-----------------------------------------------------------
Sun Microsystems Inc. will reduce its workforce by around 1,500
to 2,500 people in the current quarter, Christopher Lawton of
The Wall Street Journal reports.

The company relates that it needs to slash costs as the U.S.
economy is pretty weak and they are facing delays in orders from
customers.

Sun adds that they would be taking a charge of $130.0 million to
$220.0 million in its fiscal fourth quarter to account for the
cuts.

                     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 others, 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
===========


AGO-POKROVSKOE: Belgorod Bankruptcy Hearing Slated for July 21
--------------------------------------------------------------
The Arbitration Court of Belgorod will convene at 10:00 a.m. on
July 21, 2008, to hear the bankruptcy supervision procedure on
OJSC Ago-Pokrovskoe.  The case is docketed under Case No.
A08-1136/08-31B.

The Temporary Insolvency Manager is:

         S. Klimov
         Post User Box 671
         308033 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Ago-Pokrovskoe
         Pokrovka
         Volkonovskiy
         309661 Belgorod
         Russia


INZA OJSC: Creditors Must File Claims by May 26
-----------------------------------------------
Creditors of OJSC Meat Combine Inza (TIN 7306002375)have until
May 26, 2008, to submit proofs of claim to:

         A. Pogorelov
         Temporary Insolvency Manager
         Office 37
         Krymova Str. 12
         432071 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A72-723/08-17/2-b.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Inza
         Kolkhoznaya Str. 10
         Inza
         Ulyanovsk
         Russia


POLIKHIM CJSC: Orel Bankruptcy Hearing Slated for July 2
--------------------------------------------------------
The Arbitration Court of Orel region will convene on July 2,
2008, to hear the bankruptcy supervision procedure on CJSC
Polikhim.  The case is docketed under Case No. A48-917/08-17b.

The Temporary Insolvency Manager is:

         E. Feoktistov
         Post User Box 813
         308001 Belgorod-1
         Russia

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel  
         Russia

The Debtor can be reached at:

         CJSC Polikhim
         1st Kurskaya Str. 67
         Orel
         Russia


RESOURCES OF SIBIREA: Creditors Must File Claims by May 26
----------------------------------------------------------
Creditors of LLC Resources of Sibirea (TIN 1701037106, OGRN
1041700513766) have until May 26, 2008, to submit proofs of
claim to:

         A. Khertek
         Temporary Insolvency Manager
         Rovenskaya Str. 26
         Kyzyl
         Tyva
         Russia
         Tel: 2-10-58

The Arbitration Court of Tyva commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A-69-772/08-12.

The Debtor can be reached at:

         LLC Resources of Sibirea
         Internatsionalnaya 49
         Kyzyl
         667000 Tyva
         Russia


YURLOVSKOE LLC: Tambov Bankruptcy Hearing Slated for May 12
-----------------------------------------------------------
The Arbitration Court of Tambov will convene at 10:30 a.m. on
May 12, 2008, to hear the bankruptcy supervision procedure on
LLC Yurlovskoe.  The case is docketed under Case No. A64-6952/
07-25.

The Temporary Insolvency Manager is:

         P. Abkhairov
         Office 210
         Kalinina Str. 108b
         440034 Penza
         Russia

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         LLC Yurlovskoe
         Parkovaya Str. 17
         Yurlovka
         Nikiforovskiy
         Tambov
         Russia


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



ADVANTIS LLC: Proofs of Claim Filing Deadline in May 16
-------------------------------------------------------
Creditors of LLC Advantis are given until May 16, 2008, to
submit their proofs of claim to:

         Midea Antonio Jr.
         Landquartstrasse 56
         9320 Arbon
         Switzerland

The decision to place the company into liquidation was accepted
at the shareholders' meeting held last Dec. 31, 2007.



AMBER WORLD: Creditors' Liquidation Claims Due by May 17
--------------------------------------------------------
Creditors of LLC AMBER WORLD (Schweiz) are given until May 17,
2008, to submit their proofs of claim to:

         Rolf Michel
         Seetalstrasse 7
         5630 Muri AG
         Switzerland

The decision to place the company into liquidation was accepted
at a shareholders' meeting held last March 20, 2008.


HANS DENIFL: Creditors Must File Liquidation Claims by May 17
-------------------------------------------------------------
Creditors of LLC Hans Denifl are given until May 17, 2008, to
submit their proofs of claim to:

         JSC Kontomed Treuhand
         Feldmoosstr. 1
         8853 Lachen
         Switzerland

The decision to place the company into liquidation was accepted
at the shareholders' meeting held last Feb. 22, 2007.


METROVIA JSC: Proofs of Claim Filing Deadline is May 17
-------------------------------------------------------
Creditors of JSC Metrovia are given until May 17, 2008, to
submit their proofs of claim to:

         Hans Etzweiler
         Loorenhalde 31
         8053 Zurich
         Switzerland

The decision to place the company into liquidation was accepted
at a shareholders' meeting held last March 12, 2008.


OVERGAS INTERNATIONAL: Proofs of Claim Filing Deadline is May 17
----------------------------------------------------------------
Creditors of JSC Overgas International are given until May 17,
2008, to submit their proofs of claim to:

         JSC Interis
         Lowenstrasse 20
         8001 Zurich
         Switzerland

The decision to place the company into liquidation was accepted
at the extraordinary general meeting held last March 10, 2008.


TREUHAND ALLIANCE: Zug Court Initiates Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Treuhand Alliance on April 3, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


TURTLE’S PARADISE: Zug Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Turtle’s Paradise 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  Turtle’s Paradise
         Chamerstrasse 172
         6300 Zug
         Switzerland


VMZ LLC: Creditors' Liquidation Claims Due on May 16
----------------------------------------------------
Creditors of LLC VMZ are given until May 16, 2008, to submit
their proofs of claim to:

         Mario Furrer
         LLC Avena Treuhand
         Europastrasse 27
         8152 Glattbrugg
         Switzerland

The decision to place the company into liquidation was accepted
at the extraordinary general meeting held last March 19, 2008.


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


AGRICULTURAL INVESTMENTS: Creditors Must File Claims by May 16
--------------------------------------------------------------
Creditors of LLC Agricultural Investments (code EDRPOU 33676140)
have until May 16, 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 commenced bankruptcy proceedings
against the company after finding it insolvent on April 3, 2008.  
The case is docketed as B-31/175-07.

The Debtor can be reached at:

         LLC Agricultural Investments
         Grazhdanskaya Str. 7
         61057 Kharkov
         Ukraine


ARKADIYA GROUP: Creditors Must File Claims by May 16
----------------------------------------------------
The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/123-b.

Creditors of LLC Commerce Firm Arkadiya Group (code EDRPOU
34602070) have until May 16, 2008, to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Commerce Firm Arkadiya Group
         Liatoshynsky Str. 4-A/289
         03191 Kiev
         Ukraine


BNTK LLC: Creditors Must File Claims by May 15
----------------------------------------------
Creditors of LLC BNTK (code EDRPOU 21704202) have until
May 15, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 13, 2008, after finding it
insolvent.  The case is docketed as 23/331-b.

The Debtor can be reached at:

         LLC BNTK
         Krasnoarmeyskaya Str. 29-B
         01004 Kiev
         Ukraine


FISON LLC: Creditors Must File Claims by May  16
------------------------------------------------
Creditors of LLC Fison (code EDRPOU 30866594) have until
May 16, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/750-b.

The Debtor can be reached at:

         LLC Fison
         02160 Kiev Ukraine
         Vossoyedineniya Avenue 7-A


SINTRA LLC: Creditors Must File Claims by May 16
------------------------------------------------
Creditors of LLC Production-Commerce Firm Sintra (code EDRPOU
34773844) have until May 16, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 8, 2008.  The case is docketed as B 24/153-08.

The Debtor can be reached at:

         LLC Production-Commerce Firm Sintra
         Apartment 62
         Newspaper Pravda Avenue 99
         49000 Dnipropetrovsk
         Ukraine


TERMOTECHNICS LLC: Creditors Must File Claims by May 16
-------------------------------------------------------
Creditors of LLC Science-Technical Enterprise Termotechnics
(code EDRPOU 20046518) have until May 16, 2008, to submit proofs
of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 9, 2008.  
The case is docketed as 24/17-b.

The Debtor can be reached at:

         LLC Science-Technical Enterprise Termotechnics
         Sosiura Str. 7
         02090 Kiev
         Ukraine


TITAN XXI: Creditors Must File Claims by May 16
-----------------------------------------------
Creditors of LLC Firm Titan XXI (code EDRPOU 34468493) have
until May 16, 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 commenced bankruptcy proceedings
against the company after finding it insolvent on April 7, 2008.  
The case is docketed as B-48/54-08.

The Debtor can be reached at:

         LLC Firm Titan XXI
         Pushkin Str. 104-D
         Kharkov
         Ukraine


ZHOVTNEVE AGRICULTURAL: Creditors Must File Claims by May 15
------------------------------------------------------------
Creditors of OJSC Zhovtneve Agricultural Industrial Technics
(code EDRPOU 00905758) have until May 15, 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 Jan. 22, 2008.  
The case is docketed as 5/60.

The Debtor can be reached at:

         OJSC Zhovtneve Agricultural Industrial Technics
         Mir Str. 1
         Voskresenskoye
         Zhovtneve District
         Nikolaev
         Ukraine


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


AFC BOURNEMOUTH: Former Chair Jeff Mostyn Named Preferred Bidder
----------------------------------------------------------------
Jeff Mostyn, the former chairman of AFC Bournemouth, has emerged
as the preferred bidder for the club after two other offers
failed to materialize, Vitalfootball.co.uk reports.  The club,
also known as the Cherries, went into administration in
February.

According to administrator Gerald Krasner, Mr. Mostyn, who
injected GBP80,000 in cash into the club, now has total
exclusivity.

Mr. Mostyn's investment, which was backed by current AFC
Bournemouth boss Kevin Bond, will keep the club running until
the end of the season, Vitalfootball.co.uk relates.

As previously reported in the TCR-Europe on Feb. 15, 2008, the
club automatically received a 10-point deduction from the
Football League for going into administration.

The report disclosed the club had debts of around GBP4 million.

AFC Bournemouth -- http://www.afcb.premiumtv.co.uk/-- is an
English football team currently playing in Football League One.
The side plays at the Fitness First Stadium (Dean Court) in
Kings Park, Bournemouth, Dorset.  The club has existed since
1899.


ERINACEOUS GROUP: Caley Acquires Property Maintenance Unit
----------------------------------------------------------
Erinaceous Property Maintenance Ltd., a unit of  Erinaceous
Group PLC, has sold its assets to Caley Ltd., Eastbourne Homes
reports

As reported in the Troubled Company Reporter-Europe on April 15,
2008, Erinaceous Group entered into administration after
disclosing that it incurred debts exceeding GBP250 million.

As reported in the TCR-Europe on April 23, 2008, Jim Tucker and
Myles Halley of KPMG, appointed as administrators for Erinaceous
Group, confirmed that they will sell three of the group's key
businesses to a vehicle owned by Erinaceous' banks.  The sale of
Erinaceous Insurance Services occurred sometime in April 2008.

The Eastbourne Homes adds that will the sale, Erinaceous
Property has been renamed to 3C Asset Management Ltd. and will
no longer be part of Erinaceous Group.  Further, the new company
will also not be a part of  Erinaceous Group's administration
proceedings.

                     About Erinaceous Group

Based in London, Erinaceous Property Maintenance Ltd. provides a
range of multi-disciplinary maintenance services to social
housing providers.  Parent company, Erinaceous Group --
http://www.erinaceous.com-- provides a one-stop-shop for a     
broad range of services related to the management, maintenance,
procurement, design, construction and insurance of property.

Employing over 4,000 people across its three divisions.  It
incorporates many well-known companies, including brands such as
Dunlop Haywards, Egan Lawson and Spring Grove.

The company has debts exceeding GBP200 million.  In recent
months the board, supported by its advisors, has undertaken a
full strategic review of the group's operations.  The review
covered the possibility of refinancing the Group’s borrowings,
options for sale and an equity raising.  Given the extent of the
challenges facing the group and the current state of the capital
markets, none of these options ultimately proved viable.


CITEL PLC: Sells Trading Operations to Tortel for US$2.3 Million
----------------------------------------------------------------
The Board of Citel plc said that the company has entered into a
conditional agreement for the sale of the business and certain
assets, comprising substantially all the assets underlying the
Company’s trading operations, to Tortel USA, LLC for
US$2,300,000.

The consideration may be adjusted by up to US$300,000 (either up
or down) on closing to take into account fluctuations in stock
value, raw materials and work-in-progress.  Assuming no
adjustment for the Inventory, a payment of US$1,850,000, less a
US$50,000 deposit received on signing the SPA, will be made at
closing, expected to be May 31, 2008, with the remainder paid on
Sept. 30, 2008.

Based on their carrying values as at March 31, 2008 the assets
subject to the Disposal had a value of approximately GBP2.5
million.  These assets effectively underpin the trading
operations of the Company and as such all the losses incurred by
the Company, which in the year to March 31, 2008 amounted to
approximately GBP2.8 million are attributable to these assets.

Proceeds from the Disposal will be used, in the first instance,
to satisfy obligations to creditors and employees.  It is
proposed that as soon as possible after Sept. 30, 2008, the
Company should return residual cash (if any) to shareholders and
subject to shareholder approval, seek a members' voluntary
liquidation and cancel the company's listing on AIM.

Upon settlement of all obligations and receipt of all proceeds
on Sept. 30, a determination of the amount and timing of a
shareholder distribution will be made.  Residual proceeds (if
any) will be a function of, inter alia, trading through closing
of the transaction, the successful negotiation of outstanding
obligations and collectability from debtors (which do not form
part of the Disposal).  Whilst these variables make forecasting
imprecise, the Company expects to have a cash balance of
approximately US$500,000 at Sept. 30, 2008.

The Disposal is the result of a strategic review process
undertaken by the Board.  The Board considered and pursued the
option of raising new funds to support the business, but
concluded that the environment was such that there was no
certainty that sufficient capital could have been raised to
allow the Company to reach cash break even.  Whilst progress
from a trading perspective has been encouraging and new product
shipments have started to grow, the Company has continued to
trade at a loss.  Faced with diminishing resources, the Board,
having considered the various options available to preserve
shareholder value concluded that a sale of the assets or Company
would be in the shareholders’ best interests.

Under the AIM rules this Disposal is deemed a disposal resulting
in a fundamental change of business.  As such completion of the
Disposal is conditional on the consent of shareholders given in
general meeting and a circular will be dispatched to
shareholders to call a general meeting to seek such approval.  
On condition that the resolution to approve the Disposal is
passed by shareholders at the general meeting, the company has
agreed to change its name to DietBrown plc, such change is also
subject to approval by shareholders.  Tortel USA, LLC plans to
operate the business and support the existing customer base
under Citel Technology LLC in the USA and Citel Technology
Limited in the UK.

                       About Citel

Citel plc --  http://www.citel.com/-- enables SMBs, large  
enterprises and service providers to realize the cost and
productivity benefits of IP telephony while at the same time
leveraging their existing PBX infrastructure.  Businesses with
single or distributed locations and PBX vendors can now deploy
next-generation IP applications and services at their own pace,
with little business disruption. Service providers can deploy
Hosted IP telephony services quickly, without having to "rip and
replace" existing enterprise PBX handsets.  Citel is a publicly
traded company with corporate headquarters in Seattle, and
development offices in Calgary, Alberta (Canada) and Nottingham,
England (UK).


GLOBAL CROSSING UK: Opens Excess Cash Offer for Sr. Sec. Notes
--------------------------------------------------------------
Global Crossing (UK) Finance plc, a wholly owned subsidiary of
Global Crossing, on April 29, 2008, opened an excess cash offer
with respect to its senior secured notes.

In accordance with the indenture governing its notes, GCUK
Finance will offer to purchase for cash up to 1.213 million
British pounds sterling in aggregate principal amount, including
accrued interes, of its 10.75% U.S. dollar-denominated senior
secured notes due in 2014 and its 11.75% British pounds
sterling-denominated senior secured notes due in 2014.  The
notes are guaranteed by Global Crossing (UK) Telecommunications
Ltd., GCUK Finance's immediate parent and the principal UK
operating subsidiary of Global Crossing.

The offer is being made pursuant to the terms of the indenture
governing the senior secured notes.  The indenture requires GCUK
Finance to make an offer to purchase the maximum principal
amount of the senior secured notes possible using 50% of GCUK's
excess operating cash flow for the period from Dec. 23, 2004 to
Dec. 31, 2005 and for each twelve month period thereafter.

The excess cash offer will expire at 5:00 p.m. BST on May 29,
2008, unless extended.  The terms and conditions of the offer
are described in GCUK Finance's offer document dated April 29,
2008.

Notes that are properly tendered and accepted for purchase in
accordance with the terms and conditions of the offer document
will be purchased at a cash price equal to 100% of the
outstanding principal amount of the notes tendered, together
with any accrued and unpaid interest outstanding on the date of
the purchase.  If the aggregate principal amount of notes
tendered exceeds the amount that can be purchased using the
Excess Cash at a purchase price of 100% of the principal amount
thereof plus accrued interest, notes will be accepted for
purchase on a pro rata basis among tendering note holders based
upon the amounts tendered.  For purposes of determining the
aggregate principal amount of the notes tendered in order to
apply the pro rata calculation, the aggregate principal amount
of the sterling-denominated notes tendered will be converted to
dollars at the noon buying rate in the City of New York for
cable transfers in pounds sterling as announced by the Federal
Reserve Bank of New York for customs purposes on April 28, 2008.

Tenders may be validly withdrawn until 10:00 a.m. BST on June 3,
2008 or, if the offer period is extended, at 10:00 a.m. BST
three business days after the expiration date for the offer.

                    About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing
(Nasdaq: GLBC) -- http://www.globalcrossing.com/-- provides  
telecommunications solutions over the world's first integrated
global IP-based network.  Its core network connects
approximately 390 cities in more than 30 countries worldwide,
and delivers services to approximately 690 cities in more than
60 countries and 6 continents around the globe.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed USUS$25,511,000,000
in total assets and USUS$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At
June 30, 2006, the company reported US$1.87 billion in total
assets and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.

                         About GCUK

Global Crossing UK Telecommunications Ltd. provides a full range
of managed telecommunications services in a secure environment
ideally suited for IP-based business applications.  The company
provides managed voice, data, Internet and e-commerce solutions
to a strong and established commercial customer base, including
more than 100 UK government departments, as well as systems
integrators, rail sector customers and major corporate clients.
In addition, Global Crossing UK provides carrier services to
national and international communications service providers.

                          *     *     *

Global Crossing UK Telecommunications Ltd. carries a 'B-' long-
term corporate credit rating from Standard & Poor's with a
stable outlook.


GLOBAL CROSSING UK: Posts GBP2 Mln Net Loss in 4th Quarter 2007
---------------------------------------------------------------
Global Crossing reported fourth quarter and full year 2007
financial results for its subsidiary, Global Crossing (UK)
Telecommunications Ltd.

                          Highlights

GCUK generated GBP76 million in revenue for the fourth quarter,
with adjusted gross margin at 70% of revenue and adjusted IFRS
EBITDA of GBP22 million.  Cash provided by operations for the
fourth quarter was GBP16 million before payment of interest.

GCUK continued to add new customers and additional services to  
existing customer relationships.  During the fourth quarter, the
company announced a new contract with HM Revenue and Customs
under which HMRC will employ Global Crossing's hosted IP
telephony service for the operation of all its telephony service
across the UK, supporting 85,000 users.  HMRC is using the
recently launched Global Crossing Unified Communications
offering, which provides fully managed hosted IP telephony,
collaboration and messaging solutions over a single, converged
IP network.  In addition, GCUK announced an extension to its
Internet Protocol Virtual Private Network for Superdrug.
Following successful implementation of an IP VPN for 700
Superdrug stores, the company expanded the service to an
additional 200 retail outlets.

"GCUK exited 2007 as a larger, stronger business than it was in
2006.  The combination of Fibernet's assets and strong orders at
the end of the year delivered revenue growth and improved
margins at GCUK," John Legere, Global Crossing's chief executive
officer, said.  "As enterprises continue shifting
from legacy networks, demand for our IP-based solutions will
drive GCUK and the rest of Global Crossing's business to even
greater successes."

On December 28, 2006, GCUK acquired certain of the Fibernet
group of companies from a subsidiary of Global Crossing Limited
and began consolidating Fibernet's UK operations into its own
operations; therefore, the impact of Fibernet on GCUK's
operating results for the fourth quarter and full year 2006 was
not significant.

                   Fourth Quarter Results

In the fourth quarter, GCUK generated revenue of GBP76 million,
compared with GBP73 million in the third quarter of 2007 and
GBP62 million in the fourth quarter of 2006.  The sequential
increase in revenue was due to increased enterprise revenue with
the addition of HMRC, as well as an increase in revenue from
equipment sales.  Year-over-year growth was primarily
due to the inclusion of Fibernet into GCUK's operations.

Adjusted gross margin was GBP53 million or 70% of revenue in the
fourth quarter of 2007.  This compares with GBP52 million or 72%  
of revenue in the third quarter of 2007 and GBP42 million or 68%
of revenue in the fourth quarter of 2006.  Excluding the third
quarter benefit to cost of access arising from the
reclassification of costs from cost of access to depreciation
and amortization to align Fibernet's accounting policies with
those of GCUK, adjusted gross margin as a percentage of revenue
was flat on a sequential basis.   Year-over-year growth in
adjusted gross margin was due to the consolidation of Fibernet's
UK operations into GCUK.

Cost of revenue, which includes cost of access, technical real
estate, network and operations, third party maintenance and cost
of equipment sales, was GBP45 million for the quarter, compared
with GBP44 million in the third quarter of 2007 and
GBP43 million in the fourth quarter of 2006.  The sequential
increase in cost of revenue was primarily due to increases in
cost of equipment sales and an increase in cost of access from
the third quarter principally due to the benefit recorded in the
third quarter.  These increases were offset by a rebate in real
estate, network and operations and lower third party maintenance
costs.  The year-over-year increase in cost of revenue was
primarily due to the addition of Fibernet's UK operations,
offset by lower equipment sales.

Sales, general and administrative expenses  for GCUK were
GBP8 million in the fourth quarter, compared with GBP9 million
in the third quarter of 2007 and GBP9 million in the fourth
quarter of 2006.  SG&A for the third quarter of 2007 included a
restructuring charge of GBP1 million related to vacating a
Fibernet facility.  Other expenses remained relatively flat in
the fourth quarter resulting in a sequential improvement
in SG&A.  The year-over-year decrease in SG&A was primarily due
to severance and other restructuring expense related to the
acquisition of Fibernet in the fourth quarter of 2006, partially
offset by higher SG&A costs due to the addition of Fibernet's UK
operations.

GCUK's adjusted IFRS EBITDA for the fourth quarter was
GBP22 million, compared with GBP21 million in the third quarter
of 2007 and GBP19 million in the fourth quarter of 2006.  The
fourth quarter of 2006 included an GBP8 million non-cash net
gain arising from the acquisition of Fibernet.

The company's consolidated net loss applicable to common
shareholders was GBP2 million for the fourth quarter, compared
with net profit of approximately GBP1 million in the third
quarter of 2007 and a net loss of GBP2 million in the fourth
quarter of 2006.

                      Full Year Results

GCUK generated GBP297 million of revenue for 2007, 98% of which
was generated from the "invest and grow" category -- namely that
part of the business focused on serving global enterprises and
carrier customers excluding wholesale voice.  This represents
growth in total annual revenue of GBP56 million, or 23%,
compared with 2006.  The growth in total annual revenue is
primarily due to the addition of Fibernet's UK operations and to
a lesser extent due to additional revenues from the new HMRC
contract, a settlement with a certain customer, and additional
revenues from new business within the carrier data channel,
offset by continued attrition in the revenue base and by price
reductions made available to some customers during the year.

In 2007, Camelot announced its intention to replace its existing
service supplied by GCUK.  As previously stated, Camelot's plans
are to start migration of the network shortly.  Although the
precise impact on GCUK will depend on the details and timing of
Camelot's actual network transition, the company has yet to see
a revenue impact but expects revenue from Camelot to decline
substantially through the third and fourth quarters of 2008 and
the first quarter of 2009.

GCUK reported adjusted gross margin of GBP209 million, or 70%,
for 2007.  This compares with GBP164 million, or 68% of revenue,
in 2006.  The GBP45 million year-over-year increase was
primarily due to the addition of Fibernet's UK operations and
associated savings in cost of access expense during the year.

Cost of revenue was GBP185 million in 2007, or 62% of revenue,
compared with GBP159 million, or 66% of revenue, in 2006.  The
GBP26 million year-over-year increase was primarily due to the
inclusion of Fibernet, an increase in cost of access due to
greater enterprise and carrier sales volume, and an increase in
cost of equipment sales.

SG&A expenses were GBP36 million, or 12% of revenue in 2007,
compared with GBP31 million, or 13% of revenue, in 2006.  The
year-over-year increase was primarily due to the inclusion of
Fibernet, increased salaries and sales commissions, retention
and motivation grant expenses, and charges relating to Global
Crossing's May 2007 restructuring plan.

GCUK reported GBP78 million of adjusted IFRS EBITDA for 2007,
compared with GBP62 million of adjusted IFRS EBITDA for 2006.

The company's consolidated net loss applicable to common
shareholders was GBP2 million for 2007, compared with net income
of GBP13 million in 2006.

                          Cash Position

As of December 31, 2007, GCUK had GBP24 million of cash and cash
equivalents.  Net cash provided from operating activities
totaled less than half a million pounds after GBP16 million of
interest paid during the fourth quarter.  After interest income
of GBP2 million and a use of GBP9 million for capital
expenditures and principal payments on capital leases, GCUK's
net decrease in cash and cash equivalents in the fourth
quarter was GBP6 million.
Net cash provided from operating activities during 2007 totaled
GBP14 million after GBP34 million of interest paid during the
year.  GCUK's net decrease in cash and cash equivalents was
GBP16 million for 2007 after capital expenditures of GBP40
million including principal payments on capital leases.

                     About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing
(Nasdaq: GLBC) -- http://www.globalcrossing.com/-- provides  
telecommunications solutions over the world's first integrated
global IP-based network.  Its core network connects
approximately 390 cities in more than 30 countries worldwide,
and delivers services to approximately 690 cities in more than
60 countries and 6 continents around the globe.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed USUS$25,511,000,000
in total assets and USUS$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At
June 30, 2006, the company reported US$1.87 billion in total
assets and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.

                         About GCUK

Global Crossing UK Telecommunications Ltd. provides a full range
of managed telecommunications services in a secure environment
ideally suited for IP-based business applications.  The company
provides managed voice, data, Internet and e-commerce solutions
to a strong and established commercial customer base, including
more than 100 UK government departments, as well as systems
integrators, rail sector customers and major corporate clients.
In addition, Global Crossing UK provides carrier services to
national and international communications service providers.

                          *     *     *

Global Crossing UK Telecommunications Ltd. carries a 'B-' long-
term corporate credit rating from Standard & Poor's with a
stable outlook.


INTERACTIVE DV: Claims Filing Period Ends July 25
-------------------------------------------------
Creditors of Interactive DV Ltd. have until July 25, 2008 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on April 25, 2008 for the creditors' voluntary
winding-up procedure.


JDR DISTRIBUTION: Brings In Cooper Parry as Administrators
----------------------------------------------------------
Tyrone Shaun Courtman and Dean Anthony Nelson of Cooper Parry
LLP were appointed joint administrators of JDR Distribution Ltd.
(Company Number 05185969) on April 22, 2008.

According published reports, the company has around GBP1 million
of debt before going to administration.

Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers  
to private business.

Headquartered in  Tamworth, England, JDR Distribution Ltd. --
http://www.jdrgroup.co.uk/-- was established in 1980 as a  
traditional haulage company, with Caterpillar, Rover and Unipart
as its clients.  The company's services had gone on to include
international distribution and storage and distribution
logistics for large businesses.


MASONITE CORP: Moody's Cuts Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service has downgraded the debt ratings of
Masonite International to reflect the outlook for the company's
ongoing financial performance given the pressures from the new
home construction market and from the repair and remodeling
market.  The company's CFR was downgraded to B3 and the ratings
outlook remains negative.

These debt ratings/assessments have been affected:

   -- Corporate family rating, downgraded to B3 from B2;

   -- Probability of default rating, downgraded to B3 from B2;

   -- US$1,172 million Gtd. Sr. Sec. Term Loan due 2013,
      downgraded to B2 (LGD3, 33%) from Ba3 (LGD3, 32%);

   -- US$350 million Gtd. Sr. Sec. Revolver due 2011, downgraded
      to B2 (LGD3, 33%) from Ba3 (LGD3, 32%);

   -- Speculative grade liquidity rating, downgraded to SGL-4
      from SGL-3.

Moody's downgrade of Masonite's debt ratings reflects ongoing
revenue contraction due to the slowdown in new home construction
and in the repair & remodeling segment.  The company also lost
half of its Home Depot business starting in early 2007, at a
time when its end markets began contracting.  Although
management has aggressively tackled its cost structure through
plant closings, employee reductions, marketing initiatives, and
product initiatives, the pressure from contracting sales has
been too much to offset.  Moreover, Moody's currently estimates
new housing starts to be 900 thousand for 2008 vs. approximately
1.35 million in 2007.  There is also significant pressure in the
repair and remodeling market in the US, which impacts the
company's North America wholesale and retail businesses. The
North American business was approximately 70% of Masonite's 2007
revenue and is expected to remain under pressure through 2008.

The senior secured credit facility is rated one notch higher
than the company's CFR to reflect its senior status in the event
of bankruptcy.  The CFR and the notching consider the company's
capital structure and anticipated recovery in the event of
default per Moody's LGD rating methodology.

The negative ratings outlook reflects the outlook for the
company's business segments and the limited amount of cushion
under its financial covenants.  The company's decision to borrow
aggressively under its revolver may affect its relationship with
its banks.  The company's ratings may therefore be further
downgraded if the company has difficulty in obtaining bank
waivers in the event that it trips its covenants.

Masonite is headquartered in Ontario, Canada.  The company is a
leading global manufacturer of doors and door components with
over 60 facilities in 18 countries in North America, Europe,
Latin America, Asia and Africa.  Revenues for fiscal year 2007
were approximately US$2.2 billion.


MEDLOCK CONSTRUCTION: Taps Liquidators from Deloitte & Touche
-------------------------------------------------------------
William Kenneth Dawson and Debbie Marie Young of Deloitte &
Touche LLP were appointed joint liquidators of Medlock
Construction Holdings Ltd. on April 25 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:
         
         Deloitte & Touche LLP
         2 Hardman Street
         Manchester
         M60 2AT
         England


PARAGON DESIGN: Appoints Duncan R. Beat as Liquidator
-----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Paragon Design & Print (London) Ltd. on April 25 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


PROTON POWER: Reveals Plan to Raise GBP3 Million
------------------------------------------------
The Board of Proton Power Systems plc is seeking to raise up to
GBP3 million (before expenses) through a conditional placing of
up to 30,000,000 new ordinary shares of 5 pence each in the
Company at 10 pence per Placing Share subject to approval by
shareholders at an EGM on the May 23, 2008.

On April 10,2008, the Company disclosed, inter alia, its
intention to raise up to GBP2 million (before expenses) by way
of a proposed partially underwritten placing of up to 20,000,000
new Ordinary Shares in the Company at the Placing Price.  In
addition, as part of the proposed underwriting arrangements, it
was proposed that warrants would be issued to the underwriters.
Subsequently, the Company has had further discussions with
interested parties and now proposes to raise up to GBP3 million
(before expenses) pursuant to the Placing at the Placing Price
without any underwriting of such placing or the issue of
warrants.  Subscription Agreements are expected to be entered
into shortly between the Company and the proposed placees under
the Placing.  However, as at the date of publication of the
Circular, no Subscription Agreements have been entered into
by the proposed placees and as such there is no certainty on the
level of funds which will be raised under the Placing.

In addition, the Group has put in place Short Term Loans
totaling EUR375,000 which have been advanced to PMFC with
immediate effect.

The Company's existing authority to allot shares is insufficient
for the purposes of the Placing and, therefore, the Placing is
conditional (among other things) upon the passing of certain
Resolutions by the Shareholders at an Extraordinary General
Meeting of the Company convened for 11.00 a.m. on May 23, 2008
at the offices of Dechert LLP, 160 Queen Victoria Street,
London, EC4V 4QQ.

The Board expects that the net proceeds of the proposed Placing,
assuming the amount of GBP2 million (after expenses) is raised
(plus the amount equal to the total amount of principal
outstanding under the Loan Facility with General Capital, being
approximately GBP0.73 million) will give the Company sufficient
working capital for the next 12 months.  Shareholders should be
aware that, as at the date of publication of the Circular, none
of the proposed placees has entered into Subscription Agreements
with the Company and as such there is no certainty on the level
of funds which will be raised under the Placing.  
Notwithstanding the Placing being successful, the Company will
not have sufficient funds to execute the Company's manufacturing
strategy and the Board will have to pursue further sources of
funding.  Alternative sources of funding, if they are available
at all, are likely to be expensive and onerous for the Company.

The Directors believe that it is essential that further
permanent capital be raised by the Company to enable it to
continue to trade.  If the Resolutions are not approved at the
Extraordinary General Meeting or the Company does not raise
sufficient funds under the Placing, the Directors may have no
alternative but to seek immediately the protection of a formal
insolvency procedure (such as administration or liquidation)
under the Insolvency Act 1986.

The Placing is also conditional on Admission of the Placing
Shares to trading on AIM (the market on which the Company's
existing issued Ordinary Shares are currently trading),
occurring by no later than 8:00 a.m. on June 13, 2008.

The Company has received irrevocable undertakings to vote in
favor of the Resolutions from Directors of the Company holding a
total of 800,000 Ordinary Shares representing approximately 2.5
per cent of the existing issued ordinary share capital.

Proton Power Systems plc (AIM: PPS) --
http://www.protonpowersystems.com/6.html-- designs, develops  
and produces fuel cells and fuel cell electric hybrid systems
for the ''back-to-base'' market and has more than 13 years of
experience in the fuel cell market.  The Company's wholly owned
subsidiary, Proton Motor Fuel Cell GmbH, has developed and
produced a fuel cell module running on hydrogen and integrated
this with an energy storage system to create a hybrid electric
fuel cell system.


RED DOG: Duncan R. Beat Leads Liquidation Procedure
---------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of Red
Dog (London) Ltd. on April 25 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:
    
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


SEA CONTAINERS: Inks Settlement Deal with General Electric
----------------------------------------------------------
GE SeaCo SRL welcomes a settlement agreement signed by its two
parent companies, General Electric Capital Corporation and Sea
Containers Ltd. to resolve all of their disputes.

The agreement will simplify the GE SeaCo joint venture and end
all of the current claims and litigations involving the joint
venture and its parents.

Sea Containers Ltd. and two of its subsidiaries are currently
in Chapter 11 in the U.S. Bankruptcy Court in Delaware.  While
the Chapter 11 case does not involve GE SeaCo or its own assets,
one of SCL's principal assets is its 50 percent holding in the
joint venture.  Since 2006, GE has designated a majority of
members of GE SeaCo's Board of Managers, while SCL continues to
designate a minority of the members.

The settlement will provide SCL with additional flexibility
under the JV structure, which SCL believes will expedite its
financial reorganization and consequent emergence from Chapter
11.

The entire settlement is subject, among other things, to
approval by the U.S. Bankruptcy Court in Delaware.

"Simplifying the JV structure will enable us to be even more
responsive to our customers needs," David Amble, chairman and
acting chief executive officer of GE SeaCo, said.

"Despite the differences between GE and SCL, we have built a
strong, disciplined business over the last 10 years," Mr. Amble
said.  "Taking the on-going litigation off the table will enable
senior management to continue to build the business."

"We are pleased that this agreement and the pending settlement
with the SCL pension trustees, which is currently awaiting Court
approval, will together enable us to expedite the early filing
of a Plan of Reorganization to the Bankruptcy Court and to
emerge from Chapter 11," Bob MacKenzie, the chief executive
officer of SCL, added.

                          About GE SeaCo

GE SeaCo SRL is one of the world's leading container leasing
companies, operating a fleet of approximately one million TEU
for customers in over 80 countries.  The company is driven to
achieve its ambition -- to be the most valued leasing company in
the world -- valued by its customers, its people, its suppliers
and its investors.

Formed in 1998 by Sea Containers Ltd. and the General Electric
Capital Corporation, GE SeaCo SRL operates as a stand alone
business, with headquarters in Barbados, and 13 sales and
support offices worldwide.  Its UK subsidiary, GE SeaCo Services
Ltd., provides administrative and other services to the GE SeaCo
SRL group.

                     About Sea Containers

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

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

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

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

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

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


TG BROS: Claims Filing Period Ends July 30
------------------------------------------
Creditors of TG Bros (Retail) Ltd. have until July 30, 2008 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on April 23, 2008 for the creditors' voluntary winding-
up procedure.


THOMAS FISH: Goes Into Administration
-------------------------------------
Thomas Fish & Sons Ltd. has gone into administration, owing
building contractors thousands of pounds, Northampton Chronicle
& Echo reports.

Creditors going after Thomas Fish include MPS Painting
Contractors who is owed GBP65,000, and PDS Painting Contractors,
which has a GBP78,000 claim, Northampton Chronicle & Echo
relates.

According to the report, Metropolitan Housing Partnership, which
hired Thomas Fish to work on the Metropolitan Housing
Partnership Bloomsbury development on Guildhall Road,
Northampton, said that its payments to the company was on time
and up to date.  Metropolitan Housing has a local contractor to
finish the project, the paper states.

Based in Nottingham, England, Thomas Fish & Sons Ltd. --
http://www.fishbuilding.com/-- is a chartered building company.   
The company's services include restoration works, special
projects, building renovation, interior refurbishment, repairs
and maintenance, among others.


VIRGIN MEDIA: BSkyB Mulls Acquiring Cable & UKTV Channels
---------------------------------------------------------
British Sky Broadcasting Group Plc is mulling a GBP600-million
offer for Virgin Media Inc's cable channels, Richard Wachman
writes for The Observer.

BSkyB plans to acquire Virgin Media's Bravo, Living and
Challenge cable channels, as well as the company's Gold, History
and Drama channels that broadcast under the UKTV brand, The
Observer reports.

The Observer suggests that since the British Broadcasting Corp.
owns 50% of UKTV, Virgin Media would have to buy out its partner
before selling the channels to BSkyB.

Goldman Sachs, which is advising Virgin Media, said a decision
on the sale is not far off.

                          About BSkyB

Headquartered in Isleworth, England, British Sky Broadcasting
Group PLC -- http://www.sky.com/-- is the holding company of
the British Sky Broadcasting group of companies.  British Sky
Broadcasting Group plc and its subsidiaries operate the pay
television broadcast service in the United Kingdom and Ireland.


                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 29, 2008, Virgin Media Inc. carries Ba3 Long-Term
Corporate Family and Probability-of-Default ratings from
Moody's Investors Service, which said the outlook is negative.

The company also carries B+ Local and Foreign Issuer Credit
ratings from Standard & Poor's Ratings Services, which said the
outlook is stable.

Virgin Media carries B+ Long-Term Issuer Default rating and B
Short-Term Issuer Default rating from Fitch, which said the
outlook is positive.



ZIFF DAVIS: Wants to Sign New Contracts with CRO & Former CEO
-------------------------------------------------------------
Ziff Davis Media Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
authority to enter into separate letters of agreement with (a)
Mark D. Moyer, the Debtors' chief restructuring officer and (b)
Robert Callahan, the Debtors' former chief executive officer, to
provide consulting services to the Debtors.

                      The Moyer Agreement

David Neier, Esq., at Winston & Strawn LLP, in New York,
contends that it is crucial to the Debtors' reorganization
efforts that Mr. Moyer complete various objectives he has
undertaken in his capacity as Chief Restructuring Officer.  He
says that Mr. Moyer's employment with the Debtors would
otherwise have expired on April 15, 2008, so the Debtors and Mr.
Moyer negotiated an agreement to establish parameters for his
compensation as he completes various objectives.  The objectives
include:

  -- issuance, at or within a reasonable period of time after
     confirmation of a Chapter 11 plan of reorganization or sale
     of substantially all of the Debtors' assets pursuant to a
     sale under Section 363 of the Bankruptcy Code, of audited
     financial statements, together with an unqualified opinion
     by Grant Thornton LLP, for the Debtors for the fiscal year
     ended December 31, 2007;

  -- simplification of the process for allocating corporate
     expenses to the Debtors' operating units in accordance with
     Generally Accepted Accounting Principles;

  -- support in preparing the liquidation analysis, feasibility
     analysis, and the financial data required to be prepared in
     connection with the Debtors' disclosure statement in a time
     frame that will permit its approval before May 5, 2008; and

  -- support, as necessary, the Debtors' efforts to consummate a
     Chapter 11 transaction resulting in approval by the Court
     before July 7, 2008.

Mr. Neier tells the Court that the Moyer Agreement also contains
certain non-solicitation and non-compete provisions for the
Debtors' benefit.

Pursuant to the Moyer Agreement, Mr. Moyer will be paid a base
salary of US$300,000 per year and one time bonuses of up to
US$375,000 based on fulfilling the various objectives.

Before becoming the Debtors' CRO, Mr. Moyer had been the
Debtors' Chief Financial Officer since October 2005 and has
served as Ziff-Davis, Inc.'s vice president and controller.

Mr. Neier contends that without the benefit of Mr. Moyer's
considerable knowledge and experience, the professional fees
incurred by the Debtors would undoubtedly increase, and other
members of the Debtors' management team would be forced to spend
less time focused on the Debtors' business operations in order
to spend more of their time addressing various matters currently
handled by Mr. Moyer.

"In short, the Debtors would spend a greater amount of resources
having others fulfill Mr. Moyer's role than the remuneration he
would receive under the Moyer Agreement," Mr. Neier says.

                     The Callahan Agreement

Mr. Neier relates that the Callahan Agreement is a short-term
consulting agreement, the principal purpose of which is to have
Mr. Callahan act as a sales agent for the Debtors, making
specific calls on behalf of the Debtors to certain of their top
customers, including IBM, Dell, and Lenovo.  In addition,
Mr. Callahn would also consult on various strategic initiatives
being explored by the Debtors to improve their operations and
profitability.

Pursuant to the Callahan Agreement, Mr. Callahan's employment
duration will last three months and is subject to cancellation
by
either party on 15 days' notice.  Mr. Callahan will also receive
a monthly fee of US$50,000.

In the past, Mr. Callahan has served as the Debtors' Chairman,
CEO and president from October 2001 through August 2007.

The Debtors contend that based on Mr. Callahan's wealth of
experience and his familiarity with the Debtors' operations,
Mr. Callahan is uniquely qualified to assist them in maintaining
their key customer relationships.

                     About Ziff Davis

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

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

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

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

(Ziff Davis Bankruptcy News, Issue No. 8, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstandor 215/945-7000)


ZIFF DAVIS: Wants to Assume FileFront Purchase Agreement
--------------------------------------------------------
Ziff Davis Media Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
authority to assume an Asset Purchase Agreement with MBPS.COM,
Inc., FileFront LP and Todd Faulk and Derek Labian, as the
FileFront Principals, dated as of November 4, 2005.

David Neier, Esq., at Winston & Strawn LLP, in New York, relates
that the FileFront APA is executory because:

  -- the benefits of assuming the FileFront APA far outweigh the
     burdens to be avoided by rejection;

  -- certain obligations under the FileFront APA, like payment
     of an additional purchase price could not be avoided absent
     rejection; and

  -- obligations remain owing by each of the parties under the
     FileFront APA, the failure of which to perform would
     constitute a material breach.

Pursuant to Section 365(a) of the Bankruptcy Code, a debtor in
possession "subject to the court's approval, may assume... any
executory contract or unexpired lease of the debtor."

Mr. Neier contends that assumption of the FileFront APA is
clearly within the Debtors' business judgment.  He says that
FileFront is a valuable asset of the Debtors' estates because of
the Web site's number of monthly unique visitors.

FileFront.com accounts for more than 50% of all worldwide
monthly unique visitors to all of the Debtors' websites.  In
February 2008, there were 12,338,541 monthly unique visitors to
FileFront.com, while the gross total number of monthly unique
visitors to all the Debtors' websites was 24,347,357.

According to Mr. Neier, the increased traffic generated by
FileFront.com benefits the Debtors because it draws the
attention and advertising revenue of publishers and advertisers
and brings a vast number of users into the Debtors' other
websites, like 1UP and Game Videos.

Mr. Neier also argues that since the Debtors are discontinuing
their Games for Windows magazine to focus their PC gaming
efforts exclusively in the digital arena, FileFront.com is the
most crucial Web site for generating traffic within the Debtors'
network of Web sites and therefore is critical to the Debtors'
business plan.

FileFront.com has been operating in many respects as an
independent entity managed by the FileFront Principals.

Mr. Neier says that while the FileFront Principals were under no
obligation to continue working with the Debtors after the Fall
of
2007, they remained with the Debtors in a good-faith effort to
ensure the future success and viability of FileFront.com.  With
the leadership of the FileFront Principals, FileFront.com has
surpassed all of the leading Web sites in the gaming download
vertical market.

In connection with the assumption of the FileFront APA, the
FileFront Principals have agreed to enter into consulting
agreements, which provide for the continuation of services to
the Debtors by the FileFront Principals for a period of time
sufficient to allow the FileFront operations to be transitioned
to the Debtors' employees.

Mr. Neier notes that if the FileFront APA is not assumed and the
Debtors fail to enter into the Consulting Agreements with the
FileFront Principals, then the Debtors would lose the services
of the FileFront Principals which would interrupt the ensuing
transition process and detrimentally affect the FileFront.com
business.

In addition, without the assumption of the FileFront APA, the
Debtors may lose the protections the APA provides, like the Non-
Compete, Non-Solicitation and Confidentiality provisions.

"Instead of being restricted from competing with or assisting
FileFront's competitors until November 2009, the FileFront
Principals might be forced, from an economic standpoint, to
reenter the business and would be free to engage in direct
competition with the Debtors," Mr. Neier says.

Mr. Neier tells the Court that, except for an earn out payment
of US$2,500,000, there are no other obligations currently owing
from the Debtors under the FileFront APA.  This fact means that
the Debtors are not required to establish "adequate assurance of
future performance" under Section 365(b)(1)(C) of the Bankruptcy
Code.

"Nonetheless, for the avoidance of doubt, the Debtors also have
provided adequate assurance of future performance to the
counterparties to the FileFront APA," Mr. Neier relates.

                     About Ziff Davis

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

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

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

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

(Ziff Davis Bankruptcy News, Issue No. 8, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstandor 215/945-7000)


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

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


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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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

                            *********

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

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

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

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

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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 and Pius Xerxes
Tovilla, Editors.

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

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

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

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


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