TCREUR_Public/080520.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, May 20, 2008, Vol. 9, No. 99

                            Headlines


A U S T R I A

DOMUS-REAL: Claims Registration Period Ends June 19
JASAROSKI & RAMADANI: Claims Registration Period Ends May 21
MARTIN NEMEC: Claims Registration Period Ends May 27
MOERTLBAUER LOGISTIK: Claims Registration Period Ends May 28
PC-PARTY HANDEL: Claims Registration Period Ends June 9

RISK COMPETENCE: Claims Registration Period Ends June 6


B E L G I U M

CHESAPEAKE CORP: Reveals Plan to Close Carton Ops in Brussels


F R A N C E

COMPAGNIE GENERALE: Moody’s Upgrades Ratings on Senior Loans


G E R M A N Y

ADVANCED MICRO: Randy Allen to Head Computing Solutions Group
E-B-TEC GESELLSCHAFT: Claims Registration Period Ends June 5
FAHNRICH-PLASTIC: Claims Registration Period Ends June 5
GFH GERMAN: Claims Registration Period Ends June 5
KIRCHHOFF GMBH: Claims Registration Period Ends June 5

KOERNER - TRANS: Claims Registration Period Ends June 5
NEW EYES: Claims Registration Ends June 6
P.L.B. ELEKTROTECHNIK: Claims Registration Ends June 6
PARAMED AMBULANZ: Claims Registration Ends June 6
PEREKO VERTRIEBS: Claims Registration Ends June 6

PROFESSIONAL CONSULT: Claims Registration Ends June 6
SEMI LASSO: Creditors' Meeting Slated for May 27
T.O.B.E.N. SPEDITION: Claims Registration Period Ends May 28


H U N G A R Y

FLEXTRONICS INT'L: Completes Friwo Mobile Power Acquisition
FLEXTRONICS INT'L: Posts US$7.8 Bln Net Sales for Fourth Quarter


I R E L A N D

CLOVERIE PLC: Fitch Lowers Three Loan Ratings to BB
CONAI DESIGN: Habitat UK to Honor Irish Orders Amid Liquidation


I T A L Y

ALITALIA SPA: Italy May Ask Air France to Take Part in Sale


K A Z A K H S T A N

AI-AN AKKUS: Creditors Must File Claims by June 24
AINALINE LLP: Claims Deadline Slated for June 25
KEN-PAVLODAR: Claims Filing Period Ends June 25
KLONDIKE AK: Creditors' Claims Due on June 24
NUMBERING SYSTEM: Claims Registration Ends June 25

RUD TECHNO: Creditors Must File Claims by June 24
SILIKOM LLP: Claims Deadline Slated for June 25


K Y R G Y Z S T A N

MUNAIZATROZ CJSC: Creditors Must File Claims by June 27


L U X E M B O U R G

EVRAZ GROUP: Posts US$1.39 Billion EBITDA for 1st Quarter 2008
EVRAZ GROUP: Shareholders Elect Directors and Auditors


N E T H E R L A N D S

AES CORP: Prices Private Placement of Senior Unsecured Notes
AES CORP: Fitch Rates US$600 Million Senior Unsec. Notes at BB
X5 RETAIL: Names Jacquot Boelen as Supermarket Biz Chief


P O L A N D

STOCZNIA GDYNIA: Needs US$250 Million to Avoid Bankruptcy
ZLOMREX SA: High Leverage Prompts Moody’s to Junk Ratings


R U S S I A

EVRAZ GROUP: Posts US$1.39 Billion EBITDA for 1st Quarter 2008
EVRAZ GROUP: Shareholders Elect Directors and Auditors
URALSVYAZINFORM OJSC: S&P Affirms BB Long Term Credit Rating
X5 RETAIL: Names Jacquot Boelen as Supermarket Biz Chief


S W I T Z E R L A N D

ALAIN LE MONDIAL: Creditors' Proofs of Claims Due by June 30
CEVAPCICI-BLITZ LLC: Creditors Must File Claims by August 1
FERRA-MEAT LLC: Creditors' Liquidation Claims Due by October 23
ORCHIDEAN JSC: Creditors Must File Proofs of Claim by May 21
POLLUX HANDEL: Creditors Have Until June 30 to File Claims

RESTAURANT SONNENHOF-ZUM: Proofs of Claim Deadline is May 31
SIBACK JSC: Creditors Have Until July 8 to File Proofs of Claim
UNDEND LLC: Creditors' Liquidation Claims Due by June 30


T U R K E Y

* Turkish Real Estate Agents Badly Hit by Credit Crunch


U K R A I N E

B. HMELNITSKY LLC: Proofs of Claim Deadline Set May 25
BINASH LLC: Proofs of Claim Deadline Set May 25
ELECTROLAND LLC: Creditors Must File Claims by May 25
GRAVITON LLC: Proofs of Claim Deadline Set May 25
INDUSTRIAL ECO: Proofs of Claim Deadline Set May 25

KAS LLC: Proofs of Claim Deadline Set May 25
PROLIV OJSC: Proofs of Claim Deadline Set May 23
SKYLA LLC: Proofs of Claim Deadline Set May 25
UNITED-VINNICA LLC: Proofs of Claim Deadline Set May 25


U N I T E D   K I N G D O M

1970 LTD: Brings In Liquidators from Tenon Recovery
ACXIOM CORP: John A. Adams Named as Chief Operating Officer
ACXIOM CORP: Posts US$7.7 Million Net Loss in Fiscal Year 2007
AMPEX CORP: Appointment of Equity Holders Panel Moot, Judge Says
AMPEX CORP: Files Amended Disclosure Statement & Chapter 11 Plan

ASCALADE COMMS: Hong Kong Court OKs ACL's Scheme of Arrangement
BRITISH AIRWAYS: Earns GBP694 Million for Year Ended March 31
BRITISH ENERGY: Two More Parties Submit Takeover Offers
BS CONSTRUCTION: Goes Into Voluntary Administration
CHESAPEAKE CORP: Net Sales Down 7% in 2008 First Quarter

CHESAPEAKE CORP: Inks Commitment Letter w/GECC on New Facility
CHESAPEAKE CORP: In Talks to Amend U.K. Pension Recovery Plan
CHURCHILL DULWICH: Calls In Liquidators from Vantis
CLARKE & WRIGHT: Appoints Liquidator from Mazars
COMPASS MINERALS: Intends to Redeem US$70MM of Senior Notes

COMPASS MINERALS: S&P Lifts Corporate Credit Rating to BB
ELVA FUNDING: Notes’ Rating Lowered to D by S&P then Withdrawn
ETHEL AUSTIN: Elaine McPherson Buys Business for GBP10 Million
FIOR DI LATTE: Taps Joint Administrators from Tenon Recovery
GEORGE OF COLCHESTER: Taps Moore Stephens to Administer Assets

KEMEK LTD: Appoints Joint Administrators from Deloitte & Touche
KMC HOLDINGS: Brings In Grant Thornton as Joint Administrators
MICRA CONTRACTS: Taps Liquidators from Tenon Recovery
NALLATECH LTD: Taps Joint Administrators from Kroll Ltd
NEW HAVEN: Tough Economic Conditions Prompt Administration

NIGHTINGALE FINANCE: Moody’s Junks Rating on Capital Notes
PANALOC LTD: Appoints KPMG as Joint Administrators
PREMIER ASSET: Moody’s Cuts Rating on Capital Not Programme
SABRETECH HOME: Hires Liquidators from Moore Stephens
SCOOT AND COMMUTE: Calls In Liquidators from Moore Stephens

SERMEC ENGINEERING: Taps Joint Administrators from KPMG
SERMILLION LTD: Brings In Liquidators from BDO Stoy Hayward
STATSONSPORT LTD: Creditors' Meeting Slated for May 29
TALISMAN-6 FINANCE: Fitch Rates EUR15.5 Mln. Class F Notes at BB
WALNUT TREE: Appoints Joint Administrators from Baker Tilly


* Large Companies with Insolvent Balance Sheet


                            *********

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


DOMUS-REAL: Claims Registration Period Ends June 19
---------------------------------------------------
Creditors owed money by LLC Domus-Real Immobilienvermittlung (FN
93324t) have until June 19, 2008, to file written proofs of
claim to court-appointed estate administrator Annemarie
Kosesnik-Wehrle at:

          Dr. Annemarie Kosesnik-Wehrle
          c/o Dr. Stefan Langer  
          Oelzeltgasse 4/6
          1030 Vienna
          Austria
          Tel: 713 61 92
          Fax: 713 61 92 22
          E-mail: kanzlei@kosesnik-langer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on July 3, 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 25, 2008 (Bankr. Case No. 5 S 43/08w).  Stefan Langer  
represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings.


JASAROSKI & RAMADANI: Claims Registration Period Ends May 21
------------------------------------------------------------
Creditors owed money by OEG Jasaroski & Ramadani (FN 279071z)
have until May 21, 2008, to file written proofs of claim to
court-appointed estate administrator Herbert Nigl at:

          Mag. Herbert Nigl
          c/o Mag. Horst Winkelmayr
          Hauptplatz 15
          2100 Korneuburg
          Austria
          Tel: 02262/724 35
          Fax: 02262/724 35 50
          E-mail: rae@kniwi.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Stockerau, Austria, the Debtor declared
bankruptcy on April 25, 2008 (Bankr. Case No. 36 S 45/08x).  
Horst Winkelmayr represents Mag. Nigl in the bankruptcy
proceedings.


MARTIN NEMEC: Claims Registration Period Ends May 27
----------------------------------------------------
Creditors owed money by LLC Martin Nemec (FN 298452a) have until
May 27, 2008, to file written proofs of claim to court-appointed
estate administrator Johannes Jaksch at:

          Dr. Johannes Jaksch
          Schiessstattring 35/13
          3100 St. Poelten
          Austria
          Tel: 02742/74731
          Fax: 74731-22
          E-mail: kanzlei@jsr.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on June 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of St. Poelten
          Room 216
          Second Floor
          St. Poelten
          Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on April 25, 2008 (Bankr. Case No. 14 S 57/08k).  


MOERTLBAUER LOGISTIK: Claims Registration Period Ends May 28
------------------------------------------------------------
Creditors owed money by LLC Moertlbauer Logistik (FN 237358g)
have until May 28, 2008, to file written proofs of claim to
court-appointed estate administrator Christoph Danneer at:

          Mag. Christoph Danneer
          Lamprechtstr. 2
          4780 Scharding
          Austria
          Tel: 07712 / 5133
          Fax: 07712 / 5133-20
          E-mail: office@grubeck-danner.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on  June 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Ried im Innkreis
          Hall 101
          First Floor
          Ried im Innkreis
          Austria
Headquartered in Obernberg am Inn, Austria, the Debtor declared
bankruptcy on April 25, 2008 (Bankr. Case No. 17 S 19/08p).  


PC-PARTY HANDEL: Claims Registration Period Ends June 9
-------------------------------------------------------  
Creditors owed money by LLC PC-Party Handel (FN 270955p) have
until June 9, 2008, to file written proofs of claim to court-
appointed estate administrator Herbert Veit at:

          Dr. Herbert Veit
          Coulinstrasse 20
          4020 Linz
          Austria
          Tel: 0732/650524
          Fax: 0732/656976
          E-mail: dr.veit@utanet.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on April 25, 2008 (Bankr. Case No. 12 S 30/08m).  


RISK COMPETENCE: Claims Registration Period Ends June 6
-------------------------------------------------------
Creditors owed money by JSC Risk Competence Center (FN 254494g)
have until June 6, 2008, to file written proofs of claim to
court-appointed estate administrator Matthias Schmidt at:

          Dr. Matthias Schmidt
          Dr. Karl Lueger-Ring 12
          1010 Vienna
          Austria
          Tel: 5331695
          Fax: 5355686
          E-mail: schmidt@preslmayr.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 25, 2008 (Bankr. Case No. 28 S 58/08w).  


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


CHESAPEAKE CORP: Reveals Plan to Close Carton Ops in Brussels
-------------------------------------------------------------
Chesapeake Corporation, on May 13, 2008, disclosed that it has
undertaken a review of its carton manufacturing capacity in
Belgium for pharmaceutical and healthcare packaging.

Based on the review the company has proposed closure of its
carton operation at Brussels, Belgium to improve overall plant
utilization while delivering the highest quality products and
services to customers.  The proposal is subject to consultation
with the Belgian works council.

If the proposed closure is implemented, the company’s carton
operation at Gent, Belgium will support the Brussels plant’s
current customer requirements.  The proposed closure is expected
to take place over the coming months and it is anticipated that
there may be up to 42 redundancies.

The Company expects to incur employee severance costs of
approximately EUR1.5 million, to be paid during 2008.

In addition, the company expects to record approximately
EUR0.3 million of asset redeployment costs and EUR0.3 million in
professional fees, both of which are expected to be recognized,
as incurred, through 2008.

                   About Chesapeake Corp

Chesapeake Corporation --  http://www.chesapeakecorp.com/--  
(NYSE: CSK) protects and promotes the world’s great brands as a
leading international supplier of value-added specialty
paperboard and plastic packaging.  Headquartered in Richmond,
Va., the company is one of Europe’s premier suppliers of folding
cartons, leaflets and labels, as well as plastic packaging for
niche markets.  Chesapeake has 45 locations in Europe, North
America, Africa and Asia and employs approximately 5,400 people
worldwide.  In Asia, Chesapeake has subsidiaries in China and
Hong Kong.

                        *     *     *

As reported in the Troubled Company Reporter on April 14, 2008,
Standard & Poor's Ratings Services lowered its ratings for
Chesapeake Corp., including the corporate credit rating, which
was lowered to 'B+' from 'BB-'.  At the same time, S&P assigned
a recovery rating of '6' to the company's existing subordinated
notes, indicating S&P's expectation for negligible (0% to 10%)
recovery in the event of a payment default.  All ratings were
removed from CreditWatch, where they were placed with negative
implications on Dec. 18, 2007.  The outlook is negative.


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


COMPAGNIE GENERALE: Moody’s Upgrades Ratings on Senior Loans
------------------------------------------------------------
Moody's Investors Service upgraded to Ba1 from Ba2 the ratings
on the senior secured credit facilities of Compagnie Generale de
Geophysique-Veritas, comprising a US$200 million senior secured
Revolving Credit Facility due 2012 at CGGVeritas and a US$1.0
billion senior secured Term Loan B due 2014 and a US$140 million
senior secured Revolving Credit Facility due 2012 at CGGVeritas
Services Inc.

At the same time, Moody's affirmed the group's Ba2 corporate
family rating and the Ba3 ratings on the 7.5% US$530 million and
7.75% US$400 million senior unsecured Notes due 2015 and 2017,
respectively.  The outlook is stable.

The upgrade reflects the combination of (i) the early repayment
of US$100 million under the Term Loan B in June 2007 and (ii)
Moody's anticipation that CGGVeritas will further reduce the
amount outstanding under its senior facilities in the short- to
medium term on the back of strong cash flow generation, thereby
raising their recovery prospects relative to other classes of
debt, including the Notes.

The Ba1 ratings on the senior facilities therefore reflect the
combination of the overall probability of default of the
company, to which Moody's had assigned a Probability of Default
Rating of Ba2, and a reduced Loss Given Default assessment of
LGD 3 (38%).  The facilities are (i) guaranteed on a senior
basis by operating subsidiaries accounting in aggregate for over
50% of the group's operating income and (ii) secured by a first-
ranking pledge on the shares of all the guarantors and of some
additional operating companies, on substantially all assets
thereof, as well as on CGGVeritas' multi-client library in the
Gulf of Mexico and two vessels.

The Ba3 ratings on the Notes remain unchanged and now reflect
the combination of a PDR of Ba2 and an increased Loss Given
Default assessment of LGD 4 (67%).  Whilst the Notes benefit
from the same guarantees as the senior facilities, the one-notch
discount to the CFR reflects their effective subordination to
(i) the group's secured obligations, including the USD1.0
billion Term Loan B and the Revolving Credit Facilities, as well
as (ii) the obligations of the remaining subsidiaries that do
not guarantee the Notes.

The affirmation of the Ba2 CFR reflects the group's good
operating performance in 2007 in a favourable environment
characterised by strong demand for seismic equipment and
services, fuelled by high commodity prices and declining reserve
replacement rates, which allowed it in turn to deleverage in
line with expectations.  Moody's believes that CGGVeritas'
leverage of 2.8x at year-end 2007 (expressed as net adjusted
debt to EBITDA less multi-client capex) now positions it
adequately within its current rating category.  Nevertheless,
Moody's adds that any further improvement in financial metrics
that translates into a leverage below 2.0x on a sustainable
basis could put upward pressure on ratings in the medium term.

The stable outlook balances (i) the potential for a rapid
deleveraging over the short to medium term on the back of strong
industry fundamentals, as evidenced by a backlog of
approximately US$1.7 billion at the beginning of May 2008, with
(ii) the possibility that CGGVeritas may use its additional
financial flexibility for M&A-related activities and/or
shareholder-friendly policies.

Moody's last rating action on CGGVeritas was on 12 January 2007,
when the rating agency confirmed the group's ratings following
the successful completion of the merger between Compagnie
Générale de Géophysique and Veritas DGC Inc.

Compagnie Generale de Geophysique-Veritas, headquartered in
Paris, France, is a leading global seismic services provider and
manufacturer of seismic equipment. In 2007, it generated
revenues of around EUR2.4 billion.


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


ADVANCED MICRO: Randy Allen to Head Computing Solutions Group
-------------------------------------------------------------
AMD disclosed several organizational and executive changes as
part of the company's ongoing efforts to re-architect its
business for sustained profitability.

"We are accelerating AMD's transformation, reshaping the
organization and bolstering our management team to lead in our
x86 microprocessor and graphics businesses," Dirk Meyer, AMD
president and COO, said.  "Placing experienced leaders in new,
more focused roles will enhance our execution and progress
towards sustained profitability and long-term success.  The
creation of a Centralized Engineering organization aligns and
focuses AMD's world-class engineers and intellectual property
portfolio on the strong business opportunities in front of us."

In his new role as Senior Vice President, Computing Solutions
Group, Randy Allen reports into President and COO Dirk Meyer and
is responsible for the development and management of AMD's broad
and growing portfolio of consumer and commercial microprocessor
solutions and platforms.  The twenty-four year AMD veteran was
most recently responsible for AMD's Server and Workstation
business and previously oversaw microprocessor engineering for
the company, including the successful introductions of the AMD
Opteron(TM) and AMD Athlon(TM) 64 processors.

The newly formed Central Engineering organization will be co-led
by Chekib Akrout, who is joining AMD, and Jeff VerHeul,
corporate vice president of design engineering at AMD.  The
Central Engineering leadership team will direct the development
and execution of AMD's technology and product roadmaps in
partnership with AMD's business units and will report directly
to Dirk Meyer.

Akrout is joining AMD after serving as vice president of design
technology at Freescale Semiconductor.  Prior to Freescale,
Akrout worked at IBM and managed the development of a wide range
of products including microprocessors, application specific
integrated circuits (ASICs) and mixed signal devices.  He was
responsible for IBM's work on the development of the Cell
processor, the Xbox 360 processor for Microsoft, and embedded
PowerPC cores.

VerHeul joined AMD in August 2005 after a twenty-five year
career with IBM.  Most recently, he led the AMD's microprocessor
design engineering organization.

AMD also promoted Allen Sockwell to senior vice president, human
resources and Chief Talent Officer responsible for developing
AMD's leadership assets and employee talent.

As part of these management changes, Mario Rivas, formerly
executive vice president, Computing Solutions Group and Michel
Cadieux, formerly senior vice president and Chief Talent
Officer, have left AMD to pursue new opportunities.

                            About AMD

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- (NYSE: AMD) is a global provider   
of innovative processing solutions in the computing, graphics
and consumer electronics markets.  AMD is dedicated to driving
open innovation, choice and industry growth by delivering
superior customer-centric solutions that empower consumers and
businesses worldwide.  Outside the United States, the company
has subsidiaries in Belgium, Brazil, China, Germany, Japan,
Malaysia and Bermuda, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on April 14,
2008, Standard & Poor's Ratings Services placed its 'B'
corporate credit and senior unsecured ratings on Advanced Micro
on CreditWatch with negative implications following the
company's announcement that first-quarter revenues will be lower
than previously expected as a result of weakening business
conditions and continued technical challenges.

Moody's Investors Service also placed Advanced Micro Devices' B1
corporate family and probability of default ratings, along with
its B2 senior unsecured rating, under review for possible
downgrade following the company's announcement that first
quarter 2008 results will be weaker than anticipated.


E-B-TEC GESELLSCHAFT: Claims Registration Period Ends June 5
------------------------------------------------------------
Creditors of E-B-TEC Gesellschaft fuer Energie- und
Betriebstechnik mbH have until June 5, 2008, to register their
claims with court-appointed insolvency manager Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Dortmund
          Hall 3.201
          Second Floor
          Gerichtsplatz 1
          44135 Dortmund
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Petra Mork
          Arndtstr. 28
          44135 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against E-B-TEC Gesellschaft fuer Energie- und Betriebstechnik
mbH on May 5, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          E-B-TEC Gesellschaft fuer Energie- und
          Betriebstechnik mbH
          Kirchen 28
          59077 Hamm
          Germany


FAHNRICH-PLASTIC: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors of Fahnrich-Plastic GmbH & Co KG have until June 5,
2008, to register their claims with court-appointed insolvency
manager Johannes Koepsell.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Johannes Koepsell
          Morianstr. 3
          42103 Wuppertal
          Germany

The District Court of Cologne opened bankruptcy proceedings
against Fahnrich-Plastic GmbH & Co KG on April 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Fahnrich-Plastic GmbH & Co KG
          Fahnrichsstuettem 5
          51688 Wipperfuerth
          Germany


GFH GERMAN: Claims Registration Period Ends June 5
--------------------------------------------------
Creditors of GFH German Fashion House GmbH have until June 5,
2008, to register their claims with court-appointed insolvency
manager Wolfgang Pieper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Aschaffenburg
          Meeting Hall 5.103
          Schlossplatz 5
          63739 Aschaffenburg
          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. Wolfgang Pieper
          Jahnstr. 74
          63743 Aschaffenburg
          Germany
          Tel: 06028/997718
          Fax: 06028/997719

The District Court of Aschaffenburg opened bankruptcy
proceedings against GFH German Fashion House GmbH on Jan. 23,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          GFH German Fashion House GmbH
          Altdorfstr. 10
          63906 Erlenbach
          Germany


KIRCHHOFF GMBH: Claims Registration Period Ends June 5
------------------------------------------------------
Creditors of Kirchhoff GmbH & Co. KG Bettwarenfabrik have until
June 5, 2008, to register their claims with court-appointed
insolvency manager Michael Moenig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 101 B
          First Floor
          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:

          Michael Moenig
          Von-Steuben-Strasse 18
          48143 Muenster
          Germany
          Tel: 0251/38484-333
          Fax: +4925138484300

The District Court of Muenster opened bankruptcy proceedings
against Kirchhoff GmbH & Co. KG Bettwarenfabrik on April 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Kirchhoff GmbH & Co. KG Bettwarenfabrik
          Hans-Boeckler-Strasse 15
          59348 Luedinghausen
          Germany


KOERNER - TRANS: Claims Registration Period Ends June 5
-------------------------------------------------------
Creditors of Koerner - Trans - GmbH have until June 5, 2008, to
register their claims with court-appointed insolvency manager
Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Aug. 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 Charlottenburg
          Hall 218
          Second Floor
          Amtsgerichtsplatz 1
          14057 Berlin
          Germany

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

The insolvency manager can be reached at:

          Dr. Dirk Wittkowski
          Kirchblick 11
          14129 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Koerner - Trans - GmbH on March 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Koerner - Trans - GmbH
          Landsberger Str. 4-8
          12623 Berlin
          Germany


NEW EYES: Claims Registration Ends June 6
-----------------------------------------
Creditors of NEW EYES Foto-, Film- + Textagentur GmbH have until
June 6, 2008 to register their claims with court-appointed
insolvency manager Karen Geberbauer.

Creditors and other interested parties are encouraged to attend
the meeting at 12:35 p.m. on July 7, 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 Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Karen Geberbauer
         Landwehr 2
         22087 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against NEW EYES Foto-, Film- + Textagentur GmbH on April 22,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         NEW EYES Foto-, Film- + Textagentur GmbH
         Attn: Heide Kubicek, Manager
         Moerkenstrasse 12
         22767 Hamburg
         Germany


P.L.B. ELEKTROTECHNIK: Claims Registration Ends June 6
------------------------------------------------------
Creditors of P.L.B. Elektrotechnik GmbH have until June 6, 2008
to register their claims with court-appointed insolvency manager
Soenke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany
         
The District Court of Hamburg opened bankruptcy proceedings
against P.L.B. Elektrotechnik GmbH on April 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         P.L.B. Elektrotechnik GmbH
         Attn: Torsten Holz, Manager
         Essener Strasse 4
         22419 Hamburg
         Germany


PARAMED AMBULANZ: Claims Registration Ends June 6
-------------------------------------------------
Creditors of Paramed Ambulanz GmbH have until June 6, 2008 to
register their claims with court-appointed insolvency manager
Ingo Michelsen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Loerrach
         Room 2.21
         Hall 5
         Second Floor
         79539 Loerrach
         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:
         
         Ingo Michelsen
         Luisenstr. 5
         79539 Loerrach
         Germany
         Tel: 07621/4225880

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

The Debtor can be reached at:

         Paramed Ambulanz GmbH
         Bahhofstr. 102
         79618 Rheinfelden-Herten
         Germany


PEREKO VERTRIEBS: Claims Registration Ends June 6
-------------------------------------------------
Creditors of PeReKo Vertriebs GmbH have until June 6, 2008 to
register their claims with court-appointed insolvency manager
Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

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

The Debtor can be reached at:

         PeReKo Vertriebs GmbH
         Attn: Petra Kock, Manager
         Colonnaden 108
         20354 Hamburg
         Germany


PROFESSIONAL CONSULT: Claims Registration Ends June 6
-----------------------------------------------------
Creditors of Professional Consult Gesellschaft fuer
Projektentwicklung und Immobilienmanagement mbH have until
June 6, 2008 to register their claims with court-appointed
insolvency manager Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Potsdam
         Hall 24
         Jagerallee 10-12
         14469 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:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Professional Consult Gesellschaft fuer
Projektentwicklung und Immobilienmanagement mbH on April 14,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Professional Consult Gesellschaft
         fuer Projektentwicklung und Immobilienmanagement mbH
         Attn: Frau Sylvia Hoffmann, Manager
         Koepernitzer Dorfstrasse 30
         14793 Ziesar
         Germany


SEMI LASSO: Creditors' Meeting Slated for May 27
------------------------------------------------
The court-appointed insolvency manager for Semi Lasso GmbH,
Hartwig Albers will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:05 a.m. on
May 27, 2008.

The meeting of creditors and other interested parties will be
held at:

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:05 a.m. on Aug. 5, 2008, at the same
venue.

Creditors have until June 5, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Hartwig Albers
          Luetzowstr. 100
          10785 Berlin
          Germany

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

The Debtor can be reached at:

          Semi Lasso GmbH
          Muskauer Strasse 13
          10997 Berlin
          Germany


T.O.B.E.N. SPEDITION: Claims Registration Period Ends May 28
------------------------------------------------------------
Creditors of T.O.B.E.N. Spedition & Service GmbH have until May
28, 2008, to register their claims with court-appointed
insolvency manager Heiko Rautmann.

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

The meeting of creditors will be held at:

          The District Court of Magdeburg
          Hall 14
          Justizzentrum Magdeburg
          Breiter Weg 203-206
          39104 Magdeburg
          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 Rautmann
          Editharing 31
          39108 Magdeburg
          Germany
          Tel: 0391/5066030
          Fax: 0391/5066033
          E-mail: Heiko.Rautmann@gmx.de  

The District Court of Magdeburg opened bankruptcy proceedings
against T.O.B.E.N. Spedition & Service GmbH on May 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          T.O.B.E.N. Spedition & Service GmbH
          Blankenburger Str. 17
          38889 Huettenrode
          Germany


=============
H U N G A R Y
=============


FLEXTRONICS INT'L: Completes Friwo Mobile Power Acquisition
-----------------------------------------------------------
Flextronics International Ltd. has completed its acquisition of
the FRIWO Mobile Power business unit of CEAG AG, a global market
leader for power supplies and chargers for mobile telephones.  
FMP is now part of Flextronics' power supply division.

"The acquisition of the FRIWO Mobile Power Business unit
substantially expands our power supply capability and we expect
to be one of teh top power supply companies within the next 18
months," Bob Roohparva, president of Vista Point Technologies
disclosed.

"This acquisition broadens our relationships with mobile phone
OEMS, enhances our global reach and adds vertical integration
capabilities such as magnetic (transformer) manufacturing.  On
behalf of Flextronics, I would like to welcome the FMP team to
our organization," Mr. Roohparvar added.

The acquisition will add approximately 18,000 employees and
700,000 square feet of manufacturing capacity in China.

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX; Singapore Reg. No. 199002645H) --
http://www.flextronics.com/-- is an Electronics Manufacturing   
Services provider focused on delivering design, engineering and
manufacturing services to automotive, computing, consumer
digital, industrial, infrastructure, medical and mobile OEMs.  
Flextronics helps customers design, build, ship, and service
electronics productsthrough a network of facilities in over 30
countries on four continents.  

As of the year ended March 31, 2007, the company's regulatory
filing with the U.S. SEC showed that it had subsidiaries in
Austria, Brazil, China, France, Hong Kong, Hungary, Malaysia,
Mexico and the United States, among others.  The company has yet
to submit its annual report for the year ended March 31, 2008.

                        *     *     *

Flextronics International Ltd. continues to carry Moody's
"Ba1" probability of default and long-term corporate family
ratings with a negative outlook.

The company also carries Standard & Poor's "BB+" long-term
local and foreign issuer credit ratings with a negative
outlook.


FLEXTRONICS INT'L: Posts US$7.8 Bln Net Sales for Fourth Quarter
----------------------------------------------------------------
Flextronics International Ltd.'s recorded net sales for the
fourth quarter ended March 31, 2008, increased 66% to US$7.8
billion, which represents an increase of US$3.1 billion over
US$4.7 billion net sales for quarter ended March 31, 2007.

Record adjusted operating profit for the fourth quarter ended
March 31, 2008, increased 86% over the same quarter in 2007 to
US$263 million, while adjusted operating margin improved 40
basis points to 3.4%.  

Record adjusted net income for the fourth quarter ended
March 31, 2008, increased 76% over the year ago quarter to
US$215 million, while adjusted EPS increased 30% to a record
US$0.26.

Net sales for the fiscal year ended March 31, 2008, increased
46% to a record US$27.6 billion, which represents an increase of
US$8.7 billion.  

Adjusted operating profit in fiscal year increased 56%, while
adjusted operating margin improved 20 basis points to 3.2%.  
Adjusted net income in fiscal year 2008 increased 56% to a
record US$745 million, while adjusted EPS increased 28% to a
record US$1.02.

Cash and cash equivalents amounted to US$1.7 billion at
March 31, 2008.  Operating cash flow generated US$1 billion,
while free cash flow amounted to US$715 million during the
fiscal year ended March 31, 2008.

"I am very proud of the hard work and contribution of our
employees across the globe in making fiscal 2008 a
transformational year for not only Flextronics, but perhaps the
entire EMS industry.  Our better than expected operating
performance is attributable in part to the successful
integration of the Solectron acquisition, which I believe is one
of the most successful large scale acquisitions ever completed
in any industry, as well as from operating a large diversified
company, which is not overly dependent on a particular
geographic region, market segment, customer or product," said
Mike McNamara, chief executive officer of Flextronics.

Mr. McNamara added, "The acqusition was a defining event for our
company, as it created the most diversified and premier global
supplier of advanced design and vertically integrated electronic
manufacturing services.  The scale, diversification and expanded
breadth of capabilities gained through the acquisition have
further enhanced our competitive position.  We have become the
leader in most EMS product market segments, and our increased
scale and capabilities should enable us to further extend our
reach and realize significant cost savings to increase
shareholder value through greater generation of cash flow and
earnings.  Our customers' solutions increasingly require cost
structures and capabilities that can only be achieved through
size, and our scale is clearly a significant competitive
advantage."

"In addition to increasing our vertical capabilities throughout
the year, we also diversified across more product categories by
expanding into the PC, notebook, disposable medical devices and
medical plastic markets.  We have also added over 1000 design
engineers across a variety of segments and have expanded our
ODM/CDM portfolio.  Through the revenue and scale that we have
added, along with the continued geographic expansion and
relentless drive to reduce operating expenses, we have increased
our competitive advantage by offering our customers lower cost
solutions with enhanced capabilities," Mr. McNamara concluded.

                           Guidance

According to the company, for the first quarter ending June 27,
2008, revenue is expected to be in the range of US$8 billion to
US$8.5 billion and adjusted EPS is expected to be in the range
of US$0.27-US$0.29 per share.

GAAP earnings per share are expected to be lower than the
guidance provided herein by around US$0.07 per diluted share for
quarterly intangible amortization and stock-based compensation
expense, and by around US$0.03 to US$0.04 per diluted share for
the remaining restructuring and other charges relating to the
Solectron acquisition.

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX; Singapore Reg. No. 199002645H) --
http://www.flextronics.com/-- is an Electronics Manufacturing   
Services provider focused on delivering design, engineering and
manufacturing services to automotive, computing, consumer
digital, industrial, infrastructure, medical and mobile OEMs.  
Flextronics helps customers design, build, ship, and service
electronics productsthrough a network of facilities in over 30
countries on four continents.  

As of the year ended March 31, 2007, the company's regulatory
filing with the U.S. SEC showed that it had subsidiaries in
Austria, Brazil, China, France, Hong Kong, Hungary, Malaysia,
Mexico and the United States, among others.  The company has yet
to submit its annual report for the year ended March 31, 2008.

                        *     *     *

Flextronics International Ltd. continues to carry Moody's
"Ba1" probability of default and long-term corporate family
ratings with a negative outlook.

The company also carries Standard & Poor's "BB+" long-term
local and foreign issuer credit ratings with a negative
outlook.


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


CLOVERIE PLC: Fitch Lowers Three Loan Ratings to BB
---------------------------------------------------
Fitch Ratings has downgraded Cloverie Plc's EUR30 million Series
2004-72 Class C (ISIN: XS0205981581) and EUR50 million Series
2004-77 Class C (ISIN: XS0207605162) secured credfit-linked
floating-rate notes due 2024 to 'BB' from 'AAA'.  In addition,
the notes have been placed on Rating Watch Negative.  

The US$50 million Series 2005-04 Class C (ISIN: XS0212294077)
secured credit-linked floating-rate notes due 2025 are also
downgraded to 'BB' from 'AAA' and are also placed on RWN.

The downgrades reflect the portfolio's deterioration since May
2007. The portfolio consists of assets that were initially rated
'AAA'.  Since the last review in May 2007, credit deterioration
on three reference assets has substantially lowered the pool
quality.  The amortization of the underlying pool led to a
decrease in synthetic excess spread.  In conjunction with
subordination, available credit enhancement is not sufficient to
cover the risk of the 'BB'-rated portion of the underlying asset
pool. Currently, the noteholders are directly exposed to the
risk of the 'BB'-rated underlying assets.  The notes remain on
RWN until the RWN status of the assets in the underlying pool is
resolved.

These transactions are synthetic collateralized debt
obligations.  Cloverie is a special purpose vehicle incorporated
under the laws of Ireland.  It has entered into mezzanine credit
default swaps with Citigroup Global Markets Limited.  Each
series references an identical static portfolio of 100% US RMBS
Home Equities originated in 2004.  The notes are backed by
eligible collateral securities purchased with the net proceeds
of their issuance.


CONAI DESIGN: Habitat UK to Honor Irish Orders Amid Liquidation
---------------------------------------------------------------
The National Consumer Agency, on May 14, 2008, received
confirmation from Habitat UK Ltd. that commitments to Irish
customers will be honored.

"I welcome the commitment from Habitat that all outstanding
customer orders will be honored.  Habitat has indicated that
they will be in contact with such customers," Ann Fitzgerald,
NCA Chief Executive, stated.

Ms. Fitzgerald went on to indicate that customers with gift
cards and vouchers would be able to redeem them in Habitat UK
stores.

"The National Consumer Agency had written to Habitat UK on
May 13 seeking such assurances and that this was a positive
outcome for customers of the Habitat stores in Dublin and
Galway," she concluded.

The Habitat stores, which have been closed, are operated by a
franchisee, Conai Designs (Ireland) Ltd., and steps are being
taken to liquidate the company.

In general, if a company goes into liquidation, customers who
have paid in cash for deposits or for vouchers will become
unsecured creditors.

Headquartered in London, England, Habitat UK Ltd.
http://www.habitat.co.uk/--  is a global home furnishings  
retailer, which operates more than 75 stores in the UK, France,
Spain, and Germany.  It also vends its wares through a retail
Web site and catalogs.  Among services offered by Habitat are
interior design consultation for homes, offices, and hotels.  
The company also franchises about a dozen privately-owned stores
in other countries.  Habitat is controlled by the Ikano Group, a
holding company owned by IKEA founder Ingvar Kamprad and his
family.


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


ALITALIA SPA: Italy May Ask Air France to Take Part in Sale
-----------------------------------------------------------
The Italian government may invite Air France-KLM S.A. to be part
of its plans to rescue Alitalia S.p.A., Thomson Financial News
reports citing Il Sole 24 Ore.

Fabio Verna, financial consultant to prime ministerial adviser
Bruno Ermolli, told Il Sole 24 Ore that it is possible that the
government may resume negotiations over Alitalia.

According to Mr. Verna, Il Sole 24 Ore relates, Air France's
withdrawal from the sale talks does not mean that the French
carrier is not interested in resuming talks on different
conditions and different financial consideration.

Mr. Verna, however, noted that a local consortium has to be
formed first before a foreign partner could come in.

Prime Minister Silvio Berlusconi tasked Mr. Ermolli to find a
local buyer for the government's 49.9% stake in Alitalia.  
Italian businessmen led by Mr. Ermolli, AirOne S.p.A.,
banks led by Intesa Sanpaolo S.p.A. may form a consortium to bid
for Alitalia.  AirOne will own 40% of the bidding vehicle, the
banks will control 40% and Mr. Bruno's group will hold 20%.

As reported in the TCR-Europe on May 13, 2008, Mr. Ermolli has
requested access to Alitalia's updated data and information.

                         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.


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


AI-AN AKKUS: Creditors Must File Claims by June 24
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Ai-An Akkus insolvent on March 31, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 23-56-11
              8 702 385 95-80


AINALINE LLP: Claims Deadline Slated for June 25
------------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Ainaline insolvent on April 3, 2008.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         308 Krasnoznamenny polk Str. 37
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KEN-PAVLODAR: Claims Filing Period Ends June 25
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ken-Pavlodar insolvent on March 12, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Tkachev Str. 17-185
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 52-86-96


KLONDIKE AK: Creditors' Claims Due on June 24
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Klondike Ak insolvent.

Creditors have until June 24, 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


NUMBERING SYSTEM: Claims Registration Ends June 25
--------------------------------------------------  
LLP Numbering System Sale has declared insolvency.  Creditors
have until June 25, 2008, to submit written proofs of claims to:

         LLP Numbering System Sale
         Abai ave. 10a
         Almaty
         Kazakhstan


RUD TECHNO: Creditors Must File Claims by June 24
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Rud Techno Stroy insolvent on April 21, 2008.

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


SILIKOM LLP: Claims Deadline Slated for June 25
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Silikom insolvent.

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

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


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


MUNAIZATROZ CJSC: Creditors Must File Claims by June 27
-------------------------------------------------------
CJSC Munaizatroz has declared insolvency.  Creditors have until
June 27, 2008 to submit written proofs of claim to:

         CJSC Munaizatroz
         Promzona
         Djalal-Abad
         Kyrgyzstan
         Tel: (+996 3722) 5-02-11
       

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


EVRAZ GROUP: Posts US$1.39 Billion EBITDA for 1st Quarter 2008
--------------------------------------------------------------
Evraz Group S.A. has released first Interim Management Statement
relating to the period from Jan. 1, 2008, to March 31, 2008.

The figures has been prepared in accordance with management
accounts policies.  Results may differ from financial statements
prepared in accordance with International Financial Reporting
Standard.

Highlights:

    * revenue for the period was around US$4.32 billion;

    * total steel products sales amounted to 4.6 million tons;

    * iron ore sales volumes including inter-company shipments
      totaled 4.3 million tons

    * oal sales including inter-company shipments were 2 million
      tons of coking coal and 1.5 million tons of steam coal;

    * EBITDA was US$1.393 billion with EBITDA margin of 32%;

    * Total debt as of March 31, 2008 amounted to approximately
      US$7.259 billion and

    * cash and cash equivalents as of the end of the period was
      approximately US$450 million.

Material events and transactions up to date:

    * in January, Evraz successfully completed tender offer for
      100% of Claymont Steel followed by its merger with Evraz
      Oregon Steel Mills;

    * in January, ZapsibTETs became a wholly owned subsidiary of
      Evraz;

    * in mid-April Evraz closed the acquisition of 51.4% of
      shares of selected Ukrainian assets signifying the
      completion of the first, cash, part of the transaction
      announced at the end of 2007;

    * in February, Evraz entered a share purchase agreement to
      acquire up to 51% of Chinese steel producer Delong
      Holdings and completed the initial stage of the agreement
      having purchased approximately 10% of the issued share
      capital of Delong.

    * in March, Evraz announced the acquisition of IPSCO Canada
      for a net cost of US$2.3 billion.

    * in April, Evraz completed its 144A/Reg S bond transaction
      totaling US$1,600 million.

Changes to the Company’s share capital over the period:

    * there were no changes in first quarter 2008.

    * as of March 31, 2008, the Company’s share capital
      consisted of 118,309,653 ordinary shares and the
      shareholders’ structure was as follows:

      -- Lanebrook: 72.9%, and
      -- BNY (Nominees) Ltd.: 27.1%

                          About Evraz

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

                         *     *     *

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

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

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

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


EVRAZ GROUP: Shareholders Elect Directors and Auditors
------------------------------------------------------
Shareholders at the Annual General Meeting of Evraz Group S.A.
has elected these directors for a period ending immediately
after the approval of the annual accounts of the Company
covering the period Jan. 1, 2008 to Dec. 31, 2008:

    * Alexander Abramov,
    * Otari Arshba,
    * Gennady Bogolyubov,
    * James W. Campbell,
    * Philippe Delaunois,
    * Alexander Frolov,
    * Olga Pokrovskaya,
    * Terry J. Robinson,
    * Eugene Shvidler, and
    * Eugene Tenenbaum

Shareholders also elected Alexandra Trunova as statutory auditor
and Ernst & Young as external auditor.

The level of remuneration of all directors -- excluding Mr.
Arshba -- has been fixed as a flat annual fee of US$150,000,
plus an additional compensation:

    * for serving as a chairman on one or more of the board
      committees in the amount of US$50,000 (in case of several
      chairmanships, payable only for one chairmanship), and

    * for participating as member of the board committees in the
      amount of US$24,000.

Shareholders have also approved the reports of the auditors and
of the Board of Directors on the accounts of the Company as per
Dec. 31, 2007 and the allocation of the results for the period
ending on Dec. 31, 2007.

                          About Evraz

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

                         *     *     *

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

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

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

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


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


AES CORP: Prices Private Placement of Senior Unsecured Notes
------------------------------------------------------------
The AES Corporation has priced its previously announced private
placement of senior unsecured notes, consisting of US$625
million principal amount of 8.0% senior notes due 2020.

AES intends to use the net proceeds from the sale of the notes
to purchase any senior notes tendered and to pay for consents
delivered in the tender offer and consent solicitation that AES
is undertaking concurrently with the offering of notes, as well
as the fees and expenses incurred in connection therewith.  In
addition, up to US$213 million of proceeds may be used for
general corporate purposes to replenish funds which will be used
to pay at maturity on May 15, 2008 AES's outstanding 6.0% Junior
Subordinated Convertible Debentures due 2008, which are held by
the AES Trust VII which in turn will use such proceeds to pay at
maturity the Trust Convertible Preferred Securities.  To the
extent any of the net proceeds from the sale of the notes are
not used for such purposes, AES intends to use any remaining net
proceeds to repay other debt.

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

                       About AES Corp.

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

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


AES CORP: Fitch Rates US$600 Million Senior Unsec. Notes at BB
--------------------------------------------------------------
Fitch Ratings-Chicago-14 May 2008: Fitch Ratings has assigned a
'BB/RR1' rating to AES Corporation's US$600 million issuance of
senior unsecured notes maturing 2020.  AES' long-term Issuer
Default Rating is rated 'B+'.  Fitch's rating is based on its
expectation that AES will use the proceeds to pay down higher-
cost debt.  The Rating Outlook is Stable.

The ratings of AES reflect the large amount of parent-company
recourse debt, the structural subordination of that debt to
subsidiary debt, and the reliance on distributions from its
subsidiaries for parent company debt service.  Offsetting, in
part, the company's financial risk is the solid base of cash
flow from utility businesses and contracted generation as well
as the diversity of cash flow sources.  The current Stable
Rating Outlook reflects Fitch's expectation that credit metrics
will stay within parameters for the current rating.

AES is one of the world's largest global power companies, with
LTM March 31, 2008 revenues of US$14.6 billion.  With operations
in 28 countries on five continents, the company is active in the
generation, transmission and distribution of electricity.  The
company controls more than 43,000mw of capacity.


X5 RETAIL: Names Jacquot Boelen as Supermarket Biz Chief
--------------------------------------------------------
X5 Retail Group N.V. has appointed Jacquot E.Q.M. Boelen as
General Director of its supermarket format.  He assumed the
position on May 16, 2008.

Currently, Mr. Boelen is the CEO of X5 Retail Group’s Ukrainian
operations, and he will continue to serve in that position.

Mr. Boelen will report to X5 Retail’s CEO Lev Khasis and COO
Antonio Melo.  A.Yu. Tikhomirov, the present Operations Director
of X5’s supermarket format, will be subordinate to Mr. Boelen.  

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


STOCZNIA GDYNIA: Needs US$250 Million to Avoid Bankruptcy
---------------------------------------------------------
The Polish government has to inject fresh funds into Stocznia
Gdynia S.A. to prevent the shipyard's bankruptcy, The Motor Ship
reports, citing the Solidarity Trade Union.

According to Motor Ship's sources, Stocznia Gdynia needs around
US$250 million to avoid financial collapse.  The company also
needs funds to commence production of seven large vessels for
Rami Ungar.

The company -- which employs around 7,000 people -- posted
losses of US$25 million in 2005 and around US$50 million in 2006
due to extra charges related to shipbuilding contracts, the
Motor Ship relates.

Talks over Stocznia Gdynia's privatization -- seen to save the
company from bankruptcy -- commenced July 2007, Motor Ship
relates.  One bidder, AMBER, was authorized to continue the
talks, but there no positive progress so far.

The Solidarity Trade Union appealed to Polish Prime Minister
Donald Tusk to rescue the shipyard from bankruptcy, union
representative Dariusz Adamski told the Motor Ship.

                      About Stocznia Gdynia

Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of  
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions.  The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.  


ZLOMREX SA: High Leverage Prompts Moody’s to Junk Ratings
---------------------------------------------------------
Moody's downgraded the B3 corporate family rating of Zlomrex and
the Caa2 senior secured rating of Zlomrex International Finance
to Caa1 and Caa3 respectively.  The outlook on both ratings is
stable.

The rating action was prompted by higher than expected leverage
per year-end 2007 and the continued aggressive business model in
terms of refinancing where the company's operations are
dependent upon frequent renewals of short term lines of credits.  
The stable outlook reflects nonetheless the assumption that
Zlomrex is more likely than not to continue to be successful in
extending these facilities as they expire in 2008.

Although Moody's expects that the results in 2008 will be better
and more stable than observed in 2007 due to improving local
markets in central and Eastern Europe and the additional cash
flows achieved from acquisitions which had been done in the 4th
quarter 2007, Moody's believes that the risks related to the
uncertainties for the 2008 performance and the short-term
maturities of Zlomrex' debt outweigh the expected positive
contribution from businesses acquired at the end of 2007.

Moody's has positively noted the commitment of Zlomrex to
consolidate and integrate the acquired businesses and to improve
its capital structure to its self-imposed target of maximum 3.5x
debt/EBITDA ratio (on an unadjusted basis) before pursuing
further external growth measures, but Moody's is concerned that
fully reaching this objective in the short to intermediate term
may be challenging.

The Caa1 rating reflects Zlomrex' position as a local and
vertically integrated steel producer with its own scrap
collecting and steel distribution businesses and the commitment
of Zlomrex' management to improve the leverage ratio again to
more conservative levels during 2008 with the use of free cash
flows generated.

The rating, however, also takes into account (i) the high
leverage as per the year end 2007 with a debt/EBITDA ratio (on
an adjusted basis) of 6.7x and a net debt/EBITDA ratio of 5.5x,
(ii) the volatility in Zlomrex' results stemming from its
exposure to spot prices for steel and scrap, (iii) the
aggressive external growth which the company pursued in the last
two years, and (iv) the tight short term liquidity situation
with a majority of debt being due over the next few months,
although this is offset somewhat by around PLN 174 million of
trade receivables as per end of January 2008 which are still
unpledged and could be used to refinance upcoming maturities.

"Risks with regard to Zlomrex' short term liquidity position
remain with nearly half of the companies' debt coming due over
the next couple of months" said Matthias Hellstern, an analyst
at Moody's Investors Service.

As per the end of March 2008 Zlomrex had indebtedness of around
PLN 1.1 billion out of which around PLN 434 million are due
within the next 12 months.  In addition Moody's assumes around
PLN 80 million for capital expenditure in the next 12 months.
Cash sources are the cash balance of PLN 74 million and the
projected cash inflows for the next 12 months.  According to
Moody's calculation this makes Zlomrex heavily reliant on the
willingness of its banks to further extend maturing short term
credit lines, which, in the current environment of the markets,
may be challenging to achieve.

The existing PLN 755 million (EUR 223 million) available credit
lines at the operating subsidiaries of the Zlomrex group, if
fully drawn, would rank ahead of the notes.  In addition to
external indebtedness, Zlomrex has a substantial amount of trade
payables of PLN575 million (EUR170 million) on its balance sheet
at March 2008.  According to Moody's Loss Given Default
methodology, these rank pari passu with the secured credit lines
of Zlomrex.  All these factors lead to an LGD rate of 85% for
the rated notes and an LGD Assessment of LGD 5.

The outlook is stable reflecting the expectation that the
company continues to manage its liquidity requirements
relatively aggressively which heightens the risks related to the
refinancing of maturing debt.  It also reflects the expectation
that leverage of the company will improve during 2008 to
somewhat lower levels from the generation of free cash flows
stemming from a disciplined approach with regard to external
growth as well as internal capital expenditure.

Downgrades:

Issuer: Zlomrex International Finance S.A.

    -- Senior Secured Regular Bond/Debenture, Downgraded to
       Caa3, LGD5, 85% from Caa2, LGD5, 79%

Issuer: Zlomrex S.A.

    -- Probability of Default Rating, Downgraded to Caa1 from B3
     -- Corporate Family Rating, Downgraded to Caa1 from B3

Outlook Actions:

Issuer: Zlomrex International Finance S.A.

     -- Outlook, Changed To Stable From Rating Under Review

Issuer: Zlomrex S.A.

     -- Outlook, Changed To Stable From Rating Under Review

Headquartered in Poraj, Poland, Zlomrex SA is the largest trade
of steel scrap and among the leading producers and distributors
of high grade long steel products in its domestic market.  
Founded in 1990 as a pure scrap trader, the company has
transformed itself into a fully integrated producer of steel
products through a range of acquisitions mainly in the long
steel production and distribution business.  Zlomres SA is
privately owned; 100% of the company's shares are held by its
founder Mr. Przemyslaw Sztuczkowski.


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


EVRAZ GROUP: Posts US$1.39 Billion EBITDA for 1st Quarter 2008
--------------------------------------------------------------
Evraz Group S.A. has released first Interim Management Statement
relating to the period from Jan. 1, 2008, to March 31, 2008.

The figures has been prepared in accordance with management
accounts policies.  Results may differ from financial statements
prepared in accordance with International Financial Reporting
Standard.

Highlights:

    * revenue for the period was around US$4.32 billion;

    * total steel products sales amounted to 4.6 million tons;

    * iron ore sales volumes including inter-company shipments
      totaled 4.3 million tons

    * oal sales including inter-company shipments were 2 million
      tons of coking coal and 1.5 million tons of steam coal;

    * EBITDA was US$1.393 billion with EBITDA margin of 32%;

    * Total debt as of March 31, 2008 amounted to approximately
      US$7.259 billion and

    * cash and cash equivalents as of the end of the period was
      approximately US$450 million.

Material events and transactions up to date:

    * in January, Evraz successfully completed tender offer for
      100% of Claymont Steel followed by its merger with Evraz
      Oregon Steel Mills;

    * in January, ZapsibTETs became a wholly owned subsidiary of
      Evraz;

    * in mid-April Evraz closed the acquisition of 51.4% of
      shares of selected Ukrainian assets signifying the
      completion of the first, cash, part of the transaction
      announced at the end of 2007;

    * in February, Evraz entered a share purchase agreement to
      acquire up to 51% of Chinese steel producer Delong
      Holdings and completed the initial stage of the agreement
      having purchased approximately 10% of the issued share
      capital of Delong.

    * in March, Evraz announced the acquisition of IPSCO Canada
      for a net cost of US$2.3 billion.

    * in April, Evraz completed its 144A/Reg S bond transaction
      totaling US$1,600 million.

Changes to the Company’s share capital over the period:

    * there were no changes in first quarter 2008.

    * as of March 31, 2008, the Company’s share capital
      consisted of 118,309,653 ordinary shares and the
      shareholders’ structure was as follows:

      -- Lanebrook: 72.9%, and
      -- BNY (Nominees) Ltd.: 27.1%

                          About Evraz

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

                         *     *     *

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

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

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

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


EVRAZ GROUP: Shareholders Elect Directors and Auditors
------------------------------------------------------
Shareholders at the Annual General Meeting of Evraz Group S.A.
has elected these directors for a period ending immediately
after the approval of the annual accounts of the Company
covering the period Jan. 1, 2008 to Dec. 31, 2008:

    * Alexander Abramov,
    * Otari Arshba,
    * Gennady Bogolyubov,
    * James W. Campbell,
    * Philippe Delaunois,
    * Alexander Frolov,
    * Olga Pokrovskaya,
    * Terry J. Robinson,
    * Eugene Shvidler, and
    * Eugene Tenenbaum

Shareholders also elected Alexandra Trunova as statutory auditor
and Ernst & Young as external auditor.

The level of remuneration of all directors -- excluding Mr.
Arshba -- has been fixed as a flat annual fee of US$150,000,
plus an additional compensation:

    * for serving as a chairman on one or more of the board
      committees in the amount of US$50,000 (in case of several
      chairmanships, payable only for one chairmanship), and

    * for participating as member of the board committees in the
      amount of US$24,000.

Shareholders have also approved the reports of the auditors and
of the Board of Directors on the accounts of the Company as per
Dec. 31, 2007 and the allocation of the results for the period
ending on Dec. 31, 2007.

                          About Evraz

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

                         *     *     *

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

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

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

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


URALSVYAZINFORM OJSC: S&P Affirms BB Long Term Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Russian regional telecoms operator
Uralsvyazinform (OJSC).  At the same time, the rating was
removed from CreditWatch, where it had been placed with negative
implications on Feb. 15, 2008, following the company's
announcement that it had not managed to raise Russian ruble
(RUR) 1.5 billion ($61 million) in loans.  The outlook is
stable.

"The affirmation reflects Uralsvyazinform's improved liquidity
position, following its recent successful refinancing activity,"
said Standard & Poor's credit analyst Alexander Griaznov.

In April 2008, the company managed to issue a RUR2 billion ruble
bond, with a five-year maturity and a two-year put option.  In
addition, the company raised two term loans in the total amount
of RUR2.65 billion, which have maturities of three and five
years.  The recent debt issuance removes the immediate pressure
from the company's liquidity position until at least March 2009,
when the company will face the put option on yet another bond
issue.

Uralsvyazinform will have other sizable maturities in 2008 and
2009.  Given Uralsvyazinform's strong access to the local
markets, S&P believes the company should have the opportunity to
extend the duration of its debt.  S&P would deem further
persistent exposure to short-term debt as an indication of
aggressive liquidity management.

"Maintenance of the current rating would require the company to
improve the maturity structure of its debt before the end of
first-quarter 2009," said Mr. Griaznov.

The rating is constrained by the company's financial risk
profile, due to significant leverage and modest liquidity, with
sizable short-term refinancing requirements.  Moderate
profitability, intense competition in the mobile segment, and
the possible risks associated with regulation also limit the
rating.

A solid and improving market position in its service area,
expanding business diversification, and superior network quality
support the rating.  Uralsvyazinform's strategic focus on
improving efficiency and cost control, along with moderating
investments, continues to translate into stronger profitability
and cash flow generation.  The rating also takes into account
the positive dynamics in Russia's telecoms industry -- helped by
robust growth of GDP and disposable incomes -- and an improving
regulatory framework.

At March 31, 2008, the company reported (under Russian generally
accepted accounting principles) cash of RUR2.5 billion against
more than RUR11.3 billion in debt, maturing within 12 months.

S&P expects Uralsvyazinform's improving business position,
strengthening efficiency of operations, and increasing cash flow
generation to enable the company to adequately manage its
financial risk.  S&P expects the company to continue
deleveraging on the back of moderating capital expenditures and
a strong focus on cost control, and to continue refinancing its
short-term debt with various long-term instruments.

Ongoing hesitation to mitigate financial risk-–reflected, among
others, by persistent high exposure to short-term funding or
deterioration of profitability or cash flow generation--would
pressure the rating.

Ratings upside would require Uralsvyazinform to decrease its
leverage to less than 2.5x adjusted debt to EBITDA, with
simultaneous meaningful liquidity improvement.  


X5 RETAIL: Names Jacquot Boelen as Supermarket Biz Chief
--------------------------------------------------------
X5 Retail Group N.V. has appointed Jacquot E.Q.M. Boelen as
General Director of its supermarket format.  He assumed the
position on May 16, 2008.

Currently, Mr. Boelen is the CEO of X5 Retail Group’s Ukrainian
operations, and he will continue to serve in that position.

Mr. Boelen will report to X5 Retail’s CEO Lev Khasis and COO
Antonio Melo.  A.Yu. Tikhomirov, the present Operations Director
of X5’s supermarket format, will be subordinate to Mr. Boelen.  

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


ALAIN LE MONDIAL: Creditors' Proofs of Claims Due by June 30
------------------------------------------------------------
Creditors owed money by LLC Alain Le mondial are requested to
submit their proofs of claims by June 30, 2008 to:

       Wilhelmine Ingold
       Hundsackerstrasse 14
       4703 Kestenholz
       Switzerland

The company is currently undergoing liquidation in Kestenholz.  
The decision about liquidation was accepted at a shareholder’s
meeting held on Feb. 15, 2008.


CEVAPCICI-BLITZ LLC: Creditors Must File Claims by August 1
-----------------------------------------------------------
Creditors owed money by LLC CEVAPCICI-BLITZ are requested to
submit their proofs of claims by Aug. 1, 2008 to:

       Dusan Pavlovic
       Liquidator
       Schwyzerstrasse 12
       5430 Wettingen
       Switzerland

The company is currently undergoing liquidation in Wettingen.  
The decision about liquidation was accepted at a shareholder’s
meeting held on May 5, 2007.


FERRA-MEAT LLC: Creditors' Liquidation Claims Due by October 23
---------------------------------------------------------------
Creditors owed money by LLC FERRA-MEAT are requested to submit
their proofs of claims by Oct. 23, 2008 to:

       Urs Gassmann
       Alte Landstrasse 21
       8912 Obfelden
       Switzerland

The company is currently undergoing liquidation in Obfelden ZH.  
The decision about liquidation was accepted at a shareholder’s
meeting held on March 25, 2003.


ORCHIDEAN JSC: Creditors Must File Proofs of Claim by May 21
------------------------------------------------------------
Creditors owed money by JSC Orchidean are requested to submit
their proofs of claims by May 21, 2008 to:

       Eugen Fritschi
       Liquidator
       Buhlmann & Fritschi
       Talaker 42
       8001 Zurich
       Switzerland

The company is currently undergoing liquidation in Stein am
Rhein.  The decision about liquidation was accepted by the
regulation of the Banking Swiss Confederation on Jan. 23, 2008


POLLUX HANDEL: Creditors Have Until June 30 to File Claims
-----------------------------------------------------------
Creditors owed money by JSC Pollux Handel are requested to
submit their proofs of claims by June 30, 2008 to:

       Burgi & Partner
       Hohengasse 41
       3400 Burgdorf
       Switzerland

The company is currently undergoing liquidation in  Burgdorf.  
The decision about liquidation was accepted at a general  
meeting held on March 4, 2008.


RESTAURANT SONNENHOF-ZUM: Proofs of Claim Deadline is May 31
------------------------------------------------------------
Creditors owed money by LLC Restaurant Sonnenhof-zum Wikinger
are requested to submit their proofs of claims by May 31, 2008
to:

       Jose Antonio Rocha
       Liquidator
       Ifangstrasse 20
       8604 Volketswil
       Switzerland

The company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at a shareholder’s
meeting held on Feb. 22, 2008.


SIBACK JSC: Creditors Have Until July 8 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Siback are requested to submit their
proofs of claims by July 8, 2008 to:

       Bahnhofstr. 37
       3427 Utzenstorf
       Switzerland

The company is currently undergoing liquidation in Utzenstorf
BE.  The decision about liquidation was accepted at a general
meeting held on March 18, 2008.


UNDEND LLC: Creditors' Liquidation Claims Due by June 30
--------------------------------------------------------
Creditors owed money by LLC UNDEND are requested to submit their
proofs of claims by June 30, 2008 to:

       Dieter Dietz
       Schontalstrasse 21
       8004 Zurich
       Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholder’s meeting held on Feb. 26, 2008.


===========
T U R K E Y
===========


* Turkish Real Estate Agents Badly Hit by Credit Crunch
-------------------------------------------------------
The widespread credit crunch has badly hit real estate agents in
Turkey, leaving many of them at risk of going bankrupt,
Elif Demirci writes for IZMIR-Dogan News Agency.

According to the report, the real estate business in the
country, which is facing financial contraction in the second-
hand sector, stagnated as consumers tend to act cautiously.

Mesut Gueleroglu, head of the Izmir Real Estate Agents Society,
told IZMIR-Dogan News Agency it took longer for real estate
agents to rent or sell properties even at half the price.

"In student districts like Bornova and Buca, houses which were
worth YTL700 (US$559.85) last year cannot be let out to tenants
even for YTL 500 (US$399.89) this year.  Meanwhile, second-hand
apartments cannot be sold even at half price," Gueleroglu was
quoted by the paper as saying.


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


B. HMELNITSKY LLC: Proofs of Claim Deadline Set May 25
------------------------------------------------------
Creditors of B. Hmelnitsky LLC (code EDRPOU 03794093) have until
May 25, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 10/1807.

The Debtor can be reached at:

         B. Hmelnitsky LLC
         Lenin Str. 5
         Legedzinoye
         Talnov District
         20435 Cherkassy
         Ukraine


BINASH LLC: Proofs of Claim Deadline Set May 25
-----------------------------------------------
Creditors of LLC Binash (code EDRPOU 32845618) have until
May 25, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 2, 2008.
The case is docketed as 43/252.

The Debtor can be reached at:

         LLC Binash
         Polevaya Str. 19/8
         01056 Kiev
         Ukraine


ELECTROLAND LLC: Creditors Must File Claims by May 25
-----------------------------------------------------
Creditors of LLC Trading Network Electroland (code EDRPOU
32674980) have until May 25, 2008, to submit proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on April 9, 2008.  The case is docketed
as B-48/45-08.

The Debtor can be reached at:

         LLC Trading Network Electroland
         Molodezhnaya Str. 90
         61015 Kharkov
         Ukraine


GRAVITON LLC: Proofs of Claim Deadline Set May 25
-------------------------------------------------
Creditors of LLC Commerce Center Graviton (code EDRPOU 35224081)
have until May 25, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 11, 2008, after finding it
insolvent.  The case is docketed as 43/296.

The Debtor can be reached at:

         LLC Commerce Center Graviton
         Bulgakov Str. 16
         03134 Kiev
         Ukraine


INDUSTRIAL ECO: Proofs of Claim Deadline Set May 25
---------------------------------------------------
Creditors of LLC Industrial Eco Center (code EDRPOU 33183557)
have until May 25, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 8, 2008.  The case is docketed as B 24/154-08.

The Debtor can be reached at:

         LLC Industrial Eco Center
         Shevchenko Str. 10
         Dnipropetrovsk
         Ukraine


KAS LLC: Proofs of Claim Deadline Set May 25
--------------------------------------------
Creditors of LLC Kas (code EDRPOU 30401833) have until
May 25, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 4, 2008.
The case is docketed as 43/254.

The Debtor can be reached at:

         LLC Kas
         Schors Str. 29
         01133 Kiev
         Ukraine


PROLIV OJSC: Proofs of Claim Deadline Set May 23
------------------------------------------------
Creditors of OJSC Kerch Fish Cannery Proliv (code EDRPOU
05773155) have until May 23, 2008, to submit proofs of claim to:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on March 25, 2008, after finding it
insolvent.  The case is docketed as 2-6/4214-2007.

The Debtor can be reached at:

         OJSC Kerch Fish Cannery Proliv
         Kirov Str. 41
         Kerch
         AR Krym
         Ukraine


SKYLA LLC: Proofs of Claim Deadline Set May 25
----------------------------------------------
Creditors of LLC Skyla (code EDRPOU 31990766) have until
May 25, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 2, 2008.
The case is docketed as 43/253.

The Debtor can be reached at:

         LLC Skyla
         Siretskaya Str. 9
         04073 Kiev
         Ukraine


UNITED-VINNICA LLC: Proofs of Claim Deadline Set May 25
-------------------------------------------------------
Creditors of LLC United-Vinnica (code EDRPOU 31836529) have
until May 25, 2008, to submit proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 5, 2008.
The case is docketed as 5/270-08.  

The Debtor can be reached at:

         LLC United-Vinnica
         Shmidt Str. 5
         Vinnica
         Ukraine


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


1970 LTD: Brings In Liquidators from Tenon Recovery
---------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of 1970 Ltd. on May 8
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


ACXIOM CORP: John A. Adams Named as Chief Operating Officer
-----------------------------------------------------------
Acxiom Corporation reported that its Board of Directors has
named John A. Adams to serve as the company’s Chief Operating
Officer and Executive Vice President.

Adams, 53, will direct the operational areas of Acxiom which
include the market-facing industry units, Europe and Asia
Pacific, service development and delivery, and information
technology.

“John is a proven global leader who has played key roles in
helping a number of high-tech companies successfully build
shareholder value,” said Acxiom Chief Executive Officer and
President John Meyer.

“John has served as a consultant to Acxiom for several months,
and he has already positively contributed to Acxiom’s
organizational realignment and cost-reduction efforts,” Meyer
said.

Prior to joining Acxiom, Adams was Executive Vice President,
Customer Solutions, of Eclipsys, a healthcare information
software and services vendor.  In that capacity, he was
responsible for the company’s outsourcing and hosting units as
well as a number of administrative functions.

In other leadership roles, Adams has served as Chief Financial
Officer for Exult, Inc., a human resources business process
outsourcing company; as Chief Financial Officer and Vice
President of AT&T Business Services, a subsidiary of AT&T
Corporation; and as Vice President and Controller for Electronic
Data Systems (EDS), where he oversaw the accounting and finance
functions for EDS worldwide.

Adams, a British citizen, is a member of the Institute of
Chartered Accountants in England and Wales.  He holds a bachelor
of arts degree with honors in economics from the University of
Exeter, England.

As an inducement to join Acxiom, the Compensation Committee of
the Company’s Board of Directors granted equity awards to Adams
effective as of May 22, 2008, certain of which awards are
considered “inducement awards” as defined in the NASDAQ
Marketplace Rules.  The awards designated as inducement awards
consist of 30,000 restricted stock units granted pursuant to the
terms of the 2008 Nonqualified Equity Compensation Plan of
Acxiom Corporation.  Of this total, 3,000 of the restricted
stock units are performance-based awards which vest three years
from the date of grant provided the Company has achieved certain
financial objectives and 27,000 of the restricted stock units
vest ratably over four years, 25 percent per year, beginning on
the first anniversary of the date of grant.  The inducement
awards were approved by the Compensation Committee pursuant to
NASDAQ Marketplace Rule 4350(i)(1)(A)(iv).

                     About Acxiom Corp

Headquartered in Little Rock, Arkansas, Acxiom Corporation,
(Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data,
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
(CDI) technology, data, database services, IT outsourcing,
consulting and analytics, and privacy leadership.  Founded in
1969, Acxiom has locations throughout the United States and
Europe, and in Australia, China and Canada.

In Europe, the company's subsidiary Acxiom European Holdings
Ltd., is based in the United Kingdom.

                          *     *     *

In December 2007, Moody's Investors Service confirmed Acxiom's
Ba2 corporate family rating and assigned a negative rating
outlook, concluding a review for possible downgrade initiated on
May 17, 2007, following the company's announcement that it had
entered into a definitive agreement to be acquired by Silver
Lake and ValueAct Capital for US$3 billion.


ACXIOM CORP: Posts US$7.7 Million Net Loss in Fiscal Year 2007
--------------------------------------------------------------
Acxiom Corporation reported financial results for the fourth
quarter and fiscal year end ended March 31, 2008.

Revenue for the fourth quarter was US$349.8 million compared to
US$356.4 million in the fourth quarter of fiscal 2007.  
Operating loss for the quarter was US$76.0 million and loss per
diluted share was US$0.76.  The results for the quarter include
the impact of US$107.2 million of restructuring and other items
(of which US$104.5 million are included in the loss from
operations, with the remainder included in other expense), which
contributed to the loss by the equivalent of US$0.91 per diluted
share.

For the 12-month period ended March 31, 2008, revenue totaled
US$1.384 billion compared to US$1.391 billion in the prior year.  
Income from operations for the 12 month period was US$40.2
million compared to US$154.1 million a year ago.  Loss per
diluted share was US$0.10 compared to earnings per diluted share
of US$0.80 in the prior year.  The loss per diluted share
includes the impact of US$84.2 million, or the equivalent of
US$0.70 per diluted share, of expense from unusual items.

According to John Meyer, Acxiom Corp. CEO and President, “During
my first 90 days I have focused on meeting our customers and our
people, rationalizing costs and gaining a deeper understanding
of our offerings and value propositions.  I have also made a
number of leadership and role changes.

“We are working to develop strategic and operational plans to
help overcome the current challenges we are facing in some
industry sectors and to provide a springboard for growth in
future years.  The initial focus will be on our customers and
potential customers, leveraging our capabilities and assets
across all industries we serve, and creating a winning market-
facing culture.  We already have a very strong foundation to do
that.  I believe in this opportunity now even more than when I
was evaluating coming on board.”

        Restatement, Restructuring and other items

The company is restating its financial statements for 2007,
2006, and prior years to correct its accounting related to
accrued service revenue.  The impact of this restatement will be
a reduction in net income of US$2.4 million in 2006 and US$2.9
million in 2007.  Accrued revenue, which is reflected in
accounts receivable, will be reduced by a total of US$52.2
million.

Fourth-quarter loss per diluted share of US$.76 includes
US$107.2 million or the equivalent of US$0.91 per share in
unusual expenses.  The major components of the restructuring and
other items are:

     -- Gains, losses and other - US$74.5 million composed of:

        * Restructuring charges - US$42.9 million related to
          headcount reduction, real estate closure, contract
          termination;

        * Closing operations - US$13.5 million related to
          previously acquired operations and the flight
          department;

        * Asset disposal/impairment - US$15.0 million, primarily
          software;

        * Other – US$3.1 million related to legal, international
          and other;

     -- IT contract restructuring - US$34.0 million reflected as
        increase in cost of services;

     -- Loss on investment - US$2.7 million reflected in Other,
        net;

     -- Accrued revenue restatement - US$.4.0 million increase
        in revenue.

Of the US$107.2 million in restructuring and other items,
approximately US$59.2 million represents balance sheet assets
written down that do not require cash outlays.  Approximately
US$48.0 million represents estimated cash payments to be made on
obligations primarily related to headcount reductions, real
estate and facilities lease terminations and an aircraft lease
termination.  The US$48 million includes obligations of
approximately US$34 million to be paid in fiscal 2009, with the
remainder in future periods.

Details of Acxiom’s fourth-quarter results include:

    * Revenue of US$349.8 million compared to US$356.4 million
      in the fourth quarter a year ago;

    * Loss from operations of US$76.0 million compared to income
      from operations of US$28.4 million in the fourth quarter
      last year; Loss from operations this quarter included
      US$107.2 million of restructuring and other items;

    * Loss per diluted share of US$0.76 or US$58.2 million
      compared to earnings per share of US$0.07 US$5.7 million
      in the fourth quarter of fiscal 2008; included in the loss
      per share of US$0.76 is the negative impact of
      restructuring and other items which was the equivalent of
      US$.91 per diluted share;

    * Operating cash flow of US$90.5 million compared to
      US$76.5 million in the fourth quarter a year ago;

    * Free cash flow available to equity of US$14.7 million
      compared to US$15.4 million a year ago.

Details of Acxiom’s fiscal year results include:

    * Revenue of US$1.384 billion compared to US$1.390 billion
      in the prior year;

    * Income from operations of US$40.2 million in 2008 compared
      to US$154.1 million in fiscal 2007;

    * Loss per diluted share of US$0.10 or US$7.7 million
      compared to earnings per diluted share of US$0.80 or
      US$67.8 million in fiscal 2007; net restructuring and
      other items for the year were US$84.2 million, or the
      equivalent of US$0.70 per diluted share; In addition to
      the restructuring and other items in the fourth quarter
      detailed above, the company had a benefit of a net gain of
      US$22.9 million comprised of:

       -- Gains from a merger termination payment and sale of
          assets of US$68.2 million;

       -- Restructuring costs, transaction costs, retirement and
          loss on sale of assets of US$30.0 million;

       -- Additional contract impairment in cost of services of
          US$10.0 million;

       -- Reduction in revenue related to accrued revenue
          restatement to previous quarters of US$5.2 million;

    * Operating cash flow of US$300.3 million compared to
      US$260.0 million in the prior year;

    * Free cash flow available to equity of US$77.5 million
      compared to US$55.2 million a year ago.

                     Segment information

Information Services Division

The division develops, sells and delivers industry-tailored
solutions globally through the integration of products, services
and consulting.  Revenue for the quarter was US$189.7 million,
up 0.8% from the fourth quarter of the previous year. For the 12
months ended March 31, 2008, revenue was US$741.3 million, up
1.8% from the previous year.  Operating income for the quarter
was US$24.1 million, down 7.7% from the third quarter of the
previous year.  For the 12 months just ended, operating income
was US$97.2 million, down 22.0% from the previous 12-month
period.

Information Products Division

The division develops and sells all global data products,
including InfoBase-X(R) and PersonicX(R), as well as fraud and
risk mitigation products sold in the U.S., including
InsightIdentify.  It focuses on product development, product
lifecycle management, data content management and innovation.
Revenue for the quarter was US$115.2 million, up 5.2% from the
fourth quarter of the previous year.  For the 12 months ended
March 31, 2008, revenue was US$431.3 million, up 3.8% from the
previous year.  Operating income for the quarter was US$13.1
million, up 45.9% from the fourth quarter of the previous year.  
For the 12 months just ended, operating income was US$23.8
million, up 25.7% from the previous 12-month period.

Infrastructure Management Division

The division develops and delivers information technology
products and services that improve a company’s ability to manage
its information technology delivery platform with lower costs
and higher efficiencies.  Such offerings include traditional IT
outsourcing and transformational solutions such as the Acxiom
data factory.  Revenue for the quarter was US$108.2 million,
down 8.8% from the fourth quarter of the previous year.  For the
12 months ended March 31, 2008, revenue was US$447.5 million,
down 6.1% from the previous year.  Operating income for the
quarter was US$8.3 million, down 16.1% percent from the fourth
quarter of the previous year.  For the 12 months just ended,
operating income was US$44.3 million, down 10.3% from the
previous 12-month period.

                     About Acxiom Corp

Headquartered in Little Rock, Arkansas, Acxiom Corporation,
(Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data,
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
(CDI) technology, data, database services, IT outsourcing,
consulting and analytics, and privacy leadership.  Founded in
1969, Acxiom has locations throughout the United States and
Europe, and in Australia, China and Canada.

In Europe, the company's subsidiary Acxiom European Holdings
Ltd., is based in the United Kingdom.

                          *     *     *

In December 2007, Moody's Investors Service confirmed Acxiom's
Ba2 corporate family rating and assigned a negative rating
outlook, concluding a review for possible downgrade initiated on
May 17, 2007, following the company's announcement that it had
entered into a definitive agreement to be acquired by Silver
Lake and ValueAct Capital for US$3 billion.


AMPEX CORP: Appointment of Equity Holders Panel Moot, Judge Says
----------------------------------------------------------------
The Hon. Arthur Gonzalez of the U.S. Bankruptcy Court for the
Southern District of New York denied a request to immediately
appoint an Official Committee of Equity Holders filed by
ValueVest High Concentration Master Fund Ltd., equity security
holder and party-in-interest of Ampex Corporation and its
debtor-affiliates, Tiffany Kary of Bloomberg News reports.

Ms. Kary quotes Judge Gonzalez as saying that the company is
insolvent and shareholders are not going to get any distribution
in this bankruptcy case.  Judge Gonzalez is convinced that the
company can no longer pay equity holders, she notes.

AS reported in the Troubled Company Reporter-Europe on May 5,
2008, ValueVest asked for the appointment citing the need to
represent and prosecute the interest of shareholders and recover
certain of their equity stake in the Debtors.  ValueVest further
argued that the Debtors are not insolvent and there is a
substantial likelihood of a meaningful distribution to equity.

The Debtors have at least 393 shareholders with Class A common
stock outstanding as of March 25, 2008, wherein ValueVest holds
13.4% shares of the Debtors' Class A common stock.

                         About Ampex

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

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

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


AMPEX CORP: Files Amended Disclosure Statement & Chapter 11 Plan
----------------------------------------------------------------
Ampex Corporation and its debtor-affiliates delivered to the
U.S. Bankruptcy Court for the Southern District of New York an
Amended Disclosure Statement dated May 9, 2008, explaining their
Amended Joint Chapter 11 Plan of Reorganization.

                     Overview of the Plan

The Plan will enable the Debtors to continue their business
operations without the possibility of a subsequent liquidation
or further financial reorganization.  

Financial advisor Conway Mackenzie & Dunleavy estimates the
Debtors' total enterprise value at at least $79 million by June
30, 2008.  The enterprise value is based upon an aggregation of
individual identifiable assets providing cash flow streams.

Under the Plan, the Debtors' pension plans -- employees'
retirement plan and Quantegy Media Corporation retirement plan
-- will not be terminated.  The Debtor will continue to fund the
plans in accordance with the minimum financing standards under
the Internal Revenue Code and ERISA.  The Debtors have estimated
contributions of at least $52,900,000 by 2013.

                        Credit Agreement

Hillside Capital Incorporated and its affiliates will provide
$25 million in loan to the Debtors.  The loan will bear interest
at 10% per annum.  To secure the loan obligation,  Hillside is
entitled to a second priority and subordinate lien on
substantially all assets of the Debtors.

                Treatment of Claims and Interests

              Type of                     Estimated   Estimated
Class        Claims           Treatment   Amount      recovery
-----        -------          ---------  ---------   ---------
unclassified  Administrative               US$100,000    100%
               Expense Claims

unclassified  Fee Claims                   US$2,900,000  100%

unclassified  Priority Tax                 US$200,000    100%
               Claims

1             Priority Non-    unimpaired  US$0          100%
               Tax Claims

2             Senior Secured   impaired    US$6,900,000  100%
               Note Claims

3             Other Secured    unimpaired  US$0          100%
               Claims

4             Hillside         impaired    US$11,000,000 100%
               Secured
               Claims

5             General          impaired    US$51,600,000 100%
               Unsecured
               Claims

6             Existing Common  impaired    US$0          0%
               Stock

7             Existing         impaired    US$0          0%
               Securities       
               Laws Claims

8             Other Existing   impaired    US$0          0%
               Interests

A full-text copy of the Amended Joint Chapter 11 Plan of
Reorganization is available for free at

              http://ResearchArchives.com/t/s?2be6

A full-text copy of the Amended Disclosure Statement is
available
for free at

              http://ResearchArchives.com/t/s?2be8

                         About Ampex

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

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

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


ASCALADE COMMS: Hong Kong Court OKs ACL's Scheme of Arrangement
---------------------------------------------------------------
Ascalade Communications Inc. disclosed that the High Court of
Hong Kong sanctioned the Scheme of Arrangement filed by Ascalade
Communications Limited under Section 166 of the Companies
Ordinance (Chapter 32) of Hong Kong, in connection with the on-
going legal proceedings filed by Ascalade and Ascalade
Technologies Inc. in Canada under the Companies' Creditors
Arrangement Act.

Ascalade Communications Limited is an indirect subsidiary of the
company and is a major operating company in the Ascalade group
of companies.
   
The Scheme of Arrangement was approved at a meeting of the
creditors of ACL held on May 2, 2008.  As an outcome of the
court sanctioning the Scheme, Deloitte & Touche Hong Kong have
been appointed Scheme Administrators and will oversee management
in the orderly wind-up of ACL and sale of the assets located in
the Peoples Republic of China.

In the Scheme, the Administrator has estimated that proven ACL
creditors will potentially receive a dividend of $0.37 for each
dollar filed in a claim, there are certain qualifications and
warnings which are associated with this realization; as ACL
has not yet realized upon its assets and all creditors' claims
have not yet been adjudicated.  It should be noted that the
companies have filed claims against ACL in the Scheme.
   
Subsequent to the sanctioning of the Scheme by the Hong Kong
High Court, the company will commence formal marketing of the
significant assets located in the PRC, namely the factory,
machinery and equipment and raw material inventory.  Progress in
these marketing efforts will be the subject of future updates.
   
Any recovery in the CCAA for creditors and other stakeholders of
the companies, including shareholders, is uncertain and is
highly dependent upon a number of factors, including the
recovery from the sale of the factory, equipment and inventory
in the PRC and the outcome of the Scheme in Hong Kong.
   
In addition, Ascalade is providing this update in accordance
with Ontario Securities Commission Policy 57-603 Defaults by
Reporting Issuers in Complying with Financial Statement Filing
Requirements.

In accordance with the OSC Policy, the company confirms that,
except as disclosed in press statements dated April 2, 2008,
April 9, 2008, and April 29, 2008, issued by the company since
its initial default statement dated March 31, 2008:

  (i) there is no material change to the information set out in
      its initial default statement filed pursuant to the OSC
      Policy;

(ii) there has been no failure by the company to adhere to the
      Alternative Information Guidelines set out in the OSC
      Policy with respect to the financial statement filing
      default; and

(iii) there is no other material information concerning the
      affairs of the company that has not been generally
      disclosed.

               About Ascalade Communications Inc.

Based in Richmond, British Columbia, Ascalade Communications
Inc. (TSE:ACG) -- http://www.ascalade.com/ -- is an innovative  
product company that designs, develops and manufactures digital
wireless and communication products.  The company deliver
products by offering its partners and customers complete
vertical integration, from product design and development to
final production.  The company's products include digital
cordless phones, Voice over Internet Protocol phones, digital
wireless baby monitors and digital wireless conference phones.
Ascalade products have been distributed in more than 35
countries and under 80 regional brands.  Ascalade also has
facilities in Qingyuan, China, Hong Kong and a sales office in
Hertfordshire, United Kingdom.

On April 29, 2008, Jervis Rodrigues, senior vice-president of
Deloitte & Touche Inc., filed separate petitions for protection
under Chapter 15 of the U.S. Bankruptcy Code on behalf of
Ascalade Communications Inc. and its debtor-affiliate (Bankr.
N.D. Ill. Case Nos. 08-10612 and 08-10616).  Jeffrey G. Close,
Esq. at Chapman and Cutler LLP represents the Petitioner in the
Chapter 15 case.  Ascalade's financial condition as of September
2007 showed total assets of $99,630,000 and total debts of
$40,410,000.


BRITISH AIRWAYS: Earns GBP694 Million for Year Ended March 31
-------------------------------------------------------------
British Airways Plc posted GBP694 million in net profit on
GBP8.75 billion in net revenues for the financial year ended
March 31, 2008, compared with GBP304 million in net profit on
GBP8.49 billion in net revenues for the financial year ended
March 31, 2007.

The company's cash balance at the end of March 2008 was over
GBP1.8 billion, down GBP491 million on at end of March 2007.  
This reduction was primarily due to one-off payments into the
New Airways Pension Scheme (NAPS) totaling GBP610 million and to
the U.S. Department of Justice for anti-competitive activity.

As of March 31, 2008, British Airways had GBP11.12 billion in
total assets, GBP7.89 billion in total liabilities, resulting in
GBP3.23 billion in total shareholders' liabilities.  

As of March 31, 2008, the company had GBP3.148 billion in total
current assets and receivables and GBP3.244 billion in total
current liabilities.

"This is an outstanding financial result for the company despite
rising fuel prices and significant economic slowdown in the last
six months," British Airways' chief executive Willie Walsh,
said.  "We have achieved our goal of a ten% operating margin
which I am delighted has triggered the reward scheme for our
staff.   For our shareholders too, it signals the welcome return
of a dividend -- the first since 2001.

"Despite the difficulties of the opening of Terminal 5 in the
first few days, it is now working well and some two million
passengers have gone through it and many have enjoyed the
experience," Mr. Walsh added.  "Phase 2 of the move of our long-
haul services into the terminal begins on June 5 and will
include our blue riband New York services and flights to seven
other destinations."

                         Trading Outlook

Revenue for the full year is expected to increase by around 4%.  
This is in line with the lower end of the guidance given at
Investor Day.  Increased fuel surcharges broadly offset both
further weakness in non-premium long-haul travel and the impact
of the delayed move to Terminal 5.  Non-fuel costs are expected
to be some 3-3.5% or around GBP200 million up on 2007.

As a result of further hedging, our Investor Day fuel cost
guidance of an GBP18 million profit impact for every US$1 change
in the crude oil price has reduced to GBP16 million.  Based on a
cost of US$85 per barrel of crude oil, the company expected a
total GBP450 million increase.  

Based on the current market price for oil of US$120 per barrel
our total fuel costs would rise by around GBP1 billion this
financial year.  The company's hedging cover has increased with
some 72% cover for the first half of the year and just under 60%
for the second half.  The company also has around 30% cover for
2009/10.

The first quarter will be particularly difficult.  Crude prices
have risen from US$58 per barrel in the first quarter last year
to some US$115 this year.  The delayed transition to Terminal 5
affects both costs and revenue, and will feature in the quarter
and full year as the company deals with the challenges of the
move into the terminal.

The full year will also be challenging, against an uncertain
economic outlook.  As a result, the company has reduced capital
expenditure and is reviewing its capacity, costs and network in
the context of the economic pressures and high fuel prices.  The
company has a strong balance sheet and cash flows that will
enable it to take advantage of opportunities to strengthen its
business.

                      About British Airways

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

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

                        *     *     *

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


BRITISH ENERGY: Two More Parties Submit Takeover Offers
-------------------------------------------------------
British Energy Ltd. has received two more proposals to acquire
its entire assets and business, The Sunday Times reports.

The Times, citing people privy to British Energy's auction,
reports that a consortium of Germany's RWE AG and Spain's
Iberdrola SA has submitted a preliminary bid.

The source told the Times that France's Suez also submitted a
non-binding offer, but no price was specified.  The source added
that Suez is more interested striking a collaborative deal to
build nuclear power plants in the U.K. acquiring British Energy
as a whole.

As reported in the TCR-Europe on May 13, 2008, Electricite de
France S.A. has submitted a 600p-a-share offer to acquire
British Energy.  

According to the Times' sources, two of the three takeover
proposals value British Energy at more than 680p-a-share -- the
company closing share on May 16, 2008 -- or GBP10.8 billion.

                          Offer Rejection

Some of British Energy's shareholders, meanwhile, has threatened
to reject any takeover offer unless its offers significant
premium to the current share price, the Times relates.

A shareholder told British Energy's board that its current share
price does not fully value the company’s current power
generation, the Times adds.

Market sources told the Times that interested parties have to
submit more than 800p-a-share offer to receive approval from the
company's shareholders.

                      About British Energy

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

                          *     *     *

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

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

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


BS CONSTRUCTION: Goes Into Voluntary Administration
---------------------------------------------------
BS Construction Ltd. has gone into voluntary administration
after Anglo-Irish Bank decided to withdraw an GBP89 million
rescue package for the company's Canopus Greengate scheme, David
Thame writes for Manchester Evening News.

"BS Construction had contracts with sub-contractors, and the
offer, then withdrawal, of funding put us in a difficult
position," Bashar Issa, the company's director, told Manchester
Evening News.

According to Mr. Issa the company, whose debts totaled GBP1.5
million, will remain under voluntary administration until new
funding for the Canopus scheme is obtained, Manchester Evening
News relates.  The company's assets in the development stood at
between GBP15 million and GBP19 million.

Anglo-Irish Bank, however, declined to comment on the funding
agreement, Manchester Evening News notes.

Meanwhile, Mr. Issa, Manchester Evening News says, is in talks
with global property consultancy Jones Lang LaSalle over a new
funding package.  The director, Manchester Evening News further
discloses, is also in discussions  with a major hotel operator
and a serviced apartment provider.

Barclays is speculated to be involved in the Canopus funding
deal talks, the paper adds.

Crain's Manchester Business reveals BS Construction, which is
now being put up for sale, called in David Costley-Wood and
Richard Fleming from the Manchester office of KPMG as joint
administrators on May 12.

Headquartered in Manchester, England, BS Construction Ltd. is a
unit of BSC Group.


CHESAPEAKE CORP: Net Sales Down 7% in 2008 First Quarter
--------------------------------------------------------
Chesapeake Corporation reported financial results for the first
quarter of 2008.

Net sales of US$252.9 million declined 7% when compared to the
first quarter of 2007, and declined 13% excluding the effect of
changes in foreign currency exchange rates.

Operating income exclusive of goodwill impairments, gains or
losses on divestitures and restructuring expenses, asset
impairments and other exit costs was US$0.1 million, down
US$15.9 million when compared to the first quarter of 2007, and
was down US$16.8 million compared to the first quarter of 2007
excluding the effect of changes in foreign currency exchange
rates.

Loss from continuing operations was US$8.4 million, or US$0.43
per share, compared to income from continuing operations of
US$0.9 million, or US$0.05 per share, for the first quarter of
2007.  Excluding special items, loss from continuing operations
was US$8.0 million, or US$0.41 per share, compared to income
from continuing operations of US$1.6 million, or US$0.08 per
share, for the first quarter of 2007.

“We expected financial results for the first half of the year to
be below those in 2007, and the first quarter was worse than
expected,” said Andrew J. Kohut, Chesapeake’s president & chief
executive officer.  “The second quarter should be better than
the first, and we expect the second half of the year to build on
this momentum because of a robust business pipeline and benefits
from process improvement initiatives.

“We have made good progress on refinancing our senior revolving
credit facility and have a commitment letter to have a new
US$250-million senior secured credit facility by the end of
June,” added Kohut.  “We are also actively exploring options for
non-core or underperforming assets.”

                       Segment Results

Paperboard Packaging

Net sales for the first quarter of 2008 decreased 16 percent, or
US$36.9 million, compared to the same period in 2007.  The
decline in net sales was due to lower sales of both branded
products and pharmaceutical and healthcare packaging.  The sales
decline in branded products packaging was approximately 21
percent and was primarily due to decreased sales in the U.K.,
slightly offset by increased sales of German confectionery
packaging.  The decline in pharmaceutical and healthcare
packaging sales was approximately 11% and was primarily a result
of price declines, competitive market conditions and the timing
of new product launches by customers.

Operating loss for the first quarter of 2008 was unfavorable
compared to operating income in the same period in 2007 by
US$13.9 million.   The decrease in operating results was largely
due to decreased sales volumes throughout the segment, pricing
pressures and start-up costs associated with new products,
facility relocations and process improvement initiatives.
  
Plastic Packaging

Net sales for the first quarter of 2008 increased 4 percent, or
US$1.8 million, over the comparable quarter in 2007.  The
increase in net sales during the first quarter was primarily due
to the partial pass through of higher raw material costs.

Operating income for the first quarter of 2008 declined 39
percent, or US$2.7 million, compared to the same period in 2007.  
The decrease in operating income for the first quarter was
primarily due to weakness in the South African beverage
operation, which resulted primarily from price declines due to
competitive market conditions and from increased raw material
costs.

                         Liquidity

Net cash used in operating activities was US$5.0 million for the
first quarter of 2008, compared to net cash provided by
operating activities of US$14.2 million for the first quarter of
2007.  The decrease in net cash provided by operating activities
was primarily due to the decrease in operating results and
increased working capital requirements compared to the same
period in 2007.  Exclusive of restructuring spending, net cash
used in operating activities was US$3.4 million for the first
quarter of 2008 compared to net cash provided by operating
activities of US$16.3 million for the first quarter of 2007.

Total debt at March 30, 2008 was US$543.2 million, of which
US$190.4 million was designated as current, compared to total
debt of US$515.3 million at December 30, 2007, of which US$6.9
million was designated as current.  The increase in the current
portion of long-term debt resulted from the reclassification of
the company’s 2004 senior revolving credit facility, which
matures in February 2009.  Changes in foreign currency exchange
rates increased total debt approximately US$11.1 million at the
end of the first quarter of 2008 compared to the end of 2007.

                  Credit Facility Amendment

On March 5, 2008, the company obtained agreement from a majority
of the lenders under the senior revolving credit facility to
amend the facility.  The amendment affects financial maintenance
covenants in all four quarters of fiscal 2008, providing an
increase in the total leverage ratios and a decrease in the
interest coverage ratios.  In addition, interest rates were
increased to 450 basis points over LIBOR and basket limitations
were imposed for acquisitions, dispositions and other
indebtedness, among other changes.  The amendment also
stipulated that in the event that the senior revolving credit
facility was not fully refinanced prior to March 31, 2008, the
company would provide a security interest in substantially all
tangible assets of its European subsidiaries.  Activities are
currently underway by the lenders under the senior revolving
credit facility to obtain security interests in certain of the
company’s assets, primarily in the U.K. and Ireland.

The company was in compliance with all of its debt covenants as
of the end of the first quarter of fiscal 2008.  However, based
on current projections the company may not be in compliance with
the financial covenants under the senior revolving credit
facility at the end of the second quarter of fiscal 2008.  The
company expects to avoid compliance issues with these financial
covenants by improving cash flows, reducing outstanding
indebtedness, replacing or amending the senior revolving credit
facility or obtaining waivers from the lenders, but there can be
no assurance that these alternatives will be successfully
implemented.  Failure to comply with the financial covenants
would be an event of default under the senior revolving credit
facility.  If such an event of default were to occur, the
lenders under the senior revolving credit facility could require
immediate payment of all amounts outstanding under the facility
and terminate their commitments to lend under the facility.  
Pursuant to cross-default provisions in many of the instruments
that govern the company’s other outstanding indebtedness,
immediate payment of much of the other outstanding indebtedness
could be required, all of which would have a material adverse
effect on the business, results of operations and financial
condition.

                           Income Taxes

The company’s effective income tax rate is heavily influenced by
the relationship of U.S. to non-U.S. pre-tax income (losses), as
well as by management’s expectations as to the recovery of its
U.S. and certain foreign jurisdiction deferred income tax assets
and any settlements of income tax contingencies with income tax
authorities.

                           Other Items

Special items for the first quarter of 2008 and the first
quarter of 2007 included restructuring expenses, asset
impairments and other exit costs of US$0.6 million and US$0.8
million, respectively.  These charges were primarily associated
with workforce reductions.

First-quarter 2008 results included adjustments relating to
prior periods, the net impact of which increased net loss from
continuing operations before taxes by US$0.6 million, decreased
loss from continuing operations by US$0.3 million and decreased
net loss by US$0.3 million.  These adjustments, which were
deemed immaterial to the current and prior periods, included (1)
an overstatement of revenue due to invoicing errors for a
particular customer; (2) incorrect capitalization of expenses
associated with an inter-company fixed asset transfer; and (3)
an understatement of deferred tax assets associated with the
sale of one of the company’s U.K. manufacturing facilities.

                   About Chesapeake Corp

Chesapeake Corporation --  http://www.chesapeakecorp.com/--  
(NYSE: CSK) protects and promotes the world’s great brands as a
leading international supplier of value-added specialty
paperboard and plastic packaging.  Headquartered in Richmond,
Va., the company is one of Europe’s premier suppliers of folding
cartons, leaflets and labels, as well as plastic packaging for
niche markets.  Chesapeake has 45 locations in Europe, North
America, Africa and Asia and employs approximately 5,400 people
worldwide.  In Asia, Chesapeake has subsidiaries in China and
Hong Kong.

                        *     *     *

As reported in the Troubled Company Reporter on April 14, 2008,
Standard & Poor's Ratings Services lowered its ratings for
Chesapeake Corp., including the corporate credit rating, which
was lowered to 'B+' from 'BB-'.  At the same time, S&P assigned
a recovery rating of '6' to the company's existing subordinated
notes, indicating S&P's expectation for negligible (0% to 10%)
recovery in the event of a payment default.  All ratings were
removed from CreditWatch, where they were placed with negative
implications on Dec. 18, 2007.  The outlook is negative.


CHESAPEAKE CORP: Inks Commitment Letter w/GECC on New Facility
--------------------------------------------------------------
Chesapeake Corp. revealed in a regulatory filing that on May 2,
2008, it entered into a commitment letter with GE Commercial
Finance Limited and General Electric Capital Corporation to act
as the lead arranger and underwriter to provide a US$250-million
senior secured credit facility to refinance outstanding
borrowings under the company’s 2004 senior revolving credit
facility that matures in February 2009.

The new facility is expected to include revolving credit and
term loans secured by substantially all of the assets of the
company’s operations in the U.S. and Europe.  The commitment
letter is subject to a number of conditions that must be
satisfied before the GE facility is funded.  While the company
anticipates it will close on the refinancing before the end of
June 2008, there can be no assurance that such closing will
occur.

If the company is unable to refinance the senior revolving
credit facility by February 2009, all amounts outstanding under
the facility will become payable and, pursuant to cross-default
provisions in many of the instruments that govern the company’s
other outstanding indebtedness, immediate payment of much of the
other outstanding indebtedness could be required, all of which
would have a material adverse effect on the business, results of
operations and financial condition.

                   About Chesapeake Corp

Chesapeake Corporation --  http://www.chesapeakecorp.com/--  
(NYSE: CSK) protects and promotes the world’s great brands as a
leading international supplier of value-added specialty
paperboard and plastic packaging.  Headquartered in Richmond,
Va., the company is one of Europe’s premier suppliers of folding
cartons, leaflets and labels, as well as plastic packaging for
niche markets.  Chesapeake has 45 locations in Europe, North
America, Africa and Asia and employs approximately 5,400 people
worldwide.  In Asia, Chesapeake has subsidiaries in China and
Hong Kong.

                        *     *     *

As reported in the Troubled Company Reporter on April 14, 2008,
Standard & Poor's Ratings Services lowered its ratings for
Chesapeake Corp., including the corporate credit rating, which
was lowered to 'B+' from 'BB-'.  At the same time, S&P assigned
a recovery rating of '6' to the company's existing subordinated
notes, indicating S&P's expectation for negligible (0% to 10%)
recovery in the event of a payment default.  All ratings were
removed from CreditWatch, where they were placed with negative
implications on Dec. 18, 2007.  The outlook is negative.


CHESAPEAKE CORP: In Talks to Amend U.K. Pension Recovery Plan
-------------------------------------------------------------
Chesapeake Corp. disclosed in a filing with the U.S. Securities
and Exchange Commission that one of the its U.K. subsidiaries is
party to a recovery plan for its U.K. pension plan that requires
the subsidiary to make annual cash contributions to the pension
plan in July each year of at least GBP6 million above otherwise
required levels in order to achieve a funding level of 100
percent by July 2014.

In addition, if an interim funding level for the U.K. pension
plan of 90% was not achieved by April 5, 2008, the recovery plan
requires that an additional supplementary contribution to
achieve an interim funding level of 90% percent paid on or
before July 15, 2008.  The funding level of the U.K. pension
plan is dependent upon certain actuarial assumptions, including
assumptions related to inflation, investment returns and market
interest rates, changes in the numbers of plan participants and
changes in the benefit obligations and related laws and
regulations.  Changes to these assumptions in the past six
months have had a significant impact on the calculation of the
funding level of the U.K. pension plan.

The company has received the April 2008 valuation of the pension
plan's assets and liabilities which indicates that the required
supplementary contribution to the pension plan would be
GBP35.6 million to achieve 90% funding as of that date under the
terms of the current recovery plan.

The company’s U.K. subsidiary would be unable to make this
supplementary contribution without breaching certain financial
covenants of the existing senior revolving credit facility or
covenants that are likely to be included in any refinancing
thereof.  Any such breach would trigger cross-defaults under
substantially all of the company’s other debt, which would have
a material adverse effect on our business, results of operations
and financial condition.

The company has reached agreement with the U.K. pension plan
trustee on the principles of amendments to the recovery plan
that will reduce the supplemental payment due on or before July
15, 2008 to GBP6 million and provide additional assurance of,
and security for, the company’s future funding of the plan.

The company believes the amounts payable under the proposed
amended recovery plan can be paid without the company breaching
relevant financial covenants.  The company and the U.K. pension
plan trustee are in the process of finalizing the terms of the
amended recovery plan and will seek any appropriate approvals
required for the amended recovery plan.  While there can be no
assurance that the recovery plan will be amended, the company
expects to finalize the amended recovery plan prior to the
July 15, 2008 payment date.

                   About Chesapeake Corp

Chesapeake Corporation --  http://www.chesapeakecorp.com/--  
(NYSE: CSK) protects and promotes the world’s great brands as a
leading international supplier of value-added specialty
paperboard and plastic packaging.  Headquartered in Richmond,
Va., the company is one of Europe’s premier suppliers of folding
cartons, leaflets and labels, as well as plastic packaging for
niche markets.  Chesapeake has 45 locations in Europe, North
America, Africa and Asia and employs approximately 5,400 people
worldwide.  In Asia, Chesapeake has subsidiaries in China and
Hong Kong.

                        *     *     *

As reported in the Troubled Company Reporter on April 14, 2008,
Standard & Poor's Ratings Services lowered its ratings for
Chesapeake Corp., including the corporate credit rating, which
was lowered to 'B+' from 'BB-'.  At the same time, S&P assigned
a recovery rating of '6' to the company's existing subordinated
notes, indicating S&P's expectation for negligible (0% to 10%)
recovery in the event of a payment default.  All ratings were
removed from CreditWatch, where they were placed with negative
implications on Dec. 18, 2007.  The outlook is negative.


CHURCHILL DULWICH: Calls In Liquidators from Vantis
---------------------------------------------------
Paul Atkinson and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Churchill Dulwich
Ltd. on May 13 for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


CLARKE & WRIGHT: Appoints Liquidator from Mazars
------------------------------------------------
Philip Michael Lyon of Mazars LLP was appointed liquidator of
Clarke & Wright Ltd. on May 8 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


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

This redemption will be funded with existing sources of
liquidity.

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


COMPASS MINERALS: S&P Lifts Corporate Credit Rating to BB
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Compass
Minerals International Inc.  The corporate credit rating was
raised to 'BB' from 'BB-'.  S&P removed all ratings from
CreditWatch, where they were placed on May 5, 2008, with
positive implications.  The outlook is stable.

"The upgrade reflects Compass' continued good operating
performance because of strong sales volumes and a favorable
pricing environment, a trend we expect to continue in the next
few quarters," said Standard & Poor's credit analyst Anna
Alemani.  "As a result, the company's consolidated financial
profile has improved to a level we would consider to be more in
line with a higher rating.  In addition, the company's announced
plan for June 2008 to redeem, with existing sources of
liquidity, US$70 million of its high-coupon discount notes due
2013 will help to lower its overall borrowing costs."

As of March 31, 2008, US$176.5 million of the notes were
outstanding.

Compass Minerals is the second-largest producer of salt in North
America and the largest in the U.K. In addition, it is the
largest North American producer of sulfate of potash specialty
fertilizer, a niche market that accounted for about 17% of
revenues in 2007 but has benefited from rapid growth.

"We could revise the outlook to positive if the company sustains
its improved operating performance and steady cash flow
generation, reduces debt, and does not adopt a more aggressive
financial policy," Ms. Alemani said.  "It is less likely we
would revise the outlook to negative.  We would do so, though,
if leverage increases because of margin pressure, volumes are
sustained at a lower level because of milder weather conditions,
or debt-financed spending levels are greater than expected."


ELVA FUNDING: Notes’ Rating Lowered to D by S&P then Withdrawn
--------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on the class B2 secured floating-rate credit-linked
notes issued by Elva Funding PLC series 2006-5.
  
Specifically, S&P has:

      -— Lowered to 'D' and withdrawn the ratings on the
         existing notes; and

      -— Assigned a 'A' rating to the restructured class B2
         notes.
  
Following a recent restructuring of the class B2 notes, the
coupon on the restructured notes will be lower than the original
coupon.  S&P considers this to be a ratings default, since they
will not pay interest in accordance with the original terms of
the notes, and have thus lowered to 'D' and withdrawn its
ratings on the notes.
  
The new ratings on the restructured notes reflect the updated
terms and conditions of these notes. Under the restructured
notes the credit enhancement has improved sufficiently to
support the new ratings.


ETHEL AUSTIN: Elaine McPherson Buys Business for GBP10 Million
--------------------------------------------------------------
Elaine McPherson, former chief executive of MK One, has acquired
Ethel Austin Ltd. out of administration for approximately GBP10
million, thisismoney.co.uk reports, citing Mail on Sunday.  

However, Ms. McPherson, thisismoney.co.uk relates, asked for 30
of the company's 300 stores to be held back as she intends to
conduct a review of the business.

"I shall undertake a thorough review of the business to produce
a strategy to transform the business's trading performance and
safeguard jobs," Ms. McPherson was quoted by thisismoney.co.uk
as saying.  "I want to return it to its former glory and that
may well involve a revamp of stores and product range."

Ethel Austin went into administration in April, leaving 2,500
jobs at risk.

As reported in the Troubled Company Reporter-Europe on April 17,
2008, Philip Duffy and David Whitehouse of Menzies Corporate
Restructuring were appointed joint administrators.

Headquartered in Prescot, England, Ethel Austin Limited --
http://www.ethelaustin.co.uk/-- is a clothing retailer.    
Founded in 1934, the company reported GBP150 million in turnover
in 2007.


FIOR DI LATTE: Taps Joint Administrators from Tenon Recovery
------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint administrators of Fior di Latte Ltd. (Company
Number 05747866) on May 12, 2008.

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

The company can be reached at:

          Fior di Latte Ltd.
          22-24 Jubilee Drive
          Loughborough
          Leicestershire
          LE11 5XS
          England
          Tel: 01509 211 310
          Fax: 01509 239 078
          Web site: http://www.fiordelatte.co.uk/


GEORGE OF COLCHESTER: Taps Moore Stephens to Administer Assets
--------------------------------------------------------------
Simon Geoffrey Paterson and David Ronald Elliott of Moore
Stephens LLP were appointed joint administrators of The George
of Colchester Ltd. (Company Number 02956512) on May 7, 2008.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

          The George of Colchester Ltd.
          116 High Street
          Colchester
          Essex
          CO1 1TD
          England
          Tel: 01206 578 494
          Fax: 01206 716 732


KEMEK LTD: Appoints Joint Administrators from Deloitte & Touche
---------------------------------------------------------------
Stephen Anthony John Ramsbottom and Richard Michael Hawes of
Deloitte & Touche LLP were appointed joint administrators of
Kemek Ltd. (Company Number 3703542) on May 7, 2008.

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

The company can be reached at:

          Kemek Ltd.
          Unit 8-10
          Oakland Court
          Martock
          Somerset
          TA12 6HP
          England
          Tel: 01935 823 383
          Fax: 01935 823 353
          Web site: http://www.kem3k.com/   


KMC HOLDINGS: Brings In Grant Thornton as Joint Administrators
--------------------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP
were appointed May 1, 2008, joint administrators of:

   -- KMC Holdings Ltd. (Company Number 04880474);

   -- KMC Kay Management Consultants Ltd. (Company Number
      02912202); and

   -- KMC Interim Executive Ltd. (Company Number 03241862).

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The companies can be reached at:

          KMC Holdings Ltd.
          7 Old Park Lane
          West End
          London
          W1K 1QR
          England
          Tel: 020 7317 4600
          Fax: 020 7317 4620


MICRA CONTRACTS: Taps Liquidators from Tenon Recovery
-----------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Micra Contracts
Ltd. on May 7 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


NALLATECH LTD: Taps Joint Administrators from Kroll Ltd
-------------------------------------------------------
Fraser J. Gray and Alastair Paul Beveridge of Kroll Ltd. were
appointed joint administrators of Nallatech Ltd. (Company Number
02814155) on May 7, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

          Nallatech Ltd.
          Boolean House
          Napier Park
          Glasgow
          Lanarkshire
          G68 0BH
          England
          Tel: 01236 789 500
          Fax: 01236 789 599
          Web site: http://www.nallatech.com/   


NEW HAVEN: Tough Economic Conditions Prompt Administration
----------------------------------------------------------
UK-based furniture retailer New Haven Associates, trading as New
Heights, has gone into administration following tough economic
conditions, Jennifer Creevy writes for Retail Week.

The company, which earlier shut down all of its shops, called in
Baker Tilly as administrator, the paper relates.


NIGHTINGALE FINANCE: Moody’s Junks Rating on Capital Notes
----------------------------------------------------------
Moody's downgraded the capital note ratings of Nightingale
Finance that were placed on review on April 24, 2008 as:

Nightingale Finance Limited and Nightingale Finance LLC

Capital Note Programme

Current Rating: Caa3
Prior Rating: B3, on review for downgrade

The funding and market illiquidity problems that have led to the
collapse of SIVs have been most acutely felt by capital notes,
the long-term, subordinated debt that were issued by these
companies.

Nightingale's senior debt programmes benefit from a liquidity
support provided by AIG Financial Products Corp.  This support
has ensured that no assets have been liquidated (other than
transfers in connection with vertical slicing), and so no losses
have yet crystallised for capital note investors.  However,
today's rating action reflects the deterioration in market value
of Nightingale's asset portfolio, with average market value
declining to 90.25% of par as of May 14, 2008, corresponding to
a capital net asset value of 20.58%.

AIGFP has indicated its intention to continue to provide
liquidity to Nightingale in order to support senior debt.  This
may lead to the avoidance of asset sales that would otherwise
crystallise losses for capital note investors.  Avoidance of
asset sales is currently not a contractual obligation.  However,
were the manager to continue to pursue this strategy even after
all senior debt has been repaid, the ratings assigned to the
capital notes would likely be investment grade due in part to
the high credit quality of Nightingale's asset portfolio (Aaa
88.1%, Aa 10.5%, and A 1.4%).  By contrast, were Nightingale to
liquidate its assets, the rating of capital notes, as implied by
the low capital net asset value, would be C.  The assigned
rating of Caa3 therefore gives credit to the manager's intention
to avoid asset sales but recognises that the manager does not
have a legal obligation to do so.


PANALOC LTD: Appoints KPMG as Joint Administrators
--------------------------------------------------
Paul Dumbell, Brian Green and Paul Flint of KPMG LLP were
appointed joint administrators of Panaloc Ltd. (Company Number
05309408) on May 7, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

          Panaloc Ltd.
          Stretford Motorway Estate
          Manchester
          M32 0ZH
          England
          Tel: 0161 864 4436
          Fax: 0161 864 4438
          Web site: http://www.panaloc.co.uk/index.html/


PREMIER ASSET: Moody’s Cuts Rating on Capital Not Programme
-----------------------------------------------------------
Moody's downgraded the capital note rating of Premier Asset
Collateralized Entity that was placed on review on April 24,
2008 as:

Premier Asset Collateralized Entity Ltd and Premier Asset
Collateralized Entity LLC

Capital Note Programme

Current Rating: C
Prior Rating: Caa3, on review for downgrade

The funding and market illiquidity problems that have led to the
collapse of SIVs have been most acutely felt by capital notes,
the long-term, subordinated debt that were issued by these
companies.

PACE, sponsored by Societe Generale, NY Branch, has not sold any
assets since the onset of the crisis thanks to a liquidity
support facility provided by Societe Generale.  However, with an
average portfolio price of 87.4% as of 9 May 2008, capital net
asset value is negative, thus minimising the likelihood of a
recovery were assets to be sold.


SABRETECH HOME: Hires Liquidators from Moore Stephens
-----------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Sabretech Home Improvements Ltd.
on May 2 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


SCOOT AND COMMUTE: Calls In Liquidators from Moore Stephens
-----------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
Scoot and Commute Ltd. on May 7 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


SERMEC ENGINEERING: Taps Joint Administrators from KPMG
-------------------------------------------------------
Howard Smith and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of Sermec Engineering Ltd.
(Company Number 1212645) on May 7, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

          Sermec Engineering Ltd.
          Unit 2X
          South Nelson Road
          Cramlington
          Northumberland
          England
          Tel: 01670 731 000
          Fax: 01670 739 777


SERMILLION LTD: Brings In Liquidators from BDO Stoy Hayward
-----------------------------------------------------------
Andrew Howard Beckingham and Matthew James Chadwick of BDO Stoy
Hayward LLP were appointed joint liquidators of Sermillion Ltd.
(formerly ITR Outsourcing Ltd.) on May 1 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         SO14 3TL
         England


STATSONSPORT LTD: Creditors' Meeting Slated for May 29
------------------------------------------------------
Creditors of Statsonsport Ltd. (Company Number 05375505) will
meet at 11:00 a.m. on May 29, 2008, at:

          Vantis Plc
          66 Wigmore Street
          London  
          W1U 2SB
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 28, 2008 at:

          Nicholas Hugh O'Reilly
          Joint Administrator
          Vantis
          PO Box 2653
          66 Wigmore Street
          London  
          W1A 3RT
          England

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.


TALISMAN-6 FINANCE: Fitch Rates EUR15.5 Mln. Class F Notes at BB
----------------------------------------------------------------
Fitch Ratings has placed two classes of Talisman-6 Finance Plc's
mortgage-backed notes due 2013 on Rating Watch Negative:

   -- EUR816 million Class A (XS0294187306): affirmed at
      'AAA'; Outlook Stable

   -- EUR10,000 Class X (XS0294187645): affirmed at 'AAA';
      Outlook Stable

   -- EUR79.9 million Class B (XS0294187991): affirmed at 'AA';
      Outlook Stable

   -- EUR83.3 million Class C (XS0294188882): affirmed at 'A';
      Outlook Stable

   -- EUR59.9 million Class D (XS0294189005): affirmed at 'BBB';
      Outlook revised to Negative from Stable

   -- EUR12.5 million Class E (XS0294189427): 'BBB-'; on RWN

   -- EUR15.5 million Class F (XS0294189690): 'BB'; on RWN

Current information received from the servicer, Hatfield Philips
International Limited, with regard to the defaulting Cherry loan
in Talisman 6, triggered a review of this transaction, which
ultimately led to the RWN on the lowest two note classes.  The
RWN will be resolved in the next four weeks once Fitch has more
clarity on the Cherry loan, and all additional information
requested has been received.  While HPI is not a rated German
servicer, the company has mortgage primary and special ratings
of 'CPS2UK' and 'CSS2UK', respectively, for its servicing
activities related to UK commercial mortgage assets.

There have been reporting inconsistencies surrounding the Cherry
loan.  Also, the loan did not make the full April 2008 debt
service payment; consequently, it is in special servicing. Due
to the lack of cooperation and accurate reporting from the
borrower, the exact reasons behind the reduction in income
remain unclear.  Furthermore, in the analysis undertaken, and
according to the investor reports received, it appears that two
other loans are also experiencing difficulties and are
performing worse than expected, although at coverage levels
which are higher than the Cherry loan's. Fitch is waiting for
further information to confirm this.  

The Mango loan and the Coconut loan have deteriorated in terms
of performance with rental income declines, increased tenant
arrears and declining interest coverage ratios.  The coverage in
the Coconut loan has decreased to 1.40x from 1.68x at closing,
and the rental income declined by EUR1.4 million to EUR12.71
million in the last quarter.  The coverage in the Mango loan has
declined to 1.35x (below the cash trap trigger of 1.50x) from
1.60x, which can be attributed to higher levels of arrears.
Although the Mango loan is not in special servicing, as the
covenant trigger is 1.25x, HPI has initiated the cash trap.  


WALNUT TREE: Appoints Joint Administrators from Baker Tilly
-----------------------------------------------------------
Michael David Rollings, Simon Peter Bower and Alan Lovett of
Baker Tilly Restructuring and Recovery LLP were appointed joint
administrators of Walnut Tree Dry Cleaners Ltd. (Company Number
03650179) on May 9, 2008.

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

The company can be reached at:

          Walnut Tree Dry Cleaners Ltd.
          43 High Street
          Milton Keynes
          MK17 8RB
          England
          Tel: 01908583008


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

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


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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


                          *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *