TCREUR_Public/080516.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

              Friday, May 16, 2008, Vol. 9, No. 97

                            Headlines


A U S T R I A

CANIDO QUALITATSTIERNAHRUNG: Claims Registration Ends May 19
CI-MANAGEMENT: Claims Registration Period Ends June 10
DIANA PUTZEREI: Claims Registration Period Ends June 12
F. YURTERI: Claims Registration Period Ends June 12
ING. ALEXANDER PUNZL: Claims Registration Period Ends May 27

SERVICE 4 YOU: Claims Registration Period Ends June 5


B E L G I U M

FEDERAL-MOGUL CORP: Martin Hicks Names as EMEA Vice-President


D E N M A R K

BLOCKBUSTER INC: Earns US$45 Million in Quarter Ended April 6
BLOCKBUSTER INC: Comments on Due Diligence Pact w/ Circuit City


F R A N C E

AMKOR TECHNOLOGY: Earns US$72 Million in Quarter Ended March 31
TERADYNE INC: J750 Platform Selected by Renesas Microcontroller
TERADYNE INC: Annual Shareholders Meeting set for May 22
THOMSON SA: PRN Unit Forms Strategic Alliance with Cabco Group


G E R M A N Y

BAUER & KUHN: Claims Registration Ends June 4
BHLD HILFSMITTELCENTER: Claims Registration Ends June 4
CAR DREAM: Claims Registration Ends June 4
COLORS AND FORMS: Claims Registration Ends June 4
EMEAA COMPUTER: Claims Registration Ends June 4

ESCADA AG: Weak Performance Cues Moody's to Cut Rating to B2
FEEDTEC INTERNATIONAL: Claims Registration Period Ends June 4
FOLIENTECHNIK KRAL: Claims Registration Period Ends June 4
GOETTINGER GRUPPE: CORESTATE Capital Acquires Property Portfolio
HAMBURGER KIES: Claims Registration Period Ends June 4

HILLIG INDUSTRIEMONTAGEN: Claims Registration Period Ends June 4
HUBERT SCHICK: Claims Registration Period Ends June 2
IMPULSE CLUB: Claims Registration Period Ends June 2
INSTITUT FUER: Claims Registration Period Ends June 4
KLAUS WEILBACH: Claims Registration Period Ends June 4

KLEIN TEX: Claims Registration Period Ends June 2
KRAFT SERVICE: Claims Registration Period Ends June 4
LEO TANZCAFE: Claims Registration Period Ends June 6
MEDICPLAN GMBH: Claims Registration Period Ends June 4
MO SOLUTIONS: Claims Registration Period Ends June 2

NORDIC SOLUTIONS: Claims Registration Period Ends June 4
OEXLE GMBH: Claims Registration Period Ends June 2
P + H WERKZEUGE: Claims Registration Period Ends June 4
PAI-PLAN GMBH: Claims Registration Period Ends June 4
POLYCOATING GMBH: Claims Registration Ends June 4

PROSIEBENSAT.1 GROUP: Sets Up New Production Subsidiary
STEFAN GUENTHER: Claims Registration Period Ends June 4


I R E L A N D

CAMBER 4: S&P Junks Rating on Class C Notes with Watch Negative
EIRLES TWO: Moody's May Further Cut Ratings After Review


I T A L Y

ALITALIA SPA: Berlusconi Vows to Save Firm Sans Nationalization
ALITALIA SPA: Giovanni Sabatini Quits from Board
ALITALIA SPA: Posts EUR21483 Mln in Pretax Loss for Q1 2008
TISCALI SPA: Wind Telecomunicazioni Confirms Selection as Bidder
WIND TELECOMUNICAZIONI: Confirms Selection as Tiscali SpA Bidder


K A Z A K H S T A N

BEK-AL-JAN LLP: Creditors Must File Claims by June 20
MURAGER FIRMASY: Claims Deadline Slated for June 24
OPTORG PRODUCT-2006: Claims Filing Period Ends June 20
PARUS-1 LLP: Creditors' Claims Due on June 24
SANJAR LLP: Claims Registration Ends June 25

SERVICE COMPANY: Claims Deadline Slated for June 25
SIMBA ATYRAU: Claims Filing Period Ends June 20
TUMAR-AGROSERVICE LLP: Creditors' Claims Due on June 24


K Y R G Y Z S T A N

CHUI-KASKAD LLC: Creditors Must File Claims by June 11


N E T H E R L A N D S

NORTHWEST AIRLINES: Neal Cohen to Leave June 16
PQ CORP: S&P Assigns B Corporate Credit Rating


P O L A N D

NORTHSTAR: Deadline of Sealed Bids for Assets is May 28


R U S S I A

AGRO-PROM-PRODUCT: Saratov Bankruptcy Hearing Slated for Aug. 5
ANYUYSKOE OJSC: Creditors Must File Claims by May 26
CONSULTING CJSC: Creditors Must File Claims by May 26
GAS-OIL-PRODUCT: Creditors Must File Claims by May 26
OPTUSHANKA CJSC: Orel Bankruptcy Hearing Slated for July 9

PARASPAN LLC: Khakasiya Bankruptcy Hearing Slated for July 3
POVOLZHYE CJSC: Creditors Must File Claims by May 26
ROSNEFT OIL: Regulator Accuses Firm of Jacking up Gasoline Price
URALSIB OJSC: Strong Performance Cues S&P to Lift Rating to BB-

* Fitch Affirms Penza Region's Ratings at BB with Stable Outlook


S P A I N

FERRO CORP: To Increase Price of Advanced Polymer Alloys
FERRO CORP: John Bingle Promoted to Treasurer
FERRO CORP: Sales Up 15% to US$607.2 Million in First Quarter


S W I T Z E R L A N D

AGRO FUTTERMITTEL: Creditors Must File Proofs of Claim by May 23
ATC ENGINEERING: Creditors' Liquidation Claims Due by May 21
BAU & SAN: Creditors Have Until May 23 to Submit Proofs of Claim
GROSVENOR LLC: Creditors Must Submit Proofs of Claim by May 18
MADAUS LLC: Creditors' Proofs of Claim Must be In by May 21

MEDIA ENTERPRISES: Creditors Must File Proofs of Claim by May 23
METALL-TECH LLC: St. Gallen Commences Bankruptcy Proceedings
OB-ENGINEERING LLC: Creditors' Liquidation Claims Due by May 22
PHILIPPE BUCHER: Sursee Court Initiates Bankruptcy Proceedings


U N I T E D   K I N G D O M

BUTLER AND TANNER: UHY Hacker Young Appointed as Administrators
CB MORGAN: Enters Into Administration; Blames Unfair Regulations
DEUTSCHE BANK: Moody's May Further Cut Ratings After Review
EVOLUTION SHOPFITTING: Brings In Liquidators from Tenon Recovery
FORD MOTOR: Ford of Europe Reports Strong Sales in April 2008

GAP INC: April Sales Up 1% to US$1.10 Billion
GENERAL MOTORS: Istanbul Orders 50 Trams w/ GM-Allison System
GENERAL MOTORS: Inks Joint Venture with Isuzu in Colombia
GENERAL MOTORS: Second Quarter Dividend Payable on June 10
GOLDEN KEY: Reaches Restructuring Agreement with Goldman Sachs

GRAFTECH INT'L: Good Performance Cues S&P to Lift Rating to BB-
JORDAN & COOK: Claims Filing Period Ends July 8
NEVILLE PORTER: Calls In Antony Batty to Propose CVA Procedure

* S&P Takes CreditWatch Actions on 184 European Synthetic CDOs

BOOK REVIEW: The First Junk Bond


                            *********

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


CANIDO QUALITATSTIERNAHRUNG: Claims Registration Ends May 19
------------------------------------------------------------
Creditors owed money by LLC CANIDO QualitatsTiernahrung (FN
270373h) have until May 19, 2008, to file written proofs of
claim to court-appointed estate administrator Elisabeth Hrastnik
at:

          Dr. Elisabeth Hrastnik
          Hauptplatz 11
          Atrium
          Top 16 A
          7400 Oberwart
          Austria
          Tel: 03352/31375
          Fax: 03352/31375-16
          E-mail: dr.hrastnik@utanet.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on June 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Heiligenkreuz im Lafnitztal, Austria, the
Debtor declared bankruptcy on April 18, 2008 (Bankr. Case No. 41
S 17/08z).  


CI-MANAGEMENT: Claims Registration Period Ends June 10
------------------------------------------------------
Creditors owed money by LLC ci-management Vermoegensberatung
have until June 10, 2008, to file written proofs of claim to
court-appointed estate administrator Johanna Abel-Winkler at:

          Mag. Johanna Abel-Winkler
          c/o Mag. Norbert Abel
          Franz-Josefs-Kai 49/19
          1010 Vienna
          Austria
          Tel: 533 52 72
          E-mail: office@abel-abel.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on June 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 18, 2008 (Bankr. Case No. 2 S 47/08m).  Norbert Abel
represents Mag. Abel-Winkler in the bankruptcy proceedings.


DIANA PUTZEREI: Claims Registration Period Ends June 12
-------------------------------------------------------
Creditors owed money by LLC Diana Putzerei und Wascherei (FN
255728x) have until June 12, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Pullez at:

          Dr. Peter Pullez
          c/o Dr. Robert Gschwandtner
          Tuchlauben 8
          1010 Vienna
          Austria
          Tel: 513 29 79
          Fax: 513 29 79 25
          E-mail: pullezgschwandtner@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 26, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 18, 2008 (Bankr. Case No. 5 S 35/08v).  Robert
Gschwandtner represents Dr. Pullez in the bankruptcy
proceedings.


F. YURTERI: Claims Registration Period Ends June 12
---------------------------------------------------
Creditors owed money by KEG F. YURTERI (FN 282148z) have until
June 12, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Neuhauser at:

          Mag. Michael Neuhauser
          c/o Dr. Christof Stapf
          Bahnhofplatz 1A/Top 3
          2340 Moedling
          Austria
          Tel: 90 333
          Fax: 90 333 44
          E-mail: wien@snwlaw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 26, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 18, 2008 (Bankr. Case No. 5 S 36/08s).  Christof Stapf
represents Mag. Neuhauser in the bankruptcy proceedings.


ING. ALEXANDER PUNZL: Claims Registration Period Ends May 27
------------------------------------------------------------
Creditors owed money by LLC Ing. Alexander Punzl Versicherungs
treuhand  (FN 256423v) have until May 27, 2008, to file written
proofs of claim to court-appointed estate administrator Helmut
Platzgummer at:

          Dr. Helmut Platzgummer  
          Kohlmarkt 14
          1010 Vienna
          Austria
          Tel: 533 19 39
          Fax: 533 19 39 39
          E-mail: helmut.platzgummer@lp-law.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 18, 2008 (Bankr. Case No. 6 S 38/08t).  


SERVICE 4 YOU: Claims Registration Period Ends June 5
-----------------------------------------------------
Creditors owed money by LLC Service 4 you  (FN 276779d) have
until June 5, 2008, to file written proofs of claim to court-
appointed estate administrator Christoph Sauer at:

          Dr. Christoph Sauer
          c/o Dr. Frank Riel   
          Gartenaugasse 1
          3500 Krems
          Austria
          Tel: 02732/86565
          Fax: 02732/86566-11
          E-mail: anwalt@riel-grohmann.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 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 Gfoehl, Austria, the Debtor declared bankruptcy
on April 18, 2008 (Bankr. Case No. 9 S 22/08w).  Frank Riel
represents Dr. Sauer in the bankruptcy proceedings.


=============
B E L G I U M
=============


FEDERAL-MOGUL CORP: Martin Hicks Names as EMEA Vice-President
-------------------------------------------------------------
Federal-Mogul Corporation has appointed Martin Hendricks to the
position of vice president, Europe, Middle East, Africa (EMEA),
Global Aftermarket. Hendricks will assume responsibility for
aftermarket sales, marketing, distribution and administration in
EMEA and will be based in Federal-Mogul’s Aartselaar, Belgium,
aftermarket office.

“Martin has a broad range of experience in the automotive
aftermarket arena, and I am extremely pleased to have him join
the Federal-Mogul aftermarket team and continue to expand our
sustainable global profitable growth strategy,” said Jay
Burkhart, senior vice president, Global Aftermarket.  “His
extensive global leadership roles have provided him with more
than 15 years of experience in the industry, in North America,
South America and Europe.”

Hendricks brings to Federal-Mogul an extensive industrial
background in the automotive industry with broad experience in
the aftermarket.  Previously, he held positions of increasing
responsibility in marketing, sales and general management with
Robert Bosch and TRW.  Most recently, he was chief commercial
officer with EurotaxGlass’s International AG in Switzerland.

Hendricks earned a bachelor’s degree in business administration
(Diplom-Kaufmann) from Cologne University, Germany, and advanced
education in PIM/CEMS at Universita Commerciale, Milan, Italy.


                       About Federal-Mogul

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

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

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on Dec. 27, 2007.

                       *     *     *

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

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


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


BLOCKBUSTER INC: Earns US$45 Million in Quarter Ended April 6
-------------------------------------------------------------
Blockbuster Inc. reported financial results for the first
quarter ended April 6, 2008.

Net income for the first quarter of 2008 was US$45.4 million, or
US$0.20 per diluted share, an improvement of US$94.4 million as
compared with a net loss of US$49.0 million, or US$0.27 per
share, for the first quarter of 2007.

Total revenues decreased 5.4% to US$1.39 billion for the first
quarter of 2008 from US$1.47 billion for the first quarter of
2007, as a result of fewer company-operated stores.  Domestic
same-store revenues increased 2.9% as compared to the first
quarter of 2007, reflecting a 920 basis point improvement over
the first quarter of 2007.  This increase was driven by a 0.4%
growth in same-store rental revenues and a 19.7% increase in
same-store merchandise sales.  International same-store revenues
decreased 1.5% from the same period last year, reflecting a 0.9%
increase in same-store rental revenues and a 4.9% decline in
same-store merchandise sales.  Worldwide same-store revenues
grew 1.4% from the same period last year.

"The significant improvement in our first quarter results
demonstrates the underlying strength of our core rental and
emerging retail business," said Jim Keyes, Blockbuster Chairman
and CEO.  "BLOCKBUSTER Total Access(TM), our subscription rental
offering, is now profitable and positioned for growth.
Additionally, our stores achieved positive growth in both sales
and margin.  We are particularly pleased that domestic same-
store revenues showed an improvement for the first time in five
years primarily as a result of several initiatives we have put
in place, including an increased availability of top new movies,
improved store merchandising and more effective pricing.  Going
forward, we are confident we can continue to grow our core
business, which will enable us to focus on aggressive
development of our digital offerings.  Our ability to provide
convenient access to both physical and electronic media
entertainment will provide Blockbuster a meaningful competitive
advantage and allow us to create enhanced shareholder value over
the long-term."

       Consolidated First Quarter Financial Results

Total revenues for the first quarter of 2008 decreased US$79.8
million to US$1.39 billion as compared to the first quarter of
last year primarily due to the closure or sale of 412 company-
operated stores worldwide, including the divestiture of the
GAMESTATION(R) chain in the U.K.  This decrease was partially
offset by a US$19.5 million increase in domestic revenues.   
Additionally, total revenues for the first quarter of 2007
included approximately US$20 million in termination fees
received in connection with the termination of Blockbuster's
Brazilian franchise agreement and subsequent licensing of the
BLOCKBUSTER(R) brand in Brazil to Lojas Americanas.

Gross profit for the first quarter of 2008 decreased US$20.8
million to US$741.7 million as compared to the first quarter of
2007 largely as a result of the decline in international gross
profit reflecting the impact of the divestiture of 217
GAMESTATION stores and the termination of the Brazilian
franchise agreement discussed above.  Domestic gross profit
remained essentially flat at US$519.6 million. Gross margin
increased 150 basis points to 53.2% for the first quarter of
2008.  Total selling, general and administrative expenses for
the first quarter of 2008 declined US$100.5 million driven by
(i) significantly reduced advertising expenses, (ii) a lower
worldwide company-operated store-base and (iii) a reduction in
corporate overhead.  

Operating income for the first quarter of 2008 totaled US$70.2
million, representing an US$89.6 million increase, as compared
to an operating loss of US$19.4 million for the same period last
year.  This improvement in profitability drove a US$124.5
million increase in cash flow provided by operating activities
for the first quarter of 2008 to a deficit of US$19.5 million
from a US$144.0 million deficit for the first quarter of 2007.  
Free cash flow (net cash flow used for operating activities less
capital expenditures) for the first quarter of 2008 improved by
US$115.6 million as compared to the same period last year to a
negative US$39.4 million.

                   About Blockbuster

Blockbuster Inc. -- http://www.blockbuster.com/-- (NYSE: BBI,  
BBI.B) is a global provider of in-home movie and game
entertainment, with over 7,800 stores throughout the Americas,
Europe, Asia and Australia.  The company maintains operations in
Brazil, Mexico, Denmark, Italy, Taiwan, Thailand, Australia,
among others.

                          *     *     *

Blockbuster Inc. carries Fitch Ratings' 'CCC' long-term Issuer
Default Rating.  The company's senior subordinated notes is
rated 'CC/RR6' by Fitch.  The rating outlook is stable.


BLOCKBUSTER INC: Comments on Due Diligence Pact w/ Circuit City
---------------------------------------------------------------
Blockbuster Inc. issued a statement in response to the
announcement by Circuit City Stores, Inc. that it has agreed to
allow Blockbuster to conduct due diligence in preparation for a
possible bid for the company.  Blockbuster had previously
offered to acquire Circuit City for at least US$6.00 per share
in cash, subject to due diligence.

"We are pleased to have reached an agreement with Circuit City
to conduct due diligence and further explore a possible merger
between our two companies.  We continue to believe this
combination would create significant cost and operating
synergies therefore unlocking substantial value for our
shareholders.  While it is our hope that the due diligence
process will reinforce both the strategic and financial
rationale behind the deal, we are committed to only doing a
transaction that provides substantial benefits for our
shareholders."

                   About Blockbuster

Blockbuster Inc. -- http://www.blockbuster.com/-- (NYSE: BBI,  
BBI.B) is a global provider of in-home movie and game
entertainment, with over 7,800 stores throughout the Americas,
Europe, Asia and Australia.  The company maintains operations in
Brazil, Mexico, Denmark, Italy, Taiwan, Thailand, Australia,
among others.

                          *     *     *

Blockbuster Inc. carries Fitch Ratings' 'CCC' long-term Issuer
Default Rating.  The company's senior subordinated notes is
rated 'CC/RR6' by Fitch.  The rating outlook is stable.


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


AMKOR TECHNOLOGY: Earns US$72 Million in Quarter Ended March 31
---------------------------------------------------------------
Amkor Technology, Inc. reported its financial results for the
first quarter ended March 31, 2008.

First quarter net sales of US$699 million were down sequentially
6.3% from the fourth quarter of 2007 and up 7.4% from the first
quarter of 2007.  First quarter net income was US$72 million,
down 23% from the fourth quarter of 2007 and up 108% from the
first quarter of 2007.  First quarter earnings per diluted share
was US$0.36, down 22% from the fourth quarter of 2007 and up
100% from the first quarter of 2007.

"We delivered solid first-quarter results, which reflected a
seasonal slowdown in demand following an exceptionally strong
fourth quarter," said James Kim, Amkor's chairman and chief
executive officer.  "We exceeded our sales and profitability
targets for the first quarter due to select customer demand in
certain wireless communications and networking applications,
which partially offset the overall seasonal slowing that we had
expected.  Our first quarter net income included an
approximately US$9.5 million foreign currency gain principally
due to the depreciation of the Korean won and the resulting
remeasurement of our Korean employee benefit plan liability."

"We believe that our stability within a challenging economy
comes as a result of our continued focus on advanced product
development paired with long-standing relationships and
collaboration with leading semiconductor companies as well as
our world-class manufacturing capabilities," added Kim.  "As we
look to the second quarter, we expect revenues to grow
sequentially by 1% to 3%, slightly lower than historical
seasonality but near historical peak revenues on a dollar
basis."

"Net sales decreased US$47 million or 6.3% sequentially, while
unit shipments decreased 7.2% compared to the fourth quarter of
2007," said Joanne Solomon, Amkor's chief financial officer.  
"First quarter 2008 sales reflect the benefit of our capital
investments in advanced technologies and strong demand from our
fabless customers supporting mobile phones and networking
applications."

Gross margin for the first quarter was 25.2%, down from 27.2% in
the fourth quarter of 2007, reflecting the impact of lower sales
volume.  Gross margin for the first quarter of 2008 improved
from 22.6% for the first quarter of 2007, primarily as a result
of higher capacity utilization, enriched product mix and
improved factory performance.  Amkor generated US$92 million of
free cash flow in the first quarter, compared to US$113 million
in the fourth quarter of 2007 and US$72 million in the first
quarter of 2007.

"During the first quarter, we repaid US$101 million of debt,
which included the remaining US$88 million of 9.25% senior notes
we retired in February, bringing our total debt to under US$1.7
billion at quarter end.  Net interest expense for the quarter
was US$29 million, a 21% decrease from net interest expense of
US$37 million for the first quarter of 2007.  We are scheduled
to repay an additional US$53 million of maturing and amortizing
debt throughout the remainder of 2008.  Our cash balance at the
end of the first quarter was US$412 million, roughly flat
compared to year-end 2007," said Solomon.

"First quarter capital additions totaled US$95 million, which
was less than we anticipated due to a delay in timing of planned
expenditures into the second quarter.  Capital additions are
expected to be approximately US$140 million in the second
quarter of 2008," said Solomon.  "Although our capital
investment is expected to be higher in the first half of 2008
due to the longer lead times associated with the expansion of
our wafer bumping capacity, we remain focused on disciplined
capital spending for the full year.  For 2008, we expect our
capital intensity to be 12% to 14% of full year revenues.  Our
capital additions are aligned with our advanced product
development roadmaps and are focused on expanding our product
portfolio capabilities in support of the demand from our largest
customers."

Amkor's effective income tax rate for the first quarter was
7.6%, and the anticipated effective tax rate for the full year
2008 is approximately 8%.

Selected operating data for the first quarter of 2008 is
included in a section before the financial tables.

                     Business Outlook

On the basis of customers' forecasts, the company has these
expectations for the second quarter of 2008:

    -- Sales – Up 1% to 3% from the first quarter of 2008

    -- Gross Margin – approximately 25%

    -- Net income – in the range of US$0.32 to US$0.36 per
       diluted share

The company's net income guidance includes an estimated US$9.7
million gain, with no net tax effect, from a real estate
transaction that closed in April 2008.

                         About Amkor

Headquartered in Chandler, Arizona, Amkor Technology, Inc.
(Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of
semiconductor assembly and test services.  The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronics design and manufacturing services.

Outside the United States, the company has wholly-owned
subsidiaries in Hong Kong, France, Japan, Singapore, the British
Cayman Islands and Netherlands.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on April 22,
2008, Moody's Investors Service affirmed Amkor Technology,
Inc.'s corporate family (B2), long-term debt (B1 senior
unsecured; Caa1 senior subordinated) and speculative-grade
liquidity (SGL-2) ratings and revised the outlook to positive.


TERADYNE INC: J750 Platform Selected by Renesas Microcontroller
---------------------------------------------------------------
Teradyne, Inc. reported that Renesas Technology Corp. has
standardized their microcontroller final test using the J750
Platform of test systems in Renesas Semiconductor (Beijing) Co.,
Ltd.

Renesas, a joint venture of Hitachi, Ltd. and Mitsubishi
Electric Corporation formed in 2003, currently uses the J750
Platform for volume production in China and Japan.  The
standardization of the J750 Platform will add to a multitude of
Teradyne systems the companies have purchased for various test
applications since 1973.  Renesas will use the J750 Platform to
test microcontrollers used in automotive, consumer,
communication and industrial applications.

“As microcontroller businesses are a core part of Renesas
Technology Corp.’s operations, we would like to expand our share
within the Chinese microcontroller market.  Test systems must
then be included among the types of equipment necessary to
expand volume production and guarantee reliability. In  that
regard, we are now looking to the J750 family of test systems to
help us improve mass production efficiency and reduce testing
costs,” said Teruaki Ogata, director, president of Renesas
Semiconductor (Beijing) Co., Ltd.  “Here at Renesas
Semiconductor (Beijing) Co., Ltd., I would like our on-site
company technicians to be firmly in charge when the deteriorated
testers are being replaced.  Another benefit, then, is that we
are anticipating Teradyne Shanghai will fully support the
development of our own technical staff in that area.”

Teradyne extended J750 Platform capabilities last year with a
set of “Ex” instrumentation providing expanded test performance
that can reduce cost of test up to 30% for next generation
microcontrollers.  The “Ex” instruments include 200 MHz/550 Mbps
digital, a 24 channel high density VI, digital signal source and
capture at each pin, and 196 Gbit SCAN.  The J750 family
provides compatible configurations across the largest fleet of
test systems in ATE history.

“Customers like Renesas recognize the lower-cost-of-test
advantages of the J750 Platform,” said John Casey, senior vice
president, Teradyne, Inc.  “With a worldwide installed base of
more than 2600 systems, the J750 Platform tests almost half of
the world’s microcontrollers used each year.  The family of test
systems has full compatibility to extend the asset life of the
platform while covering critical new devices from 64 to 1024
pins for high efficiency parallel test performance.  We’re proud
that the world’s leading supplier of microcontrollers is
standardizing their test process with the J750 family, the
dominant market leader in microcontroller and image sensor
test.”

                    About Teradyne Japan

With the goal to provide the best customer service, Teradyne
Japan (Teradyne K.K.) -- http://www.teradyne.co.jp/-- was  
established 35 years ago.  It provides the IP750 image sensor
test system family, and sales and service for Teradyne
semiconductor test systems including the J750 and the FLEXTM
family test systems.  Sales and support offices are located in
Yokohama and Osaka.  Design engineering, manufacturing, and
product marketing is located at the facility in Kumamoto, Kyushu
Island.  Products designed in Kumamoto are distributed both in
Japan and to customers worldwide.

                    About Teradyne Inc.

Teradyne Inc. (NYSE:TER) -- http://www.teradyne.com/-- is a   
supplier of Automatic Test Equipment used to test complex
electronics used in the consumer electronics, automotive,
computing, telecommunications, and aerospace and defense
industries.  In 2007, Teradyne had sales of US$1.1 billion and
currently employs about 3,700 people worldwide.  The company has
direct subsidiaries in these countries, Costa Rica, the United
Kingdom, Mexico, Korea, France and China.

                          *     *     *

Teradyne Inc. still carries S&P's "B+" long term foreign issuer
credit and long term local issuer credit ratings which was
placed on Dec. 13, 2002.


TERADYNE INC: Annual Shareholders Meeting set for May 22
--------------------------------------------------------
Teradyne Inc. disclosed in a filing with the U.S. Securities and
Exchange Commission that its Annual Meeting of Shareholders will
be held on Thursday, May 22, 2008, at 10:00 A.M. Eastern Time.

The meeting will be held at the Conference Center at Waltham
Woods, 860 Winter Street in Waltham, Massachusetts.

At the meeting, shareholders will be asked to:

     1. elect all members of the Board of Directors to serve as
        directors for a one-year term.

     2. approve an amendment to the 2006 Equity and Cash
        Compensation Incentive Plan to establish a US$3 million
        per fiscal year maximum amount of variable cash
        compensation awards that can be received by a
        participant.

     3. ratify the selection of the firm of
        PricewaterhouseCoopers LLP as independent auditors for
        the fiscal year ending Dec. 31, 2008.

     4. transact such other business as may properly come before
        the meeting and any postponements or adjournments
        thereof.

Only shareholders who are on record  as of the close of business
on April 2, 2008 will be allowed to vote.

Teradyne Inc. (NYSE:TER) -- http://www.teradyne.com/-- is a   
supplier of Automatic Test Equipment used to test complex
electronics used in the consumer electronics, automotive,
computing, telecommunications, and aerospace and defense
industries.  In 2007, Teradyne had sales of US$1.1 billion and
currently employs about 3,700 people worldwide.  The company has
direct subsidiaries in these countries, Costa Rica, the United
Kingdom, Mexico, Korea, France and China.

                          *     *     *

Teradyne Inc. still carries S&P's "B+" long term foreign issuer
credit and long term local issuer credit ratings which was
placed on Dec. 13, 2002.


THOMSON SA: PRN Unit Forms Strategic Alliance with Cabco Group
--------------------------------------------------------------
Thomson SA’s Premier Retail Networks, Inc., and Cabco Group, the
world’s leading international operator of electronic shopping
carts, disclosed that they have formed a strategic alliance to
enhance the in-store media experience for retailers and
shoppers.

Cabco’s TV Kart(TM) incorporates interactive display screens
into digital shopping carts designed to entertain children who
are sitting on the interior of the cart, while providing
targeted information for adults on monitors facing them as they
shop.

PRN provides engaging in-store media experiences on over 250,000
screens in more than 6,500 retail locations worldwide.

PRN plans to develop a seamless connection between Cabco’s
display screen technology and PRN’s platform in order to
facilitate better coordination of content, advertising and
measurement.  In addition, PRN will provide advertising sales
for Cabco’s TV Kart(TM) and the two companies will work together
to develop a range of interactive services that will appeal to
advertisers and retailers while enhancing the consumer shopping
experience.

“Advertisers are looking for exciting in-store media that
delivers results, but they are also looking to consolidate their
media spend and work with experts in the area of content
optimization,” said Cabco chief operating officer Brad Johnson.   
“PRN brings our advertisers an industry-experienced contact for
purchasing our network, as well as the ability to produce or re-
purpose content specifically for the in-store environment.”

“We are excited to be able to provide an integrated in-store
media experience for shoppers and advertisers in this alliance
with Cabco,” said PRN president Richard Fisher.  “This alliance
demonstrates the flexibility of our services, the ease in which
our technology integrates with other products such as Cabco’s TV
Kart(TM), and shows how our range of services, such as Ad Sales,
can provide value to our partners.”

                  About Premier Retail Networks

Founded in 1992, Thomson’s Premier Retail Networks, Inc. enables
retailers and manufacturers to reach consumers in over 6,500
leading retail stores worldwide.  PRN works with retailers,
content partners and advertisers to create in-store programming
that engages, informs and motivates consumers where they shop.   
PRN’s retailer customers include ACME, Albertsons, Best Buy,
Carrefour, Circuit City, Costco, Jewel-Osco, Pathmark, SAM'S
CLUB, Shaw’s, ShopRite, Star Market, and Wal-Mart Stores.

                        About Thomson

Thomson SA -- http://www.thomson.net/-- (Euronext Paris: 18453;
NYSE: TMS) provides technology, services, and systems to help
its Media, Entertainment & Communications clients - content
creators, content distributors and users of its technology -
realize their business goals and optimize their performance in a
rapidly changing technology environment.

                       *     *     *

As reported in the Troubled Company Reporter on April, 21, 2008,
Moody's Investor's Service downgraded the Corporate Family
rating for Thomson S.A. to Ba2 from Ba1 and downgraded the
junior subordinated rating for Thomson's perpetual junior
subordinated bonds to B2 from Ba3.  The outlook remains
negative.


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


BAUER & KUHN: Claims Registration Ends June 4
---------------------------------------------
Creditors of Bauer & Kuhn GmbH have until June 4, 2008 to
register their claims with court-appointed insolvency manager  
Dr. Jan Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         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. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt am Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

The District Court of Frankfurt am Main opened bankruptcy
proceedings against  Bauer & Kuhn GmbH on April 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauer & Kuhn GmbH
         Sandweg 113
         60316 Frankfurt am Main
         Germany


BHLD HILFSMITTELCENTER: Claims Registration Ends June 4
-------------------------------------------------------
Creditors of BHLD Hilfsmittelcenter GmbH & Co. KG have until
June 4, 2008 to register their claims with court-appointed
insolvency manager Anika Leffler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 9, 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Anika Leffler
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany
         
The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against BHLD Hilfsmittelcenter GmbH & Co. KG on
April 16, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         BHLD Hilfsmittelcenter GmbH & Co. KG
         Rudolf-Diesel-Strasse 3
         16356 Ahrensfelde
         Germany


CAR DREAM: Claims Registration Ends June 4
------------------------------------------
Creditors of Car Dream Gebrauchtwagenhandels und Vertriebs GmbH
have until June 4, 2008 to register their claims with court-
appointed insolvency manager Torsten Martini.

Claims will be verified at 11:00 a.m. on Aug. 5, 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:

         Torsten Martini
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  Car Dream Gebrauchtwagenhandels und
Vertriebs GmbH on March 17, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Car Dream Gebrauchtwagenhandels und Vertriebs GmbH
         Weissenseer Weg 69/74
         10369 Berlin
         Germany


COLORS AND FORMS: Claims Registration Ends June 4
-------------------------------------------------
Creditors of colors and forms GmbH Malerfachbetrieb have until
June 4, 2008 to register their claims with court-appointed
insolvency manager Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on July 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against colors and forms GmbH Malerfachbetrieb on
April 22, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         colors and forms GmbH Malerfachbetrieb
         Lindenstrasse 20
         15230 Frankfurt(Oder)
         Germany


EMEAA COMPUTER: Claims Registration Ends June 4
-----------------------------------------------
Creditors of EMEAA Computer GmbH have until June 4, 2008 to
register their claims with court-appointed insolvency manager  
Holger Bluemle.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:
         
         Holger Bluemle
         Kriegsstr. 113
         76135 Karlsruhe
         Germany
         Tel: (07 21) 9195711

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

The Debtor can be reached at:

         EMEAA Computer GmbH
         Attn: Murat Tueten and Jochen Gerdau, Managers
         Hertzstr. 12
         76187 Karlsruhe
         Germany


ESCADA AG: Weak Performance Cues Moody's to Cut Rating to B2
------------------------------------------------------------
Moody's Investors Service downgraded Escada AG Corporate Family
Rating to B2 from B1 and downgraded the senior unsecured rating
on the notes due 2012 to B2 from B1 (LGD3, 49%).

The rating action concludes the review process initiated on
April 10, 2008 following the profit warning announced by the
company.  The outlook on the ratings is negative.

The rating downgrade reflects the expectations that the company
operating performance during the current financial year is
likely to remain under pressure given the current market
conditions.  

"Moody's recognizes the effort and the progress the company is
making in restructuring its operations, however current market
conditions and soft consumer spending in key reference markets
remain challenging and are likely to heighten the execution risk
associated with the ESCADA Excellence program", Paolo
Leschiutta, lead analyst at Moody's Investors Service for Escada
said.  "As a result, profitability and key credit metrics, such
as financial leverage and fixed charge coverage, are likely to
remain weak even for a B2 rating over the intermediate term, at
time when free cash flow generation will be also under pressure
given the lower expected cash flow from operation in conjunction
with the planned investments by the company", the analyst added.

The rating assumes that Escada will continue to receive support
from core banks and will successfully renegotiate a new bank
facility to replace the one expiring in December 2008.

The negative outlook reflects Moody's view that 2008 will remain
a year of transition for Escada as the pressure on top line and
the relative high operating leverage of Group's activities
reduce the company's flexibility and that, as a consequence,
profitability is likely to remain under pressure beyond October
2008 as the company implements its restructuring programme.  The
outlook also reflects the current economic conditions and the
fact that consumer spending is likely to remain low over the
intermediate term.  The outlook could be changed back to stable
following the successful renegotiation of a new bank facility
and clear evidence of stabilization of the operating margins.

The ratings could be downgraded further if the liquidity profile
fails to be restored over the next few weeks.  Additional
erosion in operating performance declining below new company
estimates led to financial leverage, measured as Debt to EBITDA,
to exceed 6x and fixed charge coverage, measured as (EBITDA --
Capex) to Interest Expenses, below 1x could result in further
negative pressure on the rating.  Although positive action on
the ratings is currently unlikely, the ratings could be upgraded
if there was significant debt reduction in conjunction with
restored profitability and a new credit line.

These ratings have been downgraded:

   -- Corporate Family Rating, downgraded to B2 from B1;

   -- Senior Unsecured Rating on the EUR200 million notes due
      2012 downgraded to B2 (LGD3, 49%) from B1.

ESCADA, headquartered in Munich, Germany, is one of the leading
European manufacturers and distributors of ready-to-wear luxury
apparel for women.  In the financial year ended Oct. 31, 2007,
the company reported consolidated sales of EUR686 million and
EBITDA of EUR68.2 million.


FEEDTEC INTERNATIONAL: Claims Registration Period Ends June 4
-------------------------------------------------------------
Creditors of FeedTec International GmbH have until June 4, 2008,
to register their claims with court-appointed insolvency manager
Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against FeedTec International GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FeedTec International GmbH
         Max-Planck-Strasse 95
         27283 Verden
         Germany


FOLIENTECHNIK KRAL: Claims Registration Period Ends June 4
----------------------------------------------------------
Creditors of Folientechnik Kral GmbH GF. Kral, Herbert have
until June 4, 2008, to register their claims with court-
appointed insolvency manager Oliver Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         Oliver Schartl
         Schwanthaler Str. 32
         80336 Munich
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Folientechnik Kral GmbH GF. Kral, Herbert on April 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Folientechnik Kral GmbH GF. Kral, Herbert
         Untere  Marktstr. 24
         98646 Streufdorf
         Germany


GOETTINGER GRUPPE: CORESTATE Capital Acquires Property Portfolio
----------------------------------------------------------------
CORESTATE Capital AG has acquired the property portfolio of
Goettinger Gruppe Beteiligungs GmbH for an undisclosed sum, the
Financial Times Deutschland reports.

The portfolio, the FT discloses, include four residential
estates with 155 individual homes and 15 commercial properties,
along with the company's head offices in Goettingen and Berlin.

                     About CORESTATE

Headquartered in Zurich, Switzerland, CORESTATE Capital AG --
http://www.corestate-capital.ch/-- is a private equity investor  
and asset manager. The company commits capital in various real
estate asset classes and in corporate shares. Basically, the
company pursues a small and mid-cap strategy in all of its
investment activities.

                 About Goettinger Gruppe

Headquartered in Berlin, Germany, Goettinger Gruppe Beteiligungs
GmbH -- http://www.goettinger-gruppe.de/-- is an investment
company, offering savings plans of old age provisions. The
company has been trading since 1980.

Goettinger filed for insolvency at the District Court of
Charlottenburg on June 8, 2007, after a shareholder called for
the petition.  The District Court of Goettingen opened
insolvency proceedings against Securenta AG, an investment
company arm of Goettinger Gruppe Beteiligungs GmbH, on June 11,
2007.


HAMBURGER KIES: Claims Registration Period Ends June 4
------------------------------------------------------
Creditors of Hamburger Kies + Beton GmbH & Co. KG have until
June 4, 2008, to register their claims with court-appointed
insolvency manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Heiko Fialski
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Hamburger Kies + Beton GmbH & Co. KG on April 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hamburger Kies + Beton GmbH & Co. KG
         Poppenbuetteler Bogen 7
         22399 Hamburg
         Germany


HILLIG INDUSTRIEMONTAGEN: Claims Registration Period Ends June 4
----------------------------------------------------------------
Creditors of Hillig Industriemontagen GmbH have until June 4,
2008, to register their claims with court-appointed insolvency
manager Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 02871/23548 77
         Fax: +4928712354879

The District Court of Muenster opened bankruptcy proceedings
against Hillig Industriemontagen GmbH on April 21, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hillig Industriemontagen GmbH
         Drosselstrasse 32
         46325 Borken
         Germany


HUBERT SCHICK: Claims Registration Period Ends June 2
-----------------------------------------------------
Creditors of Hubert Schick Getrankefachgrosshandels GmbH & Co.
KG have until June 2, 2008, to register their claims with court-
appointed insolvency manager Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on July 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Ingolstadt
          Meeting Hall 28 I
          Schrannenstr. 3
          85049 Ingolstadt
          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:

          Joachim Exner
          Stahlstrasse 17
          90411 Nuremberg
          Germany
          Tel: 0911/95 12 850
          Fax: 0911/95 12 8510

The District Court of Ingolstadt opened bankruptcy proceedings
against Hubert Schick Getrankefachgrosshandels GmbH & Co. KG on
April 22, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Hubert Schick Getrankefachgrosshandels GmbH & Co. KG
          Ilmweg 9
          85276 Hettenshausen
          Germany


IMPULSE CLUB: Claims Registration Period Ends June 2
----------------------------------------------------
Creditors of Impulse Club & Catering Systems GmbH have until
June 2, 2008, to register their claims with court-appointed
insolvency manager Manuel Sack.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Manuel Sack
          Schiffgraben 30
          30175 Hannover
          Germany
          Tel: 0511 36602-0
          Fax: 0511 36602-55

The District Court of Hannover opened bankruptcy proceedings
against Impulse Club & Catering Systems GmbH on April 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Impulse Club & Catering Systems GmbH
          Kopenhagener Str. 26
          28719 Bremen
          Germany


INSTITUT FUER: Claims Registration Period Ends June 4
-----------------------------------------------------
Creditors of Institut fuer Body Esthetic GmbH have until June 4,
2008, to register their claims with court-appointed insolvency
manager Kerstin Gruettner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 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:

         Kerstin Gruettner
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Institut fuer Body Esthetic GmbH on April 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Institut fuer Body Esthetic GmbH
         Moenckebergstrasse 5
         20095 Hamburg
         Germany


KLAUS WEILBACH: Claims Registration Period Ends June 4
------------------------------------------------------
Creditors of Klaus Weilbach Innenausbau und Oberflachentechnik
GmbH & Co.KG have until June 4, 2008, to register their claims
with court-appointed insolvency manager Stephan Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         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:

         Stephan Haspel
         Xylanderstr. 3
         76829 Landau in der Pfalz
         Germany
         Tel: 06341-51020
         Fax: 06341-510229

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Klaus Weilbach Innenausbau und
Oberflachentechnik GmbH & Co.KG on April 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Klaus Weilbach Innenausbau und Oberflachentechnik GmbH
         & Co.KG
         In den Birkenwiesen 15
         76877 Offenbach
         Germany


KLEIN TEX: Claims Registration Period Ends June 2
-------------------------------------------------
Creditors of Klein Tex GmbH have until June 2, 2008, to register
their claims with court-appointed insolvency manager Johannes
Franke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 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 Hannover
          Hall 226
          Second Floor
          Service Bldg.
          Hamburger Allee 26
          30161 Hannover
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

          Klein Tex GmbH
          Kessellande 10
          30900 Wedemark
          Germany


KRAFT SERVICE: Claims Registration Period Ends June 4
-----------------------------------------------------
Creditors of Kraft Service- und Sicherheitsdienst GmbH have
until June 4, 2008, to register their claims with court-
appointed insolvency manager Mr. Grentzebach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Mr. Grentzebach
         Neuwerkstr. 38
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Kraft Service- und Sicherheitsdienst GmbH on
April 17, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Kraft Service- und
         Sicherheitsdienst GmbH
         Meissner Weg 6
         99085 Erfurt
         Germany


LEO TANZCAFE: Claims Registration Period Ends June 6
----------------------------------------------------
Creditors of LEO Tanzcafe-Verwaltungs GmbH have until June 6,
2008, to register their claims with court-appointed insolvency
manager Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 D132
          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:

          Ulrich Kraft
          Wasastrasse 15
          01219 Dresden
          Germany
          Web site: www.hww-kanzlei.de

The District Court of Dresden opened bankruptcy proceedings
against LEO Tanzcafe-Verwaltungs GmbH on May 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          LEO Tanzcafe-Verwaltungs GmbH
          Bremer Strasse 57
          01067 Dresden
          Germany


MEDICPLAN GMBH: Claims Registration Period Ends June 4
------------------------------------------------------
Creditors of MedicPlan GmbH have until June 4, 2008, to register
their claims with court-appointed insolvency manager Markus
Schneckener.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckeburg
         Germany

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

The insolvency manager can be reached at:

         Markus Schneckener
         Kleiner Domhof 2-4
         32423 Minden
         Germany
         Tel: 0571-404330
         Fax: +49571-4043322

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

The Debtor can be reached at:

         MedicPlan GmbH
         Attn: Frank Uwe Muesse, Manager
         Pfahlwinkel 2
         31675 Bueckeburg
         Germany


MO SOLUTIONS: Claims Registration Period Ends June 2
----------------------------------------------------
Creditors of MO Solutions GmbH have until June 2, 2008, to
register their claims with court-appointed insolvency manager
Stephan Ries.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Bonn
          Meeting Hall W 1.26
          First Floor
          William-Strasse 23
          53111 Bonn
          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:

          Stephan Ries
          Wall 28
          42103 Wuppertal
          Germany

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

The Debtor can be reached at:

          MO Solutions GmbH
          Attn: Markus Heller, Manager
          Grubenweg 2
          51580 Reichshof
          Germany


NORDIC SOLUTIONS: Claims Registration Period Ends June 4
--------------------------------------------------------
Creditors of Nordic Solutions Germany GmbH have until
June 4, 2008, to register their claims with court-appointed
insolvency manager Andreas Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 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 Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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 Fischer
         Erbprinzenstr. 27
         76133 Karlsruhe
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Nordic Solutions Germany GmbH on April 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Nordic Solutions Germany GmbH
         Attn: Ernst Gschnitzer, Manager
         Airport Boulevard
         77836 Rheinmuenster
         Germany


OEXLE GMBH: Claims Registration Period Ends June 2
--------------------------------------------------
Creditors of Oexle GmbH have until June 2, 2008, to register
their claims with court-appointed insolvency manager Werner
Poehlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 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 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. Werner Poehlmann
          Aussere Sulzbacher Strasse 118
          90491 Nuremberg
          Germany

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

The Debtor can be reached at:

          Oexle GmbH
          Attn: Dieter Ruell and Peter Kaminski, Managers
          Sigmundstr. 110
          90431 Nuremberg
          Germany


P + H WERKZEUGE: Claims Registration Period Ends June 4
-------------------------------------------------------
Creditors of P + H Werkzeuge GmbH have until June 4, 2008, to
register their claims with court-appointed insolvency manager
Friedrich-Wilhelm Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Friedrich-Wilhelm Klein
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/4937099

The District Court of Wuppertal opened bankruptcy proceedings
against P + H Werkzeuge GmbH on April 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         P + H Werkzeuge GmbH
         Rottscheidter Strasse 27 b
         42329 Wuppertal
         Germany

         Attn: Helmut Wanke, Manager
         Buchenstrasse 25
         42699 Solingen
         Germany


PAI-PLAN GMBH: Claims Registration Period Ends June 4
-----------------------------------------------------
Creditors of PAI-PLAN GmbH Potsdamer Atelier und Ingenieurbuero
have until June 4, 2008, to register their claims with court-
appointed insolvency manager Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Christian Graf Brockdorff
         Friedrich-Ebert-Strasse 36
         14469 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against PAI-PLAN GmbH Potsdamer Atelier und Ingenieurbuero on
April 28, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         PAI-PLAN GmbH Potsdamer Atelier und
         Ingenieurbuero
         Attn: Manfred Voigt, Manager
         Zum Jagenstein 1
         14478 Potsdam
         Germany


POLYCOATING GMBH: Claims Registration Ends June 4
-------------------------------------------------
Creditors of POLYCOATING GmbH Beschichtungstechnik fuer die
Textilindustrie have until June 4, 2008 to register their claims
with court-appointed insolvency manager Dr. Uwe Rottler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Freiburg
         Hall I
         Holzmarkt 2
         79098 Freiburg i.Br
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on June 18, 2008 at:

         The District Court of Freiburg
         Hall 405
         Bismarckalle 2
         79098 Freiburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Uwe Rottler
         Wilhelmstr. 1b
         79098 Freiburg
         Germany
         Tel: 0761/703940

The District Court of Freiburg opened bankruptcy proceedings
against POLYCOATING GmbH Beschichtungstechnik fuer die
Textilindustrie on May 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         POLYCOATING GmbH Beschichtungstechnik
         fuer die Textilindustrie
         Attn: Dr. Bertram Mayer, Manager
         Industriestr. 6
         79232  March
         Germany


PROSIEBENSAT.1 GROUP: Sets Up New Production Subsidiary
-------------------------------------------------------
The ProSiebenSat.1 Group has set up a new production company,
Red Seven Entertainment.  Red Seven Entertainment will be
producing light entertainment programming for the pan-European
TV group.  Additionally, the new company is to develop talents
and build names for artists in cooperation with the Groups
stations.  By establishing a separate production company for
nonfiction entertainment, the Group also intends to facilitate
its access to programming rights and to improve the use of its
portfolio of original and acquired rights.  Light entertainment
concepts are especially well suited for interactive exploitation
on multiple platforms.  The production of web content will be
another major focus of the new company.

Red Seven is part of the Group Content Acquisitions & Production
unit, led by Mr. Jan Frouman, Executive Vice President.  In an
expansion of his role, Mr. Frouman will be responsible for
managing and developing the Groups acquisition, production,
distribution, and format development businesses.  In addition to
Red Seven, these include Producers at Work, SevenOne
International, Group Programming Acquisitions, and the Groups
multi-country production and format development initiatives.

Mr. Guillaume de Posch, CEO of the ProSiebenSat.1 Group, said,  
"Producing content is a core component of our strategy.  Our aim
in establishing Red Seven Entertainment is to be able to realize
concepts for light entertainment programming ourselves while
continuing sourcing programming from external producers. I'm
delighted that Jobst Benthues, who has the necessary credentials
and experience, will now be making a substantial contribution to
programming for the Group with Red Seven Entertainment."

Headquartered in Unterfoehring, Munich, Germany , Red Seven
Entertainment is a wholly-owned subsidiary of ProSiebenSat.1
Media AG.

                      About ProsiebenSat.1

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

                          *     *     *

ProsiebenSat.1 Media AG continues to carry Moody's Investors
Service's Ba1 senior unsecured and corporate family ratings.


STEFAN GUENTHER: Claims Registration Period Ends June 4
-------------------------------------------------------
Creditors of Stefan Guenther Tankstellen GmbH have until June 4,
2008, to register their claims with court-appointed insolvency
manager Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 162
         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:

         Uwe Kuhmann
         Friedrich-List-Str. 20
         45128 Essen
         Germany

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

The Debtor can be reached at:

         Stefan Guenther Tankstellen GmbH
         Polsumer Str. 236
         45896 Gelsenkirchen
         Germany

         Attn: Stefan Guenther, Manager
         Dr. Wesselsstr. 21
         48734 Reken
         Germany


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


CAMBER 4: S&P Junks Rating on Class C Notes with Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with negative implications and lowered its credit ratings on the
class A3, B, and C notes issued by Camber 4 Plc following
further deterioration in the credit quality of the underlying
portfolio.  At the same time, it removed from CreditWatch
negative and affirmed the class A2 notes.
  
Camber 4 PLC closed in December 2004 and is a cash flow
collateralized debt obligation of asset-backed securities (ABS)
transaction, managed by Cambridge Place Investment Management
LLP.  The underlying assets of this CDO are predominantly U.S.
subprime residential mortgage-backed securities and U.S. CDOs of
ABS.
  
On April 2, 2008, Standard & Poor's had lowered the ratings on
all of the notes in this transaction to reflect the existing
negative portfolio rating migration.  Since then, the portfolio
has experienced further negative migration following the
lowering of the ratings on U.S. CDOs of ABS in the underlying
portfolio.  This negative migration has led to a further
increase in the assessed scenario default rates that are now not
supported by current credit enhancement available to the class
A3, B, and C notes.
  
A small number of assets in the portfolio remain on CreditWatch
negative.  Standard & Poor's will continue to monitor all
European CDOs of ABS with exposure to U.S. subprime RMBS and
U.S. CDOs of ABS, and may take further actions following any
downgrades of these assets.
  
                          Ratings List
  
Camber 4 PLC
US$1.004 Billion Asset-Backed Floating-Rate Notes
  
                            Ratings
         
         Class                 To                From
         -----
Ratings Removed From CreditWatch Negative And Lowered
   
         A3                    BBB-              AA/Watch Neg
         B                     BB                A-/Watch Neg
         C                     CCC-              B+/Watch Neg
  
Ratings Removed From CreditWatch Negative And Affirmed
  
         A2                    AA                AA/Watch Neg


EIRLES TWO: Moody's May Further Cut Ratings After Review
--------------------------------------------------------
Moody's Investors Service downgraded four swaps and five classes
of notes issued by Deutsche Bank AG (London Branch) - Tsar 10,
Coriolanus Limited and Eirles Two Limited.  Seven of these
ratings remain on review for downgrade.  The five classes of
notes are repacks of the four classes of swaps.  These rating
actions are a response to credit deterioration in the underlying
portfolio.  The transactions are synthetic managed CDOs
referencing RMBS and ABS CDOs, containing 39% US RMBS and 20%
ABS CDOs of the 2004, 2005, and 2006 vintages.

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

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

These rating actions are:

Issuer: Deutsche Bank AG (London Branch) - Tsar 10

   (1) The US$52,500,000 Class B Swap

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

   (2) The US$19,500,000 Class C Swap

    -- Current Rating: B3, on review for possible downgrade
    -- Prior Rating: Aa1

   (3) The US$37,500,000 Class D Swap

    -- Current Rating: Caa3, on review for possible downgrade
    -- Prior Rating: A1

   (4) The US$7,500,000 Class E Swap

    -- Current Rating: Ca
    -- Prior Rating: Baa2

Issuer: Coriolanus Limited

   (1) The Series 32 US$60,000,000 Floating and Variable Rate
       Secured Notes

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

Issuer: Eirles Two Limited

   (1) The US$35,500,000 Series 128 Floating and Variable Rate
       Secured Notes due 2039,

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

   (2) The US$19,500,000 Series 127 Floating and Variable Rate
       Secured Notes due 2039,

    -- Current Rating: B3, on review for possible downgrade
    -- Prior Rating: Aa1

   (3) The US$37,500,000 Series 126 Floating and Variable Rate
       Secured Notes due 2039,

    -- Current Rating: Caa3, on review for possible downgrade
    -- Prior Rating: A1

   (4) The US$7,500,000 Series 125 Floating and Variable Rate
       Secured Notes due 2039.

    -- Current Rating: Ca
    -- Prior Rating: Baa2


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


ALITALIA SPA: Berlusconi Vows to Save Firm Sans Nationalization
---------------------------------------------------------------
Italian Prime Minister Silvio Berlusconi vowed to prevent the
financial collapse of Alitalia S.p.A. without nationalizing it,
Steve Scherer writes for Bloomberg News.

Mr. Berlusconi said Italy will resolve Alitalia's situation
positively while balancing national interest with market rules,
Bloomberg News relates.  He added that Alitalia's future relies
on contribution from local business and banks.

As reported in the TCR-Europe on April 30, 2008, Mr. Berlusconi
threatened to nationalize Alitalia if the European Commission
starts "harassing him" over the EUR300-million loan to the
national carrier.

The Commission reacted that though it is not concerned whether
Italy nationalize Alitalia, since in the process itself there is
a transfer of state resources to the company.

The Commission gave the Italian government until May 30, 2008,
to explain the details of the loan.  Italy needs to prove that
the loan was offered on commercial terms to gain approval from
the Commission.  

                         About Alitalia

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

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

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


ALITALIA SPA: Giovanni Sabatini Quits from Board
------------------------------------------------
Giovanni Sabatini has resigned from his post on the Board of
Directors of Alitalia S.p.A. with immediate effect, following
the request to return to service, presented to the National
Commission for Companies and the Stock Exchange.

According to the provisions set out in the Stock Exchange
Regulations, "Istruzioni al Regolamento dei Mercati Organizzati
e Gestiti da Borsa Italiana S.p.A.," it should be pointed out
that Mr. Sabatini, also a member of the Internal Control
Committee, was a non-executive and non-independent director.

On the basis of all available information, there is no
indication that he held shares in the Company capital.

                         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: Posts EUR21483 Mln in Pretax Loss for Q1 2008
-----------------------------------------------------------
Alitalia S.p.A. posted EUR214.83 million in pretax losses on
EUR1.057 billion in net revenues for the first quarter ended
March 31, 2008, compared with EUR152.34 million in pretax losses
on EUR1.06 billion in net revenues for the same period in 2007.

Alitalia notes that period in review is low season, leading to
typically negative results.

The results for first quarter 2008 was mainly influenced by
several factors:

    * the sharp increase in fuel costs;

    * a reduction in activities coupled with the effects of the
      new marketing strategy, which focuses on improving route
      performance in terms of unit revenues (yield) rather than
      encouraging increases in traffic volumes;

    * the continuing erosion of the Company’s commercial
      credibility with marked effect on sales growth;

    * the reduction in traffic caused by the announcement of
      changes in the network, carried out on March 30, 2008.

As of March 31, 2008, the level of the Group’s net equity
amounted to about EUR96 million -- EUR169 million for the parent
company Alitalia -- before taxes which should bear on the
period.

Regarding the financial year 2007, it should be noted that the
main changes, with respect to the economic situation shown in
the fourth quarter report 2007, regard the expected devaluation,
referring to the balance sheet on Dec. 31, 2007, of fleet
aircraft for about EUR97 million, as well as tax commitments.

As of March 31, 2008, the net debt amounted to EUR1.351 billion
showing a worsening of EUR191 million compared to Dec. 31, 2007.

The Group’s workforce on March 31, 2008, was 10,952 people
showing a decrease of 226 compared to March 31, 2007.

The Group’s operating fleet on March 31, 2008, consisted of 173
aircraft, of which:

    * 145 for short/medium-haul; and
    * 28 for long-haul.

Regarding the evolution of traffic and the network in the
passenger sector, during the first quarter 2008 there was an
overall reduction in capacity offered of 5.2% -- 1.184 billion
ton kilometers compared to 1.248 billion in 2007 -- with the aim
of improving route performance.

The overall reduction in the capacity offered was matched by a  
more than proportional traffic reduction, amounting to -10% --
786 million ton kilometers carried compared to 873 million in
2007.

In overall terms, the load factor reached 66.4%, down by 3.5
percentage points compared to the previous period.

This traffic performance led to an upswing in unit revenue
(yield) of 4.6%.  The absolute value of revenues from passenger
traffic -- including those relating to the subsidiary Volare --
showed a downturn of 4.8% from EUR825 million to EUR785 million.

                         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.


TISCALI SPA: Wind Telecomunicazioni Confirms Selection as Bidder
----------------------------------------------------------------
Tiscali S.p.A. has included Wind Telecomunicazioni S.p.A. in its
shortlist of bidders, Wind chairman Naguib Sawiris told
Bloomberg News.

According to Mr. Sawiris, Bloomberg New relates, Wind offered to
acquire all of Tiscali at an undisclosed price, but is only
interested in buying its Italian assets.  

Mr. Sawiris added to Bloomberg News that if Wind acquires
Tiscali, it would sell the latter's U.K. division.  The Wind
CEO, however, said he has yet to commence talks with parties
interested in Tiscali's U.K. business.

Eight interested parties reportedly have submitted non-binding
offers to acquire the entire operations of Tiscali:

    * Vodafone Group Plc,
    * FastWeb S.p.A.,
    * British Sky Broadcasting Group Plc,
    * Carphone Warehouse Group Plc,
    * BT Group Plc,
    * Virgin Media Inc.,
    * Wind Telecomunicazioni S.p.A., and
    * Telecom Italia S.p.A.

Tiscali's board of directors dropped Carphone, which presented a
GBP550-million non-binding offer, from the shortlist, saying
that the firm "did not realize the industrial value of the
group."

                  About Wind Telecomunicazioni

Headquartered in Rome, Italy, Wind Telecomunicazioni S.p.A. --
http://www.wind.it/-- operates integrated fixed-mobile-
Internet communications services.  The company, classified as
the fastest start-up among telecom companies in Europe, actually
is the third Italian mobile operator, with a market share of
over 19%.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

As reported in the TCR-Europe on Feb. 12, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating to 'B+' from 'B' on Tiscali S.p.A.

The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd.  These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.

At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali.  The outlook is stable.


WIND TELECOMUNICAZIONI: Confirms Selection as Tiscali SpA Bidder
----------------------------------------------------------------
Tiscali S.p.A. has included Wind Telecomunicazioni S.p.A. in its
shortlist of bidders, Wind chairman Naguib Sawiris told
Bloomberg News.

According to Mr. Sawiris, Bloomberg New relates, Wind offered to
acquire all of Tiscali at an undisclosed price, but is only
interested in buying its Italian assets.  

Mr. Sawiris added to Bloomberg News that if Wind acquires
Tiscali, it would sell the latter's U.K. division.  The Wind
CEO, however, said he has yet to commence talks with parties
interested in Tiscali's U.K. business.

Eight interested parties reportedly have submitted non-binding
offers to acquire the entire operations of Tiscali:

    * Vodafone Group Plc,
    * FastWeb S.p.A.,
    * British Sky Broadcasting Group Plc,
    * Carphone Warehouse Group Plc,
    * BT Group Plc,
    * Virgin Media Inc.,
    * Wind Telecomunicazioni S.p.A., and
    * Telecom Italia S.p.A.

Tiscali's board of directors dropped Carphone, which presented a
GBP550-million non-binding offer, from the shortlist, saying
that the firm "did not realize the industrial value of the
group."

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

                  About Wind Telecomunicazioni

Headquartered in Rome, Italy, Wind Telecomunicazioni S.p.A. --
http://www.wind.it/--  operates integrated fixed-mobile-
Internet communications services.  The company, classified as
the fastest start-up among telecom companies in Europe, actually
is the third Italian mobile operator, with a market share of
over 19%.

                          *     *     *

As reported in the TCR-Europe on March 19, 2008, Fitch Ratings
affirmed Wind Telecomunicazioni SpA's Long-term Issuer Default
rating at 'BB-' (BB minus) and the Short-term IDR at 'B'.  All
instrument ratings are affirmed at their current levels.  The
Outlook for the Long-term IDR has been changed to Stable  from
Negative, following strong results and cash generation in 2007.

In February 2008, Standard & Poor's Ratings Services raised its
long-term corporate credit rating to 'BB-' from 'B+' on Italy's
second-largest integrated alternative telecoms operator, Wind
Telecomunicazioni SpA.  The outlook is stable.

Concurrently, Moody's has affirmed the Ba2 rating on Wind's
senior secured facility, the B1 rating on Wind Finance SL S.A.'s
second lien facility and the B2 ratings on Wind Acquisition
Finance SA's EUR950 million 9.75% senior notes due 2015 and
US$650 million 10.75% senior notes due 2015.  The outlook on the
ratings is stable.


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


BEK-AL-JAN LLP: Creditors Must File Claims by June 20
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Bek-Al-Jan insolvent on Feb. 13, 2008.

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

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


MURAGER FIRMASY: Claims Deadline Slated for June 24
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Murager Firmasy insolvent.

Creditors have until June 24, 2008, to submit written proofs of
claims to:

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


OPTORG PRODUCT-2006: Claims Filing Period Ends June 20
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Optorg Product-2006 insolvent.

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

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


PARUS-1 LLP: Creditors' Claims Due on June 24
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Trade-Industrial Company Parus-1 insolvent.

Creditors have until June 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


SANJAR LLP: Claims Registration Ends June 25
--------------------------------------------  
LLP Holding Company Sanjar has declared insolvency.  Creditors
have until June 25, 2008, to submit written proofs of claims to:

         LLP Holding Company Sanjar
         Tole bi Str. 43
         Shymkent
         South Kazakhstan
         Kazakhstan


SERVICE COMPANY: Claims Deadline Slated for June 25
---------------------------------------------------  
LLP Service Company Plus has declared insolvency.  Creditors
have until June 25, 2008, to submit written proofs of claims to:

         LLP Service Company Plus
         Tovarny dvor
         Razyezd 41
         Aktobe
         Aktube
         Kazakhstan


SIMBA ATYRAU: Claims Filing Period Ends June 20
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Simba Atyrau insolvent.

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

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


TUMAR-AGROSERVICE LLP: Creditors' Claims Due on June 24
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Tumar-Agroservice insolvent on April 15, 2008.

Creditors have until June 24, 2008, to submit written proofs of
claims to:

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


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


CHUI-KASKAD LLC: Creditors Must File Claims by June 11
------------------------------------------------------
JOINT KYRGYZ-GERMAN LLC Chui-Kaskad has declared insolvency.  
Creditors have until June 11, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 65-24-23.
         

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


NORTHWEST AIRLINES: Neal Cohen to Leave June 16
-----------------------------------------------
Northwest Airlines disclosed that Neal Cohen, executive vice
president - strategy, international and CEO regional airlines,
will leave the company effective June 16, 2008.

Cohen returned to Northwest in May 2005 as executive vice
president and chief financial officer.  He played a vital role
in leading the Company’s restructuring efforts and upon
Northwest’s emergence from bankruptcy, in June 2007, Cohen was
promoted to his current position.

Northwest Airlines’ President and Chief Executive Officer, Doug
Steenland, said, “Neal made tremendous contributions during a
critical time for Northwest Airlines.  His leadership throughout
the restructuring process positioned the Company well during an
extremely tumultuous period in the industry.  We’re grateful
that Neal returned to the airline to help guide Northwest
through the restructuring process and we wish him the very best
in his future endeavors.”

Discussing his departure, Cohen said, “Over the past three
years, we have worked collaboratively to reposition Northwest
and secure its future for the long-term.  Having successfully
completed the restructuring process, and with the impending
merger with Delta, I’m excited about the opportunity to pursue
business interests outside of the airline industry that I put on
hold when I returned to Northwest.  I’m confident that the
airline will continue to be an industry leader and am proud to
have been a part of its success.”

Neal Cohen, 48, was executive vice president of finance and
chief financial officer for US Airways from April 2002 to April
2004.  Prior to US Airways, Cohen served as chief financial
officer for various service and financial organizations.  He
spent nine years with Northwest, from 1991 to 2000, where he
held a number of senior positions including senior vice
president and treasurer. Prior to joining Northwest, he spent
seven years at General Motors’ Treasurer’s office in New York.

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--   
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed $14.4 billion
in total assets and $17.9 billion in total debts.  On Jan. 12,
2007 the Debtors filed with the Court their Chapter 11 Plan.  On
Feb. 15, 2007, they Debtors filed an Amended Plan & Disclosure
Statement.  The Court approved the adequacy of the Debtors'
Disclosure Statement on March 26, 2007.  On May 21, 2007, the
Court confirmed the Debtors' Plan.  The Plan took effect May 31,
2007.

                          *     *     *

In April 2008, Moody's Investors Service placed the debt ratings
of Delta Air Lines, Inc. (corporate family at B2) and Northwest
Airlines Corporation corporate family rating at B1) on review
for possible downgrade.  The review was prompted by the
announcement that the two airlines have agreed to combine in an
all-stock transaction with a combined enterprise value of
approximately $18 billion.

Standard & Poor's Ratings Services also placed its ratings,
including the 'B+' long-term corporate credit rating, on
Northwest Airlines Corp. on CreditWatch with negative
implications.


PQ CORP: S&P Assigns B Corporate Credit Rating
----------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to PQ Corp.  The outlook is stable.

"The ratings reflect PQ's fair business position and highly
leveraged financial profile, including a very aggressive
financial policy," said Standard & Poor's credit analyst Paul
Kurias.

At the same time, we assigned ratings to PQ's US$200 million
first-lien revolving credit facility.  The facility is rated
'B+' (one notch higher than the corporate credit rating) with a
'2' recovery rating, indicating the likelihood of substantial
(70%-90%) recovery in the event of a payment default.  S&P also
assigned our 'B+' rating with a '2' recovery rating to the
company's first-lien term loan, indicating the likelihood of
substantial (70%-90%) recovery in the event of a payment
default.  Our ratings on the first-lien term loan include a
proposed increase in the existing term loan by US$300 million to
US$1.1 billion.  In addition, we assigned our 'B-' rating and
'5' recovery rating to PQ's US$460 million second-lien term
loan, indicating the likelihood of modest (10%-30%) recovery in
the event of a payment default.

PQ plans to use proceeds from the proposed increase in the
first-lien term loan and a drawdown on its revolving credit
facility to acquire a majority ownership in INEOS Silicas Group,
a division of U.K.-based INEOS Group Ltd.  The existing
facilities, including the US$200 million revolving credit
facility, the US$460 million second-lien loan, and the existing
US$800 million first-lien term loan formed part of the financing
for the acquisition of PQ by The Carlyle Group in 2007.

Total adjusted debt, pro forma for the proposed INEOS
transaction and including the present value of capitalized
operating leases and tax-adjusted unfunded employee benefits, is
estimated at US$1.7 billion for the fiscal year ended Dec. 31,
2007.

The ratings are based on preliminary terms and conditions
relating to proposed amendments to existing credit facilities.
We could revise our ratings if the transaction, including the
acquisition of INEOS and the financing plan, does not close as
expected by June 2008.

Malvern, Pa.-based PQ is a specialty chemical producer with over
US$1.1 billion in 2007 sales pro forma for the INEOS
acquisition.  The combined businesses manufacture and market
inorganic specialty chemicals, specialty catalysts, and
engineered glass material, through two divisions.


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


NORTHSTAR: Deadline of Sealed Bids for Assets is May 28
-------------------------------------------------------
Renowned Christmas ornament designer Christopher Radko has
expressed his hope that Polish Christmas ornament maker,
Northstar, which is soon to be auctioned, can eventually resume
the business of making high-quality ornaments.

“The ornaments made by the Northstar artisans were the finest in
the world and it would be wonderful to see the company get back
into business of making products that are of unparalleled
quality,” said Mr. Radko.

Mr. Radko noted that the Polish courts are overseeing the
auction of Northstar with a minimum bid of 1.35 million zloty
(about US$675,000).  The firm is being auctioned to raise funds
to pay debts it incurred after a customer failed to pay for
ornaments it ordered, received and then sold.

Mr. Radko had a long and mutually productive relationship with
Northstar. “My ornament firm, Starad, worked with Northstar to
produce wonderful hand-made ornaments.  I hope that at some
point Northstar is able to reconstitute itself and that the
hundreds of craftsmen who were laid off will get their
livelihoods back.”

The deadline for sealed bids is the May 28.  Details can be
received from the Polish court commissioner's auction division
in Warsaw, (22) 633-4555, case X GUp 4/08.


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


AGRO-PROM-PRODUCT: Saratov Bankruptcy Hearing Slated for Aug. 5
---------------------------------------------------------------
The Arbitration Court of Saratov will convene on Aug. 5, 2008,
to hear the bankruptcy supervision procedure on LLC Meat
Processing Company Agro-Prom-Product.  The case is docketed
under Case No. A-57-1054/08-23.

The Temporary Insolvency Manager is:

         V. Vinogradov
         Post User Box 1531
         410000 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Meat Processing Company Agro-Prom-Product
         Mira Str. 11B
         Saratov
         Russia


ANYUYSKOE OJSC: Creditors Must File Claims by May 26
----------------------------------------------------
Creditors of OJSC Anyuyskoe (TIN 8703001958) have until May 26,
2008, to submit proofs of claim to:

         A. Nikolaev
         Temporary Insolvency Manager
         Apt.98
         Building 1
         Proletarskaya Str. 71
         685030 Magadan
         Russia

The Arbitration Court of Chukotskiy will convene at 11:00 a.m.
on Aug. 4, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A80-18/2008B.

The Debtor can be reached at:

         OJSC Anyuyskoe
         Anyuysk
         Bilibinskiy
         689460 Chukotskiy
         Russia


CONSULTING CJSC: Creditors Must File Claims by May 26
-----------------------------------------------------
Creditors of CJSC Consulting have until May 26, 2008, to submit
proofs of claim to:

         A. Petrenko
         Insolvency Manager
         Druzhby Pr. 7
         654041 Novokuznetsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-9652/01-SB/1032.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Consulting
         Yubileynyj Pr. 1B
         Iskitim
         633209 Novosibirsk
         Russia


GAS-OIL-PRODUCT: Creditors Must File Claims by May 26
-----------------------------------------------------
Creditors of LLC Gas-Oil-Product (OGRN 1045901768516) have until
May 26, 2008, to submit proofs of claim to:

         A. Mochalov
         Temporary Insolvency Manager
         Transportnaya Str. 19-27
         614031 Perm
         Russia

The Arbitration Court of Perm will convene at 10:00 a.m. on Oct.
15, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A50-3493/
2008-B6.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Gas-Oil-Product
         Vokzalnaya Str. 9-6
         Chaykovskiy
         617763 Perm
         Russia


OPTUSHANKA CJSC: Orel Bankruptcy Hearing Slated for July 9
----------------------------------------------------------
The Arbitration Court of Orel will convene at 9:10 a.m. on
July 9, 2008, to hear the bankruptcy supervision procedure on
CJSC Optushanka (TIN 5753025740).  The case is docketed under
Case No. A48-1075/08-17b.

The Temporary Insolvency Manager is:

         A. Zapryagaev
         Post User Box 4
         Voroshilova Str. 35
         394055 Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Optushanka
         Ivanovskoe
         Orel
         Russia


PARASPAN LLC: Khakasiya Bankruptcy Hearing Slated for July 3
------------------------------------------------------------
The Arbitration Court of Khakasiya will convene on July 3, 2008,
to hear the bankruptcy supervision procedure on LLC Paraspan.
The case is docketed under Case No. A74-119/2008.

The Temporary Insolvency Manager is:

         A. Petrenko
         Temporary Insolvency Manager
         Druzhby Pr. 7
         654041 Novokuznetsk
         Russia

The Debtor can be reached at:

         LLC Paraspan
         Zavodskaya Str. 5
         Abakan
         655017 Khakasiya
         Russia



POVOLZHYE CJSC: Creditors Must File Claims by May 26
----------------------------------------------------
Creditors of CJSC House-Building Combine Povolzhye (TIN
6318138266) have until May 26, 2008, to submit proofs of claim
to:

         L. Kharitonova
         Insolvency Manager
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-8139/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC House-Building Combine Povolzhye
         Venera
         Pokhvistnevskiy
         Samara
         Russia


ROSNEFT OIL: Regulator Accuses Firm of Jacking up Gasoline Price
--------------------------------------------------------------
Russia's Federal Antimonopoly Service has commenced an
investigation over OAO Rosneft Oil Co.'s role in influencing
gasoline prices in Siberia, RIA Novosti reports.

According to FAS Irkutsk chief Valentina Zamorina, RIA Novosti
relates, Rosneft breached competition laws by abusing its
dominant position at auctions to sell its automobile fuel in the
region.

Ms. Zamorina said that during the auctions, Rosneft failed to
set the starting price for a metric ton of gasoline, which
obliged wholesale buyers to offer a price themselves, resulting
in retail fuel price hikes.

Ms. Zamorina added to RIA Novosti that Rosneft's actions caused
consumers in Irkutsk Region to pay RUR3.5 more per liter than in
the Krasnoyarsk.

Rosneft, however, said it controlled less than 40% of the retail
petroleum product market in Irkutsk and its wholesale prices are
the lowest in the region.

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines, and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         *     *     *

Rosneft Oil continues to carry a BB+ long-term corporate credit
rating from Standard & Poor's Ratings Services.  S&P said the
outlook is positive.


URALSIB OJSC: Strong Performance Cues S&P to Lift Rating to BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services it raised its long-term
counterparty credit rating on Russian Bank Uralsib (OJSC) to
'BB-' from 'B+'.  The short-term counterparty credit rating was
affirmed at 'B'.  The outlook is stable.

"The upgrade reflects the growing success of the bank's
profitable expansion of its commercial franchise, particularly
in the economically vibrant regions of Russia," said Standard &
Poor's credit analyst Elena Romanova.  "We see this as
beneficial for its market position, financial standing, and
capital-generating capacity in the medium term.

The improvement in the bank's commercial franchise led to
strengthened core earnings, which helped offset a substantial
loss incurred in the first half of 2007 from the sale of a large
stake in LUKoil OAO (BBB-/Stable/--).

Improving diversification of its revenue base and credit
portfolio were also supportive factors for the upgrade.

The ratings continue to be constrained by the bank's
insufficiently diversified funding structure, marked by high
single-name and related-party concentrations; increasing
operational risks from rapid network expansion; and pressure on
its capital base stemming from ambitious growth targets.

With total assets of about US$15 billion, Uralsib was the ninth-
largest bank in Russia by assets at Dec. 31, 2007. Uralsib
Financial Corporation (FC Uralsib; not rated) owns 90% of
URALSIB and Uralsib's founder, the Republic of Bashkortostan
(BB+/Stable/--) holds 8%, with the remaining 2% being free
floated.

"We expect Uralsib to continue successfully extending its
geographic presence, customer base, and market share without
undue pressure on profitability, or the quality of assets," said
Ms. Romanova.

S&P expects the bank's core revenue performance to remain
strong, which will help improve its earnings structure.

The ratings could be raised if Uralsib's development and growth
continues and the bank diversifies its customer base and
business lines in line with its strategy, improves its funding
profile and revenue structure, and optimizes costs, while
maintaining capitalization at an adequate level.

The ratings could come under pressure, however, if the bank's
financial or commercial profiles or funding structure
deteriorate significantly, or its capital comes under severe
pressure, or its loan portfolio quality worsens significantly.


* Fitch Affirms Penza Region's Ratings at BB with Stable Outlook
----------------------------------------------------------------
Fitch Ratings has affirmed Russia's Penza Region ratings at
Long-term foreign and local currency 'BB' and Short-term foreign
currency 'B'.  Fitch has also affirmed the region's National
Long-term rating at 'AA-(rus)'.  The Outlooks for the Long-term
foreign and local currency and National Long-term ratings remain
Stable.

The ratings reflect sound budget performance, low debt burden
and high quality of management of the region.  However, the
ratings also factor in the relatively small scale of the
region's economy, its high dependence of federal aid and the
short-term profile of outstanding debt.

The Stable Outlook reflects Fitch's expectation that economic
growth will continue to support tax revenue growth, allowing the
region to offset operating expenditure increases and consolidate
its sound budgetary performance.

The region's administration has demonstrated prudent budget
management, which has resulted in tightly controlled operating
expenditure, a high level of capital expenditure and sound
budgetary performance.  In average, the region's operating
balance accounted for15% of operating revenue and capital
expenditure represented 20% of total expenditure during 2003-07.   
The region became more reliant on its own revenue sources in
2007 and, as result, the share of transfers in total budget
revenue declined to 51% from 72% in 2003.   However, the
dependence of the region on the transfers from the federal
budget remains high.

The current debt burden of the region is moderate, with a total
debt/current balance payback ratio below one year.  The region's
direct debt and guarantees amounted to RUR2.7 billion or 12% of
total revenue at end-2007.  Issued debt accounted for 66% of the
region's total debt, rising from zero in 2005.  Despite strong
debt ratios, the region's debt is characterized by its short
maturity horizon by international standards, as the region will
face two debt redemptions in 2008 and 2009 for RUB900 million
each, and a RUR500 million bond redemption in 2010.

The overall scale of the region's economy is relatively modest.
Per capita GRP was 42% of the average per capita GRP of Russian
regions in 2006.  This has resulted in a relatively weak tax
base for the region: its fiscal capacity reached only 65% of the
average level of Russian regions in 2007.  Furthermore,
agriculture represents a significant proportion of the local
economy, and Russia's future WTO accession could negatively
influence the sector development, as local producers will face
growing foreign competition.

Penza Region is located in centre of the European part of the
Russian Federation.  It contributed 0.4% of the RF's gross
domestic product in 2006 and accounted for 1% of its population.


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


FERRO CORP: To Increase Price of Advanced Polymer Alloys
--------------------------------------------------------
Ferro Corporation's Engineered Polymer Products business has
announced it is increasing prices for advanced polymer alloys
and plastic colorants products, effective June 1 and June 15,
2008, respectively.

Prices for advanced polymer alloy products, including Alcryn(R)
and DuraGrip(TM), will increase by US$0.10 per pound.  Price
increases for plastic colorant products will be US$0.11 per
pound for natural resin and additive compounds; US$0.15 per
pound for specialty pre-color compounds and salt-and-pepper
blends; and up to US$0.20 per pound for specialty color
concentrates.

James Kolenc, Business Director, Engineered Polymer Products,
cited continuing escalation of costs for polymers and other raw
materials, transportation, and energy.  "We have worked
diligently to mitigate these cost increases and minimize the
impact on our customers, but are unable to absorb these
increases any further," said Kolenc.  "This pricing action
supports our ability to continue to provide competitive, high-
value products and services to our customers."

Engineered Polymer Products manufactures engineered plastics
composites, plastic color concentrates and advanced polymer
alloys, and offers manufacturing of custom alloys.  Its products
are available globally from manufacturing facilities in the U.S.
and Europe.

                  About Ferro Corporation

Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a   
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
solar energy, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  Headquartered in Cleveland, Ohio, the
company has approximately 6,300 employees globally and reported
2007 sales of US$2.2 billion.

The company has subsidiaries in Argentina, Australia, France,
Germany, Brazil, China, Spain , Hong Kong and Korea, among
others.

                       *     *     *

Ferro Corp. carries Moody's corporate family rating of B1 with a
positive outlook.  This rating was assigned on May 2007.


FERRO CORP: John Bingle Promoted to Treasurer
---------------------------------------------
Ferro Corporation has promoted John Bingle to Treasurer.

Mr. Bingle, who joined Ferro in 2004, was most recently
Director, Treasury.  He will have overall responsibilities for
cash management, capital structure management, credit, pensions,
and risk management.

"John is a consistently strong contributor to the finance
function at Ferro," said Sallie Bailey, Vice President & Chief
Financial Officer.  "He brings excellent insight and leadership
ability to his new role, and he and his team are important to
Ferro as we move forward with our strategies to strengthen the
Company for sustained, profitable growth."

Before joining Ferro, Mr. Bingle worked at companies including
Steris Corporation, Invacare Corporation and B.F. Goodrich
Company.  His career has included roles in treasury, business
development, business analysis, investor relations, and
accounting and control functions.  He holds an MBA in finance
from Carnegie Mellon University and a bachelor's degree in
mechanical engineering from Rose-Hulman Institute of Technology.

                  About Ferro Corporation

Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a   
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
solar energy, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  Headquartered in Cleveland, Ohio, the
company has approximately 6,300 employees globally and reported
2007 sales of US$2.2 billion.

The company has subsidiaries in Argentina, Australia, France,
Germany, Brazil, China, Spain , Hong Kong and Korea, among
others.

                       *     *     *

Ferro Corp. carries Moody's corporate family rating of B1 with a
positive outlook.  This rating was assigned on May 2007.


FERRO CORP: Sales Up 15% to US$607.2 Million in First Quarter
-------------------------------------------------------------
Ferro Corporation reported that sales for the three months ended
March 31, 2008 were a record US$607.2 million, up 15% from the
first quarter of 2007.

Income from continuing operations for the first quarter of 2008
was US$9.2 million, or US$0.21 per diluted share, compared with
income of US$6.2 million, or US$0.14 per share, in 2007. In the
first three months of 2008, operating income included net pre-
tax charges of US$4.0 million.  These charges were primarily
related to restructuring and other manufacturing rationalization
activities.  In 2007, operating income was reduced by pre-tax
expenses of US$4.3 million primarily related to manufacturing
rationalization activities and a write-off of unamortized fees
associated with an unused portion of the Company's term loan
arrangements.

"We are pleased to see evidence that our profitability
initiatives are gaining traction. Our improved performance is
the result of hard work by the people of Ferro who are focused
on executing our restructuring programs, improving our business
processes and cutting costs across our worldwide operations,"
said James F. Kirsch, Chairman, President and Chief Executive
Officer.  "Our businesses delivered results better than we
previously estimated in our fourth-quarter 2007 earnings
release, and the improvements were achieved despite difficult
economic conditions in many of the markets we serve,
particularly in the United States.  While we are pleased with
our first-quarter results, we will continue to aggressively
pursue our programs to achieve sustainable profitability
improvements."

Net sales increased in the Electronic Materials, Color and Glass
Performance Materials, Performance Coatings, and Polymer
Additives segments, compared with sales in the first three
months of 2007.  Sales declined in the Specialty Plastics and
Other Businesses segments.  Sales to customers outside the
United States grew by 22% while sales within the United States
increased by 6%.

Increased product prices, including pass-throughs for precious
metals, and favorable changes in foreign currency exchange rates
were the primary drivers of the increased sales.  Increased
volume was a positive contributor to sales growth in the
Performance Coatings and the Color and Glass Performance
Materials segments.  Lower volume in Specialty Plastics,
porcelain enamel products in Performance Coatings, and Polymer
Additives partially offset the sales increases.  The volume
declines in these businesses were largely the result of weak
demand from U.S. automobile, appliance and residential housing
industries.

Gross margins were 18.7% of sales in the first quarter of 2008,
compared with 20.2%  of sales in the prior-year period. Gross
profit during the 2008 first quarter was negatively impacted by
higher raw material costs, including precious metals.  While the
Company was generally able to increase prices to offset higher
raw material costs, it was not able to increase prices
sufficiently to maintain gross margin as a percent of sales.

Gross profit was also reduced by manufacturing costs during the
2008 first quarter that were consequences of a temporary
production interruption at the Company's Bridgeport, New Jersey,
facility beginning in December 2007.  Total pre-tax costs of the
interruption during the first quarter were approximately US$3.3
million.  Charges related to the company's ongoing manufacturing
rationalization programs reduced gross profit by US$0.2 million
in the first quarter of 2008, compared with charges of US$2.2
million during the first quarter of 2007.

Selling, general and administrative expense was US$78.7 million
in the first quarter, or 13.0% of sales.  Included in SG&A
expense during the first three months of 2008 was a net benefit
of US$0.4 million, primarily related to favorable litigation
developments, partially offset by expenses related to corporate
development activities.  SG&A expense in the first quarter of
2007 was US$78.8 million, or 14.9% of sales, including charges
of US$0.3 million primarily related to corporate development
activities.

Total segment income for the first three months of 2008 was
US$41.7 million, flat with the prior-year level of US$41.8
million.  The total segment income reflected higher income from
the Electronic Materials segment, which benefited from strong
demand for the company's metal pastes and powders that are used
in applications such as solar cells and plasma displays. Income
was also slightly higher in the Color and Glass Performance
Materials and Other Businesses segments.  Income declined in the
Company's Specialty Plastics segment, primarily reflecting weak
demand from U.S.-based customers in the automotive parts and
residential construction markets, and in the Performance
Coatings segment, due to the effects of weak customer demand for
porcelain enamel products.  Income declined slightly in the
Polymer Additives segment as the positive effects of product
price increases were more than offset by raw material cost
increases and the cost associated with the December 2007
manufacturing interruption in Bridgeport, New Jersey.

Restructuring charges of US$4.2 million were recorded in the
first quarter, primarily resulting from rationalization programs
in the company's European inorganic materials manufacturing
facilities.  Restructuring charges of US$1.5 million were
recorded in the first quarter of 2007.

Interest expense declined to US$14.0 million in the first three
months of 2008 from US$17.4 million in 2007, as a result of
lower borrowing levels and reduced interest rates on funds
borrowed.  Interest expense in the 2007 first quarter included a
US$2.0 million write-off of unamortized fees and discounts
associated with an unused portion of the company's term loans.

Total debt on March 31, 2008 was US$537.8 million, an increase
of US$11.7 million from the end of 2007.  The increase in debt
during the first quarter was due primarily to higher working
capital requirements associated with increased sales.  In
addition, the company had net proceeds of US$67.3 million from
its U.S. accounts receivable securitization program at the end
of March, compared with US$54.6 million at the end of 2007.  The
company also had US$42.5 million in net proceeds from similar
programs outside the U.S. at the end of the quarter compared
with US$42.1 million at the end of 2007.  Ferro generated
US$10.9 million of net cash from operating activities during the
first quarter of 2008.

                2008 Second-Quarter Estimates

Sales for the second quarter, ending June 30, 2008, are expected
to be approximately US$600 million to US$625 million compared
with sales of US$554 million in the second quarter of 2007,
reflecting an ongoing mix of business conditions in different
regions.  Business conditions in the U.S. are expected to be
difficult due to continued weak demand from customers in
housing, appliance and automotive industries.

Income from continuing operations for the second quarter is
expected to be in the range of US$0.11 to US$0.16 per diluted
share.  This estimate includes anticipated charges of
approximately US$0.17 per share, primarily from the continuation
of manufacturing rationalization activities.  The company
reported income from continuing operations of US$0.10 per share
in the second quarter of 2007, including charges of
approximately US$0.16 per share.

                  About Ferro Corporation

Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a   
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
solar energy, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  Headquartered in Cleveland, Ohio, the
company has approximately 6,300 employees globally and reported
2007 sales of US$2.2 billion.

The company has subsidiaries in Argentina, Australia, France,
Germany, Brazil, China, Spain , Hong Kong and Korea, among
others.

                       *     *     *

Ferro Corp. carries Moody's corporate family rating of B1 with a
positive outlook.  This rating was assigned on May 2007.


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


AGRO FUTTERMITTEL: Creditors Must File Proofs of Claim by May 23
----------------------------------------------------------------
Creditors owed money by LLC Agro Futtermittel are requested to
submit their proofs of claim by May 23 to:

         LLC Agro Futtermittel
         Vordere Gasse 12
         5453 Busslingen
         Switzerland

The company is currently undergoing liquidation proceedings in
Remetschwil.  The decision about liquidation was accepted at the
shareholder’s meeting on Dec. 31, 2006.


ATC ENGINEERING: Creditors' Liquidation Claims Due by May 21
------------------------------------------------------------
Creditors owed money by JSC ATC Engineering are requested to
submit their proofs of claim by May 21, 2008 to:

         Dr. Flurin von Planta
         Villa Zambail
         Masanserstr. 40
         7000 Chur
         Switzerland

The company is currently undergoing liquidation proceedings in
Chur.  The decision about liquidation was accepted at a general
meeting on April 2, 2008.


BAU & SAN: Creditors Have Until May 23 to Submit Proofs of Claim
----------------------------------------------------------------
Creditors owed money by LLC Bau & San are requested to submit
their proofs of claim by May 23 to:

         Paul FRITZ
         Rosenweg 4
         4322 Mumpf
         Switzerland

The company is currently undergoing liquidation proceedings in
Mohlin.  The decision about liquidation was accepted at an
extraordinary shareholder’s meeting on Feb. 18, 2008.


GROSVENOR LLC: Creditors Must Submit Proofs of Claim by May 18
--------------------------------------------------------------
Creditors owed money by LLC Grosvenor are requested to submit
their proofs of claim by May 18, 2008 to:

         JSC M & Z Finanz
         Seestrasse 39
         8702 Zollikon  
         Switzerland

The company is currently undergoing liquidation proceedings in
Zug.  The decision about liquidation was accepted at a
shareholder’s meeting on March 7, 2008.


MADAUS LLC: Creditors' Proofs of Claim Must be In by May 21
-----------------------------------------------------------
Creditors owed money by LLC MADAUS are requested to submit their
proofs of claim by May 21, 2008 to:

         Dr. David Brunner
         Hinterlauben 12
         9001 St.Gallen
         Switzerland

The company is currently undergoing liquidation proceedings in
St. Gallen.  The decision about liquidation was accepted at a
shareholder’s meeting on April 4, 2008.


MEDIA ENTERPRISES: Creditors Must File Proofs of Claim by May 23
----------------------------------------------------------------
Creditors owed money by LLC Media Enterprises are requested to
submit their proofs of claim by May 23 to:

         JSC Smily Future
         Mettlenstr. 20
         4657 Dulliken
         Switzerland

The company is currently undergoing liquidation proceedings in
Aarau.  The decision about liquidation was accepted at the
shareholder’s meeting on Aug. 23, 2004.


METALL-TECH LLC: St. Gallen Commences Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC Metall-Tech on April 7, 2008.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Urs Hartmann
         9471 Buchs
         Switzerland

The company can be reached at:

         LLC Metall-Tech
         Mittelaustrasse 8
         9466 Sennwald
         Switzerland


OB-ENGINEERING LLC: Creditors' Liquidation Claims Due by May 22
---------------------------------------------------------------
Creditors owed money by LLC OB-Engineering are requested to
submit their proofs of claim by May 22 to:

         Mail Box 275
         8042 Zurich
         Switzerland

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


PHILIPPE BUCHER: Sursee Court Initiates Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Sursee commenced bankruptcy
proceedings against JSC Philippe Bucher on April 2, 2008.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Switzerland

The company can be reached at:

         JSC Philippe Bucher
         Sonnbuel 14
         6024 Hildisrieden
         Switzerland


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


BUTLER AND TANNER: UHY Hacker Young Appointed as Administrators
---------------------------------------------------------------
Andrew Andronikou and Peter Kubik, Partners at UHY Hacker
Young's London office Turnaround and Recovery Department have
been appointed administrators of the assets of Butler and Tanner
Printers Ltd.

"We were appointed administrators of the company yesterday, says
Mr. Kubik.  We are working to assess the situation to see
whether there is a business here for sale or whether we need to
realise the company’s assets."

UHY Hacker Young was appointed by Butler and Tanner as
administrators after failed attempts to resolve a rancorous
long-running industrial dispute between the company’s management
and the union Unite.

The company was acquired by Media & Print Investments Plc in
August 2007.  Its previous management assessed that changes to
the current working practices were needed to ensure its long-
term viability.

The company’s proposed changes to workers contracts, which saw
the redundancy of 287 staff, were deemed unacceptable by Unite,
and its members at the company voted in favor of strike action.
Staff have been picketing outside the factory for the past week.

The previous management shut down the presses two weeks ago.

"There is currently only a small backlog of pending orders at
Butler and Tanner, and we will try to fulfil those orders," says
Mr. Kubik.

"We are trying to find the best possible solution for Butler and
Tanner.  One of our priorities will be to talk to the Union, the
clients and the company’s management to see whether something
can be done to save the business."

Headquartered in Frome, England, Butler and Tanner Printers Ltd.
-- http://www.butlerandtanner.com/-- is a sheet-fed printing   
company specializing in book, brochures, annual reports,
catalogs and fine art.


CB MORGAN: Enters Into Administration; Blames Unfair Regulations
----------------------------------------------------------------
CB Morgan of Shaftsbury has gone into administration, blaming
soaring fuel costs and competition from non-UK companies, the
Financial Times reports.

According to North Dorset MP Robert Walter, who pledged to
extend his support to CB Morgan, the company suffered from an
unfair regulatory system that imposes restrictions, including
road tax, that does not apply to all European drivers.

"The current unfair regulatory system forces UK haulers to work
twice as hard, and perhaps even spend twice as much, as their
European competitors," Mr. Walter was quoted by the FT as
saying.

The company's staff have been made redundant, the paper adds.

Established in 1933, CB Morgan is headquartered in North Dorset
and ran 11 lorries.


DEUTSCHE BANK: Moody's May Further Cut Ratings After Review
-----------------------------------------------------------
Moody's Investors Service downgraded four swaps and five classes
of notes issued by Deutsche Bank AG (London Branch) - Tsar 10,
Coriolanus Limited and Eirles Two Limited.  Seven of these
ratings remain on review for downgrade.  The five classes of
notes are repacks of the four classes of swaps.  These rating
actions are a response to credit deterioration in the underlying
portfolio.  The transactions are synthetic managed CDOs
referencing RMBS and ABS CDOs, containing 39% US RMBS and 20%
ABS CDOs of the 2004, 2005, and 2006 vintages.

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

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

These rating actions are:

Issuer: Deutsche Bank AG (London Branch) - Tsar 10

   (1) The US$52,500,000 Class B Swap

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

   (2) The US$19,500,000 Class C Swap

    -- Current Rating: B3, on review for possible downgrade
    -- Prior Rating: Aa1

   (3) The US$37,500,000 Class D Swap

    -- Current Rating: Caa3, on review for possible downgrade
    -- Prior Rating: A1

   (4) The US$7,500,000 Class E Swap

    -- Current Rating: Ca
    -- Prior Rating: Baa2

Issuer: Coriolanus Limited

   (1) The Series 32 US$60,000,000 Floating and Variable Rate
       Secured Notes

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

Issuer: Eirles Two Limited

   (1) The US$35,500,000 Series 128 Floating and Variable Rate
       Secured Notes due 2039,

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

   (2) The US$19,500,000 Series 127 Floating and Variable Rate
       Secured Notes due 2039,

    -- Current Rating: B3, on review for possible downgrade
    -- Prior Rating: Aa1

   (3) The US$37,500,000 Series 126 Floating and Variable Rate
       Secured Notes due 2039,

    -- Current Rating: Caa3, on review for possible downgrade
    -- Prior Rating: A1

   (4) The US$7,500,000 Series 125 Floating and Variable Rate
       Secured Notes due 2039.

    -- Current Rating: Ca
    -- Prior Rating: Baa2


EVOLUTION SHOPFITTING: Brings In Liquidators from Tenon Recovery
----------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Evolution Shopfitting Ltd.
(formerly SMG Joinery Ltd.) on May 7 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


FORD MOTOR: Ford of Europe Reports Strong Sales in April 2008
-------------------------------------------------------------
Ford Motor Co. said its business momentum at Ford of Europe
continued with another strong sales month in April 2008.

"Our sales volume grew in 14 of the Euro 19 markets, while our
market share increased in 16 of those 19," Ingvar Sviggum, Ford
of Europe vice-president marketing, sales and service said.

"These increases were achieved even after we had taken the
strategic decision in some countries, particularly in the U.K.
and Germany, to limit our short-cycle business.  In the U.K.,
for example, this switch in emphasis has led to an increase in
the number of vehicles sold to private retail buyers," Mr.
Sviggum added.

"It is particularly pleasing to note our performances in France
and Germany where sales were up 27 per cent and 25 per cent
respectively.  Although driven in part by an industry recovery
following last year's increase in VAT in Germany and CO2
incentives introduced in France, there was visible progress in
our performance in these two key markets.  And Ford leads the
market in Spain after the first four months of the year – a
first for us in that country," Mr. Sviggum said.

Ford sales in the Euro 19 countries were up by 6.4 per cent to
129,500 giving a market share of 8.1 per cent.

When sales in Russia, Turkey and the 30 Ford European Direct
Markets are added, Ford of Europe's sales for April totaled
161,140, an increase of 8 per cent over the same month last
year.

Ford's success in Russia continued with sales rising 17 per cent
to 18,200 – a record month.  Sales in Turkey also improved, by
7.8 per cent to 6,900, giving a market- leading share of 14.4
per cent.

The new Focus was Ford of Europe's top-selling model in April
(33,100) across the Euro 19 markets, followed by the Fiesta
(26,900).  Sales of the new Mondeo increased further to 14,800.

April was a record month for commercial vehicles in the Euro 19
markets, with sales increasing by 1,900 to 23,500.  This record
was primarily driven by the Ford Transit, with over 15,600 units
sold.

In the first four months of 2008, Ford of Europe has sold
550,700 vehicles in the Euro 19 markets, giving a market share
of 8.7 per cent, up by 0.1 per cent versus the same period last
year.  Sales in Russia, Turkey and Ford's European Direct
Markets added a further 112,000 units, taking the total to
662,700 an increase of three per cent compared with 2007.

"The new Ford Kuga which goes on sale next month will further
strengthen the sales appeal of the blue oval, particularly as it
benefits from the lowest CO2 emissions in the expanding compact
4x4 segment," Mr. Sviggum commented.

                       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.


GAP INC: April Sales Up 1% to US$1.10 Billion
---------------------------------------------
Gap Inc. reported net sales of US$1.10 billion for the four-week
period ended May 3, 2008, which is an increase of 1% as compared
with net sales of US$1.09 billion for the same period ended
May 5, 2007.  The company’s comparable store sales for April
2008 decreased 6% compared with a 16 percent decrease for April
2007.

Comparable store sales by division for April 2008 were:

    -- Gap North America: flat versus negative 14% last year

    -- Banana Republic North America: flat versus negative 13%
       last year

    -- Old Navy North America: negative 12% versus negative 20%
       last year

    -- International: negative 7% versus negative 5% last year.

"While April performance varied across each brand, we delivered
merchandise margins significantly above last year while
continuing to manage costs in a disciplined manner,” said
Sabrina Simmons, chief financial officer of Gap Inc.

     First Quarter Sales Results and Earnings Guidance

For the thirteen weeks ended May 3, 2008, total company net
sales were US$3.38 billion, which is a decrease of 5 percent as
compared with net sales of US$3.55 billion for the thirteen
weeks ended May 5, 2007.  The company’s first quarter comparable
store sales decreased 11% compared with a decrease of 4% in the
first quarter of the prior year.

Comparable store sales by division for the first quarter of
fiscal year 2008 were:

    -- Gap North America: negative 7% versus negative 4% last
       year

    -- Banana Republic North America: negative 4% versus
       negative 2% last year

    -- Old Navy North America: negative 18% versus negative 5%
       last year

    -- International: negative 5% versus negative 3% last year.

The company expects diluted earnings per share on a GAAP basis
for the first quarter of fiscal year 2008 to be US$0.30 to
US$0.32.  Included in the diluted earnings per share guidance
for the first quarter is a benefit of about US$15 million to
pre-tax earnings from a reduction of interest expense accruals
resulting primarily from foreign tax audit events occurring in
the quarter.

Simmons added, “We are pleased with our ability to achieve
bottom line earnings growth in the first quarter.  However, our
traffic patterns and sales continue to be challenging, it is
still early in the year, and the economic environment remains
volatile.  We are reaffirming our earnings outlook for the year
and continue to expect diluted earnings per share of US$1.20 to
US$1.27.”

The company will report May sales on June 5, 2008.

                         About Gap           

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. has subsidiaries in the United Kingdom, Canada,
France, Ireland, Japan, Hong Kong, Bermuda and Mexico, among
others.  In addition, Gap Inc. is expanding its international
presence with franchise agreements for Gap and Banana Republic
in Southeast Asia and the Middle East.

                          *     *     *

In April 2008, Fitch affirmed its BB+ rating on The Gap, Inc.'s
Issuer Default Rating and Senior unsecured notes.  Fitch however
revised the Rating Outlook to Stable from Negative.


GENERAL MOTORS: Istanbul Orders 50 Trams w/ GM-Allison System
-------------------------------------------------------------
An order by Istanbul Transportation Authority for 50 Metrobus
trams equipped with the GM-Allison hybrid system will make the
Turkish city home to Europe's largest fleet of efficient diesel-
electric hybrid trams by next year.

The first of the 50 trams, built by Dutch bus company Advance
Public Transport Systems BV (APTS), was recently delivered.  The
remainder of the order will be fulfilled this year and in 2009.

"We have made a global commitment to develop and implement
technologies that save fuel and reduce emissions, and these
efficient hybrid buses and trams are evidence of that
commitment," said Tom Stephens, GM executive vice president,
Global Powertrain and Global Quality.  "As customers experience
the durability, fuel savings and emissions-reducing benefits of
the GM-Allison hybrid system, I expect there will be increased
demand for it across Europe and in other regions."

Metrobus is Istanbul's first Bus Rapid Transit corridor, which
provides dedicated bus lanes and off-bus fare collection for
faster and more reliable public transportation.  With 14
stations and 245,000 daily passengers, Metrobus Istanbul is one
of the most effective BRT lines in the world.

GM-Allison hybrid-powered buses and trams deliver significantly
better fuel economy than conventional diesel buses and trams,
cut emissions and have operating sound levels approaching that
of passenger cars.  Other benefits include reduced maintenance
costs resulting from extended brake, engine oil and transmission
oil life; superior torque; and improved acceleration.

"The GM-Allison hybrid technology was chosen following extensive
technical review and analysis of competing solutions," said Jos
Jansen, Marketing and Project Management, APTS.  "It was found
that as well as low emissions, the Allison system was
significantly easier to integrate and saved around 2,200 pounds
(1,000 kg) per vehicle compared with competitor solutions,
allowing cost and emissions reductions and an increase in
payload."

GM debuted the hybrid technology for transit buses in 2003. GM
licenses the clean hybrid technology to Allison Transmission,
which assembles and sells the hybrid transmission to bus and
tram manufacturers.

So far, 1,039 GM-Allison hybrid-powered buses and trams are
successfully operating in North America and Europe.  Major
orders from transit agencies in Washington D.C., Philadelphia
and Minneapolis/St. Paul for more than 1,700 buses will more
than double the fleet.  In May 2007, Dresden, Germany received
the first international delivery of GM-Allison buses.

According to a study conducted in 2006 by the National Renewable
Energy Laboratory, transit buses with GM-Allison's hybrid
technology deliver up to 75% better fuel economy than
traditional transit buses, and reduce emissions of nitrogen
oxides up to 39%, particulate matter (PM) up to 97%, carbon
monoxide up to 60% and hydrocarbons up to 75%.

The two-mode hybrid technology in the GM-Allison hybrid system
has been adapted for use in GM full-size SUVs, including the
Chevrolet Tahoe and GMC Yukon Hybrids now on the market; as well
as the Cadillac Escalade Hybrid and the Chevrolet Silverado and
GMC Sierra Hybrid pickups launching this year.  Later this year,
Saturn will introduce the Vue 2 Mode Hybrid, the first front-
wheel-drive application of GM's two-mode hybrid technology.

GM is in the midst of an aggressive hybrid rollout. By the end
of this year, GM will offer eight hybrid models in the U.S. -
more than any other automaker - using either GM's two-mode
hybrid system or the more affordable GM Hybrid system.  Through
2012, GM intends to introduce 16 hybrid models, an average of
one every three months.

               About Allison Transmission

Allison Transmission, Inc. --
http://www.allisontransmission.com/-- is a global provider of  
commercial duty automatic transmissions and hybrid propulsion
systems.  Allison products are specified by over 250 of the
world's leading vehicle manufacturers and are used in many
market sectors including bus, refuse, fire, construction,
distribution, military and specialty applications.  Founded in
1915, the Allison business is headquartered in Indianapolis,
Ind., U.S.A. and employs 3,600 people . Regional headquarters
with dedicated support staff are located in China, The
Netherlands, Brazil and Japan.  With a global presence in 80
countries, Allison has over 1,500 distributor and dealer
locations.  Allison generates annual revenues in excess of US$2
billion.

                        About GM

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

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2008, Fitch said that GM currently has an Issuer Default Rating
of 'B' with a Negative Outlook.  While Fitch said that the
rating is expected to remain on negative outlook until a clearer
path toward positive cash flow is established, liquidity drains
in 2008 at GM pose a risk of a further downgrade in the rating.

As reported in the Troubled Company Reporter-Europe on May 7,
2008, Standard & Poor's Ratings Services said its 'B' long-term
and 'B- 3' short-term corporate credit ratings on General Motors  
Corp. remain on CreditWatch with negative implications, where  
they were placed March 17, 2008.

As reported in the Troubled Company Reporter-Europe on Apr. 29,
2008, Moody's Investors Service changed the rating outlook for
General Motors Corporation to negative from stable, but affirmed
the company's B3 corporate family rating and its SGL-1
speculative grade liquidity rating.
      

GENERAL MOTORS: Inks Joint Venture with Isuzu in Colombia
---------------------------------------------------------
General Motors Corporation and Isuzu Motors Limited disclosed
their new joint venture, GM-Isuzu Camiones Andinos de Colombia
Ltda.

The purpose of which is to strengthen their strategic
partnership and expand their truck and bus sales in Colombia.

The joint venture builds on the long-standing partnership that
GM and Isuzu have enjoyed in the region by establishing a
company that is dedicated to the marketing, sales, service and
after-sales of commercial vehicles.  The new partnership is the
successful result of a 2007 agreement that studied the potential
of a JV and will focus on strengthening the leadership that GM
and Isuzu have built in this segment.

“This agreement demonstrates our commitment to commercial
vehicles and will serve to strengthen the leadership of
Chevrolet buses and trucks that are Isuzu sourced for the Andean
region.  It will also continue to enhance the solid and close
relationships we have with our clients” said Pablo Ross,
President and Managing Director of GM Andean Region.

Yoshinori Ida, Chief Executive Officer of Isuzu Motors Limited
said, “With this groundbreaking joint venture in Colombia, which
recently began operations, GM and Isuzu have all the strengths
needed to increase the truck and bus business in the region and
enhance customer satisfaction.  Our objective will be to capture
the number one position in all segments where we operate, offer
the highest customer satisfaction, and become the industry
standard”.

This partnership is another example of how the global advantages
of two companies can combine to the benefit of both; Isuzu as a
leader in commercial vehicle technology development that has
global knowledge in the transportation sector; and GM with its
extensive experience and resources in the Andean region,
including dealerships, high quality standards, aftersales and
service, and the leadership of the Chevrolet brand.

Maureen Kempston Darkes, President of GM Latin America, Africa
and Middle East and GM Group Vice President said, “We are
honored to celebrate another strategic partnership between GM
and Isuzu.  This agreement further demonstrates our continued
commitment to each other and marks another milestone in our
history of global cooperation”.

With this agreement, GM and Isuzu will aggressively promote
sales and increase the market share of N-Series and F-Series
commercial vehicles that are developed by Isuzu in Japan,
manufactured by GM Colmotores and sold in the Andean Region.  
The vehicles will be sold under the Chevrolet brand and will
feature a “Technologia Isuzu” sub-brand.

                          About Isuzu

Isuzu Motors Ltd. --  http://www.isuzu.co.jp/world/index.html--
is in the business of transportation, commercial vehicles and
diesel engines.  Its main products include heavy, medium and
light-duty trucks; buses; passenger vehicle engines; and
industrial-use diesel engines.  The company was established in
1937 and its head office is located in Tokyo, Japan.

                        About GM

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

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2008, Fitch said that GM currently has an Issuer Default Rating
of 'B' with a Negative Outlook.  While Fitch said that the
rating is expected to remain on negative outlook until a clearer
path toward positive cash flow is established, liquidity drains
in 2008 at GM pose a risk of a further downgrade in the rating.

As reported in the Troubled Company Reporter-Europe on May 7,
2008, Standard & Poor's Ratings Services said its 'B' long-term
and 'B- 3' short-term corporate credit ratings on General Motors  
Corp. remain on CreditWatch with negative implications, where  
they were placed March 17, 2008.

As reported in the Troubled Company Reporter-Europe on Apr. 29,
2008, Moody's Investors Service changed the rating outlook for
General Motors Corporation to negative from stable, but affirmed
the company's B3 corporate family rating and its SGL-1
speculative grade liquidity rating.


GENERAL MOTORS: Second Quarter Dividend Payable on June 10
----------------------------------------------------------
General Motors Corp. disclosed a second-quarter dividend of
US$0.25 per share on GM common stock.  The dividend is payable
June 10, 2008, to holders of record as of May 16, 2008.  The
dividend is unchanged from the previous quarter.

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

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2008, Fitch said that GM currently has an Issuer Default Rating
of 'B' with a Negative Outlook.  While Fitch said that the
rating is expected to remain on negative outlook until a clearer
path toward positive cash flow is established, liquidity drains
in 2008 at GM pose a risk of a further downgrade in the rating.

As reported in the Troubled Company Reporter-Europe on May 7,
2008, Standard & Poor's Ratings Services said its 'B' long-term
and 'B- 3' short-term corporate credit ratings on General Motors  
Corp. remain on CreditWatch with negative implications, where  
they were placed March 17, 2008.

As reported in the Troubled Company Reporter-Europe on Apr. 29,
2008, Moody's Investors Service changed the rating outlook for
General Motors Corporation to negative from stable, but affirmed
the company's B3 corporate family rating and its SGL-1
speculative grade liquidity rating.


GOLDEN KEY: Reaches Restructuring Agreement with Goldman Sachs
--------------------------------------------------------------
Golden Key Ltd. acting through and by its receivers Mark Adams,
Neville Kahn and Nicholas Dargan each of Deloitte & Touche LLP,
reported that it has reached agreement with Goldman Sachs
International on non-binding heads of terms for the
restructuring of the company, which shall include the sale of
the entire investment portfolio held by the company.

The heads of terms envisage that certain reinvestment
opportunities will be offered to senior creditors of the
company.  

The restructuring contemplates senior creditors of Golden Key
electing one of the following options:

   -- to receive or retain cash;

   -- to receive zero coupon notes; or

   -- to receive pass through notes in a Newco vehicle    
      (including an option to elect to receive a vertical strip
      of the portfolio).

Goldman Sachs will act as arranger bank in relation to the
restructuring.  All parties continue to work towards reaching a
binding agreement.

"The joint receivers are delighted with the great progress being
made towards a Golden Key restructuring.  This progress has
partly resulted from the experience that all the key parties now
have with SIV restructuring, but also from the hard work put in
by senior creditors and all advisers," Mark Adams commented.

The receivers will continue to keep creditors informed of
progress in this matter.  

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

                      About Golden Key

Golden Key Ltd. is a $1.6 billion structured investment vehicle,
a lite structure managed by Avendis Financial Services Ltd.  
Avendis is responsible for asset purchases, portfolio
management, and the issuance of CP and longer-term notes.  
Golden Key sought to make a profit on the difference between the
interest paid on short-term debt and the interest collected on
assets, but the structures fell into disarray in August 2007
when the commercial paper market froze up for many issuers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 24,
2007, Standard & Poor's Ratings Services gave Golden Key Ltd.
and Golden Key U.S. LLC's EUR5 billion or U.S. CP with US$498.0
million mezzanine notes and capital notes these ratings:
commercial paper to C/Watch Neg from B/Watch Neg; Tier 1
mezzanine notes to CC/Watch Neg from CCC/Watch Neg; Tier 2
mezzanine notes to CC/Watch Neg from CCC-/Watch Neg; and Capital
notes to CC/Watch Neg from CCC-/Watch Neg.

The ratings remain on CreditWatch with negative implications,
where they were placed Aug. 17, 2007.  The rating action follows
a breach of the mandatory acceleration test.  This is an
enforcement event, so the vehicle is now in a "frozen" state.  
Accordingly, the security trustee now has control over the
vehicle, and all liabilities will become due.  Golden Key has to
liquidate its current asset  portfolio, but  the exact timeframe
for this is yet to be confirmed.  The liabilities due are $1.3
billion in CP and $180.4 million in junior notes.  The downgrade
also reflects the likelihood of further losses and Golden Key's
ability to pay all its outstanding liabilities.  Standard &
Poor's will continue to monitor the realized losses as assets
are liquidated.  


GRAFTECH INT'L: Good Performance Cues S&P to Lift Rating to BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Parma,
Ohio-based GrafTech International Ltd.  The corporate credit
rating was raised to 'BB-' from 'B+'.  The outlook is stable.

"The upgrade reflects GrafTech's strengthening financial profile
following significant debt reduction, good operational
performance, and enhanced cash flow generation supported by
currently favorable market conditions," said Standard & Poor's
credit analyst Anna Alemani.  "These improvements, combined with
management's commitment to preserve a conservative balance sheet
and adequate liquidity, should enable GrafTech to maintain a
financial profile commensurate with the higher rating if market
conditions were to weaken."

GrafTech manufactures carbon-based materials for use in various
applications. Its primary product, graphite electrodes, accounts
for about 80% of sales.

"We expect the company to be able to offset higher needle coke
costs in 2008 to maintain its financial measures consistent with
the rating," Ms. Alemani said.  "We could revise to outlook the
negative if market conditions weaken or the company adopts a
more aggressive financial policy, including debt-financed
acquisitions or share repurchases, resulting in a deterioration
of the financial profile.  We could possibly revise the outlook
to positive if GrafTech can improve its business risk profile by
increasing the diversity of its product mix and of its needle-
coke supplier base."


JORDAN & COOK: Claims Filing Period Ends July 8
-----------------------------------------------
Creditors of Jordan & Cook (Residential) Ltd. have until
July 8, 2008 to prove their debts by sending written statements
of the amount they claim to be due to them from the company to:

         Christopher David Stevens
         Joint Liquidator
         Vantis
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England

Christopher David Stevens and Colin Ian Vickers of Vantis were
appointed joint liquidators of the company on May 8, 2008 for
the creditors' voluntary winding-up proceeding.


NEVILLE PORTER: Calls In Antony Batty to Propose CVA Procedure
--------------------------------------------------------------
The Board of Neville Porter plc, in conjunction with its
advisers, has been seeking to clarify its financial
position.

Following a review on April 17, 2008, the company has appointed
Antony Batty & Company LLP, Licensed Insolvency Practitioners,
to propose Company Voluntary Agreements for the Company and its
two subsidiaries.  A circular detailing the Board's proposals
for the future of the Company and convening an Extraordinary
General Meeting will be sent to shareholders in due course.

A CVA is a legally binding contract between an insolvent company
and its creditors.  The CVA is supervised by a Licensed
Insolvency Practitioner.  The IP will inform all creditors in
advance of a creditors' meeting, at which the creditors will
vote on a repayment proposal, drafted by the IP.  The proposal
needs a 75 per cent majority (based on the value of the debts
owed) to be passed.  Once it is passed, creditors will not be
able to pursue debts in the normal way.  They must abide by the
repayment plan in the proposal.  The CVA procedure was
established by the Insolvency Act 1986 to provide means for the
turnaround of financially troubled but viable small firms; it a
very flexible approach to an insolvent situation and can be
tailor made to a company's needs.

A further announcement will be made as soon as possible.

Neville Porter plc, along with its subsidiaries, is in the
business of on-course bookmaker' pitches in prime locations on
race courses in the United Kingdom, such as Royal Ascot,
Cheltenham and Newmarket, and at Leopardstown in the Irish
Republic.  The Company is also in the process of developing its
off-course telephone and online betting operations.  It owns 38
pitches in the United Kingdom, and one in the Irish Republic.


* S&P Takes CreditWatch Actions on 184 European Synthetic CDOs
-------------------------------------------------------------
(UK)
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
  
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
  
  
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


BOOK REVIEW: The First Junk Bond
--------------------------------
Full Title: The First Junk Bond: A Story of Corporate Boom and
            Bust

Author:     Harlan D. Platt
Publisher:  Beard Books
Paperback:  256 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587981203/internetbankrupt

This is a book that business people will find particularly
enlightening.  It details how Texas International, Inc.'s
bankruptcy filing affected various stakeholders, the bankruptcy
negotiation process, and the alternative post-bankruptcy
structures that were considered.

This engrossing book follows the extraordinary journey of the
company through its corporate growth and decline, debt exchange
offers, and corporate rebirth.

It is a case study of a company that exemplified the 1980s,
complete with fascinating people, financial innovations, and
successive rounds of high stakes poker, as the misfortunes of
the company unfold.

Detailed is the involvement of Drexel Lambert banking house and
its guiding spirit Michael Milken, who secured fresh capital for
the company through the issuance of a high-yield bond with an
above-market rate of interest to counterbalance its elevated
credit risk.

                          *********

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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