TCREUR_Public/080508.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 8, 2008, Vol. 9, No. 91

                            Headlines


A U S T R I A

GK OBJEKTERRICHTUNG: Claims Registration Period Ends May 13
GOLF IMMOBILIENMAKLER: Claims Registration Period Ends June 10
KPS BIKE&CAR: Claims Registration Period Ends May 13
MAGNA ENTERTAINMENT: Posts US$46.5 Million Net Loss in 1st Qtr.


B E L G I U M

CHEMTURA CORP: S&P Cuts Ratings to BB; Still on Watch Developing
FEDERAL-MOGUL: Posts US$32 Million Net Loss in 2008 1sr Qtr.
FEDERAL-MOGUL: PepsiAmericas Seeks Okay on US$6MM Claims Payment


F I N L A N D

FAIRCHILD SEMICONDUCTOR: S&P Lifts Ratings on Debt Refinancing


F R A N C E

DOLLFUS MIEG: Paris Court Places Companies in Receivership
SPANSION INC: Fitch Affirms Issuer Default Rating at B-


G E R M A N Y

ASB AUTOSERVICE: Claims Registration Period Ends May 28
AUTO-CENTER SELM: Claims Registration Period Ends May 28
AUTOMATEN SALES: Claims Registration Period Ends May 28
BOMBARDIER INC: Moody's Holds Ba2 Ratings on Improved Operations
COMPLETTBAUHAUS GMBH: Claims Registration Period Ends May 28

EIKA WACHSWERKE: To Resume Candle Production After CRT Takeover
ELBE - LOGISTIK: Claims Registration Period Ends May 28
ETT ELEKTRO-TECHNIK: Claims Registration Period Ends May 21
HELI-FLIGHT VERWALTUNGS: Claims Registration Period Ends May 20
KMT - KUNSTSTOFF: Claims Registration Period Ends May 16

L. U. B. AUTOHANDEL: Claims Registration Period Ends May 20
LA STEWARDING: Claims Registration Period Ends May 15
MOSER & HARMS: Claims Registration Ends May 27
PERMANENT PERFECT: Claims Registration Ends May 27
PETER ROTH: Claims Registration Ends May 28

PROTEK HAUSBAU: Claims Registration Ends May 27
SCHWEDLER GMBH: Claims Registration Ends May 27
TSK GMBH: Creditors' Meeting Slated for May 28
UBS AG: BlackRock In Talks for Fund to Manage Mortgage Assets


I R E L A N D

CAMBER 4: Moody's May Further Cut Junk Ratings After Review
EIRLES TWO: Fitch Junks Rating on Series 219 Notes
EIRLES TWO: Fitch Puts Junks Ratings on Four Builder 2 Notes
EIRLES TWO: Fitch Cuts Ratings on Three Builder 3 Note Classes
EIRLES TWO: Fitch Junks Rating on Class B and E Builder 4 Notes

LUNAR FUNDING V: Fitch Cuts Ratings on Three Celts Leveraged MBS


I T A L Y

ALITALIA SPA: AirOne Links with Berlusconi Adviser on Stake Sale
ALITALIA SPA: Unicredit Denies Possible Bid with Lufthansa
FIAT SPA: Iveco Defers Entry Into the United States


K A Z A K H S T A N

AKTOBE TULPAR: Claims Deadline Slated for June 20
ARMAN-BATYR LLP: Claims Registration Ends June 25
CONCEPT-AUTODIAGNOSTIKA LLP: Creditors' Claims Due on June 20
EKIBASTUZ STROYPUT: Creditors Must File Claims by June 25
KAZTECHMASH LLP: Claims Deadline Slated for June 25

KOKSHETAU AGROPROMTECHNIKA: Claims Filing Period Ends June 25
KURYLYS IPOTEKA: Asset Sale Slated for May 12, 2008
KURYLYS-ORTALYGY LLP: Creditors Must File Claims by June 20
TEMIRBANK: Moody's Lowers Unsecured Debt Ratings to Ba3


K Y R G Y Z S T A N

SMEN-STROY LLC: Creditors Must File Claims by June 13


L U X E M B O U R G

LECTA SA: Moody's May Further Cut Ba3 Rating After Review


N E T H E R L A N D S

IMAX CORP: Amends Facility; Sells US$18MM in Common Shares
IMAX CORPORATION: Shareholders' Meeting Scheduled for June 18


P O L A N D

ELEKTRIM SA: Enea May Not Get Consent to Acquire ZEPAK Shares
PRIMA CHARTER: Warsaw Court Declares Bankruptcy


R U S S I A

APRIL-PLUS CJSC: Creditors Must File Claims by May 26
BUTTER-CHEESE DIARY: Creditors Must File Claims by May 26
OKAMET LLC: Creditors Must File Claims by May 26
OM-STROY CJSC: Omsk Bankruptcy Hearing Slated for September 2
S-L-S CJSC: Court Names P. Paramzin as Insolvency Manager

SIB-REM-SERVICE: Creditors Must File Claims by June 26
TSVILLINGSKIY ELEVATOR: Creditors Must File Claims by May 26


S P A I N

* Companies Filing for Insolvencies in Spain Up by 79%


S W E D E N

DOLE FOOD: Posts US$28.9 Million Net Loss in Qtr. Ended March 22
DOLE FOOD: Fitch Says Credit Protection Measures Still Weak


S W I T Z E R L A N D

DORIS DAMEN: Creditors' Liquidation Claims Due by May 18
ING. N. FURNSINN: Proofs of Claim Filing Deadline is May 18
LINAX JSC: Liestal Court Commences Bankruptcy Proceedings
LEO RICKENBACH: Sursee Court Initiates Bankruptcy Proceedings
MAILWEASEL LLC: Creditors' Proofs of Claim Due by May 18

RESTAURANT SCHWEIZERHOF: Creditors' Claims Due by May 17
SANDRO KORKEL: Creditors' Liquidation Claims Due by May 18
STYLE LLC: Deadline for Filing Proofs of Claim is May 18
TEMPUS SERVICE: Creditors' Proofs of Claim Due by May 17


U K R A I N E

BREADMAKER LLC: Creditors Must File Claims by May 17
CITADEL BUILDING: Proofs of Claim Deadline Set May 17
DNIPRO CJSC: Proofs of Claim Deadline Set May 21
INTERFICOM LLC: Creditors Must File Claims by May 18
OBRIY LLC: Creditors Must File Claims by May 18

POGREBISCHEAL AGRICULTURAL: Proofs of Claim Deadline Set May 21
RITA-LTD: Proofs of Claim Deadline Set May 18
SVETLANA LLC: Proofs of Claim Deadline Set May 18
ZEMLIA LLC: Creditors Must File Claims by May 18


U N I T E D   K I N G D O M

ALPHASTREAM INTERNATIONAL: Taps Liquidators from Vantis
BAA LIMITED: Manchester Airports Group May Acquire Assets
BRITISH ENERGY: Centrica & EDF in Talks over Possible Bid
BURNLEY PACKAGING: Brings In Liquidators from Tenon Recovery
CHRYSLER LLC: Fitch Cuts Issuer Default Rating to B from B+

CLARIS LTD: Moody's Cuts Rating to B2 on Napa Valley VI Notes
EOS AIRLINES: Wants to Hire Kurtzman Carson as Claims Agent
EOS AIRLINES: Wants Alvarez & Marsal as Financial Advisor
FORD MOTOR: Fitch Says Ratings Outlook Remains Negative
GENERAL MOTORS: Fitch Says Ratings Could Face Likely Downgrade

INSTORE DESIGN: David Elliott Leads Liquidation Procedure
NORTHAMPTON PRINT: Calls In Liquidators from Tenon Recovery
PHOENIX 2002-1: Moody's May Further Cut Ba1 Rating After Review
SOUTH COAST: Appoints Liquidators from Tenon Recovery
SPLASHPOWER LTD: Fulton Acquires Business and Assets

THE WORKS: Inks GBP17 Million Management Buy-In Deal

* UK Insolvency Helpline to Offer Repossession Counseling
* S&P Places 24 European Cash CDO of ABS Tranches on Watch Neg.
* Upcoming Meetings, Conferences and Seminars


                            *********


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A U S T R I A
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GK OBJEKTERRICHTUNG: Claims Registration Period Ends May 13
-----------------------------------------------------------
Creditors owed money by LLC GK Objekterrichtung (FN 249739p)
have until May 13, 2008, to file written proofs of claim to
court-appointed estate administrator Gernot Goetz at:

          Mag. Gernot Goetz
          Tirolerstrasse 18
          9800 Spittal/Drau
          Austria
          Tel: 04762/53 52, 24 75
          Fax: 04762/2766
          E-mail: rechtsanwaelte@hammerschmidt-goetz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 235
          Second Floor
          Klagenfurt
          Austria

Headquartered in Obervellach, Austria, the Debtor declared
bankruptcy on April 15, 2008 (Bankr. Case No. 41 S 39/08w).


GOLF IMMOBILIENMAKLER: Claims Registration Period Ends June 10
--------------------------------------------------------------
Creditors owed money by LLC Golf Immobilienmakler (FN 42206v)
have until June 10, 2008, to file written proofs of claim to
court-appointed estate administrator Christof Stapf at:

          Dr. Christof Stapf
          c/o Mag. Michael Neuhauser
          Esslinggasse 7
          1010 Vienna
          Austria
          Tel: 90 333
          Fax: 90 333 44
          E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 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 15, 2008 (Bankr. Case No. 4 S 49/08w).  Michael
Neuhauser represents Dr. Stapf in the bankruptcy proceedings.


KPS BIKE&CAR: Claims Registration Period Ends May 13
----------------------------------------------------
Creditors owed money by LLC KPS Bike&Car Handel (FN 252154s)
have until May 13, 2008, to file written proofs of claim to
court-appointed estate administrator Harald Skrube at:

          Dr. Harald Skrube
          Peraustrasse 19
          9500 Villach
          Austria
          Tel: 04242/24123
          Fax: 04242/23447
          E-mail: kanzlei@rechtsanwalt-villach.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on April 15, 2008 (Bankr. Case No. 40 S 21/08s).


MAGNA ENTERTAINMENT: Posts US$46.5 Million Net Loss in 1st Qtr.
---------------------------------------------------------------
Magna Entertainment Corp. disclosed Tuesday its financial
results for the first quarter ended March 31, 2008.

Including discontinued operations, the company reported a net
loss of US$46.5 million for the quarter ended March 31, 2008,
compared with net income of US$2.5 million in the same period
last year.

                    Discontinued Operations

Discontinued operations for the three months ended March 31,
2008, and 2007, include the operations of Remington Park in
Oklahoma, Thistledown in Ohio, Portland Meadows in Oregon, Great
Lakes Downs in Michigan and Magna Racino(TM) in Austria.

The net loss from discontinued operations was US$33.5 million
for the three months ended March 31, 2008, compared to a net
loss of US$3.2 million in 2007.  The net loss in 2008 includes
write-downs of US$29.2 million related to Magna Racino(TM) long-
lived assets and US$3.1 million related to Instant Racing
terminals and the associated facility at Portland Meadows.

                            Revenues

Revenues from continuing operations were US$231.0 million for
the three months ended March 31, 2008, a decrease of US$23.2
million or 9.1% compared to US$254.2 million for the three
months ended March 31, 2007.

The decreased revenues from continuing operations were primarily
due to a decline in California revenues of US$17.2 million due
to a net loss of eight live race days at Santa Anita Park as a
result of excessive rain and track drainage issues affecting the
new synthetic racing surface that was installed in the fall of
2007.  In addition, Golden Gate Fields ran one less live race
day in the three months ended March 31, 2008, compared to the
prior year period.

               EBITDA from Continuing Operations

EBITDA from continuing operations decreased to US$15.9 million
for the three months ended March 31, 2008, versus US$24.6
million for the three months ended March 31, 2007.

                     Management's Comments

Frank Stronach, chairman and interim chief executive officer
commented: "We are very disappointed with our first quarter
operating results, some of which can be attributed to weather
and track drainage issues at Santa Anita Park beyond our
control, and some of which reflect short-term disruptions as we
continue to build out our Gulfstream Park commercial joint
venture with Forest City.  I remain fully committed to
implementing the company's previously announced debt elimination
plan, and to seeing the operating results dramatically improved.
I remain optimistic about MEC's medium term prospects".

Blake Tohana, executive vice-president and chief financial
officer, commented: "Although the weak U.S. real estate and
credit markets have slowed our progress to date on asset sales,
we remain firmly committed to our debt elimination plan.  In
April 2008, we completed the sale of 225 acres of excess real
estate located in Ebreichsdorf, Austria to a subsidiary of Magna
International Inc. for a purchase price of EUR20.0 million
(US$31.6 million).  In January 2008, we sold our remaining two
parcels of excess real estate located in Porter, New York for
cash consideration of US$1.5 million.  The net proceeds received
from these transactions were used entirely to repay debt."

                           Cash Flows

During the three months ended March 31, 2008, cash used in
continuing operations was US$3.6 million, which improved
US$12.4 million from cash used in continuing operations of
US$16.0 million in the three months ended March 31, 2007,
primarily due to the increased loss from continuing operations
being more than offset by increased depreciation, future tax
expense and the write-down of long-lived assets and decreased
balances relating to due from parent and other accrued
liabilities relative to the prior year period.

Cash provided from financing activities during the three months
ended March 31, 2008, of US$16.9 million includes net borrowings
of US$16.9 million from the company's controlling shareholder
and US$500,000 from bank indebtedness, partially offset by net
repayments of US$500,000 of long-term debt.  The company said
that although it continues to implement its debt elimination
plan, the sale of assets under the debt elimination plan is
taking longer than originally contemplated and, as a result, the
company will likely need to seek extensions from existing
lenders and additional funds in the short-term from one or more
possible sources.

                         Balance Sheet

At March 31, 2008, the company's consolidated balance sheet
showed US$1.2 billion in total assets, US$914.9 million in total
liabilities, and US$318.2 million in total stockholders' equity.

The company's consolidated financial statements at March 31,
2008, also showed strained liquidity with US$286.9 million in
total current assets available to pay US$436.5 million in total
current liabilities.

                    Going Concern Disclaimer

Ernst & Young LLP in Toronto, Canada, expressed substantial
doubt about Magna Entertainment Corp.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the years Dec. 31, 2007, and 2006.  The
auditing firm pointed to the company's recurring operating
losses and working capital deficiency.

At March 31, 2008, the company had US$229.1 million of debt due
to mature in the 12-month period ending March 31, 2009,
including amounts owing under the company's US$40.0 million
senior secured revolving credit facility with a Canadian
financial institution, which is scheduled to mature on May 23,
2008, amounts owing under its bridge loan facility of up to
US$80.0 million with a subsidiary of MI Developments Inc., the
company's controlling shareholder, which is scheduled to mature
on May 31, 2008, and the company's obligation to repay US$100.0
million of indebtedness under the Gulfstream Park project
financings with a subsidiary of MID by May 31, 2008.

                   About Magna Entertainment

Headquartered in Aurora, Ontario, Magna Entertainment Corp.
(Nasdaq: MECA)(TSX: MEC.A) -- http://www.magnaentertainment.com/
-- acquires, develops, owns and operates horse racetracks and
related pari-mutuel wagering operations, including off-track
betting facilities.  The company also develops, owns and
operates casinos in conjunction with its racetracks where
permitted by law.  The company has subsidiaries in Austria.


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B E L G I U M
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CHEMTURA CORP: S&P Cuts Ratings to BB; Still on Watch Developing
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior secured debt ratings of Chemtura Corp. to 'BB' from
'BB+'.

The ratings remain on CreditWatch with developing implications,
where they were placed Dec. 19, 2007.  The downgrade reflects
our expectation that cash flow protection measures will not
strengthen to, and be sustained at, levels appropriate for
the prior rating, although profitability should improve near
term.

"The CreditWatch developing reflects management's ongoing
consideration of strategic alternatives, which calls into
question its financial policies," said Standard & Poor's credit
analyst Wesley E. Chinn.

CreditWatch with developing implications means we could raise,
lower, or affirm the ratings, depending on management's actions.
Chemtura's diversified portfolio of specialty and industrial
chemical businesses (generating annual revenues of over US$3.5
billion) presents management with a range of options.  S&P
would lower the ratings if a leveraged buyout of the firm were
to occur or if management initiated actions detrimental to our
expectations of prospective financial metrics. Conversely, we
would raise the ratings if a substantially stronger entity
acquired Chemtura, but this does not appear to be a strong
possibility at this time.

If management's review of strategic alternatives concludes that
the company should not take any actions at this time, we could
affirm the ratings and assign a stable outlook.  This would be
based on the expectation that the company will be able to
achieve earnings progress in the next few years and that debt
levels would not experience any increase because of
acquisitions.

Overall earnings for 2008 could show good improvement from
2007's weak results, helped by a strong agricultural economy in
Europe, cost savings in pool chemicals, another strong
contribution by the performance specialties segment (mostly the
petroleum additives and urethanes businesses), and reduced
manufacturing costs and selling, general, and administrative
expenses in polymer additives.  S&P also expect operating
margins to strengthen from the lackluster 12% for 2007.
However, the company's ability to increase selling prices and
manage the continuing inflation in raw material and energy costs
against the backdrop of a slowing U.S. economy will continue to
be major challenges and constrain consolidated earnings
progress.  If Chemtura does not initiate any strategic actions
near term, we expect acquisitions for the balance of 2008 to be
limited to bolt-on transactions.

Moreover, operating earnings for 2008 will benefit from lower
total charges associated with facility closures and severance
and impairment of long-lived assets, and reduced losses on the
sale of assets, all arising from the substantial portfolio
realignment projects of recent years.  Outlays for legacy
antitrust liabilities will also be lower.  Consequently, the
company could generate a moderate amount of discretionary cash
flow this year, which it could use to partially address $400
million of debt due in 2009.

Higher earnings as well as possible debt reduction would benefit
the key funds from operations to adjusted debt ratio, which is
expected to be in the area of 20% for 2008, up modestly from the
prior year's performance.  S&P views 20% to 25% as the target
range for that cash flow protection measure for the current
ratings.


FEDERAL-MOGUL: Posts US$32 Million Net Loss in 2008 1sr Qtr.
------------------------------------------------------------
Federal-Mogul Corp. reported its first quarter 2008 financial
results with record quarterly sales of US$1.86 billion, an
increase of 8% over the same period of the prior year.
According to a company press release, during the first quarter,
the company recorded a one-time, non-cash charge of US$68
million relating to re-valuation of inventory, as required by
fresh start reporting following emergence from Chapter 11 in
December 2007.

The company reported a net loss of US$32 million as compared to
net income of US$5 million in the first quarter of 2007.
Without the inventory charge and the associated tax impact, net
income would have been US$32 million, or 2% of sales.
Approximately US$206 million or 11% for Q1 2008, up from the
same period in 2007 when the company reported Operational EBITDA
of US$199 million.

                      Financial Summary
                         (in millions)

                                               Three Months
                                              Ended March 31
                                              --------------
                                               2008    2007
                                              ------  ------
Net sales                                    US$1,859  US$1,716
Gross margin                                    266     308
Adjusted gross margin                           335     308
Selling, general & admin expenses              (209)   (207)
Net income (loss)                               (32)      5
Adjusted net income                              32       5
Operational EBITDA                              206     199

During the quarter, sales were US$1.86 billion, up US$143
million, or eight percent above the same period in 2007.  The
sales results were impacted by favorable currency exchange of
US$120 million and increased sales of US$23 million, principally
to European original equipment vehicle manufacturers.  The
company continues to benefit from strong new business bookings
with balanced regional sales and a globally diverse customer
base with no single customer accounting for more than seven
percent of global sales as of Dec. 31, 2007.

Federal-Mogul realized a gross margin of US$266 million or 14.3%
of sales in the first quarter of 2008, versus US$308 million or
17.9% of sales in the first quarter of 2007.  The gross margin
was unfavorably impacted by a US$68 million, non-cash inventory
adjustment previously discussed.  Without the inventory
adjustment, gross margin for the quarter would have been
US$335 million, or 9% above the prior year and at 18% of sales.
This improvement shows that the company maintained its operating
performance in spite of ongoing raw materials, energy and other
general industry cost pressure.

Selling, general and administrative expense for the quarter was
US$209 million, in comparison to US$207 million in the same
period in 2007.  SG&A as a percentage of sales was favorably
reduced in the first quarter of 2008 to 11.2% compared to 12.1%
in the same period a year ago.  The change in SG&A comprised a
reduction of US$8 million offset by unfavorable currency
exchange of US$10 million during the quarter.

Federal-Mogul reported cash flow for the first quarter of 2008
of US$49 million, which compares favorably to US$12 million in
the same period of 2007.

On April 23, Federal-Mogul listed its Class A Common Stock on
the NASDAQ Global Market, and will trade under the symbol
"FDML."

"We are pleased to report a strong quarter, which shows the
benefits of our solid operating performance, combined with our
customer, regional and product line diversification.  More than
60 percent of our revenue in the quarter was generated outside
the U.S.," said President and Chief Executive Officer Jose Maria
Alapont.  "The operational EBITDA is improved as a result of our
restructuring and cost-reduction efforts as outlined in our
strategy for sustainable global profitable growth."

At March 31, 2008, the Federal-Mogul's balance sheet total
assets of US$8,245,200,000 and total liabilities of
US$6,080,300,000, resulting in a US$2,164,900,000 billion
stockholders' equity.

A full-text-copy of Federal-Mogul Corp.'s First Quarter 2008
Results filed on Form 10-Q is available at no charge at:

              http://ResearchArchives.com/t/s?2b8a

                       About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(Nasdaq: FDML) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has subsidiaries in
these countries: Argentina, Australia, Belgium, Bermuda, Brazil
Canada, China, Czech Republic, France, Germany, Hong Kong,
Hungary, India, Italy, Japan, Mexico, Netherlands, Poland,
Russia, Singapore, Spain, Switzerland, Taiwan, Thailand, and the
United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F.Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on Dec. 27, 2007.  (Federal-Mogul Bankruptcy News,
Issue No. 167; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       *     *     *

Federal-Mogul's Corporate Family Rating is rated by Moody's
Investors Service at Ba3 with a stable outlook.

Standard & Poor's Ratings Services meanwhile puts the company's
corporate credit rating at BB-.  S&P also put a stable outlook
on the rating.


FEDERAL-MOGUL: PepsiAmericas Seeks Okay on US$6MM Claims Payment
----------------------------------------------------------------
PepsiAmericas, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York to allow Claim Nos. 6093 and
6441 as administrative priority expense claims and to direct
Federal-Mogul Corp. and its debtor-affiliates to pay those
claims.

The Claims assert damages, aggregating more than US$6,000,000,
arising from:

  -- the Reorganized Debtors' alleged breach of a purchase
     agreement with PepsiAmericas' predecessor; and

  -- damages incurred by PepsiAmericas as a result of a
     lawsuit the Reorganized Debtors filed in an Ohio state
     court relating to certain insurance policies.

Kirk T. Hartley, Esq., at Butler Rubin Saltarelli & Boyd LLP, in
Chicago, Illinois, asserts that the Claims are administrative
claims and PepsiAmericas has a right to recover for its losses
as administrative claims.

Mr. Hartley relates that in December 2007, the Debtors filed an
insurance coverage complaint in an Ohio state court seeking
recovery from various insurers for expenses incurred in
connection with various "environmental sites." The State Court
Action includes allegations regarding the purported rights of
the Debtors to recover monies from insurance policies issued to
PepsiAmericas.

Mr. Hartley asserts that by filing the State Court Action, the
Reorganized Debtors have trespassed against the chattels of
PepsiAmericas and have caused harm to PepsiAmericas.

Mr. Hartley tells the Court that one of the insurer defendant,
Liberty Mutual Insurance Company, demanded from PepsiAmericas
reimbursement of all expenses and losses it incurred in
connection with the State Court Action.  He says the Reorganized
Debtors have provided to PepsiAmericas some indications that
they intend to limit or dismiss the claims in the State Court
Action in the future.  However, Mr. Hartley notes that there is
no concrete assurances that the Debtors will accomplish a
dismissal at a certain time.

                       About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(Nasdaq: FDML) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has subsidiaries in
these countries: Argentina, Australia, Belgium, Bermuda, Brazil
Canada, China, Czech Republic, France, Germany, Hong Kong,
Hungary, India, Italy, Japan, Mexico, Netherlands, Poland,
Russia, Singapore, Spain, Switzerland, Taiwan, Thailand, and the
United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F.Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on Dec. 27, 2007.  (Federal-Mogul Bankruptcy News,
Issue No. 167; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       *     *     *

Federal-Mogul's Corporate Family Rating is rated by Moody's
Investors Service at Ba3 with a stable outlook.

Standard & Poor's Ratings Services meanwhile puts the company's
corporate credit rating at BB-.  S&P also put a stable outlook
on the rating.


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


FAIRCHILD SEMICONDUCTOR: S&P Lifts Ratings on Debt Refinancing
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on South Portland, Maine-based Fairchild Semiconductor
International Inc. to 'BB' from 'BB-'.  The outlook is stable.

At the same time, S&P affirmed the 'BB' issue-level rating on
Fairchild Semiconductor Corp.'s senior secured credit facilities
following the company's proposed US$100 million add-on to its
US$375 million term loan.  The recovery rating has been revised
to '3', indicating the expectation for meaningful (50% to 70%)
recovery in the event of a payment default, from '2'.  The
secured financing will consist of a US$475 million term loan and
a US$100 million revolving credit facility upon close.  The new
debt will be issued under the existing credit agreement.

Standard & Poor's also raised its issue-level rating on
Fairchild Semiconductor Corp.'s senior subordinated debt to 'B+'
(two notches below the 'BB' corporate credit rating on parent
company Fairchild Semiconductor International) from 'B'.  The
recovery rating on this debt remains unchanged at '6',
indicating the expectation for negligible (0% to 10%) recovery
in the event of a payment default.  S&P will withdraw both of
these ratings upon redemption.

The rating actions follow the company's announcement that it
will refinance US$200 million of maturing senior subordinated
debt with the proposed new senior secured debt, US$50 in million
cash, and a draw on its revolving credit facility.  Pro forma
for the refinancing, leverage improves to about 1.8x, from 2.2x
as of March 31, 2008.  In addition to the modest impact that the
refinancing will have on leverage, operational trends continue
to improve modestly.

"The rating on Fairchild reflects the company's low margins
relative to peers, modest scale, and challenges to improving its
product mix," said Standard & Poor's credit analyst Lucy
Patricola.  "These factors are offset partially by a solid
financial profile, selected market strength, and diverse end
markets."

Fairchild is a vertically integrated manufacturer of a wide
variety of power and logic analog semiconductors and integrated
circuits.

                  About Fairchild Semiconductor:

Fairchild Semiconductor International Inc. (NYSE: FCS) --
http://www.fairchildsemi.com/-- is a supplier of power
semiconductors.  The company also supplies silicon and packaging
technologies, manufacturing strength and system expertise for
consumer, communications, industrial, portable, computing and
automotive systems.  An application-driven, solution-based
semiconductor supplier, Fairchild provides online design tools
and design centers worldwide.

Outside the United States, the company has subsidiaries located
in the United Kingdom, Germany, Italy, Japan, Hong Kong,
Singapore, Malaysia, South Korea, Mexico, France, India,
Mauritius, China, Philippines, Netherlands, Taiwan and Finland.


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


DOLLFUS MIEG: Paris Court Places Companies in Receivership
----------------------------------------------------------
The Paris Commercial Court decided on May 5, 2008, to put
Dollfus Mieg & Cie SA into court-ordered receivership
(redressement judiciaire) with a six-month observation period,
after having examined the cash positions of the DMC companies.

The Court also placed these DMC units into receivership:

    * DMC Tissus with a three-month observation period; and

    * Loisirs & Creation store chain with a two-month
      observation period.

With the support of the official receivers, these decisions give
all the DMC companies the time required to find solutions
allowing the interests of the staff and shareholders to be
upheld and for a future to be mapped-out for these companies.

By introducing appropriate solutions, it should enable all the
companies to be provided with the means of facing-up to the
constraints being placed on them: the fall of the dollar versus
the euro, Asian imports and consumers’ concerns about their
spending power.

As reported in the Troubled Company Reporter-Europe on May 5,
2008, the company notified its Central Works Councils that
several Group companies (DMC SA, DMC Tissus and Loisirs &
Creation) were experiencing liquidity problems.

Headquartered in Paris, France, DMC Dollfus Mieg et Cie --
http://www.dmc.com/-- focuses on three core businesses:
sportswear fabrics under the Saic Velcorex brand, DMC creative
world and creative-leisure activities.  The sportswear division
is active in Europe and in the United States and produces
corduroy and cotton fabric suitable for the sportswear and
leisure clothing industry.  DMC creative world specializes in
embroidery and offers various types of needle art threads. The
creative-leisure activities division operates a chain of 21
stores in France under the name Loisirs & Creation.  It offers
materials and accessories for handcrafts activities, including
needle art, beadwork, fine arts, interior decoration, card-
making and children's activities.

According to Le Figaro, the group has more than EUR20 million of
debt and has not paid its staff since April 2008.


SPANSION INC: Fitch Affirms Issuer Default Rating at B-
-------------------------------------------------------
Fitch Ratings has affirmed these ratings on Spansion Inc.:

     -- Issuer Default Rating at 'B-';

     -- US$175 million senior secured revolving credit facility
        due 2010 at 'B/RR3';

     -- US$625 million senior secured floating rate notes due
        2013 at 'B/RR3';

     -- US$225 million of 11.25% senior unsecured notes due 2016
        at 'CCC/RR6'; and

     -- US$207 million of 2.25% convertible senior subordinated
        debentures due 2016 at 'CCC-/RR6'.

The Rating Outlook remains Negative.  Approximately US$1.2
billion of debt securities are affected.

Ratings concerns and the Negative Outlook center on:

i) Fitch's primary credit concern centers on Spansion's weak
liquidity position and limited financial flexibility, which
worsened during the first fiscal quarter ended March 30, 2008
due to ongoing cash usage.  Nonetheless, Fitch believes the
company's plans for meaningfully lower capital spending in the
second half of 2008 and, likely, for 2009, should enable
modestly positive free cash flow over this time-frame.  In the
first quarter ended March 30, 2008, free cash flow was negative
US$171 million, as Spansion continued facilitizing its leading
edge manufacturing facility (SP1), which it funded with
increased borrowings by under revolving credit facilities,
reducing available borrowing capacity to just over US$100
million.

ii) Ongoing operating losses, despite the company's increased
market share and richer sales mix.  After consistently improving
profitability in 2007, Spansion's operating margins declined
meaningfully to a Fitch-estimated negative 17.8% for the first
quarter ended March 31, 2008 versus negative 10.7% for the
comparable prior year quarter, driven by higher than anticipated
operating expenses.  Nonetheless, Fitch expects the company's
profitability will gradually improve throughout 2008 as it ramps
SP1 and continues marginally internalizing currently outsourced
manufacturing.  Fitch believes significant profitability
expansion will be somewhat constrained by a weakening operating
environment, particularly as the company continues to gain share
with leading global handset OEMs, who are predicting lower than
anticipated demand for 2008 and higher mix of low-cost devices
being sold into developing markets.

iii) reduced albeit still substantial ongoing capital spending
and research and development (R&D) requirements, which should
exceed 30% of sales in 2008;

iv) Spansion's current limited diversification beyond NOR flash
memory markets (although emerging products are expected to
address certain NAND and DRAM markets), which Fitch believes
reduces the company's tolerance for shortfalls in the commercial
success of its technology roadmap or delays in transitioning to
ever smaller circuitry nodes.  Fitch believes Spansion's leading
competitors, Numonyx B.V. and Samsung Electronics Co., benefit
from greater financial flexibility and, therefore, are better
able to withstand challenging operating environments.

The ratings are supported by Fitch's expectations that:

i) Spansion will continue to gain market share in the NOR flash
memory market over the next few years, driven by ongoing
industry consolidation, including an opportunity to become a
second source supplier for customers of Intel Corp. and
STMicroelectronics N.V., which recently formed a NOR flash
memory joint venture (JV), Numonyx;

ii) beyond the near-term, Spansion's significant recent
investments in leading edge manufacturing technology and ongoing
transition to smaller circuit geometries, as well as development
of foundry partnerships, should enable the company to achieves
sustainable operating profitability through a normalized cycle;

iii) Spansion's technology roadmap, including its MirrorBit and
ORNAND architectures, will expand the company's addressable
market beyond NOR flash memory, potentially strengthening
Spansion's longer-term unit growth and profitability prospects.

Free cash flow for the second quarter of 2008 meaningfully below
Fitch's expectations (negative US$150 million) could result in
negative rating actions.  Fitch also believes that negative
rating actions could result from cash usage in the third or
fourth quarters in the absence of additional committed funding.
At the same time, Fitch believes the ratings could be stabilized
by the company bolstering liquidity with positive free cash flow
and/or proceeds from selling non-core assets.

As of March 30, 2008, Spansion's liquidity was weak and
supported by: i) approximately US$455 million of cash and cash
equivalents, of which approximately US$120 million consisted of
auction rates securities that Fitch believes, given current
market conditions, remain illiquid; ii) approximately US$102
million of availability under the company's revolving credit
facilities (subject to certain borrowing base limitations),
including Spansion Inc's US$175 million senior secured revolving
credit facility due September 2010 supporting liquidity in the
U.S. and JPY 14 billion (approximately US$140 million as of Mar.
30, 2008) senior secured revolving credit facility due December
2009 supporting the company's wholly-owned subsidiary, Spansion
Japan's, liquidity.

Spansion's total debt as of Mar. 30, 2008 was US$1.7 billion and
Fitch believes consisted of: i) approximately US$380 million
outstanding under a JPY 48.8 billion (approximately US$484
million as of Mar. 30, 2008) Spansion Japan's senior secured
credit facility expiring 2010; ii) approximately US$625 million
of floating rate senior secured notes due 2013; iii)
approximately US$225 million of 11.25% senior unsecured notes
due 2016; iv) US$207 million of 2.25% exchangeable senior
subordinated debentures due 2016; and v) approximately US$208
million of other debt, including the aforementioned borrowings
under various credit facilities and capital leases.

The Recovery Ratings and notching reflect Fitch's expectation
that Spansion's enterprise value, and hence recovery rates for
its creditors, will be maximized as a going concern rather than
as in liquidation under a distressed scenario.  The lower
recovery ratings incorporate Spansion's meaningful decline in
operating EBITDA and increased debt levels over the past several
quarters, as well as a greater proportion of secured debt within
the capital structure.  Fitch's analysis assumes Spansion is not
restricted by covenants or borrowing bases to fully draw down on
its existing bank credit facilities.

Given the erosion of Spansion's profitability to nearly
distressed levels over the past several quarters, Fitch has
reduced the discount to operating EBITDA (in estimating
distressed operating EBITDA) for 2007 to 25% from the previous
discount of 55%.  Fitch believes of US$800 million of rated
senior secured debt, including US$625 million of senior secured
floating rate notes and a fully drawn US$175 million U.S.
revolving bank credit facility, would recover 51%-70% in a
reorganization scenario, resulting in a 'RR3' recovery rating.
A waterfall analysis provides 0%-10% recovery for the
approximately US$225 million of rated senior unsecured debt and
US$207 million of senior subordinated notes, both resulting in a
recovery rating of 'RR6'.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,
manufactures, markets and sells flash memory solutions for
wireless, automotive, networking and consumer electronics
applications.  Spansion(R), the Spansion Logo(R), MirrorBit(R),
MirrorBit(R) Eclipse(TM), ORNAND(TM), ORNAND2(TM), HD-SIM(TM)
and combinations thereof, are trademarks of Spansion LLC.
Spansion, the Spansion Logo and MirrorBit are registered in the
US and other countries.

The company's European unit, Spansion EMEA, is based is France.
Spansion Japan Limited, is the company's unit and is
headquartered in Japan.


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


ASB AUTOSERVICE: Claims Registration Period Ends May 28
-------------------------------------------------------
Creditors of ASB Autoservice & Handel GmbH have until
May 28, 2008, to register their claims with court-appointed
insolvency manager Dr. Hubertus Bartelheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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. Hubertus Bartelheimer
         Bernburger Strasse 32
         10963 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against ASB Autoservice & Handel GmbH on April 30,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         ASB Autoservice & Handel GmbH
         Kalkberger Str. 25-35
         15566 Schoeneiche
         Germany


AUTO-CENTER SELM: Claims Registration Period Ends May 28
--------------------------------------------------------
Creditors of Auto-Center Selm GmbH have until May 28, 2008, to
register their claims with court-appointed insolvency manager
Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 2, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Auto-Center Selm GmbH on April 7, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Auto-Center Selm GmbH
         Attn: Detlev Lueckel, Manager
         Schachtstr. 1
         59379 Selm
         Germany


AUTOMATEN SALES: Claims Registration Period Ends May 28
-------------------------------------------------------
Creditors of Automaten Sales + Services ASS GmbH have until
May 28, 2008, to register their claims with court-appointed
insolvency manager Werner Maier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 10, 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 Esslingen
         Hall One
         First Floor
         Ritterstr.5 (Eingang Strohstrasse)
         Esslingen
         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:

         Werner Maier
         Gansheidestr. 1
         70184 Stuttgart
         Germany
         Tel: 0711/16433-0
         Fax: 0711/16433-50

The District Court of Esslingen opened bankruptcy proceedings
against Automaten Sales + Services ASS GmbH on March 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Automaten Sales + Services ASS GmbH
         Hofwiesen 20
         72622 Nuertingen
         Germany


BOMBARDIER INC: Moody's Holds Ba2 Ratings on Improved Operations
----------------------------------------------------------------
Moody's Investors Service changed the rating outlook for
Bombardier Inc. to positive from stable and affirmed the
company's Ba2 corporate family, Ba2 senior unsecured and SGL-2
liquidity ratings.

The outlook change reflects Moody's belief that Bombardier's
record backlog levels and strong demand from international end-
markets positions the company for continued revenue growth,
profitability improvements and cash flow generation into the
medium term.  Coupled with the meaningful reduction in debt
levels that occurred towards the end of the company's last
fiscal year, the balance of the company's key credit metrics are
likely to evidence continuing improvement, bolstering support
for upwards rating momentum.

These ratings have been affirmed:

   -- Corporate family rating at Ba2

   -- Probability of default rating at Ba2

   -- Senior unsecured debt rating at Ba2 (to LGD4, 52% from
      LGD4, 54%)

   -- Speculative grade liquidity rating at SGL-2

Outlook Actions:

   -- Outlook, Changed To Positive From Stable

"Bombardier's sizeable backlog in each of its two business
segments positions the company for further growth and margin
improvement beyond the gains achieved in fiscal 2008", Darren
Kirk, lead analyst with Moody's said.

Bombardier's fiscal 2008 operating results evidenced continued
improvement driven by strong demand for business jets,
turboprops and Transportation segment products and services.  A
prolonged period of declining demand for regional jet products
appears to have stabilized, which also contributed to the good
results.  Despite the poor financial condition of the airline
industry and challenging economic backdrop in the U.S., reducing
dependence on the U.S. market for cyclical aerospace activity
and record backlog levels in each of Bombardier's business
segments, provide the basis for continued operating momentum.
Targeted operating margins of 8% in the Aerospace segment have
essentially been attained while Transportation segment margins
continue to improve toward the company's goal of 6% by fiscal
2010.  The company's ability to further enhance current coverage
and cash flow metrics through sustained margin improvement
remains a key factor influencing the rating.

Lower interest costs associated with recent debt reductions
should amplify improvement to key credit metrics through fiscal
2009 from levels that have in recent history constrained the Ba2
rating.  Bombardier's liquidity profile is good summarized by
significant balance sheet cash with no near term debt
maturities, and a positive free cash flow profile. Lack of
committed bank operating lines for funded borrowing constrains
the liquidity rating at SGL-2.

The Company's good liquidity profile and favorable cash flow
trends may eventually be counterbalanced by incremental
financial and operating risks associated with the potential
investment in the CSeries mainline aircraft.

"The company's improving credit profile should nonetheless
provide the capacity to absorb these risks within context of its
rating and outlook", Kirk added.

Bombardier Inc., headquartered in Montreal, Quebec, is a
diversified manufacturing company involved in the aerospace and
transportation markets.

The company manufactures rail equipment through its Bombardier
Transportation unit.  Bombardier Transport's Europe management
office is located in Germany. The company also has production
facilities in France, Spain, Switzerland, Belgium, Italy,
Austria, Hungary, Czech Republic, Poland, Denmark, Sweden,
Norway an the United Kingdom.  Other production facilities are
located at Brazil, China, India and Australia.


COMPLETTBAUHAUS GMBH: Claims Registration Period Ends May 28
------------------------------------------------------------
Creditors of Complettbauhaus GmbH have until May 28, 2008, to
register their claims with court-appointed insolvency manager
Katrin Bringezu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on June 25, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 138
         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:

         Katrin Bringezu
         Prager Strasse 34
         04317 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de

The District Court of Leipzig opened bankruptcy proceedings
against Complettbauhaus GmbH on April 28, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Complettbauhaus GmbH
         Attn: Andreas Porstmann, Manager
         Albertstrasse 6
         04720 Doebeln
         Germany


EIKA WACHSWERKE: To Resume Candle Production After CRT Takeover
---------------------------------------------------------------
Candle production at Eika Wachswerke Fulda GmbH is expected to
resume following Cukierman Rasenberger Toschek's takeover of the
company, Financial Times Deutschland reports.

Eika's new managing director Peter Rasenberger said that CRT
plans to make the insolvent company profitable again, FT
relates.  The FT adds that the company will keep 160 of its
workers.

As previously reported in the TCR-Europe, The District Court of
Fulda opened bankruptcy proceedings against Eika on April 1,
2008 with Sandra Mitter serving as its insolvency manager.  Then
managing director Thomas Schunke said that the company could no
longer pay its banks and suppliers as a result of having too
many orders in hand and too few sales.

Headquartered in Fulda, Germany, Eika Wachswerke Fulda GmbH --
http://www.eika.de/-- produces handmade candles.  The company
existed since 1824.  Eika had EUR40 million in annual turnover.


ELBE - LOGISTIK: Claims Registration Period Ends May 28
-------------------------------------------------------
Creditors of ELBE - LOGISTIK GmbH have until May 28, 2008, to
register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Pinneberg
         Hall 5
         Station Route 17
         25421 Pinneberg
         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 Decker
         Julius-Vosseler-Strasse 42
         22527 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against ELBE - LOGISTIK GmbH on April 16, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         ELBE - LOGISTIK GmbH
         Attn: Mile Acimovic, Manager
         Luetten Stieg 8
         25474 Ellerbek
         Germany


ETT ELEKTRO-TECHNIK: Claims Registration Period Ends May 21
-----------------------------------------------------------
Creditors of ETT Elektro-Technik GmbH have until May 21, 2008,
to register their claims with court-appointed insolvency manager
Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Schweinfurt
          Meeting Hall 22
          Eingang Friedenstr. 2
          Schweinfurt
          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:

          Barbara Fritzer
          Bischofsberg 28
          97638 Mellrichstadt
          Germany
          Tel: 09776/706700
          Fax: 09776/706701

The District Court of Schweinfurt opened bankruptcy proceedings
against ETT Elektro-Technik GmbH on April 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          ETT Elektro-Technik GmbH
          Schwemmweg 6 g
          97493 Bergheinfeld
          Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Friedberg (Hessen)
          Hall 236
          Second Floor
          Homburger Strasse 18
          61169 Friedberg (Hessen)
          Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

          HELI-FLIGHT Verwaltungs GmbH
          Flugplatz Reichelsheim
          61203 Reichelsheim
          Germany


KMT - KUNSTSTOFF: Claims Registration Period Ends May 16
--------------------------------------------------------
Creditors of KMT - Kunststoff und Metallteile GmbH have until
May 16, 2008, to register their claims with court-appointed
insolvency manager Hans Peter Runkel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Wuppertal
          Meeting Hall A234
          Second Floor
          Eiland 2
          42103 Wuppertal
          Germany

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

The insolvency manager can be reached at:

          Hans Peter Runkel
          Friedrich-Ebert-Strasse 146
          42117 Wuppertal
          Germany
          Tel: 0202/30 20 71
          Fax: 0202/31 47 08

The District Court of Wuppertal opened bankruptcy proceedings
against KMT - Kunststoff und Metallteile GmbH on April 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          KMT - Kunststoff und Metallteile GmbH
          Liegnitzer Strasse 7
          42277 Wuppertal
          Germany


L. U. B. AUTOHANDEL: Claims Registration Period Ends May 20
-----------------------------------------------------------
Creditors of L. u. B. Autohandel GmbH have until May 20, 2008,
to register their claims with court-appointed insolvency manager
Frauke Heier.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 10, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hagen
          Hall 252
          Second Floor
          Heinitzstrasse 42/44
          58097 Hagen
          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:

          Frauke Heier
          Hochstr. 124
          58095 Hagen
          Germany

The District Court of Hagen opened bankruptcy proceedings
against L. u. B. Autohandel GmbH on April 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          L. u. B. Autohandel GmbH
          Baarstr. 241
          58636 Iserlohn
          Germany


LA STEWARDING: Claims Registration Period Ends May 15
-----------------------------------------------------
Creditors of LA Stewarding Service GmbH have until May 15, 2008,
to register their claims with court-appointed insolvency manager
Anton Rosenauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 29, 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 Stuttgart
          Room 178
          70190 Stuttgart
          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:

          Anton Rosenauer
          Industriestr. 3
          70565 Stuttgart
          Germany
          Tel: 0711/2 31 75 93
          Fax: 0711/2 31 75 94

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

The Debtor can be reached at:

          LA Stewarding Service GmbH
          Lehmweg 17
          20251 Hamburg
          Germany


MOSER & HARMS: Claims Registration Ends May 27
----------------------------------------------
Creditors of Moser & Harms GmbH have until May 27, 2008 to
register their claims with court-appointed insolvency manager
Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 8, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Heiko Fialski
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Moser & Harms GmbH on April 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Moser & Harms GmbH
         Attn: Rolf Rockensack, Manager
         Industriestrasse 17
         23843 Bad Oldesloe
         Germany


PERMANENT PERFECT: Claims Registration Ends May 27
--------------------------------------------------
Creditors of Permanent Perfect GmbH have until May 27, 2008 to
register their claims with court-appointed insolvency manager
Klaus E. Breithaupt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Permanent Perfect GmbH
         Robert-Koch-Str. 12
         82031 Gruenwald
         Germany


PETER ROTH: Claims Registration Ends May 28
-------------------------------------------
Creditors of Peter Roth GmbH have until May 28, 2008 to register
their claims with court-appointed insolvency manager Guenter
Staab.

Claims will be verified at 2:00 p.m. on June 25, 2008 at:

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Guenter Staab
         Sulzbachstrasse 26
         66111 Saarbruecken
         Germany
         Tel: (0681) 3090 416
         Fax: (0681) 3090 456

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

The Debtor can be reached at:

         Peter Roth GmbH
         Attn: Heinz Ptak, Manager
         Fasanerieweg 12
         66121 Saarbruecken
         Germany


PROTEK HAUSBAU: Claims Registration Ends May 27
-----------------------------------------------
Creditors of PROTEK Hausbau Projektentwicklungs- und
Bauplanungsgesellschaft mbH have until May 27, 2008 to register
their claims with court-appointed insolvency manager Dr.
Friedrich Seggebruch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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. Friedrich Seggebruch
         Damaschkestrasse 21
         10711 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against PROTEK Hausbau Projektentwicklungs- und
Bauplanungsgesellschaft mbH on April 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PROTEK Hausbau Projektentwicklungs-
         und Bauplanungsgesellschaft mbH
         Neuendorfstr. 18 a
         16761 Hennigsdorf
         Germany

         Attn: Dirk Mueller, Manager
         Kuckucksruf 18
         16761 Stolpe
         Germany


SCHWEDLER GMBH: Claims Registration Ends May 27
-----------------------------------------------
Creditors of Schwedler GmbH have until May 27, 2008 to register
their claims with court-appointed insolvency manager Dr. Oliver
Kirschne.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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. Oliver Kirschnek
         Kriegerstrasse 3
         70191 Stuttgart
         Germany
         Tel: 0711/225583-0
         Fax: 0711/225583-20

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

The Debtor can be reached at:

         Schwedler GmbH
         Attn: Hans Schwedler, Manager
         Froebelstrasse 10
         74321 Bietigheim-Bissingen
         Germany


TSK GMBH: Creditors' Meeting Slated for May 28
----------------------------------------------
Creditors of TSK GmbH have until May 28, 2008 to register their
claims with court-appointed insolvency manager Johannes Franke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on June 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will verify the claims set out in the insolvency
manager's report at 11:20 a.m. on July 9, 2008 at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Johannes Franke
         Verdener Platz 1
         30419 Hannover
         Germany
         Tel: 0511 794573
         Fax: 0511 794576

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

The Debtor can be reached at:

         TSK GmbH
         Kessellande 10
         30900 Wedemark
         Germany

         Attn: Ulrich Grupp, Manager
         Schoenbuchstrasse 7
         72124 Pliezhausen
         Germany


UBS AG: BlackRock In Talks for Fund to Manage Mortgage Assets
-------------------------------------------------------------
BlackRock Inc. has engaged in talks to create a fund that would
hold and sell UBS AG's mortgage assets, eyeing returns of more
than 15%, Hui-yong Yu writes for Bloomberg News, citing unnamed
people close to the situation.

The move, Bloomberg says, is aimed at helping the Switzerland-
based bank recover from US$38 billion in subprime-related
writedowns.

Bloomberg relates that while BlackRock, which manages the bank's
about US$1.4 trillion of assets, is seeking cash from investors,
talks may not lead to an agreement.

Both parties, however, declined to comment, the paper states.

UBS had earlier said it will prepare its investment banking
business for a possible sale in two to three years' time.  UBS
will pursue the plan if future U.S. laws require a separation of
its business and investment banks, the Swiss Federal Banking
Commission raises capital requirements for investment banks, or
if the unit can't be made profitable.

For the first quarter of 2008, UBS expects to report a net loss
attributable to shareholders of approximately CHF12 billion
(US$11.83 billion) after losses and writedowns of approximately
US$19 billion on U.S. real estate and related structured credit
positions.  UBS is the worst hit bank by the U.S. mortgage
lending crisis.

UBS AG -- http://www.ubs.com/-- together with its subsidiaries,
provides a range of financial products and services worldwide.
UBS' businesses are Global Wealth Management and Business
Banking, Global Asset Management, and Investment Banking.  The
company was founded in 1862 and is based in Zurich, Switzerland.
Its Wealth management services in the United States are provided
by UBS Financial Services Inc.  UBS' U.S. headquarters is at
1285 Avenue of the Americas, New York, NY.


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


CAMBER 4: Moody's May Further Cut Junk Ratings After Review
-----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
downgrade five classes of notes issued by Camber 4 plc.

These rating actions are a response to credit deterioration in
the underlying portfolio.  The underlying assets of this CDO
transaction are predominantly 2004 - 2007 vintage US subprime
RMBS (36.5%) and US ABS CDOs (11.1%).

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

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

These rating actions are:

Camber 4 plc:

   (1) US$790,000,000 Class A1-A Floating Rate Notes due 2053
       (currently US$789,756,141.68 outstanding)

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

   (2) US$60,000,000 Class A2 Floating Rate Notes due 2053

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

   (3) US$23,000,000 Class A3 Floating Rate Notes due 2053

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

   (4) US$11,500,000 Class B Floating Rate Notes due 2053

    -- Current Rating: Caa2, on review for downgrade
    -- Prior Rating: Aa2

   (5) US$12,000,000 Class C Floating Rate Notes due 2053
      (currently US$10,941,362.55 outstanding)

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: A3


EIRLES TWO: Fitch Junks Rating on Series 219 Notes
--------------------------------------------------
Fitch Ratings downgraded Eirles Two's US$20m Series 219 notes
(XS0231043349) to 'CCC' from 'A' and removed it from Rating
Watch Negative.

Eirles Two Series 219 is a synthetic collateralised debt
obligation referencing a US$1.35bn portfolio of mainly U.S.
structured finance assets.  At close, Eirles Two, a public
limited company incorporated in Ireland, entered into a credit
default swap (CDS) agreement with Deutsche Bank AG (Deutsche,
rated 'AA-' (AA minus)/Outlook Stable/'F1+') under which
Deutsche bought US$20m protection on the reference portfolio.
To fund its obligations under the CDS agreement, Eirles Two
issued a total of US$20m in credit-linked notes and entered into
an asset swap with Deutsche.  Under the terms of the asset swap,
Deutsche receives the note proceeds and deposits them into an
interest-bearing deposit account. During the life of the
transaction, in exchange for receiving interest on the deposit
account under the asset swap, Deutsche will pay an amount
equivalent to the USD LIBOR component of note interest.  The
portfolio is managed by Faxtor Securities BV.  Although the
transaction is now static, the asset manager has the ability to
remove credit-impaired assets throughout the life of the deal.

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in Eirles Two
Series 219's portfolio.  The negative credit migration is
primarily attributable to the rapid credit deterioration in
subprime residential mortgage-backed securities (RMBS) from the
2004 and 2005 vintages.

The portfolio comprises U.S. subprime RMBS (59.8%), and
Alternative A (Alt-A) mortgage loans (11.7%).  Subprime RMBS of
the pre-2005, and 2005 vintages account for approximately 20%
and 48% of the portfolio, respectively.  At the time of the
rating action in November 2007, there were no assets in the
'CCC+' and below bucket and only 2.6% of the portfolio was sub-
investment grade.  As per the latest trustee report dated March
2008, 8.95% of the portfolio is rated 'CCC+' or below, and 27.3%
of the portfolio is rated 'BB+' or below.  Furthermore, this
compares to the current credit enhancement level of 9.45%.


EIRLES TWO: Fitch Puts Junks Ratings on Four Builder 2 Notes
------------------------------------------------------------
Fitch has downgraded Series 160 and 143 of Builder 2 Eirles Two
Limited and affirmed Series 144 and 145.  All series have been
removed from Rating Watch Negative where they were originally
placed on Feb. 27, 2008.  The ratings are:

    -- EUR21m Series 160 (ISIN: XS0211759864): Downgraded to
       'CC' from 'B+'; removed from RWN

    -- US$37.2m Series 143 (ISIN:XS0208743418): Downgraded to
       'CC' from 'B'; removed from RWN

    -- USD35.7m Series 144 (ISIN: XS0208743178): Affirmed at
       'CC'; removed from RWN

    -- USD7.1m Series 145 (ISIN: XS0208742873): Affirmed at
       'CC'; removed from RWN

Eirles Two Limited is a special purpose vehicle incorporated
under the laws of Ireland.  The notes have a scheduled maturity
date of December 22, 2044 and absorb the credit risk of credit
default swaps with Deutsche Bank AG London (Deutsche). The
credit default swaps with Deutsche reference a portfolio of
asset-backed securities (ABS) obligations.

Fitch's rating action reflects higher loss expectations due to
greater than expected collateral deterioration in Builder 2's
portfolio.  The negative credit migration is primarily
attributed to the rapid credit deterioration in US structured
finance CDOs from 2005 and 2006 vintages, as well as exposure to
subprime residential mortgage backed securities (RMBS) from the
2006 vintage.

The portfolio is comprised of US subprime RMBS (4.12%),
Alternative A (Alt-A) mortgage loans (17.29%) and US diversified
structured finance CDOs (39.93%).  US structured finance CDOs of
the 2005, 2006 and 2007 vintages account for approximately
15.72%, 14.10% and 2.39% of the portfolio, respectively.  During
the rating action in November 2007, only 1.7% of the portfolio
was rated 'CCC+' or below and 0.0% of the portfolio was rated
'BB+' or below.  As per the portfolio from the latest trustee
report dated April 2008, 5.44% of the portfolio is rated 'CCC+'
or below and 10.46% of the portfolio is rated 'BB+' or below.
This compares to credit enhancement levels of 6.61%, 4.00%,
1.50% and 1.00% for series 160, 143, 144 and 145, respectively.


EIRLES TWO: Fitch Cuts Ratings on Three Builder 3 Note Classes
--------------------------------------------------------------
Fitch today downgraded all three classes of Builder 3 Eirles Two
Limited Series 283, 284 and 285.  All classes have been removed
from Rating Watch Negative where they were originally placed on
Feb. 27, 2008.  The ratings are:

    -- US$42m Class B (ISIN: XS0266515658): Downgraded to 'CC'
       from 'B'; removed from RWN

    -- US$22.5m Class C (ISIN: XS0266514842): Downgraded to 'CC'
       from 'CCC'; removed from RWN

    -- US$18m Class D (ISIN: XS0266514099): Downgraded to 'C'
       from 'CC'; removed from RWN

Eirles Two Limited is a special purpose vehicle incorporated
under the laws of Ireland. The notes have a scheduled maturity
date of September 6, 2046 and absorb the credit risk of credit
default swaps with Deutsche Bank AG London (Deutsche).  The
credit default swaps with Deutsche reference a portfolio of
asset-backed securities (ABS) obligations.

Fitch's rating action reflects higher loss expectations due to
greater than expected collateral deterioration in Builder 3's
portfolio.  The negative credit migration is primarily
attributed to the rapid credit deterioration in US structured
finance CDOs and subprime residential mortgage backed securities
(RMBS) both from the 2006 vintage.

The portfolio is comprised of US subprime RMBS (8.46%),
Alternative A (Alt-A) mortgage loans (12.99%) and US diversified
structured finance CDOs (35.63%). US structured finance CDOs of
the 2005, 2006 and 2007 vintages account for approximately
4.67%, 22.53%, and 2.35% of the portfolio, respectively.  During
the rating action in November 2007, only 0.7% of the portfolio
was rated 'CCC+' or below and 0.0% of the portfolio was rated
'BB+' or below.  As per the portfolio from the latest trustee
report dated April 2008, 6.05% of the portfolio is rated 'CCC+'
or below and 12.39% of the portfolio is rated 'BB+' or below.
This compares to credit enhancement levels of 4.20%, 2.70% and
1.50% for classes B, C, and D, respectively.


EIRLES TWO: Fitch Junks Rating on Class B and E Builder 4 Notes
---------------------------------------------------------------
Fitch has downgraded the class B and E notes of Builder 4 Eirles
Two Limited and affirmed the class C and D notes.  All classes
have been removed from Rating Watch Negative where they were
originally placed on Feb. 27, 2008.  The ratings are:

    -- US$42m Class B (ISIN: XS0266513281): Downgraded to 'CCC'
       from 'BB-' (BB minus); removed from RWN

    -- US$22.5m Class C (ISIN: XS0266516540): Affirmed at 'CCC';
       removed from RWN

    -- US$18m Class D (ISIN: XS0266516110): Affirmed at 'CC';
       removed from RWN

    -- EUR10m Class E: Downgraded to 'C' from 'CC'; removed from
       RWN

Eirles Two Limited is a special purpose vehicle incorporated
under the laws of Ireland.  The notes have a scheduled maturity
date of Sept. 6, 2046 and absorb the credit risk of credit
default swaps with Deutsche Bank AG London (Deutsche).  The
credit default swaps with Deutsche reference a portfolio of
asset-backed securities (ABS) obligations.

Fitch's rating action reflects higher loss expectations due to
greater than expected collateral deterioration in Builder 4's
portfolio.  The negative credit migration is primarily
attributed to the rapid credit deterioration in US structured
finance CDOs and subprime residential mortgage backed securities
(RMBS), primarily from the 2006 vintage, as well as from the
2005 vintage.

The portfolio is comprised of US subprime RMBS (3.73%),
Alternative A (Alt-A) mortgage loans (15.80%) and US diversified
structured finance CDOs (37.49%).  US structured finance CDOs of
the 2005, 2006 and 2007 vintages account for approximately
7.99%, 21.27% and 3.35% of the portfolio, respectively.  During
the rating action in November 2007, only 0.0% of the portfolio
was rated 'BB+' or below. As per the portfolio from the latest
trustee report dated April 2008, 2.62% of the portfolio is rated
'CCC+' or below and 8.99% of the portfolio is rated 'BB+' or
below.  This compares to credit enhancement levels of 4.20%,
2.70%, 1.50% and 0.75% for classes B, C, D and E, respectively.


LUNAR FUNDING V: Fitch Cuts Ratings on Three Celts Leveraged MBS
----------------------------------------------------------------
Fitch Ratings downgraded three Celts leveraged mortgage-backed
securities issued from Lunar Funding V plc and removed them from
Rating Watch Negative:

    -- EUR75m Series 2007-40 notes due 2060 downgraded to 'B'
       from 'A'; off RWN

    -- EUR75m Series 2007-45 notes due 2060 downgraded to 'BB'
       from 'A'; off RWN

    -- EUR50m Series 2007-46 notes due 2060 downgraded to 'B'
       from 'A'; off RWN

The rating actions are due to a decline in the reported market
values of the reference assets since the close of the
transactions.  The decrease in market value has increased the
risk of breaching the market value triggers for each of the
transactions.

Series 2007-40 and 2007-46 have a smaller market value cushion
than Series 2007-45, which is reflected in the rating actions
taken.  The market value cushion is the difference between the
current market price and the ratings trigger. The notes have
zero credit enhancement and therefore are exposed to the first
dollar of loss.

The transactions are market value notes that reference, via
total return swaps, leveraged portfolios of 'AAA' prime European
RMBS and CMBS assets.  None of the underlying assets have been
downgraded or placed on Rating Watch Negative.


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


ALITALIA SPA: AirOne Links with Berlusconi Adviser on Stake Sale
----------------------------------------------------------------
AirOne S.p.A. is in contact with Bruno Ermolli, an adviser to
Italy's Prime Minister-elect Silvio Berlusconi in charge of
finding a local buyer for the government's 49.9% stake in
Alitalia S.p.A., various reports say, citing AirOne board member
Giovanni Malago.

As reported in the TCR-Europe on April 23, 2008, AirOne S.p.A.,
banks led by Intesa Sanpaolo S.p.A. and Italian businessmen led
by Mr. Ermolli may form a consortium to bid for Alitalia.

AirOne will own 40% of the bidding vehicle, the banks will
control 40% and Mr. Bruno's group will hold 20%.

Mr. Berluconi has been insisting that an Italian consortium will
present a binding offer for Italy's 49.9% stake in Alitalia.

                         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: Unicredit Denies Possible Bid with Lufthansa
----------------------------------------------------------
UniCredit S.p.A. denied a report that it had contacts with
Deutsche Lufthansa AG over a possible bid for the Italian
government's 49.9% stake in Alitalia S.p.A.

An Il Messaggero report said that UniCredit chief executive
Alessandro Profumo had met with Lufthansa executive to discuss
the German carrier's possible role in re-launching Alitalia.

The report added that Lufthansa might acquire a stake in
Alitalia if conditions are right.

As reported in the TCR-Europe on March 12, 2008, Lufthansa Chief
Executive Wolfgang Mayrhuber said the carriuer is not interested
in acquiring Alitalia.  Mr. Mayhuber stressed that though
Lufthansa is planning to participate in mergers in Europe's
airline industry, it is currently not eyeing Alitalia.

                         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.


FIAT SPA: Iveco Defers Entry Into the United States
---------------------------------------------------
Iveco, a division of Fiat SpA, has deferred its possible entry
into the U.S. market, Reuters reports citing Iveco CEO Mr. Paolo
Monferino.

Reuters relates Mr. Monferino as saying that the move to the
United States is currently "on stand-by."  Fiat CEO Sergio
Marchionne however expressed that the issue would likely be
decided by the end of the first quarter, Reuters adds.

                          About Iveco

Iveco designs, manufactures, and markets a broad range of light,
medium and heavy commercial vehicles, off-road trucks, city and
intercity buses and coaches as well as special vehicles for
applications such as fire fighting, off-road missions, defence
and civil protection.

Iveco employs over 24,500 people and runs 28 production units in
16 Countries in the world using excellent technologies developed
in 5 research centres. Besides Europe, the company operates in
China, Russia, Australia, Argentina, Brazil, and South Africa.
More than 4,600 service outlets in over 100 Countries guarantee
technical support wherever in the world an Iveco vehicle is at
work.

                        About Fiat S.p.A.

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

                          *     *     *

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


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


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


AKTOBE TULPAR: Claims Deadline Slated for June 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe Tulpar Trans insolvent.

Creditors have until June 20, 2008, to submit written proofs of
claims to:

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


ARMAN-BATYR LLP: Claims Registration Ends June 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Arman-Batyr insolvent.

Creditors have until June 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         May 9 Str. 37/1-102
         Astana
         Kazakhstan
         Tel: 8 (7172) 39-73-00


CONCEPT-AUTODIAGNOSTIKA LLP: Creditors' Claims Due on June 20
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Concept-Autodiagnostika insolvent on December 25,
2007.

Creditors have until June 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Room 4
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 27-24-55


EKIBASTUZ STROYPUT: Creditors Must File Claims by June 25
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ekibastuz Stroyput insolvent on March 27, 2008.

Creditors have until June 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


KAZTECHMASH LLP: Claims Deadline Slated for June 25
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Kaztechmash insolvent.

Creditors have until June 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         May 9 Str. 37/1-102
         Astana
         Kazakhstan
         Tel: 8 (7172) 39-73-00


KOKSHETAU AGROPROMTECHNIKA: Claims Filing Period Ends June 25
-------------------------------------------------------------
OJSC Kokshetau Agropromtechnika has declared insolvency.
Creditors have until June 25, 2008, to submit written proofs of
claims to:

         OJSC Kokshetau Agropromtechnika
         Severnaya Promzona
         Akmola
         Kazakhstan


KURYLYS IPOTEKA: Asset Sale Slated for May 12, 2008
---------------------------------------------------
JSC Mortgage Organization Kurylys Ipoteka has set the public
auction of these assets:

Lot 1: Two rooms flat with total area of 39.1 square meters,
living areas of 25.5 square meters, located at Almaty.

Lot 2: Three rooms flat with total area of 138.7 square meters,
living areas of 89.2 square meters, located at Almaty.

Lot 3: Two rooms flat with total area of 52.8 square meters,
living areas of 30.4 square meters, located at Almaty.

Bidders are required a deposit guarantee payment to:

         IIK 080467502
         JSC ATF Bank
         Almaty Branch
         BIK 190501956
         RNN 600900536518

Bids should be submitted before 9:30 a.m., May 12, 2008, to:

         JSC Mortgage Organization Kurylys Ipoteka
         Dostyk ave. 44-46
         Almaty
         Kazakhstan
         Tel: 8 (7272) 91-15-04
              8 (7272) 93-97-35


KURYLYS-ORTALYGY LLP: Creditors Must File Claims by June 20
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kurylys-Ortalygy insolvent.

Creditors have until June 20, 2008, to submit written proofs of
claims to:

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


TEMIRBANK: Moody's Lowers Unsecured Debt Ratings to Ba3
-------------------------------------------------------
Moody's Investors Service downgraded the long-term bank deposit
and unsecured debt ratings of Temirbank to Ba3 from Ba2.  The E+
bank financial strength rating and Not Prime short-term ratings
were affirmed.  The outlook on all of the bank's ratings is now
stable.

Moody's said that the downgrade of Temirbank's long-term deposit
and debt ratings has been prompted by a weakening of the BFSR
within the E+ category and Moody's assessment that the
likelihood of Temirbank enjoying parental support in case of
need has declined as a result of the plans of BTA Bank (Ba1/D-)
to sell its controlling stake in the bank.

According to Moody's, the weakened BFSR -- which now maps to a
baseline credit assessment of B2 compared to B1 previously --
reflects the rapidly growing level of non-performing loans in
the bank's retail portfolio as well as the notable deterioration
in the bank's corporate loan portfolio.  The substantial decline
in residential real estate prices and problems in Kazakhstan's
construction sector have considerably constrained the overall
quality of the bank's loan portfolio and resulted in the
significant growth of NPLs over the recent period.

In Moody's opinion, the bank's provision coverage is not
adequate for the level of asset deterioration that could
negatively affect the bank's capital and profitability in the
future.  Temirbank's liquidity profile is also under pressure
given the recent outflow of customer deposits and heavy reliance
on international funding, which is also weighing on the bank's
performance and franchise.  Furthermore, Moody's notes that --
despite other Kazakh banks experiencing a similar situation with
regard to their loan portfolios -- Temirbank's exposure to the
rapidly deteriorating real estate and construction sector
relative to its capital is considered one of the highest in the
market.  This therefore affects Temirbank's financial position
more significantly than other financial institutions in the
country.

In addition to the weakened BFSR, the downgrade of the bank's
deposits and debt ratings has also been prompted by the recently
announced plans of Temirbank's controlling shareholder BTA Bank
to sell its stake in the bank.  However, Moody's notes that,
given BTA Bank's controlling stake in Temirbank's capital, the
deposit ratings of Temirbank still benefit from a parental
support, as a result of which they enjoy a two-notch uplift from
the bank's baseline credit assessment.

The E+ BFSR continues to reflect the bank's entrenched market
franchise in retail lending, adequate capitalisation and
relatively wide territorial coverage across the country.
However, it is constrained by the weak asset quality in both the
retail and corporate loan portfolios, weakening profitability
and a high dependence on international funding given the low
likelihood of refinancing in the medium term negatively
affecting the bank's franchise and profitability.

Moody's notes that a downgrade of the bank's BFSR is unlikely in
the medium term given the high capital cushion and its
entrenched position in the retail lending segment. However, a
further deterioration in asset quality that weighed
significantly on the bank's capitalisation level and
profitability could exert additional pressure on Temirbank's
BFSR.  An upgrade of Temirbank's BFSR and debt and deposit
ratings is also highly unlikely in the medium term given the
continuing deterioration in asset quality and the ongoing
pressure on liquidity.

These ratings were downgraded:

    * Temirbank

   -- Long-term bank deposits -- to Ba3 from Ba2
   -- Senior unsecured debt -- to Ba3 from Ba2

    * Temir Capital B.V.

   -- Senior unsecured debt -- to Ba3 from Ba2
   -- Subordinated debt -- to B1 from Ba3

These ratings were affirmed:

    * Temirbank

   -- Short-term bank deposits -- Not Prime
   -- Bank Financial Strength Rating -- E+

Temirbank, which is headquartered in Almaty, Kazakhstan, had
assets of KZT334 billion (US$2.76 billion) at end-2007.


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


SMEN-STROY LLC: Creditors Must File Claims by June 13
-----------------------------------------------------
LLC Construction Company Smen-Stroy has declared insolvency.
Creditors have until June 13, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 21-39-90.


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


LECTA SA: Moody's May Further Cut Ba3 Rating After Review
---------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Ba3 corporate family rating of Lecta S.A., the Ba3
rating for the EUR598 million Senior Secured Floating Rate Notes
due 2014 and the B1 rating for the EUR150 million Senior
Unsecured Floating Rate Notes due 2014.

"The decision to place the Ba3 corporate family rating under
review for possible downgrade was made on the back of a
sustained weak price development for coated fine paper in Europe
which has prevented Lecta to improve its financial profile.
Despite past and ongoing restructuring programs targeted to
offset input cost pressure key credit metrics failed to improve
in line with our expectations," elaborated Martin Kohlhase, a
Moody's Assistant Vice President and lead analyst for paper and
forest products companies in EMEA. "Indeed, announced price
increases for coated fine paper have not materialized during
2007 and pricing pressure has remained so far in 2008, largely
due to a highly competitive market resulting from a repatriation
of exports into the European market due to the strong euro
against the U.S. dollar while the same factors are still at play
and will make further price initiatives difficult."

Lecta's financial profile is further negatively impacted from
its weak vertical integration which exposes the company to
swings in input prices, especially pulp and energy, which have
taken its toll on credit metrics over recent quarters.  In
addition, we highlight the risk of the macroeconomic growth in
Europe, evidenced over the last years, abating with negative
repercussions for demand and capacities potentially causing
future restructuring programs with associated potential cash
costs.

In its review process Moody's will focus on whether the internal
actions that Lecta has initiated are likely to position the
company's credit metrics in line with the current rating
category.  In addition, the review will focus on the impact of
the foreign exchange rates, mainly the weak U.S. dollar and the
British pound against the euro, on trade flow patterns to Europe
as well as the magnitude and potential impact of pricing
initiatives announced for the second quarter of 2008.

The last rating action was on Feb. 20, 2008 when Moody's changed
the outlook to negative from stable indicating a higher
likelihood of credit metrics during 2008 moving below thresholds
that Moody's expects for the Ba3 rating.

Lecta S.A., with legal headquarters in Luxembourg, is among
Europe's leading coated fine paper manufacturers and has its
production facilities based in Spain, Italy and France.  The
company also has a specialty paper division and distribution
business in the Iberian market.  Lecta generated group sales of
EUR1.5 billion in the fiscal year 2007 ending December 31.


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


IMAX CORP: Amends Facility; Sells US$18MM in Common Shares
----------------------------------------------------------
IMAX Corporation disclosed Tuesday that it has entered into two
significant financing transactions, one with Wachovia Capital
Finance Corporation to increase future availability and modify
other terms under the company's existing credit facility, and
one with the Douglas family, IMAX's largest shareholder, for the
sale of approximately 2.73 million common shares in a private
placement at an aggregate purchase price of US$18 million.

The company said that proceeds from these transactions will be
used to fund the company's IMAX(R) Digital projection roll-out,
slated to begin this summer, and for general corporate purposes.

"We have always believed that the attractive returns from
existing joint ventures would enable us to finance our broader
digital rollout," said IMAX co-chairmen and co-chief executive
officers Richard L. Gelfond and Bradley J. Wechsler.  "Now our
bank and our largest shareholder have each stepped forward to
provide us with increased availability of credit and cash, which
we believe will enable us to effectively execute on our existing
plan.  Coupled with our cash on hand, we expect that these deals
will ultimately provide us with access to roughly US$55 - US$60
million in funding."

IMAX and Wachovia entered into an amendment on May 5, 2008,
which extends the term of the facility to Oct. 31, 2010, removes
an EBITDA maintenance covenant provided the company maintains
certain minimum liquidity requirements, and is likely to
increase the company's borrowing base.

"We believe these changes will ensure our access to more money
for a longer period of time, mitigating operating risk," added
Messrs. Gelfond and Wechsler.  "The amended terms of the line
allow us to draw down approximately US$24.4 million [], and we
believe that as our borrowing base increases in accordance with
the terms of the agreement we may be able to take down close to
US$30 million."

Additionally, on May 5, 2008, the company entered into an
agreement with the Douglas family, IMAX's largest shareholder,
for the sale of approximately 2.73 million of the company's
common shares for a total purchase price of US$18 million, or
approximately US$6.60 per share (the equivalent of the average
closing IMAX common share price over the most recent five
trading days).

The Douglas family, which will own 19.9% of the company's common
shares post-transaction, has agreed to a five-year standstill
with the company whereby it will refrain from certain
activities, such as  increasing its percentage ownership in the
company and entering into various arrangements with the company,
such as fundamental or change-of-control transactions.  The
company has granted the Douglas family registration rights in
connection with the newly-acquired shares.  The  rivate
placement is expected to close on May 8, 2008, and is subject to
customary closing conditions.

"The Douglas family has been an extremely supportive shareholder
group, and we're pleased that they have recognized the potential
in IMAX and the opportunity to invest at this level at this
time," said Messrs. Gelfond and Wechsler.  "The good news is
that as a result of [the] announcements, we do not believe we
will need additional financing to fund our digital rollout under
the current business model."

The company said that exhibitors and other customers have been
extremely enthusiastic in their response to IMAX's pending
transition to digital, signing deals for 170 IMAX Digital
theatre systems in the last two quarters.  In December 2007,
IMAX announced a joint venture agreement with AMC Entertainment
Inc. for 100 IMAX Digital theatre systems.  In March 2008, IMAX
announced a joint venture agreement with Regal Cinemas Inc. for
31 IMAX Digital theatre systems.

These deals, according to the company, will dramatically
increase the IMAX(R) theatre footprint in North America and
accelerate the momentum behind IMAX's transition to digital
projection technology over the next few years.  The company
expects to deliver the first of those digital theatre systems
and open its initial joint venture theatres with AMC in July
2008.

                     About IMAX Corporation

Headquartered in Ontario, Canada, IMAX Corporation (Nasdaq:
IMAX)(TSX: IMX) -- http://www.imax.com/-- is a digital
entertainment and technology company.  As of Dec. 31, 2007,
there were 299 IMAX theatres operating in 39 countries.  The
company's groundbreaking IMAX DMR digital remastering technology
allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality.
The company has a subsidiary in Netherlands, IMAX (Netherlands)
B.V., and also in Japan, IMAX Japan Inc.

At Dec. 31, 2007, IMAX Corp.'s balance sheet showed total assets
of US$207,982,000 and total debts of US$293,352,000 resulting in
an US$85,370,000 shareholders' deficit.  Deficit was
US$58,232,000 as of Dec. 31, 2006.


IMAX CORPORATION: Shareholders' Meeting Scheduled for June 18
-------------------------------------------------------------
IMAX Corp. will hold its Annual and Special Meeting of
Shareholders on June 18, 2008, at 10:30 a.m.  The meeting will
be held at Stony Brook Manhattan, 2nd Floor, 401 Park Avenue
South in New York.

At the meeting, shareholders will:


      (1) receive the consolidated financial statements for the
          fiscal year ended Dec 31, 2007, together with the
          auditors’ report thereon;

      (2) elect directors;

      (3) appoint auditors and authorize the directors to fix
          the auditors’ remuneration;

      (4) approve certain amendments to the Company’s Stock
          Option Plan; and

      (5) transact other business as may properly be brought
          before the Meeting or any adjournments thereof.

Only shareholders as of the April 21, 2008, record date will be
allowed to vote at the meeting.

                     About IMAX Corporation

Headquartered in Ontario, Canada, IMAX Corporation (Nasdaq:
IMAX)(TSX: IMX) -- http://www.imax.com/-- is a digital
entertainment and technology company.  As of Dec. 31, 2007,
there were 299 IMAX theatres operating in 39 countries.  The
company's groundbreaking IMAX DMR digital remastering technology
allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality.
The company has a subsidiary in Netherlands, IMAX (Netherlands)
B.V., and also in Japan, IMAX Japan Inc.

At Dec. 31, 2007, IMAX Corp.'s balance sheet showed total assets
of US$207,982,000 and total debts of US$293,352,000 resulting in
an US$85,370,000 shareholders' deficit.  Deficit was
US$58,232,000 as of Dec. 31, 2006.


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


ELEKTRIM SA: Enea May Not Get Consent to Acquire ZEPAK Shares
-------------------------------------------------------------
Enea, the Poznan energy group, may not get consent to acquire
ZEPAK power station shares from Elektrim S.A., the Financial
Times reports citing Polish News Bulletin.

Enea, the FT relates, is still waiting for a response from the
trustee, saying "it is rather an expression of our interest, but
we would only be able to talk about money after due diligence."

Elektrim sources, however, claimed that while the trustee may
sell the assets, Enea, which is planning a stock market debut,
is unlikely to get a positive response, the FT discloses.

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

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


PRIMA CHARTER: Warsaw Court Declares Bankruptcy
-----------------------------------------------
The Warsaw Court has declared Prima Charter bankrupt, the
Financial Times reports citing the Polish News Bulleting.

The Warsaw Business Journal adds that the bankruptcy was
declared last Tuesday.

Prima had been facing difficulties since 2006 and seemed to
undergo a turnaround sometime in August 2007.  However, an
October 2007 report by the Puls Biznesu disclosed that Cash
Flow, which owned around 22% of Prima, did not reveal the "full
extent" of the problems the company was facing, the Warsaw
Business Journal relates.

According to the Warsaw Business Journal, aside from Cash Flow,
which lost around PLN8.3 million, other investors who stand to
lose include:

    -- over PLN10 million for Krzysztof Fijalkowski and Jacek
       Lukjanow;

    -- PLN12 million for Opera TFI; and

    -- around PLN5 million for Krzysztof Moska.

Exim Tours was hit the most with PLN20 million in losses.

The Warsaw Business Journal related that the court's declaration
also signals a "defeat" for Prima CEO  Krzysztof Szymanski.
Szymanski had expressed his intention to convert Prima's
business from chartering airplanes to renting it.

Prima Charter -- http://www.primacharter.pl/-- is a Polish
charter line that offered short and long-range tourist flights.
The company ceased operations on on Jan. 16, 2008.


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


APRIL-PLUS CJSC: Creditors Must File Claims by May 26
-----------------------------------------------------
Creditors of CJSC April-Plus (TIN 7607016029) have until May 26,
2008, to submit proofs of claim to:

         O. Lavrentyev
         Insolvency Manager
         Svobody Str. 99
         150049 Yaroslavl
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A82-14380/07-43-B/80.

The Debtor can be reached at:

         CJSC April-Plus
         Svobody Str. 99
         150049 Yaroslavl
         Russia


BUTTER-CHEESE DIARY: Creditors Must File Claims by May 26
---------------------------------------------------------
Creditors of CJSC Butter-Cheese Diary (TIN 5522000403) have
until May 26, 2008, to submit proofs of claim to:

         N. Utochenko
         Temporary Insolvency Manager
         Apt. 136
         Mira Pr. 106a
         Omsk-89
         Russia

The Arbitration Court of Omsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A46-5692/2008.

The Debtor can be reached at:

         CJSC Butter-Cheese Diary
         Maslozavodskaya Str. 2
         Muromtsevo
         Omsk
         Russia


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

         A. Oksamitnyj
         Temporary Insolvency Manager
         Post User Box 36
         125502 Moscow
         Russia

The Arbitration Court of Moscow will convene at 11:00 a.m. on
Aug. 26, 2008, to hear the companpy's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-2596/
08-38-5B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Okamet
         Building 1
         Sredniy Trekhgornyj Per. 5
         123022 Moscow
         Russia


OM-STROY CJSC: Omsk Bankruptcy Hearing Slated for September 2
-------------------------------------------------------------
The Arbitration Court of Omsk will convene on Sept. 2, 2008, to
hear the bankruptcy supervision procedure on CJSC OM-Stroy.  The
case is docketed under Case No. A46-3598/2008.

The Temporary Insolvency Manager is:

         A. Lyasman
         Office 166
         Lermontova Str. 127/1
         644001 Omsk
         Russia

The Debtor can be reached at:

         CJSC OM-Stroy
         644029 Omsk
         Kultury Pr. 5
         Russia


S-L-S CJSC: Court Names P. Paramzin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Moscow appointed P. Paramzin as
Insolvency Manager for CJSC S-L-S.  He can be reached at:

         P. Paramzin
         Apt. 7
         N-Kazinskaya Str. 61
         248002 Kaluga
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-?2-9630/07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC S-L-S
         Noginsk
         Moscow
         Russia


SIB-REM-SERVICE: Creditors Must File Claims by June 26
------------------------------------------------------
Creditors of CJSC Company Repair-Building Company Sib-Rem-
Service (TIN 5506038270) have until June 26, 2008, to submit
proofs of claim to:

         G. Kaplunova
         Temporary Insolvency Manager
         Zavodskaya Str. 2
         644065 Omsk
         Russia
         Tel/Fax: (3812) 36-96-53, 64-53-09

The Arbitration Court of Omsk will convene on Aug. 5, 2008, to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A46-2018/2008.

The Debtor can be reached at:

         CJSC Company Repair-Building Company Sib-Rem-Service
         Omsk
         Russia


TSVILLINGSKIY ELEVATOR: Creditors Must File Claims by May 26
------------------------------------------------------------
Creditors of CJSC Tsvillingskiy Elevator have until May 26,
2008, to submit proofs of claim to:

         M. Doronin
         Temporary Insolvency Manager
         Parkovaya Str. 13
         Prigorodnyj
         460507 Orenburg
         Russia

The Arbitration Court of Orenburg will convene at 9:00 a.m. on
July 1, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A47-711/08-14/
2 GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         CJSC Tsvillingskiy Elevator
         Tsvillinga
         Sol-Iletskiy
         Orenburg
         Russia


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


* Companies Filing for Insolvencies in Spain Up by 79%
------------------------------------------------------
For the first quarter of 2008, 425 companies in Spain filed for
insolvency proceedings, a 79% increase compared to 2007, Dow
Jones reports citing Spain's National Statistics Agency.

The INE cited slow activity in Spain's construction sector
prompted the increase of insolvency filing, the report said.

According to the report of the 425 companies, 23.1% belonged to
the construction sector, 22.6% from industry, and 16% from the
real estate sector.


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


DOLE FOOD: Posts US$28.9 Million Net Loss in Qtr. Ended March 22
----------------------------------------------------------------
Dole Food Company Inc. reported a net loss of US$28.9 million
for the first quarter ended March 22, 2008, compared to a net
loss of US$10.2 million for the period ended March 24, 2007.

For the quarter ended March 22, 2008, revenues increased 13% to
US$1.8 billion from US$1.6 billion for the quarter ended March
24, 2007.  The company attributed the increase in revenues to
higher worldwide sales of fresh fruit and packaged food products
in North America and Asia.

For the quarter ended March 22, 2008, operating income increased
to US$50.2 million from US$33.5 million for the quarter ended
March 24, 2007.  The increase was primarily attributable to
better pricing in the company's worldwide banana operations,
European ripening and distribution business, as well as
improvements in the company's packaged salads and packaged foods
businesses.

For the quarter ended March 22, 2008, interest income and other
income, net was an expense of US$26.9 million compared to
income of US$3.2 million in the prior year.  The change was
primarily due to an unrealized loss of US$32.4 million recorded
on the company's cross currency swap in 2008 compared to an
unrealized loss of US$1.8 million recorded in 2007.

Interest expense for the quarter ended March 22, 2008, was
US$43.5 million compared to US$44.2 million for the quarter
ended
March 24, 2007.  Interest expense decreased primarily as a
result of lower borrowing rates on the company's secured debt
facilities partially offset by the impact of additional
borrowings.

The company recorded US$9.1 million of income tax expense on
US$20.2 million of pretax losses from continuing operations for
the quarter ended March 22, 2008.

Income tax expense for the quarter included US$5.4 million
recorded to establish a valuation allowance against deferred
income tax assets in Ecuador which, as a result of a recently
enacted tax law, have been determined to not be recoverable.
Additionally, income tax expense included interest expense of
US$2.8 million (net of associated income tax benefits of
approximately US$1.3 million) related to the company's
unrecognized tax benefits.

The income tax expense for the quarter ended March 24, 2007, was
US$2.0 million, including interest expense of US$2.4 million
(net of associated income tax benefits of approximately US$1.5
million) related to the company's unrecognized tax benefits.

                Liquidity and Capital Resources

For the quarter ended March 22, 2008, cash flows used in
operating activities were US$62.8 million compared to cash flows
used in operating activities of US$42.1 million for the quarter
ended March 24, 2007.  Cash flows used in operating activities
were US$20.7 million higher, primarily due to higher levels of
accounts receivable resulting mainly from increased sales in the
fresh fruit segment.  This change was partially offset by higher
accrued liabilities due in part to the timing of payments.

The company had a cash balance and available borrowings under
the asset based revolving credit facilit of US$94.9 million and
US$108.1 million, respectively, at March 22, 2008.  The company
believes that its existing cash balance and available
borrowing capacity under the ABL revolver together with its
future cash flow from operations, planned asset sales and access
to capital markets will enable it to meet its working capital,
capital expenditure, debt maturity and other commitments and
funding requirements during the next twelve months.

The company has US$350.0 million of unsecured notes maturing May
1, 2009.  The company is working with its bankers and advisors
to assess various alternatives available for addressing this
maturity.  At this time, the company plans to replace these
notes with newly issued notes before the end of the year.  In
addition, the company is evaluating retiring up to US$50.0
million of these unsecured notes with available funds, as
allowed under the existing terms of its credit agreements.

                         Balance Sheet

At March 22, 2008, the company's consolidated balance sheet
showed US$4.8 billion in total assets, US$4.5 billion in total
liabilities, and US$297.3 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 22, 2008, are available
for
free at http://researcharchives.com/t/s?2b91

                        About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/--  is a producer of fresh
fruit and fresh vegetables, and markets a line of value-added
products.  The company operates in four business segments: fresh
fruit, fresh vegetables, packaged foods and fresh-cut flowers.
The fresh fruit segment contains operating divisions that
produce and market fresh fruit to wholesale, retail and
institutional customers worldwide.  The fresh vegetables segment
contains two operating divisions that produce and market
commodity and fresh-cut vegetables to wholesale, retail and
institutional customers, primarily in North America, Europe and
Asia.  The packaged foods segment contains operating divisions
that produce and market packaged foods, including fruit, juices
and snack foods.  The fresh-cut flowers segment sources, imports
and markets fresh-cut flowers, grown mainly in Columbia,
primarily to wholesale florists and retail grocers in the United
States.

In Asia, the company has subsidiaries in Japan, Korea, Thailand,
Philippines and China.  Its European subsidiaries are located in
Spain, Czech Republic, Germany, France, Italy, England and
Sweden.


DOLE FOOD: Fitch Says Credit Protection Measures Still Weak
-----------------------------------------------------------
Dole Food Company, Inc. reported earnings for the first quarter
ended Mar 22, 2008.  As anticipated, the company's revenue and
operating income continues to benefit from improved pricing in
its worldwide banana operations but higher operating costs;
including fuel and EU banana tariffs, remain a drag on overall
profitability.  Fitch currently has an Issuer Default Rating of
'B-' with a Negative Outlook on Dole.

Versus the prior year's period, consolidated revenue grew 13% to
US$1.8 billion, operating income improved 50% to US$50 million
and segment operating margin improved 80 basis points to 4%. The
company's cash flow generation suffered from lower net income,
due to a US$32 million unrealized loss on a cross-currency swap,
and higher working capital requirements.  Cash flow used in
operating activities was US$63 million versus US$42 million
during the prior year's period.  Total debt was approximately
US$2.5 billion, up US$67 million from year end.

Dole's credit protection measures remain weak for the 'B-'
rating category.  For the latest twelve month (LTM) period ended
Mar. 22, 2008, leverage (defined as total debt-to-operating
EBITDA) was 8.1 times (x), interest coverage (defined as
operating EBITDA-to-gross interest expense) was 1.6x and funds
from operations fixed charge coverage was 1.3x.  The company
remains in compliance with its fixed charge coverage covenant of
at least 1x if availability on its US$350 million asset based
revolver falls below US$35 million or 10% of the loan
commitment.

Dole has significant upcoming maturities for which its current
cash flow generation and liquidity can not adequately fund.
These maturities include US$350 million of 8-5/8% unsecured
notes due May 1, 2009, US$400 million of 7-1/4% unsecured notes
due June 15, 2010 and US$200 million of 8-7/8% unsecured notes
due March 15, 2011.  Fitch currently rates these notes
'CCC+/RR5', indicating they are highly speculative with below
average recovery prospects.  The Rating Outlook is Negative.

Unless operating performance improves more dramatically or asset
sales accelerate, liquidity will be an issue for Dole in the
near-term.  As of Mar. 22, 2008, the company had US$95 million
of cash on hand and US$108 million available on its asset-based
revolver.  Dole has classified US$116 million of assets as held-
for-sale and at Dec. 29, 2007 had US$99 million available under
its uncommitted facilities.

The company has indicated that it is working with its bankers
and advisors to assess various alternatives available for
addressing the 2009 maturity.  At this time, it plans to
refinance the May 1, 2009 notes by issuing new debt before the
end of 2008.

If the company is not able to access public debt markets, Fitch
believes the company's remaining options include, among other
things:

     -- refinancing its secured bank facility in order to fund
        its near term maturities;

     -- obtaining an intercompany loan from David H. Murdock
        Holdings Co., Inc. or

     -- completing a larger restructuring of its balance sheet.


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


DORIS DAMEN: Creditors' Liquidation Claims Due by May 18
--------------------------------------------------------
Creditors of LLC Doris Damen + Herren Coiffeur have until
May 18, 2008 to submit their proofs of claim to:

        Neuweg 4
        8600 Dubendorf
        Switzerland


ING. N. FURNSINN: Proofs of Claim Filing Deadline is May 18
-----------------------------------------------------------
Creditors of LLC Ing. N. Furnsinn Aluminiumreinigung have until
May 18, 2008 to submit their proofs of claim to:

      JSC Tharpex Treuhand und Revision
      Untermuli 7
      6302 Zug
      Switzerland


LINAX JSC: Liestal Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Linax on Feb. 26, 2008.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Zug
         Switzerland


LEO RICKENBACH: Sursee Court Initiates Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Sursee commenced bankruptcy
proceedings against LLC LEO Rickenbach on April 1, 2008.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Switzerland

The Debtor can be reached at:

         LLC LEO Rickenbach
         Fabrikweg 12
         6221 Rickenbach.
         Switzerland


MAILWEASEL LLC: Creditors' Proofs of Claim Due by May 18
--------------------------------------------------------
Creditors owed money by LLC mailweasel must submit proofs of
claim by the May 18, 2008 deadline to:

      Jakob Menzi
      Bahnhofstrasse 12
      8753 Mollis
      Switzerland


RESTAURANT SCHWEIZERHOF: Creditors' Claims Due by May 17
--------------------------------------------------------
Creditors owed money by LLC Restaurant Schweizerhof are given
until May 17, 2008, to file their proofs of claim to:

          Recine Ingrid
          Haberlinstrasse 57
          8500 Frauenfeld
          Switzerland

The decision to place the company into liquidation was accepted
at the shareholders' meeting held last May 26, 2005.


SANDRO KORKEL: Creditors' Liquidation Claims Due by May 18
---------------------------------------------------------
Creditors of LLC Sandro Körkel have until May 18, 2008, to
submit their proofs of claim to:

      Silke V. Korkel-Bader
      Bummerten 71
      4315 Zuzgen
      Switzerland


STYLE LLC: Deadline for Filing Proofs of Claim is May 18
--------------------------------------------------------
Creditors of Style are given until May 18, 2008 to submit their
proofs of claim to:

      Aliriza Terza
      Rastatterstrasse 45
      4057 Basel
      Switzerland


TEMPUS SERVICE: Creditors' Proofs of Claim Due by May 17
--------------------------------------------------------
Creditors of LLC  TEMPUS Service are given until May 17, 2008,
to submit their proofs of claim to:

         Daniel Niederhauser
         Mattenweg 23
         5503 Schafisheim
         Switzerland


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


BREADMAKER LLC: Creditors Must File Claims by May 17
----------------------------------------------------
Creditors of Agricultural LLC Breadmaker (code EDRPOU 03788052)
have until May 17, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed as
2/54-B.

The Debtor can be reached at:

         Agricultural LLC Breadmaker
         Shpichintsy
         Derazhnia District
         32212 Hmelnitskij
         Ukraine


CITADEL BUILDING: Proofs of Claim Deadline Set May 17
-----------------------------------------------------
Creditors of LLC Citadel Building Group (code EDRPOU 35268705)
have until May 17, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 10, 2008.  The case is docketed as B 15/118-08.

The Debtor can be reached at:

         LLC Citadel Building Group
         Pogrebniak Str. 25-a
         49000 Dnipropetrovsk
         Ukraine


DNIPRO CJSC: Proofs of Claim Deadline Set May 21
------------------------------------------------
Creditors of Agricultural CJSC Dnipro (code EDRPOU 00414115)
have until May 21, 2008, to submit proofs of claim to:
         Tel. 8(048)2-347-194

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on April 9, 2008.
The case is docketed as 14/498/07.

The Debtor can be reached at:

         Agricultural CJSC Dnipro
         Ochakov District Dmitrevka
         57545 Nikolaev
         Ukraine


INTERFICOM LLC: Creditors Must File Claims by May 18
----------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 28, 2008, after finding it
insolvent.  The case is docketed as 43/265.

Creditors of LLC Interficom (code EDRPOU 33693276) have until
May 18, 2008, to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Interficom
         Zdolbunov Str. 7-A
         02081 Kiev
         Ukraine


OBRIY LLC: Creditors Must File Claims by May 18
-----------------------------------------------
Creditors of LLC Obriy (code EDRPOU 30835311) have until
May 18, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed as 5/158B.

The Debtor can be reached at:

         LLC Obriy
         Kirov Str. 27
         Katerinovka
         Konstantinovka District
         85150 Donetsk
         Ukraine


POGREBISCHEAL AGRICULTURAL: Proofs of Claim Deadline Set May 21
---------------------------------------------------------------
Creditors of State Enterprise Trading House Pogrebischeal
Agricultural Technical Service (code EDRPOU 20200181) have until
May 21, 2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         State Enterprise Trading House Pogrebischeal
         Agricultural Technical Service
         Privokzalnaya Str. 1
         Pogrebische
         22200 Vinnica
         Ukraine


RITA-LTD: Proofs of Claim Deadline Set May 18
---------------------------------------------
Creditors of LLC Commerce Finance-Investment Firm Rita-Ltd.
(code EDRPOU 20165986) have until May 18, 2008, to submit proofs
of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 26, 2008.
The case is docketed as 22/94b.

The Debtor can be reached at:

         LLC Commerce Finance-Investment Firm Rita-Ltd.
         Rozinschikov Avenue 1
         Lisichansk
         93118 Lugansk
         Ukraine


SVETLANA LLC: Proofs of Claim Deadline Set May 18
-------------------------------------------------
Creditors of LLC Technological Kitting and Construction Svetlana
(code EDRPOU 35295126) have until May 18, 2008, to submit proofs
of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on April 9, 2008.
The case is docketed as 45/104b.

The Debtor can be reached at:

         LLC Technological Kitting and Construction Svetlana
         Universitetskaya Str. 80
         83114 Donetsk
         Ukraine

ZEMLIA LLC: Creditors Must File Claims by May 18
------------------------------------------------
The Economic Court of Dnipropetrovsk has commenced bankruptcy
supervision procedure on the company.  The case is docketed as B
24/245-06.

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

Creditors of LLC Zemlia (code EDRPOU 03740329) have until
May 18, 2008, to submit proofs of claim to:

The Debtor can be reached at:

         LLC Zemlia
         Mezhovaya
         Dnipropetrovsk
         Ukraine


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


ALPHASTREAM INTERNATIONAL: Taps Liquidators from Vantis
-------------------------------------------------------
Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint liquidators of Alphastream
International Ltd. on April 30 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


BAA LIMITED: Manchester Airports Group May Acquire Assets
---------------------------------------------------------
Manchester Airports Group has expressed interest in acquiring
any airports that BAA Ltd. might be forced to sell by the U.K.
Competition Commission, The Telegraph reports citing MAG CEO
Geoff Muirhead.

As reported in the TCR-Europe on April 29, 2008, the UKCC said
that the BAA’s common ownership of seven airports in U.K. may
not be serving well the interests of either airlines or
passengers.

In an interview with a local radio station, Mr. Muirhead said
the airports' price might reflect the effects of the credit
crisis and buyers' ability to raise money, the Telegraph
relates.

MAG's CEO added that BAA might set the price based on the
buyers' ability to raise money.

                         About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                           *     *     *

As of April 17, 2008, BAA Limited carries BB- long-term
corporate credit rating from Standard & Poor's Ratings Services,
which said the Outlook is negative.


BRITISH ENERGY: Centrica & EDF in Talks over Possible Bid
---------------------------------------------------------
Centrica Plc and Electricite de France SA are holding talks over
a possible tie-up that would offer GBP11 billion to acquire
British Energy Ltd., The Scotsman reports.

According to the Scotsman, Centrica chief executive Sam Laidlaw
and EDF are have holding talks on creating a bidding joint
venture, in which the U.K. firm will own a 25% stake.

Centrica has also contacted a number of European energy firms
that are considering a bid for British Energy, the report adds.

The Scotsman relates that though a Centrica-EDF tie-up may cause
competition concerns, the U.K. government is likely to welcome
any British involvement in the future ownership of British
Energy.

                    About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As of March 17, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.

Standard & Poor's affirmed its BB long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
and its subsidiary British Energy Holdings PLC, with negative
outlook.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


BURNLEY PACKAGING: Brings In Liquidators from Tenon Recovery
------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Burnley Packaging Machinery
Ltd. (formerly Marswell Engineering Ltd.) on April 22 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


CHRYSLER LLC: Fitch Cuts Issuer Default Rating to B from B+
-----------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of
Chrysler LLC to 'B' from 'B+', with a Negative Rating Outlook.

Fitch has also downgraded the senior secured bank facilities
based on the downgrade of the IDR and Fitch's recovery rating
methodology.  The downgrade reflects the decline in unit volumes
and revenues resulting from weak economic conditions, modest
share losses, certain strategic initiatives, and the effect of
these factors on the company's operating performance.
Chrysler's restructuring efforts remain on track, and liquidity
is expected to remain adequate over the near term to fund
restructuring costs and operating losses through a period of
economic weakness.

Since 2000, Chrysler's market share losses have been more
moderate than at Ford and GM, requiring fewer reductions in
assembly capacity and the associated fixed costs.  In a stable
revenue environment, this would allow cost reductions to flow
more quickly to the bottom line.  However, the severe impact of
weakening economic conditions has made this more challenging,
and has extended the timeline projected for a potential
reversion to positive cashflow.  The steep decline in 2008 unit
sales also results from strategic initiatives undertaken at
Chrysler following its management changes, including reduced
fleet sales, product eliminations and inventory reductions,
steps that are viewed positively for the company's long-term
prospects.

Unit volumes in 2008 and into 2009 will be aided by the new
Dodge and Chrysler minivan offerings, the Dodge Journey
crossover, the low-volume Dodge Challenger, as well as the fall
launch of the redesigned Dodge Ram pickup.  Several products at
the smaller end of Chrysler's lineup, including the Dodge
Caliber and Jeep Patriot, have supported unit volumes as
consumers migrate to smaller, fuel-efficient vehicles.  On a
consolidated basis, however, these factors will be more than
offset by weakness in the larger end of the company's product
portfolio -- the effect of a depressed residential construction
market on Chrysler's key pickup lineup, high gas prices, and the
impact of general economic conditions on industry sales.
Chrysler's efforts to sharply curtail fleet sales and to convert
its sales/production strategy to a 'demand-pull' model from a
'production-push' model will further affect sales declines in
2008.  International sales, representing approximately 10% of
production, are likely to continue to grow at double-digit
rates, providing modest support to consolidated sales and
capacity utilization.

Chrysler's cash flow will remain negative in 2008, due to
capital investments, restructuring costs and other one-time
items.  The company is realizing substantial reductions to its
fixed-cost structure, the bulk of which have resulted from
salaried and hourly headcount reductions.  Variable purchasing,
material and other efficiencies have been more difficult to
realize as rising commodity costs have offset other progress.
Cost reductions and the new UAW contract have positioned the
company to moderate operating losses during the current economic
weakness, but a return to positive free cash flow is likely to
require continued execution on the company's cost reduction
efforts and a stabilization in market share and industry sales.
Chrysler also faces pending CAW contract negotiations.

Liquidity levels (supported by incremental debt from a delayed-
draw term loan and a US$1.6 billion note to the UAW as part of
the VEBA agreement), are expected to be sufficient to weather
weak economic conditions and finance operating and restructuring
costs over the near term.

New management has resulted in a number of strategic and product
adjustments that are quickly being brought to market.  Fitch
expects that Chrysler will continue to employ an 'asset-lite'
approach that could involve additional assembly plant shutdowns.
Alliances and/or contract manufacturing will play a role in this
decision, and Chrysler is expected to continue to pursue such
arrangements on a global basis.  Tie-ins with other global OEMs
are expected to focus on growth in the company's brand,
engineering and distribution capabilities, but requiring minimal
capital investment.  The relationship with Daimler, which owns
19.9% of Chrysler, remains a modest positive to the rating
because of Chrysler's access to certain Daimler technology.

The Recovery Rating (RR) on the second lien has been downgraded
from 'BB+/RR1' to 'CCC+/RR6' based on lower asset value
assumptions and associated recoveries in the event of a stress
scenario.

Fitch has downgraded these ratings:

    -- IDR to 'B' from 'B+';

    -- Senior secured first-lien bank loan to 'BB/RR1' from
       'BB+/RR1';

    -- Senior secured second-lien bank loan to 'CCC+/RR6' from
       'BB+/RR1'.


CLARIS LTD: Moody's Cuts Rating to B2 on Napa Valley VI Notes
-------------------------------------------------------------
Moody's Investors Service has taken downgrade actions on one
series of synthetic CDO notes and one CDS transaction entered
into by Societe Generale Securities (North Pacific) Limited,
Tokyo Branch in the context of Napa Valley VI transaction.

These rating actions are a response to credit deterioration in
the portfolio underlying these transactions.  The underlyings
portfolio of this transaction includes US subprime RMBS, in
particular of the 2005 vintage.

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

Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and 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 actions are:

Napa Valley VI Synthetic CDO of ABS:

   (1) Series 63/2006 Tranche 1 EUR25,000,000 Napa Valley VI
       Synthetic CDO of ABS Floating Rate Notes due 2026

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Aa3

   (2) Societe Generale Securities (Noth Pacific) Ltd. Napa
       Valley VI CDS JPY6,000,000,000

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


EOS AIRLINES: Wants to Hire Kurtzman Carson as Claims Agent
-----------------------------------------------------------
EOS Airlines Inc. asks permission from the U.S. Bankruptcy Court
for the Southern District of New York to employ Kurtzman Carson
Consultants LLC as its claims, noticing, and balloting agent.

KCC will perform various noticing, claims management and
reconciliation, disbursement and other services, if necessary,
at the request of the Debtor or the Clerk's Office.

James M. Le, the chief operating officer at Kurtzman Carson,
tells the Court that it will receive from the Debtor a US$15,000
evergreen retainer for services to be rendered, as well as
expense reimbursement.  Documents submitted to the Court did not
disclose the specific hourly consulting fees of the firm.

Mr. Le 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

Based 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 Alvarez & Marsal as Financial Advisor
---------------------------------------------------------
EOS Airlines Inc. asks permission from the U.S. Bankruptcy Court
for the Southern District of New York to employ Alvarez & Marsal
Transaction Advisory Group LLC as its financial advisor, nunc
pro tunc to April 26, 2008.

Alvarez & Marsal will, among others, give assistance in
developing a 13-week cash flow forecast in order to assess
short-term cash flow needs, assist in the development of
contingency plans and vendor management, and assist in the
Debtor's preparation of financial statements.

Mark Dominic Alvarez, a managing director at Alvarez & Marsal,
tells the Court that the firm's professionals bill these hourly
rates:

     Managing Directors     US$550 - US$750
     Directors              US$400 - US$550
     Associates             US$300 - US$450
     Analysts               US$175 - US$300

Mr. Alvarez 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

Based 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.



FORD MOTOR: Fitch Says Ratings Outlook Remains Negative
-------------------------------------------------------
Fitch Ratings has published these comments regarding its
Outlooks for Ford and General Motors following their first
quarter ) earnings.

As economic conditions and high gas prices continue to erode
North American unit sales at Ford and GM, the companies remain
in the middle stages of their lengthy restructuring efforts.
Although both companies have achieved substantial reductions in
fixed costs, primarily through headcount reductions, Ford and GM
will continue to experience heavy cash drains in 2008 and
reduced liquidity.  In the absence of a rebound in economic
conditions and industry sales through 2009, both companies are
likely to remain cash flow negative during this period.

Fitch currently has an Issuer Default Rating (IDR) of 'B' with a
Negative Outlook for both Ford and GM, and both ratings are
expected to remain on negative outlook until a clearer path
toward positive cash flow is established.  Given progress on its
restructuring program and its product profile, Ford may achieve
this during 2008, while liquidity drains in 2008 at GM pose a
risk of a further downgrade in the rating.

FORD:

Ford has demonstrated considerable progress in its restructuring
efforts - to its fixed costs, manufacturing footprint, and
product profile -- which could result in a Stable rating at some
point in 2008 if cost efforts and product competitiveness
continue along the same trendline.  Ford's reported financial
results over the next several quarters will continue to reflect
the benefits of the company's restructuring efforts,
particularly resulting from its hourly buyout programs. (Please
see Fitch's press release of Feb. 14, 2008).  Ford has also
benefited from having numerous local operating agreements in
place prior to negotiation of the national contract, resulting
in better integration and smoother implementation of the
downsizing efforts. Capacity and headcount reductions are
proceeding on plan.

Ford's consolidated results will remain dependent on the
critical North American pickup market, and the company is
unlikely to return to positive free cash flow until the pickup
market rebounds along with economic conditions.  In any
scenario, 2009 results should benefit from the introduction of
the new F-Series. Unit sales in the smaller end of its lineup
(Fusion, Escape, Focus) have recently held up well, providing a
modest level of support for consolidated results.  The company's
Edge crossover, and two new product introductions this year, the
Flex and the Lincoln MKS sedan, are also expected to provide
support for volumes.  Ford's quality performance could also have
a growing impact on longer-term operating results.
International operations have demonstrated improvement,
providing a modest positive to the company's consolidated
profile.

Heavy cash drains are projected through 2008 and into 2009, but
liquidity is adequate and sufficient to weather moderating
operating losses, restructuring costs, and weak economic
conditions through 2009.  Ford has also undertaken a number of
equity-for-debt swaps over the past year in an effort to
moderate the leverage and financial impact of the restructuring
efforts, an effort that Fitch expects will continue.  The recent
share purchases by Kirk Kerkorian are not a factor in the
rating.  Although Mr. Kerkorian has historically been an
activist investor across his investments, including actions that
have not been bondholder-friendly, in the case of Ford, the
interest of bondholders and equity holders are currently very
much aligned.

GENERAL MOTORS:

At GM, North American operating losses and restructuring costs
are likely to further erode liquidity in 2008 and 2009.
Liquidity has been supported by numerous asset sales, but the
lack of further asset sales is likely to mean an accelerated
decline in the short term and could result in a downgrade of GM
in 2008.  Additional debt financings could boost liquidity, but
high debt levels and financing costs, coupled with lower
interest income, will take a toll on operating cash flows.

Fitch believes that inadequate contribution margins across a
number of the company's products and production facilities will
require further restructuring efforts and the closure of 2-4
assembly plants in addition to what has been announced to date.

In addition, the continuing American Axle strike, GM's
difficulty in negotiating local operating agreements (that have
resulted in further labor actions), and the lack of resolution
to the Delphi situation will delay GM's ability to realize fixed
cost reductions and other purchasing, materials and production
efficiencies in the near term.  This will most likely prevent GM
from reversing negative cash flows through 2009. GM's
international operations continue to be a growing strength for
the company's credit profile.

Rating factors that could trigger a downgrade include:

    -- Consolidated 2008 cash drains in excess of US$8 billion,
       which results in liquidity dropping below US$20 billion;

    -- Lack of progress in reducing fixed costs, combined with a
       reduction in international profitability;

    -- Double-digit production cuts in North America throughout
       2008 resulting from a more severe decline in economic
       conditions or deterioration in GM's product
       competitiveness.

    -- Material capital infusion into GMAC.

The ratings are unaffected by the pending debt exchange at
ResCap or any associated impact on GMAC.  Given GM's focus on
maintaining liquidity to finance North American operating
losses, restructuring expenditures and the recent VEBA
agreement, Fitch views it as unlikely that GM would inject any
additional capital into GMAC, and any material assistance is not
incorporated in the rating.  Fitch's most recent recovery
analysis had severely discounted asset values of GM's ResCap and
GMAC holdings, and did not incorporate expectations of any
dividends or capital contributions.  Fitch does not believe that
the challenges at GMAC and ResCap would measurably impact sales
or production at GM.


GENERAL MOTORS: Fitch Says Ratings Could Face Likely Downgrade
--------------------------------------------------------------
Fitch Ratings has published these comments regarding its
Outlooks for Ford and General Motors following their first
quarter ) earnings.

As economic conditions and high gas prices continue to erode
North American unit sales at Ford and GM, the companies remain
in the middle stages of their lengthy restructuring efforts.
Although both companies have achieved substantial reductions in
fixed costs, primarily through headcount reductions, Ford and GM
will continue to experience heavy cash drains in 2008 and
reduced liquidity.  In the absence of a rebound in economic
conditions and industry sales through 2009, both companies are
likely to remain cash flow negative during this period.

Fitch currently has an Issuer Default Rating (IDR) of 'B' with a
Negative Outlook for both Ford and GM, and both ratings are
expected to remain on negative outlook until a clearer path
toward positive cash flow is established.  Given progress on its
restructuring program and its product profile, Ford may achieve
this during 2008, while liquidity drains in 2008 at GM pose a
risk of a further downgrade in the rating.

FORD:

Ford has demonstrated considerable progress in its restructuring
efforts - to its fixed costs, manufacturing footprint, and
product profile -- which could result in a Stable rating at some
point in 2008 if cost efforts and product competitiveness
continue along the same trendline.  Ford's reported financial
results over the next several quarters will continue to reflect
the benefits of the company's restructuring efforts,
particularly resulting from its hourly buyout programs. (Please
see Fitch's press release of Feb. 14, 2008).  Ford has also
benefited from having numerous local operating agreements in
place prior to negotiation of the national contract, resulting
in better integration and smoother implementation of the
downsizing efforts. Capacity and headcount reductions are
proceeding on plan.

Ford's consolidated results will remain dependent on the
critical North American pickup market, and the company is
unlikely to return to positive free cash flow until the pickup
market rebounds along with economic conditions.  In any
scenario, 2009 results should benefit from the introduction of
the new F-Series. Unit sales in the smaller end of its lineup
(Fusion, Escape, Focus) have recently held up well, providing a
modest level of support for consolidated results.  The company's
Edge crossover, and two new product introductions this year, the
Flex and the Lincoln MKS sedan, are also expected to provide
support for volumes.  Ford's quality performance could also have
a growing impact on longer-term operating results.
International operations have demonstrated improvement,
providing a modest positive to the company's consolidated
profile.

Heavy cash drains are projected through 2008 and into 2009, but
liquidity is adequate and sufficient to weather moderating
operating losses, restructuring costs, and weak economic
conditions through 2009.  Ford has also undertaken a number of
equity-for-debt swaps over the past year in an effort to
moderate the leverage and financial impact of the restructuring
efforts, an effort that Fitch expects will continue.  The recent
share purchases by Kirk Kerkorian are not a factor in the
rating.  Although Mr. Kerkorian has historically been an
activist investor across his investments, including actions that
have not been bondholder-friendly, in the case of Ford, the
interest of bondholders and equity holders are currently very
much aligned.

GENERAL MOTORS:

At GM, North American operating losses and restructuring costs
are likely to further erode liquidity in 2008 and 2009.
Liquidity has been supported by numerous asset sales, but the
lack of further asset sales is likely to mean an accelerated
decline in the short term and could result in a downgrade of GM
in 2008.  Additional debt financings could boost liquidity, but
high debt levels and financing costs, coupled with lower
interest income, will take a toll on operating cash flows.

Fitch believes that inadequate contribution margins across a
number of the company's products and production facilities will
require further restructuring efforts and the closure of 2-4
assembly plants in addition to what has been announced to date.

In addition, the continuing American Axle strike, GM's
difficulty in negotiating local operating agreements (that have
resulted in further labor actions), and the lack of resolution
to the Delphi situation will delay GM's ability to realize fixed
cost reductions and other purchasing, materials and production
efficiencies in the near term.  This will most likely prevent GM
from reversing negative cash flows through 2009. GM's
international operations continue to be a growing strength for
the company's credit profile.

Rating factors that could trigger a downgrade include:

    -- Consolidated 2008 cash drains in excess of US$8 billion,
       which results in liquidity dropping below US$20 billion;

    -- Lack of progress in reducing fixed costs, combined with a
       reduction in international profitability;

    -- Double-digit production cuts in North America throughout
       2008 resulting from a more severe decline in economic
       conditions or deterioration in GM's product
       competitiveness.

    -- Material capital infusion into GMAC.

The ratings are unaffected by the pending debt exchange at
ResCap or any associated impact on GMAC.  Given GM's focus on
maintaining liquidity to finance North American operating
losses, restructuring expenditures and the recent VEBA
agreement, Fitch views it as unlikely that GM would inject any
additional capital into GMAC, and any material assistance is not
incorporated in the rating.  Fitch's most recent recovery
analysis had severely discounted asset values of GM's ResCap and
GMAC holdings, and did not incorporate expectations of any
dividends or capital contributions.  Fitch does not believe that
the challenges at GMAC and ResCap would measurably impact sales
or production at GM.


INSTORE DESIGN: David Elliott Leads Liquidation Procedure
---------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
Instore Design Co. Ltd. on April 29 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


NORTHAMPTON PRINT: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------------
Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint liquidators of Northampton Print Finishers Ltd.
on April 22 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham
         NG7 6NX
         England


PHOENIX 2002-1: Moody's May Further Cut Ba1 Rating After Review
---------------------------------------------------------------
Moody's Investors Service placed under review for downgrade
three classes of notes issued by Phoenix 2002-1.

This review for downgrade is the result of negative credit
migration in the underlying pool of corporate reference credits.

These rating actions are:

Phoenix 2002-1:

   (1) Series 1 US$49,747,500 Floating Rate Euronotes Class A
       due 2010

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

   (2) Series 1 US$58,162,500 Floating Rate Euronotes Class B
       due 2010

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

   (3) Series 1 US$86,625,000 Floating Rate Euronotes Class C
       due 2010

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: Ba1

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


SOUTH COAST: Appoints Liquidators from Tenon Recovery
-----------------------------------------------------
Stanley Donald Burkett-Coltman and Andrew Pear of Tenon Recovery
were appointed joint liquidators of South Coast Security Ltd. on
April 23 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


SPLASHPOWER LTD: Fulton Acquires Business and Assets
----------------------------------------------------
Fulton Innovation, one of Alticor Inc.'s its subsidiaries, has
acquired the business and assets of Splashpower Ltd. in
administration.  Terms of the deal were not disclosed.

The acquisition reinforces Fulton's industry-leading position in
the rapidly growing wireless power industry by expanding both
the breadth and depth of Fulton's substantial patent portfolio,
comprised of over 250 patents granted or pending worldwide.

"T[he] acquisition reaffirms Fulton's commitment to the
continued development and commercialization of wireless power,"
Dave Baarman, director of advanced technologies for Fulton
Innovation, said.  "By combining our own robust patent portfolio
with Splashpower's, we continue to strengthen and expand our
capabilities in the development of wireless power as well as our
global presence.  We are extremely fortunate to have the backing
and support of our parent company, Alticor."

The assets of Splashpower were acquired out of the
administration process.  Graham P. Bushby and Lynn
R. Bailey of accountancy and business advisory firm Baker Tilly
were appointed joint administrators for Splashpower on
March 26, 2008 after the company failed to secure the final
tranche of its planned funding.

Alticor Inc. was advised by Bryan Cave LLP on the transaction.

                About Fulton Innovation

Fulton Innovation is the exclusive licensor of eCoupled(TM)
Intelligent Wireless Power technology.

                      About Splashpower

Headquartered in Cambridge, England, Splashpower Ltd. --
http://www.splashpower.com/-- is a public pioneer and early
champion for commercialization of wireless power technology.
Its inductive charging technology enables power to be
transferred without wires to a range of mobile devices.  The
company has a regional office in Tokyo, Japan and regional
representation in Seoul, Korea and the US.


THE WORKS: Inks GBP17 Million Management Buy-In Deal
----------------------------------------------------
UK-based book chain The Works has entered into a GBP17 million
management buy-in deal, saving 2,200 jobs, booktrade.info
reports.  The company went into administration in January.

The deal, booktrade.info relates, was led by former chief
executive of ChoicesUK Anthony Skitt and The Works chairman Alan
Smith.

The new management team is drawing up a business plan aimed at
returning the company to its core value, the paper adds.

According to The Times, restructuring firm Kroll was called in
to run the company's 317 stores in the UK after it collapsed
into administration.

The company, which faced tough competition from rivals
Waterstone's and WH Smith, incurred more than GBP20 million in
debts, The Times discloses.


* UK Insolvency Helpline to Offer Repossession Counseling
---------------------------------------------------------
The UK Insolvency Helpline, Britain's leading debt advice
organization has launched a new service to aid UK homeowners
avoid eviction and repossession.  The service has been developed
to concentrate expertise on repossession, bankruptcy and
mortgage arrears.

The good news for those in mortgage arrears is lenders are going
to exceptional lengths to provide debt counseling, reschedule
payments, extend loan terms, or in some circumstances even allow
payment breaks.  Lenders abandon repossession action right up to
the last moment if they can reach a payment solution consistent
with both the borrower's and the lender's interests.

Looking ahead, it remains difficult to forecast the likely level
of arrears and repossessions in 2008.  The number of
repossessions is likely to be higher in 2008 as a result of
wider issues in the economy and the mortgage funding markets.
No-one is necessarily to blame for this - even the best risk
assessment cannot provide a crystal ball insight to the future
for each particular borrower.

The new "Repossession Counselling" team will be based in London.
It will work closely with the mortgage sector and others to
reduce or alleviate repossessions and be directly available to
the public.

The advice provided won't cost anything.  The public can depend
on The UK Insolvency Helpline to be honest, open and ethical and
every solution is suggested without obligation.  All the staff
at the helpline has many years of pooled expertise and special
training on how to deal with mortgage arrears, repossession
orders and bailiff issues.  The message to the public from Ian
Boden Smyth, spokesman for the service is, "Don't panic, there
is no need to sell your home.  Your case now can now be defended
at the repossession hearing to the repossession hearing
suspended at an early stage.  Its never too late to act, the
service had already stopped 100's of repossessions even where
the caller has been within days of being evicted.  In some cases
evictions have been stopped within 24 hours."

The debt advice counselling service will continue as normal to
provide expert advice on different debt solutions from it base
in Manchester.  Advice is free and impartial, covering a range
of options including bankruptcy, IVA
(http://www.insolvencyhelpline.co.uk/paye-employed/the-iva-
procedure.htm) or debt management.

The debt advice team advises thousands people a week on
different debt solutions.  In every single case the service only
recommends the least drastic and most effective remedy, based
entirely on each person's particular situation.  As an example,
only 4% of people who take debt advice end up in an IVA
(http://www.insolvencyhelpline.co.uk/paye-employed/the-iva-
procedure.htm).

Every case is different and so will depend on the individual
circumstances.  One of the counsellors will take a financial
statement detailing income & essential expenditure, unsecured
debts and mortgage arrears.  No matter how bad the
circumstances, call us on Freephone 0800-074-6918 for immediate
and free advice.

The UK Insolvency Helpline is a national telephone helpline for
people with debt problems in England, Scotland and Wales.  The
service is free, confidential and independent. The service has
existed since 1986 and was set up in conjunction with the credit
and insolvency industry.  The free service provides self-help
advice to its callers and also produces written self-help packs
and factsheets to back this up.  The service can also assist
callers with the setting up of IVA
(http://www.insolvencyhelpline.co.uk/paye-employed/the-iva-
procedure.htm), bankruptcy and debt Management plans.


* S&P Places 24 European Cash CDO of ABS Tranches on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its ratings on 24 classes in nine
cash flow collateralized debt obligations of asset-backed
securities transactions.

At the same time, 36 tranches in seven transactions remain on
CreditWatch negative.  Ratings on all other classes are
unaffected.

These CreditWatch placements reflect deterioration in the credit
quality of the underlying portfolios and the expected increase
in scenario default rates.  The deterioration in credit quality
and SDR increase is due to their exposure to U.S. CDOs of ABS
and residential mortgage-backed securities that have recently
been downgraded or placed on CreditWatch.

In addition to this expected increase in SDRs, these CreditWatch
placements also reflect an anticipated decrease in the breakeven
default rates for the underlying portfolios when subject to our
cash flow analysis.  The potential decrease in the BDRs is a
result of our revision to our recovery assumptions for certain
CDOs.

                       Ratings List

         Ratings Placed On CreditWatch Negative

                             Rating
          Class       To                 From

G Square Finance 2006-1 Ltd.
          A-1         AA+/Watch Neg      AA+
          A-2         AA/Watch Neg       AA
          B           BBB+/Watch Neg     BBB+

CAMBER 4 PLC
          A2          AA/Watch Neg       AA
          A3          AA/Watch Neg       AA
          B           A-/Watch Neg       A-
          C           B+/Watch Neg       B+

Cairn High Grade ABS CDO I PLC
          A-1         AA-/Watch Neg      AA-
          A-2         A+/Watch Neg       A+
          B           A/Watch Neg        A
          C           BBB+/Watch Neg     BBB+
          E           BB-p/Watch Neg     BB-p

Avebury Finance CDO PLC
          A-1A rev    BB/Watch Neg       BB
          A-2         CCC+/Watch Neg     CCC+

Cheyne ABS Investments I PLC
          C           BBB-/Watch Neg     BBB-

Sheffield CDO Ltd.
          C           A/Watch Neg        A
          D           BBB/Watch Neg      BBB

Palmer Square PLC
          C-1         A/Watch Neg        A
          C-2         A/Watch Neg        A
          D-1         BB+/Watch Neg      BB+
          D-2         BB+/Watch Neg      BB+

New Bond Street CDO 1 PLC
          A2          AAA/Watch Neg      AAA

G Square Finance Ltd.
          B           AA/Watch Neg       AA
          C           BBB/Watch Neg      BBB


          Ratings Remaining On CreditWatch Negative

          Class      Rating

G Square Finance 2006-2 Ltd.
          A-1        B-/Watch Neg
          A-2        CCC+/Watch Neg
          B          CCC/Watch Neg

G Square Finance 2007-1 Ltd.
          A-1        CCC+/Watch Neg
          A-2        CCC+/Watch Neg
          B          CCC-/Watch Neg
          C          CCC-/Watch Neg
          D          CCC-/Watch Neg
          E          CCC-/Watch Neg

Faxtor HG 2007-1
          A-1M       B/Watch Neg
          A-2        CCC/Watch Neg

New Bond Street CDO 2 PLC
          A          AAA/Watch Neg

Fiorente Funding Ltd.
          A          CCC-/Watch Neg
          B          CCC-/Watch Neg
          C          CCC-/Watch Neg
          D-1        CCC-/Watch Neg
          D-2        CCC-/Watch Neg

Bantry Bay CDO I PLC
          A-1        BBB/Watch Neg
          A-2        BB-/Watch Neg
          A-3        CCC+/Watch Neg
          B          CCC-/Watch Neg
          C          CCC-/Watch Neg
          D          CCC-/Watch Neg

Palmer Square 2 PLC
          X-1        AAA/Watch Neg
          X-2        AAA/Watch Neg
          A1-M-A     AAA/Watch Neg
          A1-M-B     AAA/Watch Neg
          A1-Q-A     AAA/Watch Neg
          A1-Q-B     AAA/Watch Neg
          A2-A       AA+/Watch Neg
          A2-B       AA+/Watch Neg
          A3-A       BBB/Watch Neg
          A3-B       BBB/Watch Neg
          B-1        BBB-/Watch Neg
          B-2        BBB-/Watch Neg
          C          BB-/Watch Neg


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

                   Featured Conferences

Beard Conferences presents:

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

                     *      *      *

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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