TCREUR_Public/080507.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 7, 2008, Vol. 9, No. 90

                            Headlines


A U S T R I A

EWALD SCHWARZ: Claims Registration Period Ends May 19
MACKU BAU: Claims Registration Period Ends June 2
SG HOEDL: Claims Registration Period Ends June 10
SPEZIALITATEN-HANDEL: Creditors' Meeting Slated for May 14
VERSICHERUNGSBUERO WALTER: Claims Registration Ends June 10

WALDENERGIE-GEWINNUNG: Claims Registration Period Ends May 31


F R A N C E

DELPHI CORP: Plastech Gets Okay to Return Tooling Equipment
DELPHI CORP: Exclusive Plan-Filing Period Extended to Aug. 31
DELPHI CORP: GM's Charges on Delphi Issues Reach US$8.3 Billion
PANAVISION INC: Weakening Liquidity Cues Moody's Rating Reviews


G E R M A N Y

BAULING LICHT: Claims Registration Period Ends May 23
DIGITAL FOTO: Claims Registration Period Ends May 24
FREAKSX GMBH: Claims Registration Period Ends May 26
GBWI GRUNDSTUECKSVERWERTUNGS: Claims Registration Ends May 24
GECKO SPEZIAL: Claims Registration Period Ends May 26

HADRIAN CRYSTALGLASS: Claims Registration Period Ends May 24
HANNIG SERVICE: Claims Registration Period Ends May 26
HEVEASOL BAUTENSCHUTZ: Claims Registration Ends May 26
IDM TECHNOLOGY: Claims Registration Ends May 26
ITC GMBH: Claims Registration Ends May 26

LD ELEKTRO: Claims Registration Ends May 26
LECO BAUTRAGER: Claims Registration Ends May 26
M + B PROJEKT: Claims Registration Period Ends May 21
OPTICAL DISC: Claims Registration Period Ends May 23
PRODUCT + CONCEPT: Claims Registration Period Ends May 24

PROSIEBENSAT.1: A. Bartl Named Managing Director for Free TV
RO-MA GMBH: Claims Registration Period Ends May 26
RPP FACILITY: Claims Registration Period Ends May 26
SAINO GMBH: Claims Registration Period Ends May 26
S & B SANIERUNGS: Claims Registration Period Ends May 26

TERRENO-PROJEKTENTWICKLUNGS GMBH: Claims Period Ends May 26


I R E L A N D

DELTA CDO: Moody's May Further Cut Junk Rating After Review
IQON TECHNOLOGIES: Shuts Down Operations
WATERFORD WEDGWOOD: Names Moira Gavin as Doulton Group CEO
WATERFORD WEDGWOOD: Ministers Divided Over Unit's Loan Guarantee


I T A L Y

ALITALIA SPA: Receives EUR300-Million Loan Italian Government
ALITALIA SPA: May Now Sell Slots for Fund Following EU Directive


K A Z A K H S T A N

ALI & AS: Creditors Must File Claims by June 10
ASIA ORDA-MS: Claims Deadline Slated for June 6  
AVTODORSTROY ASTANA: Claims Filing Period Ends June 10
KAZ AUTO: Creditors' Claims Due on June 10
KAZMACHINERY TRADE: Claims Registration Ends June 10

KURS-B LLP: Creditors Must File Claims by June 10
SMIT & K: Claims Deadline Slated for June 10
TALGAT-OIL LLP: Claims Filing Period Ends June 10
TIMAS LLP: Creditors' Claims Due on June 10


K Y R G Y Z S T A N

MAK FAMILY: Creditors Must File Claims by June 20


N E T H E R L A N D S

CHURCH & DWIGHT: Buys Del Pharma Biz from Coty at US$380 Million
CHURCH & DWIGHT: Del Pharma Buy Prompts Moody's to Hold Ratings
CHURCH & DWIGHT: S&P Upgrades Corporate Credit Rating to BB+


R U S S I A

CHELYABINSK TUBE: Moody's Assigns B1 Corporate Family Rating
EVRAZ GROUP: Fitch Puts BB Rating to US$1.6 Billion Notes
MONINO CJSC: Court Names A. Zhigalin as Insolvency Manager
NEZHEGOLSKAYA LLC: Creditors Must File Claims by June 26
PIK LLC: Creditors Must File Claims by May 26

REAL MOTORS: Creditors Must File Claims by June 26
REGION INVESTMENT: Creditors Must File Claims by June 26
ROS-MED-STRAKH: Court Names D. Tselikov as Insolvency Manager
ROZKRASKA CJSC: Court Names I. Bormakov as Insolvency Manager
RUBY LLC: Creditors Must File Claims by May 26

TULA-BUM-PROM: Asset Sale Slated for June 4


S P A I N

SANTANDER FINANCIACION 3: Moody's Junks Rating on EUR22MM Notes


S W E D E N

ARVINMERITOR INC: To Spin Off Light Vehicle Systems Business
ARVINMERITOR INC: S&P Holds Ratings on Vehicle Systems Spin-Off


U K R A I N E

CREDIT DNEPR: Fitch Affirms Foreign Currency IDR at B-


U N I T E D   K I N G D O M

AMPEX CORP: Wants Court to Deny Committee Access to Information
COMPASS MINERALS: To Redeem Outstanding 12% Notes on June 2
COMPASS MINERALS: Planned Note Redemption Cues S&P's Pos. Watch
COMPASS MINERALS: Earns US$49.1 Million in 2008 First Quarter
CRYSTAL ABRASIVES: Goes Into Creditors Voluntary Liquidation

DAWKINS & CO:  Taps Joint Administrators from Deloitte
DURA AUTOMOTIVE: Court Approves Merger with Automotive Aviation
DURA AUTOMOTIVE: Wants to Expand Assessment Tech's Scope of Work
ENVIRONMENTAL LINING: Appoints Administrators from Begbies
EOS AIRLINES: Organizational Meeting Scheduled for Tomorrow

EOS AIRLINES: Wants Squire Sanders as Bankruptcy Counsel
EUROBOX LINE: Taps Begbies Traynor to Administer Assets
GEL ENGINEERING: Brings In Administrators from Baker Tilly
GENERAL MOTORS: Charges on Delphi Issues Reach US$8.3 Billion
GENERAL MOTORS: Total U.S. April 2008 Sales Decrease 16%

GENERAL MOTORS: S&P SAys ResCap's Offer Won't Affect Neg. Watch
HARDINGS GARDEN: HSBC Taps Deloitte as Administrative Receivers
HOUSEWARMER LTD: Taps Menzies to Administer Assets
MEAT EXPRESS: Appoints Joint Administrators from Begbies
MK ONE: Baugur Group Draws Administration Plans

MONITOR OIL: Global Maritime & Adshead Sued for Contract Breach


                            *********

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


EWALD SCHWARZ: Claims Registration Period Ends May 19
-----------------------------------------------------
Creditors owed money by LLC Ewald Schwarz Handel (FN 247176w)
have until May 19, 2008, to file written proofs of claim to
court-appointed estate administrator Matthias Schmidt at:

          Dr. Matthias Schmidt
          Dr. Karl Lueger-Ring 12
          1010 Vienna
          Austria
          Tel: 533 16 95
          Fax: 535 56 86
          E-mail: schmidt@preslmayr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 2101
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 15, 2008 (Bankr. Case No. 38 S 20/08f).  


MACKU BAU: Claims Registration Period Ends June 2
-------------------------------------------------
Creditors owed money by KEG Macku Bau (FN 248529i) have until
June 2, 2008, to file written proofs of claim to court-appointed
estate administrator Elisabeth Stanek-Noverka at:

          Dr. Elisabeth Stanek-Noverka   
          Hernalser Hauptstr. 116
          1170 Vienna
          Austria
          Tel: 486 14 37-0, 486 02 09-0
          Fax: 486 02 0918
          E-mail: ra-noverka@chello.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 15, 2008 (Bankr. Case No. 3 S 36/08a).  


SG HOEDL: Claims Registration Period Ends June 10
-------------------------------------------------
Creditors owed money by LLC SG Hoedl Metallbau (FN 224795g) have
until June 10, 2008, to file written proofs of claim to court-
appointed estate administrator Christiane Pirker at:

          Dr. Christiane Pirker
          Hasenhutgasse 9
          Haus 3
          1120 Vienna
          Austria
          Tel: 817 57 57
          Fax: 817 57 55 17
          E-mail: Dr.Christiane.Pirker@chello.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 14, 2008 (Bankr. Case No. 4 S 43/08p).  


SPEZIALITATEN-HANDEL: Creditors' Meeting Slated for May 14
----------------------------------------------------------
Creditors owed money by LLC Spezialitaten-Handel (FN 183802y)
are encouraged to attend the first creditors' meeting at 1:00
p.m. on May 14, 2008.

The creditors' meeting will be held at:

          The Land Court of Leoben
          Hall IV
          First Floor
          Leoben
          Austria

The Court will also examine the claims at 12:45 p.m. on June 18,
2008, at the same venue.

Creditors have until May 31, 2008, to file written proofs of
claim to court-appointed estate administrator Heinz Pichler at:

          Dr. Heinz Pichler
          Burggasse 61
          8750 Judenburg
          Austria
          Tel: 03572-82372-0
          Fax: 03572-82372-19
          E-Mail: kanzlei-j@pichler-schuetz.at

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on April 14, 2008 (18 S 11/08f).


VERSICHERUNGSBUERO WALTER: Claims Registration Ends June 10
-----------------------------------------------------------
Creditors owed money by LLC Versicherungsbuero Walter FRODL
(FN 132315g) have until June 10, 2008, to file written proofs
of claim to court-appointed estate administrator Richard Proksch
at:

          Dr. Richard Proksch
          c/o Dr. Edmund Roehlich
          Am Heumarkt 9/I/11
          1030 Vienna
          Austria
          Tel: 713 46 51
          Fax: 713 84 35
          E-mail: proksch@eurojuris.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 15, 2008 (Bankr. Case No. 4 S 31/08y).  Edmund Roehlich
represents Dr. Proksch in the bankruptcy proceedings.


WALDENERGIE-GEWINNUNG: Claims Registration Period Ends May 31
-------------------------------------------------------------
Creditors owed money by LLC Waldenergie-Gewinnung Nfg. & Co KG
(FN 299022p) have until May 31, 2008, to file written proofs of
claim to court-appointed estate administrator Heinz Pichler at:

          Dr. Heinz Pichler
          Burggasse 61
          8750 Judenburg
          Austria
          Tel: 03572-82372
          Fax: 03572-82372-19
          E-mail: kanzlei-j@pichler-schuetz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 18, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Leoben
          Hall IV
          First Floor
          Leoben
          Austria


Headquartered in Niklasdorf, Austria, the Debtor declared
bankruptcy on April 14, 2008 (Bankr. Case No. 17 S 15/08m).  


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


DELPHI CORP: Plastech Gets Okay to Return Tooling Equipment
-----------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates
obtained permission from the U.S. Bankruptcy Court for the
Eastern District of Michigan to return certain tooling equipment
to Delphi Automotive Systems LLC.

As previously reported, Plastech sought authority specifically
to:

  (a) surrender certain tooling owned by Delphi Automotive
      Systems, LLC, that is in the Debtors' possession; and

  (b) sell to Delphi certain de minimis finished goods inventory
      made with the Delphi tooling for $4,671, free and clear of
      liens.

Plastech also asked the Court to lift the automatic stay to
effectuate the release of tooling and the sale of the de minimis
inventory to Delphi.

Plastech currently is in possession of certain tooling which
is fully paid for and is owned by Delphi at a plant in Croswell,
Michigan, that was used to make service parts for Delphi's
Powertrain Division that are no longer in production.

the company informed that the Inventory represents idle assets
that are of little or no use or value to the Debtors' estates or
restructuring efforts, as the Inventory consists of service
parts that are no longer in production.  Plastech had determined
in their sound business judgment that the sale of the Inventory
to Delphi is the most efficient way to convert idle assets of de
minimis value into cash.

Plastech believes that the sale of the inventory to Delphi is
commercially reasonable in light of the assets being sold and as
a result, the value of the proceeds from the sale fairly
reflects the value of the Inventory sold.  The company proposed
that any party with a lien on the Inventory be given a
corresponding security interest in the proceeds of the sale.  In
light of these, the requirements of Section 363(f) of the
Bankruptcy Code would be satisfied for any proposed sales free
and clear of liens, Plastech said.

Moreover, because it have no further need for the Delphi
Tooling, Plastech believes that the automatic stay should be
lifted pursuant to Section 362(d) of the Bankruptcy Code to
allow Delphi to take possession of the Delphi Tooling and to
deem the applicable purchase orders between Delphi and the
Debtors terminated upon the return of the Delphi Tooling and
payment for the Inventory.

                   About Plastech Engineered

Headquartered in Dearborn, Michigan, Plastech Engineered
Products, Inc. -- http://www.plastecheng.com/-- is full-service  
automotive supplier of interior, exterior and underhood
components.  It designs and manufactures blow-molded and
injection-molded plastic products primarily for the automotive
industry.  Plastech's products include automotive interior trim,
underhood components, bumper and other exterior components, and
cockpit modules.  Plastech's major customers are General Motors,
Ford Motor Company, and Toyota, as well as Johnson Controls,
Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

The Official Committee of Unsecured Creditors is represented by
Clark Hill PLC.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of  
vehicle  electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.

As of Nov. 30, 2007, the Debtors' balance sheet showed
US$11,528,000,000 in total assets and $24,867,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Plastech Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Exclusive Plan-Filing Period Extended to Aug. 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended Delphi Corp. and its debtor-affiliates' exclusive
periods to file a plan of reorganization until 30 days after
substantial consummation of the confirmed First Amended Joint
Plan of Reorganization or any modified Plan, and their exclusive
periods to solicit acceptances of that Plan until 90 days after
substantial consummation of the First Amended Plan or modified
Plan.

The Court ruled that:

(i) the Debtors' exclusive period under Section 1121(d) of the
     Bankruptcy Code for filing a plan of reorganization, as
     between the Debtors and the Official Committee of Unsecured
     Creditors and the Official Committee of Equity Security
     Holders is extended through and including August 31, 2008.

(ii) The Debtors' exclusive period under Section 1121(d) for
     soliciting acceptance of a plan of reorganization, as
     between the Debtors and the Statutory Committees, is
     extended through and including October 31, 2008.

As reported in the Troubled Company Reporter on April 17, 2008,
out of an abundance of caution and to ensure clarity with their
stakeholders, including their customers and supplies, the
Debtors sought an extension of the Exclusive Periods to prevent
any lapse in exclusivity, John Wm. Butler, Jr., Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois,
clarified.

A further extension of the Exclusive Periods, Mr. Butler said,
is justified by the significant progress the Debtors have made
toward emerging from Chapter 11.  After obtaining confirmation
of the First Amended Plan, the Debtors secured exit financing
and met all other conditions to the effectiveness of the Plan
and Investment Agreement and were prepared to emerge from
Chapter 11.

The Debtors' efforts to emerge from Chapter 11, however, were
affected by severe dislocations in the capital markets that
began late in the second quarter of 2007 and that have continued
through the present, according to Mr. Butler.  Although the
Debtors eventually obtained the exit financing required by the
First Amended Plan, the turbulence in the capital markets was a
principal cause of the delay in the Debtors' emergence from
Chapter 11 before the end of 2007, he maintained.  Moreover, the
decision by Appaloosa Management L.P. and the other Plan
Investors to not honor their commitments in the parties' New
Equity Purchase and Commitment Agreement prevented the Debtors
from emerging on April 4, 2008.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of  
vehicle  electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.

As of Nov. 30, 2007, the Debtors' balance sheet showed
US$11,528,000,000 in total assets and $24,867,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 127; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)   


DELPHI CORP: GM's Charges on Delphi Issues Reach US$8.3 Billion
---------------------------------------------------------------
General Motors Corp. said that during the first quarter of 2008,
it took a non-cash charge of US$731,000,000 to increase its
liability for estimated net costs associated with its support of
Delphi Corp.'s bankruptcy and restructuring efforts.

"This charge primarily results from updated estimates reflecting
uncertainty around the nature, value and timing of GM's
recoveries," GM said.  Delphi was scheduled to emerge from
bankruptcy in mid-April but obtained problems with its exit
equity financing from Appaloosa Management, PC, thus affecting
the timing of GM's recoveries from Delphi.

General Motors has now recorded charges totaling
US$8,300,000,000 in connection with Delphi-related issues,
Reuters reports.

GM has recently agreed to advance Delphi US$650,000,000 in 2008
in anticipation of settlement agreements between the companies
that would have been paid to the supplier had Delphi emerged
from court protection as expected in April.

General Motors also recorded a US$1,450,000,000 non-cash partial
impairment charge for its equity investment in its finance unit
GMAC LLC for the first quarter of 2008.

General Motors reported net losses of US$3,251,000,000 on
US$42,700,000,000 of revenues for the first quarter.  GM said
its results were marked by improved adjusted automotive
operating performance, rapid growth in emerging markets,
continued cost performance in North America operations and
liquidity of nearly US$24,000,000,000, despite the impact of the
American Axle strike and weakness in the U.S. auto industry.

Bloomberg News said the loss was smaller than analysts
estimated, causing GM shares to gain 9.4% in the New York Stock
Exchange.  GM's loss excluding costs for Delphi and the GMAC was
US$350,000,000, or 62 cents a share, beating the US$1.52 average
estimate of 13 analysts surveyed by Bloomberg.

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

                         About GM

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

In 2007, nearly 9.37 million GM cars and trucks were sold
globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall
and Wuling.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of  
vehicle  electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.

As of Nov. 30, 2007, the Debtors' balance sheet showed
US$11,528,000,000 in total assets and $24,867,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 127; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


PANAVISION INC: Weakening Liquidity Cues Moody's Rating Reviews
---------------------------------------------------------------
Moody's Investors Service placed the B3 corporate family rating
and all other ratings for Panavision Inc. on review for possible
downgrade.  The action reflects weakening liquidity and
fundamental operating concerns.

Moody's believes continued compliance with bank financial
covenants throughout 2008 could prove difficult for Panavision.  

Furthermore, its US$35 million revolver provides only relatively
modest external capacity for a seasonal, cash consumptive
business with limited visibility, in Moody's view.  These
liquidity constraints compound core business challenges,
including the negative impact of the strike by the Writers'
Guild of America, which could result in a permanent loss of
related TV segment revenue in 2008.  A potential future strike
by the Screen Actors' Guild would further reduce volume, and
even absent a SAG strike, an increased focus on production costs
by television studios could lead to diminished use of Panavision
equipment.  Finally, adoption of Genesis cameras remains below
Panavision's previously lowered forecasts, and the company has
again reduced forecasts for revenue from this initiative.

In resolving the review, Moody's will evaluate Panavision's
prospective ability to improve operating performance and
establish a greater cushion of compliance under bank financial
covenants.

Panavision Inc.

-- Corporate Family Rating, Placed on Review for Possible
    Downgrade, currently B3

-- Probability of Default Rating, Placed on Review for Possible
    Downgrade, currently B3

-- Senior Secured First Lien Bank Credit Facility, Placed on
    Review for Possible Downgrade, currently B2

-- Senior Secured First Lien Bank Credit Facility, Placed on
    Review for Possible Downgrade, currently Caa2

-- Outlook, Changed To Rating Under Review From Stable

Panavision's B3 corporate family rating reflects weak liquidity,
high financial risk, some degree of volatility in its core
camera rental business, and uncertain asset coverage.  
Panavision's industry leading market share in the feature film
and episodic television markets, strong brand image and
reasonably high EBITDA margins support its ratings.  Ratings
also benefit from some evidence of success in identifying and
integrating acquisitions and from recent cost cutting
initiatives undertaken in response to challenging operating
conditions.

Headquartered in Woodland Hills, California, Panavision
manufactures and rents camera systems and lighting equipment to
motion picture and television producers worldwide.  Its annual
revenue is approximately $300 million.

Outside the United States, Panavision has subsidiaries in these
countries: the United Kingdom, Isle of Man, Poland, Ireland, New
Zealand, France, Australia, Singapore, Luxembourg and Canada.


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G E R M A N Y
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BAULING LICHT: Claims Registration Period Ends May 23
-----------------------------------------------------
Creditors of Bauling Licht GmbH have until May 23, 2008, to
register their claims with court-appointed insolvency manager
Robert Wartenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Hall 031
         Synagogenplatz 1
         96047 Bamberg
         Germany

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

The insolvency manager can be reached at:

         Robert Wartenberg
         Friedrichstrasse 15
         96047 Bamberg
         Germany
         Tel: 0951/29743-0
         Fax: 0951/29743-29

The District Court of Bamberg opened bankruptcy proceedings
against Bauling Licht GmbH on April 29, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bauling Licht GmbH
         Attn: Robert Krieger, Manager
         Rheinstrasse 1b
         96052 Bamberg
         Germany


DIGITAL FOTO: Claims Registration Period Ends May 24
----------------------------------------------------
Creditors of Digital Foto & Logistic DF&L GmbH have until
May 24, 2008, to register their claims with court-appointed
insolvency manager Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:41 a.m. on June 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Meldorf
          Hall II
          First Floor
          Domstrasse 1
          25704 Meldorf
          Germany

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

The insolvency manager can be reached at:

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

The District Court of Meldorf opened bankruptcy proceedings
against Digital Foto & Logistic DF&L GmbH on April 24, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Digital Foto & Logistic DF&L GmbH
          Friedrichstrasse 1
          25704 Meldorf
          Germany


FREAKSX GMBH: Claims Registration Period Ends May 26
----------------------------------------------------
Creditors of FreaksX GmbH have until May 26, 2008, to register
their claims with court-appointed insolvency manager Thomas
Hofheinz.

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

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Thomas Hofheinz
         Am Markte 13
         30159 Hannover
         Germany
         Tel: 0511 357721-0
         Fax: 0511 357721-40

The District Court of Hannover opened bankruptcy proceedings
against FreaksX GmbH on April 24, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FreaksX GmbH
         Vahrenwalder Str. 294
         30179 Hannover
         Germany


GBWI GRUNDSTUECKSVERWERTUNGS: Claims Registration Ends May 24
-------------------------------------------------------------
Creditors of GBWI Grundstuecksverwertungs- und Baubetreuungs
GmbH have until May 24, 2008, to register their claims with
court-appointed insolvency manager Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Ruediger Wienberg
          Giesebrechtstr. 1
          10629 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against GBWI Grundstuecksverwertungs- und
Baubetreuungs GmbH on March 13, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          GBWI Grundstuecksverwertungs- und Baubetreuungs GmbH
          Grabbeallee 69
          13156 Berlin
          Germany


GECKO SPEZIAL: Claims Registration Period Ends May 26
-----------------------------------------------------
Creditors of Gecko Spezial GmbH Kommunikation, Design, Beratung
have until May 26, 2008, to register their claims with court-
appointed insolvency manager Henning Bosse.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         Germany   

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

The insolvency manager can be reached at:

         Henning Bosse
         Am Hafen 2
         38112 Braunschweig
         Germany
         Tel: 0531/8891942
         Fax: 0531/8891944
         E-mail: braunschweig@brf-partner.de

The District Court of Braunschweig opened bankruptcy proceedings
against Gecko Spezial GmbH Kommunikation, Design, Beratung on
April 17, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Gecko Spezial GmbH Kommunikation, Design, Beratung  
         Steinstrasse 3
         38100 Braunschweig
         Germany


HADRIAN CRYSTALGLASS: Claims Registration Period Ends May 24
------------------------------------------------------------
Creditors of Hadrian Crystalglass GmbH i.L. have until May 24,
2008, to register their claims with court-appointed insolvency
manager Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 1:50 p.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Itzehoe
          Hall 2
          Theodor-Heuss-Platz 3
          25524 Itzehoe
          Germany

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

The insolvency manager can be reached at:

          Christoph Henningsmeier
          Osdorfer Landstrasse 230
          22549 Hamburg
          Germany

The District Court of Itzehoe opened bankruptcy proceedings
against Hadrian Crystalglass GmbH i.L. on April 21, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Hadrian Crystalglass GmbH i.L.
          Niederreihe 35
          25358 Hohenfelde
          Germany


HANNIG SERVICE: Claims Registration Period Ends May 26
------------------------------------------------------
Creditors of Hannig Service GmbH have until May 26, 2008, to
register their claims with court-appointed insolvency manager
Heinrich Druegh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Heinrich Druegh
          Nussbaumer Strasse 19
          50823 Cologne
          Germany

The District Court of Cologne opened bankruptcy proceedings
against Hannig Service GmbH on April 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hannig Service GmbH
         Roberth-Perthel-Str. 58-62
         50739 Cologne
         Germany


HEVEASOL BAUTENSCHUTZ: Claims Registration Ends May 26
------------------------------------------------------
Creditors of Heveasol Bautenschutz Aldinger GmbH have until
May 26, 2008 to register their claims with court-appointed
insolvency manager Dr. Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         First Floor
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111
         E-mail: leipzig@stapper-korn.de  

The District Court of Leipzig opened bankruptcy proceedings
against Heveasol Bautenschutz Aldinger GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heveasol Bautenschutz Aldinger GmbH
         Attn: Rolf Koerner, Manager
         Ladenstr. 11
         04774 Dahlen
         Germany


IDM TECHNOLOGY: Claims Registration Ends May 26
-----------------------------------------------
Creditors of IDM Technology GmbH have until May 26, 2008 to
register their claims with court-appointed insolvency manager
Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:
         
         Georg F. Kreplin
         Limbecker Platz 1
         45127 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against IDM Technology GmbH on April 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         IDM Technology GmbH
         Gahlener Strasse 250
         46282 Dorsten
         Germany

         Attn: Annegret Tueshaus, Manager
         Gahlener Strasse 250
         46282 Dorsten
         Germany


ITC GMBH: Claims Registration Ends May 26
-----------------------------------------
Creditors of itc GmbH International Transport Consultancy have
until May 26, 2008 to register their claims with court-appointed
insolvency manager Heinrich Druegh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Heinrich Druegh
         Nussbaumer Strasse 19
         50823 Cologne
         Germany

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

The Debtor can be reached at:

         itc GmbH International Transport Consultancy
         Attn: Dr. Andreas Buck, Manager
         Oskar-Jager-Strasse 50
         50825 Cologne
         Germany


LD ELEKTRO: Claims Registration Ends May 26
-------------------------------------------
Creditors of LD Elektro GmbH have until May 26, 2008 to register
their claims with court-appointed insolvency manager Henning
Bungart.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Henning Bungart
         Zweigertstr. 43
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against LD Elektro GmbH on March 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         LD Elektro GmbH
         Attn: Ulrich Iger, Manager
         Emilienstr. 58
         45128 Essen
         Germany


LECO BAUTRAGER: Claims Registration Ends May 26
-----------------------------------------------
Creditors of Leco Bautrager GmbH have until May 26, 2008 to
register their claims with court-appointed insolvency manager
Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofenallee 75
         47800 Krefeld
         Germany

The District Court of Essen opened bankruptcy proceedings
against Leco Bautrager GmbH on March 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Leco Bautrager GmbH
         Attn: Bernhard Legros, Manager
         Overgergstr. 3
         46282 Dorsten
         Germany


M + B PROJEKT: Claims Registration Period Ends May 21
-----------------------------------------------------
Creditors of M + B Projekt Bau GmbH have until May 21, 2008, to
register their claims with court-appointed insolvency manager
Dr. Ulf Martini.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Dr. Ulf Martini
         E 3, 16
         68159 Mannheim
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against M + B Projekt Bau GmbH on April 24, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         M + B Projekt Bau GmbH
         Dresdner Str. 16
         76646 Bruchsal
         Germany


OPTICAL DISC: Claims Registration Period Ends May 23
----------------------------------------------------
Creditors of Optical Disc Service Europe GmbH have until May 23,
2008, to register their claims with court-appointed insolvency
manager Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Optical Disc Service Europe GmbH on April 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Optical Disc Service Europe GmbH
         Attn: Kevin Martin, Manager
         Werkstrasse 2-22
         23942 Dassow
         Germany


PRODUCT + CONCEPT: Claims Registration Period Ends May 24
---------------------------------------------------------
Creditors of product + concept Gesellschaft fuer mehr Innovation
im Handel mbH have until May 24, 2008, to register their claims
with court-appointed insolvency manager Juergen Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Dr. Juergen Spliedt
          Uhlandstr. 165/166
          10719 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against product + concept Gesellschaft fuer mehr
Innovation im Handel mbH on April 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          product + concept Gesellschaft fuer mehr
          Innovation im Handel mbH
          Heiligegeistkirchplatz 1
          10178 Berlin
          Germany


PROSIEBENSAT.1: A. Bartl Named Managing Director for Free TV
------------------------------------------------------------
The ProSiebenSat.1 Group disclosed that Andreas Bartl has been
appointed as Managing Director for German Free TV on May 5,
2008.  He will have overall responsibility for the Group's four
principal German-language stations: Sat.1, ProSieben, kabel eins
and N24.  

The reorganization aims to reinforce the Group's strong year to
date ratings and to strategically strengthen content.  The
centralized structure is also intended to strengthen inter-
platform usage of programming content.  The new set-up is also
an alignment to the Group's successful operational model in
other countries such as the Netherlands, Belgium, Sweden or
Norway.  

Mr. Guillaume de Posch, CEO of the ProSiebenSat.1 Group said
"Content and channel brands are our most valuable assets. To
secure sustainable growth of the channels, I have decided to
reinforce content and brands by reorganizing the German family
of stations along these two axes.  This will allow us to better
develop programming and to more efficiently tune the profiles of
our stations on TV as well as the Internet according to their
target groups.  I am convinced that Andreas Bartl, as one of the
most successful and most respected TV executives in Germany,
will successfully lead the German channel family to TV 3.0 era.

Mr. Bartl said, "Our stations have shown a considerable growth
in ratings since the beginning of this year.  My vision is to
together with the channel managers build on the strong ratings
and the creative experience of the German channel family to
offer viewers the most exciting programming in German TV."

Mr. Bartl has been the Managing Director at ProSieben since
2005.  He was able to position ProSieben as a leading brand for
young entertainment.  Under his leadership, some of the most
successful TV formats of the past years in Germany have been
established.  He has been with the ProSiebenSat.1 Group since
1991.  He took over managing feature films at ProSieben in 1995.  
He became the station's Program Scheduling Manager in 1996 and
Deputy Programming Director in 1997.  From 2000 to 2005, he was
Managing Director at ProSieben's partner station kabel eins.  He
studied in Munich, specializing in American studies,
communications and political science.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

As of April 23, 2008, ProsiebenSat.1 Media AG carries Moody's
Investors Service's Ba1 senior unsecured and corporate family
ratings.


RO-MA GMBH: Claims Registration Period Ends May 26
--------------------------------------------------
Creditors of RO-MA GmbH have until May 26, 2008, to register
their claims with court-appointed insolvency manager Dr. Jens M.
Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Dr. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen
         Germany

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

The Debtor can be reached at:

         RO-MA GmbH
         Attn: Peter Eppinger, Manager
         Schoenleinstr. 56
         45131 Essen
         Germany


RPP FACILITY: Claims Registration Period Ends May 26
----------------------------------------------------
Creditors of RPP Facility Management GmbH have until
May 26, 2008, to register their claims with court-appointed
insolvency manager Frank Schmitt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Homburg v.d. Hoehe
         Room E26
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         Germany

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

The insolvency manager can be reached at:

         Frank Schmitt
         Olof-Palme-Strasse 13
         60439 Frankfurt
         Germany
         Tel: 069-509860
         Fax: 069-50986110

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against RPP Facility Management GmbH on
April 9, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         RPP Facility Management GmbH
         Attn: Rui Manuel Dos Santos Pereira, Manager
         Maximilian-Kolbe-Strasse 1
         61440 Oberursel/Ts.
         Germany


SAINO GMBH: Claims Registration Period Ends May 26
--------------------------------------------------
Creditors of SAINO GmbH Beratungs- u. Vertriebsgesellschaft have
until May 26, 2008, to register their claims with court-
appointed insolvency manager Jens-Soeren Schroeder.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against SAINO GmbH Beratungs- u. Vertriebsgesellschaft on
April 9, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         SAINO GmbH Beratungs- u. Vertriebsgesellschaft
         Attn: Christine Gross, Manager
         Porgesring 38
         22113 Hamburg
         Germany


S & B SANIERUNGS: Claims Registration Period Ends May 26
--------------------------------------------------------
Creditors of S & B Sanierungs- und Bedachungs GmbH have until
May 26, 2008, to register their claims with court-appointed
insolvency manager Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Room 92
         Untermarkt 17
         Muehlhausen
         Germany

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against S & B Sanierungs- und Bedachungs GmbH on March 11, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S & B Sanierungs- und Bedachungs GmbH
         Wilhelm-Klemm-Strasse 21
         99713 Ebeleben
         Germany


TERRENO-PROJEKTENTWICKLUNGS GMBH: Claims Period Ends May 26
-----------------------------------------------------------
Creditors of TERRENO-Projektentwicklungs GmbH have until
May 26, 2008, to register their claims with court-appointed
insolvency manager Tanja Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Tanja Bueckmann
         Lindnerstr. 165
         46149 Oberhausen
         Germany

The District Court of Essen opened bankruptcy proceedings
against TERRENO-Projektentwicklungs GmbH on April 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TERRENO-Projektentwicklungs GmbH
         Batenbrockstr. 63
         46238 Bottrop
         Germany

         Attn: Antonio Rullo, Manager
         Am hohen Malberg 19
         46485 Wesel
         Germany


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


DELTA CDO: Moody's May Further Cut Junk Rating After Review
-----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
downgrade all the notes issued by Delta CDO plc.  The
underlyings of this CDO transaction are predominantly US RMBS
(50.5%) and in particular of the 2004 - 2006 vintages.

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

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

These rating actions are:

Delta CDO plc:

   (1) Series 2005-1 B-1 Floating Rate Credit Linked Secured
       Notes due 2039

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

   (2) Series 2005-1 C-1 Floating Rate Credit Linked Secured
       Notes due 2039

    -- Current Rating: B1, on review for downgrade
    -- Prior Rating: Aa1

   (3) Series 2005-1 D-1 Floating Rate Credit Linked Secured
       Notes due 2039

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Aa3


IQON TECHNOLOGIES: Shuts Down Operations
----------------------------------------
iQon Technologies Ltd. has been shut down as a result of failing
to come out of a period of examinership, Irish Independent
reports.

According to the report, the company had EUR11.8 million in
debts and EUR5.4 million in assets, leaving it with a EUR6.4
million in deficit.  iQon was sent into examinership by the High
Court in November 2007.

As reported in the Troubled Company Reporter on Jan. 25, 2008,
the High Court of Ireland appointed a liquidator for the company
after it failed to raise necessary investment to remain as a
going concern.

iQon was initially in talks with a French technology firm about
a possible rescue deal, the report relates.

Headquartered in Louth, Ireland, iQon Technologies Ltd.
-- http://www.iqon.ie/-- manufactures and resells PCs and
peripherals in Ireland and the U.K.


WATERFORD WEDGWOOD: Names Moira Gavin as Doulton Group CEO
----------------------------------------------------------
Waterford Wedgwood Plc has appointed Moira Gavin as president
and chief executive office of Royal Doulton/Wedgwood Ceramics
Group.  

Ms. Gavin replaces Wayne Nutbeen, who has resigned from his post
with to pursue other business interests.  Mr. Nutbeen was the
Chief Executive of Royal Doulton plc which was acquired by
the Group in 2005 and subsequently assumed a wider role
responsible for manufacture and supply operations for the Royal
Doulton and Wedgwood brands globally.

"We are grateful to Wayne for his outstanding achievements for
the Group and he leaves with our sincere gratitude and best
wishes," David Sculley, Chief Executive Officer, said.

"Having managed the integration of Royal Doulton and Wedgwood
and led the modernization of the Royal Doulton brand, I am
leaving the Group in a substantially better position than when I
started," Mr. Nutbeen said.  "I wish my Waterford Wedgwood
colleagues every success for the future."

Ms. Gavin assumes responsibility for global design, marketing
and selling.  Her promotion follows the earlier appointment of
Anthony Jones as Chief Financial Officer and reflects further
restructuring for the future success of the Group.

Mr. Sculley said, "Moira has a key role to play as we put
together the team to take this firm to profitability.  Within
this new structure our great brands, including Royal Doulton and
Wedgwood, will continue to maintain their separate and unique
identities."

                    About Waterford Wedgwood

Headquartered in Dublin, Ireland, Waterford Wedgwood plc
-– http://www.waterfordwedgwood.com/-- designs, manufactures  
and markets branded luxury lifestyle tabletop products,
including high quality crystal, fine bone china, fine porcelain
and earthenware.  The company’s portfolio of established luxury
lifestyle brands includes Waterford, Wedgwood, Royal Doulton and
Rosenthal.  

                          *     *     *

As reported in the TCR-Europe on April 18, 2008, Standard &
Poor's Ratings Services lowered to 'CCC' from 'CCC+' its long-
term corporate credit rating on Ireland-based luxury table and
dinnerware manufacturer Waterford Wedgwood PLC.  The outlook is
negative.  At the same time, S&P lowered to 'CC' from 'CCC-' the
rating on the EUR166.0 million subordinated mezzanine notes due
2010.


WATERFORD WEDGWOOD: Ministers Divided Over Unit's Loan Guarantee
----------------------------------------------------------------
Irish government ministers are divided whether to provide
Waterford Crystal Plc, a unit of Waterford Wedgwood Plc -- a
EUR39-million state loan guarantee, the Sunday Business Post
reports citing political sources.

As reported in the TCR-Europe on April 18, 2008, Waterford
Crystal requested the government to guarantee a EUR39-million
loan that it needs to complete the restructuring of its
manufacturing operations.  

Around 550 people might lose their jobs if Waterford Crystal's
Dublin plant shuts down, sources told the Post, adding that the
company might relocate to eastern Europe.  

According to the Post's sources, some ministers are concerned
that a state guarantee would set an "undesirable" precedent of
the government supporting a private enterprise.

Some ministers, however, fear the political consequences of
Waterford Crystal's closure, sources told the Post.

                    About Waterford Wedgwood

Headquartered in Dublin, Ireland, Waterford Wedgwood plc
-– http://www.waterfordwedgwood.com/-- designs, manufactures  
and markets branded luxury lifestyle tabletop products,
including high quality crystal, fine bone china, fine porcelain
and earthenware.  The company’s portfolio of established luxury
lifestyle brands includes Waterford, Wedgwood, Royal Doulton and
Rosenthal.  

                          *     *     *

As reported in the TCR-Europe on April 18, 2008, Standard &
Poor's Ratings Services lowered to 'CCC' from 'CCC+' its long-
term corporate credit rating on Ireland-based luxury table and
dinnerware manufacturer Waterford Wedgwood PLC.  The outlook is
negative.  At the same time, S&P lowered to 'CC' from 'CCC-' the
rating on the EUR166.0 million subordinated mezzanine notes due
2010.


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


ALITALIA SPA: Receives EUR300-Million Loan Italian Government
-------------------------------------------------------------
Alitalia S.p.A. has received the EUR300-million emergency loan
pledged by the Italian government, Bloomberg News reports.

European Union Transport Commissioner Jacques Barrot, however,
said Alitalia's weak coffers have raised doubts on the legality
of the loan, Bloomberg News relates.

The European Commission gave Italy until May 19, 2008, to
provide details of the bridging loan, which is currently under
review for possible violation of the European Union rule
on state aid.  

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

                         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.


ALITALIA SPA: May Now Sell Slots for Fund Following EU Directive
----------------------------------------------------------------
Alitalia S.p.A. may financially benefit from a recent directive
by the European Union allowing European airlines to auction
takeoff and landing block they do not use, Thomson Financial
relates citing a Corriere della Sera report.

Under the directive, Corriere della Sera relates, airlines can
sell or swap unprofitable or idle slots.  

The TCR-Europe reported Dec. 28, 2007, the Alitalia sold three
pairs of slots at London's Heathrow airport that it considered
non-strategic for EUR92 million.

The company is planning to give up around 180 of its 357 slots
at Milan's Malpensa airport, and may sell them for more funds,
Corriere della Sera suggests.  Proceeds from the sale of slots
would allow Alitalia to finance its operations until the Italian
government's 49.9% is sold, without receiving the planned EUR300
million bridging loan from Italy.

                         About Alitalia

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

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

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


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


ALI & AS: Creditors Must File Claims by June 10
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Ali & As insolvent.

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

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


ASIA ORDA-MS: Claims Deadline Slated for June 6  
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Asia Orda-MS insolvent on March 14, 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
         Tel: 8 (7172) 37-40-09


AVTODORSTROY ASTANA: Claims Filing Period Ends June 10
------------------------------------------------------  
LLP Avtodorstroy Astana has declared insolvency.  Creditors have
until June 10, 2008, to submit written proofs of claims to:

         LLP Avtodorstroy Astana
         Tlendiev ave. 3
         Astana
         Kazakhstan


KAZ AUTO: Creditors' Claims Due on June 10
------------------------------------------  
LLP Kaz Auto Trans has declared insolvency.  Creditors have
until June 10, 2008, to submit written proofs of claims to:

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


KAZMACHINERY TRADE: Claims Registration Ends June 10
----------------------------------------------------  
LLP Kazmachinery Trade Ltd has declared insolvency.  Creditors
have until June 10, 2008, to submit written proofs of claims to:

         LLP Kazmachinery Trade Ltd
         Pichugin Str. 61
         Karaganda
         Kazakhstan


KURS-B LLP: Creditors Must File Claims by June 10
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kurs-B insolvent on March 14, 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


SMIT & K: Claims Deadline Slated for June 10
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Smit & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


TALGAT-OIL LLP: Claims Filing Period Ends June 10
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Talgat-Oil insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Mailin Str. 75
         Kyzylorda
         Kazakhstan
         Tel: 8 (7242) 25-82-54
              8 705 722 69-78


TIMAS LLP: Creditors' Claims Due on June 10
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Timas 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


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


MAK FAMILY: Creditors Must File Claims by June 20
-------------------------------------------------
LLC Mak Family Trade Co has declared insolvency.  Creditors have
until June 20, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-555) 99-12-54.


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


CHURCH & DWIGHT: Buys Del Pharma Biz from Coty at US$380 Million
----------------------------------------------------------------
Church & Dwight Co. Inc. signed a definitive agreement to
acquire the Del Pharmaceuticals Inc. business for US$380 million
in cash from Coty Inc.  The transaction, which is subject to
regulatory approval and other customary conditions, is expected
to close in July 2008.

Del Pharmaceuticals' net sales in the fiscal year ended Dec. 31,
2007 were approximately US$100 million.  Over three quarters of
those sales were from the Orajel(R) brand, the premium-priced #1
brand in the fast-growing oral analgesic category, with
remaining sales from a variety of other OTC brands.

Church & Dwight's 2007 net sales of US$2.2 billion include a
premium oral care business led by the Arm & Hammer toothpaste
and SpinBrush brands.  According to the company, adding the
Orajel brand will immediately increase the gross margin for the
company and will complement the strategy of building scale in
core categories.  The brand will be integrated into the
company's existing oral care business.

"Orajel is a great addition to our existing portfolio and
provides access to a fast-growing segment of the attractive
premium oral care category," James R. Craigie, chairman and
chief executive officer, said.  "Orajel also brings to our
company a powerful franchise that has developed great consumer
loyalty."

"This transaction is consistent with our growth strategy of
strengthening our businesses by adding #1 or #2 brands in areas
of high growth potential with gross margins that are accretive
to the overall company," Mr. Craigie added.

"It was important for Coty to identify the most suitable
purchaser who will provide the best opportunity to grow this
portfolio," Bernd Beetz, chief executive officer of Coty Inc.,
said.  "While these pharmaceutical brands are highly respected,
we remain focused on building and strengthening our core beauty
business comprised of fragrance, color cosmetics, skin care and
toiletries."

Church & Dwight expects to combine operations which will result
in additional cost synergies of over US$10 million a year by the
end of 2009.  The Orajel products are expected to be integrated
into existing Church & Dwight manufacturing facilities by the
end of 2009.

The transaction is structured as an asset purchase resulting in
a cash tax benefit from intangibles amortization with a net
present value of US$90 million.  The company will finance the
acquisition with an addition to its bank credit facility
combined with available cash and existing lines of credit.  The
acquisition is expected to have a neutral impact on 2008
earnings per share due primarily to one-time integration costs
and the step-up of inventory.

"We expect it to be accretive in 2009 and contribute
meaningfully to earnings and free cash flow," Mr. Craigie
concluded.  "We also remain comfortable with our previously
announced objective of achieving US$2.77 in earnings per share
for 2008, including any impact from the acquisition."

                     About Church & Dwight

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
(NYSE: CHD) -- http://www.churchdwight.com/-- manufactures and   
markets a wide range of personal care, household and specialty
products, under the Arm & Hammer brand name and other well-known
trademarks.  The company has 17 subsidiaries outside the U.S.
and located in Netherlands, China, Australia, Brazil, France,
the United Kingdom, Mexico, Spain, New Zealand, Hong Kong and
Canada.


CHURCH & DWIGHT: Del Pharma Buy Prompts Moody's to Hold Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed Church & Dwight Company
Inc.'s Ba1 corporate family and probability of default ratings
following the proposed debt financing of the company's
acquisition of the assets of Del Pharmaceuticals (primarily the
Orajel brand of products) for US$380 million.  In addition,
Moody's assigned a Baa3 to the company's US$100 million
revolving credit facility and affirmed the Baa3 senior secured
bank rating and Ba2 senior subordinated note rating.  The rating
on the company's senior convertible debenture was lowered to Ba2
from Ba1 as a result of the increase in its subordination to the
senior secured debt used to finance the transaction.  The rating
outlook remains stable.

Ratings affirmed include:

-- Corporate family rating at Ba1;

-- Probability of default rating at Ba1;

-- US$641 million senior secured term loan A facility, affirmed
    at Baa3 (LGD-2, 29%);

-- US$250 million senior subordinated notes, affirmed at Ba2
    (LGD-5, 87%);

Rating assigned:

-- US$100 million senior secured revolving credit facility,
    Baa3 (LGD-2, 29%)

Rating downgraded includes These:

-- US$100 million convertible senior debentures to Ba2 (LGD-4,
    69%) from Ba1 (LGD-4, 56%);

-- Outlook is stable.

Church & Dwight's Ba1 corporate family rating continues to
reflect the company's strong operating performance and proven
ability to efficiently integrate new acquisitions as well as its
strong credit metrics, particularly for the Ba1 rating category.   
The company's liquidity remains very good following the
acquisition supported by its improving free cash flow and
interest coverage.  

According to Christina Padgett, Senior Vice President, "Church &
Dwight's current acquisition fits well with the company's
portfolio of branded consumer products and is likely to
contribute to margin expansion.  Importantly, the company's
conservative credit metrics allow for meaningful flexibility
within the rating category despite a mostly debt-financed
acquisition."

Constraints on the rating include the company's modest size
relative to many of its competitors, its speculative grade
oriented capital structure, particularly the high proportion of
secured debt, the intense competition prevalent in the consumer
space and ongoing event risk given the focus on acquisitions.

Church & Dwight Company Inc., based in Princeton, New Jersey, is
a leading marketer and manufacturer of a broad portfolio of
household and personal care consumer products, historically
under the Arm and Hammer brand name, and is also the world's
leading sodium bicarbonate producer.  Total revenues for the
last twelve months ended December 2007 were approximately US$2.2
billion.


CHURCH & DWIGHT: S&P Upgrades Corporate Credit Rating to BB+
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Church & Dwight Co. Inc. to 'BB+' from 'BB', and
assigned a 'BBB' senior secured debt and '1' recovery rating to
the company's planned up to US$250 million term loan A facility.  

In addition, Standard & Poor's raised all of its existing issue-
level ratings on the company by one notch, and removed the
existing ratings from CreditWatch, where they were placed with
positive implication on April 1, 2008.  The outlook is stable.
   
"The upgrade is based on Church & Dwight's stable operating
performance in recent years and its successful track record of
managing its acquisitive growth strategy to leverage levels
consistent with the revised rating," said Standard & Poor's
credit analyst Patrick Jeffrey.

Standard & Poor's expects Church & Dwight's planned acquisition
of the over-the-counter pharmaceutical business (Orajel) from
Coty Inc. (unrated) for $380 million to result in pro forma debt
leverage of less than 3x, and expects this transaction to be
funded primarily with the new term loan maturing in 2012.  "The
company's good free cash flow generation provides flexibility to
delever and help fund future acquisitions," said Mr. Jeffrey.
   
The rating on Princeton, New Jersey-based Church & Dwight
reflects the company's participation in the highly competitive
personal care segment of the consumer products industry, its
lack of geographic diversity, and its somewhat aggressive
acquisition strategy.  This is mitigated to an extent by its
established consumer brands, stable operating performance, good
free cash flow generation, and moderately leveraged balance
sheet.   


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


CHELYABINSK TUBE: Moody's Assigns B1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to OJSC Chelyabinsk Tube-Rolling Plant, one of the
leading pipe and tube manufacturers and the largest producer of
seamless industrial pipes in Russia.  At the same time, Moody's
Interfax Rating Agency, which is majority owned by Moody's,
assigned a A2.ru national scale rating.  The outlook on all the
ratings is stable.

Rating Rationale

The B1 corporate family rating reflects:

   (a) a leading position of ChTPZ in the concentrated Russian
       market for pipe and tubular products, with the three key
       producers accounting for over 80% of the market;

   (b) strong creditworthy key customers (including Russian oil
       and gas majors) and a strong growth momentum in demand
       supported by the need to replace and modernize Russia's
       oil and gas pipeline infrastructure, as well as strong
       growth in the economy;

   (c) steady operating cash flow generation;

   (d) limited competition afforded by protective regulatory
       measures; as well as

   (e) additional benefits likely to be achieved through the
       diversification into a higher-margin oil service
       business.

The rating also reflects:

   (a) a relatively modest size of the operations comparing to
       the peer group;

   (b) the expectation of an intermediate weakening in the
       financial metrics during the build-out period and the
       need to manage growth and high leverage in 2008-2009;

   (c) operating risks associated with the substantial expansion
       and the company's reliance on bank financing in the
       medium term; and

   (d) a degree of uncertainty afforded by the plan to pursue
       acquisitions in the oil services industry.

In 2004-2006, ChTPZ achieved a high growth in revenues which was
supported by a robust pricing environment, strong demand from
its main customers and by debt-financed acquisitions.  The
Company is pursuing a broad expansion program with the view to
reinforce its long-term competitive position and increase
capacity and efficiency of its main operations, as well as
establish a stronger foothold in higher-margin pipe products.
The program is supported by a US$1.2 billion capital investment
in 2007-2009 that is financed with long-term bank facilities and
through reinvestment of the operating cash flow.  In addition,
the Company is looking to achieve growth through diversification
into pipe and oil services business and plans to make a number
of bolt-on acquisitions in Russia to build the new line of
business.

Liquidity

To date, ChTPZ funded its growth through reinvestment of its
operating cash flows and a relatively limited indebtedness.
Going forward, the company's liquidity requirements will be
driven by the on-going acceleration of investment that underpins
its long-term growth strategy, with some refinancing needs in
2010.  The expansion is supported by c.US$1 billion in committed
facilities, that typically include financial covenants.  Moody's
notes that the degree to which the company executes its
expansion strategy may influence the level of the headroom under
its financial covenants.  The implementation of the Company's
acquisition strategy will also be contingent on securing
adequate funding.

Rating Outlook

The stable rating outlook reflects ChTPZ's resolute performance
in 2005, 2006 and first half 2007, as well as Moody's
expectation that the strong operating environment will continue
to support solid operating cash flow in relation to the
accumulated debt, notwithstanding the company's ambitious plans
to have capital expenditure in the next three years at well
above depreciation levels in line with its modernization
program.  Moody's expects the company to continue to maintain
its moderate financial policies and its demonstrated disciplined
approach to acquisitions in the medium term with leverage
sustained between x2.0 and x3.0 times EBITDA through the cycle.
The stable outlook also reflects the expectation that the
Company will continue to address its liquidity needs in a timely
and proactive manner.


EVRAZ GROUP: Fitch Puts BB Rating to US$1.6 Billion Notes
---------------------------------------------------------
Fitch Ratings has assigned Evraz Group S.A.'s US$1.05 billion
and US$550 million notes due in 2013 and 2018, respectively,
final 'BB' ratings.  The ratings are in line with Evraz's 'BB'
Long-term Issuer Default rating.  The notes maturing in 2013
have an annual coupon of 8.875% while the notes maturing in 2018
have an annual coupon of 9.5%.  

At the same time, Fitch has affirmed Evraz's Long-term IDR and
senior unsecured ratings of 'BB' and Short-term IDR of 'B'.  The
ratings of Mastercroft Limited (Evraz's core subsidiary holding
most of its key operating assets within Russia) are also
affirmed at Long-term IDR 'BB' and Short-term IDR 'B', as is the
senior unsecured 'BB' rating of Evraz Securities S.A.  The
Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs
are Stable.

Proceeds from the notes will be used for general corporate
purposes, including the funding of capex and potential
acquisitions.  Fitch would also expect the proceeds to be used
in part to refinance debt from the recent acquisition of IPSCO's
Canadian operations.

The issues are direct, unconditional and unsecured obligations
of Evraz, which, in addition to being the ultimate holding
company for the Evraz Group, has direct ownership of several
international steel operations purchased in recent years.  No
subsidiary guarantees are, however, provided.  Fitch notes that
historically Evraz's consolidated debt structure has included a
high proportion of secured debt and structurally superior debt
in subsidiary entities.  Consistent with its methodology, which
considers a debt level of 2x of pre-tax, pre-interest cash flow
to be sufficiently material to consider the notching of senior
unsecured debt, Fitch has not notched the rating of the notes
from the level of Evraz's Long-term IDR.

Final documentation includes a change of control provision set
at 50% of total voting stock (exclusions for current majority
shareholder Lanebrook Limited and variously any of its
shareholders, legal representatives or subsidiaries), with a put
option to redeem the notes at 101% of face value plus accrued
interest, as well as a make-whole provision.  There are
limitations on the granting of liens (defined generally to
include mortgages, pledges, etc), while additional indebtedness
is subject to an EBITDA leverage test of 3x or less, calculable
on a pro-forma basis in respect of acquisitions.


MONINO CJSC: Court Names A. Zhigalin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed A. Zhigalin as
Insolvency Manager for CJSC Monino.  He can be reached at:

         A. Zhigalin
         Post User Box 209
         Medvezhyi Ozera
         Shelkovskiy
         141143 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-19300/07.

The Court is located at:

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

The Debtor can be reached at:

         A. Zhigalin
         Post User Box 209
         Medvezhyi Ozera
         Shelkovskiy
         141143 Moscow
         Russia


NEZHEGOLSKAYA LLC: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of LLC Poultry Farm Nezhegolskaya have until June 26,
2008, to submit proofs of claim to:

         Y. Razinkov
         Insolvency Manager
         Demokraticheskaya Str. 26
         Staryj Oskol
         309514 Belgorod
         Russia
         Tel: (4725) 22-58-63, 8-919-285-99-03

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-705/08-24B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Poultry Farm Nezhegolskaya
         Pionerskaya Str.
         Novaya Tavolzhanka
         Shebekinskiy
         309255 Belgorod
         Russia


PIK LLC: Creditors Must File Claims by May 26
---------------------------------------------
Creditors of LLC Project-Survey Company PIK (TIN 6319005501)
have until May 26, 2008, to submit proofs of claim to:

         A. Antonov
         Insolvency Manager
         Post User Box 5082
         432980 Ulyanovsk
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-2316/2008.

The Court is located at:

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

The Debtor can be reached at:

         LLC Project-Survey Company PIK
         Samara
         Russia


REAL MOTORS: Creditors Must File Claims by June 26
--------------------------------------------------
Creditors of LLC Real Motors (TIN 7719238855) have until
June 26, 2008, to submit proofs of claim to:

         I. Kopytov
         Insolvency Manager
         Building 1
         Teplyj Stan Str. 11
         Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-34177/07-86-111B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Real Motors
         Building 3
         Volnaya Str. 28
         Moscow
         Russia


REGION INVESTMENT: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of OJSC Region Investment Fuel-Energy Concern (TIN
7706120479) have until June 26, 2008, to submit proofs of claim
to:

         M. Vasilega
         Insolvency Manager
         Post User Box 100
         105318 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-29156/06-78-552B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Region Investment Fuel-Energy Concern
         Shabolovka Str. 2
         Moscow
         Russia


ROS-MED-STRAKH: Court Names D. Tselikov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tambov appointed D. Tselikov as
Insolvency Manager for OJSC Ros-Med-Strakh (TIN 4629008185).  
He can be reached at:

         D. Tselikov
         Office 96
         Milashenkova Str. 10
         127332 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-59746/06-103-1083B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ros-Med-Strakh
         Building 1
         Novoalekseevskaya Str. 20A
         129626 Moscow
         Russia


ROZKRASKA CJSC: Court Names I. Bormakov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tver appointed I. Bormakov as
Insolvency Manager for CJSC Rozkraska.  He can be reached at:

         I. Bormakov
         Apt. 105
         Marii Oktyabrskiy Str. 10G
         Smolensk
         Russia


The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-66-5720-N/06.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         CJSC Rozkraska
         Redkino
         Konakovskiy
         Tver
         Russia


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

         D. Shurakov
         Temporary Insolvency Manager
         Office 2
         Building 2
         Lomonosova Str. 92
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A76-27113/07-60-348.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Ruby
         Uritskogo Str. 10
         Kotlas
         165300 Arkhangelsk
         Russia


TULA-BUM-PROM: Asset Sale Slated for June 4
-------------------------------------------
A. Kirichek, the insolvency manager and bidding organizer for
OJSC Tula-Bum-Prom, will open a public auction for the company's  
properties at noon on June 4, 2008.  The case is docketed under
Case No. A68-83/B-05.

Interested participants have until May 30, 2008, to deposit an
amount equivalent to 20% of the starting price to:

         OJSC Tula-Bum-Prom
         Settlement Account 40702810866020101594
         Correspondent Account 30101810300000000608
         BIK 047003608
         OSB 8604
         Tula
         Russia

Bidding documents must be submitted to:

         A. Kirichek
         Varvarovskiy Proezd 10
         Tula
         Russia
         Tel: 8-4872-36-18-16

The Debtor can be reached at:

         OJSC Tula-Bum-Prom
         Varvarovskiy Proezd 10
         300026 Tula
         Russia


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


SANTANDER FINANCIACION 3: Moody's Junks Rating on EUR22MM Notes
---------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by Santander Financiacion 3, Fondo de
Titulizacion de Activos:

   -- (P)Aaa to the EUR845 million Series A notes;
   -- (P)Aa2 to the EUR49 million Series B notes;
   -- (P)A2 to the EUR28 million Series C notes;
   -- (P)Baa2 to the EUR36 million Series D notes;
   -- (P)Ba2 to the EUR42 million Series E notes;
   -- (P)Ca to the EUR22 million Series F notes.

Santander Financiacion 3, FTA is the fourth consumer loan-backed
securitisation transaction carried out by Banco Santander, S.A.
The securitised pool comprises a mixture of auto loans and
consumer loans granted for other purposes (including certain
unusually large consumer loans with amounts of around
EUR1 million).

In Moody's view, strong features within this deal include, among
others:

   (1) a swap agreement guaranteeing a gross excess spread of
       2.75% and covering the servicing fee in case of servicer
       replacement;

   (2) a 12-month artificial write-off mechanism; and

   (3) good geographical diversification of the pool.

Weaker features include inter-alia:

   (1) historical information has not been provided in a format
       satisfactory to Moody's;

   (2) the loan purpose is unknown for 64% of the pool;

   (3) the granularity of the pool is lower than for a standard
       consumer portfolio;

   (4) the negative impact of the interest deferral trigger on
       the subordinated series;

   (5) the low seasoning of the pool; and

   (6) 17% of the pool has been originated through brokers.

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets comprised, as of
February 2008, a portfolio of 177,138 loans granted to 173,693
borrowers resident in Spain for the purpose of financing
consumer goods and services.  The loans have been originated
between 1995 and December 2007, with a weighted average
seasoning of 0.7 years and a weighted average remaining life of
4.4 years.  The weighted average interest rate is 7.85%, with
35.4% of the loans linked to floating reference rates.  All of
the loans hold a personal guarantee. Geographically the pool is
concentrated in the regions of Madrid (20%), Andalusia (19%) and
Catalonia (11%).  At closing, there will be no loans more than
30 days in arrears.

Moody's based the provisional ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) the strict eligibility criteria with which any receivable
       must comply in order to be included in the securitised
       pool;

(iii) historical performance information from the Spanish
       consumer loan market;

  (iv) the swap agreement;

   (v) the credit enhancement provided through the GIC account,
       the excess spread, the reserve fund and the subordination
       of the notes; and

  (vi) the legal and structural integrity of the transaction.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (Nov. 15, 2038).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par with respect
to the Series A, B, C, D and E notes, and for ultimate payment
of interest and principal at par with respect to the Series F
notes, on or before the final legal maturity date.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.


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


ARVINMERITOR INC: To Spin Off Light Vehicle Systems Business
------------------------------------------------------------
ArvinMeritor, Inc. on Tuesday said that its board of directors
has approved a plan to spin off its Light Vehicle Systems
business to ArvinMeritor shareholders, with the Commercial
Vehicle Systems business remaining with ArvinMeritor.

“The plan to separate our two businesses is the result of a
comprehensive strategic review to enhance the company’s long-
term value for our shareholders,” said Chip McClure, chairman,
CEO and president.  “We are confident that this transaction will
not only unlock shareholder value, but will also significantly
strengthen the competitive positions of both companies and
better align them with their respective customer bases.

“Each company will benefit from a greater strategic focus on its
core business and growth opportunities as well as from increased
recognition in each of its global market segments.  In addition,
the separate companies will offer more attractive and targeted
investment opportunities, with incentives for management and
employees that are more closely aligned with company performance
and shareholder interests,” continued McClure.

The planned spinoff of the LVS business – to be named Arvin
Innovation, Inc. – would be implemented through a pro rata tax-
free dividend to ArvinMeritor shareholders.  Upon completion of
the spinoff, ArvinMeritor shareholders will own 100% of the
common stock of Arvin Innovation.  Approval of the spinoff by
ArvinMeritor shareholders is not required, and the company
expects to complete the spinoff within the next 12 months,
contingent upon satisfactory financial and automotive market
conditions as well as other customary approvals.

“Our decision to spin off the LVS business is part of the
company’s ongoing corporate transformation – our 3R strategy to
rationalize, refocus and regenerate – that has been underway for
the last three years,” McClure said.  “Separating these two
businesses and successfully implementing our Performance Plus
initiatives are major steps in the transformation to build two
stronger, more competitive companies for the future.

“Our LVS business group will have the right leadership team, a
solid financial structure, market-leading positions in many of
its product lines, a well-diversified customer mix and the
global reach to grow this new company as a market leader going
forward,” McClure concluded.

McClure will remain as ArvinMeritor’s chairman, CEO and
president.  James Marley, currently a board member of
ArvinMeritor, will lead Arvin Innovation’s board of directors as
non-executive chairman.  Until the spin is completed, Marley, a
retired chairman of the board of AMP Inc., will remain on the
ArvinMeritor board.  Phil Martens, currently ArvinMeritor’s
senior vice president and president, Light Vehicle Systems, will
become the president and CEO of Arvin Innovation.

“As a separate independent unit, Arvin Innovation will be better
positioned to drive specific growth initiatives, including
improving our customer focus and expanding our global presence,”
said Martens.  “With increased flexibility as a stand-alone
business, Arvin Innovation will have an excellent opportunity to
create next-generation systems technology solutions for our
customers around the world.  In addition, we look forward to the
many new and enhanced opportunities the new organization will
provide for our worldwide employees.”

Jim Donlon, executive vice president and CFO of ArvinMeritor
will immediately begin supporting ArvinMeritor’s LVS business
group in the capacity of chief financial officer as it prepares
to become an independent company.  Upon completion of the spin,
he will become executive vice president and CFO of Arvin
Innovation.

Jay Craig, senior vice president and controller, will replace
Donlon as ArvinMeritor’s senior vice president and CFO,
effective immediately.

Rakesh Sachdev, senior vice president of ArvinMeritor and
president of Asia Pacific, will become executive vice president,
chief administrative officer and managing director of Emerging
Markets of the new company, upon the completion of the spin.  
However, until a successor is named, he will continue to be
responsible for ArvinMeritor’s Asia Pacific region.

When the spinoff is completed, Carsten Reinhardt, senior vice
president of ArvinMeritor and president of the company’s
Commercial Vehicle Systems business, will be named COO for
ArvinMeritor.

In addition, Mary Lehmann, currently the company’s senior vice
president, Strategic Initiatives, and Treasurer, will expand her
responsibilities to include Information Services, M&A
activities, and Investor Relations.  Vernon Baker, currently
senior vice president and general counsel, with overall legal
responsibility for all of ArvinMeritor’s global operations and
its subsidiaries, and Environmental, Health and Safety, will
also assume responsibility for the global Human Resources
organization.

ArvinMeritor will remain headquartered in Troy, Mich.  Arvin
Innovation will be headquartered in Detroit, Mich., at the
current location of the LVS Detroit Technology Center, with
other corporate offices located in Europe, Asia Pacific and
South America.

The spinoff is subject to customary conditions, including final
approval by ArvinMeritor’s board of directors; completion of all
required activities with employee representatives; receipt of
applicable consents; effectiveness of a registration statement
with the Securities and Exchange Commission; receipt of a tax
ruling from the IRS; and the approval of applicable regulatory
authorities.

ArvinMeritor’s common stock will continue to trade on the New
York Stock Exchange under the symbol ARM.  The company has
applied for Arvin Innovation to be listed on the NASDAQ global
stock market under the symbol ARVI.

Until the spinoff is effective, ArvinMeritor’s management
intends to recommend that its board continue its current
dividend policy.

J.P. Morgan Securities Inc. is ArvinMeritor's lead financial
advisor for this transaction.  UBS Securities is also advising
ArvinMeritor on financial matters relating to the transaction.
Chadbourne & Parke LLP as well as Miller, Canfield, Paddock and
Stone, P.L.C. are acting as ArvinMeritor’s legal advisors.

                   Light Vehicle Systems

ArvinMeritor’s LVS business is a leading global provider of
dynamic motion and control automotive systems and components,
with sales of US$2.2 billion in 2007 – US$2.0 billion of value-
added sales and $200 million of pass-through sales.  Of the
value-added sales, more than 60 percent were outside North
America.  ArvinMeritor’s LVS business group is a market leader
in many of the product categories it serves, supplying
components and integrated systems and modules to the world’s
leading passenger car and light truck OEMs.

Through smart systemsTM  technologies, the intelligent
application of controls and electronics, LVS’ traditional
mechanical products are taking on new form and function at both
the component and system levels.   With advanced technology and
systems design expertise – in body systems (roof, and door
modules and systems, motors, latches, window regulators, and
electronic controls); and chassis systems (chassis and
suspension modules and systems, ride control products,
electronic chassis control systems, global aftermarket chassis
products and wheels) – LVS produces integrated, high-quality,
cost-effective performance-based solutions for practically all
car and light truck market segments.

The business will have approximately 9,000 employees with 42
facilities in 16 countries.  LVS has interests in eight joint
ventures (three consolidated and five non-consolidated).

                    Commercial Vehicle Systems

Upon completion of the spinoff, ArvinMeritor will continue as a
market leader in the commercial vehicle systems business.  
ArvinMeritor’s commercial vehicle business is a leading supplier
of drivetrain components and systems, including axles and
drivelines, braking systems, suspension systems and ride control
products for heavy- and medium-duty trucks, trailers, buses,
off-highway and military vehicles as well as to the commercial
vehicle aftermarket.

The CVS business will have 62 global locations, including
manufacturing facilities, technical centers, warehouses and
administrative offices.  CVS has approximately 10,000 employees
in 15 countries.  In 2007, the CVS business recorded sales of
more than US$4.2 billion.  CVS has interests in eleven joint
ventures (five consolidated and six non-consolidated).

                       About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 19,000 people at more
than 120 manufacturing facilities in 24 countries which includes
China, India, Japan, Singapore, Thailand, Australia, Venezuela,
Brazil, Argentina, Belgium, Czech Republic, France, Germany,
Hungary, Italy, Netherlands, Spain, Sweden, Switzerland, United
Kingdom, among others.


ARVINMERITOR INC: S&P Holds Ratings on Vehicle Systems Spin-Off
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating and other ratings on ArvinMeritor Inc.  The
outlook remains negative.

"The affirmations follow ArvinMeritor's announcement [yester]day
of its plan to spin off its light vehicle systems business to
ArvinMeritor shareholders," said Standard & Poor's credit
analyst Lawrence Orlowski.  Management expects that the
transaction, which is not subject to shareholder approval, will
be completed within 12 months.

After the spin-off, ARM's primary focus will be trucks and other
commercial vehicles.  The company supplies drivetrain systems,
which include axles and drivelines, braking systems, suspension
systems, and ride control products.  S&P would continue to
characterize the business risk profile as weak.

S&P is concerned about how profitability and cash flow will
unfold before the legal separation, given uncertainty about
production among many automotive and heavy-truck customers.
Still, S&P expect the company's financial profile to
strengthen in time because of its adequate liquidity.  It could
lower the rating if the downturn in the company's commercial
vehicle systems business is much more severe or longer than
expected, perhaps because of unexpected economic weakness and
worsening negative free cash flow.  S&P could revise the
outlook to stable if the company seems capable of generating
positive cash flow as a result of better operating efficiencies
and some end-market improvements.


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


CREDIT DNEPR: Fitch Affirms Foreign Currency IDR at B-
------------------------------------------------------
Fitch Ratings has affirmed on May 6, 2008, Ukraine-based Bank
Credit Dnepr's ratings at Long-term foreign currency Issuer
Default 'B-', Short-term IDR 'B', Individual 'D/E', Support '5',
Support Rating Floor 'No Floor' and National Long-term 'BBB-
(ukr)'.  The Outlooks on both the Long-term IDR and National
Long-term rating are Stable.

The ratings take into account BCD's small franchise,
concentrated balance sheet, potentially vulnerable liquidity,
credit risks associated with its rapid credit growth and
weaknesses in the operating environment.  The ratings also
consider BCD's reasonable earnings performance, currently high
capital adequacy ratios, limited market risk and the potential
for moderate external liquidity support.

Upside potential for the IDRs is limited in the near-term;
however, BCD's credit profile could benefit from a
diversification of its loan portfolio, coupled with acceptable
asset quality and improvements in the liquidity position.  
Downward pressure on the ratings could result from an increase
in the level of non-performing loans or a marked liquidity
tightening.

BCD was founded in 1993 in Dnepropetrovsk, south-eastern
Ukraine, and was the 42nd-largest bank in the country at end-
first quarter of 2008, with less than 1% of sector assets.
Corporate banking is BCD's main line of business, with
particular focus given to clients from its home region.  The
bank's medium-term plans include expansion into other Ukrainian
regions and relatively new market segments, particularly by
accelerating lending to SMEs.  BCD is also actively diversifying
into the retail segment and is gradually changing its product
range, previously aimed at the employees of corporate clients,
to cater to the mass market.  While funding is primarily drawn
from customer accounts, certain steps have been taken to
diversify the funding base through local debt placements and
international borrowings.

BCD is owned by Victor Pinchuk, a Ukrainian businessman, who
also owns Interpipe Ltd. ('B+'/Stable Outlook), a major pipe and
railway wheel producer in Ukraine.  Fitch has been informed that
IP could provide moderate liquidity support to BCD in case of
need.


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


AMPEX CORP: Wants Court to Deny Committee Access to Information
---------------------------------------------------------------
Ampex Corporation and its debtor-affiliates ask the Hon. Arthur
J. Gonzalez of the U.S. Bankruptcy Court for the Southern
District of New York to prohibit the Official Committee of
Unsecured Creditors from accessing confidential and other non-
public proprietary information of the Debtors.

Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP in
New York, say the distribution of confidential information --
including compensation levels and other employee information --
to the Committee could have serious harm to the Debtors'
estates.  The public disclosure of this information may cause
other problems for the Debtors, Ms. Strickland adds.

A hearing is set for May 20, 2008, at 10:00 a.m., to consider
approval of the Debtors' request.  The hearing will took place
at Courtroom 523, One Bowling Green in New York.

Objections, if any, are due May 16, 2008, at 4:00 p.m.

                         About Ampex

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

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

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


COMPASS MINERALS: To Redeem Outstanding 12% Notes on June 2
-----------------------------------------------------------
Compass Minerals International Inc. intends to redeem
US$70,000,000 in face value of its outstanding 12% Senior
Subordinated Discount Notes due 2013 for approximately US$74.3
million, plus accrued and unpaid cash interest, on June 2, 2008,
the first available call date under the indenture.

This redemption will be funded with existing sources of
liquidity.

Based in the Kansas City metropolitan area, Compass Minerals
International Inc. -- http://www.compassminerals.com/-- (NYSE:  
CMP) is a producer of inorganic minerals, including salt,
sulfate of potash specialty fertilizer and magnesium chloride.   
The company provides highway deicing salt to customers in North
America and the United Kingdom, and produces and distributes
consumer deicing and water conditioning products, ingredients
used in consumer and commercial foods, specialty fertilizers and
other products for consumer, agricultural and industrial
applications.  Compass Minerals also provides records management
services to businesses throughout the U.K.


COMPASS MINERALS: Planned Note Redemption Cues S&P's Pos. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
its 'BB-' corporate credit rating, on Overland Park, Kansas-
based Compass Minerals International Inc. on CreditWatch with
positive implications.
   
"The CreditWatch listing followed the company's announcement
that it plans to redeem US$70 million of 12% senior subordinated
notes due 2013 with existing sources of liquidity, thus lowering
the company's overall borrowing costs," said Standard & Poor's
credit analyst Anna Alemani.  "The CreditWatch listing also
reflects the company's continued good operating performance and
prospects for sustained profitability and cash flow in the near
term."
   
As of March 31, 2008, and pro forma for the announced debt
reduction, Compass Minerals' adjusted debt to EBITDA is 2.5x,
while funds from operation to total debt is 28%, measures that
S&P consider to be good for the current rating.
   
"In resolving the CreditWatch listing, we will meet with
management and review both its near- and intermediate-term
business and financial strategies," Ms. Alemani said.  "If, as a
result, we were to raise the rating, we would limit it to one
notch."


COMPASS MINERALS: Earns US$49.1 Million in 2008 First Quarter
-------------------------------------------------------------
Compass Minerals International Inc. reported results of its
first-quarter operations:

   -- Sales were up 44% over the prior-year quarter to
      US$380.0 million as a result of brisk deicing sales in
      North America along with robust pricing and demand for
      sulfate of potash specialty fertilizers.
    
   -- Net earnings improved 88% to US$49.1 million, or US$1.48
      per diluted share, from US$26.1 million, or US$0.80 per
      diluted share, in the first quarter of 2007.

   -- Cash flow from operations increased 81% to
      US$145.5 million.

“Strong winter weather returned in our primary North American
markets this quarter, generating above-average demand for
deicing products.  In addition, pricing and demand for our
sulfate of potash specialty fertilizer products continued to
grow in the dynamic manner we anticipated.  Our ability to
respond to these market opportunities yielded record results,”
said Angelo Brisimitzakis, Compass Minerals president and CEO.   
“We are looking forward to even greater contributions from our
specialty fertilizer business over the coming quarters.”

                         Salt Segment

Salt segment sales were a record US$329.2 million for the
quarter compared to US$229.9 million in the 2007 quarter.   
Persistent and severe winter weather in southern Canada and in
the Great Lakes region of the U.S. drove the 43% increase over
the prior-year period when milder-than-normal weather depressed
salt segment sales.

Highway deicing sales volumes increased 25% as North American
volume gains were modestly offset by very mild winter weather in
the U.K.  Consumer and industrial sales volumes increased 31
percent through brisk consumer and professional deicing product
sales together with solid gains in non-deicing sales volumes.
Average selling prices for both product groups increased 13%
year-over-year through pricing initiatives, more favorable
customer and product mixes, and the foreign exchange benefit of
a stronger Canadian dollar.

Salt segment operating earnings improved 44% to a quarterly
record US$69.5 million.  First quarter margins benefited from
efficiencies created by higher than normal production volumes to
meet peak deicing demand but also reflected higher shipping
costs.  In the 2007 quarter, Compass Minerals’ margins were
negatively affected by a reduction in deicing salt production in
response to unusually mild weather.

Compass Minerals estimates that unusually severe winter weather
added approximately US$40 million to US$45 million to the
company’s first-quarter 2008 sales and approximately US$10
million to US$12 million to its first-quarter operating
earnings.  By contrast, first-quarter 2007 salt sales and
operating earnings were lower than would be expected in normal
weather conditions.

             Specialty Fertilizer Segment

Specialty fertilizer segment sales were a record US$47.7
million, a 49% increase over the 2007 quarter, and operating
earnings were up 122% to US$17.1 million.  Sulfate of potash
specialty fertilizer sales volumes were up 15% reflecting
greater demand for all potash fertilizers, particularly in
international markets where improving standards of living and
population growth are increasing the need for crop
fertilization.  Consistent with the company’s expectations,
average selling prices of its sulfate of potash products
improved US$88 per ton, or 29%, over the prior-year quarter and
US$47 per ton, or 14 percent, over the fourth quarter of 2007,
as expiring sales agreements renewed at current, escalating
market prices.

                   Other Highlights

Sales for the Compass Minerals’ U.K.-based records management
business, DeepStore, grew 39% to US$3.1 million in the first
quarter of 2008.

For the quarter, selling, general and administrative expenses
increased US$3.3 million principally because of results-driven
variable compensation and higher selling commissions.  Interest
expense declined by 14% to US$12.0 million due to lower average
interest rates on the company’s borrowings.  Income tax expense
increased by US$9.9 million as a result of higher taxable
earnings in the 2008 quarter than in the prior-year period.

Cash flows from operations were a record US$145.5 million in the
quarter, an improvement of US$65.1 million over the 2007 quarter
reflecting improvements in earnings and working capital.  The
company employed US$34.1 million of its cash flow to repay the
balance that was outstanding on its revolving credit facility at
Dec. 31, 2007.

                  About Compass Minerals

Based in the Kansas City metropolitan area, Compass Minerals
International Inc. -- http://www.compassminerals.com/-- (NYSE:  
CMP) is a producer of inorganic minerals, including salt,
sulfate of potash specialty fertilizer and magnesium chloride.   
The company provides highway deicing salt to customers in North
America and the United Kingdom, and produces and distributes
consumer deicing and water conditioning products, ingredients
used in consumer and commercial foods, specialty fertilizers and
other products for consumer, agricultural and industrial
applications.  Compass Minerals also provides records management
services to businesses throughout the U.K.


CRYSTAL ABRASIVES: Goes Into Creditors Voluntary Liquidation
------------------------------------------------------------
Crystal Abrasives will be placed into creditors voluntary
liquidation on Tuesday, May 13, 2008, Sheffield Telegraph
reports.

The company, Sheffield Telegraph relates, owed three workers
nine months of wages according to an industrial tribunal ruling.

Hart Shaw chartered accountants disclosed increasing competition
from overseas hit trading, Sheffield Telegraph reveals.

Hart Shaw added the company, which shut down one section of its
business, failed to keep up with the competition on a cost
basis, saying "the market has decreased and has, in turn, become
far more competitive within the UK," the paper states.

Based in Sheffield, England, Crystal Abrasives produces diamond
cutting wheels.  The company has been trading since 1976.


DAWKINS & CO:  Taps Joint Administrators from Deloitte
------------------------------------------------------
Adrian Peter Berry and Carlton Malcolm Siddle of Deloitte &
Touche LLP were appointed joint administrators of Dawkins &
Company Ltd. (Company Number 2599882) on April 28, 2008.

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

The company can be reached at:

          Dawkins & Co. Ltd.
          P.O. Box 2577
          Billericay
          Essex
          CM12 0DL
          England
          Tel: 01277 633211
          Fax: 01277 632753
          Web site: http://www.dco.co.uk/


DURA AUTOMOTIVE: Court Approves Merger with Automotive Aviation
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized Dura Automotive Systems Inc. and its debtor-
affiliates to merge Automotive Aviation Partners, LLC, into
Aviation Operating Company, LLC.

Upon the merger, there will be no restrictions on the ability to
sell assets held by either entity to a third party other than
the restrictions contained in the Existing Revolver DIP Credit
Agreement and the Replacement Term DIP Credit Agreement.

Aviation has a clause in its operating agreement that requires
dissolution upon the occurrence of certain events, including the
bankruptcy of a member, Christopher M. Samis, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, said.

Minnesota law does not allow the dissolution requirement to be
reversed after the bankruptcy has occurred, Mr. Samis said.  
Minnesota law further limits Aviation solely to undertaking
activities to wind up operations once the liquidation clause has
been triggered, he adds.

Due to the automatic stay, liquidation of Aviation has not been
completed, Mr. Samis said.  However, out of an abundance of
caution and as part of a general corporate reorganization, the
Debtors desire to eliminate Aviation to resolve any corporate
governance ambiguity.  Thus, the Debtors believe that Aviation
should be merged into Aircraft Operating.

Mr. Samis related that Aviation is a guarantor of the Debtors'
DIP Facility and the Second Lien Facility, Senior Notes, and
Subordinated Notes.  Aviation and Aircraft Operating are both
guarantors and obligors under the debts.  Aviation has
approximately US$5,600,000 in assets and there have been no
prepetition claims schedule for or filed against Aviation other
than the debts.  Aircraft Operating also has no prepetition
filed against it other than the debts.  As a result, the Debtors
believe the merger will not affect recoveries under the Revised
Plan and does not prejudice any third party creditors.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsel for the Debtors'
bankruptcy proceedings.  Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.  A plan confirmation hearing is set for May 13,
2008.

(Dura Automotive Bankruptcy News, Issue No. 53; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


DURA AUTOMOTIVE: Wants to Expand Assessment Tech's Scope of Work
----------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to expand the scope of Assessment Technologies, Ltd.'s
employment to include property tax consulting services with
respect to tax year 2008 and future tax years, pursuant to a
first amended service agreement between the Debtors and ATL,
dated March 1, 2008.

The Debtors also ask the Court to allow them to continue to
employ ATL pursuant to the service agreement, dated March 7,
2007.

Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A.,
in Wilmington, Delaware, relates that the Debtors believe that
extending ATL's services to tax year 2008 and beyond is
reasonable, appropriate, and will help maximize the value of
their estates.

Under the Service Agreement Amendment, ATL's fee for tax year
2008 and future years is 25% or 35% of all tax savings depending
on the nature of the required tax resolution process.

The Service Agreement Amendment also provides that the Debtors
are responsible for all reasonable and necessary expenses
incurred in connection with the services provided for tax year
2008 and beyond.  Anticipated expenses include, but are not
limited to, special property tax counsel legal fees, third party
appraisal fees, expert testimony and travel expenses.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsel for the Debtors'
bankruptcy proceedings.  Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.  A plan confirmation hearing is set for May 13,
2008.

(Dura Automotive Bankruptcy News, Issue No. 53; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


ENVIRONMENTAL LINING: Appoints Administrators from Begbies
----------------------------------------------------------
Roberth Alexander Henry Maxwell and Michael Edward George
Saville of Begbies Traynor were appointed joint administrators
of Environmental Lining Systems Ltd. (Company Number 02427985)
on April 28, 2008.

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

The company can be reached at:

          Environmental Lining Systems Ltd.
          Westland Square
          Leeds
          West Yorkshire
          LS11 5SS
          England
          Tel: 0113 277 5635
          Fax: 0113 277 5454
          Web site: http://www.environmentallinings.co.uk


EOS AIRLINES: Organizational Meeting Scheduled for Tomorrow
-----------------------------------------------------------
Diana G. Adams, the United States Trustee for Region 2, will
convene an organizational meeting in Eos Airlines, Inc.'s
chapter 11 case Thursday, May 8, 2008, at 11:00 a.m.  The
meeting will be held at the Office of the United States Trustee,
located at 80 Broad Street, 4th Floor, in Manhattan.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' bankruptcy
cases.  This is not the meeting of creditors pursuant to Section
341 of the Bankruptcy Code.  However, a Debtor's representative
may attend and provide background information regarding the
cases.

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

The company filed for Chapter 11 protection April 26, 2008
(Bankr. S.D.N.Y. Case No.08-22581).  Stephen D. Lerner, Esq., at
Squire Sanders & Dempsey, LLP, represents the Debtor in its
restructuring efforts.  When the Debtor filed for protection
against it creditors, it listed total assets of US$70,233,455
and total debts of US$34,858,485.

In connection with the Chapter 11 bankruptcy filing, Menzies
Corporate Restructuring was appointed as joint administrators in
the U.K.


EOS AIRLINES: Wants Squire Sanders as Bankruptcy Counsel
--------------------------------------------------------
EOS Airlines Inc. asks permission from the U.S. Bankruptcy Court
for the Southern District of New York to employ Squire Sanders &
Dempsey LLP as its general bankruptcy counsel in its Chapter 11
case.

Squire Sanders will, among others, advise the Debtor with
respect to its powers and duties as debtor-in-possession in the
continue operations of its business, attend meetings and
negotiate with various parties-in-interest, and to take all
necessary action to protect and preserve the Debtor's estates.

Tim J. Robinson, Esq., counsel at Squire Sanders, tells the
Court that the firm's professionals bill at these hourly rates:

     Partners                   US$275 - US$870
     Associates and Counsel     US$190 - US$650
     Legal Assistants            US$95 - US$300

Mr. Robinson assures the Court that the firm is disinterested as
that term is defined in Section 101(14) of the U.S. Bankruptcy
Code.

                       About EOS Airlines

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

The company filed for Chapter 11 protection April 26, 2008
(Bankr. S.D.N.Y. Case No.08-22581).  Stephen D. Lerner, Esq., at
Squire Sanders & Dempsey, LLP, represents the Debtor in its
restructuring efforts.  When the Debtor filed for protection
against it creditors, it listed total assets of US$70,233,455
and total debts of US$34,858,485.

In connection with the Chapter 11 bankruptcy filing, Menzies
Corporate Restructuring was appointed as joint administrators in
the U.K.


EUROBOX LINE: Taps Begbies Traynor to Administer Assets
-------------------------------------------------------
Louise Donna Baxter and Mark Robert Fry of Begbies Traynor were
appointed joint administrators of Eurobox Line Agencies Ltd.
(Company Number 02383191) on April 24, 2008.

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

The company can be reached at:

          Eurobox Line Agencies Ltd.
          Kierbeck Business Park
          Basildon
          Essex
          SS16 4SW
          England
          Tel: 01268 554 000
          Fax: 01268 554 444


GEL ENGINEERING: Brings In Administrators from Baker Tilly
----------------------------------------------------------
Matthew Richard Meadley Wild and Bruce Alexander Mackay of Baker
Tilly Restructuring and Recovery LLP were appointed joint
administrators of GEL Engineering Ltd. (Company Number 02778757)
on April 23, 2008.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

          GEL Engineering Ltd.
          Unit 7 8
          Westwood Business Park
          Southampton  
          Hampshire
          SO40 3YS
          England
          Tel: 023 8067 5500
          Fax: 023 8067 5555


GENERAL MOTORS: Charges on Delphi Issues Reach US$8.3 Billion
-------------------------------------------------------------
General Motors Corp. said that during the first quarter of 2008,
it took a non-cash charge of US$731,000,000 to increase its
liability for estimated net costs associated with its support of
Delphi Corp.'s bankruptcy and restructuring efforts.

"This charge primarily results from updated estimates reflecting
uncertainty around the nature, value and timing of GM's
recoveries," GM said.  Delphi was scheduled to emerge from
bankruptcy in mid-April but obtained problems with its exit
equity financing from Appaloosa Management, PC, thus affecting
the timing of GM's recoveries from Delphi.

General Motors has now recorded charges totaling
US$8,300,000,000 in connection with Delphi-related issues,
Reuters reports.

GM has recently agreed to advance Delphi $650,000,000 in 2008 in
anticipation of settlement agreements between the companies that
would have been paid to the supplier had Delphi emerged from
court protection as expected in April.

General Motors also recorded a US$1,450,000,000 non-cash partial
impairment charge for its equity investment in its finance unit
GMAC LLC for the first quarter of 2008.

General Motors reported net losses of US$3,251,000,000 on
US$42,700,000,000 of revenues for the first quarter.  GM said
its results were marked by improved adjusted automotive
operating performance, rapid growth in emerging markets,
continued cost performance in North America operations and
liquidity of nearly US$24,000,000,000, despite the impact of the
American Axle strike and weakness in the U.S. auto industry.

Bloomberg News said the loss was smaller than analysts
estimated, causing GM shares to gain 9.4% in the New York Stock
Exchange.    

GM's loss excluding costs for Delphi and the GMAC was
US$350,000,000, or 62 cents a share, beating the $1.52 average
estimate of 13 analysts surveyed by Bloomberg.

GM said that in light of the current state of the U.S. economy
and automotive industry, it has revised its 2008 U.S. industry
seasonally adjusted annual rate (SAAR) outlook to the mid to
high 15 million unit range, down from the low 16 million unit
range.  As a result of the anticipated softer automotive
industry, GM also said that that it will eliminate a shift of
production at four assembly plants: Janesville, Wisconsin;
Pontiac and Flint, Michigan; and Oshawa, Ontario.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of  
vehicle  electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.

As of Nov. 30, 2007, the Debtors' balance sheet showed
US$11,528,000,000 in total assets and $24,867,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

                         About GM

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

In 2007, nearly 9.37 million GM cars and trucks were sold
globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall
and Wuling.

(Delphi Bankruptcy News, Issue No. 127; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


GENERAL MOTORS: Total U.S. April 2008 Sales Decrease 16%
--------------------------------------------------------
General Motors Corp. dealers in the United States delivered
260,922 vehicles in April.  Retail car and crossover sales were
up more than 9%.  A sharp sales increase in fuel efficient cars
and crossovers could not make up for soft truck demand and a
sharp decline in fleet deliveries impacted by the American Axle
& Manufacturing Holdings Inc. strike.  On a non-adjusted basis,
retail sales were down 11.5% and total sales for the month were
down 16%.

On an adjusted basis, total sales declined 22.7%.

Dealer inventories were at their lowest level since September
2005 with about 824,000 vehicles in stock, down about 206,000
vehicles compared to last April, and down more than 84,000
vehicles compared with December 2007.

"Consumer preference is shifting and we're shifting with it as
evidenced by our strong car and crossover sales," Mark LaNeve,
vice president, GM North America Vehicle Sales, Service and
Marketing, said.  "Our new products such as the Chevrolet
Malibu, Cadillac CTS and Buick Enclave were hot throughout the
month.  Throughout the industry, truck sales have been soft.
We've been able to match the current economic slowdown with
historically low total inventories, and as we look for ways to
increase car and crossover production, we are improving our
competitive position for the economic recovery."

Chevrolet Malibu total sales were up 29% with retail sales up
147%, Aveo sales were up 14% total and 13% retail, and Cobalt
sales were up 16% total and 17% retail.  Pontiac Vibe total
sales were up 36% and retail sales were up 39% compared with
April 2007.  Saturn Aura was up 19% total and 16% retail, and
the Astra had its fourth consecutive month of increasing sales
with more than 900 vehicles sold.  In the luxury car segment,
the award-winning Cadillac CTS saw total sales increase 8% with
a strong retail increase of 12%.

GM's popular crossover Buick Enclave, GMC Acadia and Saturn
Outlook together accounted for nearly 13,000 retail vehicle
sales in the month, an increase of 7% compared with the same
month last year.  There were more than 6,600 Acadia, 4,000
Enclave and 2,300 Outlook retail sales.  The Saturn Vue had a
total sales increase of about 600 vehicles compared with April
2007.

"Our sales performance in mid-cars and crossovers shows the
power of new products to attract consumers -- even in a tough
market," Mr. LaNeve added.  "So as the mix shifts from trucks to
cars, we're ready in our dealers' showrooms with vehicles that
provide industry-leading value, great fuel economy and the best
warranty coverage of any full-line automaker."

                      Certified Used Vehicles

April 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 44,479
vehicles, up nearly 7% from April 2007 results.  Year-to-date
sales are 168,087 vehicles, down 7% from the same period last
year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted April sales of 38,861 vehicles, up 6% from last
April.  Cadillac Certified Pre-Owned Vehicles sold 3,565
vehicles, up 27%.  Saturn Certified Pre-Owned Vehicles sold
1,159 vehicles, down 21%.  Saab Certified Pre-Owned Vehicles
sold 727 vehicles, up 14%, and HUMMER Certified Pre-Owned
Vehicles sold 167 vehicles, up 109%.

"Our certified sales momentum continued in April, as GM
Certified Used Vehicles sales grew for the fourth consecutive
month, a 6 percent increase over last April's results," Mr.
LaNeve said.  "The Cadillac, Saab and HUMMER Certified Pre-Owned
Vehicles programs also generated robust increases as consumers
take advantage of the great value and peace-of-mind assurances
that come with the purchase of certified GM vehicles."

In April, GM North America produced 242,000 vehicles (128,000
cars and 114,000 trucks).  This is down 93,000 vehicles or 28
percent compared to April 2007 when the region produced 335,000
vehicles (120,000 cars and 215,000 trucks).  (Production totals
include joint venture production of 22,000 vehicles in April
2008 and 16,000 vehicles in April 2007.)

Approximately 130,000 units of production have been lost in
April due to the American Axle work stoppage.  Since the dispute
began in late February, approximately 230,000 units of
production have been lost.  GMNA has revised its forecast for
2008 second-quarter production to 950,000 vehicles, down 130,000
units from the prior forecast to reflect April production
losses.  Due to the current American Axle work stoppage, there
is considerable uncertainty with regard to the second quarter
production forecast.

On April 30, 2008, GM's annual total vehicle sales forecast for
the industry was revised to an expected mid-to-high 15 million
vehicle SAAR.  The previous forecast provided in January of this
year was in the low-16 million unit range.  The revision
reflects actual industry sales rates for the first four months
of 2008 and the current assessment of the recovery of the U.S.
economy.

                         About GM

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

In 2007, nearly 9.37 million GM cars and trucks were sold
globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall
and Wuling.


GENERAL MOTORS: S&P SAys ResCap's Offer Won't Affect Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B' long-term and
'B- 3' short-term corporate credit ratings on General Motors
Corp.  remain on CreditWatch with negative implications, where
they were placed March 17, 2008.  The update follows the
announcement by Residential Capital LLC (CC/Watch Neg/C) that it
is launching an exchange offer for unsecured bonds, which S&P
interpret to be a distressed debt exchange. (Residential Capital
is a unit of 49%-owned unit GMAC LLC [B/Negative/C].  
     
S&P do not expect GM to provide any significant capital to GMAC
orindirectly to Residential Capital, nor is GM required to do so
in the future.
     
GM's ratings were placed on CreditWatch because of the strike at
major supplier American Axle & Manufacturing Holdings Inc.,
which began Feb. 26.  The strike caused GM to lose 100,000 units
of production in the first quarter of 2008, mostly full-size
pickups.
     
"Negotiations are continuing, and media reports indicate that
the strike is closer to being resolved," said Standard & Poor's
credit analyst Gregg Lemos Stein.  "But until American Axle's
production resumes, we won't know the full extent of the
strike's effect on GM's liquidity."
     
GM's second-quarter results will be affected as well, and in
light of weak sales and deteriorating demand for pickups and
SUVs, GM recently announced production cuts beyond those caused
by the strike.  GM should benefit from working capital increases
once American Axle resumes production, even if future production
levels do not fully replace that lost during the strike.  S&P
expect GM to be able to maintain adequate available liquidity in
2008; at March 31, 2008, the company had US$23.9 billion,
including cash, marketable securities, US$700 million in short-
term VEBA funds, and a US$4.5 billion secured revolving credit
facility.
     
Another uncertainty for GM, although less of a pressing issue in
the near term, is former supplier Delphi Corp.'s difficulties in
emerging from bankruptcy.  S&P still believe the comprehensive
costs to GM of Delphi's reorganization will remain within the
scope of GM's liquidity.  Still, the current capital market
turmoil may keep Delphi in Chapter 11 for several more months,
if not the rest of 2008.  GM recently said it will make advance
payments of up to US$650 million to Delphi over the course of
2008, an amount that is within our range of expectations, even
if Delphi had emerged from bankruptcy.  However, S&P's ratings
do not leave any room for GM to make substantial cash payments
to support a revised Delphi capital structure beyond the labor
and transitional subsidies GM has already agreed to provide.  
     
S&P will likely not resolve the GM CreditWatch until after the
American Axle strike has been resolved and S&P have assessed its
effect on GM's liquidity in light of the deteriorating U.S. auto
industry environment.  S&P's analysis will also incorporate
those concerns.


HARDINGS GARDEN: HSBC Taps Deloitte as Administrative Receivers
---------------------------------------------------------------
HSBC Bank Plc appointed Richard Michael Hawes and Stephen
Anthony John Ramsbottom of Deloitte & Touche LLP joint
administrative receivers of Hardings Garden & Pet Supplies
(Plymouth) Ltd. (Company Number 1095506) on April 23, 2008.

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

The company can be reached at:

          Hardings Garden & Pet Supplies (Plymouth) Ltd.
          Glazebrook Farm
          South Brent
          Devon
          TQ10 9JE
          England
          Tel: 01364 730 32
          Fax: 01364 721 43


HOUSEWARMER LTD: Taps Menzies to Administer Assets
--------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Housewarmer Ltd. (Company Number 02635980) on April 24, 2008.

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

The company can be reached at:

          Housewarmer Ltd.
          Shannon Place
          Sandy
          Bedfordshire
          SG19 2SP
          England
          Tel: 01767 262 828
          Fax: 01767 262 929  
          Web site: http://www.housewarmer.co.uk/   


MEAT EXPRESS: Appoints Joint Administrators from Begbies
--------------------------------------------------------
Simon J. Lundy and Andrew D. Haslam of Begbies Traynor were
appointed joint administrators of Meat Express Ltd. (Company
Number 4137033) on April 25, 2008.

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

The company can be reached at:

          Meat Express Ltd.
          6 Cumbie Way
          Newton Aycliffe
          County Durham
          DL5 6YA
          England
          Tel: 01325 308 844
          Fax: 01325 308 833
          Web site: http://www.meat-express.com/


MK ONE: Baugur Group Draws Administration Plans
-----------------------------------------------
Baugur Group has drawn up contingency plans placing Mk One into
administration if it cannot find a buyer, Richard Fletcher of
the Telegraph reports.

The administration plan includes selling a large part of the
clothing group immediately without its debts.  A controversial
process called a "pre-pack administration", the Telegraph
relates.

A pre-pack is likely to cause anger among Mk One creditors,
including suppliers who are believed to be owed millions of
pounds.  Recently, trade insurers, which protect suppliers in
the event of a retailer collapse, have refused to offer cover
for Mk One.  

In 2006 Baugur had to refinance Mk One as it incurred GBP21.5
million in losses.


MONITOR OIL: Global Maritime & Adshead Sued for Contract Breach
---------------------------------------------------------------
Monitor Oil PLC and its debtor-affiliates commenced an adversary
proceedings against Global Maritime, an offshore engineering and
design firm in Houston, Texas, and Stephen Adshead, a
controlling party of Mancorp AS, for breach of fiduciary duties
to the Debtors.

The Debtors assert that Global Maritime has not complied with
some obligations under a second amended and restated agreement
entered among the parties in August 2006, which remains in
effect and governs the current relationship between the parties.  
Global Maritime has failed to provide schematic drawings,
calculations, regulatory approvals and other intellectual
property for the Single Lift Vessel (SLV) design to the Debtors
pursuant to the agreement.

Mancorp entered in an agreement dated June 2006 with the
Debtors, which calls for Mr. Adshead to oversee and manage "all
phases of the SLV construction project."  Mr. Adshead was the
president and director of Monitor Offshore Systems AS.

The Debtors say Mr. Adshead failed to obtain documents for the
SLV design from Global Maritime.  Mr. Adshead permitted Global
Maritime to take all of the materials constituting the SLV
design back after Global Maritime terminated the second amended
and restated agreement on Nov. 14, 2007.

The Debtors say they requested Global Maritime and Mr. Adshead
to turn over all documents of the SLV design but both refused to
do so.  Global Maritime and Mr. Adshead have taken action to use
the SLV design for their own benefit, the Debtors allege.

The Debtors could suffer imminent harm if Global Maritime and
Mr. Adshead still have control over the SLV design.

                       About Monitor Oil

Headquartered in the Cayman Islands, Monitor Oil, Plc --
htpp://www.monitoroil.com/ -- an oil and gas service company
that provides oil and gas production solutions, offshore
services and engineering services.  The Monitor Group has
operations in London, England; Aberdeen, Scotland; Stavanger,
Norway; Caldicot, Wales; Shanghai, China and New York, United
States.

The company and two of its affiliates,  Monitor Single Lift 1,
Ltd., and Monitor US FinCo, Inc., filed for Chapter 11
Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  
Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P.,
represents the Debtor.  Ira L. Herman, Esq., at Thompson &
Knight, LLP, represents the Official Committee of Unsecured
Creditors.  As of Dec. 31, 2007, the company disclosed total
assets of US$98,340,000 and total debts of US$56,125,000.

                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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