TCREUR_Public/080513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 13, 2008, Vol. 9, No. 94

                            Headlines


A U S T R I A

AUTOHOF WAIDHOFEN: Claims Registration Period Ends June 5
DIPL.-ING. GUGENBERGER: Claims Registration Period Ends June 2
GOLAKU LLC: Claims Registration Period Ends June 17
M & M AUTOSERVICE: Claims Registration Period Ends June 9
STADTBAUMEISTER ING. GERHARD: Claims Registration Ends June 3


B U L G A R I A

KREMIKOVTZI AD: Moody's Cuts Corporate Family Rating to Ca


F R A N C E

OMNOVA SOLUTION: S&P Keeps B+ Rating; Outlook Revised to Neg.
RHODIA SA: March 31 Balance Sheet Upside Down by EUR284 Million


G E R M A N Y

BRAINTIME INFORMATION: Claims Registration Period Ends May 29
EFK ELEKTROANLAGEN: Claims Registration Period Ends May 23
LENDECKEL & CO: Claims Registration Period Ends May 29
MANIA TECHNOLOGIE: Two Units File for Insolvency
MIMO GMBH: Claims Registration Ends May 30

NASDIS GMBH: Claims Registration Ends May 30
PETER BUECHNER: Claims Registration Ends May 30
PFLEGEZENTRUM SCHWALMSTADT: Claims Registration Ends May 30
PLUSMINUS BATTERIETECHNIK: Claims Registration Ends May 23
PRINT-FINISH GMBH: Claims Registration Ends May 30

PROFIL MEDIENVERLAG: Claims Registration Ends May 30
RJD GEBAUDEMANAGEMENT: Claims Registration Period Ends May 30
SPERLING & IRMSCHER: Claims Registration Period Ends May 30
TREFFPUNKT HAAR: Claims Registration Period Ends May 21
TUI AG: Progress of Unit’s Separation Going According to Plan

TWISS GMBH: Claims Registration Period Ends May 30
V P INDUSTRIEMONTAGEN: Claims Registration Period Ends May 27
WESSER KIES: Claims Registration Period Ends May 30
WIN SON: Claims Registration Period Ends May 30


I R E L A N D

FEIRM EISC: Failure to Get New Investment Prompts Liquidation
IRALCO LTD: Needs EUR10 Million to Remain Afloat
PALMER SQUARE 2: Moody's Cuts Ratings on Eight Note Classes


I T A L Y

ALITALIA SPA: Bruno Ermoli Asks Data for Possible Bid
FIAT SPA: Agnelli Group Denies Planned Fiat Auto Spin-Off

* Fitch Puts Taranto City's Ratings on Restricted Default


K A Z A K H S T A N

BATYR KUZET: Creditors Must File Claims by June 13
BIOSTAR-AKSU LLP: Claims Deadline Slated for June 17
EKIBASTUZ-BUSINESS LLP: Claims Filing Period Ends June 17
HIMPOLIMER LLP: Creditors' Claims Due on June 13
JUMBAKTAS LLP: Claims Registration Ends June 13

KAZSTROY-2005 LLP: Creditors Must File Claims by June 13
SAGU LLP: Claims Deadline Slated for June 17
SELHOZMETALL LLP: Claims Filing Period Ends June 17
TURAN-KOKSHE LLP: Creditors' Claims Due on June 13


K Y R G Y Z S T A N

TRAVEL STAR: Creditors Must File Claims by June 18


L U X E M B O U R G

AMERICAN AXLE: GM to Provide US$200 Million to End Strike
AMERICAN AXLE: UAW Chief Criticizes US$200 Million GM Aid
EVRAZ GROUP: Banks Complete US$500-Million Loan's Syndication
MILLICOM INTERNATIONAL: Committee Proposes New Board Directors


N E T H E R L A N D S

LYONDELLBASELL: Halts Polypropylene Production at Illinois Plant
LYONDELLBASELL: Moody's Cuts Rating on 2nd Lien Facility to B3
SCIENTIFIC GAMES: Earns US$19.9 Million in First Quarter 2008
SCIENTIFIC GAMES: Moody's Rates New US$850 Mln Facility at Ba1


N O R W A Y

NORSKE SKOGINDUSTRIER: Shows Weak Results in First Quarter 2008
NORSKE SKOGINDUSTRIER: S&P's BB- Ratings Remains on Watch Neg.


P O L A N D

* Number of Bankrupt Polish Companies Climb to 95 in 1Q 2008


R U S S I A

B.I.N. BANK: Aborted Sale of Bank Cues Fitch to Affirm Ratings
EVRAZ GROUP: Banks Complete US$500-Million Loan's Syndication
MARS-PLUS CJSC: Court Names A. Fedorenko as Insolvency Manager
NADEZHDINSKOE OJSC: Creditors Must File Claims by May 26
NEW WORLD: Creditors Must File Claims by June 26

SOCHI-MILK: Krasnodar Bankruptcy Hearing Slated for May 18
SPECIAL BUILDING: Courts Names O. Savin as Insolvency Manager
STO CJSC: Creditors Must File Claims by June 26
STROY-DESIGN-M: Creditors Must File Claims by June 26
VIMPELCOM: Moody's Changes Outlook on Ba2 Ratings to Positive


S P A I N

FTA UCI 16: Fitch Junks Class E Notes' Rating
FTA UCI 17: Fitch Junks Rating on Class D Notes


S W E D E N

ARVINMERITOR INC: Gets Go-Signal to Buy American LaFrance Assets


S W I T Z E R L A N D

CHRIMA BUCHS: Creditors’ Liquidation Claims Due on May 15
HAPPY HORSE: Proofs of Claim Filing Deadline is May 15
LABEL SOLUTIONS: Creditors have Until May 14 to File Claims
MARIANA ENTERPRISES: Creditors’ Liquidation Claims Due May 15
PRESTIGE LLC: Zug Court Commences Bankruptcy Proceedings

RCH HOLDING: Bankruptcy Proceedings Initiated by Zug Court
TRADELEASE JSC: Creditors Must File Proofs of Claim by May 15
VINOS ACCADEMIA: Deadline to File Proofs of Claim is May 15
X-RITE INC: Moody's Junks Corporate Family Rating


U K R A I N E

BARANOVKA PORCELAIN: Proofs of Claim Deadline Set May 22
CHERKASSY GRAINTRADING: Proofs of Claim Deadline Set May 22
DELTA-VECTOR LLC: Proofs of Claim Deadline Set May 22
HK CAPITAL: Proofs of Claim Deadline Set May 22
KOLOS LLC: Proofs of Claim Deadline Set May 22

NIKOLAYEV SPECIAL: Proofs of Claim Deadline Set May 22
PERESCHEPINO ELEVATOR: Proofs of Claim Deadline Set May 22
REGIONAL AGRICULTURAL: Proofs of Claim Deadline Set May 22
ROSTPROMSTAN LLC: Proofs of Claim Deadline Set May 22
SPEKTR-M CJSC: Proofs of Claim Deadline Set May 22

TAP-LTD LLC: Proofs of Claim Deadline Set May 22


U N I T E D   K I N G D O M

BAA LIMITED: Shareholders Agree to GBP400 Million Funding
BRITISH AIRWAYS: Signs Code-Sharing Pact with L'Avion
BRITISH ENERGY: EDF SA Submits Lone Takeover Bid
CAIRNGORM MOUNTAIN: Council Agrees to Sell Loan for GBP1
CARTEX LTD: Brings In Liquidators from Baker Tilly

CLEAR CHANNEL: Hearing on Bank Suit to Continue Today
CORIOLANUS LIMITED: Fitch Lowers Ratings Further to C
CORSIE GROUP: Cash Flow Problems Prompts Administration
EUROSAIL 06-3: Fitch Lowers Rating on Class FTc Notes to B-
GENERAL MOTORS: Liquidity Negatively Impacted by AAM Strike

GENERAL MOTORS: To Provide US$200 Million to Axle to End Strike
GENERAL MOTORS: UAW Chief Criticizes US$200 Million Aid for AAM
GENERAL MOTORS: In Talks on US$750 Million Pledge for ResCap
KINGSVIEW CONSTRUCTION: Taps Joint Administrators from Begbies
MARBLE ARCH: Fitch Affirms Rating Class E1c Notes at BB

NYLON HOSIERY: Appoints Joint Administrators from BDO Stoy
QUEBECOR WORLD: Seeks Extension of the CCAA Stay Until July 25
QUEBECOR WORLD: E&Y Provides Updates on CCAA Proceedings
VIRGIN MEDIA: Moody's Lifts Rating on Tranche C to B1
WHITE HOUSE: Calls In Liquidators from Tenon Recovery

* Large Companies with Insolvent Balance Sheet


                            *********

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


AUTOHOF WAIDHOFEN: Claims Registration Period Ends June 5
---------------------------------------------------------
Creditors owed money by LLC AUTOHOF WAIDHOFEN/THAYA PIATY & CO
(FN 40505t) have until June 5, 2008, to file written proofs of
claim to court-appointed estate administrator Alois Autherith
at:

          Dr. Alois Autherith
          Utzstrasse 13
          3500 Krems an der Donau
          Austria
          Tel: 02732/83485
          Fax: 02732/83485-10
          E-mail: office@autham.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 25, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Krems an der Donau
          Hall A
          Second Floor
          Krems an der Donau
          Austria

Headquartered in Waidhofen an der Thaya, Austria, the Debtor
declared bankruptcy on April 16, 2008, (Bankr. Case No. 9 S
20/08a).


DIPL.-ING. GUGENBERGER: Claims Registration Period Ends June 2
--------------------------------------------------------------  
Creditors owed money by LLC Dipl.-Ing. Gugenberger (FN 178918s)
have until June 2, 2008, to file written proofs of claim to
court-appointed estate administrator Stefan Weidinger at:

          Mag. Stefan Weidinger
          Dr. Koss Strasse 3
          4600 Wels
          Austria
          Tel: 07242/67354-0
          Fax: 07242/67354-50
          E-Mail: kanzlei@holme.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on June 12, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on April 16, 2008 (Bankr. Case No. 20 S 49/08v).  


GOLAKU LLC: Claims Registration Period Ends June 17
---------------------------------------------------
Creditors owed money by LLC GOLAKU (FN 292912d) have until
June 17, 2008, to file written proofs of claim to court-
appointed estate administrator Dominik Baurecht at:

          Mag. Dominik Baurecht
          Weihburggasse 4
          1010 Vienna
          Austria
          Tel: 533 66 61-77
          Fax: 533 66 61-10
          E-mail: baurecht@gnbz.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 1, 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 24, 2008 (Bankr. Case No. 4 S 58/08v).  


M & M AUTOSERVICE: Claims Registration Period Ends June 9
---------------------------------------------------------
Creditors owed money by LLC M & M Autoservice (FN 192741v) have
until June 9, 2008, to file written proofs of claim to court-
appointed estate administrator Susi Pariasek at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 24, 2008 (Bankr. Case No. 3 S 44/08b).  Beate Holper
represents Dr. Pariasek in the bankruptcy proceedings.  


STADTBAUMEISTER ING. GERHARD: Claims Registration Ends June 3
-------------------------------------------------------------
Creditors owed money by  LLC Stadtbaumeister Ing. Gerhard Petsch
(FN 124547h) have until June 3, 2008, to file written proofs of
claim to court-appointed estate administrator Alexander
Schoeller at:

          Dr. Alexander Schoeller  
          c/o Dr. Stephan Riel
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 713 44 33
          Fax: 713 10 33
          E-mail: kanzlei@jsr.at   

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 24, 2008 (Bankr. Case No. 6 S 61/08z).  Stephan Riel
represents Dr. Schoeller in the bankruptcy proceedings.


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Moody's Cuts Corporate Family Rating to Ca
----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Kremikovtzi AD to Ca from Caa3 and the rating on its
EUR325 million senior secured guaranteed notes raised at
Bulgaria Steel Finance BV to Ca/LGD4(53) from Caa3/LGD4(53). The
outlook is stable.

The rating action reflects Kremikovtzi's failure to make a
timely payment of interest under its EUR325 million notes.  The
assigned LGD rates take into account the remaining uncertainty
with respect to the resolution of the situation at the company
and a timely implementation of any remedial actions that the
management and the principal shareholder may consider, including
a potential disposal of the stake by the main shareholder, if
providing sufficient cash to repay liabilities.  Moody's notes,
that the indentures include a change of control prepayment
option. As previously stated, Moody's considers the value of the
security to be insufficient to cover the principal amount raised
under the notes.

The ratings affected by this rating action are:

   -- Ca corporate family rating at Kremikovtzi AD;

   -- Ca/LGD 4(53) ratings on senior secured guaranteed notes at
      Bulgaria Steel Finance BV;

Kremikovtzi AD corporate family rating reflects application of
Moody's rating methodology for government-related issuers  and
comprise these inputs:

   -- Baseline credit assessment of 20 which equates to Ca;
   -- Baa3 local currency rating of Bulgaria;
   -- Low dependence and low support.

Moody's last rating action on Kremikovtzi AD was on April 17,
2008, when the rating agency downgraded the ratings to Caa3 and
assigned a developing outlook to the company's ratings.

Kremikovtzi AD is a single-site steel producer in Bulgaria.
Kremikovtzi restated revenues in 2006 were BGN896 million
(US$704 million) and EBITDA was negative BGN13 million (US$7
million).


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


OMNOVA SOLUTION: S&P Keeps B+ Rating; Outlook Revised to Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on OMNOVA
Solutions Inc. to negative from stable.  At the same time, we
affirmed all of our ratings on the company,  including the 'B+'
corporate credit rating.

"The outlook revision reflects the continued weaker-than-
expected operating performance because of elevated raw material
costs in fiscal 2007 and the first quarter of 2008," said
Standard & Poor's credit analyst Henry Fukuchi.  "These
conditions have resulted in some weakening of the financial
profile against the level we consider appropriate for the
current ratings."

The negative outlook also incorporates our view that raw
material cost escalation will continue to create a difficult
operating environment, especially in light of weak economic
conditions and a housing slowdown.  We expect this trend to
continue throughout the remainder of 2008 and the first
half of 2009.

In fiscal 2007, operating results were weak primarily due to the
lag in price increases relative to raw material cost inflation.
In particular, the performance chemicals segment experienced
considerable margin compression because of the run-up in
butadiene and styrene prices.  The company also incurred higher
costs for polyvinyl chloride, which it uses in decorative
products.  OMNOVA has taken steps to offset this pressure,
implementing an aggressive price increase plan to mitigate
further deterioration in margins, but the uncertainty of
butadiene pricing in an environment of short supply remains a
significant concern.

Standard & Poor's anticipates that OMNOVA's price increases will
have their full impact on margin improvement during the third
and fourth quarters of 2008, because of the timing necessary to
implement the higher prices across various product lines.  While
we expect styrene prices to stabilize in 2008, butadiene remains
a significant concern because tight supply will dictate higher
pricing.  S&P expects OMNOVA will take the necessary steps,
including additional price increases, to mitigate further margin
erosion and maintain its financial profile and current ratings.

S&P could lower the ratings within the next few quarters if the
expected improvement in operating results does not materialize,
leading to further deterioration in the financial profile or
liquidity position.  Specifically, S&P expects OMNOVA to
maintain a funds from operations to total adjusted debt ratio
averaging 15% over a business cycle to maintain its current
rating.  Any further deviation from this level will put downward
pressure on the current ratings.  The ratings could also come
under pressure if OMNOVA's position weakens materially in key
end markets, such as paper, carpet, and upholstery
manufacturing, or in the event of a large, debt-financed
acquisition that stretches the financial profile beyond our
expectations.

Effective management of price increases relative to raw material
price inflation coupled with continued cost reduction efforts
could lead to a modest improvement of the financial profile and
would add support for the current ratings.


RHODIA SA: March 31 Balance Sheet Upside Down by EUR284 Million
---------------------------------------------------------------
Rhodia S.A. released its financial results for the first quarter
ended March 31, 2008.

The company posted EUR42 million net profit on EUR1.19 billion
net sales for the first quarter of 2008, compared with
EUR60 million net profit on EUR1.19 billion net sales for the
same period in 2007.

Rhodia reported net financial debt of EUR1.53 billion at
March 31, 2008.

At March 31, 2008, the company's balance sheet showed EUR4.57
billion in total assets, EUR4.85 billion in total liabilities
and EUR284 million in total deficit.

"Healthy levels of demand across all businesses have allowed us
to increase prices and offset successfully most raw material and
energy cost increases," Jean-Pierre Clamadieu, Rhodia chairman
and CEO commented.  "Foreign exchange rates and raw material &
energy costs are set to remain the key challenges in 2008 but we
remain confident in the pricing power of our businesses which
benefit from strong leadership positions in dynamic markets."

                             Outlook

During the rest of 2008, Rhodia will continue exercising its
proven pricing power with further price increases underway in
all businesses.  It will also take initiatives to better match
currency revenues and costs.  Finally the group will continue to
focus on free cash flow generation.

The group is facing stronger headwinds from a further decline of
the US dollar and from an unrelenting increase in the cost of
key raw materials.

Rhodia expects market demand to remain healthy with solid
volumes and price rises continuing.

Current conditions prevailing, recurring EBITDA for 2008 is
expected within 5% of the level achieved in 2007.  Rhodia
confirms it expects Earnings per Share to increase versus 2007.

A full-text copy of Rhodia's financial results is available at
no charge at http://ResearchArchives.com/t/s?2bca

                        About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                           *     *    *

As reported in the Troubled Company Reporter-Europe on
April 9, 2008, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on France-based chemical
producer Rhodia S.A. to 'BB' from 'BB-'.  S&P affirmed the
bank's 'B' short-term corporate credit rating.  S&P said the
outlook is stable.


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


BRAINTIME INFORMATION: Claims Registration Period Ends May 29
-------------------------------------------------------------
Creditors of Braintime Information Technology GmbH have until
May 29, 2008, to register their claims with court-appointed
insolvency manager Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 19, 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 Duesseldorf
          Meeting Hall A 388
          Third Floor
          Muehlenstrasse 34
          40213 Duesseldorf
          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. Frank Kebekus
          Carl-Theodor-Str. 1
          40213 Duesseldorf
          Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Braintime Information Technology GmbH on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Braintime Information Technology GmbH
          Attn: Peter Matheus Robert Maria Bax, Manager
          Niederkasseler Lohweg 18
          40547 Duesseldorf
          Germany


EFK ELEKTROANLAGEN: Claims Registration Period Ends May 23
----------------------------------------------------------
Creditors of EFK Elektroanlagen GmbH have until May 23, 2008, to
register their claims with court-appointed insolvency manager
Viktor von Websky.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Kiel
          18 Deliusstr. 22
          Kiel
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Viktor von Websky
          Im Brauereiviertel 5
          24118 Kiel
          Germany
          Tel: 0431/66656757
          Fax: 0431/66656735

The District Court of Kiel opened bankruptcy proceedings against
EFK Elektroanlagen GmbH on May 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          EFK Elektroanlagen GmbH
          Attn: Manfred Quatfasel, Manager
          Schauenburgerstr. 49
          24105 Kiel
          Germany


LENDECKEL & CO: Claims Registration Period Ends May 29
------------------------------------------------------
Creditors of Lendeckel & Co. GmbH have until May 29, 2008, to
register their claims with court-appointed insolvency manager
Volker Reinhardt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Volker Reinhardt
          Windthorststr. 17
          99096 Erfurt
          Germany

The District Court of Erfurt opened bankruptcy proceedings
against Lendeckel & Co. GmbH on April 4, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Lendeckel & Co. GmbH
          Attn: Nichael Johannes Lendeckel
          Mainzer Strasse 10
          99610 Soemmerda
          Germany


MANIA TECHNOLOGIE: Two Units File for Insolvency
------------------------------------------------
In the framework of the restructuring of the Mania Group it has
been necessary for the two 100% subsidiaries, Mania Deutschland
GmbH (Commercial Registry Bad Homburg HRB 8774) and Mania
Entwicklungsgesellschaft GmbH (Commercial Registry Bad Homburg
HRB 9465) to file for insolvency.  Mr. Arno Wolf, lawyer in
Kronberg im Taunus, has been appointed preliminary
administrator.

Insolvency has been filed to protect the assets of these
companies.  Both subsidiaries only play a supporting role in the
operative daily business, their necessary continuing support for
the total group has been secured by the filing for insolvency.

The restructuring process in the insolvency proceedings
continues.  At the moment talks are taking place with all
parties involved and interested.

With the exception of the Production Systems Division in the
USA, our operative companies are working as usual.  In
particular the Business Division Outsourcing is continuing to
provide our customers with all services at its usual high
standard.

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


MIMO GMBH: Claims Registration Ends May 30
------------------------------------------
Creditors of MiMo GmbH Sanitar-, Sauna- und Solaranlagenbau have
until May 30, 2008 to register their claims with court-appointed
insolvency manager Markus Dahmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 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 Ludwigshafen am Rhein
         Meeting Hall VII
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         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:

         Markus Dahmann
         Wimphelingstr. 13
         67346 Speyer
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against MiMo GmbH Sanitar-, Sauna- und
Solaranlagenbau on April 16, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MiMo GmbH Sanitar-, Sauna- und Solaranlagenbau
         Ludwigstrasse 42
         67459 Boehl-Iggelheim
         Germany

         Attn: Reiner Krug, Manager
         Luitpoldstrasse 24
         67459 Boehl-Iggelheim
         Germany


NASDIS GMBH: Claims Registration Ends May 30
--------------------------------------------
Creditors of NASDIS GmbH have until May 30, 2008 to register
their claims with court-appointed insolvency manager Michael W.
Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael W. Scholz
         Deichstrasse 1
         20459 Hamburg
         Germany

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

The Debtor can be reached at:

         NASDIS GmbH
         Attn: Colin Peter Watson and John Glen Wright, Managers
         Hermann-Blohm-Strasse 3
         20457 Hamburg
         Germany


PETER BUECHNER: Claims Registration Ends May 30
-----------------------------------------------
Creditors of Peter Buechner Mineraloele GmbH have until May 30,
2008 to register their claims with court-appointed insolvency
manager Robert Wartenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on July 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be reached at:

         Robert Wartenberg
         Friedrichstr. 15
         96047 Bamberg
         Germany
         Tel: 0951/297430

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

The Debtor can be reached at:

         Peter Buechner Mineraloele GmbH
         Attn: Joerg-Michael Peetz, Manager
         Geschwister-Scholl-Str. 5
         95100 Selb
         Germany


PFLEGEZENTRUM SCHWALMSTADT: Claims Registration Ends May 30
-----------------------------------------------------------
Creditors of Pflegezentrum Schwalmstadt GmbH have until May 30,
2008 to register their claims with court-appointed insolvency
manager Dr. Lason Gutsche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Bad Homburg v.d. Hoehe
         Room 120
         First Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         Germany

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

The insolvency manager can be reached at:

         Dr. Lason Gutsche
         Cronstettenstr. 30
         60322 Frankfurt am Main
         Germany
         Tel: 069/959110-0
         Fax: 069/959110-12

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Pflegezentrum Schwalmstadt GmbH on April 25,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Pflegezentrum Schwalmstadt GmbH
         Bahnhofstrasse 71
         61267 Neu-Anspach
         Germany

         Attn: Klaus Ide, Manager
         Adolf-Lins-Strasse 4
         34613 Schwalmstadt
         Germany


PLUSMINUS BATTERIETECHNIK: Claims Registration Ends May 23
----------------------------------------------------------
Creditors of plusminus Batterietechnik GmbH have until May 23,
2008, to register their claims with court-appointed insolvency
manager Matthias Bott.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Konstanz
          Hall 207
          Second Floor
          Untere Laube 12
          78462 Konstanz
          Germany

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

The insolvency manager can be reached at:

          Matthias Bott
          Bodnegger Str. 19
          88287 Gruenkraut
          Germany

The District Court of Konstanz opened bankruptcy proceedings
against plusminus Batterietechnik GmbH on May 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          plusminus Batterietechnik GmbH
          Attn: Martin Metzdorff, Manager
          Langbruehl 14-16
          88709 Hagnau
          Germany


PRINT-FINISH GMBH: Claims Registration Ends May 30
--------------------------------------------------
Creditors of Print-Finish GmbH & Co.KG have until May 30, 2008
to register their claims with court-appointed insolvency manager
Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 20, 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 Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Manfred Vellmer
         Adalbertstr. 8
         48565 Steinfurt
         Germany
         Tel: 02552/638710
         Fax: +4925526387111

The District Court of Muenster opened bankruptcy proceedings
against Print-Finish GmbH & Co.KG on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Print-Finish GmbH & Co.KG
         Attn: Udo Boeggemann, Manager
         Eggenkamp 13
         48268 Greven
         Germany


PROFIL MEDIENVERLAG: Claims Registration Ends May 30
----------------------------------------------------
Creditors of PROFIL Medienverlag GmbH have until May 30, 2008 to
register their claims with court-appointed insolvency manager
Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Rolf G. Pohlmann
         Rosental 6
         80331 Munich
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

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

The Debtor can be reached at:

         PROFIL Medienverlag GmbH
         Attn: Joerg Mansch, Manager
         Ladehofstr. 10
         85540 Haar
         Germany


RJD GEBAUDEMANAGEMENT: Claims Registration Period Ends May 30
-------------------------------------------------------------
Creditors of RJD Gebaudemanagement GmbH have until May 30, 2008,
to register their claims with court-appointed insolvency manager
Dr. Franz-Ludwig Danko.

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 of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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. Franz-Ludwig Danko
         Adickesallee 63
         60322 Frankfurt/Main
         Germany
         Tel: 069-71379830
         Fax: 069-71379833
         E-mail: frankfurt@kuebler-gbr.de
         Website: www.kuebler-gbr.de

The District Court of Hanau opened bankruptcy proceedings
against RJD Gebaudemanagement GmbH on April 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         RJD Gebaudemanagement GmbH
         Rodenbacherchaussee 6
         63457 Hanau
         Germany

         Attn: Ratko Jovanovic, Manager
         Auheimerstr. 31
         63517 Rodenbach
         Germany


SPERLING & IRMSCHER: Claims Registration Period Ends May 30
-----------------------------------------------------------
Creditors of Sperling & Irmscher GmbH have until May 30, 2008,
to register their claims with court-appointed insolvency manager
Volker Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         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:

         Volker Schmidt
         Bahnhofstr. 29
         70372 Stuttgart
         Germany
         Tel: 0711/25 35 913
         Fax: 0711/25 35 91 55

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

The Debtor can be reached at:

         Sperling & Irmscher GmbH
         Attn: Sven Ferry Irmscher and
               Sven Raphale Sperling, Managers
         Walter-Flex-Str. 23
         70619 Stuttgart
         Germany


TREFFPUNKT HAAR: Claims Registration Period Ends May 21
-------------------------------------------------------
Creditors of Treffpunkt Haar GmbH have until May 21, 2008, to
register their claims with court-appointed insolvency manager
Sylvia Rhein.

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

The meeting of creditors will be held at:

          The District Court of Darmstadt
          Hall 4.311
          Fourth Floor
          Building D
          Mathildenplatz 15
          64283 Darmstadt
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Sylvia Rhein
          Walther-Rathenau-Str. 24
          64646 Heppenheim
          Germany
          Tel: 06252/6877-0
          Fax: 06252/6877-11

The District Court of Darmstadt opened bankruptcy proceedings
against Treffpunkt Haar GmbH on May 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Treffpunkt Haar GmbH
          Rodensteinstrasse 22
          64625 Bensheim
          Germany


TUI AG: Progress of Unit’s Separation Going According to Plan
-------------------------------------------------------------
TUI AG's preparation to separate its shipping division is
progressing according to plan, Dr. Michael Frenzel, the group's
CEO disclosed.

Dr. Frenzel emphasized that the divestment process has already
been launched.  "We have mandated investment banks supporting us
and are preparing the required marketing documents," he said.

The CEO also underlined that the separation of Hapag-Lloyd is
planned to be implemented swiftly.  He said that the executive
board is convinced that the separation can be implemented with
an optimum result and that the process will end with a
strengthened TUI AG releasing Hapag-Lloyed into the future with
a new ownership structure, leaving scope to let all shareholders
participate in the value realized.

"We will let our shareholders participate appropriately in the
proceeds," Dr. Frenzel added.

Speaking to the shareholders, Dr. Frenzel emphasized that TUI’s
current preference is to divest Hapag-Lloyd. "We do not rule out
any of the potential options, although our clear preference is a
divestment solution," he said.

According to Dr. Frenzel, this solution is fastest to implement
and offers the opportunity to realize a strategic premium.  With
regard to the public debate about potential buyers for Hapag-
Lloyd, Dr. Frenzel underlined that a preliminary decision had
not been taken.  According to him, the obligation of the
executive board is to realize the actual market value of
container shipping while acting in the interest of all
bondholders, shareholders and further stakeholders.

                         About TUI

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

                      *    *    *

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

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


TWISS GMBH: Claims Registration Period Ends May 30
--------------------------------------------------
Creditors of Twiss GmbH have until May 30, 2008, to register
their claims with court-appointed insolvency manager Ulrich
Sonntag.

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

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be reached at:

         Ulrich Sonntag
         Hanauer Str. 25
         63674 Altenstadt
         Germany
         Tel: 06047/954760
         Fax: 06047/9547620
         E-mail: info@ra-sonntag.com

The District Court of Hanau opened bankruptcy proceedings
against Twiss GmbH on April 14,2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Twiss GmbH
         Attn: Susanne Karahan, Manger
         Taunusstrasse 27
         61130 Nidderau
         Germany


V P INDUSTRIEMONTAGEN: Claims Registration Period Ends May 27
-------------------------------------------------------------
Creditors of V P Industriemontagen GmbH have until May 27, 2008,
to register their claims with court-appointed insolvency manager
Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Bochum
          Hall A 29
          Ground Floor
          Main Building
          Viktoriastrasse 14
          44787 Bochum
          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:

          Udo Claes-Hellmich
          Herner Strasse 1
          45657 Recklinghausen
          Germany

The District Court of Bochum opened bankruptcy proceedings
against V P Industriemontagen GmbH on May 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          V P Industriemontagen GmbH
          Attn: Gerhard Perdacher, Manager
          Siemensstr. 9 a
          45659 Recklinghausen
          Germany


WESSER KIES: Claims Registration Period Ends May 30
---------------------------------------------------
Creditors of Wesser Kies und Sand GmbH have until May 30, 2008,
to register their claims with court-appointed insolvency manager
Bernd Krumbholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Bernd Krumbholz
         Fr.-Engels-Strasse 1 a
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
Wesser Kies und Sand GmbH on April 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Wesser Kies und Sand GmbH
         Hauptstrasse 106-112
         07554 Poelzig
         Germany


WIN SON: Claims Registration Period Ends May 30
-----------------------------------------------
Creditors of Win Son Feinkost GmbH have until May 30, 2008, to
register their claims with court-appointed insolvency manager
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf.Forderungen
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Win Son Feinkost GmbH on April 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Win Son Feinkost GmbH
         Attn: Wing-Ning Fong, Manager
         Schwelmer Strasse 4
         40235 Duesseldorf
         Germany


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


FEIRM EISC: Failure to Get New Investment Prompts Liquidation
-------------------------------------------------------------
Feirm Eisc Chleire Teoranta has gone into liquidation citing the
failure to obtain a new investment, the Post.ie reports.  The
report adds that the company has over EUR2 million in debts.

Kieran Wallace, a partner at KPMG, has been appointed as
liquidator and intends to look for a buyer for the company’s
assets, Post.ie relates.

Feirm Eisc has been under examinership for two months but was
unable to finalize a rescue deal, the report further adds.

Based in Cork, Ireland, Feirm Eisc Chleire Teoranta produces
expensive shellfish like abalone.


IRALCO LTD: Needs EUR10 Million to Remain Afloat
------------------------------------------------
John McStay and Tom Rogers, liquidators of Iralco Limited, told
creditors that buyers of the company need to invest up to
EUR10 million to restart its operation, Radio Telefis Eirann
says, citing an Irish Times report.

Mr. McStay told creditors that they have a number of parties
have expressed interests, but have yet to submit a firm offer,
The Irish Times reports.  The liquidators are selling Iralco as
a going concern.

The liquidator added that the company's customers -- Audi, BMW,
Ford, Seat, Volvo and Jaguar -- have committed to buy its
products for a period of six months.

As reported in the Troubled Company Reporter-Europe on April 16,
2008, Iralco said it was going into voluntary liquidation after
facing financial difficulties due to increasing costs.

The company hired John McStay and Tom Rogers as liquidators on
April 14, 2008.

Iralco -- http://www.iralco.ie/-- designs and develops    
decorative and functional trim for all the major automotive
OEM’s.  The company's product range covers all high visibility
trim parts from drip rail systems to pillar cappings and
treadplates.


PALMER SQUARE 2: Moody's Cuts Ratings on Eight Note Classes
-----------------------------------------------------------
Moody's Investors Service downgraded and/or put on review for
downgrade eight classes of notes issued by Palmer Square 2
Limited, a limited purpose vehicle incorporated in Ireland.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
managed cash CDO of ABS, containing roughly 26% ABS CDOs and 36%
sub-prime RMBS of the 2005, 2006, and 2007 vintages.  Many of
the assets in the portfolio have been downgraded, placed on
review for downgrade, or both since October 2007.  One of the
assets in the portfolio is currently rated Ca.

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

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

These rating actions are:

Issuer: Palmer Square 2 Limited

   (1) US$960,000,000 Class A1-M-A Floating Rate Notes due 2045

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

   (2) US$240,000,000 Class A1-Q-A Floating Rate Notes due 2045

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

   (3) US$69,000,000 Class A2-A Floating Rate Notes due 2045

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

   (4) US$45,000,000 Class A3-A Floating Rate Notes due 2045

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

   (5) US$19,875,000 Class B-1 Deferrable Floating Rate Notes
       due 2045

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

   (6) US$17,500,000 Class C Deferrable Floating Rate Notes due
       2045

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa1, on review for downgrade

   (7) US$12,500,000 Class D Deferrable Floating Rate Notes due
       2045

    -- Current Rating: Ca
    -- Prior Rating: Ba2, on review for downgrade

   (8) US$25,000,000 Combination Notes due 2045

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


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


ALITALIA SPA: Bruno Ermoli Asks Data for Possible Bid
-----------------------------------------------------
Bruno Ermolli, an adviser to Prime Minister Silvio Berlusconi,
has requested access to Alitalia S.p.A.’s updated data and
information, Alessandra Migliaccio writes for Bloomberg News.  
Mr. Ermolli has also been charged to look for buyers of the
Italian government’s 49.9% stake in the carrier.

In a letter to Alitalia, Mr. Ermolli said that investors need
the data in order to evaluate the economic and financial
sustainability of a project to relaunch the national carrier.

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%.

Meanwhile, Finance Minister Giulio Tremonti was quoted by ANSA
News as saying that the government wants private Italian buyers
for its 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.


FIAT SPA: Agnelli Group Denies Planned Fiat Auto Spin-Off
---------------------------------------------------------
The Agnelli family has given no mandate to sell Fiat S.p.A.'s
Fiat Auto S.p.A. unit, Reuters reports citing Il Sore 24 Ore's
interview of IFIL chairman Gianluigi Gabetti.

Mr. Gabetti denied market speculations that Fiat will separate
its car business because it negatively affects the group,
Reuters reports.

Fiat CEO Sergio Marchionne had denied a Fiat Auto spin-off in
March, saying it was "purely hypothetical," Reuters relates.  
Mr. Marchionne added that the unit would only be separated if
the business were permanently undervalued.

IFIL, which holds a 30.45% stake in Fiat, is an investment
holding owned by the Agnelli Group.

                        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.


* Fitch Puts Taranto City's Ratings on Restricted Default
---------------------------------------------------------
Fitch Ratings has changed the City of Taranto's Long-term
foreign and local currency ratings and the Short-term foreign
currency rating to 'RD' from 'D'.

The RD ratings reflect Taranto's ongoing 'distressed exchange'
with Banca OPI - now incorporated in Banca Innovazione,
Insfrastrutture e Sviluppo over outstanding debt of about
EUR240 million.  They also reflect the fact that, after the
resumption of 'normal' operations in spring 2007, Taranto has
continued to repay its EUR65 million outstanding loan
installments with Cassa Depositi e Prestiti (rated 'AA-'/Stable)
on a timely basis.

Under the 'distressed exchange', BIIS's principal is being
repaid according to the bond amortization plan, while interest
due during 2007-2009 has been frozen and is to be repaid
afterwards.  In Fitch's view, resumption of timely interest
payments on the bond and/or either a consensual rescheduling of
the bond amortization plan - currently being discussed - or a
bond refinancing could have a positive impact on Taranto's
ratings.

However, Fitch notes that Taranto's operations remain fragile as
shortfalls in tax collection have resulted in revenue-
expenditure mismatches.  In addition, potential miscalculation
of waste collection levies at end-2007 has weakened tax
compliance.  In January 2008 liquidity strains forced a court
ruling on the city's treasury bank to advance Taranto about
EUR30 million against future revenues (i.e. taxes and subsidies)
to pay for wages and basic services.

Taranto's Commission of Liquidation is currently dealing with
the city's pre-2007 commercial liabilities (including unpaid
debt installments), which have been stripped out of the city's
budget.  The outstanding debt totals about EUR260 million, down
from EUR580 million at end-2006.

The Commission of Liquidation obtained some EUR130 million in
2007 from the central government to finance transaction
agreements.  The latter include potential EUR30 million swap
contracts with Banca Nazionale del Lavoro (rated 'AA'/Stable),
EUR25 million cash advance from Banca OPI in 2004 and unpaid
EUR11 million bond and loan installments at end-2006.  The
Commission still has about EUR60 million of cash (including
EUR35 million from state subsidies and proceeds from pre-2007
outstanding receivables).  Although Taranto can undertake asset
sales to fund part of the outstanding commercial liabilities,
such plans remain vague and are unlikely to materialize in the
short term.

Taranto was downgraded to 'D' on Jan. 10, 2007 after financial
lenders confirmed missed debt installments due in December 2006.

Located in the southern region of Puglia, Taranto is a mid-sized
city with a population of about 200,000.  It has 15%
unemployment and GDP per capita of EUR14,500, 20% below the EU
average.


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


BATYR KUZET: Creditors Must File Claims by June 13
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Batyr Kuzet insolvent on April 9, 2008.

Creditors have until June 13, 2008, to submit written proofs of
claims to:

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


BIOSTAR-AKSU LLP: Claims Deadline Slated for June 17
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Biostar-Aksu insolvent on March 25, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pobeda ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-38-46


EKIBASTUZ-BUSINESS LLP: Claims Filing Period Ends June 17
---------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ekibastuz-Business insolvent on March 25, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pobeda ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-38-46


HIMPOLIMER LLP: Creditors' Claims Due on June 13
------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Himpolimer insolvent on March 17, 2008.

Creditors have until June 13, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-06-50


JUMBAKTAS LLP: Claims Registration Ends June 13
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Construction Firm Jumbaktas insolvent.

Creditors have until June 13, 2008, to submit written proofs of
claims to:

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


KAZSTROY-2005 LLP: Creditors Must File Claims by June 13
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Kazstroy-2005 insolvent on April 9, 2008.

Creditors have until June 13, 2008, to submit written proofs of
claims to:

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


SAGU LLP: Claims Deadline Slated for June 17
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Construction Concern Sagu insolvent.

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

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


SELHOZMETALL LLP: Claims Filing Period Ends June 17
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Selhozmetall insolvent.

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

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


TURAN-KOKSHE LLP: Creditors' Claims Due on June 13
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Turan-Kokshe insolvent.

Creditors have until June 13, 2008, to submit written proofs of
claims to:

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


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


TRAVEL STAR: Creditors Must File Claims by June 18
--------------------------------------------------
LLC Travel Star KG has declared insolvency.  Creditors have
until June 18, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-555) 73-93-27, (0-555) 40-15-
41.



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


AMERICAN AXLE: GM to Provide US$200 Million to End Strike
---------------------------------------------------------
General Motors Corp. disclosed in a U.S. Securities and Exchange
Commission filing that it agreed to provide American Axle &
Manufacturing Holding with upfront financial support capped at
US$200 million to help fund employee buyouts, early retirements
and buydowns to facilitate a settlement of the work stoppage.

As previously reported in the Troubled Company Reporter-Europe,
United Auto Workers union president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
began an unfair labor practices strike at 12:01 a.m. on Feb. 26,
2008, following expiration of a four-year master labor agreement
with the company.

As a result of the strike, GM has been forced to shut down some
plants.  GM's recent quarterly results filing revealed that the
work stoppage at American Axle unfavorably impacted GM North
America earnings by US$800 million.

                        About GM

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

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

                         About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                         *     *     *

On April 3, 2008, Moody's Investors Service placed the ratings
of American Axle & Manufacturing Holdings, Inc., Corporate
Family -- Ba3, under review for downgrade.  In a related action,
American Axle's Speculative Grade Liquidity Rating was lowered
to SGL-2 from SGL-1.


AMERICAN AXLE: UAW Chief Criticizes US$200 Million GM Aid
---------------------------------------------------------
United Auto Workers union president Ron Gettelfinger criticized
General Motors Corp.'s US$200 million aid to American Axle &
Manufacturing Holdings Inc., saying that instead of resolving
the labor dispute, GM's action will make the talks more
difficult, John D. Stoll of The Wall Street Journal, citing a
radio interview, reports.

WSJ relates that the UAW chief predicts that Axle will make firm
demands following GM's move.  The auto supplier now intends to
close a factory in Cheektowaga, New York.

Axle believes that the labor protest will be settled either if
the UAW eases off or GM intervenes, WSJ quotes people familiar
with the matter.

Approximately 3,650 associates are represented by the UAW at
five facilities in Michigan and New York affected by the strike.  
AAM and the UAW are working to reach a new collective bargaining
agreement for the original U.S. locations.

Although AAM has made several economic proposals to the UAW with
"all-in" hourly wage and benefit packages that were considerably
higher than the market rate of AAM's UAW-represented competitors
in the U.S., the UAW has repeatedly rejected these economic
proposals.

                         About GM

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

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

                     About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                         *     *     *

On April 3, 2008, Moody's Investors Service placed the ratings
of American Axle & Manufacturing Holdings, Inc., Corporate
Family -- Ba3, under review for downgrade.  In a related action,
American Axle's Speculative Grade Liquidity Rating was lowered
to SGL-2 from SGL-1.


EVRAZ GROUP: Banks Complete US$500-Million Loan's Syndication
-------------------------------------------------------------
Banks have completed the syndication of a US$500 million bridge
loan Evraz Group S.A. would use to finance its acquisition of
IPSCO's Canadian plate and pipe business from Svenskt Stal AB,
Reuters reports citing sources privy to the deal.

Evraz had planned a US$2.1 billion loan, but reduced the amount
to US$500 million after it completed a US$1.6 billion Euurobond
issue, Reuters relates.  

As reported in the Troubled Company Reporter-Europe on March 17,
2008, Evraz said that the would have a net cost of US$2.3
billion.  The transaction will be financed by a combination of a
bridge loan raised at the Evraz level, as well as a non-recourse
term loan arranged at the acquired company level.  Under the
structure of the agreed transaction, Evraz will also acquire the
IPSCO Tubulars from SSAB and then sell it to OAO TMK.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on May 7, 2008, Fitch Ratings
affirmed Evraz's Long-term IDR and senior unsecured ratings of
'BB' and Short-term IDR of 'B'.  The ratings of Mastercroft
Limited (Evraz's core subsidiary holding most of its key
operating assets within Russia) are also affirmed at Long-term
IDR 'BB' and Short-term IDR 'B', as is the senior unsecured 'BB'
rating of Evraz Securities S.A.  The Outlooks for Evraz's and
Mastercroft Limited's Long-term IDRs are Stable.

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

As reported in the TCR-Europe on March 18, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd.  S&P also affirmed the Russia national scale
ratings on Evraz and Mastercroft at 'ruAA'.  The outlook is
positive.

At the same time, Moody's Investors Service placed Evraz's Ba2
corporate family rating, Ba2 rating for Senior Notes due 2009
and Ba3 rating for Senior Notes due 2015 on review for possible
downgrade following the recent announcement of the acquisition
of IPSCO's Canadian plate and pipe business from SSAB for a net
cost of US$2.3 billion.


MILLICOM INTERNATIONAL: Committee Proposes New Board Directors
--------------------------------------------------------------
Millicom International Cellular S.A. disclosed on May 9, 2008,
that ahead of the Annual General Meeting on May 27, 2008, the
Nomination Committee had proposed to:

    -- elect Mr. Allen Sangines-Krause and Mr. Marten Pieters as
       new Non-Executive Directors of the company and

    -- re-elect Mr. Kent Atkinson, Ms. Mia Brunell Livfors, Ms.
       Donna Cordner, Mr. Daniel Johannesson and Mr. Michel
       Massart as Non-Executive Directors.

The Committee also proposes to re-elect Mr. Daniel Johannesson
as Non-Executive Chairman of the Board of Directors.

Mr. Marten Pieters was CEO of MSI, which became Celtel, from
2003 through its acquisition by MTC in early 2007.  During this
time, he was a driving force in Celtel’s development as one of
the leading pan-African telecommunications operators, serving
some 20 million customers in 14 countries. Previously, from 1989
to 2003, Mr. Pieters worked at KPN where, from 2000, he was a
member of the executive management board of KPN Telecom with
specific responsibility for KPN’s Business Solutions Division.  
Prior to this he was EVP, KPN International Operations, covering
Central and Eastern Europe, Asia and the US.  Before this, he
was Managing Director of two Telecoms districts, having joined
KPN as Secretary to the Board of Management.  Before starting
his career in telecommunications, Mr. Pieters worked for 11
years at Royal Smilde Foods as Director of Finance and Strategic
Planning and eventually as CEO in the Netherlands.   He has a
Law degree from Groningen University, The Netherlands.

Mr. Allen Sangines-Krause worked for Goldman Sachs between 1993
and 2007, working in a variety of senior positions from COO for
Latin America based in Mexico City and New York and most
recently as Managing Director out of London.  Prior to joining
Goldman Sachs, Mr. Sangines-Krause was with Casa de Bolsa
Inverlat, in Mexico, and before that he was a Founding Partner
of Fidem, S.C., a Mexican investment bank, which was acquired by
Casa de Bolsa Inverlat in 1991. Mr. Sangines-Krause currently
sits on the Board of Investment AB Kinnevik and is Chairman of
Rasaland, a real estate investment fund.  He is a member of the
Council of the Graduate School of Arts and Sciences of Harvard
University.  He has a Ph.D. in Economics from Harvard University
and an undergraduate degree in Economics from Instituto
Tecnologico Autonomo de Mexico.  While at Harvard, he was
economic advisor to the Bolivian President for three years,
focused on successfully reducing hyperinflation from some
20,000% to single digit levels.

Millicom Chairman, Mr. Daniel Johannesson, commented, “I am
delighted to propose Mr. Sangines- Krause and Mr. Pieters to the
Board of Directors of Millicom.  Mr. Sangines-Krause has
significant investment banking experience in both Central and
South America and Europe, having spent many years living and
working throughout Latin America, which continues to be an
extremely important region for Millicom’s development.  He
already has a thorough understanding of the strategic direction
of Millicom from his non-executive director role at Investment
AB Kinnevik.  Mr. Pieters has tremendous experience from the
telecommunications sector, having worked at both KPN in Europe
and most recently as CEO of Celtel in Africa.  Africa remains an
important focus area for Millicom’s future growth.  I have no
doubt that both proposed Directors’ expertise will be
instrumental to Millicom in the future.”

                     About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications  
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                            *     *     *

As of April 25, 2008, Millicom International Cellular S.A.
carries Ba2 corporate family rating and B1 senior debt rating
from Moody's Investors Service, which said the outlook is
stable.


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


LYONDELLBASELL: Halts Polypropylene Production at Illinois Plant
----------------------------------------------------------------
LyondellBasell Industries AF SCA disclosed last week that it
will stop producing polypropylene at its Morris, Illinois plant
in the fourth quarter of 2008.  Production will be shifted to
other sites.  Polyethylene production at the site will not be
affected.

"The decision to stop polypropylene production at our Morris
plant supports LyondellBasell's long-term strategy to
rationalize and concentrate production in our industry-leading
Spheripol and Spherizone process facilities," said Yves Bonte,
Senior Vice President of LyondellBasell's Polypropylene
Business.

LyondellBasell currently operates three polypropylene lines in
Pasadena, Texas, and two polypropylene lines in Lake Charles,
La.  All of these units use Spheripol process technology.
LyondellBasell's joint venture Indelpro, located in Mexico,
operates a Spheripol process line and is building a new 350 KT
Spherizone polypropylene plant at Altamira which is scheduled to
start up later this year.

Yves added, "In today's competitive environment, economies of
scale and the ability to produce innovative, differentiated
products are essential for business growth.  In addition to
being more cost effective, this will also allow us to improve
our portfolio of grades and enhance overall product quality
which will benefit our customers."

LyondellBasell Industries AF SCA --
http://www.lyondellbasell.com/-- is a polymers, petrochemicals  
and fuels companies.  LyondellBasell leads in polyolefins
technology, production and marketing; a pioneer in propylene
oxide and derivatives; and a significant producer of fuels and
refined products, including bio-fuels.  Through research and
development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and
products that improve quality of life for people around the
world. Headquartered in The Netherlands, LyondellBasell is
privately owned by Access Industries.


LYONDELLBASELL: Moody's Cuts Rating on 2nd Lien Facility to B3
--------------------------------------------------------------
Moody's Investors Service changed the outlook on all ratings of
LyondellBasell Industries AF SCA to negative and downgraded the
senior second lien guaranteed facility raised at BIL Holdings
from (P)B2/LGD5(74) to B3/LGD 5(77).

The rating action reflects the agencies assessment of the
current operating performance of the group and the expectation
that current weakness in the US olefins market is likely to
present additional challenge to the company's initial plans to
substantially reduce its LBO debt prior to the anticipated
turnaround of the chemical cycle.

The downgrade of the second lien facility reflects the changes
in the liability structure.  At the time of the assigning of the
provisional ratings, Moody's assumed that part of the funding
will be raised via US$5.5 billion senior second lien facility
and US$2.5 billion unsecured notes to be raised at BIL Holdings.
The definitive ratings assigned incorporate US$8 billion senior
second lien guaranteed facility at BIL Holdings with an
automatic extension option. As a result, the rating on the
enlarged second lien facility has been downgraded from (P)B2 /
LGD5(74) to B3/LGD5(77) reflecting the reduction in the amounts
of junior debt that originally supported higher recovery rates
on a smaller second lien facility.  In the context of assigning
the definitive ratings, and also taking into account the
additional US$750 million revolver and US$600 m extension under
the inventory-based facilities raised by the group, Moody's
adjusted LGD rates on the remaining instruments.

LyondellBasell operating performance in the first quarter 2008
remained broadly stable, while profitability of its US olefins
was affected by higher than originally anticipated oil prices,
and refining businesses was impacted by some operational issues
that precluded further improvement in its profitability, as
originally anticipated. The group continues to benefit from
supporting market conditions in Europe and internationally. At
the end of 2007, the leverage is estimated at close to 5 times
on an unadjusted basis.  At the peak of the petrochemical cycle,
Moody's views this level of leverage as elevated and notes that
the current B1 corporate family rating is underpinned by an
expectation of strong de-leveraging in the next 12 months.
Taking into account the substantial contribution of the Houston
refinery to EBITDA, Moody's notes that any operating issues at
the refinery are likely to have a meaningful impact on future
profitability of the group.

Moody's previously noted the substantial size of the interest
payments in relation to the Company's current FFO and a
substantial interest rate exposure.  In light of weaker than
originally anticipated performance of the group in 2008, the
high leverage nature of the company and likely slower
deleveraging, Moody's cautions that an early downturn in the
cycle or delays with implementation of the synergies in 2008 or
2009 may reduce the headroom under the financial covenants, that
the rating agency will continue to monitor.

In the environment of higher oil prices, LyondellBasell took
measures to strengthen its liquidity.  The group secured US$750
million unsecured revolver that was provided by its shareholder,
and has also negotiated a US$600 m extension to its asset-backed
inventory facility raised against assets of its U.S. chemicals
and refinery businesses.  As a result, the group has US$1.75
billion in revolver facilities and US$3.6 billion of
securitization and assets back facilities to support its working
capital and liquidity needs.

These ratings are affected:

   -- B1 Corporate family rating at LyondellBasell Industries AF
      SCA;

   -- Ba2/LGD 2 (26%) rating on the Senior Secured 1st lien
      facilities;

   -- B3/LGD 5 (77%) rating on Senior Secured 2d lien facility
      at BIL Holdings;

   -- B3/LGD 6 (94%) rating on 2015 8.375% notes at Basell AF
      SCA;

   -- B3/LGD 6 (94%) rating on 2027 8.1% notes at Basell Finance
      Company;

   -- B3/LGD 6 (94%) rating on 2026 7.55% notes at Lyondell
      Chemical Company (Assumed by Equistar LP);

   -- B3/LGD 6 (94%) rating on 2026 7.625% notes at Millennium
      America Inc.;

   -- B3/LGD 6 (94%) rating on 2010 10.25% notes at Lyondell
      Chemical Worldwide, Inc.;

   -- B3/LGD 6 (94%) rating on 2020 9.8% notes at Lyondell
      Chemical Worldwide, Inc.

Following the acquisition of Lyondell in 2007, LyondellBasell
became the world's largest independent producer of polypropylene
and advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and
licensing of polypropylene and polyethylene processes and
related catalyst sales.  The group is estimated to generate PF
US$40 billion in Revenues and US$4.4 billion in EBITDA in 2007.


SCIENTIFIC GAMES: Earns US$19.9 Million in First Quarter 2008
-------------------------------------------------------------
Scientific Games Corporation reported first quarter 2008
revenues of US$257.0 million, up 6% from US$242.3 million in the
first quarter of 2007.  Net income was US$19.9 million or
US$0.21 per diluted share, down from net income of US$24.8
million or US$0.26 per diluted share in the first quarter of
2007.

Non-GAAP adjusted net income, excluding the Global Draw Limited
earn-out accrual, phone card business restructuring cost, and
stock compensation expense was US$29.0 million or US$0.31 per
non-GAAP diluted share, compared to non-GAAP adjusted net income
of US$30.0 million or US$0.32 per non-GAAP diluted share in the
first quarter of 2007.

EBITDA for the first quarter of 2008 was US$76.9 million, up
from US$75.8 million in the first quarter of 2007. Adjusted
EBITDA increased 8% to US$89.9 million for the first quarter of
2008, compared to adjusted EBITDA of US$82.9 million for the
first quarter of 2007.

During the quarter ended March 31, 2008, Scientific Games
recorded charges of US$1.8 million, or US$0.01 per share, for a
portion of the Global Draw contingent earn-out, US$2.8 million,
or US$0.02 per share, for the phone card business restructuring
costs and a charge of US$8.5 million, or US$0.06 per share, for
stock compensation expense.

                          Printed Products

Printed Products Group revenue increased by 19% overall to
US$135.9 million in the first quarter; Printed Products Group
service revenue for the quarter was US$127.2 million, 22% ahead
of the first quarter of 2007.  Excluding revenues from Oberthur
Gaming Technologies (OGT) of US$19.5 million, the Pennsylvania
cooperative service contract re-pricing, and instant tickets
shipped to China, ‘same store’ sales growth in the quarter was
just under 9%.  Holding all of these things constant and
excluding licensed products, ‘same store’ sales were up 15% in
the quarter.  Once again we saw strong results from instant
ticket sales in the U.K. and in Italy.

As expected, overall margins in the Printed Products Group
improved sequentially from 39% in the fourth quarter of 2007 to
43% in the first quarter of this year, and nearly back to the
pre-OGT level of 44% recorded in the first quarter of 2007.  The
integration of OGT was completed part way through the first
quarter of 2008 and the company expects to see the full benefits
accruing in future quarters.  First quarter revenue and gross
margin were further impacted by the fact that while close to a
billion instant tickets were manufactured and delivered to
China, revenue was recognized on less than a quarter of the
production, with the balance expected to be recognized in the
second quarter.

As mentioned previously, the Printed Products Group underwent a
restructuring of the phone card business in the Leeds, England
plant in the first quarter 2008 and incurred a charge of US$2.8
million, predominantly for employee termination.  The redesign
of our phone card product allows us to significantly reduce the
number of employees needed to package the product and we expect
margins to improve from this segment going forward.

During the quarter, Scientific Games announced the successful
launch of Olympic-themed instant lottery tickets by the China
Sports Lottery in the People’s Republic of China.  The program
debuted on Sunday, March 23rd, in the Shandong province with
over 1,500 initial retail locations.  CSL has achieved
approximately 1.3 billion Yuan or US$180 million in sales since
this launch. CSL and Scientific Games have now expanded into
nine provinces with 13,500 retailers with plans to expand into
additional provinces approximately every two weeks until all 31
provinces in the PRC sell CSL instant tickets.

These initial results are all due to the company's successful
design, installation and operation of the national instant
ticket network with the CSL, comprising a central monitoring and
control system and a national call center.  The company expects
to have 40,000 instant ticket validation terminals online by the
start of the Beijing Olympics, and at least 90,000 terminals by
the end of 2009.  The company's CSL printing agreement to
establish a state-of-the-art instant ticket production facility
in China is also on track to be complete by the end of the year.

Subsequent to the end of the quarter, Scientific Games announced
it had been awarded its fourth cooperative service contract in
Germany with the Sachsen-Anhalt Lottery to supply instant
tickets and cooperative services to 2.5 million people and
approximately 670 retailers.

                   Lottery Systems Group

A year to year decline in one-time lottery equipment sales of
nearly US$3 million accounted for the overall decline in Lottery
Systems Group revenue in the quarter.  While Lottery Systems
Group margins declined slightly to 45% from 46% in 2007,
domestic system margins, which have been increasing steadily for
several quarters, improved once again by nearly a full
percentage point to 45%.

During the first quarter of 2008, Scientific Games announced a
contract to supply 25,000 Leonardo/WAVE(TM) terminals to SISAL
S.p.A., a leading Italian lottery and gaming company.  Terminal
deliveries will begin in the second quarter of this year and
continue for the next 36 months.

The Televisa Mexican lottery contract continued to have a
negative impact on earnings, costing the company US$2.8 million,
approximately US$0.02 per share, in the first quarter of 2008.   
As previously indicated, we believe the launch of instant
tickets is the key to future profitability.  At the present
time, progress has been made in this regard, and we are
cautiously optimistic that instant tickets will be launched
during the second half of 2008.

Subsequent to the end of the quarter, after an open and
competitive procurement process, the Pennsylvania Department of
Revenue announced it selected Scientific Games to enter into
negotiations for its lottery systems contract to supply a new
range of lottery equipment, including the “next-generation”
WAVE(TM) terminal.  The contract begins in January 2009, will
have an initial term of five years, and will provide for five
one-year extension options.  Also during the quarter the company
was granted a nine-month contract extension by the West Virginia
Lottery to allow our previously announced protest to run its
course.

                          Diversified Gaming

Global Draw’s ‘same store’ sales were up 36% in win per shop for
the first quarter of 2008 versus 2007; and 17% on a win per
terminal basis, both achieving record highs.  By the end of the
first quarter, Global Draw had connected 547 William Hill
betting shops, representing approximately 2,100 dual-screen
Nevada terminals, to the Global Draw server-based satellite
network.  The total Global Draw installed base in the U.K. has
now reached 11,746 terminals.  Initial installations into
Corporacion Interamericana de Entretenimiento (CIE) in Mexico
are performing ahead of expectations, recording win per day in
excess of competitive products. Global Draw is also witnessing
progress on expanding this network elsewhere in Latin America,
Eastern Europe and Asia.

In contrast to strong revenue growth in Global Draw, revenues
within Diversified Gaming were down in the racing—related
businesses and in Games Media Limited.  The former was impacted
by the shift of the racing communications business from our own
books to the Roberts Communications Network, LLC joint venture
in the second quarter of 2007.  Games Media was impacted by the
strategic shift in its business mix from one-time sale of analog
machines in the first quarter of last year, to a digital,
participation-based recurring revenue model at present.  As
previously reported, the roll-out of the new Games Media model,
which builds on the Global Draw infrastructure, is proceeding
exceedingly well.  Lastly, as indicated earlier in this release,
Diversified Gaming profits were impacted by nearly US$2 million
due to the Global Draw earn-out accrual.

During the quarter, Scientific Games signed new contracts with
Nassau Regional Off-Track Betting Corporation to replace the
existing totalisator services agreement for the provision of
wagering systems hardware, software, service, wagering devices
and a new digital Interactive Voice Response (IVR) telephone
wagering system as well as provide for the implementation of a
new Trackplay(TM) advanced deposit wagering (ADW) website.  The
company also signed four new contracts with customers in Germany
and Finland for the provision of pari-mutuel wagering systems,
terminal and services.

                    Share Repurchase Program

During the quarter Scientific Games purchased 1,000,000 shares
at an aggregate cost of approximately US$18.0 million or
US$18.03 per share.  The remaining authorization under the
company's stock repurchase program totaled US$172 million at
March 31, 2008.

                    Convertible Debentures

A market price event did not occur for the quarter ended
March 31, 2008 and, accordingly, the Convertible Debentures are
not convertible during the current quarter ending June 30, 2008.  
During the first quarter of 2008, the average price of the
company’s common stock did not exceed the specified conversion
price of US$29.10 of the Convertible Debentures. Because of
this, no additional shares of common stock have been included in
the weighted average number of diluted shares for the first
quarter of 2008.

                       About Scientific Games

Scientific Games Corporation (NASDAQ: SGMS) --  
http://www.scientificgames.com/-- is an integrated supplier of  
instant tickets, systems and services to lotteries worldwide, a
leading supplier of fixed odds betting terminals and systems,
Amusement and Skill with Prize betting terminals, interactive
sports betting terminals and systems, and wagering systems and
services to pari-mutuel operators.  It is also a licensed pari-
mutuel gaming operator in Connecticut, Maine and the Netherlands
and is a leading supplier of prepaid phone cards to telephone
companies.  Scientific Games’ customers are in the United States
and more than 60 other countries.


SCIENTIFIC GAMES: Moody's Rates New US$850 Mln Facility at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Scientific
Games Corporation's proposed US$600 million term loan and US$250
million revolving credit agreement.

Moody's also affirmed the company's Ba2 corporate family and
probability of default rating, and Ba3 rating on the existing
US$200 million senior subordinated debentures.  Moody's will
withdraw the ratings of the company's existing term loans and
revolver when the proposed transaction closes.  The rating
outlook is stable.

The proceeds from the new term loan will be used to refinance
outstanding loans under the company's existing term loan and
revolver and for general corporate purposes. The obligor under
the proposed facilities will be Scientific Games International,
Inc., a wholly owned subsidiary of SGC. The Facilities will be
secured by all assets and guaranteed by all domestic
subsidiaries, as well as by SGC.

The rating affirmation reflects SGC's leading position in the
faster growing instant ticket segment of the lottery industry,
good contract retention rates, and solid growth prospects
internationally. SGC has just finished absorbing several
acquisitions and consolidating instant ticket plant capacity.
Improvement in consolidated operating margins is expected as a
result of an improved cost structure along with the new instant
ticket contract in China, solid instant ticket growth in the UK
and Italy, and a growing installed base of fixed odds and sports
betting terminals.

Credit concerns include above average leverage for the rating
category, a decline in consolidated operating margins over the
past few years, spending to support growth initiatives,
particularly in China, and a potential slow down in domestic
lottery demand due to weak macro-economic conditions.

Rating assigned:

    * Scientific Games International, Inc.

   -- US$600 million term loan at Ba1 (LGD 2, 29%)
   -- US$250 million revolving credit facility at Ba1 (LGD2,
      29%)

Ratings to be withdrawn:

   -- US$300 million revolver at Ba1 (LGD2, 25%)
   -- US$100 million term loan C at Ba1 (LGD 2, 25%)
   -- US$150 million term loan D at Ba1 (LGD 2, 25%)
   -- US$200 million term loan E at Ba1 (LGD 2, 25%)

Scientific Games Corporation is a provider of services, systems,
and products to both the instant ticket lottery industry and
pari-mutuel wagering industry.  The company operates in three
business segments: Printed Products, Lottery Systems, and
Diversified Gaming. Revenues for the year ended December 31,
2007 were US$1.0 billion.


===========
N O R W A Y
===========


NORSKE SKOGINDUSTRIER: Shows Weak Results in First Quarter 2008
---------------------------------------------------------------
Norske Skogindustrier ASA reported that gross operating profit
before depreciation and all special items was NOK489 million in
the first quarter of 2008, down from 778million in the fourth
quarter of 2007.  The weakened result is due to lower newsprint
prices in Europe, increased prices on several input factors and
currency factors.  Price increases have been implemented for
magazine paper in Europe and newsprint in China. With the
exception of magazine paper, all segments show weaker results,
and in some cases significantly weaker results.

"Seasonal fluctuations add to the weak result. However, the
strong cost growth, combined with a weak price development for
newsprint in Europe, is the largest challenge facing Norske
Skog," says CEO Christian Rynning-Tønnesen.

Decisions have been made to shut down three paper machines in
2008.  This is expected to yield a result improvement of NOK 500
million per year.  In addition, staff reductions and other
measures have been carried out at the corporate centre which
will give annual cost savings of about NOK 150 million.

One of Norske Skog's main priorities is to reduce net debt by
generating sufficient cash flow from operations and
transactions.  As previously reported, Norske Skog is working
with external advisers to review various models to restructure
the group and reduce the debt.

The underlying operating profit, containing NOK145 million in
realised gains from currency hedging, amounted toNOK 634 million
in the quarter.  The corresponding figure in the fourth quarter
of 2007 was NOK926 million.

The net loss after tax was NOK 966 million in the first quarter
of 2008.  The halting of the Pisa PM2 project in Brazil has
added NOK 665 million in termination costs and impairments to
the accounts.

Operations generated a good cash flow during the quarter,
NOK832 million in total.  This has contributed to reducing net
interest-bearing debt with NOK666 million from year-end 2007,
and as of March 31, 2008, it amounts to NOK15.7 billion.  

               Outlook for the remainder of 2008

Measured in local currency, stable newsprint prices are expected
in Europe, lower prices in Australia from July 1, and price
increases in Asia.  The price increase on input factors remains
a concern.  The second half of 2008 will see cost savings as a
result of the shutdown of paper machines and other cost-reducing
measures.

                About Norske Skogindustrier

Norske Skogindustrier ASA -- http://www.norskeskog.com/--  
produces and supplies paper and related products to the
concerned industry.  The company's products are used to make
newspapers, telephone directories, inserts, flyers, magazines,
catalogs, and books.  Its operations are carried out through
three segments: Newsprint, Magazine Paper and Other.  The
Newsprint segment produces news papers, free sheets, telephone
directories, catalogues and supplements.  The Magazine Paper
segment produces uncoated super calendared (SC) and coated
lightweight coated (LWC) paper for magazines, catalogues and
advertising material.  Other activity includes the sale of wood
and energy to external parties.  Its product lines include
newsprint brand Nornews; directory paper brands Bio Bio and
Tasman; improved newsprint brands Norbright, Norstar, and NorX;
and book paper brand Norbook. Norske Skog, which incorporates
recycled paper into some products, operates about 20 paper mills
worldwide.


NORSKE SKOGINDUSTRIER: S&P's BB- Ratings Remains on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' long-term
corporate credit ratings on Norway-based forest product company
Norske Skogindustrier ASA remain on CreditWatch, where they were
placed with negative implications on April 21, 2008, reflecting
weaker financial prospects and increasing liquidity concerns.

"Norske Skog's first quarter performance was weak, as expected,
but the company managed to contain the shrinkage of its covenant
headroom, which we view as positive," said Standard & Poor's
credit analyst Andreas Zsiga.

"As expected, the annual shareholder meeting approved a
cancellation of dividends for 2007 and settled the composition
of the company's board," he added.

The CreditWatch placement continues to reflect the risk of a
further weakening of the newsprint market in the event of a deep
and sustained recession, implying that the company's financial
profile would be commensurate with a rating in the 'B' category.
It also reflects the risk of a reduction of covenant headroom to
uncomfortably low levels for a 'BB-' rating in the prevailing
environment.

While we view Norske Skog's liquidity as adequate, based on the
company's currently available resources, the covenant situation
is a concern.  The company's shrinking covenant headroom
heightens its short- to medium-term liquidity exposure to
adverse developments in the currently challenging credit
market conditions and could have implications for refinancing in
the 2010-2011 period.

In resolving the CreditWatch placement, we will take into
consideration the company's performance in the first two
quarters of 2008, progress on asset disposals, other measures to
improve the company's financial position, and prospects for
developments in the economy and the publication paper market.


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


* Number of Bankrupt Polish Companies Climb to 95 in 1Q 2008
------------------------------------------------------------
The number of companies going bankrupt in Poland increased to 95
in the first quarter of 2008, compared to 90 in the previous
quarter, the Financial Times reports, citing Polish News
Bulletin.  

According to Grzegorz Blachnio of Euler Hermes, the figures
indicate the end of the sharp downward trend in bankruptcy
numbers, the FT relates.

FT says most of the firms that went bust during the quarter were
limited liability companies from the food and agricultural,
particularly product wholesalers and meat producers, and
construction sectors.

However, bankruptcies in Poland are expected to drop to 470 in
2008, the FT notes.

Among the biggest companies that collapsed during the quarter
were Warszawska Wytwornia Wodek Koneser, Zaklady Miesne Polmeat,
Jelcz, Metalpol and Solmar, the  paper discloses.


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


B.I.N. BANK: Aborted Sale of Bank Cues Fitch to Affirm Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Russia-based B.I.N's ratings at Long-
term IDR 'B-', Short-term IDR 'B', Individual 'D', Support '5',
Support Rating Floor 'No Floor' and National Long-term
'BB(rus)'.  

The rating action follows B.I.N.'s announcement on May 6, 2008,
that Mikhail Shishkhanov, the bank's majority owner, has
canceled the planned sale of the bank to local businessman Vadim
Moshkovich.

Fitch has removed B.I.N. Bank's Long-term Issuer Default rating
and National Long-term rating from Rating Watch Positive and
assigned them Positive Outlooks.

B.I.N.'s Long-term IDR and National Long-term rating were put on
RWP on March 26, 2008.  This reflected Fitch's view that the
bank's financial profile had improved sufficiently to warrant a
Long-term IDR of 'B', but that the Long-term IDR was constrained
at the 'B-' level by residual political risks.  These risks
related to the bank's ownership by Mr. Shishkhanov and the fact
that fraud and tax evasion charges had been brought against his
uncle, Mikhail Gutseriev, in 2007.  The removal of the RWP and
affirmation of B.I.N.'s ratings reflect Fitch's view that some
political risk remains given the current ownership structure.

The Positive Outlooks reflect Fitch's base case expectation that
B.I.N. will, nevertheless, not be significantly impacted in
connection with the charges brought against Mr. Gutseriev.  The
bank's funding base has proved relatively stable in recent
months notwithstanding the negative publicity surrounding Mr.
Gutseriev and the uncertainty surrounding the potential change
in ownership.  Furthermore, Fitch has been informed that the
sale of oil company Russneft has been virtually completed by Mr.
Gutseriev, and that the latter has no contingent obligations to
the buyer in respect to the tax charges currently being brought
against the company.  If perceived political risks relating to
B.I.N. and its owner continue to lessen over time, Fitch expects
to upgrade the bank's Long-term IDR to 'B'.

Following the sale termination, B.I.N.'s previous senior
management has returned to the day-to-day management of the
bank. Mr. Shishkhanov, who had been the bank's president from
1996 to first quarter of 2008, is to chair the board of
directors, and Grigory Guselnikov, the bank's first vice-
president until recently, is to be appointed as the bank's
president.  Management plans no significant changes in strategy,
liquidity and risk management, while Mr. Shishkhanov plans to
provide a US$100 million 10-year subordinated loan before end-
H108 to support capitalization.

B.I.N. Bank was set up in 1993 in Moscow.  At end of first
quarter of 2008, it was the 44th-largest bank by assets in
Russia.  BIN's core focus is on lending to medium-sized
corporates, although it is diversifying into retail operations
and expanding regionally.  It currently has a network of 125
outlets in Moscow and across Russia.


EVRAZ GROUP: Banks Complete US$500-Million Loan's Syndication
-------------------------------------------------------------
Banks have completed the syndication of a US$500 million bridge
loan Evraz Group S.A. would use to finance its acquisition of
IPSCO's Canadian plate and pipe business from Svenskt Stal AB,
Reuters reports citing sources privy to the deal.

Evraz had planned a US$2.1 billion loan, but reduced the amount
to US$500 million after it completed a US$1.6 billion Euurobond
issue, Reuters relates.  

As reported in the Troubled Company Reporter-Europe on March 17,
2008, Evraz said that the would have a net cost of US$2.3
billion.  The transaction will be financed by a combination of a
bridge loan raised at the Evraz level, as well as a non-recourse
term loan arranged at the acquired company level.  Under the
structure of the agreed transaction, Evraz will also acquire the
IPSCO Tubulars from SSAB and then sell it to OAO TMK.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on May 7, 2008, Fitch Ratings
affirmed Evraz's Long-term IDR and senior unsecured ratings of
'BB' and Short-term IDR of 'B'.  The ratings of Mastercroft
Limited (Evraz's core subsidiary holding most of its key
operating assets within Russia) are also affirmed at Long-term
IDR 'BB' and Short-term IDR 'B', as is the senior unsecured 'BB'
rating of Evraz Securities S.A.  The Outlooks for Evraz's and
Mastercroft Limited's Long-term IDRs are Stable.

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

As reported in the TCR-Europe on March 18, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd.  S&P also affirmed the Russia national scale
ratings on Evraz and Mastercroft at 'ruAA'.  The outlook is
positive.

At the same time, Moody's Investors Service placed Evraz's Ba2
corporate family rating, Ba2 rating for Senior Notes due 2009
and Ba3 rating for Senior Notes due 2015 on review for possible
downgrade following the recent announcement of the acquisition
of IPSCO's Canadian plate and pipe business from SSAB for a net
cost of US$2.3 billion.


MARS-PLUS CJSC: Court Names A. Fedorenko as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Primorye appointed A. Fedorenko as
Insolvency Manager for CJSC Mars-Plus.  He can be reached at:

         A. Fedorenko
         Post User Box 3
         690049 Vladivostok
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-11783/2007 11-183.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         CJSC Mars-Plus
         Lugovaya Str. 33
         Vladivostok
         Russia


NADEZHDINSKOE OJSC: Creditors Must File Claims by May 26
--------------------------------------------------------
Creditors of OJSC Nadezhdinskoe have until May 26, 2008, to
submit proofs of claim to:

         S. Pisarets
         Insolvency Manager
         Office 1
         Svetlanskaya Str. 145
         Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-14066/2007 26-284/102b.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         OJSC Nadezhdinskoe
         Tsentralnaya Str. 47
         Prokhladnoe
         Nadezhninskiy
         Primorye
         Russia


NEW WORLD: Creditors Must File Claims by June 26
------------------------------------------------
Creditors of LLC Agricultural Company New World (TIN 5049014395)
have until June 26, 2008, to submit proofs of claim to:

         N. Artemova
         Insolvency Manager
         Post User Box 51
         129327 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-?2-14975/05.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company New World
         Ilyidcha Pr. 55
         Shatura
         140700 Moscow
         Russia


SOCHI-MILK: Krasnodar Bankruptcy Hearing Slated for May 18
----------------------------------------------------------
The Arbitration Court of Krasnodar will convene on May 18, 2008,
to hear the bankruptcy supervision procedure on CJSC Sochi-Milk
Named After Petr Sozdanov (TIN 2320013411).  The case is
docketed under Case No. A-32-148/08-38/04-B.

The Temporary Insolvency Manager is:

         S. Kochetov
         Office 4
         Frunze Str. 15
         350063 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Sochi-Milk Named After Petr Sozdanov
         Gastelo Str. 23A
         Sochi
         Krasnodar
         Russia


SPECIAL BUILDING: Courts Names O. Savin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Arkhangelsk appointed O. Savin as
Insolvency Manager for CJSC Special Building Technologies.  He
can be reached at:

         O. Savin
         Office 20
         Morskoy Pr. 50a
         Severodvinsk
         164523 Arkhangelsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-1415/2008.


The Court is located at:

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

The Debtor can be reached at:

         CJSC Special Building Technologies
         Chayachiy
         Severodvinsk
         164500 Arkhangelsk
         Russia


STO CJSC: Creditors Must File Claims by June 26
-----------------------------------------------
Creditors of CJSC STO (TIN 3805401988, OGRN 1023800916644) have
until June 26, 2008, to submit proofs of claim to:

         D. Slaykovskiy
         Insolvency Manager
         Apt. 7
         Pirogova Str. 1/2
         Bratsk
         665730 Irkustk
         Russia

The Arbitration Court of Irkustk will convene at 10:00 a.m. on
April 1, 2009, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A19-1830/08-60.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         CJSC STO
         Sibteplomash
         Bratsk
         665703 Irkustk
         Russia


STROY-DESIGN-M: Creditors Must File Claims by June 26
-----------------------------------------------------
Creditors of LLC Story-Design-M have until June 26, 2008, to
submit proofs of claim to:

         A. Ponomarev
         Insolvency Manager
         Truda Pr. 65
         394026 Voronezh
         Russia

The Arbitration Court of Voronezh will convene at 10:00 a.m. on
July 17, 2008, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A14-429-2008/3/33b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Story-Design-M
         Apt. 20
         Kurchatova Str. 21
         Shilovo
         394048 Voronezh
         Russia


VIMPELCOM: Moody's Changes Outlook on Ba2 Ratings to Positive
-------------------------------------------------------------
Moody's Investors Service changed the outlook on the Ba2
corporate family and bond ratings of Vimpel Communications to
positive from stable.

The change in the outlook reflects:

   (i) the company's continued robust operational and financial
       performance, resulting in the generation of approximately
       US$1.0 billion in free cash flow (defined as operating
       cash flow less capex and dividends) in 2007;

  (ii) its status as the second-largest mobile operator in
       Russia and the CIS;

(iii) its strengthening positions in other CIS markets;

  (iv) its acquisition of the alternative fixed-line operator
       Golden Telecom ("GTI", Ba3, stable), effectively creating
       the first all-Russian integrated telecommunications
       provider;

   (v) pro-forma consolidated leverage (measured by adjusted
       debt/EBITDA) of below 2.0x after acquisition of GTI; and

  (vi) reduced refinancing risk resulting from the successful
       establishment of the permanent capital structure to
       service the GTI acquisition.

VimpelCom has further strengthened its position within the Ba2
rating category over the last 12 months due to a reduction in
leverage and the generation of free cash flow for the second
consecutive year.  Moody's notes that the acquisition of Golden
Telecom, a facilities-based Russian fixed-line operator with
strong positions in the Moscow corporate market and a growing
presence in the 20 largest Russian cities, will underpin the
company's business profile as it becomes the country's first
fully integrated nationwide telecommunications service provider.  
However, Moody's cautions that, although the management of both
companies has a strong integration track record and has outlined
its strategy for integrating Golden Telecom, the actual joint
performance of the two companies remains to be tested and will
be closely monitored by the rating agency over the next six to
eight months.

Given the positive outlook, a rating upgrade is a strong
possibility and would likely be prompted by the successful
integration of Golden Telecom, demonstrated by first-half 2008
financial and operating results, coupled with consistent
financial policies and evidence of positive business profile
developments following the integration of the wireline business.

Conversely, any of the following developments could, separately
or in combination, exert pressure on the ratings:

   (i) large bolt-on debt-financed acquisitions beyond Moody's
       current expectations;

  (ii) aggressive financial policies and an increase in leverage
       above Debt/EBITDA 2.0x on an adjusted basis; and

(iii) any developments relating to the conflict between
       VimpelCom's major shareholders that Moody's assesses as
       being unfavorable for the company's operating activity
       or strategic position.

VimpelCom is the second-largest Russian provider of mobile
telecommunications services, under the "Beeline" brand.  For the
year ended Dec. 31, 2007, the company generated US$7.2 billion
in revenue with a reported 50.2% operating income before
depreciation and amortization margin.


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


FTA UCI 16: Fitch Junks Class E Notes' Rating
---------------------------------------------
Fitch Ratings has downgraded seven tranches from FTA UCI 14, 15,
16 and 17 residential mortgage-backed securities transactions
and changed the Outlooks for several tranches following a
performance review.  The collateral was originated by Union de
Creditos Inmobiliarios E.F.C. S.A.  The rating actions are:

Fondo de Titulizacion de Activos, UCI 14:

   -- Class A (ISIN ES0338341003): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0338341011): affirmed at 'A+'; Outlook
      changed to Negative from Stable.

   -- Class C (ISIN ES0338341029): downgraded to 'BBB-' from
      'BBB+'; Outlook remains Negative

Fondo de Titulizacion de Activos, UCI 15:

   -- Class A (ISIN ES0380957003): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0380957011): affirmed at 'A+'; Outlook
      changed to Negative from Stable.

   -- Class C (ISIN ES0380957029): downgraded to 'BBB-'from
      'BBB+'; Outlook remains Negative

Fondo de Titulizacion de Activos, UCI 16:

   -- Class A1 (ISIN ES0338186602): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0338186010): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0338186028): downgraded to 'A-' from 'A';
      Outlook changed to Negative from Stable

   -- Class C (ISIN ES0338186036): downgraded to 'BB+' from
      'BBB'; Outlook remains Negative

   -- Class D (ISIN ES0338186044): downgraded to 'BB-' from
      'BB+'; Outlook remains Negative

   -- Class E (ISIN ES0338186051): affirmed at 'CCC'; Outlook
      changed to Negative from Stable

Fondo de Titulizacion de Activos, UCI 17:

   -- Class A1 (ISIN ES0337985008): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0337985016): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0337985024): downgraded to 'A-' from 'A';
      Outlook changed to Negative from Stable

   -- Class C (ISIN ES0337985032): downgraded to 'BB+' from
      'BBB'; Outlook changed to Negative from Stable

   -- Class D (ES0337985040): affirmed at 'CCC'; Outlook changed
      to Negative from Stable

Fitch's rating actions are driven by the continued deterioration
in credit performance.  Despite limited seasoning, particularly
for UCI 16 and UCI 17, delinquencies have deteriorated
significantly in recent quarters and are presently above Fitch's
expectations when it assigned the ratings.  At end of March 2008
each of the deals reported a steep increase in 90-day plus
delinquencies compared to September 2007: UCI 14: 4.27% of
portfolio (from 3.3%), UCI 15: 5.67% (3.13%), UCI 16: 5.92%
(2.37%) and UCI 17 3.48% (0.25%).

UCI transactions have reported limited defaults to date, largely
due to their back-end loaded default recognition (over 18
months) and provisioning mechanism.  At end on February 2008,
reported defaults for UCI 14 and 15 stood at 0.58% and 0.42%,
respectively, above Fitch's expectations.  There were no
reported defaults for UCI 16 and 17 as they are not yet over 18
months-seasoned.  The provisioning mechanism in these
transactions is invoked for loans that are in excess of 18-
months delinquent and the amount of provisioning for first lien
mortgage loans is a function of the current LTV and the
delinquency status.  Fitch believes these structural features
are not allowing arrears to be written off promptly to
compensate weaker collateral performance.

In recent quarters, available excess spread in these
transactions has declined due to high arrears and the mismatch
of interest in the pool that creates volatility.  Also, other
than UCI 17, none of the transactions have a swap in place to
guard against basis risk.

Given lower available excess spread and growing late-stage
delinquency buckets, Fitch believes the reserve fund may be
drawn for UCI 14 and UCI 15 in the next quarters.  For example,
UCI 14 has loans in arrears by 15-17 months of 0.27%, most of
which is likely to default in the next quarter.  This, plus the
defaulted loans in previous quarters that are still to be
written off may cause the reserve fund to be drawn in the next
quarter.  Except for UCI 17, all the deals do not have a
performance trigger to stop the reserve fund from amortizing if
arrears exceed a certain percentage.  After three years of the
transactions' close, the reserve fund might start to amortize
from November 2008 for UCI 14 and June 2009 for UCI 15.

Given the steady rise in arrears, Fitch believes servicing and
recoveries have grown in importance and are a key factor in
UCI's future performance.  Historically, UCI has demonstrated
good servicing processes that resulted in high recoveries.
However, the softening Spanish housing market is placing
pressure on house prices and extending the time required to
liquidate properties.  Positively, loans in the UCI 14 and UCI
15 transactions have approximately two years of seasoning and
benefited from home price appreciation, which would help to
support recoveries.  In addition, select loans in these UCI
transaction benefit from mortgage insurance, which could benefit
recovery performance.

Compared to the two other UCI deals, the UCI 14 and UCI 15 deals
have better seasoning and experienced greater credit enhancement
growth as a result of de-leveraging.  As a result, they have
seen more modest negative rating actions, with downgrades
concentrated in the class C notes.

UCI is a specialized lender that targets borrowers usually not
well served by the traditional banks, such as young borrowers
with a short employment history, and typically charges higher
margins than the rest of the market.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit
support available to each class of notes and has also fully re-
modeled them, including revision assumptions, and expected
levels of delinquency, defaults, prepayments and recoveries in
line with the relevant rating scenarios, based on performance to
date.


FTA UCI 17: Fitch Junks Rating on Class D Notes
-----------------------------------------------
Fitch Ratings has downgraded seven tranches from FTA UCI 14, 15,
16 and 17 residential mortgage-backed securities transactions
and changed the Outlooks for several tranches following a
performance review.  The collateral was originated by Union de
Creditos Inmobiliarios E.F.C. S.A.  The rating actions are:

Fondo de Titulizacion de Activos, UCI 14:

   -- Class A (ISIN ES0338341003): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0338341011): affirmed at 'A+'; Outlook
      changed to Negative from Stable.

   -- Class C (ISIN ES0338341029): downgraded to 'BBB-' from
      'BBB+'; Outlook remains Negative

Fondo de Titulizacion de Activos, UCI 15:

   -- Class A (ISIN ES0380957003): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0380957011): affirmed at 'A+'; Outlook
      changed to Negative from Stable.

   -- Class C (ISIN ES0380957029): downgraded to 'BBB-'from
      'BBB+'; Outlook remains Negative

Fondo de Titulizacion de Activos, UCI 16:

   -- Class A1 (ISIN ES0338186602): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0338186010): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0338186028): downgraded to 'A-' from 'A';
      Outlook changed to Negative from Stable

   -- Class C (ISIN ES0338186036): downgraded to 'BB+' from
      'BBB'; Outlook remains Negative

   -- Class D (ISIN ES0338186044): downgraded to 'BB-' from
      'BB+'; Outlook remains Negative

   -- Class E (ISIN ES0338186051): affirmed at 'CCC'; Outlook
      changed to Negative from Stable

Fondo de Titulizacion de Activos, UCI 17:

   -- Class A1 (ISIN ES0337985008): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0337985016): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0337985024): downgraded to 'A-' from 'A';
      Outlook changed to Negative from Stable

   -- Class C (ISIN ES0337985032): downgraded to 'BB+' from
      'BBB'; Outlook changed to Negative from Stable

   -- Class D (ES0337985040): affirmed at 'CCC'; Outlook changed
      to Negative from Stable

Fitch's rating actions are driven by the continued deterioration
in credit performance.  Despite limited seasoning, particularly
for UCI 16 and UCI 17, delinquencies have deteriorated
significantly in recent quarters and are presently above Fitch's
expectations when it assigned the ratings.  At end of March 2008
each of the deals reported a steep increase in 90-day plus
delinquencies compared to September 2007: UCI 14: 4.27% of
portfolio (from 3.3%), UCI 15: 5.67% (3.13%), UCI 16: 5.92%
(2.37%) and UCI 17 3.48% (0.25%).

UCI transactions have reported limited defaults to date, largely
due to their back-end loaded default recognition (over 18
months) and provisioning mechanism.  At end on February 2008,
reported defaults for UCI 14 and 15 stood at 0.58% and 0.42%,
respectively, above Fitch's expectations.  There were no
reported defaults for UCI 16 and 17 as they are not yet over 18
months-seasoned.  The provisioning mechanism in these
transactions is invoked for loans that are in excess of 18-
months delinquent and the amount of provisioning for first lien
mortgage loans is a function of the current LTV and the
delinquency status.  Fitch believes these structural features
are not allowing arrears to be written off promptly to
compensate weaker collateral performance.

In recent quarters, available excess spread in these
transactions has declined due to high arrears and the mismatch
of interest in the pool that creates volatility.  Also, other
than UCI 17, none of the transactions have a swap in place to
guard against basis risk.

Given lower available excess spread and growing late-stage
delinquency buckets, Fitch believes the reserve fund may be
drawn for UCI 14 and UCI 15 in the next quarters.  For example,
UCI 14 has loans in arrears by 15-17 months of 0.27%, most of
which is likely to default in the next quarter.  This, plus the
defaulted loans in previous quarters that are still to be
written off may cause the reserve fund to be drawn in the next
quarter.  Except for UCI 17, all the deals do not have a
performance trigger to stop the reserve fund from amortizing if
arrears exceed a certain percentage.  After three years of the
transactions' close, the reserve fund might start to amortize
from November 2008 for UCI 14 and June 2009 for UCI 15.

Given the steady rise in arrears, Fitch believes servicing and
recoveries have grown in importance and are a key factor in
UCI's future performance.  Historically, UCI has demonstrated
good servicing processes that resulted in high recoveries.
However, the softening Spanish housing market is placing
pressure on house prices and extending the time required to
liquidate properties.  Positively, loans in the UCI 14 and UCI
15 transactions have approximately two years of seasoning and
benefited from home price appreciation, which would help to
support recoveries.  In addition, select loans in these UCI
transaction benefit from mortgage insurance, which could benefit
recovery performance.

Compared to the two other UCI deals, the UCI 14 and UCI 15 deals
have better seasoning and experienced greater credit enhancement
growth as a result of de-leveraging.  As a result, they have
seen more modest negative rating actions, with downgrades
concentrated in the class C notes.

UCI is a specialized lender that targets borrowers usually not
well served by the traditional banks, such as young borrowers
with a short employment history, and typically charges higher
margins than the rest of the market.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit
support available to each class of notes and has also fully re-
modeled them, including revision assumptions, and expected
levels of delinquency, defaults, prepayments and recoveries in
line with the relevant rating scenarios, based on performance to
date.


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


ARVINMERITOR INC: Gets Go-Signal to Buy American LaFrance Assets
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the Bill of Sale and Repurchase Agreement that American LaFrance
LLC entered into with ArvinMeritor, Inc. pursuant to Section
363(f) of the Bankruptcy Code.

American LaFrance filed a request to approve its agreement with
ArvinMeritor on Feb. 14, 2008, but withdrew it days later for
unstated reasons.

Christopher A. Ward, Esq., at Klehr, Harrison, Harvey, Branzburg
& Ellers, LLP, in Wilmington, Delaware, related that the
proposed agreement contemplates ArvinMeritor's repurchase of
axles, free and clear of liens, claims, and interests that
ArvinMeritor previously sold to the Debtor.  In exchange for the
repurchase:

  (i) ArvinMeritor will reduce American LaFrance's outstanding
      balance to ArvinMeritor;

(ii) The axles will remain at American LaFrance's facilities;

(iii) American LaFrance will repurchase the axles from
      ArvinMeritor as needed for the American LaFrance's
      production during the next 12 months;

(iv) ArvinMeritor will continue to supply new products to the
      Debtor on a cash-on-order basis; and

  (v) American LaFrance will also waive the Chapter 5 cause of
      action against ArvinMeritor.

Mr. Ward notes that ArvinMeritor will repurchase the axles for
92% of their original purchase price or US$1,044,723.  "This
price exceeds the value that the Debtor can obtain if it were to
sell these axles in a piecemeal fashion.

                   About American LaFrance

Headquartered in Summerville, South Carolina, American LaFrance
LLC -- http://www.americanlafrance.com/-- is one of the
oldest fire apparatus manufacturers and one of the top six
suppliers of emergency vehicles in North America.  The company
filed for Chapter 11 protection on Jan. 28, 2008 (Bankr. D. Del.
Case No. 08-10178).  Ian T. Peck, Esq., and Abigail W. Ottmers,
Esq., at Haynes and Boone LLP, are the Debtor's proposed Lead
Counsel.  Christopher A. Ward, Esq., at Klehr, Harrison, Harvey,
Branzburg & Ellers LLP, are the Debtor's proposed local counsel.  
In its schedules of assets and debts filed Feb. 4, 2008, the
Debtor disclosed US$188,990,680 in total assets and
US$89,065,038 in total debts.

The Debtor's exclusive period to file a plan expires on May 27,
2008.

                      About ArvinMeritor

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

(American LaFrance Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).
                          *     *     *

As reported in the Troubled Company Reporter on May 7, 2008,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating and other ratings on ArvinMeritor Inc.  The
outlook remains negative.


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


CHRIMA BUCHS: Creditors’ Liquidation Claims Due on May 15
---------------------------------------------------------
Creditors owed money by LLC CHRIMA Buchs are requested to submit
their proof of claims by May 15, 2008 to:

      Christian Mayer
      Liquidator
      Steinachermattweg 4
      5033 Buchs AG
      Switzerland

The company is currently undergoing liquidation proceedings in
Buchs AG.  The decision about liquidation was accepted at the
extraordinary shareholder’s meeting on March 5, 2008.


HAPPY HORSE: Proofs of Claim Filing Deadline is May 15
------------------------------------------------------
Creditors owed money by LLC Happy Horse are requested to submit
their proof of claims by May 15, 2008 to:

      Anton Gschwind-Ledermann
      Liquidator
      Biederthalstr. 25
      4118 Rodersdorf
      Switzerland

The company is currently undergoing liquidation proceedings in
Binningen.  The decision about liquidation was accepted at the
extraordinary shareholder’s meeting on March 14, 2008.


LABEL SOLUTIONS: Creditors have Until May 14 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC LABEL SOLUTIONS are requested to
submit their proof of claims by May 14, 2008 to:

      Andrea R.Trumpy
      Liquidator
      Burgstrasse 1
      8750 Glarus
      Switzerland

The company is currently undergoing liquidation proceedings in
Wollerau.  The decision about liquidation was accepted at the
extraordinary shareholder’s meeting on March 28, 2008.


MARIANA ENTERPRISES: Creditors’ Liquidation Claims Due May 15
-------------------------------------------------------------
Creditors owed money by JSC Mariana Enterprises are requested to
submit their proof of claims by May 15, 2008 to:

      Rolli Treuhand
      Liquidator
      JSC Trust Company
      8103 Unterengstringen
      Switzerland

The company is currently undergoing liquidation proceedings in
Cham.  The decision about liquidation was accepted at the
extraordinary general meeting on June 15, 2006.


PRESTIGE LLC: Zug Court Commences Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Prestige on April 1, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


RCH HOLDING: Bankruptcy Proceedings Initiated by Zug Court
----------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC RCH Holding on April 1, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


TRADELEASE JSC: Creditors Must File Proofs of Claim by May 15
-------------------------------------------------------------
Creditors owed money by JSC Tradelease are requested to submit
their proof of claims by May 15, 2008 to:

      JSC Tradelease
      6315 Oberageri,
      Switzerland

The company is currently undergoing liquidation proceedings in
Oberageri.  The decision about liquidation was accepted at the
extraordinary general meeting on March 20, 2008.


VINOS ACCADEMIA: Deadline to File Proofs of Claim is May 15
-----------------------------------------------------------
Creditors owed money by JSC Vinos Accademia MdM are requested to
submit their proof of claims by May 15, 2008 to:

      Isidor Mora
      Liquidator
      Brunnmattstr. 33
      8103 Unterengstringen
      Switzerland

The company is currently undergoing liquidation proceedings in
Zurich.  The decision about liquidation was accepted at the
extraordinary general meeting on March 16, 2007.


X-RITE INC: Moody's Junks Corporate Family Rating
-------------------------------------------------
Moody's Investors Service lowered X-Rite, Inc.'s corporate
family rating to Caa1 from B2.

Moody's also lowered the rating on the company's first lien
senior secured credit facilities to B3 from B1 and the rating on
the second lien term loan to Caa3 from Caa1.  All ratings remain
under review for possible downgrade.  As part of this action,
Moody's also affirmed the company's SGL-4 speculative grade
liquidity rating.

The downgrade reflects Moody's concern over X-Rite's ability to
execute on its OEM sales initiatives given that design wins have
been slower than expected.  The downgrade also reflects Moody's
concern over the sustainability of X-Rite's capital structure in
light of softening demand from its key OEM customers, weakening
consumer economies in the U.S. and Europe that pressure the
retail business unit as well as a generally uncertain
macroeconomic environment and the ongoing integrations of Amazys
and Pantone.  Moody's notes that the company's cash conversion
cycle has slowed over the past few years, although recognizing
that this is partly a function of recent acquisition activity.
Nevertheless, the company has recently taken steps to improve
its working capital management, including extending its payable
days with certain vendors.

X-Rite was not in compliance with the covenants governing its
first and second lien credit facilities as of the March 2008
quarter (specifically, the company violated the leverage
covenant under the first lien credit facilities while it
experienced a technical default under the second lien term
loan).  Additionally, X-Rite must address a $12.1 million
obligation arising from Goldman Sachs Capital Markets'
termination of the swap agreement with the company.  The company
has yet to secure a forbearance agreement, which requires
majority approval of both first and second lien lenders. Given
recent challenges, the company publicly announced that it has
engaged RBC Capital Markets as its financial advisor.

Moody's review will continue to focus on the status of X-Rite's
negotiations with its first lien and second lien lenders, and
Goldman Sachs Capital Markets, and its ability to secure a
timely forbearance agreement and/or amendment.  The review will
also focus on the status of the Pantone and Amazys integrations
as well as an assessment of the company's operating performance,
the potential cost savings associated with its expanded cost
reduction plan, business strategy, and liquidity.

The affirmation of the SGL-4 speculative grade liquidity rating
incorporates the recent covenant violations, the restricted
access to the revolving credit facility, and the likelihood that
softening demand levels and a weak economic environment will
pressure the company's cash flows.

These ratings were downgraded:

   -- Corporate family rating, to Caa1 from B2;

   -- Probability-of-default rating, to Caa1 from B2;

   -- US$40 million senior secured revolving credit facility due
      2012, to B3 (LGD3, 36%) from B1 (LGD3, 35%);

   -- US$270 million first lien senior secured term loan due
      2012, to B3 (LGD3, 36%) from B1 (LGD3, 35%);

   -- US$105 million second lien senior secured term loan due
      2013, to Caa3 (LGD5, 87%) from Caa1 (LGD5, 87%).


X-Rite, Inc., headquartered in Grand Rapids, MI, is the world's
largest provider of color measurement systems offering hardware,
software, and support solutions that ensure color accuracy. The
company reported sales of approximately $240 million through the
twelve months ended March 29, 2008.

The company's European headquarters is located at Switzerland.
In the Asia Pacific Region, the company's regional headquarters
is in Hong Kong.


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


BARANOVKA PORCELAIN: Proofs of Claim Deadline Set May 22
--------------------------------------------------------
Creditors of LLC Trading House Baranovka Porcelain (code EDRPOU
33265756) have until May 22, 2008, to submit proofs of claim to:
         
         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on April 2, 2008.  
The case is docketed as 3/39-b.

The Debtor can be reached at:

         LLC Trading House Baranovka Porcelain
         Lenin Str. 55
         Baranovka
         Zhytomir
         Ukraine


CHERKASSY GRAINTRADING: Proofs of Claim Deadline Set May 22
------------------------------------------------------------
Creditors of LLC Cherkassy Graintrading Company (code EDRPOU
33088092) have until May 22, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on April 8, 2008, after finding it
insolvent.  The case is docketed as 1/1713.

The Debtor can be reached at:

         LLC Cherkassy Graintrading Company
         Ilyin Str. 248/A
         Cherkassy
         Ukraine


DELTA-VECTOR LLC: Proofs of Claim Deadline Set May 22
-----------------------------------------------------
Creditors of LLC Delta-Vector (code EDRPOU 31987051) have until
May 22, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/898-b.

The Debtor can be reached at:

         LLC Delta-Vector
         Zdolbunov Str. 2
         Kiev
         Ukraine


HK CAPITAL: Proofs of Claim Deadline Set May 22
-----------------------------------------------
Creditors of CJSC HK Capital (code EDRPOU 33941019) have until
May 22, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on March 28,
2008.  The case is docketed as 43/270.

The Debtor can be reached at:

         CJSC HK Capital
         P. Lumumba Str. 15-a
         01042 Kiev
         Ukraine


KOLOS LLC: Proofs of Claim Deadline Set May 22
----------------------------------------------
Creditors of Agricultural LLC Kolos (code EDRPOU 03790563) have
until May 22, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 14, 2008.  
The case is docketed as 14/551.

The Debtor can be reached at:

         Agricultural LLC Kolos
         Gulak-Artemovsky Str. 98
         Gorodische
         19500 Cherkassy
         Ukraine


NIKOLAYEV SPECIAL: Proofs of Claim Deadline Set May 22
------------------------------------------------------
Creditors of LLC Nikolayev Special Transport (code EDRPOU
34651090) have until May 22, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on April 10, 2008, after finding it
insolvent.  The case is docketed as 5/172/08.

The Debtor can be reached at:

         LLC Nikolayev Special Transport
         Nikolskaya Str. 67
         54001 Nikolaev
         Ukraine


PERESCHEPINO ELEVATOR: Proofs of Claim Deadline Set May 22
----------------------------------------------------------
Creditors of OJSC Pereschepino Elevator (code EDRPOU 00953734)
have until May 22, 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 24/408-07.

The Debtor can be reached at:

         OJSC Pereschepino Elevator
         Vatutin Str. 11
         Pereschepino
         Novomoskovsky District
         51223 Dnipropetrovsk
         Ukraine


REGIONAL AGRICULTURAL: Proofs of Claim Deadline Set May 22
----------------------------------------------------------
Creditors of OJSC Regional Agricultural Delivery (code EDRPOU
00914668) have until May 22, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
April 9, 2008.  The case is docketed as 21/59/08.

The Debtor can be reached at:

         OJSC Regional Agricultural Delivery
         Lenin Avenue 152
         69600 Zaporozhje
         Ukraine


ROSTPROMSTAN LLC: Proofs of Claim Deadline Set May 22
-----------------------------------------------------
Creditors of LLC Rostpromstan (code EDRPOU 34852023) have until
May 22, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on April 10, 2008, after finding it
insolvent.  The case is docketed as 5/173/08.

The Debtor can be reached at:

         LLC Rostpromstan
         Heroes of Stalingrad Avenue 91
         54025 Nikolaev
         Ukraine


SPEKTR-M CJSC: Proofs of Claim Deadline Set May 22
--------------------------------------------------
Creditors of CJSC Production Firm Spektr-M (code EDRPOU
14253093) have until May 22, 2008, to submit proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.  
The case is docketed as 4/110b.

The Debtor can be reached at:

         CJSC Production Firm Spektr-M
         Cosmonauts Str. 18/105
         14000 Chernigov
         Ukraine

TAP-LTD LLC: Proofs of Claim Deadline Set May 22
------------------------------------------------
Creditors of LLC Company Tap-Ltd. (code EDRPOU 20770303) have
until May 22, 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 on March 25, 2008, after finding it
insolvent.  The case is docketed as 10/2279-07.

The Debtor can be reached at:

         LLC Company Tap-Ltd.
         Hlebnaya Str. 19
         Vinnica
         Ukraine


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


BAA LIMITED: Shareholders Agree to GBP400 Million Funding
---------------------------------------------------------
BAA Limited's shareholders have agreed to inject GBP400 million
into the Group as part of refinancing program by which it will
implement a financial structure consistent with those employed
by other U.K. regulated businesses.

BAA intends to initiate the implementation of the refinancing
which includes a migration of its non-convertible bonds
denominated in both Sterling and Euros into an investment grade,
ring-fenced, bond- and bank-based structure, backed by the
designated assets of the group (the three London airports and
Heathrow Express) by the end of the second quarter of 2008 and
to complete the refinancing early in the third quarter.

BAA has not yet finalized certain aspects of its refinancing
plans, including completion of the rating process and obtaining
sufficient commitments from the banks asked to participate in
certain bank facilities referred to in the press release dated 8
April 2008.

While BAA hopes to be in a position to commence consultations
with holders of BAA Bonds through the auspices of the
Association of British Insurers in the coming weeks once these
aspects have been finalized, the company may not ultimately be
in such a position owing to continuing challenging market
conditions.

However, recognizing the time required to undertake a holder
inquiry through the ABI and form a Special Committee, possibly
including non-ABI members, BAA has today requested the ABI to
identify which of its members hold various BAA Bonds by
conducting a holder inquiry.

If and when BAA is in a position to commence consultations with
bondholders, BAA will make a further announcement at that time.

                        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 AIRWAYS: Signs Code-Sharing Pact with L'Avion
-----------------------------------------------------
British Airways Plc has signed a code-sharing agreement with
French airline L'Avion, Bloomberg News reports.

According to Bloomberg, under the agreement, British Airways'
OpenSkies subsidiary will share codes on flights between Paris
and New York with L'Avion.

As reported in Troubled Company Reporter-Europe on Jan. 11,
2008, the airline planned to launch its new US-EU subsidiary
airline "OpenSkies" with daily flights from New York to Brussels
and Paris.  The airline will start flying in June 2008 with one
Boeing 757 aircraft.

L'Avion currently has offers flights between Orly airport and
Newark Liberty International, near New York, the report adds.

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

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

                        *     *     *

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


BRITISH ENERGY: EDF SA Submits Lone Takeover Bid
------------------------------------------------
Electricite de France S.A. has submitted an offer to acquire
British Energy Group Plc to emerged as the sole bidder for the
nuclear power poducer, Bloomberg News reports citing people
privy to the proposal.

Sources told Bloomberg News that EDF's offer is around five
percent lower that British Energy's share price.

The Financial Times reports that EDF submitted a 600p-a-share
offer, lower than 700p-a-share bid the French group was believed
to make.

FT adds that other European utilities -- Iberdrola S.A.,
Centrica Plc, Suez and RWE AG -- are expected to submit offers
beyond the May 9, 2008, deadline.

People close to the bidding process told FT the government is
likely to defer to choosing a buyer for British Energy to June
due to the absence of other bidder.

                    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.


CAIRNGORM MOUNTAIN: Council Agrees to Sell Loan for GBP1
--------------------------------------------------------
The Highland Council has backed moves to secure the future of
the funicular railway at Cairngorm in Scotland and to protect
jobs at the important tourism center by agreeing to a request by
Highlands and Islands Enterprise to sell for GBP1 its
GBP1,000,000 loan and accrued interest to Cairngorm Mountain
Ltd.

The Council agreed to make available the loan to CML in December
2001 as part of the funding package for the GBP20 million
Cairngorm Funicular Project.

“The Council fully recognizes the importance of the Cairngorm
Mountain operation and the jobs it creates.  We support the
action being taken by HIE to ensure the sustainability of the
business and it was on this basis the Council has agreed to sell
our loan to HIE for GBP1,” Convener Sandy Park said.

Meanwhile, the HIE is eyeing to reach an agreement with the Bank
of Scotland and CML's other creditors before it takes over the
company, whose operations it plans to put out to tender in the
long-term, the Financial Times relates.

According to Drennan Watson, convener of the Cairngorms
Campaign, without subsidies and support from the HIE, Moray
Badenoch and Strathspey Enterprise, and the Bank of Scotland,
CML, whose accounts show no significant assets and an overall
deficit of GBP5.4 million, is likely to become insolvent and
cease trading, the FT discloses.

Press and Journay says CML was hit by difficult skiing
conditions across Scotland, making it hard for the company to
make a profit or repay the loan or interest.


CARTEX LTD: Brings In Liquidators from Baker Tilly
--------------------------------------------------
Philip Edward Pierce and Adrian David Allen of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of Cartex Ltd. on April 30 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         2 Whitehall Quay
         Leeds
         LS1 4HG
         England


CLEAR CHANNEL: Hearing on Bank Suit to Continue Today
-----------------------------------------------------
Clear Channel Communications, Inc. confirmed Monday that the
court proceeding pending in San Antonio, Texas initiated by it
and CC Media Holdings, Inc. against the banks issuing debt
commitments in connection with the proposed acquisition of Clear
Channel by CC Media Holdings, Inc. is postponed until 9 a.m.
Central Time on Tuesday, May 13, 2008.  The postponement is to
allow the parties to continue settlement discussions that were
recently initiated.

No settlement has been reached by the parties and there can be
no assurance that any settlement will be reached.  Clear Channel
will not comment on any potential settlement terms or the
likelihood that a settlement agreement will be reached.

                     About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


CORIOLANUS LIMITED: Fitch Lowers Ratings Further to C
-----------------------------------------------------
Fitch Ratings has downgraded Coriolanus Series 81 Class C
variable-rate secured notes (ISIN: XS0306508085) due 2044 to 'C'
from 'CC' and removed them from Rating Watch Negative.

Under the transaction Deutsche Bank (rated 'AA-'/'F1+'/Outlook
Stable) bought protection from Coriolanus Limited under a credit
default swap referencing a portfolio of asset-backed securities.

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

The portfolio comprises U.S. subprime RMBS (4.3%), Alternative A
(Alt-A) mortgage loans (14.4%), and U.S. diversified structured
finance CDOs (58.1%). Subprime RMBS of the pre- 2005, 2005 &
2006 vintages account for approximately 2.5%, 1% & 0.8% of the
portfolio, respectively.  As per the latest trustee report dated
April 2008, 4.9% of the portfolio is rated 'CCC+'.  In addition,
10.7% of the portfolio is on RWN, including 8.4% of U.S.
diversified structured finance CDOs where Fitch expects
significant migration from the current levels.

This compares to credit enhancement level of 1.35% for the Class
C notes.


CORSIE GROUP: Cash Flow Problems Prompts Administration
-------------------------------------------------------
Corsie Group, on May 9, 2008, entered into administration
proceedings, the Herald reports.  KPMG Restructuring was
appointed as joint administrators.

According to the Herald, the move comes only a week after
company founder, Richard Corsie, resigned.  Other executives had
resigned prior to Mr. Corsie, the report adds.

Citing a statement from KPMG, the Herald relates that the
company had experienced cash flow problems due to “difficult
trading conditions” as well as a “write down in stock levels.”

Headquartered in Haddington, England, Corsie Group --
http://www.corsiegroup.com/-- employs 28 staff and produces a  
range of products from artificial grass, lawn bowling clothes,
green tea and a breast enhancement gel.

The business operates in UK, Europe, Hong Kong, Malaysia,
Australia and New Zealand.


EUROSAIL 06-3: Fitch Lowers Rating on Class FTc Notes to B-
-----------------------------------------------------------
Fitch Ratings has downgraded the junior classes of Eurosail 06-3
NC Plc (Eurosail 06-3) transaction.  The transaction comprises
first and second charge loans originated by Southern Pacific
Mortgage Limited and Southern Pacific Personal Loans Limited
respectively.  The rating actions are:

   -- Class A1a (ISIN XS0271940529): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1b (ISIN XS0271940875): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1c (ISIN XS0271942657): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2b (ISIN XS0271943200): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2c (ISIN XS0271944356): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3a (ISIN XS0271944604): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3c (ISIN XS0271945833): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3c DAC (ISIN XS0272142828): affirmed at 'AAA';
      Outlook Stable

   -- Class B1a (ISIN XS0271946054): affirmed at 'AA'; Outlook
      Stable

   -- Class C1a (ISIN XS0271946484): affirmed at 'A'; Outlook
      Stable

   -- Class C1c (ISIN XS0271946641): affirmed at 'A'; Outlook
      Stable

   -- Class D1a (ISIN XS0271946724): downgraded to 'BBB-'from
      'BBB'; Outlook remains Negative

   -- Class D1c (ISIN XS0271947029): downgraded to 'BBB-' from
      'BBB'; Outlook remains Negative

   -- Class E1c (ISIN XS0271947375): downgraded to 'BB-' from
      'BB'; Outlook remains Negative

   -- Class ETc (ISIN XS0271947458): downgraded to 'B+' from
      'BB'; Outlook remains Negative

   -- Class FTc (ISIN XS0271947706): downgraded to 'B-' with a
      Distressed Recovery rating of 'DR1' from 'B'; Outlook
      remains Negative

Eurosail 06-3 drew on its reserve fund on the March 2008
interest payment date.  The reserve fund now equals 0.43% of the
original note balance compared with a target of 0.5%. Unlike
several other recent reserve fund draws in UK non-conforming
transactions, this reserve fund draw is not due to the lack of a
fixed-floating swap or basis risk swap.  The draw was made after
revenue receipts were found to be insufficient to meet the
stepped-up interest payments on the DAC notes, due to mortgage
margin compression.  The transaction was structured with a step-
up in the DACs in anticipation of a higher mortgage margin by
the last IPD, even though no more payments were expected from
the discount reserve.

The margin was compressed to 2.2% in the last IPD from 2.5% in
the first IPD, by significantly higher prepayment rates
experienced in the higher margin second-charge loans.  This was
despite a reversion of 20% of the current pool from a fixed or
discounted rate to the reversionary rate.  Lastly, the revenues
were further stressed by high arrears and losses being realised
earlier than expected.

Fitch expects arrears, repossession and loss severity to worsen
over the next year.  This is expected as the transaction
seasons.  However, the performance deterioration might be worse
due to lack of refinancing opportunities as loans come off
discount and fixed rates.  This transaction might be affected
more than other Eurosail transactions because of the higher
proportion of light adverse or worse loans in the pool according
to Fitch's adverse credit labels.

The transaction is expected to experience further stress until
the DAC expires in December 2009.  The DAC will step up from the
current coupon of 1.70% to 2.25% in the interest period from
June 2008 to September 2008, 2.5% from September 2008 to
December 2008, 2.75% from December 2008 to June 2009 and
ultimately to 3% from June 2009 to December 2009.

Mortgage margins are expected to increase as loans revert to
reversionary rates and if the Constant Prepayment Rate on first
charge loans does not increase due to a lack of refinancing
opportunities.  However this increase might be restricted due to
continuing high CPR for the second charge loans.  Approximately
36% of loans in the current pool are reverting to reversionary
margins in June 2008 and another 38% reverting by September
2009.

Based on a loan-by-loan remodeling of the transaction, there is
a possibility that the transaction might deplete its reserve
fund in the next four to six quarters.  However, following the
expiry of the DACs in December 2009, the reserve fund is
forecast to ultimately replenish.

The 'DR1' rating of the Class FTc notes is based on the
expectation that no interest might be paid on these loans for
several years.  The 'DR1' rating implies recovery of greater
than 90%.


GENERAL MOTORS: Liquidity Negatively Impacted by AAM Strike
----------------------------------------------------------
The work stoppage at supplier American Axle & Manufacturing
Holdings Inc. has negatively impacted General Motors Corp.'s
liquidity by US$2.1 billion for the three months ended March 31,
2008.  Approximately 30 of GM's plants in North America have
been idled by the work stoppage.

GM, however, said the work stoppage has not negatively impacted
the company's ability to meet customer demand due to the high
levels of inventory at its dealers.

GM said GM North America's results were negatively impacted by
US$800 million as a result of the loss of approximately 100,000
production units in the three months ended March 31, 2008.  The
automaker anticipates that this lost production will not be
fully recovered after this work stoppage is resolved, due to the
current economic environment in the United States and to the
market shift away from the types of vehicles that have been most
strongly affected by the action at American Axle.

                   GM Shareholders' Deficit Rises

As reported in the Troubled Company Reporter-Europe on May 2,
2008, the automaker reported a net loss of US$3.3 billion, or
US$5.74 per share in the first quarter of 2008, compared with a
net loss from continuing operations of US$42 million, or US$.07
per diluted share, in the year-ago quarter.   

At March 31, 2008, GM's balance sheet showed total assets of
US$145.74 billion and total debts of US$186.78 billion resulting
in a stockholders' deficit of US$41.04 billion.  Deficit, at
Dec. 31, 2007, was US$37.09 billion while it stood at US$4.55
billion as of March 31, 2007.

GM added that it also took a non-cash charge of US$731 million
to increase GM's liability for estimated net costs associated
with GM's support of Delphi's bankruptcy and restructuring
efforts.  General Motors has now recorded charges totaling $8.30
billion in connection with Delphi-related issues.

                        About GM

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

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


GENERAL MOTORS: To Provide US$200 Million to Axle to End Strike
---------------------------------------------------------------
General Motors Corp. disclosed in a U.S. Securities and Exchange
Commission filing that it agreed to provide American Axle &
Manufacturing Holding with upfront financial support capped at
US$200 million to help fund employee buyouts, early retirements
and buydowns to facilitate a settlement of the work stoppage.

As previously reported in the Troubled Company Reporter-Europe,
United Auto Workers union president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
began an unfair labor practices strike at 12:01 a.m. on Feb. 26,
2008, following expiration of a four-year master labor agreement
with the company.

As a result of the strike, GM has been forced to shut down some
plants.  GM's recent quarterly results filing revealed that the
work stoppage at American Axle unfavorably impacted GM North
America earnings by US$800 million.

                       About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                        About GM

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

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


GENERAL MOTORS: UAW Chief Criticizes US$200 Million Aid for AAM
---------------------------------------------------------------
United Auto Workers union president Ron Gettelfinger criticized
General Motors Corp.'s US$200 million aid to American Axle &
Manufacturing Holdings Inc., saying that instead of resolving
the labor dispute, GM's action will make the talks more
difficult, John D. Stoll of The Wall Street Journal, citing a
radio interview, reports.

WSJ relates that the UAW chief predicts that Axle will make firm
demands following GM's move.  The auto supplier now intends to
close a factory in Cheektowaga, New York.

Axle believes that the labor protest will be settled either if
the UAW eases off or GM intervenes, WSJ quotes people familiar
with the matter.

Approximately 3,650 associates are represented by the UAW at
five facilities in Michigan and New York affected by the strike.  
AAM and the UAW are working to reach a new collective bargaining
agreement for the original U.S. locations.

Although AAM has made several economic proposals to the UAW with
"all-in" hourly wage and benefit packages that were considerably
higher than the market rate of AAM's UAW-represented competitors
in the U.S., the UAW has repeatedly rejected these economic
proposals.

                       About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                        About GM

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

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


GENERAL MOTORS: In Talks on US$750 Million Pledge for ResCap
------------------------------------------------------------
GMAC LLC, both owned by General Motors Corp. and Cerberus
Capital Management LP, is currently negotiating to provide a new
2-year US$3.5 billion senior secured credit facility to its
wholly owned subsidiary Residential Capital LLC, which would be
conditioned on successful completion by ResCap of a debt tender
and exchange offer for its outstanding unsecured notes.  
ResCap's financing plans also include seeking amendments to
substantially all of its secured bilateral credit facilities to
extend their maturities or to modify their tangible net worth
covenants.

GM and Cerberus are in discussions to acquire US$750 million
first loss participation in GMAC's proposed senior secured
credit facility, shared between Cerberus and GM on a pro rata
basis.

ResCap had earlier disclosed that it is highly leveraged
relative to its cash flow, and its liquidity position has been
declining.  According to a U.S. Securities and Exchange
Commission filing, ResCap said there was a significant risk that
the company will not be able to meet its debt service
obligations, be unable to meet certain financial covenants in
its credit facilities, and be in a negative liquidity
position in June 2008.

ResCap anticipates that its new debt agreements will include
covenants to maintain minimum cash balances.  To comply with
these covenants and to satisfy its liquidity needs, ResCap
expects that it will be required, even if it successfully
implements all of the proposed actions, to generate capital in
the near term through asset sales or other actions in addition
to its normal mortgage finance activities, to obtain additional
cash of approximately US$600 million by June 30, 2008.  This
additional cash requirement is an estimate based upon ResCap's
internal monthly cash forecasts targeting sufficient cash
surpluses to prudently operate its business and remain in excess
of anticipated cash covenants.

According to GM, if ResCap is unsuccessful in executing the
financing transactions, including additional liquidity actions,
it would have a material adverse effect on GMAC, which could
result in a further impairment of GM's investments in GMAC and
could disrupt GMAC's ability to finance GM's dealers and
customers.

                           About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by
GMAC LLC.

                        About GM

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

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


KINGSVIEW CONSTRUCTION: Taps Joint Administrators from Begbies
--------------------------------------------------------------
Lloyd Biscoe and Louise Donna Baxter of Begbies Traynor were
appointed joint administrators of Kingsview Construction Ltd.
(Company Number 02681595) on April 29, 2008.

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

The company can be reached at:

          Kingsview Construction Ltd.
          2A-2E Churchill Business Centre
          Sopwith Crescent
          Wickford
          Essex
          SS11 8YU
          England
          Tel: 01268 769 684
          Fax: 01268 769 682


MARBLE ARCH: Fitch Affirms Rating Class E1c Notes at BB
-------------------------------------------------------
Fitch Ratings has affirmed all 14 tranches of Marble Arch
Residential Securitisation No. 4 RMBS transaction. The
transaction comprises first- and second-charge loans originated
by London Mortgage Company.

   -- Class A2b (ISIN XS0270499667) affirmed at 'AAA'.  Outlook
      Stable

   -- Class A2c (ISIN XS0270512949) affirmed at 'AAA'.  Outlook
      Stable

   -- Class A3c (ISIN XS0270513590) affirmed at 'AAA'.  Outlook
      Stable

   -- Class A3c DAC (ISIN XS0271098880) affirmed at 'AAA'.
      Outlook Stable

   -- Class B1a (ISIN XS0270496994) affirmed at 'AA'.  Outlook
      Stable

   -- Class B1b (ISIN XS0270510224) affirmed at 'AA'.  Outlook
      Stable

   -- Class B1c (ISIN XS0270513756) affirmed at 'AA'.  Outlook
      Stable

   -- Class C1a (ISIN XS0270497612) affirmed at 'A'.  Outlook
      Stable

   -- Class C1c (ISIN XS0270513830) affirmed at 'A'.  Outlook
      Stable

   -- Class D1a (ISIN XS0270498180) affirmed at 'BBB-'.  Outlook
      Stable

   -- Class D1c (ISIN XS0270513913) affirmed at 'BBB-'.  Outlook
      Stable

   -- Class E1c (ISIN XS0270514309) affirmed at 'BB'.  Outlook
      revised to Negative from Stable

   -- Class A1b (ISIN XS0270499071) paid in full in December
      2007

   -- Class A1c (ISIN XS0270512600) paid in full in December
      2007

   -- Class DTc (ISIN XS0270514135) paid in full in March 2008

   -- Class ETc (ISIN XS0270514564) paid in full in March 2008

   -- Class FTc (ISIN XS0270515371) paid in full in March 2008

The Outlook for Class E1c note has been revised to Negative due
to the possibility of reserve fund draws in the next two-to-
three quarters.  Reserve fund draws have the highest impact on
the credit enhancement of the lowest-rated note where it is the
only source of credit enhancement.  The reserve fund is forecast
to start replenishing after four quarters when most of the Class
A notes and associated DACs are expected to have paid down and,
as a result, the Outlooks for all other tranches have remained
Stable.

MARS 4 drew on its reserve fund on the March 2008 interest
payment date.  After a reserve fund draw of GBP169,112 the
reserve fund now equals 1.48% of the original note balance
compared with a target of 1.5%.  Unlike several other recent
reserve fund draws in UK non-conforming transactions, this
reserve fund draw is not due to the lack of a fixed-floating
swap or basis risk swap.  The draw was made after the revenue
receipts in the last IPD were found to be insufficient to cover
the stepped-up interest on DACs, despite a slight increase in
the mortgage margin.  The transaction was structured with a
step-up on DACs in anticipation of a higher mortgage margin by
the last IPD, even though no more payments were expected from
the discount reserve.

The mortgage margin only increased to 3.1% from 2.9%, due to
higher prepayment rates experienced on the higher margin second-
charge loans.  This was in spite of the fact that 70% of the
fixed or discount rate loans in the closing pool had reverted to
the reversionary rate.

The revenues were further stressed by losses of GBP1.7 million
on the last IPD, compared with a loss of GBP0.8 million on
December 2007 IPD.  The wider losses were driven by a higher
number of repossessed properties sold and a significant increase
in loss severities. The loss severities based on principal
balance for the first-charge loans sold on the last IPD were
20.2%, compared to 13.5% on the December 2007 IPD.  The loss
severities for the second-charge loans sold on the last IPD were
57.7%, compared to 43.3% on the December 2007 IPD.

Fitch expects arrears and repossessions to worsen over the next
year.  Losses are expected to remain considerable in the next
few quarters as the closing loan balance in repossession remains
high and properties repossessed exceeded properties sold in the
last quarter.

The DAC will expire in December 2009 and will step up from the
current coupon of 1.95% to 2.05% in interest period from June
2008 to September 2008, 2.2% from September 2008 to December
2008 and ultimately to 2.25% from December 2008 to December
2009. The impact of the DAC on MARS 4 is significantly reduced
by the high constant prepayment rate (CPR) rates that have
reduced the Class A outstanding balance to 46% of the original
Class A balance. The transaction is expected to experience
further stress due to the stepped-up DAC in the next three-to-
four quarters; however, this impact should reduce if the CPR
continues at the current rate, leading to significant paydown of
the Class A notes.

The mortgage margins are expected to marginally increase, as
approximately 10% of loans in the current pool revert to
reversionary margins in June 2008 and another 6% by September
2008. However, this scheduled increase in mortgage margins might
continue to be restricted by the decreasing proportion of
second-charge loans in the pool.

The reserve fund draw in the last IPD would have been
significantly higher if the transaction had not benefited from a
payment of GBP738,026 from the interest rate cap counterparty on
the last IPD.  However, the cap strike rate is increasing in the
next quarter to 6.75% from 5.75% on the last IPD and the
transaction is not expected to receive any payments from the cap
counterparty on the next IPD.

Based on a loan-by-loan remodeling of the transaction, there is
a possibility that the transaction might experience significant
reserve fund draws in the next two-to-three quarters.  Even
though the reserve fund draws might be significant the
transaction benefits from a substantial amount of reserve fund.
The reserve fund currently amounts to GBP12.4 million, equal to
2.6% of the current note balance.  Once most of the Class A
notes are paid down in the next three-to-four quarters the
reserve fund is forecast to ultimately replenish.


NYLON HOSIERY: Appoints Joint Administrators from BDO Stoy
----------------------------------------------------------
C.K. Rayment and M. Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Nylon Hosiery Co. Ltd.
(Company Number 00536463) on May 1, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

          Nylon Hosiery Co. Ltd.
          46 Upper Bond Street
          Hinckley
          Leicestershire
          LE10 1RJ
          England
          Tel: 01455 636 231
          Fax: 01455 636 345


QUEBECOR WORLD: Seeks Extension of the CCAA Stay Until July 25
--------------------------------------------------------------
Quebecor World Inc. and its affiliates ask the Quebec Superior
Court of Justice to:

   -- extend the stay under the the Companies' Creditors
      Arrangement Act to July 25, 2008, and

   -- amend the Initial Order to (i) align the provisions
      relating to the debtor-in-possession financing with those
      of the US Final DIP Order and (ii) provide adequate
      protection to the Chief Restructuring Officer recently
      appointed by Quebecor World, Inc.  

Ernst & Young, Inc., the Court-appointed monitor, relates that
pursuant to the Order of the Superior Court dated Feb. 19,
2008, the stay period expires on May 12, 2008.  E&Y asserts that
extension of the stay period is necessary for the Applicants to
complete their revised business plans, present the business
plans to the Committees, and commence negotiations with the
Committees and the other stakeholders.  E&Y adds that all of
this must occur in order for the Applicants to be in a position
to fully develop a plan or plans of compromise or arrangement.

E&Y notes that the Applicants continue to provide their
regulatory financial reports, as well as prepare information
required in relation to the U.S. Proceedings and respond to the
requests of the Committees.  According to E&Y, the Applicants
will also need to turn their attention to the preparation of a
liquidation analysis as plans of reorganization or arrangement
are being developed.

To ensure consistency between the administration of the U.S. and
Canadian proceedings, E&Y says, it is necessary that the
provisions of the Initial Order relating to the DIP Financing be
aligned with the US Final DIP Order.

E&Y states that the key changes to the Initial Order, which have
been reviewed and discussed with the advisors and the creditors'
committees, deal with:

   (a) the exchange of information between major stakeholders;

   (b) the amendment process applicable to the DIP Credit     
       Agreement;

   (c) the intercompany claims between Applicants, secured by a
       court ordered intercompany charge ranking after the CCAA     
       Charges, the Bank Syndicate Security, the SocGen
       Security, and any other claims and Encumbrances expressly
       senior to, or on priority with, each of the CCAA Charges;

   (d) transfers of property by Applicants to Non-Applicant
       Affiliates;

   (e) the tracking of the intercompany claims and transfers of    
       property; and

   (f) the payment of pre-filing debts.

The Applicants also want the Initial Order to include details of
the indemnity of Randall C. Benson as Chief Restructuring
Officer.

A full-text copy of the proposed Revised Initial Order is
available for free at http://ResearchArchives.com/t/s?2ba7.

E&Y anticipates that the Applicants will be back before the
Superior Court on a number of occasions during the proposed
extension period.

                    About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/  
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., along with other
U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21,
2008 (Bankr. S.D.N.Y Lead Case No. 08-10152).  Anthony D.
Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors
in their restructuring efforts.   The Official Committee of
Unsecured Creditors is represented by Akin Gump Strauss Hauer &
Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of        
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.


QUEBECOR WORLD: E&Y Provides Updates on CCAA Proceedings
--------------------------------------------------------
Ernst & Young, Inc., monitor of Quebecor World Inc. and certain
of its affiliates' bankruptcy proceedings under the Companies'
Creditors Arrangement Act, presented its report to the Quebec
Superior Court of Justice with respect to the activities of the
companies and certain events occurring since April 15, 2008.

                    Stabilization Procedures

(a) Overview

E&Y relates that as of May 6, the U.S. Petitioners have
disbursed approximately US$11,600,000 in relation to prepetition
warehousing and shipping charges and continue to work with the
vendors in this category.  A revised estimate of $21,000,000 has
been developed for the prepetition payables in this category.  
The original estimate was US$15,000,0000 to US$20,000,000.  

According to E&Y, discussions with suppliers to re-establish
supply arrangements and to negotiate credit terms wherein
suppliers will provide goods and services during the stay period
are ongoing particularly with respect to the reduction in the
number of manual payments required as creditors in general are
being paid on a more regular basis.

(b) Banking

Despite the deposit of CDN$20,000,000 to a segregated account at
Canadian Imperial Bank of Commerce to indemnify CIBG from
potential exposure as the Applicants' Canadian bank services
provider, the Applicants have been unable to benefit from all of
the banking services previously provided prepetition.  E&Y says
the reimplementation of these services would both reduce the
level of manual transactions currently performed by the
Applicants' accounting and treasury personnel and improve
relationships with certain suppliers by permitting the
Applicants to more efficiently manage its restricted credit
limits.  The Applicants are in discussion with CIBG to reduce
the CDN$20,000,000 held in the segregated account, widen the
CIBC's services offered, and explore alternative solutions to
reduce the levels of redundant work being done by their
personnel.

As previously reported, the Applicants opened a cash account at
Bank of America, their existing provider of U.S. Banking
services, to hold proceeds realized from the disposition of QW
Memphis Corp. inventory held on site as of January 21, 2008, as
prepetition collateral for the benefit of the Bank Syndicate.  
The Applicants deposited an initial $20,000,000 into the QW
Memphis Collateral Account.  In accordance with the Applicants'
agreement with the Bank Syndicate, further deposits totaling
US$10,000,000 have been deposited into the account.  As May 6,
2008, the QW Memphis Collateral Account has a balance of
US$30,000,000.

(c) Inter-Company Transactions

The inter-company transactions have been limited to the
automatic centralized accounting transfer of accounts payable
and accounts receivable, funding of EUR13,000,000 to Europe and
US$6,000,000 to Latin America as authorized by the Initial Order
and the Final DIP Order, and certain postpetition transactions
in the ordinary course of business.

(d) 2007 Financial Statements and Reporting Issues

E&Y says that the Companies expect to release their quarterly
financial statements for the three-month period ended March 31,
2008, on May 14, 2008.

The Applicants intend to deliver to the U.S. Trustees their
Monthly Operating Report for the period January 21 to February 2
and February 3 to March 1 by mid-May, and the Monthly Operating
Report for the month of March 2008 by May 30, 2008.

The Applicants are also working on the preparation of the
Schedules of Assets and Liabilities and Statement of Financial
Affairs for each of the U.S. Petitioners.  These statements and
schedules are currently required to be completed and filed in
the U.S. Proceedings by June 4, 2008.

                          DIP Financing

When the Applicants received the US$600,000,000 Term Loan
Facility on January 24, 2008, based on the financial information
available at the time, the Applicants allocated US$108,200,000
of this amount to the Canadian operations and US$491,800,000 to
the U.S. Petitioners.

The Applicants have made a number of payments that have reduced
the amount of DIP Proceeds available to the Canadian operations,
including:

   * funding the Latin American Operations -- US$6,000,000;
   * funding the European Operations -- EUR13,000,000; and
   * funding of CIBG collateral account -- CDN$20,000,000.

As a result of funding these non-operational transactions, on
April 21, 2008, QWI drew CDN$20,000,000 on the Revolving Loan
Facility to fund the ongoing operations of QWI.  As the U.S.
Debtors had excess available cash from the Term Loan Facility of
approximately US$154,200,000 on May 4, 2008, the Applicants are
reviewing the options available to use the funds already drawn
on the Term Loan Facility and allocated to the U.S. Debtors
prior to using the Revolving Loan Facility.  According to E&Y,
it is economically unsound for the Applicants to be borrowing
funds from the Revolving Loan Facility in one jurisdiction while
it has excess cash available in the other.  Two options were
drawn to address this situation:

   (a) Obtain the authorization from the DIP Lenders to modify
       the initial allocation of the Term Loan Facility between
       the Canadian and U.S. operations; or

   (b) Make an inter-company loan from the U.S. Debtors to QWI,
       on terms to be negotiated.

The Applicants are in discussions with the Committees and the
DIP Lenders in respect of these two options.

      Current Financial Performance and Cash Flow Forecast

(1) Cash Flow Results for the Five Weeks Ended April 27, 2008

    E&Y reports that the consolidated North American operations
    of the Applicants produced negative cash flow of
    US$37,000,000, approximately US$59,000,000 better than the
    projected for the same period in the cash flow forecast
    prepared by the Applicants.  The US$59,000,000 favorable
    variance includes a US$20,000,000 draw of the Revolving Loan
    Facility.  According to E&Y, management advised that the
    favorable variance is attributable to a number of factors
    including higher than projected accounts receivable
    collections, drawings on the Revolving Loan Facility, and a
    deferral of the funding of the European and Latin American
    non-petitioners' financing requirements.  E&Y relates that
    the favorable variance resulting from these factors was
    partially offset by "catch-up" payments reducing the level
    of post-filing accounts payable which accumulated as a
    result of the delays encountered in the post-filing
    processing of supplier payments.

    A copy of the actual cash flow results and the variances
    from the cash flow forecast for the five weeks ended
    April 27, 2008 is available for free at

              http://ResearchArchives.com/t/s?2ba3

(2) Cash Flow Forecast for the 13 Weeks Ending July 27, 2008

    To assist their short term financial performance and ongoing
    financing requirements during the restructuring proceedings,
    the Applicants have prepared a revised cash flow forecast
    for the 13 weeks ending July 27, 2008.  E&Y says that the
    Revised Cash Flow Forecast reflects management's
    expectations that the consolidated North American operations
    will incur negative cash flow of US$89,000,000 during the
    period.  

    The Applicants had an unrestricted cash balance of
    US$123,000,000 at April 27, 2008 and, as a result of the
    granting of the Final DIP Order on April 1, 2008, have full
    access to the Revolving Loan Facility totaling
    US$400,000,000.  The liquidity available to the Applicants
    is currently US$343,000,000 and is forecasted to be at least
    US$279,000,000 throughout the requested extension period of
    the stay of proceedings.  According to E&Y, the Companies do
    not require any further advances on the Revolving Loan
    Facility and appear to have sufficient financing to operate
    their during the CCAA and Chapter 11 proceedings.

                    Quebecor World Inc., et al.
           Consolidated North American Cash Flow Forecast
            For the Thirteen Weeks Ending July 27, 2008

   RECEIPTS
      Accounts Receivable Collections            US$960,000,000    
      Sale of Assets                                 12,000,000
      DIP Advances                                            -
                                                   ------------
      Total Receipts                                972,000,000
                                                   ------------
   DISBURSEMENTS                                    
      Paper and Other Purchases                    (539,000,000)
      Ink Purchases                                 (67,000,000)
      Change in Outstanding Cheques                           -
      Customer Rebates                              (13,000,000)
      Payroll, Benefits, and Payroll Taxes         (292,000,000)
      Workers Compensation Premiums                           -
      Pension Contributions                          (2,000,000)
      Professional Fees                             (19,000,000)
      Capital Expenditures                          (48,000,000)
      DIP Repayments                                          -
      DIP Fees and Interest                         (11,000,000)
      Other Disbursements                           (26,000,000)
                                                  -------------
      Total Disbursements                        (1,017,000,000)
                                                  -------------
   Net Cash Flow from Operations                    (45,000,000)
   DIP Advances/ (Repayments)                       (20,000,000)
   Estimated Non-Petitioners Financing Requirement  (29,000,000)
   Cash Collateral Paid                               5,000,000
                                                  -------------
   NET CASH FLOW                                    (87,000,000)
   Opening Unrestricted Cash Position               123,000,000
                                                  -------------
   CLOSING UNREGISTERED CASH POSITION                34,000,000
   Cash Collateral Held by Cash Management Bank      45,000,000
                                                  -------------
   Total Cash Position                            US$79,000,000

   A full-text copy of the Revised Cash Flow Forecast is
   available for free at http://ResearchArchives.com/t/s?2ba2

                           Governance

On March 26, 2008, the Restructuring Committee hired Randall C.
Benson to act as Quebecor World Inc.'s Chief Restructuring
Officer.  

The Restructuring Committee considered these criteria as basis
for hiring the new CRO:

   (a) Business background, experience and qualifications;

   (b) Ability to work effectively with the Applicants'
       management team;

   (c) Input received from stakeholders, the Applicants'
       advisors and the Monitor;

   (d) Objectivity and ability to act in the best interests of
       all stakeholders; and

   (e) Terms of engagement.

Mr. Benson's engagement letter is between RC Benson Consulting
Inc. and QWI.  The engagement commenced on March 26, 2008.  The
Monitor reviewed the terms of engagement of Mr. Benson and is
satisfied that the economic terms are competitive and
appropriate in the circumstances.

Mr. Benson's engagement letter requires QWI to seek a Court
order which provides that the CRO be entitled to the benefit of
the Administration Charge, for any indemnity or unpaid fees and
expenses, ranking pari passu with the fees and disbursements of
the Monitor, legal counsel and other advisors entitled to the
benefit.

As CRO to Quebecor World, Inc., Mr. Benson is expected to:

   (a) advise, assist and provide direction to QWI in the    
       development of a restructuring plan or plans for    
       presentation to creditors and other stakeholders;

   (b) evaluate and present strategic alternatives for
       operational and financial restructuring;

   (c) manage processes involving creditors, the Monitor and
       other stakeholders;

   (d) establishing a work plan for the restructuring and
       reporting to the Restructuring Committee; and

   (e) act with the CEO as the main spokespersons for QWI in any
       communication with its stakeholders in connection with
       the restructuring.

                   Status of European Operations

The Applicants continue to assess their alternatives with
respect to the European operations with the assistance of their
advisors.  As of May 6, the Applicants have transferred
EUR13,000,000 to finance its European operations.

                Operations in the United Kingdom

E&Y relates that the firm of GVA Grimely has been retained to
market and sell the QW UK fixed assets.  Ian Best and David
Duggins of Ernst & Young UK estimate that the overall process,
including the disassembly and removal of equipment, will not be
completed until the end of 2008.  The sale of the assets is
continuing.  An auction for one of the plants has been scheduled
for June 4, 2008.

E&Y says that QW UK has accounts payable of approximately
GBP70,000,000, of which GBP41,000,000 are for pension-related
obligations and GBP15,000,000 are for intercompany payables.   
Messrs. Best and Duggins' preliminary estimate of recovery to
the unsecured creditors ranges between 18% and 25%.

            Preparation of Restructuring Business Plan

E&Y says management currently expects that the preparation of
the five-year business plans will be completed by the end May
and anticipates presenting it to the financial advisors, and the
Committees in early June.


                    About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/  
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., along with other
U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of        
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.


VIRGIN MEDIA: Moody's Lifts Rating on Tranche C to B1
-----------------------------------------------------
Moody's Investors Service upgraded the rating of Tranche C
(GBP300 million outstanding) to B1 from B2.  

The Tranche is a part of the existing senior secured bank
facility granted to Virgin Media Investment Holdings Ltd., a
subsidiary of Virgin Media Inc.

In April 2008, Virgin Media issued US$1 billion convertible
notes, the net proceeds of which were used to prepay Tranche A
and Tranche B of the facility in the amounts of GBP261 million
and GBP243 million respectively.  As a result of the lower
amount of the senior secured debt and the increased amount of
senior unsecured debt in the form of convertible notes, the
rating of Tranche C is upgraded to B1 (LGD -- 5, 78.5%).

The remaining ratings remain unchanged:

   -- Corporate family rating at Ba3;
   -- Tranche A and Tranche B at Ba2; and
   -- Existing senior notes at B2.

The outlook on the ratings remains negative.  Moody's, however,
notes Virgin Media's good progress in improving its operational
and financial performance.  At the same time, the rating agency
would like to see more traction in the company's improved
performance as well as further steps towards strengthening its
financial profile before considering any changes to the negative
outlook.

Virgin Media, headquartered in Hook, is the largest cable
operator in the U.K.  In first quarter 2008, the company
generated GBP1.0 billion in revenue and GBP324.2 million in
reported OCF.


WHITE HOUSE: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of The White House Hotel Ltd. on
April 25 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


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

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


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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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

                            *********

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

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

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

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

                            *********


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.


                 * * * End of Transmission * * *