TCREUR_Public/080515.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 15, 2008, Vol. 9, No. 96

                            Headlines


A U S T R I A

FEKRY MOUSTAFA: Claims Registration Period Ends June 10
M&M ERDBAU-TRANSPORTE: Claims Registration Period Ends May 28
PETER JOEBSTL: Claims Registration Period Ends May 26
PLEVAN & PARTNER: Claims Registration Period Ends June 5
SMHT TRANSPORTE: Claims Registration Period Ends May 27

SOLAR HANDEL: Claims Registration Period Ends May 27


D E N M A R K

EASTMAN KODAK: Posts US4115 Million Net loss in First Quarter


E S T O N I A

BALTIC PANEL: Declared Bankrupt by Estonian Court


F R A N C E

PATHEON INC: Eric Evans Named Chief Financial Officer
PRIDE INTERNATIONAL: Earns US$240.7 Million in 1st Quarter 2008


G E R M A N Y

AUTOHAUS WULFMEIER: Claims Registration Period Ends June 3
B & W DIGITALE: Claims Registration Period Ends June 1
BODO BARTH: Claims Registration Period Ends June 1
BRAUHAUS DUERSCHEIDT: Claims Registration Period Ends June 1
CAFE CONCEPT: Claims Registration Ends June 3

DORENWENDT BETEILIGUNGS: Claims Registration Ends June 30
DRUCKEREI J. P.: Claims Registration Ends June 3
FUNQUADRAT GMBH: Claims Registration Period Ends June 3
HTV IMMOBILIENMANAGEMENT: Claims Registration Period Ends June 3
HUDSON BIKE: Claims Registration Period Ends June 1

JOHLER DRUCK: Claims Registration Period Ends June 1
KRANKENPFLEGEDIENST WERNER: Claims Registration Ends June 1
LUCEFER LICHT: Claims Registration Ends June 3
MAS HAUS: Claims Registration Period Ends June 3
MOEBEL-FUCHS HANDELS: Claims Registration Period Ends June 3

NEXXT IT: Claims Registration Period Ends June 3
PRODAX GMBH: Claims Registration Period Ends June 2
RENERGIE SAARLOUIS: Claims Registration Period Ends June 2
RKF FLIESSESTRICH: Claims Registration Period Ends June 30
SPECTRUM BRANDS: March 30 Balance Sheet Upside-Down by US$232.9M

SPITZER BAU: Claims Registration Period Ends June 2
THEODOR LENSEN: Claims Registration Period Ends June 2
WIKESA - KLEINTRANSPORTE GMBH: Claims Registration Ends June 12


I R E L A N D

EDELWEISS CAPITAL: Moody's Cuts Rating on Class D Notes to Ba3


I T A L Y

ALITALIA SPA: EC Gives Italy Until May 30 to Explain Loan
ALITALIA SPA: Rome Prosecutor Probing Baldassare's Offer
THERMADYNE HOLDINGS: Earns US$4.5 Mln in Quarter Ended March 31


K A Z A K H S T A N

AK-NUR XXI: Creditors Must File Claims by June 17
ENERGO PROM: Claims Deadline Slated for June 18
ERTRANS LLP: Claims Filing Period Ends June 13
GOLDMAN ALLIANCE: Creditors' Claims Due on June 13
GROT-SEMEY LLP: Claims Registration Ends June 13

JERDEM LLP: Claims Deadline Slated for June 17
MERKURI KV: Claims Filing Period Ends June 17
TAIMUR SAUDA: Creditors' Claims Due on June 17


K Y R G Y Z S T A N

OIL TRANS: Creditors Must File Claims by June 11


N E T H E R L A N D S

AES CORP: Commences Tender Offer for US$377 Million Senior Notes
AES CORP: Reveals Plan to Offer Notes in Private Placement
AES CORP: Moody's Rates Proposed US$600 Mln Sr. Notes at B1
NIELSEN COMPANY: Posts US$82 Million Net Loss in 1st Qtr. 2008
NIELSEN COMPANY: Integrates Nielsen NRG with BASES Organization

NIELSEN COMPANY: Product Placements Up 6% in First Quarter 2008
ROYAL AHOLD: Reports EUR7.5 Billion in Sales for 1st Qtr. 2008


N O R W A Y

OCEAN RIG: Employee Share Saving Program Acquires 11,800 Shares
OCEAN RIG: Oslo Bors Accepts DryShips' Mandatory Offer for Stake
OCEAN RIG: First Quarter 2008 Revenue Ups to US$67.8 Million


R O M A N I A

CENTRAL EUROPEAN: Earns US$15.1 Mln in Quarter Ended March 31


R U S S I A

AZOV-SEM-OVOSH OJSC: Creditors Must File Claims by June 26
BUILDER-3 LLC: Creditors Must File Claims by June 26
DON XXI: Creditors Must File Claims by June 26
FIRST UNITED: Moody's Puts B3/Baa2.ru Ratings on Domestic Bonds
MOSCOW PLANETARIUM: Declared Bankrupt by Moscow Court

NEVA LLC: Creditors Must File Claims by June 26
PAVLOVSK-AGROSNAB-HOLDING: Creditors Must File Claims by June 26
SIB-AUTO CJSC: Creditors Must File Claims by June 26
SISTEMA JSFC: Signs MoU with UAE's DAS Holding
SITRONICS JSC: Unit Inks EUR40 Million Contract with Syria

SLAVYANSKAYA SEED-GROWING: Creditors Must File Claims by June 26


S W E D E N

XERIUM TECH: Posts US$4.7 Million Net Loss in First Quarter


U K R A I N E

BANK FORUM: Fitch Affirms Foreign Currency IDR at BB-
EXPORT-IMPORT BANK: Fitch Affirms Foreign Currency IDR at BB-
PRIVATBANK CJSC: Fitch Affirms Foreign Currency IDR at BB-
PROCREDIT BANK: Fitch Affirms Foreign Currency IDR at BB-
STATE SAVINGS: Fitch Affirms Foreign Currency IDR at BB-

SWEDBANK OJSC: Fitch Affirms Foreign Currency IDR at BB-
UKRSIBBANK JSCIB: Fitch Affirms Foreign Currency IDR at BB-
UKRSOTSBANK: Fitch Affirms Foreign Currency IDR at BB-
VTB BANK: Fitch Affirms Foreign Currency IDR at BB-

* Fitch Affirms Ukraine's Long-term Foreign IDR at BB-


U N I T E D   K I N G D O M

ABPM LTD: Appoints Joint Administrators from P&A
BAA LIMITED: Mark Bullock Quits as Heathrow Airport Chief
BURTON AEROPARTS: Brings In Liquidators from Moore Stephens
CLEAR CHANNEL: Settles Suit and Amends Merger Agreement
DENTS PLUS: Brings In Tenon Recovery to Administer Assets

EMI GROUP: Plans to Slash Recorded Music Employees to 2,000
EOS AIRLINES: U.S. Trustee Selects Five-Member Creditors' Panel
FEN SPORTS: Claims Filing Period Ends June 16
FLEXIBLE STORAGE: Taps Liquidators from Grant Thornton
FORD MOTOR: Board Urges Shareholders to Take No Action on Offer

FORD MOTOR: CAW Union Members Ratify New Labor Agreement
FORD MOTOR: Discloses Results of Annual Shareholders’ Meeting
MUSFLASHTV LTD: Calls In Liquidators from Tenon Recovery
PARAGON EMPLOYMENT: Appoints Liquidators from Tenon Recovery
SFM WEALTH: Hires Liquidators from Tenon Recovery

STROMBERG CARBURETOR: Creditors' Meeting Slated for May 27

* S&P Takes CreditWatch Actions on 188 European Synthetic CDOs
* Upcoming Meetings, Conferences and Seminars


                            *********

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


FEKRY MOUSTAFA: Claims Registration Period Ends June 10
-------------------------------------------------------
Creditors owed money by KG Fekry Moustafa (FN 280523i) have
until June 10, 2008, to file written proofs of claim to court-
appointed estate administrator Walter Kainz at:

          Dr. Walter Kainz
          c/o Dr. Eva Wexberg
          Gusshausstrasse 23
          1040 Vienna
          Austria
          Tel: 505 88 31
          Fax: 505 94 64
          E-mail: kanzlei@kainz-wexberg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 16, 2008 (Bankr. Case No. 4 S 50/08t).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


M&M ERDBAU-TRANSPORTE: Claims Registration Period Ends May 28
-------------------------------------------------------------
Creditors owed money by LLC M&M Erdbau-Transporte (FN 281032h)
have until May 28, 2008, to file written proofs of claim to
court-appointed estate administrator Martin Koroschetz at:

          Dr. Martin Koroschetz
          Hauptstrasse 8
          2540 Bad Voeslau
          Austria
          Tel: 02252/251 251
          Fax: 02252/251251-5
          E-mail: dr.koroschetz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 11, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Berndorf, Austria, the Debtor declared
bankruptcy on April 17, 2008 (Bankr. Case No. 10 S 44/08m).  


PETER JOEBSTL: Claims Registration Period Ends May 26
-----------------------------------------------------
Creditors owed money by KEG Peter Joebstl Sport Management (FN
172271s) have until May 26, 2008, to file written proofs of
claim to court-appointed estate administrator Stephan Riel at:

          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 9:30 a.m. on June 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 2101
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 16, 2008 (Bankr. Case No. 38 S 21/08b).  


PLEVAN & PARTNER: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors owed money by LLC Plevan & Partner (FN 269863h) have
until June 5, 2008, to file written proofs of claim to court-
appointed estate administrator Peter Wilhelm at:

          Dr. Peter Wilhelm
          Ringstrasse 9
          3500 Krems
          Austria
          Tel: 02732/82265
          Fax: 02732/822656
          E-mail: rechtsanwalt@ra-wilhelm.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Rohrendorf, Austria, the Debtor declared
bankruptcy on April 17, 2008 (Bankr. Case No. 9 S 21/08y).  


SMHT TRANSPORTE: Claims Registration Period Ends May 27
-------------------------------------------------------
Creditors owed money by LLC SMHT Transporte und Handel (FN
292653y) have until May 27, 2008, to file written proofs of
claim to court-appointed estate administrator Beate Holper at:

          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 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 17, 2008 (Bankr. Case No. 6 S 55/08t).  


SOLAR HANDEL: Claims Registration Period Ends May 27
----------------------------------------------------
Creditors owed money by LLC SOLAR Handel (FN 284340y) have until
May 27, 2008, to file written proofs of claim to court-appointed
estate administrator Erwin Senoner at:

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

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April  (Bankr. Case No. 6 S 57/08m).  


=============
D E N M A R K
=============


EASTMAN KODAK: Posts US4115 Million Net loss in First Quarter
-------------------------------------------------------------
Eastman Kodak Company reported a 35%, or US$61 million, year-
over-year improvement in its first-quarter loss from continuing
operations on sales of US$2.093 billion.  Kodak’s revenue from
digital businesses rose 10% to US$1.366 billion, driven by
strong year-over-year increases in most of its digital
businesses.

“Our first-quarter results are very much in line with our
expectations, which included forecasted seasonality, and provide
an early indication that Kodak is on a growth track,” said
Antonio M. Perez, Chairman and Chief Executive Officer, Eastman
Kodak Company.  “We delivered strong performance across our
major digital businesses, reinforcing our confidence in
achieving our revenue, earnings and cash goals for the year.”

Net loss for the first quarter of 2008 was US$115 million
compared to a US$151 million net loss for the first quarter of
2007.

Sales totaled US$2.093 billion, an increase of 1% from US$2.080
billion in the first quarter of 2007.  Revenue from digital
businesses totaled US$1.366 billion, a 10% increase from
US$1.245 billion in the prior-year quarter.  Traditional revenue
totaled US$724 million, a 13% decline from US$830 million in the
first quarter of 2007.

The company’s first-quarter loss from continuing operations,
before interest, other income (charges), net, and income taxes
was US$81 million, compared with a loss of US$186 million in the
year-ago quarter.

On the basis of generally accepted accounting principles, the
company reported a first-quarter loss from continuing operations
of US$114 million, or US$0.40 per share, compared with a loss of
US$175 million, or US$0.61 per share, in the year-ago period.  
Items of net expense that impacted comparability in the first
quarter of 2008 totaled US$2 million after tax, or US$0.01 per
share.  The most significant items included curtailment gains
resulting from previous restructuring actions of US$0.03 per
share and gains on asset sales of US$0.03 per share, offset by
discrete tax provision items and a legal settlement charge,
together totaling US$0.07 per share.  Items of net expense that
impacted comparability in the prior-year quarter totaled US$95
million after tax, or US$0.33 per share, primarily due to
restructuring charges, partially offset by a foreign tax reserve
reversal.

Gross Profit margin was 20.3% for the quarter, down slightly
from 20.6% in the year-ago period, primarily attributable to
significant year-over-year increases in silver, aluminum and
other raw material costs, and continued investment in the
consumer inkjet business.

Selling, General and Administrative expenses decreased US$9
million from first-quarter 2007, primarily reflecting the
company’s continued focus on controlling costs.  As a percentage
of revenue, SG&A was 18.4%, compared with 18.9% in the year-ago
quarter.

First-quarter net cash generation was a use of US$764 million, a
US$311 million increase in cash used from the year-ago period.  
This corresponds to net cash used in operating activities from
continuing operations on a GAAP basis of US$767 million in the
first quarter, compared with US$397 million in the first quarter
2007.  This increase in cash usage is due primarily to higher
working capital, including inventory build associated with
projected revenue growth, and higher payments to suppliers
related to revenue growth in the prior year's fourth quarter.
The company also made increased payments for performance-based
compensation and for various tax items, contractual obligations
and legal settlements.

The company’s debt level stood at US$1.606 billion as of March
31, 2008, comparable to the year-end 2007 debt level of US$1.597
billion.

Kodak held US$2.203 billion in cash and cash equivalents as of
March 31, 2008, compared to the year-end 2007 level of US$2.947
billion.

                        2008 Outlook

For 2008, on a continuing operations basis, Kodak re-affirms
guidance provided in the company’s February investor meeting,
including:

     -- Total company revenue growth in the range of 0% to 2%;
        digital revenue growth in the range of 7% to 10%;

     -- 2008 GAAP earnings from continuing operations in the
        range of US$250 million to US$275 million, including
        pre-tax charges in the range of US$60 million to
        US$80 million for rationalization and carryover
        restructuring costs;

     -- On a GAAP basis, cash provided by operating activities
        from continuing operations in the range of
        US$575 million to US$625 million;

     -- Cash generation in the range of US$400 million to
        US$500 million before dividend payments and after taking
        into account payments for carryover restructuring and
        other rationalization costs of approximately
        US$150 million.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 24,
2008, Standard & Poor's Ratings Services revised its outlook on
Eastman Kodak Co. to stable from negative.  At the same time,
S&P affirmed the ratings, including the 'B+' corporate credit
rating.  S&P  credit analyst Tulip Lim explained that "[t]he
outlook change reflects [S&P's] opinion that a near-term
downgrade is unlikely."


=============
E S T O N I A
=============


BALTIC PANEL: Declared Bankrupt by Estonian Court
-------------------------------------------------
An Estonian Court has declared Baltic Panel Group OU bankrupt as
a result of rising labor and raw materials costs, Bloomberg News
reports.

Bloomberg cites Judge Anne Randjaerv as saying that the
company's debts exceeded its assets by around 84 million krooni
or US$8.3 million.

The company had invested 400 million in equipment but was still
unable to cope up with the increasing cost for Russian timber,
Bloomberg relates citing Aeripaeev.

Based in Tallinn, Estonia, Baltic Panel Group OU --
http://www.bpg.ee/-- produces veneer, plywood and various  
panels to furniture manufacturing.


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


PATHEON INC: Eric Evans Named Chief Financial Officer
-----------------------------------------------------
Patheon Inc. yesterday disclosed these executive management
appointments:

    -- Eric W. Evans as Chief Financial Officer of Patheon Inc.,

    -- Paul M. Garofolo as Senior Vice President and Chief
       Information Officer,

    -- Warren A. Horton as Vice President Global Quality
       Operations, and

    -- Doaa A. Fathallah as Senior Vice President, General
       Counsel Europe and Global Pharmaceutical Development
       Services.

Wes Wheeler, Patheon’s Chief Executive Officer and President,
provided a brief explanation of the changes:

“Eric Evans will be responsible for managing the company’s
financial function, and will work with me and our executive team
as we create strategic and operational improvements in the
business.”

Eric brings over 24 years experience in various financial
leadership roles in the pharmaceutical industry following a
significant career in the steel industry.  He joins Patheon most
recently from Novartis AG. a provider of healthcare solutions
including medicines, generic pharmaceuticals, preventative
vaccines and diagnostic tools, and consumer health products.  He
has experience in all aspects of finance as well as extensive
operating, analytical, leadership, and business development
experience.

John H. Bell, Chief Financial Officer, will leave Patheon at the
end of the month to pursue new opportunities.  “The company owes
John Bell a great deal for his stewardship of our finance
organization through a difficult period at Patheon.  We wish him
the best” said Wheeler.

“Paul Garofolo is a proven leader with a track record of
developing and stewarding long-term global Information
Technology strategies and implementing new applications and
processes.  I am confident he will lead Patheon to cost
effective global IT platforms.  Paul will have responsibility
for Information Technology globally including the development
and implementation of a five year global IT Master Plan for
Patheon.  In addition he will assume responsibility for ‘The
Patheon Advantage’, Patheon’s lean six sigma excellence program”
said Wheeler.

Paul has an extensive 14 year background in information
technology and management consulting most recently with Valeant
Pharmaceuticals where he was the Chief Information Officer.  He
has led all aspects of global IT organizations including
development and implementation of long-term IT strategies as
well as implementation of new applications and processes.

“Doaa Fathallah will be responsible for all legal matters for
Europe and Global Pharmaceutical Development Services” Wheeler
continued.

Doaa joins Patheon from Valeant Pharmaceuticals International
where she was General Counsel Europe, Middle East & Africa
(EMEA) and was responsible for all legal matters in the EMEA
region.  In addition to her corporate experience Doaa has
extensive experience in all aspects of corporate and business
law from her time in private practise where she represented
privately held and publically traded companies.

“Warren Horton will be responsible for establishing a new
Quality System to be consistently applied at all Patheon sites.  
He will also ensure that the company meets all regulatory
requirements for quality and compliance.”

Warren brings over 10 years experience in the pharmaceutical
industry to Patheon most recently from DSM Pharmaceuticals Inc.
where he was responsible for quality assurance and regulatory
affairs.  In addition he has experience dealing with a large
variety of dosage forms, efficient production and quality
control and assurance in a variety of liquid and semi solid
topical products.

“I am delighted to welcome these executives to the Patheon
leadership team.  One of my near-term priorities has been to
strengthen and rebuild the executive team for Patheon.  These
individuals bring proven track records, expertise and strong
leadership” Wheeler concluded.

                      About Patheon Inc.

Headquartered in Mississauga, Ontario, Patheon Inc. (TSX: PTI)
-- http://www.patheon.com/-- provides drug development and   
manufacturing services to the international pharmaceutical
industry.  Patheon operates a network of 10 manufacturing and
six development facilities in the United States, Canada and
Europe, employing more than 4,700 people and serving a customer
base of 270 pharmaceutical and biotechnology companies.  The
company has operations is France, Italy, the United Kingdom and
Puerto Rico.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on April 28,
2008, Moody's Investors Service affirmed the B2 Corporate Family
Rating of Patheon Inc. and changed the ratings outlook to
negative from stable.  Moody's also revised the rating on the
US$75 million secured asset based revolver to Ba3 from B1 in
accordance with Moody's Asset-Based Loan Rating Methodology and
reflecting Moody's belief that the instrument would have very
good recovery in a distressed scenario.  The B1 rating on the
US$150 million senior secured term loan B remains unchanged.


PRIDE INTERNATIONAL: Earns US$240.7 Million in 1st Quarter 2008
---------------------------------------------------------------
Pride International, Inc. reported financial results for the
three months ended March 31, 2008, achieving record revenues and
income from continuing operations, which increased 85% when
compared to the same three months in 2007.

Income from continuing operations totaled US$136.1 million, or
US$0.77 per diluted share, on revenues of US$557.4 million
during the first quarter of 2008.  The results compared to
income from continuing operations of US$73.7 million, or US$0.42
per diluted share, on revenues of US$471.0 million, during the
three months ended March 31, 2007.  Results for the first
quarter of 2008 included an after-tax gain of US$11.2 million,
or US$0.06 per diluted share, relating to the sale of the
Company's 30% interest in an Eastern Hemisphere-based land
drilling joint venture.

The company's net income for the three months ended March 31,
2008 was US$240.7 million, or US$1.35 per diluted share,
compared to net income of US$101.7 million, or US$0.58 per
diluted share, for the corresponding three months in 2007.
Results for the first quarter of 2008 included income from
discontinued operations of US$104.6 million, or US$0.58 per
diluted share, principally relating to the gain from the sale of
our three tender-assist rigs in the first quarter of 2008.

The transaction resulted in an after-tax gain of US$116.2
million, of which US$102.0 million was recognized during the
current quarter with the balance deferred.  By agreement with
the new owner, the company will continue to operate one of the
three tender-assist rigs through December 2008, over which time
the deferred gain will be recognized.

Cash flows from operating activities totaled US$94.2 million
during the three months ended March 31, 2008 while proceeds from
the sale of non-strategic assets were US$225.8 million.  Capital
expenditures in the quarter were US$318.8 million, primarily due
to the construction of three ultra-deepwater drillships and the
completion of the upgrade project for the semisubmersible rig
Pride Mexico.

Total debt at March 31, 2008 was US$1,045.7 million, down
US$145.8 million from total debt of US$1,191.5 million at
Dec. 31, 2007.  The decrease was due primarily to the repayment
of the outstanding principal due under the drillship loan
facility collateralized by the drillships Pride Africa and Pride
Angola.  Net debt (total debt less cash and cash equivalents of
US$752.7 million) was US$293.0 million at March 31, 2008.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "Our performance during early 2008
is noteworthy in several respects.  Our operations execution
remained excellent, supporting the continuation of strong
financial results in the first quarter of 2008 following a
record year in 2007.  Our engineering and technical team, one of
the most experienced in the industry, successfully completed
four projects in the first quarter, including the upgrade of the
semisubmersible rig Pride Mexico, which is currently transiting
to Brazil to commence a five-year contract with Petrobras.
During 2008, our marketing efforts have captured contracts
valued at approximately US$5.2 billion, inclusive of bonus
opportunities and contract awards for all three of our ultra-
deepwater drillships under construction.  Finally, the
divestiture of non-strategic assets continued to progress with
the first quarter 2008 closing of the sale of three tender-
assist rigs.

"These accomplishments have been critical in supporting our
strategic transformation to a contract driller focused entirely
offshore, with an emphasis on the deepwater sector. With the
transition of Pride largely complete, we remain committed to
expanding our ownership of deepwater assets and to delivering
sustainable long-term shareholder value."

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 64 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs
and seven Eastern Hemisphere-based land rigs.  The company has
subsidiaries in France, Netherlands, Venezuela, Bahamas, Mexico,
Malaysia and Singapore, among others.

                        *     *     *

To date, Pride International carries Standard & Poor's Ratings
Service's BB+ corporate credit rating.  The company's unsecured
debt is also rated BB+ by S&P.  The outlook on the ratings is
stable.


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G E R M A N Y
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AUTOHAUS WULFMEIER: Claims Registration Period Ends June 3
----------------------------------------------------------
Creditors of Autohaus Wulfmeier GmbH & Co. KG have until June 3,
2008, to register their claims with court-appointed insolvency
manager Dr. Winfried Andres.

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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Dr. Winfried Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Autohaus Wulfmeier GmbH & Co. KG on April 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus Wulfmeier GmbH & Co. KG
         Overwegstr. 79
         45881 Gelsenkirchen
         Germany


B & W DIGITALE: Claims Registration Period Ends June 1
------------------------------------------------------
Creditors of B & W digitale Buerotechnik GmbH have until June 1,
2008, to register their claims with court-appointed insolvency
manager Bjoern Gehde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 29, 2008, where the court will
verify the claims set out in the insolvency manager's report.

The meeting of creditors will be held at:

          The District Court of Charlottenburg
          Hall 218
          Second Floor
          Amtsgerichtsplatz 1
          14057 Berlin
          Germany
         
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

          Dr. Bjoern Gehde
          Goethestr. 85
          10623 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against B & W digitale Buerotechnik GmbH on Feb. 28,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          B & W digitale Buerotechnik GmbH
          Geraer Sr. 83
          12249 Berlin
          Germany


BODO BARTH: Claims Registration Period Ends June 1
--------------------------------------------------
Creditors of Bodo Barth GmbH & Co. KG have until June 1, 2008,
to register their claims with court-appointed insolvency manager
Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cologne
          Meeting Hall 142
          First Floor
          Luxemburger Strasse 101
          50939 Cologne
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Hans-Gerd Jauch
          Sachsenring 81
          50677 Cologne
          Germany

The District Court of Cologne opened bankruptcy proceedings
against Bodo Barth GmbH & Co. KG on Feb. 26, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Bodo Barth GmbH & Co. KG
          Barbarastr. 3-9
          50735 Cologne
          Germany


BRAUHAUS DUERSCHEIDT: Claims Registration Period Ends June 1
------------------------------------------------------------
Creditors of BRAUHAUS DUERSCHEIDT GMBH have until June 1, 2008,
to register their claims with court-appointed insolvency manager
Hans Joachim Sistig.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on June 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Hans Joachim Sistig
          Hochwinkel 3 a
          51069 Cologne
          Germany
          Tel: 688589
          Fax: +49221681226

The District Court of Cologne opened bankruptcy proceedings
against BRAUHAUS DUERSCHEIDT GMBH on April 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          BRAUHAUS DUERSCHEIDT GMBH
          Attn: Georgis Papadopoulos, Manager
          Kaiserstr. 52
          51145 Cologne
          Germany


CAFE CONCEPT: Claims Registration Ends June 3
---------------------------------------------
Creditors of Cafe Concept Gastronomiebetriebs GmbH have until
June 3, 2008 to register their claims with court-appointed
insolvency manager Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Rainer M. Bahr
         Obergraben 10
         01097 Dresden
         Germany
         Web site: http://www.hermann-law.de/  

The District Court of Dresden opened bankruptcy proceedings
against  Cafe Concept Gastronomiebetriebs GmbH on April 30,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Cafe Concept Gastronomiebetriebs GmbH
         Krenkelstr. 7
         01309 Dresden
         Germany


DORENWENDT BETEILIGUNGS: Claims Registration Ends June 30
---------------------------------------------------------
Creditors of Dorenwendt Beteiligungs GmbH have until June 30,
2008 to register their claims with court-appointed insolvency
manager Dr. Peter Staufenbiel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 3, 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 Jena
         Hall 91
         Jena
         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. Peter Staufenbiel
         Untermarkt 12
         99974 Muehlhausen
         Germany

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

The Debtor can be reached at:

         Dorenwendt Beteiligungs GmbH
         Attn: Wolfgang Dorenwendt, Manager
         Hauptstrasse 33
         37359 Wachstedt
         Germany


DRUCKEREI J. P.: Claims Registration Ends June 3
------------------------------------------------
Creditors of Druckerei J. P. Bachem GmbH & Co.
Kommanditgesellschaft have until June 3, 2008 to register their
claims with court-appointed insolvency manager Dr. Christoph
Niering.

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

The meeting of creditors will be held at:
         
         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Druckerei J. P. Bachem GmbH & Co. Kommanditgesellschaft
on April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Druckerei J. P. Bachem GmbH & Co. Kommanditgesellschaft
         Attn: Stefan Preussler, Manager
         Cottbuser Str. 1
         51063 Cologne
         Germany


FUNQUADRAT GMBH: Claims Registration Period Ends June 3
-------------------------------------------------------
Creditors of Funquadrat GmbH have until June 3, 20008, to
register their claims with court-appointed insolvency manager
Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

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

The Debtor can be reached at:

         Funquadrat GmbH
         Attn: Thomas Kruse, Manager
         Saseler Chaussee 136c
         22393 Hamburg
         Germany


HTV IMMOBILIENMANAGEMENT: Claims Registration Period Ends June 3
----------------------------------------------------------------
Creditors of HTV Immobilienmanagement GmbH have until
June 3, 2008, to register their claims with court-appointed
insolvency manager Sylvia Rhein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 15, 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 4.3102
         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 HTV Immobilienmanagement GmbH on April 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HTV Immobilienmanagement GmbH
         Darmstadter Strasse 184
         64625 Bensheim
         Germany
         
         Attn: Dr. Michael Gossmann, Manager
         Hesslocher Str. 53
         65207 Wiesbaden
         Germany


HUDSON BIKE: Claims Registration Period Ends June 1
---------------------------------------------------
Creditors of Hudson Bike GmbH have until June 1, 2008, to
register their claims with court-appointed insolvency manager
Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Nuremberg
          Meeting Hall 152/I
          Flaschenhofstr. 35
          Nuremberg
          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. Hubert Ampferl
          Stahlstr. 17
          90411 Nuremberg
          Germany

The District Court of Nuremberg opened bankruptcy proceedings
against Hudson Bike GmbH on April 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Hudson Bike GmbH
          Attn: Frank Tom Schoeck, Manager
          Ernst-Sachs-Str. 17
          90441 Nuremberg
          Germany


JOHLER DRUCK: Claims Registration Period Ends June 1
----------------------------------------------------
Creditors of Johler Druck GmbH have until June 1, 2008, to
register their claims with court-appointed insolvency manager
Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 4, 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

          Jens-Soeren Schroeder
          Raboisen 38
          20095 Hamburg
          Germany

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

The Debtor can be reached at:

          Johler Druck GmbH
          Gadelander Strasse 77
          24539 Neumuenster
          Germany


KRANKENPFLEGEDIENST WERNER: Claims Registration Ends June 1
-----------------------------------------------------------
Creditors of Krankenpflegedienst Werner und Haas GmbH have until
June 1, 2008, to register their claims with court-appointed
insolvency manager Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on June 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cologne
          Meeting Hall 1240
          12th Floor
          Luxemburger Strasse 101
          50939 Cologne
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Karl-Dieter Sommerfeld
          Hammerweg 3
          51766 Engelskirchen
          Germany

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

The Debtor can be reached at:

          Krankenpflegedienst Werner und Haas GmbH
          Attn: Klaus Werner, Manager
          Koelner Str. 15
          51429 Bergisch Gladbach
          Germany


LUCEFER LICHT: Claims Registration Ends June 3
----------------------------------------------
Creditors of LUCEFER LICHT GmbH have until June 3, 2008 to
register their claims with court-appointed insolvency manager
Joachim Voigt-Salus.

Claims will be verified at 11:30 a.m. on Aug. 4, 2008 at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against LUCEFER LICHT GmbH on March 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LUCEFER LICHT GmbH
         Reichenberger Strasse 124
         Haus A
         Treppe 1
         10999 Berlin
         Germany


MAS HAUS: Claims Registration Period Ends June 3
------------------------------------------------
Creditors of MAS Haus GmbH have until June 3, 2008, to register
their claims with court-appointed insolvency manager Henning
schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 22, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Henning schorisch
         Wasastrasse 15
         01219 Dresden
         Germany
         Website: www.hww-kanzlei.de

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

The Debtor can be reached at:

         MAS Haus GmbH
         Bansiner Str. 4
         01109 Dresden
         Germany

         Attn: Joerg May, Manager
         Am Alten Bahndamm 31
         01328 Dresden
         Germany


MOEBEL-FUCHS HANDELS: Claims Registration Period Ends June 3
------------------------------------------------------------
Creditors of MOEBEL-FUCHS Handels GmbH have until June 3, 2008,
to register their claims with court-appointed insolvency manager
Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nebenstelle
         Meeting Hall 2
         Elisabethstrasse 6
         26135 Oldenburg
         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. Dirk Rueffert
         Donnerschweer Str. 398
         26123 Oldenburg
         Germany
         Tel: 0441 340770
         Fax: 0441 34077340
         E-mail: info@rueffert-rechtsanwaelte.de

The District Court of Nebenstelle opened bankruptcy proceedings
against CO on March 27, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MOEBEL-FUCHS Handels GmbH
         Am Fuchsberg 7a
         27798 Hude
         Germany

         Attn: Karl-Heinz Hinrichs, Manager
         Paul-Krey-Str. 167
         26135 Oldenburg
         Germany


NEXXT IT: Claims Registration Period Ends June 3
------------------------------------------------
Creditors of nexxt IT Systeme GmbH have until June 3, 2008, to
register their claims with court-appointed insolvency manager
Arnd Sebelefsky.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         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:

         Arnd Sebelefsky
         Arcostr. 3
         80333 Muenchen
         Germany
         Tel: 089/5490250
         Fax: 089/558674

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

The Debtor can be reached at:

         nexxt IT Systeme GmbH
         Attn: Dominik Henz, Manager
         Stockdorfer Str. 45
         81475 Muenchen
         Germany


PRODAX GMBH: Claims Registration Period Ends June 2
---------------------------------------------------
Creditors of Prodax GmbH have until June 2, 2008, to register
their claims with court-appointed insolvency manager Peter C.
Darr.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Peter C. Darr
         Candidplatz 13
         81543 Munich
         Germany

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

The Debtor can be reached at:

        Prodax GmbH
        Berliner Allee 28b
        86153 Augsburg
        Germany


RENERGIE SAARLOUIS: Claims Registration Period Ends June 2
----------------------------------------------------------
Creditors of Renergie Saarlouis GmbH have until June 2, 2008, to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/93840
         Fax: 02557/938450

The District Court of Nordhorn opened bankruptcy proceedings
against Renergie Saarlouis GmbH on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Renergie Saarlouis GmbH
         Stockholmer Strasse 31
         48455 Bad Bentheim
         Germany


RKF FLIESSESTRICH: Claims Registration Period Ends June 30
----------------------------------------------------------
Creditors of RKF Fliessestrich GmbH have until June 30, 2008, to
register their claims with court-appointed insolvency manager
Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 14, 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 Duisburg
         Hall S4
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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 Duisburg opened bankruptcy proceedings
against RKF Fliessestrich GmbH on May 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         RKF Fliessestrich GmbH
         Kurt-Schumacher-Strasse 226
         46539 Dinslaken
         Germany
         
         Attn: Roland Keusgen, Manager
         Wilhelmshoehe 1
         47058 Duisburg
         Germany


SPECTRUM BRANDS: March 30 Balance Sheet Upside-Down by US$232.9M
----------------------------------------------------------------
Spectrum Brands Inc. last week reported its financial results
for its second fiscal quarter ended March 30, 2008.

At March 30, 2008, the company's consolidated balance sheet
showed US$3.3 billion in total assets and US$3.5 million in
total liabilities, resulting in a US$232.9 million total
stockholders' deficit.

The company reported a net loss of US$111.7 million on net sales
of US$647.1 million for the quarter ended March 30, 2008.  This
compares with a net loss of US$237.5 million on net sales of
US$634.5 million during the second quarter of fiscal 2007.

Spectrum Brands' net sales in the current quarter represented a
2.0% increase from the prior year, after excluding the Canadian
division of the Home and Garden business, which the company sold
in November 2007.  The company said that the increase primarily
reflects strong double digit growth in the company's personal
care and companion pet supply product lines.

Favorable foreign currency contributed US$27.0 million, or 4.0%
to net sales.  Partially offsetting the positive trends were
lower sales in consumer batteries and men's electric shaving and
grooming in North America.  Additionally, the company said that
its Home & Garden division saw a later than normal start to its
peak selling season this year, delaying some expected revenues
into the third quarter.

                         Adjusted EBITDA

Adjusted EBITDA, a non-GAAP measurement, was US$66.2 million as
compared with US$54.0 million in the second quarter of the prior
year, a 23.0% improvement.  For the latest twelve months,
adjusted EBITDA is US$296.3 million and has increased 26.0%
compared to one year ago.

"This marks the fourth consecutive quarter of double digit
growth in adjusted EBITDA.  This level of performance reflects
the very strong focus and commitment our team has to drive
profitable growth in this business," said Kent Hussey, chief
executive officer.  "I'm pleased with the progress we're making.  
Despite a sluggish U.S. economy, continuing tight inventory
controls at retailers and rising input costs, our teams have
worked hard to make the necessary changes to improve the
efficiency and profitability of this business."

                  Gross Profit and Gross Margin

Gross profit and gross margin for the quarter were US$234.6
million and 36.3%, respectively, versus US$223.8 million and
35.3% for the same period last year.  Within cost of sales, the
company incurred restructuring and related charges of
approximately US$200,000 this quarter related to headcount
reductions taken as part of its 2007 global realignment and
US$6.7 million in the second quarter of 2007. Also, within cost
of sales this quarter was US$4.7 million in depreciation related
to the Home & Garden segment that was not present last year.

                        Operating Expenses

The current quarter's operating expenses were US$222.9 million
as compared with US$420.3 million in operating expenses in the
same quarter last year.  Included in this year's operating
expenses were US$15.8 million of additional depreciation and
amortization, US$13.2 million for a non-cash intangibles
impairment related to trade names in the Home & Garden segment
and US$5.2 million in restructuring and related charges.  In the
second quarter of fiscal 2007, operating expenses included a
non-cash charge of US$214.0 million for a goodwill impairment
and US$11.2 million in restructuring and related charges.

                         Operating Income

Spectrum generated second quarter operating income and operating
margin of US$11.7 million and 1.8%, respectively, versus an
operating loss of US$196.5 million in the same period last year.

                         Interest Expense

Interest expense was US$58.3 million compared to US$85.2 million
in the same period last year.  2007 interest expense included a
prepayment premium of US$11.6 million associated with the
refinancing of the company's senior credit facility and the
write-off of debt issuance costs of US$24.6 million, accounting
for the variance from this quarter's interest expense.

                   Income Tax Expense/Benefit

Tax expense recorded during the quarter was US$66.3 million
versus a tax benefit of US$45.9 million in the same period last
year.  The tax expense in the current quarter included a US$51.9
million expense related to increasing the company's valuation
allowance against the net deferred tax asset of its Home &
Garden segment necessitated as a result of the reclassification
of the segment from discontinued operations to continuing
operations.  

In addition, similar to the first quarter of 2008, the company
recorded an expense in the quarter to increase its valuation
allowance against its U.S. federal net deferred tax asset of its
remaining business segments to reserve for the possibility that
the deferred tax assets will not be realized.

                     Senior Credit Facilities

During the second quarter of fiscal 2007, the company refinanced
its outstanding senior credit facilities with new senior secured
credit facilities pursuant to a new senior credit agreement
consisting of a US$1.0 billion Term B Loan facility, a
US$200.0 million Term B II Loan facility, a EUR262.0 million
Term Loan facility, and a US$50.0 million synthetic letter of
credit facility.  

On Sept. 28, 2007, as provided for in the senior credit
agreement, the company entered into a US$225.0 million Asset
Based Revolving Loan Facility pursuant to a new credit
agreement.  The ABL facility replaced the U.S. Dollar Term B II
Loan, which was simultaneously prepaid using cash on hand
generated from the company's operations and available cash from
prior borrowings under its senior credit agreement in connection
with the above-referenced refinancing.  

As a result of the prepayment of the U.S. Dollar Term B II Loan,
under the terms of the ABL credit agreement and borrowings under
the ABL facility during the first half of fiscal 2008, as of
March 30, 2008, the company had aggregate borrowing availability
of approximately US$37.0 million, net of lender reserves of
US$32.0 million and outstanding letters of credit of US$3.0
million, under the ABL facility.

During the six month period ended March 30, 2008, the company  
prepaid US$19.0 million of term loan indebtedness under its
senior credit agreement with borrowings under the ABL facility
and net proceeds from the sale of the Canadian division of the
Home and Garden Business.

At March 30, 2008, the aggregate amount outstanding under the
senior credit facilities totaled a U.S. Dollar equivalent of
US$1.6 billion, including principal amounts of US$984.0 million
under the U.S. Dollar Term B Loan, EUR258.0 million under the
Euro Facility and US$153.0 million under the ABL Facility,
including US$3.0 million in letters of credit.  

                    Senior Subordinated Notes

At March 30, 2008, the company had outstanding principal of
US$700.0 million under the 7 3/8% Senior Subordinated Notes due
2015, outstanding principal of US$3.0 million under the 8 1/2%
Senior Subordinated Notes due 2013, and outstanding principal of
US$347.0 million under the Variable Rate Toggle Senior
Subordinated Notes due 2013.  

As of March 30, 2008, the company was in compliance with all
covenants under the Senior Subordinated Notes and the respective
indentures.  The company, however, is subject to certain
restrictions under the terms of the respective indentures
because, due to significant restructuring charges and reduced
business performance, it does not currently satisfy the Fixed
Charge Coverage Ratio test of 2:1 under each of the indentures.  

Until the test is satisfied, the company and certain of its
subsidiaries are limited in its ability to make significant
acquisitions or incur significant additional senior credit
facility debt beyond the Senior Credit Facilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 30, 2008, are available
for free at http://researcharchives.com/t/s?2bac  

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of   
batteries, lawn and garden care products, specialty pet
supplies, shaving and grooming products, household insect
control products, personal care products and portable lighting.  

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on April 15,
2008, Standard & Poor's Ratings Services revised its outlook on
Spectrum Brands to developing from negative.  At the same time,
Standard & Poor's affirmed all of its ratings on the company,
including the 'CCC+' corporate credit rating.  Approximately
US$2.6 billion of funded debt was affected by the action.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 16, 2008, Standard & Poor's Ratings Services revised its
outlook on Atlanta, Georgia-based Spectrum Brands Inc. to
developing from negative.  At the same time, Standard & Poor's
affirmed all of its ratings on Spectrum Brands, including the
company's 'CCC+' corporate credit rating.


SPITZER BAU: Claims Registration Period Ends June 2
---------------------------------------------------
Creditors of Spitzer Bau GmbH have until June 2, 2008, to
register their claims with court-appointed insolvency manager
Dr. Thomas Karg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 9, 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 Memmingen
         Meeting Hall 103
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         Germany

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

The insolvency manager can be reached at:

         Dr. Thomas Karg
         Zellerbachstr. 2
         87700 Memmingen
         Germany
         Tel: 08331/925049-0
         Fax: 08331/925049-10

The District Court of Memmingen opened bankruptcy proceedings
against Spitzer Bau GmbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

        Spitzer Bau GmbH
        Attn: Spitzer Ludwig, Manager
        Sonnengasschen 6
        87719 Mindelheim
        Germany


THEODOR LENSEN: Claims Registration Period Ends June 2
------------------------------------------------------
Creditors of Theodor Lensen GmbH have until June 2, 2008, to
register their claims with court-appointed insolvency manager
Rolf Otto Neukirchen.

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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Theodor Lensen GmbH on April 17, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Theodor Lensen GmbH
         Zur Reithalle 86
         46286 Dorsten
         Germany


WIKESA - KLEINTRANSPORTE GMBH: Claims Registration Ends June 12
---------------------------------------------------------------
The court-appointed insolvency manager for Wikesa -
Kleintransporte GmbH, Haro Helms will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:30 a.m. on June 12, 2008.

The meeting of creditors and other interested parties will be
held at:
         
         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 17, 2008 at the same
venue.

Creditors have until June 3, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Haro Helms
         Schillerstr. 10
         28195 Bremen
         Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         E-mail: helms@dr-stankewitz.de   
         Web site: http://www.dr-stankewitz.de/  

The District Court of Bremen opened bankruptcy proceedings
against Wikesa - Kleintransporte GmbH on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wikesa - Kleintransporte GmbH
         Attn: Wilfried Dieter Kueck, Manager
         Eppenhainer Strasse 15
         28307 Bremen
         Germany


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


EDELWEISS CAPITAL: Moody's Cuts Rating on Class D Notes to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded two classes of notes issued
by Edelweiss Capital PLC under Series 2007-2.

The downgrades are the result of ratings migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps.  While the transaction is composed of an equal
number of equity default swaps in the risk portfolio (long EDS
exposures) and in the insurance portfolio (short exposures), the
downgrades results from the presence of a higher proportion of
US financial and real-estate entities in the risk portfolio,
whose share price decreased significantly.

As of May 12, 2007, the risk portfolio (respectively the
insurance portfolio) had two reference entities -- Countrywide
Financial Corporation and MGIC Investment Corporation - (resp.
none) which have a share price below their EDS trigger levels
(those entities have a barrier above 100%).  Two (resp. one)
reference entities, whose barrier is above 85%, belonged to the
risk portfolio (resp. insurance portfolio).  The average barrier
of the risk portfolio is 48% (resp. 38% for the insurance
portfolio).

The barrier of a reference entity is the performance indicator
for EDS exposures.  For a given reference entity, it represents
the ratio between the EDS trigger and the current share price
both expressed in the relevant currency. At closing, all
barriers were at 35%.  The barrier will increase as the
underlying stock price decreases.  Conversely, the barrier will
decrease as the underlying stock price increases.  A barrier
greater than 100% corresponds to a share price below the EDS
trigger.  For illustration purposes, the share price of a
reference entity whose barrier is 150% depreciated by 76% since
closing.  The share price will have to appreciate by at least
50% of its current value to move back above its EDS trigger.  On
the other hand, the price of a reference entity whose barrier is
85% depreciated by 59% since closing.  That share price could
depreciate by up to 15% of its current value without hitting the
EDS trigger level.

The distressed equity events observation period will start on
the May 15, 2010 and lasts for three years until the May 14,
2013, the maturity of the transaction, such that no equity event
related losses have occurred at this stage and all tranches
still benefit from their initial subordination levels.

The modelling is based on the public EDS methodology using the
standard CDOROM™ model version 2.4:

   (a) Moody's defines three stock market regimes: Normal,
       Stressed or Crash, with related probabilities of
       occurrence to account for the global equity market
       cycles.

   (b) Each equity default swap entity is modelled individually
       with a standard multi-factor monte carlo model
       incorporating intra- and inter-industry correlations.  In
       each scenario, defaults are simulated.  Losses on the
       portfolio are then derived, which in turn induces a
       potential loss on the related tranches.  By repeating
       this process and averaging over a number of simulations,
       an estimate of the expected loss borne by the tranches is
       derived.

For entities whose barrier is above 40%, a combination of
historical analysis and a volatility-based approach was
considered in calculating the default probability.

These rating actions are:

Edelweiss Capital PLC - Series 2007-2:

   (1) Class D US$ Series 2007-2 Asset-Backed Floating Rate
       Notes due 2013

    -- Current Rating: Ba3
    -- Prior Rating: Ba2, on review for downgrade

   (2) Class A EUR Series 2007-2 Asset-Backed Floating Rate
       Notes due 2013

    -- Current Rating: A2
    -- Prior Rating: Aa1, on review for downgrade

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


ALITALIA SPA: EC Gives Italy Until May 30 to Explain Loan
---------------------------------------------------------
The European Commission has extended to May 30, 2008, the
deadline for the Italian government to provide details on its
EUR300-million loan to Alitalia S.p.A., Reuters reports citing a
commission spokesman.

The Commission is reviewing the loan for possible violation of
the European Union rule on state aid.  Italy needs to prove that
the loan was offered on commercial terms to gain approval from
the Commission.  

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

Alitalia may face months-long probe over the legality of the
loan, which may further cramp Italy's efforts to sell its 49.9%
stake in the national carrier.

                         About Alitalia

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

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


ALITALIA SPA: Rome Prosecutor Probing Baldassare's Offer
--------------------------------------------------------
The Prosecutor of Rome has commenced investigation into the
financial transactions of the consortium led by Antonio
Baldassare relating to its offer for the Italian government's
49.9% stake in Alitalia S.p.A., Agenzia Giornalistica Italia
reports.

The prosecutors -- Stefano Pesci, Maria Francesca Loy, Gustavo
De Marinis, and Nello Rossi -- are probing whether the dealings
resulted to manipulation of Alitalia's stock price, AGI relates.

According to AGI, the prosecutors will send a formal request to
foreign courts for judicial assistance to find out the type of  
financial packages offered to the Baldassare consortium.

In November 2007, Alitalia's board of directors concluded that
Mr. Baldassarre's consortium lack necessary requisites to take
part in the auction for the government's stake.

                         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.


THERMADYNE HOLDINGS: Earns US$4.5 Mln in Quarter Ended March 31
---------------------------------------------------------------
Thermadyne Holdings Corporation reported results for the three
months ended March 31, 2008.

Net sales in the first quarter of 2008 increased 12.7% to
US$130.8 million, compared to the 2007 first quarter.  Excluding
the impact of foreign currency translations, net sales increased
7.9%. International sales increased 23.6% (11.2% in local
currency) led by the Asia Pacific region with a 13.7% increase
on a local currency basis.  Sales of all product lines increased
with demand continuing to be particularly strong for the
company’s new Cutmaster manual plasma cutting units and
specialty hard facing products. Sales of both the Company’s
plasma cutting and filler metal product lines increased
approximately 20%.

Gross margin in the first quarter of 2008 was 32.3% of net
sales, compared to 32.6% of net sales in the prior-year first-
quarter period.  The decline from the prior-year’s first quarter
was due to the ongoing effects of commodity cost increases over
the twelve-month time period.  This result was better than the
gross margin of 31.2% the company recorded for the year 2007,
and reflects a continuation of the longer-term progress the
Company is making to control costs.

Paul D. Melnuk, Thermadyne’s Chairman and Chief Executive
Officer commented: “The better-than-expected sales growth is
attributable to our improved customer service, more effective
new product introductions and strong market demand.  Gross
margins also continued to build on the improving trend that
began in 2007.  Our continuous improvement (TCP) process cost
savings, the benefits of more effective procurement practices
and the value from operating leverage in the 2008 first-quarter
period largely offset the double-digit material inflation that
occurred across most commodities we purchase.  Further, the
April 1, 2008 price increase will help offset the trend of
rising commodity prices in the second quarter and beyond.”

Selling, general and administrative costs were US$27.5 million,
or 21.0% of sales, in the first quarter of 2008, compared to
US$26.0 million, or 22.4% of sales, in last year’s first
quarter.  New product launches and expanded new product
development activities, as well as expansion of the
international sales and global operations capabilities,
contributed to the 2008 first quarter increase in expenses,
compared to the 2007 first quarter.

Other Income and Expense Items in the First Quarter of 2008
Interest costs of US$5.3 million were US$1.7 million less than
the prior-year’s first quarter.  The average indebtedness was
11% less than in the prior-year’s first quarter and the
effective interest rate declined 170 basis points.  This decline
in the effective interest rate reflects the combined benefit of
the lower Libor rates which impact approximately 40% of the
Company’s total debt and the reduced interest rate grids for the
Working Capital and the Second Lien Facilities, as a result of
the amendments to the Agreements in June 2007.  The effective
interest rate in the first quarter of 2008 includes the 1.25%
Special Interest payment adjustment applicable to the Company’s
US$175 million Senior Subordinated Notes.  This interest payment
adjustment declined to 0.75% effective April 1, 2008, as a
result of the company’s reduced leverage ratio.

For the 2008 first quarter, the effective income tax rate was
44% due to the inclusion of certain foreign earnings without the
recognition of the related benefit of foreign tax credits that
are carried forward.  In the prior-year first quarter, the
effective income tax rate was 64% also as a result of the
inclusion of certain foreign earnings without the recognition of
the related benefit of foreign tax credits that are carried
forward.  Due to the use of net operating loss carryovers
available to offset U.S. taxable income, the Company estimates
it will pay income taxes in 2008 at the rate of approximately
22%.

For the first quarter of 2008, net income from continuing
operations was US$4.7 million, or US$0.35 per diluted share.  In
comparison, for the first quarter of 2007 net income from
continuing operations was US$1.3 million, or US$0.10 per diluted
share.  Included in net income in the 2008 first quarter were
losses from discontinued operations of US$0.2 million, or
US$0.01 net loss per diluted share.  This compares to income of
US$0.1 million, or US$0.01 net income per diluted share, in the
2007 first quarter.

For the first quarter of 2008, net income was US$4.5 million, or
US$0.34 per diluted share, compared to a net income of US$1.4
million, or US$0.11 net income per diluted share, in the 2007
first quarter.

Operating activities of the company provided US$2.9 million of
cash in the first quarter of 2008, while in the first quarter of
2007, the company used US$20.3 million for operating activities.  
The first quarter is traditionally a period of high cash
requirements for accounts receivable and inventory builds.  The
significantly improved cash flows during the first quarter of
2008 are due to improvement in all components of working capital
management.  In particular, inventories declined US$11 million
from the prior-year quarter despite the growth in the business.
Inventory turns improved to 3.9 times per year versus 3.1 times
in the prior-year first quarter.

During the quarter, the company repaid US$7 million of the
Second Lien Facility to satisfy the “Excess Cash Flow”
requirement of the Senior Subordinated Notes Indenture.  As of
March 31, 2008, the company had combined cash and availability
under its revolver of US$67 million.

In the first quarter of 2008, Operating EBITDA from continuing
operations improved 18% to US$17.7 million, or 13.5% of net
sales, compared to US$15.0 million, or 12.9% of net sales, in
the first quarter of 2007.  Including our discontinued
operations for the first quarter of 2008, Operating EBITDA, as
adjusted, was US$17.5 million.

Mr. Melnuk stated: “In the first quarter of 2008, sales,
profitability and cash flow comparisons all improved, building
on the momentum realized throughout 2007.  Our efforts to
achieve better performance levels in production, customer
service and new product introductions are generating positive
customer feedback and contributing to the improved results.  The
broad-based global demand for our products is continuing to
drive sales in the second quarter and we anticipate total
Company sales growth of 8-10% in the quarter over last year’s
second-quarter levels.  From what we can determine, the growth
in demand is a result of major infrastructure spending,
particularly in mining, energy, agriculture, transportation and
defense.

“We are pleased with the many positive comments we have received
from our customers relating to our level of service.  In an
effort to further enhance this high level of service, we are
striving to instill a customer-focused mindset throughout the
Company.  In addition to our ongoing emphasis on improved
customer service, we are beginning to work on a number of
longer-term initiatives to build our core brand and product
strength further.  Specifically, we are expanding our
international sales capabilities to help pursue the growth
opportunities in several markets, and are working on a number of
product innovations and redesigns that offer very promising
market potential.  These strategies, combined with our efforts
in cost reduction, working capital efficiency and debt
reduction, should contribute to both near-term and-longer term
profitability and cash flow growth, enhancing value for our
shareholders,” commented Mr. Melnuk.

                       About Thermadyne

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

                       *     *     *

As reported in the Troubled Company Reporter-Europe on May 2,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Thermadyne Holdings Corp. to 'B-' from 'CCC+'.  
At the same time, S&P raised the ratings on the subordinated
notes to 'CCC' from 'CCC-'.


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


AK-NUR XXI: Creditors Must File Claims by June 17
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ak-Nur XXI insolvent.

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

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


ENERGO PROM: Claims Deadline Slated for June 18
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Energo Prom Resourse insolvent.

Creditors have until Karaganda June 18, 2008, to submit written
proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


ERTRANS LLP: Claims Filing Period Ends June 13
----------------------------------------------  
LLP Autotransport Company Ertrans has declared insolvency.  
Creditors have until June 13, 2008, to submit written proofs of
claims to:

         LLP Autotransport Company Ertrans
         Ryskulov Str. 65
         Almaty
         Kazakhstan


GOLDMAN ALLIANCE: Creditors' Claims Due on June 13
--------------------------------------------------  
Representation of Company Goldman Alliance Corp. has declared
its closure.

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

         Representation of Company Goldman Alliance Corp.
         office 101
         Klochkov Str. 123
         Almaty
         Kazakhstan


GROT-SEMEY LLP: Claims Registration Ends June 13
------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Company Grot-Semey insolvent on March 21, 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 (7232) 24-06-50


JERDEM LLP: Claims Deadline Slated for June 17
----------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Jerdem insolvent on March 28, 2008.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Ualihanov Str. 19-149
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


MERKURI KV: Claims Filing Period Ends June 17
---------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Merkuri KV 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 North Kazakhstan
         Ualihanov Str. 19-149
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TAIMUR SAUDA: Creditors' Claims Due on June 17
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Taimur Sauda Aktobe insolvent on April 4, 2008.

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

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


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


OIL TRANS: Creditors Must File Claims by June 11
------------------------------------------------
LLC Oil Trans Plus has declared insolvency.  Creditors have
until June 11, 2008 to submit written proofs of claim to:

         LLC Oil Trans Plus
         Kurmanjan Datka Str. 211/73
         Osh
         Kyrgyzstan
         

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


AES CORP: Commences Tender Offer for US$377 Million Senior Notes
----------------------------------------------------------------
The AES Corporation, on May 14, 2008, commenced a cash tender
offer for up to US$377,030,000 aggregate principal amount of its
outstanding senior notes.

The tender offer will expire at 12:00 midnight, New York City
time, on June 11, 2008, unless extended or earlier terminated.

Concurrently with the tender offer, AES is also soliciting
consents from holders of its outstanding 8.75% Second Priority
Senior Secured Notes due 2013 to certain proposed amendments to
the indenture governing the Secured Notes, which will eliminate
many of the restrictive covenants in the indenture.  Adoption of
the proposed amendments requires the consent of at least a
majority of the outstanding principal amount of Secured Notes.

The consent solicitation for the Secured Notes will expire at
5:00 p.m., New York City time, on May 28, 2008, unless extended
or earlier terminated.

Holders of Secured Notes may deliver their consents without
tendering the related Secured Notes and holders that tender
their Secured Notes pursuant to the tender offer will be deemed
to have consented to the proposed amendments.

                    List of Notes

    8.75% Second Priority Senior  Secured Notes due 2013

CUSIP/ISIN Numbers: 00130HBA2/U0080RAF7    

Aggregate Principal Amount Outstanding: US$752,553,000

Series Tender Cap: US$377,030,000 less Untendered Note Consents

Acceptance Priority Level: 1

Tender Offer Consideration: US$1,020.00

Early Tender Premium: US$20.00   

Consent Fee:  US$3.75

Total Consideration: US$1,043.75


               9.50% Senior Notes due 2009  

CUSIP/ISIN Numbers: 00130HAQ8

Aggregate Principal Amount Outstanding: US$467,308,000

Series Tender Cap: $240,000,000

Acceptance Priority Level: 2

Tender Offer Consideration: US$1,035.00

Early Tender Premium: US$20.00

Consent Fee: N/A

Total Consideration: US$1,055.00


              9.375% Senior Notes due 2010

CUSIP/ISIN Numbers: 00104CAA6

Aggregate Principal Amount Outstanding: US$422,665,000

Series Tender Cap: US$180,000,000

Acceptance Priority Level: 3

Tender Offer Consideration: US$1,057.50

Early Tender Premium: US$20.00

Consent Fee: N/A

Total Consideration: US$1,077.50


                8.875% Senior Notes due 2011

CUSIP/ISIN Numbers: 00130HAU9

Aggregate Principal Amount Outstanding: US$306,805,000

Series Tender Cap: US$120,000,000

Acceptance Priority Level: 4

Tender Offer Consideration: US$1,045.00

Early Tender Premium: US$20.00

Consent Fee: N/A

Total Consideration: US$1,065.00

For each series of Notes, AES is offering to purchase (subject
to the Maximum Tender Cap for all Notes combined) an aggregate
principal amount up to the Series Tender Cap for such series of
Notes.

The amount of each series of Notes that will be purchased in the
tender offer will be based on the Maximum Tender Cap, the Series
Tender Cap and the order of priority for such series of Notes.

All Notes validly tendered in the tender offer having a higher
Acceptance Priority Level (with "1" being the highest) will be
accepted for purchase up to the Series Tender Cap for such
series of Notes before any tendered Notes having a lower
Acceptance Priority Level are accepted for purchase, up to the
Maximum Tender Cap for all Notes in the aggregate.  In the event
that the aggregate principal amount of Notes of any series that
are validly tendered and not withdrawn prior to the Expiration
Time exceeds the Series Tender Cap for such series of Notes, AES
(subject to the terms and conditions of the tender offer) will
purchase an amount of Notes up to the Series Tender Cap for such
series on a pro rata basis.

The "Total Consideration" for each US$1,000 principal amount of
Notes tendered and accepted for payment pursuant to the tender
offer will be the applicable total consideration set forth in
the table above.  The Total Consideration includes an Early
Tender Premium of US$20.00 per US$1,000 principal amount of
Notes (and in the case of the Secured Notes, if the Requisite
Consents are received and the proposed amendments become
operative, also includes the Consent Fee).

Holders must validly tender and not validly withdraw their Notes
prior to 5:00 p.m., New York City time, on May 28, 2008, unless
extended or earlier terminated in order to be eligible to
receive the Total Consideration.  Holders validly tendering
their Notes after the Early Tender/Consent Time and prior to the
Expiration Time will only be eligible to receive the Tender
Offer Consideration, which is the Total Consideration minus the
Early Tender Premium (and in the case of the Secured Notes also
minus the Consent Fee).  Subject to receipt of the Requisite
Consents and the other terms and conditions of the Consent
Solicitation, AES will pay to each holder of Secured Notes who
consents to the proposed amendments prior to the Consent Time a
Consent Fee in cash equal to US$3.75 per US$1,000 principal
amount of Secured Notes to which the consent relates, which
payment in the case of Secured Notes that are tendered prior to
the Early Tender/Consent Time and are accepted for purchase by
AES pursuant to the tender offer will be included as part of the
Total Consideration.

Tenders of Notes may be withdrawn and delivery of consents may
be revoked at any time prior to 5:00 p.m., New York City time,
on May 28, 2008, unless extended, but not thereafter unless
required by law.

Consummation of the tender offer for all series of Notes and the
consent solicitation is subject to the satisfaction or waiver of
certain conditions, including but not limited to a financing
condition and the receipt of the Requisite Consents to the
proposed amendments. AES reserves the right, in its sole
discretion, to waive or modify any one or more of the conditions
to the tender offer and the consent solicitation, in whole or in
part at any time, or to terminate or amend the tender offer and
consent solicitation for any reason.

Citi and Lehman Brothers are the Dealer Managers for the tender
offer and the consent solicitation. Global Bondholder Services
Corporation is acting as the Information Agent and the
Depositary.

Persons with questions regarding the tender offer or the consent
solicitation should contact Citi at 800-558-3745 (toll free) or
212-723-6106 (collect) and Lehman Brothers at 800-438-3242 (toll
free) or at 212-528-7581 (collect).  Requests for copies of
Offer to Purchase and the Letter of Transmittal may be directed
to Global Bondholder Services Corporation at (866) 873-7700
(toll free) or (212) 430-3774.

                       About AES Corp.

AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power  
company, with 2007 revenues of USUS$13.6 billion.  The company
has  operations in 29 countries on five continents and has a
workforce of 28,000 people.  The company's 13 regulated
utilities amass annual sales of over 78,000 GWh and its 123
generation facilities have the capacity to generate more than
43,000 megawatts.  

In Europe, the company has operations in Ukraine, Ireland,
Spain, Kazakhstan and Bulgaria, among others.  The company also
has subsidiaries in Europe that includes the Netherlands and
United Kingdom.  Aside from China, AES also has operations in
India and the Philippines.  Latin America operations include
Brazil, Argentina and Chile.


AES CORP: Reveals Plan to Offer Notes in Private Placement
----------------------------------------------------------
The AES Corporation disclosed Wednesday that it plans to offer
approximately US$600 million aggregate principal amount of
senior unsecured notes due 2020 in a private placement.

The senior notes will not be registered under the Securities Act
of 1933, or any state securities laws.  Therefore, the senior
notes may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act of 1933 and any applicable
securities laws.

                       About AES Corp.

AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power  
company, with 2007 revenues of USUS$13.6 billion.  The company
has operations in 29 countries on five continents and has a
workforce of 28,000 people.  The company's 13 regulated
utilities amass annual sales of over 78,000 GWh and its 123
generation facilities have the capacity to generate more than
43,000 megawatts.  

In Europe, the company has operations in Ukraine, Ireland,
Spain, Kazakhstan and Bulgaria, among others.  The company also
has subsidiaries in Europe that includes the Netherlands and
United Kingdom.  Aside from China, AES also has operations in
India and the Philippines.  Latin America operations include
Brazil, Argentina and Chile.


AES CORP: Moody's Rates Proposed US$600 Mln Sr. Notes at B1
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to The AES
Corporation's proposed issuance of US$600 million senior
unsecured notes due 2020.

In addition, Moody's has affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at
Ba1, its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
The rating outlook for AES is stable.

The rating affirmation reflects an expectation that AES will use
the proceeds from the proposed offering to refinance a similar
amount of recourse debt.  The rating affirmation also takes into
account the company's concurrent effort to eliminate the
financial covenants contained in its second priority senior
secured notes.

AES's ratings consider the company's high leverage and the
structural subordination of its recourse debt to the significant
level of non-recourse debt in its consolidated capital
structure.  Structural constraints are somewhat mitigated by the
diversification provided by AES's large number of subsidiaries,
their wide geographic distribution and balanced fuel mix, and
the significant proportion of the company's cash flows that are
subject to stable regulation or long-term contracts.

Subsidiary distributions to AES are expected to be approximately
US$1.1 billion in 2008, similar to 2007 results. Recourse debt
however increased approximately 16% or US$760 million to US$5.6
billion during 2007 as AES borrowed to finance growth. This
increase in leverage constrains upward movement in AES's current
rating levels over the near-term.  The commercial operation of
various generating stations currently under construction that
are expected to achieve operation in the 2009/2010 timeframe is
expected to improve the scale of subsidiary distributions and
financial metrics and may be a trigger for upward ratings
pressure.

Ratings affirmed/LGD assessments revised:

The AES Corporation

   -- Corporate Family Rating -- B1

   -- Probability of Default Rating -- B1

   -- Senior secured credit facilities -- Ba1 (LGD1, 5%) from
      (LGD1, 2%)

   -- Second priority senior secured note -- Ba3 (LGD3, 41%)
      from (LGD3, 38%)

   -- Senior unsecured notes -- B1 (LGD4, 56%) from (LGD4, 53%)

AES Trust III

   -- Convertible trust preferred securities -- B3 (LGD6, 95%)
      from (LGD6, 94%)

Rating assigned:

The AES Corporation

   -- US$600 million of new senior unsecured notes, B1 (LGD4,
      56%)

The AES Corporation is a global power company with generation
and distribution assets in Europe, Asia, Latin America, Africa
and the United States.  Its consolidated revenues totaled
US$13.6 billion during fiscal year 2007.


NIELSEN COMPANY: Posts US$82 Million Net Loss in 1st Qtr. 2008
--------------------------------------------------------------
The Nielsen Company B.V. reported financial results for the
quarter ended March 31, 2008.

Reported revenues for the three months ended March 31, 2008 were
US$1,214 million, an increase of 13% over the revenues of
US$1,072 million for the three months ended March 31, 2007.
Excluding the impact of currency fluctuations, revenues for the
quarter increased 8%.  For the quarter ended March 31, 2008, the
company reported a net loss US$82 million compared to net loss
of US$74 million for the quarter ended March 31, 2007.

Reported operating income for the three months ended March 31,
2008 was US$115 million compared to US$56 million for the three
months ended March 31, 2007.  The quarterly results were
negatively impacted by US$7 million, and US$27 million,
respectively, for certain items such as restructuring costs and
compensation agreements.  Adjusting for these items, operating
income, on a constant currency basis, increased 41%.

As of March 31, 2008, total debt was US$8,527 million, and cash
balances were US$354 million.  Capital expenditures were US$69
million for the three months ended March 31, 2008, compared with
US$49 million for the three months period ended March 31, 2007.

                  About The Nielsen Company

The Nielsen Company B.V. -- http://www.nielsen.com/-- is a  
global information and media company with recognized brands in
marketing information (ACNielsen), media information (Nielsen
Media Research), online intelligence (NetRatings and
BuzzMetrics), trade shows and business publications (Billboard,
The Hollywood Reporter, Adweek).  The privately held company is
active in more than 100 countries, with headquarters in Haarlem,
the Netherlands, and New York, USA.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 5,
2008, Standard & Poor's Ratings Services revised its outlook on
the 'B' corporate credit rating of The Nielsen Co. B.V. to
stable from negative.  According to Standard & Poor's credit
analyst Tulip Lim, "[t]he outlook change reflects the company's
good operating performance and progress in its cost-cutting
initiatives."

As reported in the Troubled Company Reporter-Europe on April 25,
2008, Fitch Ratings assigned The Nielsen Company a Long-term
Issuer Default rating of 'B' with a Stable Outlook, and a Short-
term IDR of 'B.'  Fitch has also assigned the group's senior
secured bank debt a 'BB-' rating.


NIELSEN COMPANY: Integrates Nielsen NRG with BASES Organization
---------------------------------------------------------------
As part of its ongoing “one Nielsen” initiative to provide
clients with integrated solutions, The Nielsen Company disclosed
Tuesday announced that Nielsen NRG, the leading market research
and strategic consulting firm serving the film and home
entertainment industries, has become part of Nielsen’s BASES
organization.

“This initiative once again underscores Nielsen’s distinct
ability to reach across the entire organization to effectively
serve clients’ changing needs,” said Bruce Dennler, President of
Nielsen Entertainment.  “By combining NRG’s unique vertical
industry knowledge with BASES’ innovative techniques and
approaches, we will help Film and Home Entertainment clients
better identify, understand and capitalize on future
opportunities.”

BASES is the world’s leading provider of services designed to
help clients grow through innovation.  These services include
new product optimization, marketing plan simulation capabilities
and sales forecasting.  These services are designed to help
clients make intelligent decisions about launching new products
in a number of industries, including consumer packaged goods,
pharmaceuticals, durable goods and consumer services.

“As a part of BASES, Nielsen NRG will now be able to tap into
BASES’ expertise in global product development, operations and
analytics to help drive future innovation,” said Tim Willke,
President of BASES.  “Many of BASES analytical tools have direct
application to NRG’s business, and BASES’ general expertise in
analytically based consulting will help NRG create new services
to address unmet and emerging client needs within the
entertainment industry.”

NRG also will take advantage of Nielsen’s anticipated
acquisition of IAG Research, which offers insight into how
engaged viewers are with commercials and promos.

As part of the transition, Marc Lagrois will assume the new
leadership role at NRG.  Howard Ballon, President of Nielsen
Film and Home Entertainment, will work with Lagrois on the
transition before leaving the company to pursue other
opportunities.

Lagrois is currently Senior Vice President, Product and Business
Development for NRG.  Prior to joining NRG in 2007, Marc led the
BASES Asia-Pacific region, where he successfully expanded the
business over a five year period beginning in 2002.

Lagrois will report to Tim Willke, Global President of BASES,
effective immediately.  Although part of the BASES organization,
NRG will also continue to collaborate closely with the rest of
the Nielsen Entertainment group, including EDI, TV/CPG,
VideoScan and other measurement services.

                  About The Nielsen Company

The Nielsen Company B.V. -- http://www.nielsen.com/-- is a  
global information and media company with recognized brands in
marketing information (ACNielsen), media information (Nielsen
Media Research), online intelligence (NetRatings and
BuzzMetrics), trade shows and business publications (Billboard,
The Hollywood Reporter, Adweek).  The privately held company is
active in more than 100 countries, with headquarters in Haarlem,
the Netherlands, and New York, USA.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 5,
2008, Standard & Poor's Ratings Services revised its outlook on
the 'B' corporate credit rating of The Nielsen Co. B.V. to
stable from negative.  According to Standard & Poor's credit
analyst Tulip Lim, "[t]he outlook change reflects the company's
good operating performance and progress in its cost-cutting
initiatives."

As reported in the Troubled Company Reporter-Europe on April 25,
2008, Fitch Ratings assigned The Nielsen Company a Long-term
Issuer Default rating of 'B' with a Stable Outlook, and a Short-
term IDR of 'B.'  Fitch has also assigned the group's senior
secured bank debt a 'BB-' rating.


NIELSEN COMPANY: Product Placements Up 6% in First Quarter 2008
---------------------------------------------------------------
The Nielsen Company reported that product placements for the
first quarter of 2008 rose 6% on primetime programming for the
11 measured networks on broadcast (ABC, CBS, CW, FOX, MNT, NBC)
and cable television (A&E, Bravo, HGTV, MTV, TLC).  Broadcast
television placements rose 39%, while cable television was
essentially flat at -1%.

There were 117,976 brand occurrences on cable and broadcast
networks in the first three months of the year, according to
Nielsen Product Placement Service.  The most prevalent placement
type on broadcast television was “foreground,” which represented
35% of all product placements. On cable television, “wardrobe”
placements were most common, accounting for 32% of all
placements.

             Broadcast Television Product Placements

Top Broadcast Television Programs

Prime-time product placement occurrences on broadcast networks
increased overall by 39% during the first quarter of 2008.  The
top 10 programs featured 15,404 occurrences in the first three
months of this year—compared to 8,893 occurrences in the same
time period in 2007.  “The Biggest Loser,” with 3,977
occurrences, was the top program, in terms of the number of
placements.  Four of the top 10 programs aired on CW, and six
programs had over 1,000 placements.                                          
                                                                             
                                                                 

Because of the recent writers’ strike, many programs were
shifted from their standard airing times.  “Big Brother,” which
usually airs during the summer months, was moved up to the first
quarter to fill in empty slots.  “The Apprentice” also altered
its normal schedule of episodes, airing the same number of
episodes between January and March of 2008 as were run from
January through April of 2007.

In addition, “Deal Or No Deal” featured a special NFL-themed
episode, originally aired in September 2007 and re-run in the
first quarter 2008, which featured an NFL logo on the stage, NFL
helmets throughout the set, and models and contestants clad in
NFL apparel.  That episode alone had 1,372 product placements.  
All other “Deal or No Deal” episodes during the first quarter of
2008 had less than 100 occurrences.

Top Broadcast Television Brands

The top 10 featured brands on prime-time broadcast network
television increased by 52% in the first quarter this year, from
4,253 occurrences in 2007 to 6,453 during the first three months
of 2008.  Coca-Cola, primarily through its association with
“American Idol,” was again the top brand, with 2,380 occurrences
for this time period.  The February 21st episode of “American
Idol” with Coca-Cola was especially well received by the viewing
audience—nearly 60% recognized the brand and responded
positively to it.

24 Hour Fitness Centers (1,545 occurrences) and Pussycat Dolls
Lounge Nightclubs (479 occurrences) rounded out the top three
brands on Broadcast television.  Notably, six of the top 10
brands are associated with sports/exercise.    

Top Broadcast Television Product Categories

The top five product categories on broadcast network television
had more than 1,000 placements each.  Among these, Soft Drinks
ranked first, with 2,502 placements.  Of these, Coca-Cola
accounted for 2,380.  The Apparel, Fitness Centers/Clubs,
Football Team, and Exercise Equipment also made the top five.

              Cable Television Product Placements

Top Cable Television Programs

The top 10 cable programs that featured product placements
accounted for 59,308 occurrences in the first quarter of 2008—an
increase of 16% from 50,940 during the first quarter of 2007.  
“American Chopper” on TLC was again the top program, with 16,164
placements.  Half of the programs in the Top 10 air on MTV, and
another three air on BRAVO.

Top Cable Television Brands

The top 10 featured brands on prime-time cable network
television in this year’s first quarter accounted for 17,356
occurrences—a 28% increase from 13,501 occurrences in 2007.  
Under Armour Apparel was the top brand, with 2,960 occurrences
for this time period—mainly through its association with the
program “Real World Road Rules Challenge.”  Each brand in the
top 10 placed more than 1,000 placements.

Notably, the top performing placements were not heavy weights in
terms of activity; these included Home Depot on the February
10th episode of HGTV’s “Color Splash,” Flow Power Tools on TLC’s
“American Chopper,” and Hershey’s integration on BRAVO’s
“Project Runway.”  Each impacted more than half the viewing
audience in terms of brand recognition and positive feeling.

Top Cable Television Product Categories

With 18,307 placements Apparel was easily the number one product
placement category on cable television during the first quarter
of 2008.  The top three apparel brands each had more than 1,000
placements during the first quarter: Under Armour Apparel (2,960
occurrences), Orange County Choppers Apparel (2,264
occurrences), and Big Black Apparel (1,149 occurrences).  Nike
Apparel and Sean John Apparel also ranked among the top five
apparel brands.

                  About The Nielsen Company

The Nielsen Company B.V. -- http://www.nielsen.com/-- is a  
global information and media company with recognized brands in
marketing information (ACNielsen), media information (Nielsen
Media Research), online intelligence (NetRatings and
BuzzMetrics), trade shows and business publications (Billboard,
The Hollywood Reporter, Adweek).  The privately held company is
active in more than 100 countries, with headquarters in Haarlem,
the Netherlands, and New York, USA.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 5,
2008, Standard & Poor's Ratings Services revised its outlook on
the 'B' corporate credit rating of The Nielsen Co. B.V. to
stable from negative.  According to Standard & Poor's credit
analyst Tulip Lim, "[t]he outlook change reflects the company's
good operating performance and progress in its cost-cutting
initiatives."

As reported in the Troubled Company Reporter-Europe on April 25,
2008, Fitch Ratings assigned The Nielsen Company a Long-term
Issuer Default rating of 'B' with a Stable Outlook, and a Short-
term IDR of 'B.'  Fitch has also assigned the group's senior
secured bank debt a 'BB-' rating.


ROYAL AHOLD: Reports EUR7.5 Billion in Sales for 1st Qtr. 2008
--------------------------------------------------------------
Ahold reported consolidated net sales of EUR7.538 billion for
the first quarter ending April 20, 2008.  Compared to
EUR7.634 billion in first quarter of 2007, net sales decreased
by 1.3%.

Ahold Europe contributed EUR3.195 billion net sales for the
first quarter of 2008, or a 14.2% net sales increase in
comparison to EUR2.797 billion net sales in first quarter 2007.

Ahold USA contributed EUR4.343 billion net sales for the first
quarter of 2008.  A 10.2% decrease compared to EUR4.837 billion
in the same period of 2007.

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                          *     *     *

Koninklijke Ahold carries Fitch Ratings' BB+ Issuer Default and
senior unsecured ratings.  Fitch said the Outlook is Positive.  
Its Short-term rating is B.


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


OCEAN RIG: Employee Share Saving Program Acquires 11,800 Shares
---------------------------------------------------------------
On April 30, 2008, Ocean Rig ASA’s employee share saving
program, on a quarterly routine basis, purchased a total of
11,800 shares in Ocean Rig ASA.  The average purchase price was
NOK 44.9815 per share.

2,714 shares were purchased on behalf of primary insiders in the
company.

Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and   
operates two drilling rigs, built for ultra deep waters and
extreme weather conditions.  The units are currently operating
in the US Gulf of Mexico and in the North Sea.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 24,
2008, Standard & Poor's Ratings Services had placed its 'B'
long-term corporate credit ratings on Ocean Rig Norway A.S. on
CreditWatch with positive implications.

The CreditWatch placement follows a recent change in ownership,
in which Greece-based Dry Ships Inc. increased it stake from 30%
to 49.9%.  The chairman and CEO of Dry Ships privately holds
4.4% of Ocean Rig.


OCEAN RIG: Oslo Bors Accepts DryShips' Mandatory Offer for Stake
----------------------------------------------------------------
Ocean Rig Norway AS disclosed in its website that Oslo Bors has
approved the mandatory offer to acquire the shares of Ocean Rig
ASA made by Primelead Limited a 100% subsidiary of DryShips Inc.

The offer price was NOK45 per share in cash

The offer is valid from and including May 14, 2008 to June 11,
2008 at 4:30 p.m. (CET).

Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and   
operates two drilling rigs, built for ultra deep waters and
extreme weather conditions.  The units are currently operating
in the US Gulf of Mexico and in the North Sea.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 24,
2008, Standard & Poor's Ratings Services had placed its 'B'
long-term corporate credit ratings on Ocean Rig Norway A.S. on
CreditWatch with positive implications.

The CreditWatch placement follows a recent change in ownership,
in which Greece-based Dry Ships Inc. increased it stake from 30%
to 49.9%.  The chairman and CEO of Dry Ships privately holds
4.4% of Ocean Rig.


OCEAN RIG: First Quarter 2008 Revenue Ups to US$67.8 Million
------------------------------------------------------------
Ocean Rig Norway AS reported that revenue for the 1st quarter
2008 was US$67.8 million, increasing from US$40.8 million in the
4th quarter 2007, mainly due to higher day rates and higher
earnings efficiencies.

Operating expenses of US$35.6 million, decreased by US$1.0
million from 4th quarter 2007.  EBITDA was US$32.2 million for
the quarter, up from US$4.2 million in the 4th quarter 2007.

Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and   
operates two drilling rigs, built for ultra deep waters and
extreme weather conditions.  The units are currently operating
in the US Gulf of Mexico and in the North Sea.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 24,
2008, Standard & Poor's Ratings Services had placed its 'B'
long-term corporate credit ratings on Ocean Rig Norway A.S. on
CreditWatch with positive implications.

The CreditWatch placement follows a recent change in ownership,
in which Greece-based Dry Ships Inc. increased it stake from 30%
to 49.9%.  The chairman and CEO of Dry Ships privately holds
4.4% of Ocean Rig.


=============
R O M A N I A
=============


CENTRAL EUROPEAN: Earns US$15.1 Mln in Quarter Ended March 31
-------------------------------------------------------------
Central European Media Enterprises Ltd. reported  financial
results for the three months ended March 31, 2008.

Net revenues for the first quarter of 2008 increased 51% to
US$223.5 million, compared to the first quarter of 2007.

Operating income for the quarter increased US$31.4 million to
US$44.7 million.

Net income increased US$15.1 million, and fully diluted income
per share increased by US$0.36 to US$0.35.

Segment EBITDA for the first quarter of 2008 increased 86% to
US$74.7 million, compared to the first quarter of 2007.

Michael Garin, Chief Executive Officer of CME, said: "Following
a spectacular 2007 performance, 2008 is off to a strong start
and we are on route to achieve another record-setting year, with
expected revenues of US$1.1 billion and broadcast Segment EBITDA
of US$440 million.  At a time when most media companies are
struggling to deliver growth, CME is distinguishing itself from
its peers by forecasting broadcast revenue growth of 30% and
Segment EBITDA growth of 36%.  We are aggressively developing
our New Media businesses.  They currently attract more than 1.2
million unique daily visitors.  In a period of chaotic financial
markets, the successful issuance of US$475 million in senior
convertible notes has provided us with the financial resources
to execute on our strategic growth initiatives and continue to
drive value for shareholders."

Adrian Sarbu, Chief Operating Officer of CME, added: "We are
delivering terrific results in all our markets.  Every one of
CME's television stations exceeded our expectations in the first
quarter. Our revenue growth initiatives combined with a focus on
operating efficiencies continue to drive margin expansion.  Once
we complete the buyout of our partners in Studio 1+1, we will be
in a strong position to capitalize on the rapid growth in our
largest market, as everywhere else."

Consolidated Results for the Three Months Ended March 31, 2008

Consolidated net revenues for the three months ended March 31,
2008 increased by 51% to US$223.5 million from US$147.9 million
for the three months ended March 31, 2007.  Operating income for
the quarter was US$44.7 million compared to US$13.3 million for
the three months ended March 31, 2007.  Net income for the
quarter was US$14.9 million compared to a loss of US$0.3 million
for the three months ended March 31, 2007.  Fully diluted income
loss per share for the three months ended March 31, 2008
increased US$0.36 to US$0.35.

     Segment Results for the Three Months Ended March 31, 2008

For the three months ended March 31, 2008, total Segment Net
Revenues increased 51% to US$223.5 million from US$147.9 million
for the three months ended March 31, 2007.  Total Segment EBITDA
for the three months ended March 31, 2008 increased 86% to
US$74.7 million from US$40.1 million in the three months ended
March 31, 2007.  Segment EBITDA margin for the three months
ended March 31, 2008 was 33% compared to 27% in the three months
ended March 31, 2007.

In addition, the company expects to incur corporate operating
costs (excluding non-cash stock-based compensation) of
approximately US$38 million and capital expenditures of
approximately US$140 million.

Segment Net Revenues are equal to US GAAP net revenues.

               About Central European Media

Central European Media Enterprises Ltd. (NASDAQ/Prague Stock
Exchange - CETV) a Bermuda-based company, is a TV broadcasting
company with leading networks in six Central and Eastern
European countries with an aggregate population of approximately
90 million people. The company's television stations are located
in Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema,
Galaxie Sport), Romania (PRO TV, PRO TV International, Acasa,
PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza,
Galaxie Sport), Slovenia (POP TV, Kanal A) and Ukraine (Studio
1+1, Studio 1+1 International, Kino, Citi).

                       *     *     *

As reported in the Troubled Company Reporter-Europe on April 28,
2008, Standard & Poor's Ratings Services assigned its 'BB' debt
rating to the US$475 million senior secured convertible notes
due 2013 issued by Bermuda-based emerging markets TV
broadcaster, Central European Media Enterprises Ltd. in March
2008.  The long-term corporate credit rating was affirmed at
'BB'.  The outlook is stable.


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


AZOV-SEM-OVOSH OJSC: Creditors Must File Claims by June 26
----------------------------------------------------------
Creditors of OJSC Azov-Sem-Ovosh have until June 26, 2008, to
submit proofs of claim to:

         M. Kovaleva
         Insolvency Manager
         Office 317
         Serafimovicha Str. 58
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-318/08-S1-30.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Azov-Sem-Ovosh
         Yuzhnaya Str. 9
         Azov
         Rostov
         Russia


BUILDER-3 LLC: Creditors Must File Claims by June 26
----------------------------------------------------
Creditors of LLC Builder-3 have until June 26, 2008, to submit
proofs of claim to:

         P. Moskalenko
         Insolvency Manager
         Post User Box 107
         690005 Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-14081/2007 15-2B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Builder-3
         Dalnyaya Str. 6
         Nakhodka
         692909 Primorye
         Russia


DON XXI: Creditors Must File Claims by June 26
----------------------------------------------
Creditors of CJSC Don XXI have until June 26, 2008, to submit
proofs of claim to:

         G. Shirkin
         Insolvency Manager
         Office 317
         Serafimovicha Str. 58
         344002 Rostov-nd-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-143/08-S1-30.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Don XXI
         Druzhby Str. 63
         Starorotovka
         Matveevo-Kurganskiy
         Rostov
         Russia


FIRST UNITED: Moody's Puts B3/Baa2.ru Ratings on Domestic Bonds
---------------------------------------------------------------
Moody's Investors Services has assigned a B3 long-term local
currency debt rating to the Series 01 local currency-denominated
bonds to be issued by First United Bank (rated E+/B3/Not Prime,
stable), which will represent a senior unsecured claim on the
bank.

Concurrently, Moody's Interfax Rating Agency assigned a long-
term national scale rating of Baa2.ru to this bond issue.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.  The outlook on the global scale
debt rating is stable, while the national scale rating carries
no specific outlook.

"The assigned debt rating is in line with the bank's current
long-term global currency deposit rating of B3," says Olga
Ulyanova, Moody's lead analyst for FUB.  The debt issuance will
be made in the amount of RUB1.5 billion (US$64 million) for a
three-year term, with a one-year put option.

Moody's notes, that, in accordance with the issuing circular,
the bank is obliged to support the quotation of its Series 01
domestic bonds on List B of the Moscow Interbank Currency
Exchange.  In the case of de-listing the bonds from List B, any
holder of the bonds has the right to require early redemption of
the bonds by FUB, including the principal amount and interest
accrued.

The obligations of FUB to make payments under the bond issue
will rank at all times at least pari passu with the claims of
all other unsecured creditors of the bank, except those whose
claims are preferred by any bankruptcy, insolvency, liquidation
or similar laws of general application.  Moody's notes that
Russia is, in general, a country with individual depositor
preferences, which may reduce the recovery rates for the
bondholders, especially if individual deposits were to represent
a sizeable proportion of the bank's liabilities at the moment of
liquidation.

Domiciled in Samara, Russia, FUB reported total assets of US$893
million and total equity of US$117 million under Russian
Accounting Standards as of year-end 2007.  As of year-end 2006
FUB's IFRS assets totaled US$470 million and IFRS equity was
US$40 million.


MOSCOW PLANETARIUM: Declared Bankrupt by Moscow Court
-----------------------------------------------------
The Moscow Arbitration Court, on Tuesday, May 13, 2008, declared
the Moscow Planetarium bankrupt, RIA Novosti reports.

According to receiver Alexie Tarasov, who filed a bankruptcy
petition against the planetarium at the request of creditors,
debts totaled RUR1.7 billion (US$72 million), RIA Novosti
relates.

The platenarium's main creditors, RIA Novosti discloses, include
the Federal Tax Service, the Moscow City Property Department,
and construction company Energomashkonsalting, which it owed
RUR9 million (US$380,000) .

Ria Novosti reveals the city, which holds a 61% stake in the
planetarium, repaid the Energomashkonsalting debt.

However, Igor Mikitasov, the director of the planetarium,
claimed the city engineered the bankruptcy, stating unidentified
people offered a US$250,000 bribe to get a favorable court
decision, Moscow Times says, citing the Associated Press.

Mr. Miktasov further alleged the city intends to sell the
planetarium to a developer which will utilize the prime real
estate for more lucrative purposes, the Moscow Times notes.

Meanwhile, Natalya Bykova, a spokeswoman for the Moscow property
department, said the planetarium is set to reopen next year,
adding renovations, which halted in 2006, would be completed
using city funds, the Moscow Times states.


NEVA LLC: Creditors Must File Claims by June 26
-----------------------------------------------
Creditors of LLC Neva have until June 26, 2008, to submit proofs
of claim to:

         S. Vorobey
         Insolvency Manager
         Derzhavinskaya Str. 16a, 605
         392000 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A 64-6415/07-25.

The Court is located at:

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

The Debtor can be reached at:

         LLC Neva
         B. Dvoynya
         Tambov
         Russia


PAVLOVSK-AGROSNAB-HOLDING: Creditors Must File Claims by June 26
----------------------------------------------------------------
Creditors of CJSC Pavlovsk-Agrosnab-Holding have until June 26,
2008, to submit proofs of claim to:

         E. Gorskikh
         Insolvency Manager
         Post User Box 3503
         656049 Barnaul
         Russia
         Tel: (3852) 380104

The Arbitration Court of Altay will convene at 2:30 p.m. on
Sept. 17, 2008, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A03-9552/07-B.

The Debtor can be reached at:

         CJSC Pavlovsk-Agrosnab-Holding
         Zavodskaya Str. 15
         Pavlovsk
         Altay
         Russia


SIB-AUTO CJSC: Creditors Must File Claims by June 26
----------------------------------------------------
Creditors of CJSC Sib-Auto (TIN 7206031767) have until June 26,
2008, to submit proofs of claim to:

         N. Zakharova
         Insolvency Manager
         8th Floor
         Respubliki Str. 249
         Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A70-5140/3-2007.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         N. Zakharova
         Insolvency Manager
         8th Floor
         Respubliki Str. 249
         Tyumen
         Russia


SISTEMA JSFC: Signs MoU with UAE's DAS Holding
----------------------------------------------
Sistema JSFC announced on May 13, 2008, that it has signed a
Memorandum of Understanding with DAS Holding LLC.

The main goal of the memorandum is to develop the cooperation in
various sectors of the economy, such as investments into real
estate and construction projects, banking, medicine, tourism and
the hotel business in Russia, the CIS and United Arab Emirates.

The MoU was signed by Vladimir Evtushenkov, Sistema's chairman
of the board of directors and Khalid Deemas Al Suwaidi DAS
Holding's CEO.

In addition, Sistema and DAS Holding intend to develop
cooperation in a number of areas, such as:

   -- joint participation and investment into telecommunications
      projects, as well as project management;

   -- prospective mutually beneficial investments in oil and gas
      projects;

   -- involvement of investment funds in financing joint venture
      projects aimed at developing new technologies;

   -- creation of crisis management centers; and

   -- creation of the information centre for geological
      resources aimed at providing the data to the potential
      investors.

Headquartered in Abu Dhabi, UAE, DAS Holding LLC --
http://www.dasholding.ae/-- is an international investment  
holding company.  DAS Holding LLC comprises a number of
subsidiaries operating in various business sectors and providing
a broad range of products and services, such as oil and gas,
financial services, construction, property management, business
consulting, hotel business, health care, pharmaceutical
industry, transport, advertising, mass media, publishing and
information technologies.

                     About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

As of March 4, 2008, Sistema JSFC carries a Ba3 long-term
corporate family rating and a B2 senior unsecured debt rating
from Moody's, which said the outlook is positive.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


SITRONICS JSC: Unit Inks EUR40 Million Contract with Syria
----------------------------------------------------------
Intracom Telecom, a part of Sitronics Telecom Solutions business
division, confirmed on May 12, 2008, a EUR40 million agreement
with the Syrian Wireless Organization for the deployment of a
wireless telecommunications network in Syria.

Under the framework of this contract, Intracom Telecom will
build a National Wireless Network providing public institutions
with emergency and disaster communications and a substitute
communication network.  This turn-key project will employ Tetra
technology from the Italian Selex Communications S.p.A, and is
estimated to be completed within 22 months.

Mr. Alexandros Manos, Managing Director of Intracom Telecom,
commented: "After a very challenging selection process, Intracom
Telecom was awarded by the Syrian Wireless Organization the
deployment of this large-scale project. This state-of-the-art
network will provide fast, reliable, high-quality and cost-
effective telecommunication services across Damascus and
numerous provinces of Syria.  This project award establishes a
key strategic partnership with SWO, further leveraging our
potential in the MEA markets and broadening our international
business portfolio."

The agreement between the Syrian government's SWO and Intracom
Telecom was signed in Damascus before Syria's Communications
Minister, Imad Abdul-Ghani Sabbouni, and the Hellenic Foreign
Ministry representative.

              About Syrian Wireless Organization

The Syrian Wireless Organization is a governmental entity part
of ministry of telecommunication and technology, Established in
2004 for provisioning of wireless services to government and
private sector.  SWO is responsible for operating the national
wide wireless network which is considered one of the most
important wireless systems in Syria and containing an integrated
emergency subsystem.  In addition to that SWO is about to launch
the Radio taxi Project which is a trucked system serving the
radio taxi companies all over Syria.

              About SELEX Communications S.p.A

SELEX Communications, a Finmeccanica Company, is a global
supplier of advanced communication, navigation and
identification solutions to protect communities, and critical
national infrastructure for government, military and civil
customers.  With over 100 years of experience and driven by a
relentless quest for innovation, the company develops state-of-
the-art communications solutions that meet customer requirements
and exceed their expectations.  Headquartered in Italy and with
worldwide offices and facilities, SELEX Communications employs
about 4.700 people.

                    About Intracom Telecom

Intracom Telecom develops and produces telecommunication systems
as well as provide integrated solutions and professional
services to fixed and mobile operators in the EEMEA region.  
Intracom Telecom has 2,700 employees and operates subsidiaries
in 14 countries.  Since June 2006, Intracom Telecom has been
controlled by JSC SITRONICS (Russia) with 51%. JSC SITRONICS is
the technology subsidiary of JSFC SISTEMA, the largest consumer
services company in Central and Eastern Europe. Intracom
Holdings Group (Greece) retains a 49% stake.

                      About JSC Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

JSC Sitronics still holds Fitch Ratings' Long-term Issuer
Default Rating of 'B-' with a Stable Outlook.


SLAVYANSKAYA SEED-GROWING: Creditors Must File Claims by June 26
----------------------------------------------------------------
Creditors of OJSC Slavyanskaya Seed-Growing Station (TIN
2349023934) have until June 26, 2008, to submit proofs of claim
to:

         I. Kaydashov
         Insolvency Manager
         Post User Box 34
         Tsybanobalka
         Anapa
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-13580/2007-37/393-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Slavyanskaya Seed-Growing Station
         Proletarskaya Str. 9
         Slavyansk-na-Kubani
         Russia


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


XERIUM TECH: Posts US$4.7 Million Net Loss in First Quarter
-----------------------------------------------------------
Xerium Technologies Reports First Quarter 2008 Results
YOUNGSVILLE, N.C., May 07, 2008 (BUSINESS WIRE) --
Xerium Technologies, Inc. reported results for the first quarter
ended March 31, 2008.

Highlights for the quarter include:

     -- Net sales for the first quarter of 2008 were
        US$159.0 million, a 10.4% increase from net sales of
        US$144.0 million for the first quarter of 2007.
        Excluding currency effects, first quarter 2008 net sales
        increased 2.4% from the first quarter of 2007, with
        growth of 2.7% and 1.6% in the clothing and roll covers
        segments, respectively.

     -- Income from operations increased by 21.2% to
        US$20.6 million in the first quarter of 2008 from
        US$17.0 million in the first quarter of 2007.
        Restructuring and impairment expenses in the first
        quarter of 2008 were US$0.5 million, as compared to
        US$4.1 million in the first quarter of 2007.

     -- Xerium recorded a net loss of US$4.7 million, or US$0.10
        per diluted share, for the first quarter of 2008.
        Significant items contributing to the net loss were a
        US$12.2 million pre-tax, non-cash charge to interest
        expense reflecting the mark-to-market decrease in the
        fair value of the company's interest rate swaps in the
        first quarter of 2008, compared to a US$1.6 million
        charge in the first quarter of 2007 and a provision for
        income taxes of US$3.6 million in the first quarter of
        2008, compared to US$1.4 million in the first quarter of
        2007.  Net income for the first quarter 2007 was
        US$3.0 million, or US$0.07 per diluted share.

     -- Net cash generated by operating activities was
        US$29.8 million for the first quarter of 2008, compared
        to US$15.3 million in the same quarter last year,
        resulting primarily from improvements in working
        capital.

     -- Adjusted EBITDA (as defined in the Company's credit
        facility) was US$34.8 million for the first quarter of
        2008, compared to US$32.8 million for the first quarter
        of 2007.

     -- Cash on hand at March 31, 2008 was US$31.0 million
        compared to cash on hand of US$17.7 million at March 31,
        2007.  Cash on hand at December 31, 2007 was
        US$24.2 million. Total debt principal and interest
        payments amounted to US$24.8 million during the first
        quarter of 2008 as compared with US$13.7 million during
        the first quarter of 2007.


     -- As a result of the Company's credit facility issues,
        company's balance sheet as of March 31, 2008 includes a
        reclassification to current debt of US$658.8 million,
        the portion of the long-term debt under the senior
        credit facility that would have been in default of the
        credit agreement had the Company not obtained the
        temporary waiver.  Additionally, because this debt is
        potentially payable prior to the expiration of the
        underlying interest rate swaps, hedge accounting under
        SFAS No. 133 was no longer applicable for the Company's
        interest rate swaps and the mark-to-market decrease in
        their fair value of US$12.2 million was recorded as a
        non-cash charge to interest expense during the first
        quarter of 2008.

                  Credit Facility Update

Xerium's credit facility requires the company to meet certain
operating requirements and financial ratios in order to avoid a
default or event of default under the facility.  Although the
Company expects it would generate cash flow from operations
sufficient to service the debt under the credit facility prior
to the stated maturity of the debt if there is not otherwise an
event of default and acceleration of the maturity of the debt,
the Company did not satisfy the leverage ratio covenant for the
period ended March 31, 2008.  Failure to satisfy the covenant
would constitute a default under its credit facility absent a
waiver from its lenders.

                    Going Concern Statement

As previously reported, Xerium's independent registered public
accounting firm included an explanatory paragraph in its report
on the 2007 consolidated financial statements related to the
uncertainty in the Company's ability to continue as a going
concern. The going concern notation also constitutes a default
under the Company's credit facility absent a waiver.

                             Waiver

On April 8, 2008, the company obtained a temporary waiver from
the lenders for these defaults.  The waiver is in effect until
May 31, 2008.  Because the existing financial ratio covenants
become more restrictive over time, the company does not expect
to be in compliance with certain financial ratio covenants for
future periods as well. The company is currently seeking to
secure a permanent waiver and to amend the financial covenants
and other parameters in its credit facility.

As disclosed on March 18, 2008, the Company determined not to
declare a cash dividend on its common stock for the first
quarter of 2008.  The credit facility waiver described above
amends the credit facility to prohibit the payment of dividends
on the Company's common stock.

Stephen Light, President and Chief Executive Officer of Xerium
Technologies, said, "Our operating results for the first quarter
were solid, despite ongoing challenges in portions of the paper
industry.  Importantly, net cash generated by operating
activities improved significantly as our initial efforts to
enhance working capital began to take hold."

He added, "We remain in active discussions with our lending
group to secure amendments to the Company's credit facility to
avoid default and allow Xerium greater financial and operating
flexibility going forward.  In concert with these discussions,
we are finalizing a revised, long-range business plan designed
to increase cash generation over the next few years through
improved operating efficiencies and working capital reductions,
and to apply that cash to the repayment of debt.  We believe the
achievement of these measures will significantly enhance the
Company's operations and results in the future."

        Additional Quarterly Financial Highlights

   -- Capital expenditures for the first quarter of 2008 were
      US$12.1 million, compared to US$7.1 million for the first
      quarter of 2007.  Approximately US$9.8 million of capital
      expenditures in this year's quarter were directed toward
      projects designed to support the company's growth
      objectives, with the remaining US$2.3 million used to
      sustain the company's existing operations and facilities.
      Less than US$1 million of new capital expenditures was
      committed during the quarter.

   -- The company recorded a foreign exchange gain in the first
      quarter of 2008 of US$3.5 million, compared to a foreign
      exchange loss of US$0.4 million in the first quarter of
      2007.  Foreign exchange gains and losses are primarily the
      result of intercompany activity and hedging thereon.

   -- The company recorded a provision for income taxes of
      US$3.6 million in the first quarter of 2008 resulting
      primarily from tax liability in countries outside of the
      United States, compared to US$1.4 million in the first
      quarter of 2007.

   -- During the first quarter of 2008, Xerium made total debt
      principal repayments of US$12.0 million, compared to
      US$6.0 million in the first quarter 2007.

                     About Xerium

Headquartered in Youngsville, North Carolina, Xerium
Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of consumable products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, utilizes a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products integral to production, all designed to
optimize performance and reduce operational costs.  With 35
manufacturing facilities in 15 countries around the world,
Xerium has approximately 3,700 employees.  

In Europe the company has subsidiaries in Austria, Italy,
Germany, Sweden, Spain, the United Kingdom, Finland, France,
Switzerland and Ireland.  Xerium also has subsidiaries in Asia,
particularly in China, Hong Kong, Australia, Japan and Vietnam.  
Three subsidiaries are meanwhile located in Central and South
America, specifically Brazil, Mexico and Argentina.


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


BANK FORUM: Fitch Affirms Foreign Currency IDR at BB-
-----------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of Bank Forum.  This action follows the revision
of the Outlook for Ukraine's Long-term foreign and local
currency IDRs of 'BB-' to Stable from Positive.

Bank Forum:

   -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Long-term local currency IDR: affirmed at 'BB'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Support rating: affirmed at '3'

   -- Individual rating: affirmed at 'D/E'


The change in Outlooks for the IDRs of Forum reflect the reduced
potential for a change in the Ukraine's Country Ceiling, as
reflected in the change in Outlook on Ukraine's IDRs.  At
present, the Country Ceiling of Ukraine limits the extent to
which support from the shareholders of this bank can be factored
into its Long-term foreign currency IDRs, and Long-term local
currency IDRs also take into account Ukrainian country risks.

Forum is majority (60%+one share)-owned by German Commerzbank AG
('A'/Stable).  The Long- and Short-term IDR and Support ratings
of this bank reflects the moderate probability of support being
forthcoming from their majority shareholders, in case of need.


EXPORT-IMPORT BANK: Fitch Affirms Foreign Currency IDR at BB-
-------------------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of JSC The State Export-Import Bank of Ukraine.  
This action follows the revision of the Outlook for Ukraine's
Long-term foreign and local currency IDRs of 'BB-' to Stable
from Positive.

JSC The State Export-Import Bank of Ukraine:

   -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Support rating: affirmed at '3'

   -- Individual rating: affirmed at 'D',

   -- Support Rating Floor: affirmed at 'BB-',

   -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
      Stable

At present, the Country Ceiling of Ukraine limits the extent to
which support from the shareholders of this bank can be factored
into its Long-term foreign currency IDRs, and Long-term local
currency IDRs also take into account Ukrainian country risks.

Ukreximbank's Long- and Short-term IDRs and Support ratings
reflect Fitch's view of the very strong propensity of the
Ukrainian authorities to provide support for this bank in case
of need, although the ability to provide that support is less
certain, as reflected in Ukraine's 'BB-' Long-term IDRs.  

Ukreximbank is 100%-owned by the state (represented by the
Cabinet of Ministers of Ukraine).  Non-binding letters of
support from the government have been provided in the offering
circulars of Ukreximbank's international debt issues (the most
recent dated March 2007).


PRIVATBANK CJSC: Fitch Affirms Foreign Currency IDR at BB-
----------------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of CJSC Privatbank.  This action follows the
revision of the Outlook for Ukraine's Long-term foreign and
local currency IDRs of 'BB-' to Stable from Positive.

CJSC Privatbank's:

   -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Support rating: affirmed at '4'

   -- Individual rating: affirmed at 'D'

   -- Support Rating Floor: affirmed at 'B'

Privat's Long- and Short-term IDRs and Support rating reflect
Fitch's view that the Ukrainian authorities are likely to have a
high propensity to support the bank in case of need, based on
Privat's size and importance to the Ukrainian banking sector: it
is the country's largest privately owned bank with share of
approximately 9% in sector assets and 14% in retail deposits.
However, Fitch again notes limited ability of the authorities to
provide support if required, as reflected in the 'BB-'sovereign
Long-term IDRs.


PROCREDIT BANK: Fitch Affirms Foreign Currency IDR at BB-
---------------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of ProCredit Bank (Ukraine).  This action
follows the revision of the Outlook for Ukraine's Long-term
foreign and local currency IDRs of 'BB-' to Stable from
Positive.

ProCredit Bank (Ukraine):

   -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Long-term local currency IDR: affirmed at 'BB'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Short-term local currency IDR: affirmed at 'B'

   -- Support rating: affirmed at '3'

   -- Individual rating: affirmed at 'D'

   -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
      Stable

The change in Outlooks for the IDRs ProCredit Ukraine reflect
the reduced potential for a change in the Ukraine's Country
Ceiling, as reflected in the change in Outlook on Ukraine's
IDRs.  At present, the Country Ceiling of Ukraine limits the
extent to which support from the shareholders of this bank can
be factored into its Long-term foreign currency IDRs, and Long-
term local currency IDRs also take into account Ukrainian
country risks.

ProCredit Ukraine is 60%-owned by Germany's ProCredit Holding AG
('BBB-'/Stable).  The Long- and Short-term IDR and Support
ratings of this bank reflects the moderate probability of
support being forthcoming from their majority shareholders, in
case of need.

The change in Outlooks for the Long-term IDRs of Oschadny,
Ukreximbank and Privat reflect the reduced likelihood of an
improvement in the government's ability to provide support in
case of need, as reflected in the change in the Outlooks for the
sovereign Long-term IDRs.


STATE SAVINGS: Fitch Affirms Foreign Currency IDR at BB-
--------------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of JSC State Savings Bank of Ukraine.  This
action follows the revision of the Outlook for Ukraine's Long-
term foreign and local currency IDRs of 'BB-' to Stable from
Positive.

JSC State Savings Bank of Ukraine:

   -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Long-term local currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Support rating: affirmed at '3'

   -- Individual rating: affirmed at 'D'

   -- Support Rating Floor: affirmed at 'BB-' (BB minus)

   -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
      Stable

At present, the Country Ceiling of Ukraine limits the extent to
which support from the shareholders of this bank can be factored
into its Long-term foreign currency IDRs, and Long-term local
currency IDRs also take into account Ukrainian country risks.  

Oschadny's Long- and Short-term IDRs and Support ratings reflect
Fitch's view of the very strong propensity of the Ukrainian
authorities to provide support for these banks in case of need,
although the ability to provide that support is less certain, as
reflected in Ukraine's 'BB-' Long-term IDRs.  

Oschadny is owned by the state (represented by the Cabinet of
Ministers of Ukraine).


SWEDBANK OJSC: Fitch Affirms Foreign Currency IDR at BB-
--------------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of OJSC Swedbank.  This action follows the
revision of the Outlook for Ukraine's Long-term foreign and
local currency IDRs of 'BB-' to Stable from Positive.

OJSC Swedbank:

   -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Long-term local currency IDR: affirmed at 'BB'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'
      Support rating: affirmed at '3'

   -- Individual rating: affirmed at 'D/E'

   -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
      Stable

The change in Outlooks for the IDRs of Swedbank reflect the
reduced potential for a change in the Ukraine's Country Ceiling,
as reflected in the change in Outlook on Ukraine's IDRs.  At
present, the Country Ceiling of Ukraine limits the extent to
which support from the shareholders of this bank can be factored
into its Long-term foreign currency IDRs, and Long-term local
currency IDRs also take into account Ukrainian country risks.  

Swedbank is 100%-owned by Swedbank AB ('A+'/Stable).  The Long-
and Short-term IDR and Support ratings of this bank reflect the
moderate probability of support being forthcoming from their
majority shareholders, in case of need.


UKRSIBBANK JSCIB: Fitch Affirms Foreign Currency IDR at BB-
-----------------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of JSCIB UkrSibbank.  This action follows the
revision of the Outlook for Ukraine's Long-term foreign and
local currency IDRs of 'BB-' to Stable from Positive.

JSCIB UkrSibbank:

   -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Long-term local currency IDR: affirmed at 'BB'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Support rating: affirmed at '3'

   -- Individual rating: affirmed at 'D'

   -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
      Stable

The change in Outlooks for the IDRs of UkrSib reflect the
reduced potential for a change in the Ukraine's Country Ceiling,
as reflected in the change in Outlook on Ukraine's IDRs.  At
present, the Country Ceiling of Ukraine limits the extent to
which support from the shareholders of this bank can be factored
into its Long-term foreign currency IDRs, and Long-term local
currency IDRs also take into account Ukrainian country risks.  

UkrSib is 51%-owned by France's BNP Paribas ('AA'/Stable).  The
Long- and Short-term IDRs and Support ratings of this bank
reflects the moderate probability of support being forthcoming
from their majority shareholders, in case of need.


UKRSOTSBANK: Fitch Affirms Foreign Currency IDR at BB-
------------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of Ukrsotsbank.  This action follows the
revision of the Outlook for Ukraine's Long-term foreign and
local currency IDRs of 'BB-' to Stable from Positive.

Ukrsotsbank:

   -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Long-term local currency IDR: affirmed at 'BB'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Support rating: affirmed at '3'

   -- Individual rating: affirmed at 'D'

The change in Outlooks for the IDRs of Ukrsots reflect the
reduced potential for a change in the Ukraine's Country Ceiling,
as reflected in the change in Outlook on Ukraine's IDRs.  At
present, the Country Ceiling of Ukraine limits the extent to
which support from the shareholders of these banks can be
factored into their Long-term foreign currency IDRs, and their
Long-term local currency IDRs also take into account Ukrainian
country risks.  

Ukrsots is 94.2%-owned by Italy-based UniCredit ('A+'/Positive).  
The Long- and Short-term IDRs and Support ratings of this bank
reflects the moderate probability of support being forthcoming
from their majority shareholders, in case of need.


VTB BANK: Fitch Affirms Foreign Currency IDR at BB-
---------------------------------------------------
Fitch Ratings has changed the Outlooks to Stable from Positive
for the Long-term foreign currency and local currency Issuer
Default ratings of JSC VTB Bank (Ukraine).  This action follows
the revision of the Outlook for Ukraine's Long-term foreign and
local currency IDRs of 'BB-' to Stable from Positive.

JSC VTB Bank (Ukraine):

   -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
      changed to Stable from Positive

   -- Long-term local currency IDR: affirmed at 'BB'; Outlook
      changed to Stable from Positive

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Support rating: affirmed at '3'

   -- Individual rating: affirmed at 'D/E'
   -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
      Stable

The change in Outlooks for the IDRs of VTBU reflect the reduced
potential for a change in the Ukraine's Country Ceiling, as
reflected in the change in Outlook on Ukraine's IDRs.  At
present, the Country Ceiling of Ukraine limits the extent to
which support from the shareholders of this bank can be factored
into its Long-term foreign currency IDRs, and Long-term local
currency IDRs also take into account Ukrainian country risks.

VTBU is almost 100%-owned by Russia's JSC Bank VTB
('BBB+'/Stable).  The Long- and Short-term IDRs and Support
ratings of this bank reflects the moderate probability of
support being forthcoming from their majority shareholders, in
case of need.


* Fitch Affirms Ukraine's Long-term Foreign IDR at BB-
------------------------------------------------------
Fitch Ratings has revised Ukraine's Outlooks to Stable from
Positive.  Its Long-term foreign and local Issuer Default
Ratings are affirmed at 'BB-'.  The Country Ceiling is affirmed
at 'BB-' and the Short-term foreign currency IDR at 'B'.

"Ukraine's recent strong macroeconomic performance faces growing
risks from accelerating inflation and a rising current account
deficit," says Andrew Colquhoun, Director in Fitch's Sovereigns
Group.  "While improving fundamentals continue to support
Ukraine's ratings, an uncertain policy response is not
convincingly mitigating the near-term risks facing the economy,
justifying a reversion to a Stable Outlook."

GDP growth has averaged 7%pa since 2000, boosting average
incomes to 91% of the 'BB' range median, from 43% in 2000, a
fundamental improvement supporting the rating.  However,
Ukraine's annual headline inflation reached 30% in April 2008
from 17% at end-2007, one of the highest among Fitch-rated
sovereigns.  While a 47% rise in food prices has boosted
inflation, overly loose monetary conditions have also played a
role.  Strong unsterilized capital inflows in the context of an
exchange-rate peg drove broad-money growth of 52% over 2007,
while credit to the private sector expanded 78% in the year to
March 2008.

The fiscal and monetary policy response to soaring inflation has
been half-hearted.  The authorities have so far rejected the
IMF's advice for a near-balance budget this year, and expect a
deficit of 1% of GDP, only 0.5pp below the original 2008 budget
projection.  The UAH has been allowed to climb 3% above its
official band to around 4.79 by 14 May 2008 - but without a firm
statement from the authorities on revising the band or moving to
a free float.  The central bank seems to be scaling back its
earlier tightening of money-market liquidity conditions despite
still-high inflation, casting further doubt on its policy
strategy.  In effect, Ukraine's monetary policy has no nominal
objective to anchor private-sector inflation expectations,
increasing the risk that high inflation will get locked in.

Although the UAH is appreciating, Ukraine is increasingly
dependent on foreign capital to finance a current account
deficit that Fitch expects will rise to 7.5% in 2008, as a
higher gas import bill adds about 1.5% of GDP to imports.  Fitch
projects Ukraine's gross external financing need, including
short-term debt, at 136% of reserves in 2008, against a 'BB'
range median of 59%.  An interruption to financing could lead to
UAH depreciation and still higher inflation.  However, strong
net FDI receipts (supported by Ukraine's WTO accession in 2008)
offer support to the external finances.  Ukrainian banks, which
borrowed 8% of GDP from abroad in 2007, have faced more
expensive foreign funding costs in more volatile global market
conditions prevailing since August 2007, but have not been
locked entirely out of markets, adding to confidence that a
balance of payments crisis will be averted.

A clearer anti-inflationary strategy from the authorities would
help head off the risk of high inflation becoming entrenched in
Ukraine's economy and would be positive for the ratings.  
Conversely, sustained high inflation would harm the efficiency
of the economy, eroding the credit fundamentals, and would risk
higher macroeconomic volatility in future, putting negative
pressure on the ratings. A materialisation of risks in the
external finances leading to UAH depreciation would add impetus
to inflation and be negative for the ratings.


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


ABPM LTD: Appoints Joint Administrators from P&A
------------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of ABPM Ltd.
(Company Number 2833150) on May 2, 2008.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

The company can be reached at:

          ABPM Ltd.
          16 New Oxford House
          Waterloo Street
          Birmingham
          B2 5UG
          England
          Tel: 0121 631 2777
          Fax: 0121 665 4350
          Web site: http://www.abpm.co.uk/   


BAA LIMITED: Mark Bullock Quits as Heathrow Airport Chief
---------------------------------------------------------
BAA Limited disclosed that Mark Bullock, managing director of
Heathrow Airport, has chosen to leave the company in light of
the change to the MD role at Heathrow as part of a structural
change.

Mr. Bullock, who has been with BAA since 2004, will be replaced
by Mike Brown, who is currently the chief operating officer at
London Underground, who will join BAA in September.

"Mark Bullock has made a significant contribution to BAA and to
Heathrow Airport in particular and has led the airport through a
particularly challenging period," Colin Matthews, chief
executive of BAA, said.  "I am grateful for his efforts."

"I now look forward to working with Mike Brown and his team as
we continue driving passenger service standards across the
airport and focus on the important work to transform the
facilities we provide for passengers and airlines," Mr. Matthews
added.  "Mike joins BAA with a strong background in senior
operational and customer service roles in a regulated and
challenging environment and I know that he is looking forward to
the important role he will play at Heathrow."

"Leading the team at Heathrow Airport is an intense and
demanding role, but one I have enjoyed very much," Mr. Bullock
said.  "The managing director role at the airport will change
substantially under the new structure being introduced by Colin
Matthews and, while I understand and support those important
changes and the renewed focus on day-to-day operations, the time
is clearly right for me to move on and take on new challenges.  
I wish my successor and everyone associated with Heathrow
Airport every success in the future."

                        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.


BURTON AEROPARTS: Brings In Liquidators from Moore Stephens
-----------------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens LLP were
appointed joint liquidators of Burton Aeroparts Ltd. on April 16
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


CLEAR CHANNEL: Settles Suit and Amends Merger Agreement
-------------------------------------------------------
Clear Channel Communications, Inc. reported that the company,
entities sponsored by Bain Capital Partners, LLC and Thomas H.
Lee Partners, L.P., and a bank syndicate consisting of
Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, Royal
Bank of Scotland and Wachovia, have entered into a settlement
agreement in connection with the lawsuits previously filed in
the Supreme Court of the State of New York and the State Court
in Bexar County, Texas.

Pursuant to the terms of the settlement agreement, the parties
have agreed to enter into a third amendment to the previously-
announced merger agreement.  Under the terms of the merger
agreement, as amended, Clear Channel shareholders will receive
US$36.00 in cash for each share they own.

As an alternative to receiving the US$36.00 per share cash
consideration, Clear Channel’s shareholders will again be
offered the opportunity on a purely voluntary basis to exchange
some or all of their shares of Clear Channel common stock on a
one-for-one basis for shares of Class A common stock in CC Media
Holdings, Inc., the new corporation sponsored by the private
equity group to acquire Clear Channel.  In limited
circumstances, shareholders electing to receive some or all cash
consideration, on a pro rata basis, will be issued shares of CC
Media Holdings Class A common stock in exchange for some of
their shares of Clear Channel stock, up to a cap of US$1.00 per
share.  Shareholders who elected to receive the stock
consideration prior to the special meeting of shareholders held
September 25, 2007 will have their shares of Clear Channel stock
returned to them and will be required to make a new election
prior to the new special shareholders’ meeting.  While the
merger is expected to close by the end of the third quarter 2008
pending shareholder approval, the parties to the settlement
agreement have agreed to extend the outside date for completion
of the merger to December 31, 2008.

As part of the settlement agreement, the banks in the syndicate
supporting the transaction have entered into fully-negotiated
and documented definitive agreements to provide long-term
financing to Clear Channel.  The banks, the private equity
investors, Clear Channel, certain shareholders, and Bank of New
York (serving as escrow agent) have entered into an Escrow
Agreement pursuant to which the private equity investors and the
banks have agreed to fund into escrow the total amount of their
respective equity and debt obligations, in a combination of cash
and/or letters of credit, within ten and seven business days,
respectively.  Certain shareholders also have agreed to deposit
into escrow securities of Clear Channel that these parties have
agreed to exchange for Class A common stock of CC Media
Holdings.  Following deposit of funds and other property into
escrow, each party to the merger related litigation pending in
New York and Texas will file all papers necessary to terminate
the litigation, with prejudice.

The board of directors of Clear Channel has unanimously approved
the amended merger agreement and recommends that the
shareholders approve the amended merger agreement and the
merger.  The board of directors of Clear Channel makes no
recommendation with respect to the voluntary stock election or
the Class A common stock of the new corporation.

The total number of Clear Channel shares that may elect to
receive shares in the new corporation will make up 30% of the
new corporation’s equity and is expected to be approximately 30
million.  These shares would have a total value of approximately
US$1.1 billion (at the US$36.00 per share cash consideration)
and represent approximately 30% of the outstanding capital stock
of the new corporation immediately following the closing of the
merger.  The terms of the merger agreement, as amended, provide
that no shareholder will be allocated more than 11,111,112
shares representing an estimated 11% of the outstanding capital
stock of the new corporation immediately following the closing
of the merger.

If Clear Channel shareholders elect to receive more than the
allocated number of shares of the Class A common stock of the
new corporation, then the shares will be allocated to
shareholders who elect to receive them on a pro-rata basis.  
Those Clear Channel shareholders electing to receive shares of
the new corporation will receive US$36.00 per share for any such
Clear Channel shares that are not exchanged in this manner.  The
election process will occur in connection with the shareholder
vote on the merger, and will be described fully in an updated
proxy statement and prospectus that will be mailed to Clear
Channel shareholders.

The merger agreement, as amended, which will require shareholder
approval, includes provisions limiting the fees payable to the
private equity group in the transaction, and requiring that the
board of directors of the new corporation at all times include
at least two independent directors.

The shares of CC Media Holdings to be issued to Clear Channel
shareholders who elect to receive them in exchange for their
existing shares will be registered with the Securities and
Exchange Commission, but will not be listed on any national
exchange.

Goldman Sachs & Co. served as financial advisor to Clear Channel
on the transaction, and Akin Gump Strauss Hauer & Feld LLP
served as legal advisor to the company.

Mark P. Mays, the Chief Executive Officer of Clear Channel,
said: “We are very pleased to have reached this accord with our
sponsors and the banks funding the transaction.  This revised
agreement is a win for our shareholders because it provides them
with substantial value and certainty while avoiding the delay
and inherent risks associated with complex litigation.  Our
shareholders will receive a significant premium over recent
stock price levels and can elect to continue to participate in
our future upside.  Importantly, this agreement greatly
increases the certainty that the merger will close because all
debt and equity funds will be deposited in escrow until the
transaction closes.  Clear Channel’s business prospects will be
enhanced further through an improved capital structure that
includes a lower debt load. We appreciate greatly the support of
our shareholders as well as the loyalty and hard work of our
dedicated employees over these many months.  We are eager to
begin working with THL and Bain Capital, the stellar team that
will help us to fulfill our considerable promise.”

John P. Connaughton, a Managing Director at Bain Capital,
stated: “We have been extremely pleased by our partnership with
the Clear Channel management team.  We believe this agreement,
and the definitive long-term financing package the banks have
agreed to provide, offers clarity and confidence to Clear
Channel’s customers, employees and partners.  We look forward to
supporting the continued global market leadership, growth and
success of the most innovative company in the radio broadcasting
and out-of-home media space.”

Scott M. Sperling, Co-President of THL Partners, said: “We are
pleased to arrive at this resolution which enables us to
complete the acquisition of Clear Channel.  We appreciate that
the banks have provided the company with the robust, long-term
financing that will allow Clear Channel to achieve its
outstanding operational and growth potential.  We would like to
thank all of the stakeholders who worked to achieve this
positive outcome, and we are looking forward to working closely
with our investment partners and with the entire Clear Channel
leadership team to execute on our plans to grow the company to
its full potential.”

A representative of the bank group, Chad Leat, Chairman of the
Alternative Asset Group at Citi, said: “The Banks are very
pleased to have reached a constructive resolution of the matter.  
We look forward to an expeditious closing of the revised
transaction and want to express our appreciation to all those
who contributed to the solution.  We look forward to
participating with our partners in Clear Channel’s continued
success.”

In connection with its support of a settlement, Highfields
Capital Management LP, which manages funds that beneficially own
7.7% of Clear Channel's common stock, extended its Voting
Agreement with entities sponsored by the private equity group.  
Under the Agreement, Highfields has agreed to vote in favor of
the transaction and to retain up to US$400 million in equity of
CC Media Holdings.   Additionally, the Agreement includes
provisions assuring public shareholders who elect to receive
stock in the surviving entity that they will receive equal
treatment to the private equity investors in dividends and other
distributions, representation on the Board of Directors of the
surviving entity and have certain other rights following
completion of the merger.

Jonathon S. Jacobson, Senior Managing Director of Highfields,
said: "As the largest shareholder in Clear Channel, we saw an
opportunity to bring all parties together to remove the risk and
uncertainty of litigation and we are glad that a constructive
and mutually beneficial business solution could be reached.  We
fully support this revised transaction.” Richard L. Grubman,
Senior Managing Director of Highfields, added: "Clear Channel
can now accelerate the initiatives it has underway to capitalize
on the strength of its assets and drive profitability.  We look
forward to continuing to play a meaningful role in ensuring the
company is positioned to create substantial long-term value."

Clear Channel will set a record date, time and place for a new
special meeting of shareholders after filing an updated joint
proxy statement/prospectus with the Securities and Exchange
Commission.

Shareholders with questions about the merger or how to vote
their shares should call Clear Channel's proxy solicitor,
Innisfree M&A Incorporated, toll-free at 877-456-3427.

                   About Thomas H. Lee

Thomas H. Lee Partners, L.P. -- http://www.THL.com/-- is one of  
the oldest and most successful private equity investment firms
in the United States.  Since its establishment in 1974, THL has
been the preeminent growth buyout firm, raising approximately
US$22 billion of equity capital, investing in more than 100
businesses with an aggregate purchase price of more than US$125
billion, completing over 200 add-on transactions and generating
superior returns for its investors.  THL Partners focuses its
high value-added strategy on growth businesses, partnering with
the best managers in an industry to build great companies
through strong organic growth and targeted add-on acquisitions.  
Notable transactions sponsored by THL include Aramark, Ceridian,
Dunkin’ Brands, Experian, Fidelity National Information
Services, Grupo ONO, HomeSide Lending, Houghton Mifflin, Michael
Foods, The Nielsen Company, Nortek, ProSiebenSat.1, Simmons
Bedding Company, Snapple, Univision, Warner Chilcott, Warner
Music Group and West Corporation.

                    About Bain Capital

Bain Capital Partners, LLC -- http://www.baincapital.com/-- is  
a global private investment firm that manages several pools of
capital including private equity, high-yield assets, mezzanine
capital and public equity with more than US$65 billion in assets
under management.  Since its inception in 1984, Bain Capital has
made private equity investments and add-on acquisitions in over
300 companies around the world, including investments in a broad
range of companies such as Burger King, HCA, Warner Chilcott,
Toys “R” Us, Michaels Stores, Dunkin’ Brands and ProSiebenSat1
Media.  Headquartered in Boston, Bain Capital has offices in New
York, London, Munich, Tokyo, Hong Kong and Shanghai.

               About Highfields Capital

Based in Boston, Massachusetts, Highfields Capital Management --
http://www.highfieldscapital.com/-- is a value-oriented  
investment firm which principally makes long-term investments in
public and private companies around the globe.  It currently
manages over US$11 billion of capital on behalf of college and
university endowments, charitable foundations and other
philanthropic organizations, high net worth families and
individual investors.  Highfields invests in a wide variety of
industries, securities and financial markets.

                     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.


DENTS PLUS: Brings In Tenon Recovery to Administer Assets
---------------------------------------------------------
A.J. Pear and I. Cadlock of Tenon Recovery were appointed joint
administrators of Dents Plus Ltd. (Company Number 02987313) on
May 1, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

          Dents Plus Ltd.
          130 Frant Road
          Thornton Heath
          Surrey
          CR7 7JU
          England
          Tel: 020 8665 1106
          Fax: 020 8665 9917
          Web site: http://www.dentsplus.co.uk/


EMI GROUP: Plans to Slash Recorded Music Employees to 2,000
-----------------------------------------------------------
EMI Group Ltd. chairman Guy Hands told EMI senior directors
that they need to decrease the number of recorded music division
employees to around 2,000 from 4,500, Ben Harrington writes for
the Telegraph.

As reported in the TCR-Europe on January 16, 2008, EMI disclosed
that its restructuring is expected to lead a worldwide headcount
reduction within the group of between 1,500 and 2,000.

According to people familiar with the situation, Mr. Hands is
planning to cut more jobs at EMI because the company still has
more workers but generate less revenues than Warner Music and
Universal Records, the Telegraph relates.  

                    About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent    
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China among others.  In
August 2007 EMI was acquired by private equity firm Terra Firma.

At March 31, 2007, EMI Group's consolidated balance sheet
revealed GBP1.5 billion in total assets, GBP2.65 billion in
total liabilities resulting to GBP1.15 billion in shareholders'
deficit.


EOS AIRLINES: U.S. Trustee Selects Five-Member Creditors' Panel
---------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, appointed five
creditors to serve on an Official Committee of Unsecured
Creditors of EOS Airlines Inc.'s Chapter 11 bankruptcy
proceeding.

The members of the creditor's committee are:

  1) Servisair LLC
     ATTN: Dino G. Noto, Vice President & General Counsel
     151 Northpoint Drive
     Houston, Texas 77060
     Tel: (281) 260-3911
     Fax: (281) 260-3965

  2) Systems and Software Enterprises, Inc.
     d/b/a IMS Consultants
     ATTN: Timothy Graven, Chief Financial Officer
     2929 E. Imperial Highway
     Brea, California 92821
     Tel: (714) 854-8663
     Fax: (714) 854-8723

  3) Pan Am International Flight Academy
     ATTN: Eric Freeman, Executive Vice President
     5000 N.W. 36 Street
     Miami, Florida 33122
     Tel: (305) 874-6639
     Fax: (305) 874-6644

  4) Peter Mochnal, Representative of Warn Act Claimants
     3 Walnut Terrace
     East Hanover, New Jersey 07936
     Tel: (973) 885-5661

  5) Sourcespeed LLC
     ATTN: Geoffrey Wolfe, Partner & CEO
     420 Wolfe Street
     Alexandria, VA 22314
     Tel: (703) 201-3593
     Fax: (928) 447-0807

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

                     About EOS Airlines

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

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

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


FEN SPORTS: Claims Filing Period Ends June 16
---------------------------------------------
Creditors of Fen Sports Ltd. have until June 16, 2008 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any), to:

         Vincent John Green
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Vincent John Green and Mark Newman of Vantis Business Recovery
Services were appointed joint liquidators of the company on
May 6, 2008 by members and creditors.


FLEXIBLE STORAGE: Taps Liquidators from Grant Thornton
------------------------------------------------------
David Michael Riley and Kevin John Hellard of Grant Thornton UK
LLP were appointed joint liquidators of Flexible Storage Ltd. on
April 25 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         30 Finsbury Square
         London
         EC2P 2YU
         England


FORD MOTOR: Board Urges Shareholders to Take No Action on Offer
---------------------------------------------------------------
The Board of Directors of Ford Motor Company recommended that
its stockholders take no action at this time in response to the
announcement by Tracinda Corporation that it has commenced a
tender offer to acquire up to 20 million shares of Ford’s common
stock at a price of US$8.50 per share.

The company’s Board said it will review and consider Tracinda’s
offer and will advise stockholders of the Board’s position
regarding the offer by May 22, 2008, as required under
applicable securities law.

As reported in the Troubled Company Reporter-Europe on April 30,
2008, Tracinda said it intends to make a cash tender offer for
up to 20 million shares of common stock of Ford Motor Company at
a price of US$8.50 per share.  The offer price represents a
13.3% premium over Ford's closing stock price of US$7.50 on
April 25, 2008 and a 38.7% premium over Ford's closing stock
price on April 2, 2008, the day upon which Tracinda began
accumulating shares in the company.

The shares to be purchased pursuant to the offer represent
approximately 1% of the outstanding shares of Ford common stock.
Tracinda Corporation, of which Kirk Kerkorian is the sole
shareholder, currently owns 100 million shares of Ford common
stock, which represents approximately 4.7% of the outstanding
shares.  Tracinda's average cost for such shares is
approximately US$6.91 per share.  Upon completion of the offer,
Tracinda would beneficially own 120 million shares of Ford
common stock, or approximately 5.6% of the outstanding shares.

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2008, Fitch said that Ford currently has an Issuer Default
Rating of 'B' with a Negative Outlook.  Fitch added that the
rating is expected to remain on negative outlook until a clearer
path toward positive cash flow is established.  Given progress
on its restructuring program and its product profile, Ford may
achieve this during 2008, Fitch related.


FORD MOTOR: CAW Union Members Ratify New Labor Agreement
--------------------------------------------------------
Ford Motor Company of Canada, Limited has reached a collective
bargaining agreement with the Canadian Auto Workers more than
four months before the current contract expires.

Ford employees represented by the CAW ratified the new deal in a
vote held May 4, 2008.

The early settlement brings stability to Ford's operations as it
prepares to launch the new Ford Flex crossover vehicle at the
Oakville Assembly Complex, which also builds the Ford Edge and
Lincoln MKX.  Ford disclosed plans to add 500 positions to
increase production at the Oakville plant due to high demand for
the Ford Edge and Lincoln MKX, and to prepare for the start of
production of the Ford Flex.

"This agreement is the right solution for the Canadian
marketplace," Stacey Allerton Firth, vice president, human
resources, Ford of Canada, said.  "The terms recognize the
importance of our employees' contributions and improves the
competitiveness of the Canadian operations."

"It's a credit to the relationship we have with the CAW that we
were able to reach a responsible agreement in record time.  Both
the union and the company realized that we had to work
collaboratively, with complete transparency, in order to find
innovative solutions to the challenges facing the industry."

Highlights of the agreement include:

   * Each CAW-represented employee receives a US$2,200
     productivity and quality bonus upon ratification to
     recognize their efforts in helping Ford become one of the
     best in the industry in product quality.

   * Cost-of-living allowance payments are frozen for the next
     16 months.  Quarterly COLA adjustments resume in December
     2009.

   * Effective immediately, a unique wage rate has been
     established -- during the first three years of employment,
     new employees earn 70% of base wages, COLA payments are
     suspended, and Supplemental Unemployment Benefits and time-
     off provisions are phased in.  After three years, employees
     receive 100% of base wages and benefits.

   * Health care savings generated through a new 10% co-pay
     program for prescription drugs and a cap on long-term care
     provisions.

   * A 40-hour-per-year reduction in vacation pay, offset by a
     US$3,500 cash payment in January 2009.

   * Production at the St. Thomas Assembly Plant, near London,
     Ontario is extended by one year to 2011.

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2008, Fitch said that Ford currently has an Issuer Default
Rating of 'B' with a Negative Outlook.  Fitch added that the
rating is expected to remain on negative outlook until a clearer
path toward positive cash flow is established.  Given progress
on its restructuring program and its product profile, Ford may
achieve this during 2008, Fitch related.


FORD MOTOR: Discloses Results of Annual Shareholders’ Meeting
-------------------------------------------------------------
Ford Motor Co. disclosed in a filing with the U.S. Securities
and Exchange Commission the results of its 53rd Annual Meeting
of Shareholders held last May 8, 2008.

Ford says that a total of 56 people attended the meeting and
preliminary voting results indicate that a total of
1,802,937,729 shares of common stock and 70,852,076 shares of
Class B stock were represented at the annual meeting in person
or by proxy.  These shares represent 90.81% of the votes that
could be cast.

During the meeting, an election of directors was held and each
director received at least 2,778,128,087 votes, or 86.22% of the
votes cast at the meeting.

Ford added that shareholders voted in favor of these proposals
during the meeting:

    -- ratification of the selection of PricewaterhouseCoopers
       LLP as Ford's independent registered public accounting
       firm for 2008.

    -- the company's Annual Incentive Compensation Plan.

    -- the company's 2008 Long-Term Incentive Plan.

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2008, Fitch said that Ford currently has an Issuer Default
Rating of 'B' with a Negative Outlook.  Fitch added that the
rating is expected to remain on negative outlook until a clearer
path toward positive cash flow is established.  Given progress
on its restructuring program and its product profile, Ford may
achieve this during 2008, Fitch related.


MUSFLASHTV LTD: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of MusflashTV Ltd. on April 29 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


PARAGON EMPLOYMENT: Appoints Liquidators from Tenon Recovery
------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Paragon Employment Solutions
Ltd. on May 1 for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England


SFM WEALTH: Hires Liquidators from Tenon Recovery
-------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of SFM Wealth Management Ltd.
(formerly  Solicitors Financial Centre (Newcastle) Ltd.,
Solicitors Financial Management (Newcastle) Ltd.) on April 30
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


STROMBERG CARBURETOR: Creditors' Meeting Slated for May 27
----------------------------------------------------------
Creditors of Stromberg Carburetor Ltd. (Company Number 04927476)
will meet at 2:00 p.m. on May 27, 2008, at:

          Tenon Recovery
          Sherlock House
          73 Baker Street
          London  
          W1U 6RD
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 26, 2008, at:

          T.J. Binyon
          Joint Administrator
          Tenon Recovery
          Sherlock House
          73 Baker Street
          London  
          W1U 6RD
          England

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.


* S&P Takes CreditWatch Actions on 188 European Synthetic CDOs
-------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services has taken CreditWatch actions on 188 European synthetic
collateralized debt obligation tranches.
  
Specifically, ratings on:

   -- 135 tranches were placed on CreditWatch with negative
      implications.

   -- 53 tranches were removed from CreditWatch with negative
      implications and affirmed.
  
Of the 135 tranches placed on CreditWatch negative:

   -- 50 reference U.S. residential mortgage-backed securities
      and U.S. CDOs that are exposed to U.S. RMBS, which have
      experienced recent negative rating actions.

   -- 85 have experienced corporate downgrades in their
      portfolios.
  
The 135 tranches represent 7.9% of the total number of European
synthetic CDOs S&P rates.
  
The table provides a summary of the CreditWatch actions S&P has
taken on European synthetic CDO tranches since the last quarter
of 2007.
  
CreditWatch Summary
  
           Watch Neg  Watch Pos  Key corporate
           (no. of    (no. of    downgrades*
           tranches)  tranches)
  
Oct-07     16         14         TXU Corp.
                                 (BB/Watch Neg to B-/Stable)
                                 Oct. 9, 2007
                                 Alliance Boots Ltd.
                                 (B-/Negative to NR)
                                 Oct. 4, 2007
Nov-07     64         15
Dec-07     74          5         Quebecor World Inc.
                                 (B-/Watch Neg to CCC/Watch Neg)
                                 Dec. 18, 2007
                                 ACA Financial Guaranty Corp.
                                 (A/Watch Neg to CCC/Watch Dev)
                                 Dec. 19, 2007
Jan-08     47          8         United Parcel Service Inc.
                                 (AAA/Watch Neg to AA-/Stable)
                                 Jan. 9, 2008
                                 Quebecor World Inc.
                                 (CCC/Watch Neg to D)
                                 Jan. 16, 2008
Feb-08     39         11         GMAC LLC
                                 (BB+/Negative to B+/Negative)
                                 Feb. 22, 2008
                                 Residential Capital, LLC
                                 (BB+/Negative to B/Negative)
                                 Feb. 22, 2008
Mar-08     89          3         FGIC Corp.
                                 (BBB/Watch Neg to B/Negative)
                                 March 28, 2008
                                 FGIC UK Ltd.
                                 (A/Watch Neg to BB/Negative)
                                 March 28, 2008
Apr-08     89          2         Royal Caribbean Cruises Ltd.
                                 (BBB-/Negative to BB+/Stable)
                                 April 3, 2008
                                 Residential Capital, LLC
                                 (B/Negative to CCC+/Watch Neg)
                                 April 24, 2008
May—08    135          0

* Those corporate names that have experienced a significant
  notch downgrade as well as being widely referenced within
  European Synthetic CDOs.NR—Not rated.
  
The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the April month-end run.  These SROC
figures will be published in the SROC report covering April
2008, which is imminent.  The Global SROC Report provides SROC
and other performance metrics on over 3,500 individual CDO
tranches.
  
Following publication of the latest SROC report, a full review
of the affected tranches will take place, and the appropriate
actions will be published in our May rating action media
release.  All other tranches in the transactions listed
are unaffected by these rating actions.

                         Ratings List
  
Class         To                    From              SROC (%)
  
Aldersgate Finance Ltd.

EUR249.5 million floating-rate credit-linked notes
C             BBB+/Watch Neg        BBB+              99.4812
D             BBB-/Watch Neg        BBB-              99.9762
F             BB+/Watch Neg         BB+               99.9394
  
Alexandria Capital PLC
EUR212 million secured floating-rate credit-linked notes series
2004-12 (Karnak)

B-2a          AA+                   AA+/Watch Neg    100.0450
B-2b          AA+                   AA+/Watch Neg    100.0450
  
Angel Court CDO PLC
EUR60 million tranche B secured floating-rate notes series
2006-1

B             A+                    A+/Watch Neg     102.5164
  
Angel Court CDO PLC
US$2 million tranche B secured fixed-rate notes series 2006-2

B             A+                    A+/Watch Neg     102.5164
  
Angel Court CDO PLC
EUR15 million tranche B secured floating-rate notes series
2006-3

              AA                    AA/Watch Neg     102.6923
  
Angel Court CDO PLC
US$10 million tranche B secured floating-rate notes series
2006-4
     
              AA                    AA/Watch Neg     102.6923
  
Angel Court CDO PLC
US$30 million secured tranche B floating-rate notes series
2006-5

              A+                    A+/Watch Neg     102.0345
  
Angel Court CDO PLC
US$10 million tranche B secured floating-rate notes series
2006-7

              A+                    A+/Watch Neg     102.5164
  
Aphex Capital PLC
EUR55 million SENWAI secured callable portfolio credit-linked
floating-rate notes series 2006-32

              A-/Watch Neg          A-                98.4421
  
Aphex Capital PLC
EUR80 million Fatou secured callable portfolio credit-linked
floating-rate notes series 37

              BBB+/Watch Neg        BBB+              99.7885
  
Arch One Finance Ltd.
EUR5 million secured floating-rate notes series 2006-3

              B/Watch Neg           B                 99.7617
  
Argon Capital PLC
US$36 million limited-recourse secured credit-linked floating-
rate notes series 61

              BB+/Watch Neg         BB+               99.9790
  
Argon Capital PLC
US$12.6 million limited-recourse secured credit-linked floating-
rate notes series 62

              BB-/Watch Neg         BB-               99.7934
  
ARLO Ltd.
EUR50 million secured limited-recourse extendible credit-linked
notes series 2006 (Madrid CSO)

              BBB+/Watch Neg        BBB+              99.9043
  
ARLO Ltd.
EUR50 million secured limited-recourse extendible credit-linked
notes series 2006 (Valencia CSO)

              BBB+/Watch Neg        BBB+              99.8957
  
ARLO Ltd.
EUR50 million secured limited-recourse extendible credit-linked
notes series 2006 (Seville CSO)

              BBB+/Watch Neg        BBB+              99.9192
  
Asset Repackaging Trust Six B.V.
EUR25 million floating-rate portfolio credit-linked secured
notes series 3

              AA/Watch Neg          AA                99.6769
  
Asset Repackaging Trust Six B.V.
EUR5 million floating-rate portfolio credit-linked secured notes
series 5

              AA+/Watch Neg         AA+               99.9729
  
Athenee CDO PLC
EUR11 million tranche A1 secured step-up floating-rate series
2006-4

A1            AAA/Watch Neg         AAA               99.9690
  
Athenee CDO PLC
EUR20 million tranche A2 secured step-up floating-rate notes
series 2006-5

A2            AAA/Watch Neg         AAA               99.9690
  
Athenee CDO PLC
EUR10 million tranche A2 secured floating-rate notes series
2006-6

A2            AAA/Watch Neg         AAA               99.9690
  
Brooklands Euro Referenced Linked Notes 2004-1 Ltd.
EUR182.5 million and ¥677.5 million fixed- and floating-rate
notes

A2            AAA/Watch Neg         AAA               99.3263
B             AA/Watch Neg          AA                99.1422
C-E           A/Watch Neg           A                 99.1598
C-Y           A/Watch Neg           A                 98.4507
D             BBB/Watch Neg         BBB               98.0907
E             BB/Watch Neg          BB                98.5162
  
Brooklands Euro Referenced Linked Notes 2005-1 Ltd.
EUR200 million fixed- and floating-rate notes

B             AA/Watch Neg          AA                99.2935
C             A/Watch Neg           A                 98.5805
D1            BBB/Watch Neg         BBB               98.9270
D2            BBB-/Watch Neg        BBB-              99.2490
E             BB-/Watch Neg         BB-               99.4240
  
Cerigo Capital Ltd.
EUR49 million and US$1 million denominated secured floating-rate
credit-linked notes series 2007-1 (Dolomite)

B-e1          A+/Watch Neg          A+                99.7669
  
Chrome Funding Ltd.
US$28 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 25

              CCC-                  CCC-/Watch Neg    99.5777
  
Chrome Funding Ltd.
US$21 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 26

              CCC-                  CCC-/Watch Neg    94.0893
  
Chrome Funding Ltd.
US$13 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 27

              CCC-                  CCC-/Watch Neg    90.9847
  
Chrome Funding Ltd.
US$9.5 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 28

              CCC-                  CCC-/Watch Neg    88.8428
  
Chrome Funding Ltd.
US$7 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 29

              CCC-                  CCC-/Watch Neg    87.3279
  
Claris III Ltd.
GBP25 million zero coupon credit-linked notes series 10/2007

              A/Watch Neg           A                 99.7994
  
Cloverie PLC
JPY500 million class A fixed-rate portfolio credit-linked notes
series 2005-09 (Palladio III)

              AAA                   AAA/Watch Neg    102.4742
  
Cloverie PLC
¥1 billion class B fixed-rate portfolio credit-linked notes
series 2005-11 (Palladio III)

              AAA                   AAA/Watch Neg    100.9137
  
Cloverie PLC
EUR50 million class C floating-rate portfolio credit-linked
notes series 2005-12 (Palladio III)

              AA                    AA/Watch Neg     100.1678
  
Cloverie PLC 2007-12
EUR30 million floating-rate portfolio credit-linked notes series
2007-12

              CCC-                  CCC-/Watch Neg    99.0208
  
Cloverie PLC
US$80 million class B secured portfolio-linked floating-rate
notes series 2007-32

B             AAA/Watch Neg         AAA               92.1705
  
Cloverie PLC
US$20 million class C secured portfolio-linked floating-rate
notes series 2007-33

C             AA/Watch Neg          AA                93.4066
  
Coriolanus Ltd.
US$5 million class B secured floating-rate notes series 69

B             BBB+/Watch Neg        BBB+              97.2932
  
Corsair (Jersey) No. 2 Ltd.
EUR43 million floating-rate secured portfolio credit-linked
notes series 82

              AA/Watch Neg          AA                99.6848
  
Corsair (Jersey) No. 2 Ltd.
SEK172 million fixed-rate secured portfolio credit-linked notes
series 83

              AAA/Watch Neg         AAA               97.8029
  
Corsair (Jersey) No. 2 Ltd.
EUR25 million floating-rate secured portfolio credit-linked
notes series 95

              BBB/Watch Neg         BBB               99.9977
  
Corsair Finance (Ireland) No. 4 Ltd.
EUR25 million floating-rate secured portfolio credit-linked
notes series 6

              AA/Watch Neg          AA                97.5993
  
Corsair Finance (Ireland) No. 6 Ltd.
EUR30 million rotating SPI basket variable-rate secured
portfolio credit-linked notes series 11

              BBBp/Watch NegNRi     BBBp/NRi          99.8917
  
C.L.E.A.R. PLC
JPY1 billion limited-recourse secured credit-linked variable-
rate notes series 35 (Aramis)

              B-/Watch Neg          B-                99.6959
  
C.L.E.A.R. PLC
US$25 million limited-recourse secured credit-linked variable-
rate notes series 38 (Aramis)

              BBB/Watch Neg         BBB               98.9987
  
C.L.E.A.R. PLC
AUS$5 million limited-recourse secured credit-linked variable-
rate notes series 40 (Aramis)

              B+/Watch Neg          B+                99.4508
  
Delta CDO PLC
US$142.5 million floating-rate credit-linked secured notes
series 2005-2

C-1           AA+/Watch Neg         AA+               98.7732
E-1           BBB-/Watch Neg        BBB-              99.7487
K-1           AA/Watch Neg          AA                98.7418
  
Deutsche Bank AG and Deutsche Securities Inc.
US$150 million floating-rate unfunded credit default swap (Tsar
16 portfolio)

A-2           BBB+/Watch Neg        BBB+              98.2928
  
Eiffel CDO Ltd.
US$10 million tranche A1 secured step-up floating-rate notes
series 2006-4

A1            AAA/Watch Neg         AAA               99.9690
  
Eirles Two Ltd.
US$50 million variable-rate secured notes (Builder CDO 2004-1)
series 218

              AAA/Watch Neg         AAA               94.8062
  
Eirles Two Ltd.
US$37.2 million variable rate secured notes series 143

              BBB-/Watch Neg        BBB-              99.9014
  
Eirles Two Ltd.
EUR50 million floating-rate portfolio credit-linked secured
notes series 152

              BBB-/Watch Neg        BBB-              97.2885
  
Eirles Two Ltd.
US$10 million floating-rate credit-linked secured notes
series 168

              A-/Watch Neg          A-                95.4585
  
Eirles Two Ltd.
EUR50 million floating-rate credit-linked secured notes
series 222

              A/Watch Neg           A                 95.6835
  
Eirles Two Ltd.
US$20 million secured floating-rate portfolio credit-linked
notes series 236

              A/Watch Neg           A                 95.0450
  
Eirles Two Ltd.
US$16.5 million class B variable-rate secured notes series 269

B             BB-/Watch Neg         BB-               99.7116
  
Eirles Two Ltd.
US$7.5 million class D variable-rate secured notes series 271

D             CCC/Watch Neg         CCC               99.8023
  
Eirles Two Ltd. 272 E
US$9 million class E variable-rate secured notes series 272

              CCC-                  CCC-/Watch Neg    99.6916
  
Eirles Two Ltd.
US$55 million floating-rate portfolio credit-linked secured
notes series 273

              BBB-/Watch Neg        BBB-              99.8403
  
Eirles Two Ltd.
US$25 million floating-rate portfolio credit-linked secured
notes series 274

              BB/Watch Neg          BB                98.5461
  
Eirles Two Ltd.
US$24 million class B variable-rate secured notes series 292

              CCC+/Watch Neg        CCC+              99.6174
  
Eirles Two Ltd. 294
US$9 million class D variable-rate secured notes series 294

              CCC-                  CCC-/Watch Neg    98.1616
  
Eirles Two Ltd. 295
US$11 million class E variable-rate secured notes series 295

              CCC-                  CCC-/Watch Neg    98.9850
  
Eirles Two Ltd.
EUR14.1 million class B variable-rate secured notes series 297

              AAA/Watch Neg         AAA               87.6136
  
Eirles Two Ltd.
US$150 million floating-rate portfolio credit-linked notes
series 300

              CCC+/Watch Neg        CCC+              98.3583
  
Eirles Two Ltd.
US$16 million variable-rate secured notes series 305

A-2           AAA/Watch Neg         AAA               98.3143
  
Eirles Two Ltd.
US$17 million variable-rate secured notes series 306

A-3           AA+/Watch Neg         AA+               95.3392
  
Eirles Two Ltd.
US$17 million variable-rate secured notes series 307

A-4           BBB-/Watch Neg        BBB-              99.4168
  
Eirles Two Ltd.
JPY3.7 billion variable-rate secured notes series 317

A-4           BBB-/Watch Neg        BBB-              99.4168
  
Eirles Two Ltd.
US$66 million floating-rate leveraged super senior secured
credit-linked notes series 331

              AA+/Watch Neg         AA+               99.0833
  
Eirles Two Ltd.
EUR25 million floating-rate leveraged super senior secured
credit-linked notes series 332

              AA+/Watch Neg         AA+               96.8000
  
Eirles Two Ltd.
EUR50 million floating-rate leveraged super senior secured
credit-linked notes series 333

              AA+/Watch Neg         AA+               96.8000
  
Eirles Two Ltd.
EUR75 million floating-rate leveraged super senior secured
credit-linked notes series 334

              AA+/Watch Neg         AA+               96.8000
  
Elva Funding PLC
US$62.5 million secured credit-linked floating and variable-rate
notes series 2007-10

C1            A+                    A+/Watch Neg     100.0274
C2            A+                    A+/Watch Neg     100.0274
  
Far East Funding I SPC Ltd.
US$10 million deferrable notes series 2007-03

              AA/Watch Neg          AA                99.7449
  
Far East Funding I SPC Ltd.
US$10 million deferrable notes series 2007-07

              AA-/Watch Neg         AA-               99.9017
  
Far East Funding I SPC Ltd.
US$0.01 million deferrable notes series 2007-08

              AAA/Watch Neg         AAA               99.7892
  
Far East Funding I SPC Ltd.
¥500 million deferrable note series 2007-11

              AA-/Watch Neg         AA-               99.8419
  
Far East Funding I SPC Ltd.
¥1.5 billion deferrable notes series 2007-13

              AA-/Watch Neg         AA-               99.8419
  
Far East Funding I SPC Ltd.
US$30 million deferrable notes series 2007-15

              BBB/Watch Neg         BBB               99.8661
  
Far East Funding I SPC Ltd.
AUS$9 million deferrable notes series 2007-16

              A/Watch Neg           A                 99.7901
  
Far East Funding I SPC Ltd.
AUS$5 million deferrable notes series 2007-17

              BBB/Watch Neg         BBB               99.7808
  
Far East Funding I SPC Ltd.
AUS$32 million deferrable notes series 2007-18

              AA-/Watch Neg         AA-               99.7844
  
Far East Funding I SPC Ltd.
JPY600 million deferrable notes series 2007-19

              AAA/Watch Neg         AAA               99.7748
  
Far East Funding I SPC Ltd.
US$0.01 million deferrable notes series 2007-22

              A/Watch Neg           A                 99.7633
  
Far East Funding I SPC Ltd.
US$4.5 million deferrable notes series 2007-24

              AA-/Watch Neg         AA-               99.6842
  
Far East Funding I SPC Ltd.
US$30 million deferrable floating-rate notes series 2007-26
              AAA/Watch Neg         AAA               99.7258
  
Far East Funding I SPC Ltd.
JPY1 billion deferrable notes series 2007-27

              A/Watch Neg           A                 99.8449
  
Far East Funding I SPC Ltd.
EUR10 million deferrable notes series 2007-28

              A+/Watch Neg          A+                99.7504
  
Far East Funding I SPC Ltd.
EUR10 million deferrable notes series 2007-29

              BBB/Watch Neg         BBB               99.7952
  
Far East Funding I SPC Ltd.
US$30 million deferrable notes series 2007-30

              AA-/Watch Neg         AA-               99.7432
  
Fermat Ltd.
US$10 million floating-rate secured portfolio credit-linked
notes series 6

D-1u7         BBB/Watch Neg         BBB               99.8143
  
Heartland Funding PLC
US$130 million tranche B secured floating-rate notes series
2007-5 (PICCADDILLY II)

B             A-/Watch Neg          A-                99.8613
  
Heartland Funding PLC
EUR5 million tranche D secured floating-rate notes series 2007-6
(PICCADILLY II)

D             BB+/Watch Neg         BB+               99.897
  
Heartland Funding PLC
JPY1 billion tranche A secured floating-rate notes series 2007-7
(PICCADILLY II)

A             AA/Watch Neg          AA                99.8435
  
Heartland Funding PLC
EUR40 million tranche B secured floating-rate notes series 2007-
10 (PICCADILLY II)

B             A-/Watch Neg          A-                99.8647
  
Heartland Funding PLC
SEK128 million tranche B secured floating-rate notes series
2007-11 (PICCADILLY II)

B             A-/Watch Neg          A-                99.8647
  
Herald Ltd.
US$121.4 million floating-rate credit-linked secured notes
(Logan CDO) series 25

A-1           BB/Watch Neg          BB                99.8962
  
Herald Ltd.
US$19.2 million floating-rate credit-linked secured notes (Logan
CDO) series 26

A-2           B+/Watch Neg          B+                99.9241
  
Ionia Capital PLC
EUR15 million secured fixed- and floating-rate credit-linked
notes series 2006-1

Be2           AA/Watch Neg          AA                99.9191
  
Ionia Capital PLC
EUR47.5 million fixed- and floating-rate credit-linked notes
series 2006-2

B e2          BBB+/Watch Neg        BBB+              99.9913
  
Ionia Capital PLC
US$11 million floating-rate credit-linked notes series 2006-4

A u1          A/Watch Neg           A                 99.9176
  
Khamsin Credit Products (Netherlands) II B.V.
EUR3 million class D long-short floating-rate managed credit-
linked notes series 3 (Silver Lake 2006-1)

D             BBB/Watch Neg         BBB               99.5839
  
Khamsin Credit Products (Netherlands) II B.V.
EUR21 million class C1 long-short floating-rate managed credit-
linked notes series 4 (Silver Lake 2006-2)

C1            A/Watch Neg           A                 99.6194
  
Khamsin Credit Products (Netherlands) II B.V.
EUR11 million class C2 long-short fixed-rate managed credit-
linked notes series 5 (Silver Lake 2006-3)

C2            A/Watch Neg           A                 99.6194
  
Khamsin Credit Products (Netherlands) II B.V.
EUR3.5 million class B long-short fixed-rate managed credit-
linked notes series 6 (Silver Lake 2006-4)

B             AA/Watch Neg          AA                99.7210
  
Khamsin Credit Products (Netherlands) II B.V.
EUR7.5 million floating-rate credit-linked notes series 2005-2
(Milan)

              CCC-                  CCC-/Watch Neg    98.1868
  
Khamsin Credit Products (Netherlands) II B.V.
AUS$10 million Silver Bell Long-Short floating-rate credit-
linked notes series 7

              AA-/Watch Neg         AA-               99.7694
  

Khamsin Credit Products (Netherlands) II B.V.
EUR5 million class A ABS credit-linked notes series 8 (Milan
2006-1)

              CCC-                  CCC-/Watch Neg    94.2923
  
Khamsin Credit Products (Netherlands) II B.V.
EUR15.5 million class B ABS credit-linked notes series 9 (Milan
2006-1)

              CCC-                  CCC-/Watch Neg    93.6188
  
Khamsin Credit Products (Netherlands) II B.V.
EUR5.5 million class C ABS credit-linked notes series 10 (Milan
2006-1)

              CCC-                  CCC-/Watch Neg    93.1199
  
Lehman Brothers Treasury Co. B.V.
EUR30 million Artemis Capital CDO of CDO variable-rate credit-
linked synthetic portfolio series 4103

              BBB-/Watch Neg        BBB-              97.9555
  
Linker Finance PLC
US$86.5 million class B floating-rate secured notes series 2
(Tsar 16)

B             BB-/Watch Neg         BB-               99.7607
  

Logan CDO III Ltd.
US$216.78 million and ¥1 billion floating-rate credit-linked
secured notes

A-1           CCC-                  CCC-/Watch Neg    89.4170
A-2A          CCC-                  CCC-/Watch Neg    92.2981
A-2B          CCC-                  CCC-/Watch Neg    92.2981
B             CCC-                  CCC-/Watch Neg    92.2981
C-1A          CCC-                  CCC-/Watch Neg    92.2981
C-1B          CCC-                  CCC-/Watch Neg    92.2981
D             CCC-                  CCC-/Watch Neg    92.2981
  
Lunar Funding V PLC
US$30 million limited recourse secured floating-rate credit-
linked notes series 2006-27

              B/Watch Neg           B                 97.2592
  
Lunar Funding V PLC
US$80 million limited recourse secured floating-rate credit-
linked notes series 2006-28

              CCC+/Watch Neg        CCC+              97.1031
  
Lunar Funding V PLC
US$25 million limited recourse secured floating-rate credit-
linked notes series 2006-29

              CCC/Watch Neg         CCC               96.4933
  
Lunar Funding V PLC
US$50 million limited recourse secured floating-rate credit-
linked notes series 2007-36

              AAA                   AAA/Watch Neg    103.1440
  
Lunar Funding V PLC
US$200 million limited recourse secured floating-rate credit-
linked notes series 2007-39

              BB-/Watch Neg         BB-               98.3156
  
Mainsail CDO I Ltd.
US$298.25 million secured floating credit-linked notes

D             CCC-                  CCC-/Watch Neg    92.8236
E             CCC-                  CCC-/Watch Neg    92.4529
  
Marc CDO I PLC
US$114.5 million secured floating-rate credit-linked notes

B             CCC-                  CCC-/Watch Neg    97.5626
C             CCC-                  CCC-/Watch Neg    96.7046
D             CCC-                  CCC-/Watch Neg    96.7046
E             CCC-                  CCC-/Watch Neg    96.7046
  
Menton CDO II PLC
US$104.5 million secured floating-rate credit-linked notes

A-1           AA                    AA/Watch Neg     101.7062
A-2           AA-                   AA-/Watch Neg    100.9865
B             BB+                   BB+/Watch Neg    101.2643
D             CCC-                  CCC-/Watch Neg    99.5363
E             CCC-                  CCC-/Watch Neg    99.5363
  
Menton CDO III PLC
US$183.5 million secured floating-rate credit-linked notes

A-1           CCC-                  CCC-/Watch Neg    92.4157
A-2           CCC-                  CCC-/Watch Neg    91.3815
B             CCC-                  CCC-/Watch Neg    91.2965
C             CCC-                  CCC-/Watch Neg    91.2965
D             CCC-                  CCC-/Watch Neg    91.2965
E             CCC-                  CCC-/Watch Neg    91.2965
  
Menton CDO IV Ltd.
US$250 million secured floating-rate notes

A-2           BB-/Watch Neg         BB-               99.2852
  
Merrill Lynch International and Credit-Linked Enhanced Asset
Repackagings (C.L.E.A.R.) PLC US$15 million credit default swap

              AAA/Watch Negsrp      AAAsrp            99.9709
  
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-1

              AA+/Watch Neg         AA+               99.8336
  
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-4

              AAA/Watch Neg         AAA               99.9586
  
Natixis S.A.
EUR6 million floating-rate credit-linked notes linked to a
reference portfolio initially comprising 114 reference entities
series 2262

              BBB-/Watch Neg        BBB-              99.9846
  
Natixis S.A.
SEK189 million floating-rate credit-linked notes series 2326

              BBB+/Watch Neg        BBB+              99.8774
  
Omega Capital Europe PLC
US$20 million secured notes series 41 (Sycamore Series I)

              AA/Watch Neg          AA                99.5281
  
Omega Capital Investments PLC
NOK200 million and EUR16 million secured floating-rate notes
series 28 Broadway

C1-7E         A-/Watch Neg          A-                99.9787
  
Omega Capital Investments PLC
EUR150 million secured floating-rate notes series 39

A             AA/Watch Neg          AA                99.9644
  
Ortelius Finance PLC
US$260 million floating-rate notes series 2007-1

1A            AAA/Watch Neg         AAA               99.9928
1C            A/Watch Neg           A                 99.8428
2C            A/Watch Neg           A                 99.9399
  
Rabobank International and Rabo Groen Bank B.V.
EUR29.788 million credit default swap

              A-/Watch Neg          A-                99.7248
  
Saphir Finance PLC
EUR50 million credit-linked synthetic portfolio notes series
2007-1

              AA/Watch Neg          AA                99.8911
  
Saphir Finance PLC
EUR100 million credit-linked synthetic portfolio notes series
2007-5

              AA-/Watch Neg         AA-               99.8966
  
Starling Finance PLC
JPY1 billion floating-rate Deveron portfolio credit-linked notes
series 2005-08

A-3           A/Watch Neg           A                 99.8277
  
Starling Finance PLC
YEN 5 billion class A-3 floating-rate Deveron IV portfolio
credit-linked notes series 2006-15

              A/Watch Neg           A                 99.7426
  
Starling Finance PLC
JPY1.1 billion class B floating-rate Jinkoki portfolio credit-
linked notes series 2007-005

              A+/Watch Neg          A+                99.6700
  
Thunderbird Investments PLC
EUR10 million and CHF85 million ABS/Crossway secured floating-
rate notes series 15

E             AAA                   AAA/Watch Neg    100.1839
  
WhiteBlue No. 1 GmbH
EUR200 million floating-rate notes

A             AAA/Watch Neg         AAA               99.8803
B             AA/Watch Neg          AA                99.8910
  
Xelo PLC
SEK57.5 million secured limited-recourse credit-linked variable-
rate notes series 2007 (Dunlin 2)

              BBB+/Watch Neg        BBB+              99.7095
  
Xelo PLC
SEK32 million secured limited-recourse credit-linked variable
notes series 2007 (Dunlin 3)

              BBB+/Watch Neg        BBB+              99.7095
  
Xelo PLC
SEK57.3 million secured limited-recourse credit-linked variable
notes series 2007 (Dunlin 4)

              BBB+/Watch Neg        BBB+              99.7095
  
Xelo PLC
SEK28.7 million secured limited recourse credit-linked fixed-
rate step-down notes series 2007 (Dunlin 5)

              AA-/Watch Neg         AA-               99.7399
  
Xelo PLC
SEK21.5 million secured limited-recourse credit-linked fixed-
rate step-down notes series 2007 (Dunlin 7)

              AA-/Watch Neg         AA-               99.7399
  
Xelo PLC
SEK119.2 million secured limited recourse credit-linked fixed-
rate step down notes series 2007 (Dunlin 8)

              AA-/Watch Neg         AA-               99.7399
  
Xelo PLC
SEK28.1 million secured limited recourse credit-linked variable-
rate notes series 2007 (Dunlin 9)

              AA-/Watch Neg         AA-               99.7399
  
Xelo PLC
EUR40 million secured limited recourse credit-linked notes
series 2006 (Spinnaker III Europe series 1)

              AA+/Watch Neg         AA+               99.8544
  
Xelo PLC
EUR10 million secured limited resource credit-linked notes
series 2006 (Spinnaker III Europe TRED 1 Series 1)

              AA+/Watch Neg         AA+               99.8544
  
Xelo PLC
EUR10 million secured limited recourse credit-linked notes
(Piccadilly 7) series 2006

              A-                    A-/Watch Neg     100.0091
  
Xelo PLC
EUR3.48 million secured limited recourse credit-linked notes
(Piccadilly 3) series 2006

              BBB-                  BBB-/Watch Neg    99.8489


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

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

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
         Restructuring/Bankruptcy
            Bankers Club, Miami, Florida
               Contact: 312-578-6900; http://www.turnaround.org/  
  
Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/  

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

                   Featured Conferences

Beard Conferences presents:

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

                     *      *      *

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

                          *********

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

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

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

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

                            *********


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

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

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

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

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

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


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