TCREUR_Public/080522.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 22, 2008, Vol. 9, No. 101

                            Headlines


A U S T R I A

AZDS PERSONALLEASING: Claims Registration Period Ends June 25
ERICH SCHRIMPF: Claims Registration Period Ends June 16
HAIR FACTORY: Claims Registration Period Ends June 20
RC REPROGRAFIE: Claims Registration Period Ends June 19
SPYGA LLC: Claims Registration Period Ends June 9


B U L G A R I A

FIRST INVESTMENT: Moody's May Cut Ba1/D Ratings After Review


G E R M A N Y

AHRENSBOEKER SCHLEMMERSTUEBCHEN: Claims Filing Ends June 10
B + W - BAUEN: Claims Registration Ends June 10
CAR-DESIGN-CENTER GMBH: Claims Registration Ends June 10
DOLL BETEILIGUNGS: Claims Registration Period Ends June 10
EXPRESS PLUS: Creditors' Meeting Slated for June 12

FAHRZEUG-OUTFIT GMBH: Claims Registration Period Ends June 10
G & D LIVEMOTIVE: Claims Registration Period Ends June 10
HUB24 GMBH: Creditors' Meeting Slated for June 12
PRESSLER SPEDITION: Creditors' Meeting Slated for June 6
RICOE INTERNATIONALE: Claims Registration Period Ends June 6

RM FURNIER-CENTER: Claims Registration Period Ends June 6
S + R BAU: Claims Registration Period Ends June 6
SANIPA GMBH: Claims Registration Period Ends June 6
SICHERHEITSDIENST DIRK: Claims Registration Period Ends June 6
SPEDITION HAASE: Claims Registration Period Ends June 6

TEAM VERWALTUNGS: Claims Registration Period Ends June 9
TELDEON GMBH: Claims Registration Ends June 10
WAMA ELEKTRO-SUN: Claims Registration Period Ends June 9
YUECEL OBST: Claims Registration Ends June 10


I R E L A N D

CLOVERIE PLC: Moody's Junks Rating on Class D Notes
CORIOLANUS 32: Fitch Junks Ratings on US$60 Million Notes
EIRLES TWO: Fitch Junks Ratings on Four Note Classes
VISAGE CDO I: Moody's Junks Ratings on Three Note Classes


I T A L Y

ALITALIA SPA: Bruno Ermolli Forms EUR1.4-Billion Bidding Newco
ALITALIA SPA: Denies Having Salary Payment Difficulties
FIAT SPA: Iveco Unit to Resume Talks with Tata Motors
FIAT SPA: Names Mr. Piero Locatelli as Statutory Auditor


K A Z A K H S T A N

AKTOBE FRAHT: Creditors Must File Claims by June 27
ELECTRO IMPEX: Claims Deadline Slated for June 27
KAZKOMMERTSBANK: Inks Cooperation Agreement with KEIC
KB AKJOL: Claims Filing Period Ends June 27
SARYARKA LLP: Creditors' Claims Due on June 27

TECHSNABSERVICE-PV LLP: Claims Registration Ends June 27


K Y R G Y Z S T A N

AZIMUTH TOURISM: Creditors Must File Claims by July 2
GREEN LIFE: Claims Filing Period Ends July 2


M A L T A

MALTA SHIPYARDS: May Go Bankrupt Over Conversion Deal Dispute


N E T H E R L A N D S

CORPORATE EXPRESS: To Acquire Lyreco for EUR1.7 Billion
CORPORATE EXPRESS: S&P Puts BB- Ratings to Watch Developing


R U S S I A

BALT-TERMINAL LLC: Creditors Must File Claims by May 26
ECO-PROGRESS OJSC: Omsk Bankruptcy Hearing Slated for August 26
FIDELITY-RESERVE: Creditors Must File Claims by July 6
KHIM-TRADE LLC: Creditors Must File Claims by May 26
MAGNITOGORSK IRON: Earns US$271 Million for First Quarter 2008

NOVATEK OAO: First Quarter Revenue Ups 36.8% to RUR20.89 Billion
PERVOMAYSKOE LLC: Creditors Must File Claims by May 26
ROSNEFT OIL: Plans to Produce 130 Million Tonnes of Oil by 2010
SARATOVSKIY AIRCRAFT: Creditors Must File Claims by July 6
SEVERSTAL OAO: Submits US$17 Cash per Share Bid for Esmark

SEVERSTAL OAO: To Issue US$1.5 Bln Eurobonds to Fund Esmark Bid
SIB-GOR-MASH: Novosibirsk Bankruptcy Hearing Slated for Aug. 27
TEKH-STANKO-PROM: Kursk Bankruptcy Hearing Slated for August 13
TIKHVINSKOE MEAT: Court Names A. Boravchenkov to Manage Assets
YUG-MET-INVEST: Creditors Must File Claims by June 26


S W I T Z E R L A N D

CULT LOUNGE: Aargau Court Commences Bankruptcy Proceedings
FAGUSSILVA INVEST: Creditors' Liquidation Claims Due by May 28
HR TRADING: Creditors Have Until May 25 to File Proofs of Claim
KMK HANDEL: Aargau Court Initiates Bankruptcy Proceedings
KREHL & PARTNER: Proofs of Claim Filing Deadline is May 28

LIDBAG VERLAG: Creditors Must File Proofs of Claim by May 25
MEDEX MEDICAL: Creditors' Proofs of Claim Due by May 25
PWFS HOLDING: Proofs of Claim Filing Deadline Set for May 25


U N I T E D   K I N G D O M

BIGGERLAND LTD: Appoints Joint Administrators from Vantis
BOWATER HOME: Brings In Liquidators from Grant Thornton
ENTERPRISE INNS: Moody's May Cut Ba1 Rating After Review
FAMILY FIREPLACE: Taps Liquidators from Tenon Recovery
FORD MOTOR: Volvo Plans to Cut Jobs at Gothenburg Plant

HAT PIN: Brings In Administrators from Vantis
INTERNATIONAL POWER: Ranald Spiers Named as MEA Exec. Director
INTERNATIONAL POWER: Fitch Affirms BB IDR on Bond Issuance
MANAGEMENT AND TRAINING: Taps Liquidators from Tenon Recovery
NORTEL NETWORKS: Increases Notes Offering to US$675 Million

NORTEL NETWORKS: Moody's Rates Unit's US$500MM Note Issue at B3
ROCK GROUP: Sale to Stone Group Completed on May 19
TAZ PUB: Appoints Liquidators from Tenon Recovery
TITAN EUROPE 2006-2: Fitch Affirms Rating on Class Class J at B
TOLWOOD TECHNOLOGIES: Taps Joint Administrators from Menzies

WENHAM MAJOR: RSM Acquires Business Out of Administration
YELL GROUP: Limited Performance Cues Moody's to Keep Ba3 Rating

* Moody's Says Higher Delinquencies in UK Prime RMBS at Q1 2008
* Upcoming Meetings, Conferences and Seminars


                            *********

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


AZDS PERSONALLEASING: Claims Registration Period Ends June 25
-------------------------------------------------------------
Creditors owed money by LLC AZDS Personalleasing (FN 222415g)
have until June 25, 2008, to file written proofs of claim to
court-appointed estate administrator Eva Riess at:

          Dr. Eva Riess
          c/o Dr. Leopold Riess
          Zeltgasse 3/13
          1080 Vienna
          Austria
          Tel: 402 57 01-0 Serie
          Fax: 402 57 01 21
          E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on July 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 29, 2008 (Bankr. Case No. 2 S 50/08b).  Leopold Riess
represents Dr. Riess in the bankruptcy proceedings.


ERICH SCHRIMPF: Claims Registration Period Ends June 16
-------------------------------------------------------
Creditors owed money by LLC Erich Schrimpf (FN 40174f) have
until June 16, 2008, to file written proofs of claim to court-
appointed estate administrator Alois Autherith at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on July 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Langenlois, Austria, the Debtor declared
bankruptcy on April 29, 2008 (Bankr. Case No. 9 S 30/08x).


HAIR FACTORY: Claims Registration Period Ends June 20
-----------------------------------------------------
Creditors owed money by KG HAIR FACTORY GISI (FN 288132z) have
until June 20, 2008, to file written proofs of claim to court-
appointed estate administrator Martina Withoff at:

          Dr. Martina Withoff
          Hauptplatz 5
          3910 Zwettl
          Austria
          Tel: 02822/52417
          Fax: 02822/52417-4
          E-mail: dr.withoff@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on July 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Heidenreichstein, Austria, the Debtor declared
bankruptcy on April 29, 2008 (Bankr. Case No. 9 S 28/08b).


RC REPROGRAFIE: Claims Registration Period Ends June 19
-------------------------------------------------------
Creditors owed money by OEG RC REPROGRAFIE + DESIGN WEINER-
SIEBER (FN 227601h) have until June 19, 2008, to file written
proofs of claim to court-appointed estate administrator Michael
Lesigang at:

          Dr. Michael Lesigang
          Landstrasser Hauptstrasse 14
          1030 Vienna
          Austria
          Tel: 715 25 26
          Fax: 715 25 26/27
          E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 29, 2008 (Bankr. Case No. 5 S 45/08i).


SPYGA LLC: Claims Registration Period Ends June 9
-------------------------------------------------
Creditors owed money by LLC Spyga (FN 274249h) have until
June 9, 2008, to file written proofs of claim to court-appointed
estate administrator Klemens Dallinger at:

          Dr. Klemens Dallinger
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 28 33
          Fax: 513 28 33 22
          E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on June 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 29, 2008 (Bankr. Case No. 6 S 32/08k).


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


FIRST INVESTMENT: Moody's May Cut Ba1/D Ratings After Review
------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the D bank financial strength rating and the Ba1 long-
term local and foreign currency deposit ratings of First
Investment Bank AD.  The rating agency also placed on review for
possible downgrade the bank's Ba1 senior unsecured rating and
Ba2 subordinated debt rating.

Moody's says that the rating action was triggered by the recent
outflow of deposits FIB experienced, which were reported to have
started following rumors circulated electronically regarding the
financial condition of the bank.  In a public announcement which
condemned the rumors as unfounded and attested to the bank's
good standing, the Bulgarian National Bank stated that it would
use all measures at its disposal to support the stability and
financial health of the bank.

According to FIB and BNB, the deposit outflow has ceased and the
impact on the bank's deposit franchise has not been material.
Moody's acknowledges this position and will focus its review on
assessing any potential longer-term impact on the bank's
business franchise, specifically its market reputation, funding
ability and franchise development, and the bank's overall future
financial fundamentals.  If the review concludes that FIB's
business growth and deposit franchise dynamics are resilient and
have reverted to normal conditions, the ratings could be
confirmed.

Headquartered in Sofia, Bulgaria, First Investment Bank had
total assets of BGN4.070 billion (EUR7.924 billion) at the end
of March 2008.


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


AHRENSBOEKER SCHLEMMERSTUEBCHEN: Claims Filing Ends June 10
-----------------------------------------------------------
Creditors of Ahrensboeker Schlemmerstuebchen & Partyservice GmbH
have until June 10, 2008 to register their claims with court-
appointed insolvency manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Eutin
         Hall C
         Jungfernstieg 3
         23701 Eutin

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The District Court of Eutin opened bankruptcy proceedings
against Ahrensboeker Schlemmerstuebchen & Partyservice GmbH on
April 25, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Ahrensboeker Schlemmerstübchen & Partyservice GmbH
         Attn: Wolfgang Siebuhr, Manager
         Boekenbarg 9
         23623 Ahrensboek
         Germany


B + W - BAUEN: Claims Registration Ends June 10
-----------------------------------------------
Creditors of B + W - Bauen und Wohnen GmbH have until June 10,
2008 to register their claims with court-appointed insolvency
manager Markus Wueste.

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

         Markus Wueste
         Bremer Str. 19 a
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against B + W - Bauen und Wohnen GmbH on May 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B + W - Bauen und Wohnen GmbH
         Attn: Ricarda Maria Petrich, Manager
         Kreuzstr. 96
         44137 Dortmund
         Germany


CAR-DESIGN-CENTER GMBH: Claims Registration Ends June 10
--------------------------------------------------------
Creditors of Car-Design-Center GmbH have until June 10, 2008 to
register their claims with court-appointed insolvency manager
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Coburg
         Meeting Hall K
         First Floor
         Coburg
         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:

         Thomas Linse
         Rosenauer Str. 22
         96450 Coburg
         Germany
         Tel: 09561/80340
         Fax: 09561/803434

The District Court of Coburg opened bankruptcy proceedings
against Car-Design-Center GmbH on May 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Car-Design-Center GmbH
         Rothgasse 33
         96242 Sonnefeld
         Germany


DOLL BETEILIGUNGS: Claims Registration Period Ends June 10
----------------------------------------------------------
Creditors of Doll Beteiligungs-GmbH have until June 10, 2008, to
register their claims with court-appointed insolvency manager
Dr. Norbert Wischermann.

Creditors and other interested parties are encouraged to attend
the meeting at 09:30 a.m. on June 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Norbert Wischermann
         Alter Markt 9-13
         42275 Wuppertal
         Germany
         Tel: 0202/493 88-0
         Fax: 0202/45 19 39

The District Court of Wuppertal opened bankruptcy proceedings
against Doll Beteiligungs-GmbH on April 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Doll Beteiligungs-GmbH
         Friedrich-Engels-Allee 200
         42285 Wuppertal
         Germany

         Attn: Wolfgang Doll, Manager
         Kronprinzenstr. 77
         42119 Wuppertal
         Germany


EXPRESS PLUS: Creditors' Meeting Slated for June 12
---------------------------------------------------
The court-appointed insolvency manager for Express Plus GmbH,
Hans-W. Goetsch, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
June 12, 2008.

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

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on Aug. 4, 2008, at the same
venue.

Creditors have until June 10, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hans-W. Goetsch
         Libellenweg 4
         55128 Mainz
         Germany
         Tel: 06131/3337960
         Fax: 06131/3337961

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

The Debtor can be reached at:

         Express Plus GmbH
         Carl-Zeiss-Str. 53
         55129 Mainz-Hechtsheim
         Germany


FAHRZEUG-OUTFIT GMBH: Claims Registration Period Ends June 10
-------------------------------------------------------------
Creditors of Fahrzeug-Outfit GmbH Strahlen und Lackieren have
until June 10, 2008, to register their claims with court-
appointed insolvency manager Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.  The meeting of creditors will be held
at:

         The District Court of Dessau-Rosslau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau-Rosslau
         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:

         Andre Schirrmeister
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against Fahrzeug-Outfit GmbH Strahlen und Lackieren
on May 2, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Fahrzeug-Outfit GmbH
         Strahlen und Lackieren
         Am Waggonbau 9
         06844 Dessau-Rosslau
         Germany

         Attn: Holger Krauleidis
         Rotdornstr. 13A
         06862 Jeber-Bergfrieden
         Germany


G & D LIVEMOTIVE: Claims Registration Period Ends June 10
---------------------------------------------------------
Creditors of G & D Livemotive GmbH & Co. OHG have until
June 10, 2008, to register their claims with court-appointed
insolvency manager Dr. Norbert Wischermann.

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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Wischermann
         Alter Markt 9-13
         42275 Wuppertal
         Germany
         Tel: 0202/493 88-0
         Fax: 0202/45 19 39

The District Court of Wuppertal opened bankruptcy proceedings
against G & D Livemotive GmbH & Co. OHG on April 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         G & D Livemotive GmbH & Co. OHG
         Friedrich-Engels-Allee 200
         42285 Wuppertal
         Germany


HUB24 GMBH: Creditors' Meeting Slated for June 12
-------------------------------------------------
The court-appointed insolvency manager for hub24 GmbH (ehemals
konzept Logistik Nord GmbH), Hans-W. Goetsch, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:15 a.m. on June 12, 2008.

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

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 4, 2008, at the same
venue.

Creditors have until June 10, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hans-W. Goetsch
         Libellenweg 4
         55128 Mainz
         Germany
         Tel: 06131/3337960
         Fax: 06131/3337961

The District Court of Mainz opened bankruptcy proceedings
against hub24 GmbH (ehemals konzept Logistik Nord GmbH) on May
1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         hub24 GmbH (ehemals konzept Logistik Nord GmbH)
         Carl-Zeiss-Str. 53
         55129 Mainz-Hechtsheim
         Germany


PRESSLER SPEDITION: Creditors' Meeting Slated for June 6
--------------------------------------------------------
The court-appointed insolvency manager for Pressler Spedition
GmbH, Olaf Boerner will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on June 6, 2008.

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

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 8, 2008 at the same
venue.

Creditors have until June 10, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Olaf Boerner
         Brueder-Grimm-Platz 4, D
         34117 Kassel
         Germany
         Tel: 0561/71200-25
         Fax: 0561/71200-69
         E-mail: boerner@branomo.de

The District Court of Kassel opened bankruptcy proceedings
against  Pressler Spedition GmbH on April 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Pressler Spedition GmbH
         Industriestrasse 11 D
         34260 Kaufungen
         Germany

         Attn: Bernd Pressler, Manager
         Hegelsbergstrasse 36-38
         34127 Kassel
         Germany


RICOE INTERNATIONALE: Claims Registration Period Ends June 6
------------------------------------------------------------
Creditors of Ricoe Internationale Transporte und Logistik GmbH
have until June 6, 2008, to register their claims with court-
appointed insolvency manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Osterode am Harz
          Stadthalle Osterode am Harz
          Doergestr. 28
          37520 Osterode am Harz
          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:

          Torsten Gutmann
          Lueders Partnerschaftsgesellschaft
          Zum Blauen See 5
          31275 Hannover/Lehrte
          Germany
          Tel: 05132-8268-38
          Fax: 05132-8268-96
          E-mail: Gutmann@luederslaw.de

The District Court of Osterode am Harz opened bankruptcy
proceedings against Ricoe Internationale Transporte und Logistik
GmbH on May 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          Ricoe Internationale Transporte und Logistik GmbH
          Leege 18 -22
          37520 Osterode am Harz
          Germany


RM FURNIER-CENTER: Claims Registration Period Ends June 6
---------------------------------------------------------
Creditors of RM Furnier-Center Herstellungs- und
Handelsgesellschaft fuer Holzprodukte mbH have until June 6,
2008, to register their claims with court-appointed insolvency
manager Silvia Lackenbauer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 15, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Silvia Lackenbauer
          c/o Mentor Societat AG
          Geleitsstr. 63
          63067 Offenbach
          Germany
          Tel: 069/82990-84
          Fax: 069/82990-80

The District Court of Hanau opened bankruptcy proceedings
against RM Furnier-Center Herstellungs- und Handelsgesellschaft
fuer Holzprodukte mbH on April 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          RM Furnier-Center Herstellungs- und
          Handelsgesellschaft fuer Holzprodukte mbH
          Attn: Manfred Doll and Rainer Groh, Managers
          Raiffeisenstrasse 8
          63549 Ronneburg
          Germany


S + R BAU: Claims Registration Period Ends June 6
-------------------------------------------------
Creditors of S + R Bau GmbH have until June 6, 2008, to register
their claims with court-appointed insolvency manager Helmut
Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on July 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Crailsheim
          Hall 113
          First Floor
          Schillerstrasse 1
          74564 Crailsheim
          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. Helmut Eisner
          Josef-Schmitt-Str.10
          97922 Lauda-Koenigshofen
          Germany
          Tel: 09343/2065
          Fax: 09343/3833

The District Court of Crailsheim opened bankruptcy proceedings
against S + R Bau GmbH on May 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          S + R Bau GmbH
          Attn: Elmar Schneider, Manager
          Nonnengasse 7
          97980 Bad Mergentheim
          Germany


SANIPA GMBH: Claims Registration Period Ends June 6
---------------------------------------------------
Creditors of Sanipa GmbH Badeeinrichtungen have until June 6,
2008, to register their claims with court-appointed insolvency
manager Siegfried Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Ansbach
          Meeting Room 1
          Ground Floor
          Promenade 8
          91522 Ansbach
          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. Siegfried Beck
          Stahlstr. 17
          90411 Nuremberg
          Germany
          Tel: 0911/9512850
          Fax: 0911/95128510

The District Court of Ansbach opened bankruptcy proceedings
against Sanipa GmbH Badeeinrichtungen on March 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Sanipa GmbH Badeeinrichtungen
          Markt Berolzheimer Str. 6
          91757 Treuchtlingen
          Germany


SICHERHEITSDIENST DIRK: Claims Registration Period Ends June 6
--------------------------------------------------------------
Creditors of Sicherheitsdienst Dirk Zoll GmbH have until June 6,
2008, to register their claims with court-appointed insolvency
manager Helmut Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Mosbach
          Meeting Hall 12
          Lohrtalweg 2
          74821 Mosbach
          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. Helmut Eisner
          Josef-Schmitt-Str. 10
          97922 Lauda-Koenigshofen
          Germany
          Tel: 09343/627590

The District Court of Mosbach opened bankruptcy proceedings
against Sicherheitsdienst Dirk Zoll GmbH on April 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Sicherheitsdienst Dirk Zoll GmbH
          Frankenpassage 8
          97941 Tauberbischofsheim
          Germany


SPEDITION HAASE: Claims Registration Period Ends June 6
-------------------------------------------------------
Creditors of Spedition Haase GmbH have until June 6, 2008, to
register their claims with court-appointed insolvency manager
Sandra Bitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Paderborn
          Meeting Hall 230a
          Second Floor
          Bogen 2-4
          33098 Paderborn
          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:

          Sandra Bitter
          Busdorfwall 22
          33098 Paderborn
          Germany
          Tel: 05251/180660
          Fax: 05251/1806666

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

The Debtor can be reached at:

          Spedition Haase GmbH
          Attn: Guido Haase, Manager
          Heinrich-Spier-Str. 18-20
          32839 Steinheim
          Germany


TEAM VERWALTUNGS: Claims Registration Period Ends June 9
--------------------------------------------------------
Creditors of Team Verwaltungs GmbH have until June 9, 2008, to
register their claims with court-appointed insolvency manager
Dr. Frank Kreuznacht.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Frank Kreuznacht
         Wolbecker Windmuehle 15a
         48167 Muenster
         Germany
         Tel: 02506/821-0
         Fax: +492506821100

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

The Debtor can be reached at:

         Team Verwaltungs GmbH
         Vornholzweg 16
         59320 Ennigerloh
         Germany


TELDEON GMBH: Claims Registration Ends June 10
----------------------------------------------
Creditors of teldeon GmbH have until June 10, 2008 to register
their claims with court-appointed insolvency manager Dr. Joachim
Heitsch.

Claims will be verified at 9:30 a.m. on Aug. 8, 2008 at:

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

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

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against teldeon GmbH on March 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         teldeon GmbH
         Hauptstr. 65
         12159 Berlin
         Germany


WAMA ELEKTRO-SUN: Claims Registration Period Ends June 9
--------------------------------------------------------
Creditors of Wama Elektro-Sun GmbH have until June 9, 2008, to
register their claims with court-appointed insolvency manager
Dr. Gerrit Hoelzle.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Wama Elektro-Sun GmbH on April 3, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wama Elektro-Sun GmbH
         Hedwigstr. 2
         46537 Dinslaken
         Germany

         Attn: Peter Entinger, Manager
         Hedwigstr. 4
         46537 Dinslaken
         Germany


YUECEL OBST: Claims Registration Ends June 10
---------------------------------------------
Creditors of Yuecel Obst- und Gemuesehandel GmbH have until
June 10, 2008 to register their claims with court-appointed
insolvency manager Dr. Detlef Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Yuecel Obst- und Gemuesehandel GmbH on
March 19, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Yuecel Obst- und Gemuesehandel GmbH
         Beusselstrasse 44
         10553 Berlin
         Germany


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


CLOVERIE PLC: Moody's Junks Rating on Class D Notes
---------------------------------------------------
Moody's Investors Service downgraded series 2006-1, 2006-2 and
2006-3 issued by Cloverie PLC.  The ratings remain on review for
further downgrade.

These rating actions are a response to credit deterioration in
the underlying portfolio.  This transaction is a static
synthetic CDO referencing approximately 70% US RMBS and 20% ABS
of student loans and large loans.  The RMBS are of the 2003,
2004, and 2005 vintages.

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

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

These rating actions are:

Issuer: Cloverie PLC

   (1) The Series 2006-1 US$10,000,000 Class A Secured Floating
       Rate Portfolio Credit Linked Notes due 2045;

    -- Current Rating: Baa1, on review for possible downgrade
    -- Prior Rating: Aa2

   (2) The Series 2006-2 US$10,000,000 Class B Secured Floating
       Rate Portfolio Credit Linked Notes due 2045; and

    -- Current Rating: Ba1, on review for possible downgrade
    -- Prior Rating: Aa3

   (3) The Series 2006-3 US$40,000,000 Class D Secured Floating
       Rate Portfolio Credit Linked Notes due 2045.

    -- Current Rating: Caa1, on review for possible downgrade
    -- Prior Rating: A2


CORIOLANUS 32: Fitch Junks Ratings on US$60 Million Notes
---------------------------------------------------------
Fitch Ratings has downgraded Coriolanus 32 (Tsar 10), Tsar 10
Eirles Two Series 125-128 and Tsar 10 Class E-1 notes.  All
classes have been removed from Rating Watch Negative (RWN) where
they were originally placed on 27 February 2008. The ratings
are:

   -- US$60 million  Coriolanus 32 - Class B (ISIN:
      XS0235981916): Downgraded to 'CCC' from 'A'; removed from
      RWN

   -- US$33.9 million Eirles Two Series 128 (ISIN:
      XS0199907881): Downgraded to 'CC' from 'BBB+'; removed
      from RWN

   -- US$18.6 million Eirles Two Series 127 (ISIN:
      XS0199906727): Downgraded to 'CC' from 'BBB-' (BBB minus);
      removed from RWN

   -- US$35.8 million Eirles Two Series 126 (ISIN:
      XS0199907378): Downgraded to 'CC' from 'B'; removed from
      RWN

   -- US$7.2 million Eirles Two Series 125 (ISIN: XS0199906214):
      Downgraded to 'CC' from 'B-'; removed from RWN

   -- EUR7.5m Tsar 10 Class E-1 Portfolio CDS: Downgraded to
      'CC' from 'CCC'; removed from RWN

Eirles Two Limited is a special purpose vehicle incorporated
under the laws of Ireland.  The notes have a scheduled maturity
date of 14 September 2039 and absorb the credit risk of a credit
default swap with Deutsche Bank AG.  The credit default swap
with Deutsche Bank AG relates to a reference portfolio of asset-
backed securities obligations.

Fitch's rating action reflects higher loss expectations due to
greater than expected collateral deterioration in Tsar 10's
portfolio.  The negative credit migration is primarily
attributed to the rapid credit deterioration in US structured
finance CDOs and subprime residential mortgage backed
securities, primarily from the 2005 and 2006 vintages.

The portfolio is comprised of US subprime RMBS (12.93%),
Alternative A (Alt-A) mortgage loans (22.97%) and US structured
finance CDOs (26.94%).  US structured finance CDOs of the 2005,
2006 and 2007 vintages account for approximately 6.64%, 8.40%
and 7.06% of the portfolio, respectively. During the rating
action in November 2007, 0% of the portfolio was rated 'BB+' or
below.  As per the portfolio from the latest trustee report
dated April 2008, 6.73% of the portfolio is rated 'CCC+' or
below and 16.43% of the portfolio is rated 'BB+' or below.  This
compares to credit enhancement levels of 8.18%, 6.57%, 5.27%,
2.76%, 2.26% and 1.61% for Coriolanus 32 Class B, Eirles Series
128, 127, 126, 125 and Tsar 10 Class E-1 Portfolio CDS,
respectively.


EIRLES TWO: Fitch Junks Ratings on Four Note Classes
----------------------------------------------------
Fitch Ratings has downgraded Coriolanus 32 (Tsar 10), Tsar 10
Eirles Two Series 125-128 and Tsar 10 Class E-1 notes.  All
classes have been removed from Rating Watch Negative (RWN) where
they were originally placed on 27 February 2008. The ratings
are:

   -- US$60 million  Coriolanus 32 - Class B (ISIN:
      XS0235981916): Downgraded to 'CCC' from 'A'; removed from
      RWN

   -- US$33.9 million Eirles Two Series 128 (ISIN:
      XS0199907881): Downgraded to 'CC' from 'BBB+'; removed
      from RWN

   -- US$18.6 million Eirles Two Series 127 (ISIN:
      XS0199906727): Downgraded to 'CC' from 'BBB-' (BBB minus);
      removed from RWN

   -- US$35.8 million Eirles Two Series 126 (ISIN:
      XS0199907378): Downgraded to 'CC' from 'B'; removed from
      RWN

   -- US$7.2 million Eirles Two Series 125 (ISIN: XS0199906214):
      Downgraded to 'CC' from 'B-'; removed from RWN

   -- EUR7.5m Tsar 10 Class E-1 Portfolio CDS: Downgraded to
      'CC' from 'CCC'; removed from RWN

Eirles Two Limited is a special purpose vehicle incorporated
under the laws of Ireland.  The notes have a scheduled maturity
date of 14 September 2039 and absorb the credit risk of a credit
default swap with Deutsche Bank AG.  The credit default swap
with Deutsche Bank AG relates to a reference portfolio of asset-
backed securities obligations.

Fitch's rating action reflects higher loss expectations due to
greater than expected collateral deterioration in Tsar 10's
portfolio.  The negative credit migration is primarily
attributed to the rapid credit deterioration in US structured
finance CDOs and subprime residential mortgage backed
securities, primarily from the 2005 and 2006 vintages.

The portfolio is comprised of US subprime RMBS (12.93%),
Alternative A (Alt-A) mortgage loans (22.97%) and US structured
finance CDOs (26.94%).  US structured finance CDOs of the 2005,
2006 and 2007 vintages account for approximately 6.64%, 8.40%
and 7.06% of the portfolio, respectively. During the rating
action in November 2007, 0% of the portfolio was rated 'BB+' or
below.  As per the portfolio from the latest trustee report
dated April 2008, 6.73% of the portfolio is rated 'CCC+' or
below and 16.43% of the portfolio is rated 'BB+' or below.  This
compares to credit enhancement levels of 8.18%, 6.57%, 5.27%,
2.76%, 2.26% and 1.61% for Coriolanus 32 Class B, Eirles Series
128, 127, 126, 125 and Tsar 10 Class E-1 Portfolio CDS,
respectively.


VISAGE CDO I: Moody's Junks Ratings on Three Note Classes
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
classes of notes issued by Visage CDO I p.l.c.

The downgrades follow the complete liquidation of the collateral
on May 12, 2008 at the direction of the controlling class
following the occurrence on Feb. 29, 2008 of an event of default
linked to the Class A Par Value Ratio falling below 100%.

The portfolio of this CDO transaction was made up of 89%
synthetically referenced 2004-2006 vintage US ABS CDOs, with the
remainding 11% being other types of CDO.  The average rating of
the portfolio had rapidly deteriorated from a Baa2 equivalent at
closing (July 2006) to B3 by April 2008.  Prior to the
liquidation, 31% of the portfolio assets were classified as
defaulted.

Following the Enforcement Notice delivered on May 12, 2008, the
security over the collateral was enforced and the net proceeds
were distributed in accordance with the Post-Enforcement
Priority of Payments.  No payments were made to any of the rated
notes.

These rating actions are:

Issuer: Visage CDO I P.L.C.

   (1) US$56,000,000 Class A notes due 2051

    -- Current Rating: C
    -- Prior Rating: B3, on review for downgrade

   (2) US$40,000,000 Class B notes due 2051

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

   (3) US$20,000,000 Class C notes due 2051

    -- Current Rating: C
    -- Prior Rating: Ca

In addition to these downgrades, Moody's will subsequently
withdraw the ratings of all Notes issued by Visage CDO I p.l.c.:

   (1) US$56,000,000 Class A notes due 2051
   (2) US$40,000,000 Class B notes due 2051
   (3) US$20,000,000 Class C notes due 2051
   (4) US$10,000,000 Class D notes due 2051
   (5) US$18,000,000 Class E notes due 2051


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


ALITALIA SPA: Bruno Ermolli Forms EUR1.4-Billion Bidding Newco
--------------------------------------------------------------
Bruno Ermolli, adviser to Prime Minister Silvio Berlusconi, has
set up a special bidding vehicle to bid for the Italian
government's 49.9% stake in Alitalia S.p.A, Reuters says citing
an unsourced Il Messaggero report.

According to Il Messaggero, the newco is composed of several
Italian financial and industrial firms including AirOne S.p.A.
The report adds that Intesa Sanpaolo S.p.A., Mediobanca S.p.A.
and Piaggio S.p.A. chairman and CEO Roberto Colaninno.

The report adds that Mr. Colaninno who might be offered the
chairmanship at Alitalia in exchange for a EUR200-million
investment at the newco.

Poste Italiane S.p.A. CEO Massimo Sarmi told Reuters that the
state-owned mail group might joined the newco if it gains
commercial benefits from the deal.  Poste operates cargo carrier
Mistral Air.

The newco may also include Air France-KLM SA and Deutsche
Lufthansa AG after it restores Alitalia financial coffers.

                           Too Early

Mr. Ermolli, meanwhile, was quoted as Reuters as saying that he
has submitted a full report on the newco.

Mr. Ermolli, however, said it was still too early to talk about
numbers, referring to the newco's reported EUR1.4 billion
capitalization.

                         About Alitalia

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

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


ALITALIA SPA: Denies Having Salary Payment Difficulties
-------------------------------------------------------
Alitalia S.p.A. has denied a claim that it would face
difficulties in paying its employees, various reports say.

Antonello Soro, member of the Democratic Party in the Chamber of
Deputies, commented to Radiotelevisione Italiana that Alitalia
would struggle paying salaries in May and might not be able to
cover payments in June, Bloomberg News relates.

                          New Chairman

Meanwhile, union sources told Reuters that Prime Minister Silvio
Berlusconi may name a new chairman and chief execituve for
Alitalia this week.  Aristide Police currently sits as
Alitalia's chairman.

According to Il Sole 24 Ore, nominees for the post includes
Pietro Ciucci, chairman of Italian highway regulator Anas.

                         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.


FIAT SPA: Iveco Unit to Resume Talks with Tata Motors
-----------------------------------------------------
Iveco S.p.A., a unit of Fiat S.p.A., will resume talks with Tata
Motors over several international deals, Reuters reports citing
an interview with unit CEO Paolo Monferino by Il Giornale.

Mr. Monferino told Il Giornale that Iveco and Tata will resume
talks over the closure of the acquisition of Jaguar and Land
Rover.   He added that the companies will also discuss possible
deals in Latin America, South Africa and southeast Asia for
joint development of lorries and heavy goods vehicles.

Mr. Monferino added that the Fiat unit needs to expand its
production capacity to cope with the strong strong demand in
heavy goods vehicles.

"We could develop with our own strengths and we are capable of
setting up a distribution network from nothing," Mr. Monferino
was quoted by Il Giornale as saying.  "There are many options,
including with Severstal, which is already a partner of Fiat."

Mr. Monferino also denied that Iveco was a takeover target,
noting that the firm is "big international player."

                          About Iveco

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

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

                        About Fiat S.p.A.

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

                          *     *     *

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

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


FIAT SPA: Names Mr. Piero Locatelli as Statutory Auditor
--------------------------------------------------------
Fiat S.p.A. disclosed that Mr. Piero Locatelli has replaced Mr.
Cesare Ferrero as Statutory Auditor of the company.  The
announcement came after the elections at the Shareholder Meeting
of Giovanni Agnelli e C. S.a.p.A.

Mr. Ferrero and Mr. Locatelli were elected as Statutory Auditor
and Alternate Auditor, respectively, from the list of nominees
presented by the shareholder, Ifil Investments S.p.A., at the
Shareholder Meeting held on May 3, 2006.

Fiat wishes to thank Mr. Ferrero for his valued professional
contribution to the Group over the years.

                        About Fiat S.p.A.

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

                          *     *     *

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

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


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


AKTOBE FRAHT: Creditors Must File Claims by June 27
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe Fraht insolvent.

Creditors have until June 27, 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


ELECTRO IMPEX: Claims Deadline Slated for June 27
-------------------------------------------------
LLP Electro Impex Ltd. declares about its insolvency.  Creditors
have until June 27, 2008, to submit written proofs of claims to:

         LLP Electro Impex Ltd.
         Aiteke bi Str. 88-13
         Almaty
         Kazakhstan


KAZKOMMERTSBANK: Inks Cooperation Agreement with KEIC
-----------------------------------------------------
Kazkommertsbank has signed a cooperation agreement with the
Korean Export Insurance Corporation as a start to the
development of a mutually beneficial partnership.

The participation of KEIC in financing and risk coverage schemes
allows South Korean commercial banks to provide long-term
financing for infrastructural projects in Kazakhstan.

The financing of the export and import operations of
Kazkommertsbank customers is expected to grow as the KEIC
insurance products are aimed at covering payment default risks
on export loans, allowing for more effective use of credit lines
of South Korean banks, opened for Kazkommertsbank.

Kazkom plans to expand its creditor base and provide its
corporate customers with alternative products for financing
their external trade transactions along with existing credit
lines.

KKB has a long history of working with customers with close ties
to Korean companies, as well as Korean financial institutions
entering the Kazakh market and investing in local projects, both
in terms of offering financing and providing payment agent
services.

KEIC was established in 1992 for the purpose of export support
from Korea and other kinds of activities related to Korean
companies' business with foreign partners.  Support is provided
through export insurance and guarantees to decrease political
and commercial risks, appearing during process of fulfillment of
this kind of deals. KEIC is a state-owned organization managed
and controlled by the Korean Ministry of Trade, Industry and
Energy, which allows the state to provide a guarantee for
financed projects.  KEIC provides insurance for Korean exporters
from risk of non-payment by foreign partners and also provides
guarantees to banks providing export financing.

                    About Kazkommertsbank

Headquartered in Almaty, Kazakhstan, JSC Kazkommertsbank --
http://www.kazkommertsbank.com/-- accepts deposits and provides
loans and credit facilities in Tenge and foreign currencies.
The Bank is also a major participant in the securities market
and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As of April 2, 2008, JSC Kazkommertsbank carries Ba1 Foreign and
Local Bank Deposit ratings; Ba3 Subordinated and Junior
Subordinated Debt ratings; and D- Bank Financial Strength rating
from Moody's Investor Service, which said the Outlook is stable.

The bank also carries BB Long-Term Local and Foreign Issuer
Credit ratings; and B Short-Term Local and Foreign Issuer Credit
ratings from Standard & Poor's Rating Services, which said the
Outlook is negative.

Kazkommertsbank also carries BB+ Long-Term Foreign Issuer
Default and Senior Unsecured Debt ratings; BB Subordinated Debt
rating; and B Short-Term rating from Fitch Ratings, which said
the Outlook is negative.


KB AKJOL: Claims Filing Period Ends June 27
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP KB Akjol insolvent on April 8, 2008.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Rayimbek Str. 12
         Erkin
         Talgarsky District
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


SARYARKA LLP: Creditors' Claims Due on June 27
----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Saryarka insolvent on March 21, 2008.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Tolstoy Str. 19-38
         Pavlodar
         Kazakhstan
         Tel: 8 (7172) 32-86-70


TECHSNABSERVICE-PV LLP: Claims Registration Ends June 27
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Techsnabservice-PV insolvent on April 8, 2008.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Tolstoy Str. 19-38
         Pavlodar
         Kazakhstan
         Tel: 8 (7172) 32-86-70


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


AZIMUTH TOURISM: Creditors Must File Claims by July 2
-----------------------------------------------------
LLC Azimuth Tourism has declared insolvency.  Creditors have
until July 2, 2008 to submit written proofs of claim to:

         LLC Azimuth Tourism
         Djambul Str. 31
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 21-33-47


GREEN LIFE: Claims Filing Period Ends July 2
--------------------------------------------
LLC Green Life has declared about insolvency.  Creditors have
until July 2, 2008 to submit written proofs of claim to:

         LLC Green Life
         Timiryazev Str. 11
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 21-33-47


=========
M A L T A
=========


MALTA SHIPYARDS: May Go Bankrupt Over Conversion Deal Dispute
-------------------------------------------------------------
Malta Shipyards Ltd. could go bankrupt if it fails to resolve a
dispute with the General Workers' Union over conversion
contracts with Fairmount Heavy Transport, the Financial Times
reports, citing Lloyds List.

According to GWU metal and construction section secretary Paul
Bugeja, the value of the original contract with Fairmount to
convert two barges into heavylift vessels for the offshore
sector should have been a lot more, claiming "all the sub-
contractors are making money, while the shipyard is losing," the
FT relates.

Malta Shipyards, which employs 1,700 workers, said in a press
release, it has to control the damage of an industrial action
immediately, otherwise, it may not be able to generate enough
income to fulfill obligations, including wages beyond a few more
weeks, the FT reveals.

However, the union noted that while it is not calling for a
strike, it is directing its members to work to rule and to not
work with the sub-contractors of either the yard or the client
in a move that could affect productivity, the FT discloses.

Malta Shipyards told FT that while it had “recently won
contracts” due to using “subcontracted workers to speed up
work,” its reputation of late deliveries is “well known.”  Malta
Shipyards added that the owners want to see some improvement in
productivity.

The yard, the paper adds, may also face charges of up to US$9
million for breaches of contract and damages after receiving
official protests from vessel owners.

                    About Malta Shipyards

The Malta Shipyards -- http://www.maltashipyards.com/-- are
owned by the Government of Malta.  The Shipyards group comprises
a modern steel fabrication production facility at Marsa, one of
the largest dry docking repair and conversion facilities in the
Mediterranean at Cospicua, Manoel Island Yacht and the Malta
Shipyards Tank Cleaning Station.


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


CORPORATE EXPRESS: To Acquire Lyreco for EUR1.7 Billion
-------------------------------------------------------
Corporate Express NV and Lyreco SAS disclosed yesterday that
they entered into a transaction, subject to shareholders’
approval, to combine both companies to create the undisputed
leading global office products supplier focused purely on the
business to business market.  The combination will benefit from
a shared vision on industry and strategy, major economies of
scale, a well-balanced international presence and customer mix.

Under the agreement, Corporate Express will acquire 100% of the
share capital of Lyreco for a total consideration of
EUR1,731 million consisting of:

   -- 102,468,236 new ordinary shares to be issued to Corely,
      equating to 29.9% of total outstanding capital and
      voting.  This represents a total value of EUR831 million
      based on the Corporate Express share price as of close of
      day May 20, 2008.  The shares to be issued to Corely will
      be subject to a two-year lock-up arrangement.

   -- Cash of EUR560 million

   -- Vendor Loan Note of EUR340 million to be issued to
      Lyreco's shareholders

The implied EV/EBITDAe transaction multiple is 9.6x (based on
Lyreco's 2007 EBITDAe of EUR181 million) and 6.2x when including
100% of the run-rate synergies.

The transaction is subject to usual conditions (such as anti-
trust and works council) and other closing conditions that are
normal for this type of transaction.  Under certain
circumstances, a break fee of EUR30 million will be payable to
Corely upon termination of the transaction.

                          Financing

Corporate Express added that a fully committed financing is in
place.  The financing, according to Corporate Express, has been
committed by a number of banks and will be syndicated at a later
stage.  The bookrunners are ABN AMRO, BNP Paribas, Deutsche
Bank, Fortis, ING, JPMorgan and Rabobank.

Net debt/2007 EBITDAe amounts to 3.5 times, and 2.9 times
including run-rate synergies.  Corporate Credit ratings are
expected to stay at current levels.  De-leveraging is targeted,
with an estimated leverage ratio of 2.0 times in 2011.

                      Shareholder Approval

Lyreco shareholders have already approved the transaction and
Corporate Express’ shareholders’ approval will be requested at
an Extraordinary General Meeting of its shareholders.  Corporate
Express' shareholders meeting is scheduled to be held in the
second half of June 2008.

                            Comments

Peter Ventress, CEO of Corporate Express, commented that “[t]his
is the most logical and compelling merger one could envision in
our industry.  The two businesses are highly complementary.  We
will have an excellent geographic and customer balance and
valuable market leading positions, while remaining fully focused
on B2B customers.  This merger accelerates our stated strategic
development.

The Boards of both companies are unanimous in their view that
this combination and the associated synergies will provide an
outstanding opportunity to create significant value for our
shareholders, clients and employees.  Lyreco’s management has an
impressive track record, built on a proven business model, which
has delivered impressive growth.  This is an excellent and value
creating deal.”

Eric Bigeard, CEO of Lyreco, said “[t]he combination of
Corporate Express and Lyreco will create a formidable player in
our market.  We share a vision on the industry and strategic
direction.  The natural fit of the two companies will create a
strong global platform to further grow our business, backed by
the commitment of the management teams and the support from the
employees of both companies.

This merger marks a significant milestone for Corporate Express
and Lyreco and for the industry as a whole and both management
teams strongly support it.  I am delighted to be working with
Peter Ventress and his team and believe the combined group will
benefit from a wealth of experience.”

                  Governance and Organisation

Upon completion of the transaction, the Supervisory Board will
comprise of four of the current Corporate Express members and
two new Board members proposed by a French company, Corely S.C.,
through which Lyreco’s shareholders will participate in
Corporate Express.  Corely will have a nomination right for two
out of the six Supervisory Board Members.

Frank Meysman will continue to be the Chairman of the
Supervisory Board and Georges Gaspard, currently Chairman of
Lyreco, will become Vice Chairman of the combined group.

On the Executive Board Eric Bigeard, the current CEO of Lyreco,
will become CEO.  Peter Ventress, currently CEO of Corporate
Express, will be appointed COO and Floris Waller will remain
CFO.

                Financial and Legal Advisors

Deutsche Bank and JPMorgan are acting as the financial advisors
to Corporate Express with Allen & Overy as its legal advisor.
The Supervisory Board of Corporate Express obtained separate
financial advice from ABN Amro and legal advice from the De
Brauw Blackstone Westbroek.

Rothschild is acting as the financial advisor to Lyreco and
Simmons & Simmons and CMS-Francis Lefebvre as legal advisors.

                        About Lyreco

France-based Lyreco SAS -- http://www.lyreco.com/-- is a
supplier of office products to the B2B market, with 40% of its
customers in mid-sized businesses.  The company, which was
founded in 1926, is privately-owned, based in Europe and employs
about 10,300 people, operating from some 180 locations in 29
countries.  In 2007 the company generated sales of EUR2.2
billion.  Lyreco is also present in North America and Asia.  The
group operates from 28 distribution centres and from more than
150 regional centres.

                  About Corporate Express

Corporate Express NV -- http://www.corporateexpress.com/-- is
supplies office products to businesses and institutions.  The
company has a widespread global proprietary distribution network
spanning Corporate Express America, Europe and Australia, with
approximately 18,000 employees working from more than 350
locations in 21 countries.  In 2007 the company generated sales
of EUR5.6 billion.


CORPORATE EXPRESS: S&P Puts BB- Ratings to Watch Developing
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to developing from
positive the implications of its CreditWatch placement of its
'BB-' long-term corporate credit rating on Netherlands-based
office products distributor Corporate Express N.V.  The ratings
were originally placed on CreditWatch with positive implications
Feb. 19, 2008.

"The rating action comes after a major acquisition proposal by
Corporate Express and signals a potential downside to rating
quality emanating from the debt component of the acquisition
funding, as well as the integration risk to the combined
business," said Standard & Poor's credit analyst Marketa
Horkova.  Corporate Express yesterday offered to acquire 100% of
the share capital of one of its competitors, France-based office
products supplier Lyreco S.A. for EUR1.731 billion.  The
original CreditWatch placement reflected the EUR2.5 billion cash
offer for its stock made by the U.S.-based Staples Inc.
(BBB+/Watch Neg/--).

While the acquisition of Corporate Express by the larger and
better-capitalized Staples remains a possibility, we shall
continue to factor this credit upside into the CreditWatch
developing listing.

The offer for Lyreco by Corporate Express will be partially
financed through equity issuance of about EUR831 million and by
about EUR560 million of debt.  In addition, Corporate Express
plans to issue a vendor loan of EUR340 million, which could be
considered equity-like if there is significant evidence that it
will have the same degree of permanence as other equity
instruments in the capital structure of Corporate Express.

"For the financial profile and ratings of Corporate Express to
remain compatible with a 'BB-' rating we expect to see a full
uptake of the planned share issue and the vendor loans being
considered as equity-like," said Ms. Horkova.  On these
conditions, Lyreco's EBITDAe base (defined by Corporate Express
as earnings before interest, tax, depreciation, amortization,
and special items) of about EUR181 million (as per 2007
accounts) should provide sufficient cash flow contribution to
maintain debt protection metrics in the range targeted by the
current rating.  These would include the ratio of fully
adjusted debt to EBITDA being less than 5x, allowing for only
limited ratio weakening through the economic cycle. Conversely,
low equity content of the vendor loan would result in weaker
debt coverage and the ratings being lowered.

"From a business risk profile perspective, we see the
transaction as mildly business-enhancing as it provides a
positive diversification away from the North American market,
which is currently facing a difficult economic environment,"
said Ms. Horkova.  The acquisition should enhance the leading
market positions of Corporate Express in Europe and Asia. Based
on reported 2007 results, the combined entity would have about
EUR7.8 billion of sales and EBITDAe of about EUR509 million
(excluding synergies).

The ratings continue to reflect Corporate Express' aggressive
financial risk profile and the general cyclicality and highly
competitive nature of the global office products market.
Standard & Poor's aims to resolve the CreditWatch placement
within the next 90 days, after meeting with management
and assessing the vendor loan structure.


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


BALT-TERMINAL LLC: Creditors Must File Claims by May 26
-------------------------------------------------------
Creditors of LLC Balt-Terminal have until May 26, 2008, to
submit proofs of claim to:

         O. Elistratova
         Temporary Insolvency Manager
         Premise 4N
         Let. B
         4th Sovetskaya Str. 20
         191036 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad will
convene on July 8, 2008, to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
A56-35793/2007.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Balt-Terminal
         Premise 2-N
         Letter B
         3rd Sovetskaya Str. 10
         St. Petersburg
         Russia


ECO-PROGRESS OJSC: Omsk Bankruptcy Hearing Slated for August 26
---------------------------------------------------------------
The Arbitration Court of Omsk will convene at 10:40 a.m. on Aug.
26, 2008, to hear the bankruptcy supervision procedure on OJSC
Eco-Progress.  The case is docketed under Case No. A46-2227/
2008.

The Temporary Insolvency Manager is:

         O. Shilova
         Post User Box 4599
         644052 Omsk-52
         Russia

The Debtor can be reached at:

         OJSC Eco-Progress
         Sherbaneva Str. 27
         644043 Omsk
         Russia


FIDELITY-RESERVE: Creditors Must File Claims by July 6
------------------------------------------------------
Creditors of CJSC Insurance Company Fidelity-Reserve (TIN
6150011500) have until July 6, 2008, to submit proofs of claim
to:

         V. Yakimov
         Insolvency Manager
         Office 100
         Building 2
         Stolovyj Per. 6
         121069 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-20255/07-101-63B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Insurance Company Fidelity-Reserve
         Floor 15
         Gilyarovskogo Str. 7
         129090 Moscow
         Russia


KHIM-TRADE LLC: Creditors Must File Claims by May 26
----------------------------------------------------
Creditors of LLC Khim-Trade have until May 26, 2008, to submit
proofs of claim to:

         A. Kotelnikov
         Temporary Insolvency Manager
         Mira Str. 45a-305
         614095 Perm
         Russia

The Arbitration Court of Perm will convene at 11:00 a.m. on Aug.
20, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A50-15944/
2007-B3.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Khim-Trade
         Pyatiletki Str. 44
         Berezniki
         618419 Perm
         Russia


MAGNITOGORSK IRON: Earns US$271 Million for First Quarter 2008
--------------------------------------------------------------
OJSC Magnitogorsk Iron & Steel Works released its consolidated
financial results prepared under US GAAP for the first quarter
of 2008

The company said that transient profitability decline but it
continues to have an optimistic outlook for 2008.

Results for the quarter include:

   * Crude steel output at MMK grew by 8.1% compared to fourth
     quarter 2007.  Finished steel products output increase by
     5.8% and amounted to 3,287 thousand tons.

   * Following the international market trends, average price
     for first quarter 2008 grew by 9% and paved the way for
     even stronger growth in April-May 2008.

   * Sales of MMK parent company rose by 11.7% and amounted to
     US$2.188 million.  At the same time total MMK Group sales
     amounted to US$2.169 million, showing a 6% increase.

The reason for parent sales to exceed consolidated MMK Group
sales is the delay of goods in transit on their way to end-
customers.  The delay was caused by adverse weather conditions
at export seaports, which resulted in decreased revenues of MMK
Group traders.

Earnings were affected for the same reason, e.g. MMK (parent
company) first quarter 2008 EBITDA amounted to US$504 million,
which is quite in line with fourth quarter 2007 result of US$506
million.  At the same time consolidated EBITDA of MMK Group for
first quarter 2008 is US$465 million.

Operating income of MMK Group came to US$393 million (or 18.1%
of sales) showing a 13.2% decrease compared to fourth quarter
2007.

Consolidated net income of MMK Group for first quarter 2008
decreased by 28.5% totaling US$271 million (US$0,024 per share),
net margin coming to 12.5%.  Net income decrease is accounted
for by a one-off income tax which was accrued because of change
in functional currency (from US$ to RUR).

Comprehensive income for first quarter 2008 amounted to US$477
and includes revaluation of Fortescue Metals Group shares and
the effect of functional currency change.

Despite significant growth of raw materials prices, MMK Group
EBITDA margin shrank by 4 points only to 21.4%.

Financial condition of MMK Group is characterized by high
liquidity levels and low dependence on external financing.
Acquisitions of property, plant and equipment, as well as
subsidiaries and affiliates in first quarter 2008 amounted to
US$733 million.

Dividend pay-out for MMK shares (excluding dividends for
treasury shares) made up US$6 million.

In second quarter 2008 MMK expects increased earnings volume and
margin level due to these reasons:

   -- Decreased volumes of goods in transit;

   -- Continued steel prices growth supported by international
      pricing environment, allowing to compensate for raw
      materials prices growth.

Growth factors for the year of 2008 will be:

   -- Increased production and sales volumes;

   -- Strong and sustainable demand for steel products in the
      domestic market;

   -- Consistent implementation of a comprehensive investment
      program to maintain high profitability levels.

                    About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 28,
2008, Fitch Ratings has affirmed Magnitogorsk Iron and Steel
Works' Long-term Issuer Default and senior unsecured ratings at
'BB'.  The Outlook for the Long-term IDR is Stable.


NOVATEK OAO: First Quarter Revenue Ups 36.8% to RUR20.89 Billion
----------------------------------------------------------------
OAO Novatek released its consolidated interim condensed
financial information for the three months ending March 31, 2008
prepared in accordance with International Financial Reporting
Standards.

In the three months ended March 31, 2008, total revenues and
other income grew by 36.8% to RUR20,892 million from RUR15,275
million in the corresponding period of 2007, reflecting the
general strength and stability of our core business operations.
The increase in total revenues from our primary business
operations was attributable to the favorable pricing environment
for both domestic and international hydrocarbon sales.

Profit attributable to Novatek shareholders increased by 72.6%
to RUR7,503 million, or RUR2.47 per share, in the three months
ended March 31, 2008 as compared to RUR4,347 million, or RUR1.43
per share, in the corresponding period in 2007.

Sales volumes of natural gas decreased by 728 million cubic
meters, or by 8.0%, from 9,119 million cubic meters in the three
months ended March 31, 2007 to 8,391 million cubic meters in the
corresponding period in 2008.  The main cause for the sales
volumes reduction was the decrease of volumes withdrawn from
underground storage owned and operated by OAO Gazprom.  In the
three months ended March 31, 2008, our withdrawal from the
underground storage facilities totaled 39 million cubic meters
as compared to 893 million cubic meters in the corresponding
period in 2007.  Due to the unseasonably warm winter in 2007 we
had a reduction in the amount of natural gas injected into the
underground storage facilities in the summer season.

Net liquid sales volumes increased by 18.2% from 594 thousand
tons in first quarter 2007 to 702 thousand tons in first quarter
2008.

At March 31, 2008, the company had 172 thousand tons of stable
gas condensate in transit or storage and recognized as inventory
until such time as it is delivered to the port of destination as
compared to 224 thousand tons as of Dec. 31, 2007.  At March 31,
2007, our inventory balance of stable gas condensate was 192
thousand tons compared to 190 thousand tons as of Jan. 1, 2007.

                          About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production
and processing of natural gas and liquid hydrocarbons.  The
company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                         *     *     *

As of Feb. 7, 2008, OAO Novatek carries Ba2 Corporate Family
rating from Moody's Investors Service, which said the outlook is
stable.

The company also carries BB long-term Foreign and Local Issuer
ratings from Standard & Poor's Ratings Services, which said the
outlook is positive.


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

         V. Molchun
         Insolvency Manager
         Room 2
         Michurina Str. 50
         410056 Saratov
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A55-18819/2007.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Pervomayskoe
         Pervomayskaya Str. 87
         Pervomayskoe
         Pokhvistnevskiy
         446466 Samara
         Russia


ROSNEFT OIL: Plans to Produce 130 Million Tonnes of Oil by 2010
---------------------------------------------------------------
OAO Rosneft Oil Co. aims to produce 130 million tonnes of oil
per year by 2010, and 160 million tonnes by 2015, as it expects
an increase in oil production in the short-term, Thomson
Financial reports.

According to the report, Rosneft's exploration of oilfields in
western Siberia and Timano-Pechory prompted its short-term
expectations.

For its medium to long-term goal, the company plans to explore
the Vankor and Verkhnechonsk oilfields in eastern Siberia, and
those of Okhotsk Sea's continental shelf, Thomson Financial
relates.

In 2006, Rosneft produced 79.9 million tonnes of crude oil, it
expected production to exceed 100 million tonnes in 2007.

                      About Rosneft

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

                         *     *     *

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


SARATOVSKIY AIRCRAFT: Creditors Must File Claims by July 6
----------------------------------------------------------
Creditors of CJSC Saratovskiy Aircraft Factory have until
July 6, 2008, to submit proofs of claim to:

         I. Sklyar
         Insolvency Manager
         Ordzhonikidze Square 1
         410015 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-472B/05-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Saratovskiy Aircraft Factory
         Ordzhonikidze Square 1
         410015 Saratov
         Russia


SEVERSTAL OAO: Submits US$17 Cash per Share Bid for Esmark
----------------------------------------------------------
OAO Severstal has made a proposal to the Esmark Inc.'s Board of
Directors to acquire all of the outstanding shares of common
stock of Esmark for US$17.00 per share in cash.

Severstal’s proposal follows the April 30, 2008, announcement by
Esmark of its agreement to be acquired by Essar Steel Holdings
Limited and the May 16, 2008 announcement by the USW of its
rejection of such a transaction.

As part of its announcement, the USW demanded that Esmark
repudiate the transaction agreements with Essar Steel, which
were entered into in violation of the USW's right to bid
provisions contained in its collective bargaining agreement with
Esmark.

The USW has further indicated that under another section of its
labor agreement -– the "successorship" clause -– Esmark and
Essar Steel cannot close their proposed transaction unless Essar
Steel enters into a new labor agreement with the USW.  The USW
stated in its announcement that it will use such power to block
the Essar Steel transaction.

In contrast to the proposed Essar Steel transaction, Severstal's
proposal has the full and enthusiastic support of the USW.
Severstal and the USW have also entered into an agreement that
satisfies the successorship clause of the labor agreement.

Severstal has developed a highly credible restructuring plan
designed to derive maximum value from Esmark, including a five-
year capital improvement plan that carries the full support of
the United Steelworkers.  Together, the combined company will
become one of the North American leaders in flat rolled steel
products.

"While we hope to work together with Esmark and its board of
directors to negotiate a mutually acceptable merger agreement,
we believe that it is critical to give Esmark's stockholders a
chance to decide for themselves and that they will find
Severstal's proposal much more compelling than the Essar Steel
transaction," Gregory Mason, CEO of Severstal International and
COO of OAO Severstal.

Severstal indicated in its letter that its proposal could be
consummated within 40 days after entering into a merger
agreement with Esmark.

Merrill Lynch is acting as lead financial advisor, Citi is
acting as financial advisor, and Skadden, Arps, Slate, Meagher &
Flom LLP is acting as legal counsel, to Severstal.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of March 26, 2008, OAO Severstal carries Ba2 Corporate
Family, Senior Unsecured Debt and Probability-of-Default ratings
from Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


SEVERSTAL OAO: To Issue US$1.5 Bln Eurobonds to Fund Esmark Bid
---------------------------------------------------------------
Severstal OAO plans to issue US$1.5 billion in Eurobonds to
finance its possible acquisition of Esmark Inc., RIA Novosti
relates citing a sourced report from Vedomosti.

Severstal has submitted a proposal to acquire Esmark's all
outstanding common shares for US$17.00 per share in cash.

Analysts from investment banks told Vedomosti that Severstal
could place the bonds in June and has tapped Citi and ABN Amro
as issue managers.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of March 26, 2008, OAO Severstal carries Ba2 Corporate
Family, Senior Unsecured Debt and Probability-of-Default ratings
from Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


SIB-GOR-MASH: Novosibirsk Bankruptcy Hearing Slated for Aug. 27
---------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene on Aug. 27,
2008, to hear the bankruptcy supervision procedure on CJSC
Novosibirskoe Scientific Production Enterprise Sib-Gor-Mash.
The case is docketed under Case No. A45-3853/2008-55/6.

The Temporary Insolvency Manager is:

         V. Poroshkov
         Post User Box 232
         630102 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Novosibirskoe Scientific Production Enterprise
         Sib-Gor-Mash
         Kombinatorskiy Per. 3
         Novosibirsk
         Russia


TEKH-STANKO-PROM: Kursk Bankruptcy Hearing Slated for August 13
---------------------------------------------------------------
The Arbitration Court of Kursk will convene on Aug. 13, 2008, to
hear the bankruptcy supervision procedure on OJSC Tekh-Stanko-
Prom.  The case is docketed under Case No. A35-1583/08 S-19.

The Temporary Insolvency Manager is:

         D. Tselikov
         Office 47
         Building 1
         Gostinichnyj Proezd 8
         127106 Moscow
         Russia


The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         OJSC Tekh-Stanko-Prom
         Zhukovskogo Str. 31
         305010 Kursk
         Russia


TIKHVINSKOE MEAT: Court Names A. Boravchenkov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
A. Boravchenkov as Insolvency Manager for CJSC Tikhvinskoe Meat
Processing Enterprise.  He can be reached at:

         A. Boravchenkov
         191119 St. Petersburg
         Post User Box 131
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-3 9893/07.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Tikhvinskoe Meat Processing Enterprise
         Apt. 3
         5th Location 23
         Tikhvin
         Leningrad
         Russia


YUG-MET-INVEST: Creditors Must File Claims by June 26
-----------------------------------------------------
Creditors of LLC Yug-Met-Invest have until June 26, 2008, to
submit proofs of claim to:

         N. Chichev
         Insolvency Manager
         Post User Box 5077
         355044 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-1427/08-?5-7.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Yug-Met-Invest
         Dobrolyubova Str. 18
         Stavropol
         Russia


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


CULT LOUNGE: Aargau Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Cult Lounge on April 7, 2008.

The Bankruptcy Service of Aargau can be reached at:

        Bankruptcy Service of  Aargau
        Amtsstelle Oberentfelden
        5036 Oberentfelden
        Switzerland

The company can be reached at:

        JSC Cult Lounge
        Aarauerstrasse 2
        5033 Buchs.
        Switzerland


FAGUSSILVA INVEST: Creditors' Liquidation Claims Due by May 28
--------------------------------------------------------------
Creditors owed money by JSC FagusSilva Invest are requested to
submit their proofs of claim by May 28, 2008 to:

         Heinrich Hurlander
         Liquidator
         Kraftstrasse 33
         8044 Zürich
         Switzerland

The company is currently undergoing liquidation proceedings in
Zurich.  The decision about liquidation was accepted at an
extraordinary general meeting held on April 10, 2008.


HR TRADING: Creditors Have Until May 25 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC HR Trading are requested to submit
their proofs of claim by May 25, 2008 to:

         Leo Kuhn
         Schonhaldenstrasse 11
         8708 Mannedorf
         Switzerland

The company is currently undergoing liquidation proceedings in
Winterthur.  The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on March 17, 2008.


KMK HANDEL: Aargau Court Initiates Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC KMK Handel on April 1, 2008.

The Bankruptcy Service of Aargau can be reached at:

        Bankruptcy Service of  Aargau
        Amtsstelle Baden,
        5402 Baden,
        Switzerland

The company can be reached at:

        LLC KMK Handel
        Kornfeldweg 7
        5400 Baden
        Switzerland


KREHL & PARTNER: Proofs of Claim Filing Deadline is May 28
----------------------------------------------------------
Creditors owed money by LLC Krehl & Partner (Schweiz) are
requested to submit their proofs of claim by May 28, 2008 to:




         JSC Mahrer Treuhand
         Liquidator
         Bachstrasse 10
         4313 Mohlin
         Switzerland

The company is currently undergoing liquidation proceedings in
Rheinfelden.  The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on April 1, 2008.


LIDBAG VERLAG: Creditors Must File Proofs of Claim by May 25
------------------------------------------------------------
Creditors owed money by JSC Lidbag Verlag are requested to
submit their proofs of claim by May 25, 2008 to:

         JSC Experfina
         Liquidator
         Steinengraben 40
         4051 Basel
         Switzerland

The publishing company is currently undergoing liquidation
proceedings in Basel.  The decision about liquidation was
accepted at an extraordinary general meeting held on April 7,
2008.


MEDEX MEDICAL: Creditors' Proofs of Claim Due by May 25
-------------------------------------------------------
Creditors owed money by LLC Medex Medical are requested to
submit their proofs of claim by May 25, 2008 to:

         Albert Kaiser
         Smiths Medical International Company
         Eichwatt 3
         8105 Regensdorf
         Switzerland

The company is currently undergoing liquidation proceedings in
Wallisellen.  The decision about liquidation was accepted at a
shareholder’s meeting held on April 8, 2008.


PWFS HOLDING: Proofs of Claim Filing Deadline Set for May 25
------------------------------------------------------------
Creditors owed money by JSC PWFS Holding are requested to submit
their proofs of claim by May 25, 2008 to:

         Rolf Wildberger
         Liquidator
         Im unteren Baumgarten 14
         8820 Wadenswil
         Switzerland

The company is currently undergoing liquidation proceedings in
Neunkirch.  The decision about liquidation was accepted at an
extraordinary general meeting held on Feb. 29, 2008.


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


BIGGERLAND LTD: Appoints Joint Administrators from Vantis
---------------------------------------------------------
G. Mummery and J.S. French of Vantis Business Recovery Services
were appointed joint administrators of Biggerland Ltd. (Company
Number 04243279) on May 13, 2008.

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

The company can be reached at:

          Biggerland Ltd.
          58 Station Road
          Chingford
          London
          E4 7BE
          England
          Tel: 02085246321


BOWATER HOME: Brings In Liquidators from Grant Thornton
-------------------------------------------------------
David R. Thurgood and Malcolm B. Shierson of Grant Thornton UK
LLP were appointed joint liquidators of Bowater Home
Improvements Ltd. on May 8 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

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


ENTERPRISE INNS: Moody's May Cut Ba1 Rating After Review
--------------------------------------------------------
Moody's Investors Service placed the Ba1 corporate family rating
and the Baa2 senior secured rating of Enterprise Inns plc on
review for possible downgrade following the company's
announcement that it has obtained approval to convert to a REIT
and is pursuing this opportunity.

The rating action reflects Moody's concern that Enterprise Inns'
liquidity risk profile is likely to increase should the company
convert to a REIT as a consequence of the requirement for REITs
to pay out 90% of their tax-exempt profit in cash dividends.  In
addition, the company's high level of gearing could magnify the
risk that could arise from the reduction in internally generated
cash available for contingencies, acquisitions and/or future
expenses.  Moreover, it is not clear whether the bondholders'
access to income and collateral would be reduced following the
corporate restructuring that would precede any conversion to
REIT status.

Moody's review will focus on:

   -- Whether the company's ability to retain cash would
      significantly increase its liquidity risk profile should
      the company opt for REIT status

   -- The bondholders' position following the related corporate
      restructuring

   -- The company's plan to reduce its leverage ratio, net debt
      to EBITDA, to below 5.75x on a sustainable basis.

   -- Whether the current poor operating environment for the pub
      industry as a whole, resulting from the smoking ban in
      public places and falling levels of personal disposable
      income, will continue to exert only moderate pressure on
      the company's financial fundamentals.

Moody's last rating action on Enterprise Inns was on March 29,
2007, when the agency upgraded the ratings of Enterprise Inns to
Ba1/Baa2 from Ba2/Baa3.

These ratings were placed on review for possible downgrade:

   -- Enterprise Inns plc -- the Ba1 corporate family rating and
      Baa2 senior secured debt rating

Enterprise Inns plc, headquartered in Solihull, is the second-
largest pub operator in the UK with an estate of about 7,800
tenanted pubs country-wide, valued at GBP5.7 billion at
Sept. 30, 2007.


FAMILY FIREPLACE: Taps Liquidators from Tenon Recovery
------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of The Family Fireplace Co. Ltd. on
May 14 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England

The company can be reached at:

         The Family Fireplace Co. Ltd.
         89 Marsden Road
         Blackpool
         FY4 3BY
         England


FORD MOTOR: Volvo Plans to Cut Jobs at Gothenburg Plant
-------------------------------------------------------
Volvo Cars, a unit of Ford Motor Co., intends to cut jobs as
well as eliminate the night shift in its plant located in
Gothenburg, Sweden, Reuters reports citing Olle Axelson, head of
public affairs at Volvo.  Reuters adds that the move will enable
Volvo to "contend" with "market conditions."

The Wall Street Journal had reported that Ford was "cutting
production" of its Volvo brand in an effort to lower costs and
losses.

Around 700 employees are currently on the night shift, Reuters
relates.

                       About Ford Motor

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

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

                         *     *     *

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


HAT PIN: Brings In Administrators from Vantis
---------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis were
appointed joint administrators of Hat Pin Plc (Company Number
03209877) on May 13, 2008.

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

The company can be reached at:

          Hat Pin Plc
          56-60 Hallam Street
          West End
          London
          W1W 6JL
          England
          Tel: 020 7907 4433
          Fax: 020 7907 4477


INTERNATIONAL POWER: Ranald Spiers Named as MEA Exec. Director
--------------------------------------------------------------
The Board of International Power disclosed the appointment of
Dr. Ranald Spiers as Executive Director for the Middle East and
Asia.  Dr. Spiers joined the Board effective May 15, 2008.

Dr Spiers has been instrumental in successfully growing the
company's Middle East business from inception in 2000 to a
position where we now have some 9,400 MW (gross) either built or
under construction in the region.

Sir Neville Simms, Chairman of International Power said: "We
look forward to Ranald adding his strong background in business
development to the Asia region, while retaining his role in the
Middle East.  We expect his experience to be very valuable for
the long-term growth of our business."

                About International Power

International Power plc -- http://www.ipplc.com/-- is an
independent electricity generating company with 31,191 MW gross
(19,001 MW net) in operation and 2,971 MW gross (875 MW net)
under construction.  International Power has power plants in
operation or under construction in Australia, the United States
of America, the United Kingdom, the Czech Republic, France,
Germany, Italy, the Netherlands, Portugal, Spain, Turkey,
Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia,
Pakistan, Puerto Rico and Thailand.  International Power is
listed on the London Stock Exchange with ticker symbol IPR.


INTERNATIONAL POWER: Fitch Affirms BB IDR on Bond Issuance
----------------------------------------------------------
Fitch Ratings has affirmed International Power plc's Long-term
Issuer Default Rating at 'BB' with a Stable Outlook following
this month's announcement of the issuance of a EUR700 million
convertible bond due 2015.

IPR is a holding company for a portfolio of power generation
assets.  Its Long-term IDR of 'BB' is supported by the non-
recourse financing nature of the group's debt at the operating
level and historically conservative gearing levels at the
holding company level, coupled with management's prudent
approach to the acquisition and financing of new power
generation assets.

IPR recently announced the acquisition of a 1,857 MW portfolio
of peaking power assets in North America.  The acquisition is
expected to be funded by non-recourse project debt and equity.
IPR also bought out the remaining 40% of the gas-fired Turbogas
plant in Portugal from Energias de Portugal SA.  Fitch expects
the new acquisitions to be earnings accretive.


MANAGEMENT AND TRAINING: Taps Liquidators from Tenon Recovery
-------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of The Management and Training
Exchange Ltd. on May 12 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


NORTEL NETWORKS: Increases Notes Offering to US$675 Million
-----------------------------------------------------------
Nortel Networks Limited, the principal direct operating
subsidiary of Nortel Networks Corporation, disclosed an increase
in size and the pricing of the previously announced offering of
10.750% senior unsecured notes due 2016 in the United States to
qualified institutional buyers pursuant to Rule 144A under the
U.S. Securities Act of 1933, as amended, to persons outside of
the United States pursuant to Regulation S under the Securities
Act, and to accredited investors in Canada pursuant to
applicable private placement exemptions.

The Notes will be fully and unconditionally guaranteed by Nortel
Networks Corporation and initially guaranteed by NNC's indirect
subsidiary, Nortel Networks Inc.

The offering size was increased from US$500 million to
US$675 million.  The Notes will be issued at 99.00% as
additional notes under an existing indenture and will be part of
the same class as NNL's currently outstanding US$450,000,000
aggregate principal amount of 10.750% senior notes due 2016 that
were issued on July 5, 2006.   The placement of the Notes is
subject to customary closing conditions and is expected to close
on May 28, 2008.

NNL expects that the net proceeds from the sale of the Notes
will be approximately US$655 million, after deducting
commissions and other offering expenses.  Nortel plans to use
these net proceeds, together with available cash, to redeem at
par the $675 million outstanding principal amount of NNC's 4.25%
convertible senior notes due September 1, 2008.  NNC intends to
issue a redemption notice with respect to the 4.25% convertible
senior notes after the closing of the offering.

                       About Nortel Networks

Nortel Networks Corporation -- http://www.nortel.com/--
(NYSE/TSX: NT) is a global supplier of networking solutions
serving both service provider and enterprise customers.  It
supplies end-to-end networking products and solutions that help
organizations enhance and simplify communications.  These
organizations range from small businesses to multi-national
corporations involved in all aspects of commercial and
industrial activity, and from federal, state and local
government agencies and the military to cable operators,
wireline and wireless telecommunications service providers, and
Internet service providers.  Nortel’s networking solutions
include hardware and software products and services.  It
designs, develops, engineers, markets, sells, supplies,
licenses, installs, services and supports these networking
solutions worldwide.  Nortel operates in four segments: Carrier
Networks, Enterprise Solutions, Metro Ethernet Networks and
Global Services.  Nortel Networks Limited is the company’s
principal operating subsidiary.

The company's executive offices is located in Toronto and has
subsidiaries in the United Kingdom, China, Australia, Argentina
and Brazil, among others.


NORTEL NETWORKS: Moody's Rates Unit's US$500MM Note Issue at B3
---------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Nortel
Networks Limited, US$500 million year senior unsecured "add-on"
note issue (reference security is the company's existing US$450
million 10.75% note issue due July 2016).

NLL is Nortel Network Corporation's  principal direct operating
subsidiary.  The note issue benefits from a system of guarantees
that causes it to be ranked equally with Nortel's existing
outstanding senior unsecured debts.  Since the proceeds will be
used to repay a portion of the US$675 million residual of an
existing convertible note issue due September, 2008, the
transaction is neutral to Nortel's credit profile.  With there
being no ratings' impact, the company's B3 corporate family
rating was affirmed along with ratings for existing debt
securities, albeit, changes in the company's liability structure
caused a very minor change to the related loss given default
assessments while also causing preferred stock of subsidiary
Nortel Networks Limited to be upgraded to Caa1 from Caa3.

The primary rating influence continues to stem from uncertainty
relating to the magnitude and long term sustainability of the
company's cash flow stream.  For much of the recent past, Nortel
has been involved in a protracted asset portfolio and
operational restructuring as it looks to solidify its position
in the very crowded telecommunications infrastructure market.
With reported gains continually being reinvested in new
initiatives and additional restructuring programs, it is unclear
whether the business model can be stabilized and what level of
cash flow will prevail if it does.  In the interim, the
company's sizeable cash position manages downside ratings risk
and allows the rating to be positioned at the B3 level while
also allowing the outlook to be stable.  This cash position also
allows liquidity to be assessed as good, and an SGL-2
speculative grade liquidity rating has been maintained.

Assignments:

    * Issuer: Nortel Networks Limited

   -- Senior Unsecured Regular Bond/Debenture, Assigned B3
     (LGD4, 66)

Upgrades:

    * Issuer: Nortel Networks Capital Corporation

   -- Senior Unsecured Regular Bond/Debenture, unchanged at B3
      with LGD assessment changed to LGD4, 66% from LGD4, 67%

    * Issuer: Nortel Networks Corporation

   -- Senior Unsecured Conv./Exch. Bond/Debenture, unchanged at
      B3 with LGD assessment changed to LGD4, 66% from LGD4, 67%

    * Issuer: Nortel Networks Limited

   -- Senior Secured Regular Bond/Debenture, unchanged at B3
      with LGD assessment changed to LGD4, 66% from LGD4, 67%

   -- Senior Unsecured Regular Bond/Debenture, unchanged at B3
      with LGD assessment changed to LGD4, 66% from LGD4, 67%

   -- Preferred Stock Preferred Stock, Upgraded to Caa1 from
      Caa3

The company's solid liquidity position is quite important to the
B3 CFR as it enhances near term default risk and facilitates use
of a B2 probability of default rate.  In the event of a default,
a 35% recovery (i.e. a 65% loss given default (LGD)) assumption
has been used.  With the CFR being an expression of expected
loss, and a function of the relationship between the PDR and the
LGD, the EL (i.e. the CFR) is assessed as B3.  Therefore, were
liquidity to deteriorate and, as a consequence, were near term
default risk to increase, the CFR would likely be downgraded.

Headquartered in Toronto, Ontario, Canada, Nortel Networks
Corporation designs and supplies telecommunications networking
hardware and software to a variety of business and governmental
customers around the globe.  2007 sales were nearly US$11
billion.


ROCK GROUP: Sale to Stone Group Completed on May 19
---------------------------------------------------
The administrators of Rock Group Plc, Dominic Wong and David
Langton of Deloitte, announce the sale of the business and
assets as a going concern to Stone Group Ltd.  It was completed
on May 19, 2008, for an undisclosed sum.

The joint administrators were appointed on May 8, 2008, since
then Deloitte's reorganization services team has been working
closely with the staff at Rock to conclude an early sale of the
business.

"We are delighted that a sale of this award winning laptop
manufacturer has been secured, preserving employment for the
staff," Dominic Wong disclosed.

"As well as ensuring the continued availability of Rock’s high
performance laptops, the Stone Group has committed to ensuring
that existing customers of Rock continue to receive ongoing
warranty, repair and technical support services," Mr. Wong
added.

"This acquisition is great news for Stone and for our customers,
because we can now offer a much wider portfolio of laptops,"
James Bird, Stone Group's chief executive said.

"By acquiring Rock Computers, Stone has the opportunity to
leverage our existing IT manufacturing skills and support
resources to develop more specialist Notebook products to meet
the demands of some specific verticals in our public sector
customer base," Mr. Bird added.

"This transaction is part of our continued growth strategy,
where selective acquisitions complement and enhance our existing
business, whilst organic growth is maintained by providing a
comprehensive, first class service to our customers," Mr. Bird
said.

Nick Boardman, former Chief Executive of Rock Group, said, "I am
delighted that Stone’s backing gives us a tremendous opportunity
to build on our market leading credentials in the sector from a
much stronger financial base.  In particular, for me, it is
vital that customers’ historic warranties will be supported
going forward.  Everyone can continue to buy Rock products with
confidence."

Headquartered in Warwick, England, The Rock Group Plc --
http://www.rockdirect.com/-- is manufacturer and retailer of
high performance laptop computers aimed at the gaming sector. It
has a turnover of around GBP5 million and employs approximately
25 staff.


TAZ PUB: Appoints Liquidators from Tenon Recovery
----------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Taz Pub Co. 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

The company can be reached at:

         The Codrington Arms
         Wapley Road
         Codrington
         Bristol
         BS37 6RY
         England


TITAN EUROPE 2006-2: Fitch Affirms Rating on Class Class J at B
---------------------------------------------------------------
Fitch Ratings has affirmed Titan Europe 2006-2 plc's notes due
2016 and revised three Outlooks to Negative from Stable:

   -- EUR379.9 million Class A (XS0254356990): affirmed at
      'AAA'; Outlook Stable

   -- EUR5,000 Class X (XS0254357022): affirmed at 'AAA; Outlook
      Stable

   -- EUR61.7 million Class B (XS0254357378): affirmed at 'AAA';
      Outlook Stable

   -- EUR44.1 million Class C (XS0254357881): affirmed at 'AA';
      Outlook Stable

   -- EUR23.1 million Class D (XS0254357964): affirmed at 'AA';
      Outlook Stable

   -- EUR57.6 million Class E (XS0254358004): affirmed at 'A';
      Outlook Stable

   -- EUR37.4 million Class F (XS0254358699): affirmed at 'BBB';
      Outlook Stable

   -- EUR29.3 million Class G (XS0254648263): affirmed at
      'BBB-'; Outlook revised to Negative from Stable

   -- EUR28.2 million Class H (XS0254647612): affirmed at 'BB';
      Outlook revised to Negative from Stable

   -- EUR11.5 million Class J (XS0254653180): affirmed at 'B';
      Outlook revised to Negative from Stable

Three loans have prepaid since closing: EUR102.6 million
Mirabeau, EUR54 million Moritz Meadow and EUR30.9 million
Wannsee.  The prepayments, combined with scheduled amortization
on two remaining loans, have reduced the pool balance to
EUR672 million (or 78% of its original size).  The principal
receipts have been allocated to the notes on a modified pro rata
basis; as a result, the credit enhancement and advance rate
levels of the notes improved, warranting an affirmation of the
original ratings.  The Outlook revisions reflect the concerns
regarding the defaulted EUR43.1 million Labrador loan, the
underperforming EUR273.4 million Margaux loan and the reporting
issues that have made it difficult to track performance since
closing.

The Labrador defaulted in April 2007 when the servicer (Hatfield
Philips) announced that the net operating income of the
borrower, derived from 43 multi-family housing properties in the
former West Germany, was insufficient to service the loan.  The
backward-looking debt service coverage ratio stood at 0.97x in
April 2008, compared to a covenant of 1.15x.  The deterioration
of the DSCR has been caused by rising vacancy rates (up to 18%
in April 2008 from 13% at closing), increased rental arrears and
costs.  Non-payment of rent leads to tenant eviction and legal
proceedings.  The subsequent legal fees put further strain on
the borrower's liquidity.

The borrower has sued the previous owner of the portfolio,
claiming misrepresentation of the rental income prior to the
sale of the asset.  This lawsuit has been won by the borrower,
and the portfolio seller has been sentenced to paying a fine of
EUR0.2 million.  Although these funds would temporarily improve
the borrower's situation, it remains doubtful that the insolvent
seller will be able to pay the fine. The borrower has commenced
works to refurbish the largest two assets in an attempt to
improve the occupancy rates and rent levels.  The servicer is
currently looking into a borrower request to release sufficient
funds from the capex reserve to fund the works.  The
improvements are due to be finished in H208, coinciding with an
expected reimbursement of operating expenses by the borrower.
All debt service payments have been made to date.

The largest loan, Margaux, has also experienced declining
coverage, with the DSCR falling to the covenant level of 1.15x
in April 2008.  The decline is partly the result of the
excessive (expected) refurbishment of the underlying portfolio.
Other factors were the increasing vacancy rate (up to 27% from
21% at closing) and revised (more conservative) expectations
regarding rental arrears and collection rates (the DSCR is 12-
months forward-looking).  If the loan breaches the DSCR
covenant, the borrower has 10 days to remedy the breach. Since
the Margaux loan sponsor is also sponsoring the EUR208 million
Petrus loan, both loans have been cross-defaulted (but not
cross-collateralized).

The DSCR of Petrus has remained well above the covenant of 1.15x
since closing and stood at 1.26x at the last interest payment
date. The last remaining loan, EUR148.1m Velvet, is the only
tranched loan in the current portfolio. Velvet is performing
well and amortizing using rental proceeds, with principal being
applied to the securitized A note and subordinated B note on a
pro rata basis.


TOLWOOD TECHNOLOGIES: Taps Joint Administrators from Menzies
------------------------------------------------------------
David John Whitehouse and Philip Francis Duffy of Menzies
Corporate Restructuring were appointed joint administrators of
Tolwood Technologies Ltd. (Company Number 05088799) on May 12,
2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Tolwood Technologies Ltd.
          Coatham Avenue
          Newton Aycliffe
          County Durham
          DL5 6DB
          England
          Tel: 01325 300 777
          Fax: 01325 301 951
          Web site: http://www.tolwood.co.uk/


WENHAM MAJOR: RSM Acquires Business Out of Administration
---------------------------------------------------------
RSM Bentley Jennison has acquired the core Audit, Accounting and
Tax Compliance arm of Top 50 accountancy firm Wenham Major Ltd.
About 30 of Wenham Major's employees will transfer to RSM
Bentley Jennison's Birmingham office adding GBP2 million to the
firm's national fee income.

"This is an important acquisition for RSM Bentley Jennison as it
further strengthens our position in the Midlands region.  Wenham
Major is a long established, well respected firm with an
excellent client base, and we look forward to serving them as
part of our growing portfolio of premium level clients.
Clearly, there has been some speculation about some parts of
Wenham Major in recent weeks, but the core audit accounts and
tax compliance business is strong and credible and we are
pleased to be able to integrate this operation into RSM Bentley
Jennison," Tony Stockdale, managing partner of RSM Bentley
Jennison, said.

"We are very happy to become part of RSM Bentley Jennison.  In
the UK, the firm has an excellent reputation for providing
quality services to leading national and local organizations
and, as a key part of the RSM International network, it has an
exciting international outlook as well," Viv Shadbolt, a
director at Wenham Major, added.

Nick Dawson, a corporate solicitor in the Birmingham office of
Cobbetts, advised RSM Bentley Jennison on the deal which was
signed on Friday evening, May 16, following a week of talks.
Wenham Major clients have been formally contacted and
arrangements have been made to ensure minimal disruption to
ongoing work and projects.  The staff will move into RSM Bentley
Jennison offices at Legge Street in Birmingham over the next 10
days.

According to the Financial Times, citing Birmingham Post, Wenham
Major went into administration following disclosure of financial
regularities at Wenham Major Private Client subsidiary, which
has ceased trading with immediate effect.

Wenham Major, the FT relates, brought in Vantis as
administrator.

Among the entities relating to Wenham Major that entered
administration with Vantis are Wenham Major Global Capital
Partners and Cornwall Street Property, Wenham Major (the core
audit accounting and tax compliance practice), Wenham Major
Private Client and two non-trading companies Abbey Specialised
Solutions and Wenham Major Business Services, the FT discloses,
citing Accountancy Age.


YELL GROUP: Limited Performance Cues Moody's to Keep Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family
rating of Yell Group plc but changed the outlook to negative
from stable.

This rating action reflects Moody's concerns regarding the
limited visibility on the group's performance and outlook for
the year to March 2009 and beyond, particularly given the
possibility of further deterioration in economic backdrop in
each of its markets.  Although Moody's acknowledges that the
group is undertaking steps to improve its financial flexibility,
the agency is nevertheless cautious that, should the operating
environment weaken more severely than currently anticipated; the
credit metrics could deteriorate to levels no longer consistent
with the Ba3 rating category.

In this challenging economic and business context, Moody's notes
positively that the group's board has proposed to halve the
final dividend and also intends to halve the interim dividend
for the financial year 2009 in order to increase the financial
flexibility.  Management's expectations of (i) delivering EBITDA
broadly flat at constant exchange rates, (ii) improving the cash
conversion rate to 85%-90% of EBITDA (from 84.7%) and (iii)
applying GBP200 million of free cash flow to debt reduction in
the year to March 2009 are taken into account as credit
positives.

In Moody's view, Yell's net debt/EBITDA, which stood at 5.1x at
March 2008, is likely to improve to 4.6x by March 2009, based on
management's current guidance.  The group is also expecting to
incur GBP25 million in exceptional costs-- mainly driven by
headcount reductions-- in order to improve efficiency savings
which will be then redirected to deliver growth in its internet
operations.

Moody's views Yell's current credit metrics assuming no
deterioration as remaining adequate for its Ba3 corporate family
rating as compared to similarly rated peers.  However, should
there be a more rapid deterioration in the operating environment
than anticipated, the credit metrics could deteriorate to levels
no longer consistent with the Ba3 rating category.  Therefore,
provided that the visibility on the outlook remains limited over
the medium term; the operating environment shows no signs of a
recovery; and the cash flow generation capacity and the level of
debt reduction deviate from the targets set for March 2009, then
further downward pressure on the rating would develop.  Over the
medium term, Moody's could consider changing the outlook back to
stable in the event of a sustained recovery in the group's
operating performance and increased visibility in revenues and
profitability.

Yell Group plc is the leading publisher of classified
directories in the UK, and through its subsidiary, Yellow Book,
is a leading independent directories publisher in the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the
twelve months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.


* Moody's Says Higher Delinquencies in UK Prime RMBS at Q1 2008
---------------------------------------------------------------
The UK Prime Residential Mortgage-Backed Securities market
reported a higher level of delinquencies and repossessions
during the first quarter of 2008 against a background of slower
house-buying activity and falling house prices.  Overall, UK
Prime RMBS Master Trust transactions declined in first quarter
2008 compared to the previous quarter, says Moody's Investors
Service in its latest report on this market.

Moody's notes that two Master Trust transactions closed during
first quarter 2008 with a total issuance value of GBP3.9
billion.  The same number of transactions was issued in fourth
quarter 2007; however, the total issuance value has more than
halved since. No new UK Prime RMBS Non-Master Trust transactions
were issued in first quarter 2008.  Including Non-Master Trust
issuance volumes, there was therefore a 79% decrease in UK Prime
RMBS issuance in first quarter 2008 compared to fourth quarter
2007.

"Delinquency performance declined further during first quarter
2008 in the UK Prime RMBS market.  In addition, outstanding
repossessions and cumulative losses in the market have
increased," says Daron Kularatnam, a Moody's Senior Associate
and one of the authors of the report.  The weighted-average
delinquency trend (90+ days overdue) was 0.75% in first quarter
2008, up from 0.60% in the previous quarter, and up from 0.68%
in first quarter 2007.  The repossession trend rose steadily and
was 6.4 basis points in first quarter 2008, an increase of
2.0bps from 4.4bps in fourth quarter 2007.  The cumulative loss
trend, at 1.6bps in first quarter 2008, has increased from the
previous quarter (fourth quarter 2007: 1.3bps) -- and up from
1.1bps in first quarter 2007.  "Due to the loan additions to
Master Trusts, performance indicators are diluted and should be
evaluated with caution.  All ratios for RMBS UK Master Trust
transactions are determined on current portfolio balances," adds
Mr. Kularatnam.

Moody's observed that the redemption trend has started to
increase.  As of first quarter 2008, the average Total
Redemption Ratio was 29%, up from 26% in the previous quarter
and down from 34% in first quarter 2007.  Between first quarter
2007 and first quarter 2008, the Loan-to-Value measure has
remained stable at 65%.  The weighted-average Funding Share was
61% as of first quarter 2008, compared to 60% in fourth quarter
2007 and 74% in first quarter 2007.

"UK housing data -- compiled by Halifax and Nationwide -- show
that house prices are falling on a year-on-year basis as well as
on a month-on-month basis.  Housing market activity has also
slowed," says Nitesh Shah, a Moody's Economist and report co-
author.  "Demand continued to weaken as new buyers' enquiries
fell further and lenders tightened credit availability to both
secured and unsecured borrowers.  The tighter credit market
prevailing since the onset of the credit crunch could see fewer
options for obligors seeking to refinance their mortgage loans,
potentially affecting performance."


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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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