TCREUR_Public/070927.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, September 27, 2007, Vol. 8, No. 191

                            Headlines


A U S T R I A

DETEKTIVUNTERNEHMEN LLC: Claims Registration Period Ends Oct. 1
EK LLC: Vienna Court Orders Business Shutdown
EKP LLC: Estate Administrator Declares Insufficient Assets
EVELINE & ODO: Vienna Court Orders Business Shutdown
ROBERT TENSCHERT: Claims Registration Period Ends Oct. 2

ROTTNER LLC: Claims Registration Period Ends Oct. 5
SALMHOFER LLC: Graz Court Orders Business Shutdown
SUPE LLC: Claims Registration Period Ends Oct. 5


B E L G I U M

CHIQUITA BRANDS: Names Howard Baker to Board of Directors


C Z E C H   R E P U B L I C

MAGNA INT’L: Unit Purchases Manufacturing Assets in Mexico


D E N M A R K

KALMAR STRUCTURED: Moody's Cuts Rating to B2 on Class C Notes


F I N L A N D

EXIDE TECHNOLOGIES: Names Luke Lu as President for Asia Pacific


F R A N C E

ALCATEL-LUCENT SA: Acquires U.K.-Based Tamblin Limited
DRESSER-RAND GROUP: Earns US$26.2 Million in Qtr. Ended June 30


G E R M A N Y

ALERIS INTERNATIONAL: Will Close Tennessee Plant by November 20
ASAT HOLDINGS: Low Equity Prompts Nasdaq's Delisting Notice
ASAT HOLDINGS: Files Appeal on NASDAQ Delisting Decision
ASAT HOLDINGS: Moody's Lifts Ratings to Caa1 on New Loan Grant
AVNET INC: To Acquire Components Distributor Betronik GmbH

BACHMAIER RAUMAUSSTATTUNGS: Claims Registration Ends Oct. 18
BPN BUEROPARK: Claims Registration Ends Oct. 16
BRILLENBOUTIQUE GOEPEL: Claims Registration Ends October 19
DATEC SOFTWARE: Claims Registration Ends Oct. 18
DW-BAUELEMENTE GMBH: Claims Registration Period Ends Oct. 22

GARTENRING PRODUKTIONS: Claims Registration Ends October 19
HERDE & SEMMELMANN: Claims Registration Period Ends Nov. 5
HILGERS CAPITAL: Claims Registration Ends October 18
HMD -OPTIK: Claims Registration Period Ends Nov. 5
HOTEL MARKETING: Claims Registration Period Ends Oct. 22

LATES BAU: Claims Registration Ends October 19
LINGE ELEKTROANLAGEN: Claims Registration Ends Oct. 16
MUENCHHAUSEN GASTRO: Claims Registration Period Ends Oct. 19
NRG ENERGY: Files Application to Build Two Nuclear Units
PAPARAZZI GMBH: Claims Registration Period Ends Nov. 2

PRO-CONSULT-MESSEN GMBH: Creditors Meeting Slated for Oct. 22
SHD GMBH: Claims Registration Period Ends Nov. 1


G R E E C E

EASTMAN KODAK: Board Promotes Philip Faraci to President & COO


H U N G A R Y

FLEXTRONICS INT'L: Unit Wants to Buy Arima's Notebook Operations


I R E L A N D

W.R. GRACE: Ninth Circuit Reinstates Libby Conspiracy Charge


I T A L Y

DANA CORP: Extends Challenge Period for Waiver Fee Payments
DANA CORP: Completes Sale of Coupled Products Business
LUCCHINI SPA: Moody's Holds Ba3 Rating on Improved Performance
TEKSID ALUMINUM: Soliciting Consents to Amend 11-3/8% Notes


K A Z A K H S T A N

INCOMSYSTEM CJSC: Proof of Claim Deadline Slated for Nov. 6
JAZYK-2000 LLP: Creditors Must File Claims Oct. 26
KAISAR LLP: Claims Filing Period Ends Nov. 2
MARIETS LTD LLP: Creditors' Claims Due on Nov. 2
ORALKURYLYSSERVICE LLP: Claims Registration Ends Nov. 2


K Y R G Y Z S T A N

POLIGRAPH EFFECT-BISHKEK: Creditors Must File Claims by Nov. 7
STRIGHT LLC: Proof of Claim Deadline Slated for October 31
VINOKURENNY ZAVOD: Claims Registration Ends October 31


L U X E M B O U R G

AGILENT TECHNOLOGIES: Inks Resale Agreement with Accelerys
EVRAZ GROUP: Eyes US$1.8 Billion Loan to Repay Existing Debts
TEKSID ALUMINUM: Soliciting Consents to Amend 11-3/8% Notes


R U S S I A

COBALT: Creditors Must File Claims by Oct. 1
COMPLEX BUILDING: Creditors Must File Claims by Nov. 1
EDELWEISS LLC: Creditors Must File Claims by Oct. 1
EVRAZ GROUP: Eyes US$1.8 Billion Loan to Repay Existing Debts
GERMAN HOUSE: Creditors Must File Claims by Oct. 1

GREEN WORLD: Creditors Must File Claims by Oct. 1
IMPULSE LLC: Creditors Must File Claims by Nov. 1
MASLYANINSKOYE GRAIN: Creditors Must File Claims by Oct. 1
MIASS-ENERGO-STROY: Court Names M. Moiseev as Insolvency Manager
MOSCOW-FERROUS METAL: Creditors Must File Claims by Oct. 1

NORTH-WOOD LLC: Creditors Must File Claims by Nov. 1
NOVATEK OAO: Acquires PurNovaGas from Purneftegasgeologiya
NOVATEK OAO: Constructing Transshipment Complex in Ust-Luga
NOVO-ZHULANSKOE: Bankruptcy Hearing Slated for Jan. 28, 2008
OREL-RYB-KHOZ: Creditors Must File Claims by Oct. 1

RUMIKS LTD: Creditors Must File Claims by Oct. 1
RUSSNEFT OIL: Names Alexander Korsik as Board Chairman
SISTEMA JSFC: Shares Commence Trading on MICEX
SITRONICS JSC: Prices First RUB3 Billion Bond Issue
TNK-BP HOLDING: To Hike Oil Output Starting 2008

TNK-BP HOLDING: Budgets US$500 Mln to Modernize Plants by 2009
TNK-BP HOLDING: Budgets US$500 Mln to Modernize Plants by 2009
VODOPYANOVSKOE OJSC: Creditors Must File Claims by Oct. 1


S W E D E N

FLEXTRONICS INT'L: Unit Wants to Buy Arima's Notebook Operations


S W I T Z E R L A N D

AFRICA HOUSE: Creditors' Liquidation Claims Due Oct. 8
CUBA BAR: Creditors' Liquidation Claims Due Oct. 8
FUN MAXX: Claims Registration Period Ends Oct. 7
KERNCO TRADING: Creditors' Liquidation Claims Due Oct. 8
PULVER MONTAGEN: Creditors' Liquidation Claims Due Oct. 8

RAFEX JSC: Claims Registration Period Ends Oct. 7
SAGA IMPORT-EXPORT: Creditors' Liquidation Claims Due Oct. 8
SANCHO Y PANCHO: Creditors' Liquidation Claims Due Oct. 8
SCHREIBWERK VERLAG: Court Closes Bankruptcy Proceedings
SIEBER ARCHITEKTURBUERO: Court Closes Bankruptcy Proceedings


U K R A I N E

DNIEPRODZERZHYNSKY PLANT: Proofs of Claim Deadline Set Sept. 29
DNIPRO LLC: Proofs of Claim Deadline Set September 29
DON-VEN LLC: Creditors Must File Claims by September 29
EUROMEDIAGROUP LLC: Proofs of Claim Deadline Set September 28
MALOPOBIYANSKOE LLC: Proofs of Claim Deadline Set September 28

NTPN-LTAVA: Creditors Must File Claims by September 29
OST-GLORY: Proofs of Claim Deadline Set September 28
RESOURCE CONSERVATION: Proofs of Claim Deadline Set September 28
UKRAINIAN MANUFACTURERS: Proofs of Claim Deadline Set Sept. 29
UKRAINIAN WHOLESALE: Proofs of Claim Deadline Set September 28


U N I T E D   K I N G D O M

ALCATEL-LUCENT SA: Acquires U.K.-Based Tamblin Limited
BRAKE BROS: Fitch Withdraws Debt Ratings on Full Redemption
CABLE & WIRELESS: Unit Launches New Internet Protocol Software
CASUAL CLASSICS: Appoints A. Clifton as Liquidator
DELKOR LTD: Brings In Liquidators from BDO Stoy Hayward

ELIZABETH MAY: Taps Daryl Warwick to Liquidate Assets
ENRON CORP: District Court Rejects Citibank MegaClaims Appeal
EUROPEAN NURSING: Names Robert Edward Caunce Cook Liquidator
FUSION DIGITAL: Brings In Liquidator from KPMG
INSPECTION SERVICES: Taps Liquidator from Moore Stephens
NASDAQ STOCK: Unit Sells 5.3 Million LSE Shares for $194 Million

NORTHERN ROCK: Scraps Dividend Payout Plans; Evaluates Options
OCEAN PACKAGING: J. M. Titley Leads Liquidation Procedure
STRONGROOM LTD: Calls In Liquidators from Tenon Recovery

* Upcoming Meetings, Conferences and Seminars

                            *********

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


DETEKTIVUNTERNEHMEN LLC: Claims Registration Period Ends Oct. 1
---------------------------------------------------------------
Creditors owed money by LLC Detektivunternehmen (FN 76319i) have
until Oct. 1 to file written proofs of claim to court-appointed
estate administrator Werner Dax at:

         Mag. Werner Dax
         Esterhazyplatz 5
         7000 Eisenstadt
         Austria
         Tel: 05/90105500
         Fax: 05/90105510
         E-mail: guessing@daxundpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on Aug. 27 (Bankr. Case No. 26 S 123/07a).


EK LLC: Vienna Court Orders Business Shutdown
---------------------------------------------
The Trade Court of Vienna entered Aug. 24 an order shutting down
the business of LLC EK (FN 128520a).

Court-appointed estate administrator Gerhard Bauer recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         E-mail: ra-g.bauer@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No 2 S 109/07b).


EKP LLC: Estate Administrator Declares Insufficient Assets
----------------------------------------------------------
Dr. Georg Kahlig, the court-appointed estate administrator for
LLC EKP (FN 284231m) (fka LLC Phoenix Supperclub) declared Aug.
28 that the Debtor's property is insufficient to cover
creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 6 (Bankr. Case No. 2 S 103/07w).  Mag. Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0
         E-mail: kahlig.partner@aon.at


EVELINE & ODO: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered Aug. 28 an order shutting down
the business of LLC Eveline & Odo Dvorak (FN 127126a).

Court-appointed estate administrator Romana Weber-Wilfert
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Romana Weber-Wilfert
         c/o Dr. Christof Stapf
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 01/533 24 55-24
         E-mail: office@weber-wilfert.at
                 officewien@aaa-law.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 1 (Bankr. Case No 5 S 90/07f).  Christof Stapf
represents Dr. Weber-Wilfert in the bankruptcy proceedings.


ROBERT TENSCHERT: Claims Registration Period Ends Oct. 2
--------------------------------------------------------
Creditors owed money by LLC Robert Tenschert (FN 79475a) have
until Oct. 2 to file written proofs of claim to court-appointed
estate administrator Franz Hofbauer at:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs/Donau
         Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: dr.hofbauer@wibs.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Persenbeug, Austria, the Debtor declared
bankruptcy on Aug. 28 (Bankr. Case No. 14 S 148/07s).


ROTTNER LLC: Claims Registration Period Ends Oct. 5
---------------------------------------------------
Creditors owed money by LLC Rottner (FN 278775p) have until
Oct. 5 to file written proofs of claim to court-appointed estate
administrator Karl Robert Hiebl at:

         Dr. Karl Robert Hiebl
         Stadtplatz 50/2
         5280 Braunau am Inn
         Austria
         Tel: 07722/625 43
         Fax: 07722/828 93
         E-mail: kanzlei@lirk-hiebl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Hoehnhart, Austria, the Debtor declared
bankruptcy on Aug. 28 (Bankr. Case No. 17 S 31/07a).


SALMHOFER LLC: Graz Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Graz entered Aug. 28 an order shutting down
the business of LLC Salmhofer (FN 59877f).

Court-appointed estate administrator Franz Doppelhofer
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Franz Doppelhofer
         Reitschulgasse 1
         8010 Graz
         Austria
         Tel: 0316/810030
         Fax: 0316/810080
         E-mail: office@fritschpartner.at

Headquartered in St. Florian, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No 25 S 98/07k).


SUPE LLC: Claims Registration Period Ends Oct. 5
------------------------------------------------
Creditors owed money by LLC SUPE (FN 177306w) have until Oct. 5
to file written proofs of claim to court-appointed estate
administrator Otto Werschitz at:

         Dr. Otto Werschitz
         LLC CGO Masseverwaltung
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820620-0
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:25 p.m. on Oct. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Aug. 30 (Bankr. Case No. 25 S 102/07y).


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


CHIQUITA BRANDS: Names Howard Baker to Board of Directors
---------------------------------------------------------
Chiquita Brands International Inc.'s board of directors has
decided to increase its size from seven to eight members and has
elected Howard (Skip) W. Barker, Jr. to fill the new position.
Mr. Barker, who brings more than 30 years of experience in
finance and accounting practices, will also serve as a member of
the company's audit committee.

"We are delighted to welcome Skip to Chiquita's board," said
Fernando Aguirre, chairman and chief executive officer.  "His
leadership and extensive finance and audit skills accentuate an
already strong group of independent board members whose vision
and experience will continue to advance Chiquita's sustainable
growth strategy."

"Chiquita is an exciting company that is becoming a global
leader in branded, healthy, fresh foods," Mr.Barker said.  "I
look forward to adding my experience and joining Chiquita's
board to work with this management team."

Mr. Barker's accounting career spanned 30 years with KPMG LLP,
where he became a partner in 1982 and served as the firm's
partner-in-charge of several departments, including business
development; mergers and acquisitions, information,
communications and entertainment businesses; and executive
education.  Mr. Barker retired from KPMG in 2002, and since
2003, he has served on the boards of directors at Medco Health
Solutions, Inc., and priceline.com Incorporated.  He is chairman
of the audit committees at both companies.

Mr. Barker is a member of several professional societies,
including the American Institute of Certified Public
Accountants, the Connecticut Society of Certified Public
Accountants and the Florida Society of Certified Public
Accountants.

In addition to Messrs. Aguirre and Barker, the board includes:

   a) Morten Arntzen, president and chief executive officer for
      Overseas Shipholding Group, an oceangoing vessel operator;

   b) Robert W. Fisher, a private investor with more than 35
      years senior management experience at various banana
      companies;

   c) Clare M. Hasler, executive director of the Robert Mondavi
      Institute for Wine and Food Science at the University of
      California at Davis;

   d) Durk I. Jager, former chairman, president and chief
      executive officer at the Procter & Gamble Co.;

   e) Jaime Serra, senior partner of Serra Associates
      International, a consulting firm in law and economics, and
      Mexico's former secretary of finance and secretary of
      trade and industry; and

   f) Steven P. Stanbrook, president, developing markets
      platform at S.C. Johnson & Son, Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 16,
2007, Moody's Investors Service Ratings affirmed these ratings
on Chiquita Brands International Inc.: (i) corporate family
rating at B3; (ii) probability of default rating at B3; (iii)
US$250 million 7.5% senior unsecured notes due 2014 at
Caa2(LGD5, 89%); and (iv)  US$225 million 8.875% senior
unsecured notes due 2015 at Caa2 (LGD5, 89%).  Moody's changed
the rating outlook for Chiquita Brands to negative from stable.

Troubled Company Reporter-Europe reported on May 8, 2007, that
Standard & Poor's Ratings Services placed its 'B' corporate
credit and other ratings on Cincinnati, Ohio-based Chiquita
Brands International Inc. on CreditWatch with negative
implications, meaning that the ratings could be lowered or
affirmed following the completion of their review.  Total debt
outstanding at the company was about US$1.3 billion as of
March 31, 2007.


===========================
C Z E C H   R E P U B L I C
===========================


MAGNA INT’L: Unit Purchases Manufacturing Assets in Mexico
----------------------------------------------------------
Magna Car Top Systems, an operating unit of Magna International
Inc. has acquired certain manufacturing assets and equipment,
including a leased facility located in Toluca, Mexico.  The
facility, now called Magna Car Top Systems de Mexico, S.A. de
C.V., manufactures and assembles convertible tops for several
General Motors vehicles including the Pontiac Solstice, Saturn
Sky and Opel GT.

"The facility expands our manufacturing footprint in North
America and the new operation enhances our current
capabilities," commented Klaus Striegel, president, Magna Car
Top Systems.  "The addition of this Mexico facility is part of
Magna Car Top Systems' strategic expansion to be close to key
customer assembly facilities in the region."

The 276,000-square-foot facility, located just 40 miles west of
Mexico City, employs 309 people and its current capabilities
include stamping, machining, coating, cut & sew, welding and
convertible top final assembly.

                About Magna Car Top Systems

Magna Car Top Systems is a global leader in the open-air roof
system market and designs, develops and manufactures vehicle
roof systems including retractable hardtops, softtops, panoramic
roof modules, and removable hardtops for OEM's world-wide from
the concept stage through to serial production.

                 About Magna International

Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
In South America, it has two operations in Brazil.  The
company's capabilities include the design, engineering, testing
and manufacture of automotive interior systems; seating systems;
closure systems; metal body and chassis systems; vision systems;
electronic systems; exterior systems; powertrain systems; roof
systems; well as complete vehicle engineering and assembly.  The
company has approximately 83,000 employees in 229 manufacturing
operations and 62 product development and engineering centers in
23 countries including Brazil, China, Czech Republic, France,
Germany, Korea, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Magna International Inc. will restructure its
operations through plant closings and consolidations in order to
remain profitable, Tony Van Alphen at the Toronto Star reports.


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


KALMAR STRUCTURED: Moody's Cuts Rating to B2 on Class C Notes
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by Kalmar Structured Finance A/S:

   -- Downgraded to A2 from A1, Class A1 EUR4,250,000 Secured
      Notes III due 2011;

   -- Downgraded to A2 from A1, Class A2 SEK140,000,000 Secured
      Notes III due 2011;

   -- Downgraded to Baa3 from Baa2, Class B1 EUR6,015,000
      Secured Notes III due 2011;

   -- Downgraded to Baa3 from Baa2, Class B2 SEK65,000,000
      Secured Notes III due 2011; and

   -- Downgraded to B2 from Ba3, Class C EUR8,255,000 Secured
      Notes III due 2011.

These downgrades are the result of credit migration in the
underlying pools.


=============
F I N L A N D
=============


EXIDE TECHNOLOGIES: Names Luke Lu as President for Asia Pacific
---------------------------------------------------------------
Exide Technologies has appointed Luke Lu as President - Asia
Pacific, effective Oct. 1.  Reporting to President and Chief
Executive Officer Gordon Ulsh, Lu will be responsible for
providing overall leadership and direction for the company’s
business in the Asia Pacific region.  He will be based in
Shanghai, China, which will become the central headquarters for
the Exide Technologies Asia Pacific region.

Mr. Lu brings a broad range of industry experience to his new
role at Exide.  Most recently, he served Johnson Controls in a
variety of capacities including Vice President, Sales and
Marketing – Asia Pacific Battery Group; Acting General Manager
for Chongqing Joint Venture; and Commercial Director, China and
Southeast Asia.

Prior to that, he worked at General Electric Corporation, where
his roles included a position as Greater China Marketing and
Application Development Manager for the company’s Toshiba
Silicones division and Pacific Tech-Marketing Manager for GE
Silicones in Waterford, New York.  His career also includes
Project Manager responsibilities at Pragmatics, Inc., a leading
provider of software and systems engineering, information
assurance, network operations and management services for both
defense and civilian agencies.

Mr. Lu holds a Ph.D. in Inorganic and Physical Chemistry from
Georgetown University in Washington, D.C. and a Bachelor of
Science in Organic and Physical Chemistry from Nankai
University, Tianjin, P.R. China.

The Exide Asia Pacific business top-line revenues represent both
Exide’s Industrial Energy and Transportation businesses.  More
than 900 employees across the region support a number of
different operations:

   * Transportation manufacturing plants in Elizabeth
     (Adelaide), Australia and Gujarat (Ahmedabad), India;

   * Industrial Energy battery assembly operations in Padstow
     (Sydney), Australia, and Hosur (Bangalore), India;

   * a recycling facility in Petone (Wellington), New Zealand;
     and

   * sales offices and distribution centers in locations
     including Japan, China, Hong Kong, Singapore, Malaysia,
     Indonesia, Thailand, Philippines, India, Australia, and New
     Zealand.

"Luke brings a unique combination of specialized knowledge and
depth of experience to his new, Shanghai-based position," said
Exide President and Chief Executive Officer Gordon Ulsh.  "We
anticipate that he will help us in our efforts to capitalize on
profitable growth opportunities in this rapidly developing
geographic market."

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.  The company has operations in 89
countries, including, Argentina, Australia, Brazil, Finland,
Poland, New Zealand, among others.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.

                        *     *     *

Standard & Poor's Ratings Services, on April 2007, placed its
'CCC' corporate credit rating on Exide Technologies and all
related debt issue ratings on CreditWatch with positive
implications.  The CreditWatch listing reflects Exide's
gradually improving financial results, strengthened liquidity,
and prospects for further modest improvements in financial
metrics due in part to a better pricing environment.


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


ALCATEL-LUCENT SA: Acquires U.K.-Based Tamblin Limited
------------------------------------------------------
Alcatel-Lucent S.A. has acquired U.K.-based Tamblin Limited, a
privately held software company that provides applications and
tool kits that will enhance Alcatel-Lucent’s solution for
enabling IPTV users to easily find, connect and interact with
brands and entertainment they care about.

As the traction of IPTV services continues to take hold in all
regions, service providers are looking for ways to differentiate
their service packages, add revenue generating applications,
increase the stickiness of the services and get more value out
of their IP based network infrastructure.

Service providers can use Alcatel-Lucent’s interactive TV
applications, now enhanced by the Tamblin software with their
existing IPTV middleware to offer their subscribers a unique TV
experience that lets them interact with their favorite brands
and entertainment services.

The Tamblin solutions have been recognized for the ease with
which brands and broadcasters can develop interactive TV
advertising campaigns and track usage. Broadcasters can create
one campaign that runs across multiple operators.

"Interactivity is doubly attractive to brands and advertisers
because it is based on an action of some kind that can provide a
metric on which to measure advertising", as Eden Zoller and
Vincent Poulbere, Principal Analysts at Ovum, wrote in their
recent report "Interactive Mobile Services."

Tamblin’s 13 person staff will join Alcatel-Lucent’s convergence
business activities within its multimedia and payment team.

"The experienced and talented team at Tamblin have developed a
powerful set of applications and tools that are being used by
clients such as the BBC, BskyB, ITV, Channel Five and Central
Office of Information.  We look forward to leveraging their
expertise and integrating them into a wider team dedicated to
identifying ways to help IPTV service providers deliver a
unique, interactive TV experience for their subscribers," said
Marc Rouanne, President of Alcatel-Lucent’s convergence business
activities.

"We are delighted to join Alcatel-Lucent," said Stuart Waite,
CEO of Tamblin.  "We have the opportunity to bring our media and
broadcast clients together with the outstanding Alcatel-Lucent
IPTV operator customers to deliver leading interactive TV
services to the market."

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.


                            *   *   *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


DRESSER-RAND GROUP: Earns US$26.2 Million in Qtr. Ended June 30
---------------------------------------------------------------
Dresser-Rand Group Inc. reported net income of US$26.2 million
for the second quarter ended June 30, 2007.  This compares to a
net income of US$10.7 million for the second quarter 2006.
Second quarter 2007 income included a provision for litigation
and related interest of US$2.6 million after-tax and a charge of
US$1.5 million after-tax related to a change in an accounting
estimate for workers' compensation.

Total revenues for the second quarter 2007 of US$441.2 million
increased US$17.2 million or 4.0% compared to US$424.0 million
for the second quarter 2006.  Operating income for the second
quarter 2007 was US$50.1 million.  This compares to operating
income of US$27.2 million for the second quarter 2006, which
included US$16.8 million for stock-based compensation expense
for exit units.  Second quarter 2007 operating income increased
from the year ago quarter due to higher pricing and productivity
improvements.

Vincent R. Volpe, Jr., president and chief executive officer of
Dresser-Rand, said, "The improvements in our second quarter 2007
results over last year were somewhat tempered by the litigation
provision and a change in accounting estimate.  The impact of
these two items was approximately US$0.05 per diluted share.
Additionally, changes in procurement processes and a delay in
the budget appropriations by certain of our national oil company
clients resulted in lower than expected aftermarket bookings and
revenues for the period."

Bookings for the second quarter 2007 were US$659.2 million,
which was US$225.1 million or 52.0% higher than the second
quarter 2006.

The backlog at the end of June 2007 was a record US$1.61 billion
or 59.0% higher than the backlog at the end of June 2006 of
US$1.01 billion.

At June 30, 2007, the company's consolidated balance sheet
showed US$1.77 billion in total liabilities, US$1.07 bilion in
total liabilities, and US$697.1 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?23a4

              Liquidity and Capital Resources

As of June 30, 2007, cash and cash equivalents totaled
US$160.8 million and borrowing availability under the US$350.0
million revolving credit portion of the company's senior credit
facility was US$147.5 million, as US$202.5 million was used for
outstanding letters of credit.

In first six months of 2007, cash provided by operating
activities was US$136.2 million, which compared to US$6.9
million for the corresponding period in 2006.  The increase of
US$129.3 million in net cash provided by operating activities
was principally from changes in working capital.  In the first
six months of 2007, capital expenditures totaled US$8.6 million
and the company prepaid US$110.1 million of its outstanding
indebtedness under its senior secured credit facility.  As of
June 30, 2007, total debt was US$396.9 million and total debt
net of cash and cash equivalents was approximately US$236.1
million.

                    Litigation Provision

In the second quarter, the company and Maersk Oil UK Limited
reached a full and final settlement resulting in an additional
total charge of approximately US$4.2 million (US$2.6 million
after-tax) for damages, interest and claimant's costs.  The
company had previously reported that it planned to dispute the
amount of costs claimed by Maersk, but on further review of the
facts and circumstances, it decided to settle the matter.  The
litigation with Maersk Oil UK Limited resulted from alleged
defects in compressors manufactured at a Dresser-Rand facility
that discontinued producing compressors in December 1998.

                 Change in Accounting Estimate

The company recorded a pre-tax charge of US$2.3 million
(US$1.5 million after-tax) for a change in accounting estimate
related to accrued liabilities for workers' compensation.  The
charge for workers' compensation resulted from payment
information recently provided to the company by Ingersoll Rand,
its former parent company.

                           Outlook

Demand for rotating equipment and aftermarket parts and services
continues to be strong but aftermarket bookings and revenues
continue to be adversely, but temporarily, impacted by changes
in the procurement process approval cycle and a delay in the
budget appropriations for certain of the company's national oil
company customers.  The backlog of orders has continued to
increase to record levels.  At June 30, 2007, 68.0% of the
backlog of US$1.61 billion is scheduled to ship in 2008 and
2009.

The company continues to believe that its 2007 operating income
will be in the range of US$250.0 to US$270.0 million and its
third quarter 2007 operating income will be in the range of
25.0% to 27.0% of the total year.

                  About Dresser-Rand Group

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 7,
2007, Standard & Poor's Ratings Services assigned its bank loan
and recovery ratings to the US$500 million senior secured
revolving credit facility due 2012 of Dresser-Rand Group Inc.
(BB-/Stable/--)


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



ALERIS INTERNATIONAL: Will Close Tennessee Plant by November 20
---------------------------------------------------------------
Aleris International Inc. will shut down and permanently close
its manufacturing facility in Dickson, Tennessee, by Nov. 20,
2007.

The Dickson plant was part of Aleris's acquisition of Wabash
Alloys LLC.

The Dickson plant produces specification aluminum alloys, which
are delivered to customers in both ingot and molten form.  The
plant has approximately 67 employees.

Production will be transferred to other Aleris facilities.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures aluminum
rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 42 production facilities in the United States,
Brazil, Germany, Mexico and Wales, and employs approximately
4,200 employees.

                          *    *    *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating with a '2' recovery rating.


ASAT HOLDINGS: Low Equity Prompts Nasdaq's Delisting Notice
-----------------------------------------------------------
ASAT Holdings Limited received a Nasdaq Staff Determination
letter dated Sept. 17, 2007, indicating that the company's
market value of listed securities has been below $35,000,000 as
required for continued inclusion by Marketplace Rule
4320(e)(2)(B) and that its American Depositary Shares are,
therefore, subject to delisting.

The company was also notified by Nasdaq that it does not comply
with the minimum stockholders' equity of $2,500,000 or net
income from continuing operations of $500,000 in the completed
fiscal year or in two of the last three completed fiscal years,
which are also requirements for continued listing on The Nasdaq
Capital Market.

The company will request an appeal hearing before a Nasdaq
Listing Qualifications Panel to avoid delisting and expects to
have a hearing date scheduled in 30 to 45 days.  During the
appeal hearing process, the company's ADSs will remain listed
and traded on The Nasdaq Capital Market.

There can be no assurance that the Panel will grant the
company's request for continued listing.  If the company's ADSs
are delisted from The Nasdaq Capital Market, the company expects
that its ADSs will trade on the Over-the-Counter Bulletin Board
market.

The company has separately received a Nasdaq letter that the
company's ADSs did not meet the minimum $1 per ADS requirement
for continued inclusion on The Nasdaq Capital Market as set
forth in Nasdaq Marketplace Rule 4310(c)(4).  This requirement
has not been satisfied to date, and in accordance with
Marketplace Rule 4310(c)(8)(D), the company has until Jan. 28,
2008, to regain compliance with such rule.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor
package design, assembly and test services.  With 18 years of
experience, the company offers a definitive selection of
semiconductor packages and manufacturing lines.  ASAT's package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  The company has
operations in the United States, Hong Kong, China and Germany.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in US$88.3 million total
stockholders' deficit.


ASAT HOLDINGS: Files Appeal on NASDAQ Delisting Decision
--------------------------------------------------------
ASAT Holdings Limited has lodged an appeal against the Nasdaq
Listing Qualifications Panel regarding its decision to delist
the company from its board, reports say.

According to a report from Infocast News, ASAT received a notice
that procedures have been commenced to delist ASAT from The
Nasdaq Capital Market.  ASAT then lodged an appeal to allow it
to remain listed on that market.

The appeal is expected to be heard within 45 days, and that,
even if unsuccessful, ASAT expects trading in its securities to
continue on the OTC Bulletin Board market, Infocast adds.

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia, Hong Kong and Germany.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in US$88.3 million total
stockholders' deficit.


ASAT HOLDINGS: Moody's Lifts Ratings to Caa1 on New Loan Grant
--------------------------------------------------------------
On September 25, 2007, Moody's Investors Service has upgraded
the corporate family rating of ASAT Holdings Ltd to Caa1 from
Ca.

At the same time, Moody's also upgraded to Caa1 from Ca the
senior unsecured rating for New ASAT (Finance) Limited's US$150
million senior notes, maturing in 2011, which are guaranteed by
ASAT.  The outlook for both ratings remains negative.

"The rating action follows ASAT's announcement that its Chinese
subsidiary, ASAT Semiconductor (Dongguan) Limited (ASDL), has
received a commitment for RMB150 million (approximately US$20
million) of new financing from a Chinese bank in the form of a
secured multi-currency revolving credit facility," say Wonnie
Chu, Moody's lead analyst for ASAT, adding, "The company also
made the interest payment for its senior notes in August within
the grace period.  This facility, together with the waiver and
amendments entered with the lenders of the purchase money loan
and senior notes, will alleviate ASAT's near-term liquidity
concern," she says.

"However, ASAT's near-to-medium term prospects are expected to
remain challenging, given that the current tight liquidity which
limits growth and operational flexibility.  Furthermore, the
company's small scale and high customer/segment concentration
make it more vulnerable to industry volatility," adds Chu.

The negative outlook reflects tight liquidity concerns and
execution risk relative to the company's ability to turn around
the business over the next 12-18 months, especially given its
exposure to the volatile outsourcing semiconductor assembly and
test industry.

The ratings would undergo a downgrade if the company is unable
to meet its debt-servicing obligations.  This scenario could in
turn be a result of a slower-than-expected ramp-up in sales and
a change in product mix, and which negatively affects operating
margins, as well as an inability to secure a contingency
financing plan.

On the other hand, ratings could stabilize if ASAT is able to
continue improving its liquidity through raising new capital or
by improving its operating margins and cash generation ability.
ASAT Holdings Ltd is a relatively small provider of outsourced
semiconductor assembly and test services (OSAT) and ranks 9th in
the industry globally.  To increase cost competitiveness, the
company moved its manufacturing operations to Dongguan, China; a
move which was completed end-2006.

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia, Hong Kong and Germany.


AVNET INC: To Acquire Components Distributor Betronik GmbH
----------------------------------------------------------
Avnet Inc. has entered into an agreement to acquire the Berlin,
Germany-based passive components distributor Betronik GmbH.  The
acquisition is subject to the final approval by the German anti-
trust authority (Bundeskartellamt).

Following anti-trust approval, Betronik and its French
subsidiary DEL S.A. will be combined with the Avnet Time
organization in Germany and France, respectively.  The newly
formed business will operate within Avnet Electronics Marketing
EMEA under the Avnet Time brand.  Betronik reported calendar
year 2006 revenues of approximately US$40 Million.  As a result
of the merger, Ingeborg and Horst Mergener, managing directors
and founders of Betronik, will lead the sales organizations in
Germany reporting directly to Michael Danylow, president of
Avnet Time.

With roots dating back to the 1970s, Betronik GmbH was founded
in 1986 in Berlin by Horst Mergener and his wife, Ingeborg.
Over the last 20 years, the company evolved to a leading
independent distribution organization in the German market for
passive components.  Betronik employs about 80 people in its
logistics center in Berlin, and seven sales offices across
Germany and one in France.  Most importantly, Betronik maintains
an excellent reputation with customers of all sizes and
structures.

Patrick Zammit, President of Avnet Electronics Marketing EMEA,
said: "The acquisition of Betronik, like the Flint acquisition
three months ago, is another great example of Avnet’s commitment
to invest in the European IP&E market.  Both Betronik’s and
Avnet Time’s customers will gain access to one of the industry’s
best passive components portfolios as well as a broader spectrum
of value-added services.  We have very exciting plans for Avnet
Time across Europe and are confident that our suppliers and
customers will embrace the opportunities that evolve from this
expansion.

Betronik’s Managing Director and Founder Horst Mergener
commented: "Over the last 20 years, we have built an excellent
specialist team on passive components and were able to gain the
respect of many customers for our high service quality.  I
believe that combining forces with Avnet Time now provides the
best options for customers, suppliers and employees.  In leading
the new German sales organization I want to ensure that
Betronik’s entrepreneurial spirit continues to prevail, as part
of Avnet Time.  I am looking forward to be an integral part of
Avnet Time’s future strategy."

Michael Danylow said: "Germany is by far the biggest marketplace
in Europe for IP&E products.  Together with Betronik, we can
grow to become a leading force in this critical region."

The newly expanded Avnet Time will work to ensure the strengths
that have made Betronik a preferred choice in the passive
components market will also drive the new organization and that
customers, suppliers and employees will experience a smooth
transition with new and exciting opportunities.

                         About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden, Brazil, Mexico and Puerto Rico.

                        *     *     *

The Troubled Company Reporter-Europe on March 6, 2007, reported
that Moody's Investors Service affirmed the Ba1 corporate family
and long-term debt ratings of Avnet, Inc. and revised the
outlook to positive from stable.


BACHMAIER RAUMAUSSTATTUNGS: Claims Registration Ends Oct. 18
------------------------------------------------------------
Creditors of Bachmaier Raumausstattungsgesellschaft mbH have
until Oct. 18 to register their claims with court-appointed
insolvency manager Gudrun Hopf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Gudrun Hopf
         Hilblestr. 7
         80636 Munich
         Germany
         Tel: 089/183690
         Fax: 089/184160

The District Court of Munich opened bankruptcy proceedings
against Bachmaier Raumausstattungsgesellschaft mbH on Sept. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bachmaier Raumausstattungsgesellschaft mbH
         Dorfplatz 2
         85599 Parsdorf
         Germany


BPN BUEROPARK: Claims Registration Ends Oct. 16
-----------------------------------------------
Creditors of BPN Bueropark Nordenstadt Vermietungsgesellschaft
mbH have until Oct. 16 to register their claims with court-
appointed insolvency manager Sylvia Rhein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 27, 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Darmstadt opened bankruptcy proceedings
against BPN Bueropark Nordenstadt Vermietungsgesellschaft mbH on
Sept. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BPN Bueropark Nordenstadt Vermietungsgesellschaft mbH
         Schleichweg 16
         64678 Lindenfels
         Germany


BRILLENBOUTIQUE GOEPEL: Claims Registration Ends October 19
-----------------------------------------------------------
Creditors of Brillenboutique Goepel GmbH have until Oct. 19 to
register their claims with court-appointed insolvency manager
Ruediger Stoll.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall S 2.18
         Second Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Ruediger Stoll
         Sankt Augustiner Strasse 94 a
         53225 Bonn
         Germany
         Tel: 0228/400 94-160
         Fax: 40 09 479

The District Court of Bonn opened bankruptcy proceedings against
Brillenboutique Goepel GmbH on Sept. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Brillenboutique Goepel GmbH
         Attn: Beate Goepel, Manager
         Burgweiher 52-54
         53123 Bonn
         Germany


DATEC SOFTWARE: Claims Registration Ends Oct. 18
------------------------------------------------
Creditors of DATEC Software GmbH have until Oct. 18 to register
their claims with court-appointed insolvency manager Horst
Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against DATEC Software GmbH on Sept. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DATEC Software GmbH
         Itterstrasse 39a
         40589 Duesseldorf
         Germany


DW-BAUELEMENTE GMBH: Claims Registration Period Ends Oct. 22
------------------------------------------------------------
Creditors of DW-Bauelemente GmbH have until Oct. 22 to register
their claims with court-appointed insolvency manager Stephan
Muenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 22, 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         Germany

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

The insolvency manager can be reached at:

         Stephan Muenzel
         Bachstr. 85 a
         22083 Hamburg
         Germany
         Tel: 040/320836-0
         Fax: 040/32083636

The District Court of Tostedt opened bankruptcy proceedings
against DW-Bauelemente GmbH on Sept. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DW-Bauelemente GmbH
         Kronskamp 7
         21255 Tostedt
         Germany
         Attn: Dieter Weber, Manager


GARTENRING PRODUKTIONS: Claims Registration Ends October 19
-----------------------------------------------------------
Creditors of Gartenring Produktions- und Vertrieb GmbH have
until Oct. 19 to register their claims with court-appointed
insolvency manager Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Nov. 21, 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 Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Lange Str. 50
         18311 Ribnitz-Damgarten
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Gartenring Produktions- und Vertrieb GmbH on Sept. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gartenring Produktions- und Vertrieb GmbH
         Robert-Bosch-Str. 12
         18437 Stralsund
         Germany


HERDE & SEMMELMANN: Claims Registration Period Ends Nov. 5
----------------------------------------------------------
Creditors of Herde & Semmelmann Immobilienhandel GmbH have until
Nov. 5 to register their claims with court-appointed insolvency
manager Boris A. Schmidt-Burbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Dec. 6, 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 Marburg/Lahn
         Hall 159
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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. Boris A. Schmidt-Burbach
         Fach 25
         Wilhelmstrasse 17
         35037 Marburg
         Germany
         Tel: 06421/30499-0
         Fax: 06421/30499-20

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Herde & Semmelmann Immobilienhandel GmbH on Sept. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Herde & Semmelmann Immobilienhandel GmbH
         Lahn-Dill-Strasse 3
         35236 Breidenbach
         Germany


HILGERS CAPITAL: Claims Registration Ends October 18
----------------------------------------------------
Creditors of Hilgers Capital Consulting GmbH Projektentwicklung
und Management have until Oct. 18 to register their claims with
court-appointed insolvency manager Manfred Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Nov. 15, 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 Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         Germany

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

The insolvency manager can be reached at:

         Manfred Kuersch
         Kirchstrasse 19
         53518 Adenau
         Germany
         Tel: 02691/93283
         Fax: 02691/932840

The District Court of Wittlich opened bankruptcy proceedings
against Hilgers Capital Consulting GmbH Projektentwicklung und
Management on Sept. 14.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Hilgers Capital Consulting GmbH
         Attn: Wolfgang Hilgers, Manager
         Dockweiler Str. 14
         54550 Daun
         Germany


HMD -OPTIK: Claims Registration Period Ends Nov. 5
--------------------------------------------------
Creditors of HMD -Optik-Vertriebsgesellschaft mbH have until
Nov. 5 to register their claims with court-appointed insolvency
manager Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Dec. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against HMD -Optik-Vertriebsgesellschaft mbH on Sept. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HMD -Optik-Vertriebsgesellschaft mbH
         Attn: Heinz Muehseler, Manager
         Helene-Lange-Strasse 16
         14469 Potsdam
         Germany


HOTEL MARKETING: Claims Registration Period Ends Oct. 22
--------------------------------------------------------
Creditors of Hotel Marketing Service GmbH have until Oct. 22 to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 14, 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 Stralsund
         Hall A 421
         House A
         Frankendamm 17
         Stralsund
         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:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Hotel Marketing Service GmbH on Sept. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hotel Marketing Service GmbH
         Zur Schwedenschanze 2
         18435 Stralsund
         Germany


LATES BAU: Claims Registration Ends October 19
----------------------------------------------
Creditors of LATES BAU GmbH have until Oct. 19 to register their
claims with court-appointed insolvency manager Dr. Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 26, 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:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against LATES BAU GmbH on Sept. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         LATES BAU GmbH
         Ruhrallee 9
         44139 Dortmund
         Germany

         Attn: Vaclav Nejdr, Manager
         Wrchlickeho 574
         CZE-34901 Stribro
         Czech Republic


LINGE ELEKTROANLAGEN: Claims Registration Ends Oct. 16
------------------------------------------------------
Creditors of Linge Elektroanlagen GmbH have until Oct. 16 to
register their claims with court-appointed insolvency manager
Dr. Christine Berg-Gruenenwald.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Christine Berg-Gruenenwald
         Leopoldstr. 139
         80804 Munich
         Germany
         Tel: 361930-0
         Fax: 361930-499

The District Court of Munich opened bankruptcy proceedings
against Linge Elektroanlagen GmbH on Sept. 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Linge Elektroanlagen GmbH
         Zeppelinstr. 1
         81541 Munich
         Germany


MUENCHHAUSEN GASTRO: Claims Registration Period Ends Oct. 19
------------------------------------------------------------
Creditors of Muenchhausen Gastro Service GmbH have until Oct. 19
to register their claims with court-appointed insolvency manager
Henning Bosse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 15, 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 Holzminden
         Hall 14
         Hauptgebaude
         Karlstrasse 15
         37601 Holzminden
         Germany

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

The insolvency manager can be reached at:

         Henning Bosse
         Prinzenstrasse 3
         30159 Hannover
         Germany
         Tel: 0511 35 39 91 60
         Fax: 0511 35399166
         E-Mail: hannover@brf-partner.de

The District Court of Holzminden opened bankruptcy proceedings
against Muenchhausen Gastro Service GmbH on Sept. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Muenchhausen Gastro Service GmbH
         Koenigstrasse 14
         37619 Bodenwerder
         Germany

         Attn: Thomas Buch, Manager
         Boedexer Tal 51a
         37671 Hoexter
         Germany


NRG ENERGY: Files Application to Build Two Nuclear Units
--------------------------------------------------------
NRG Energy Inc. and South Texas Project Nuclear Operating
Company will file a Combined Construction and Operating License
Application with the Nuclear Regulatory Commission to build and
operate two new nuclear units at the South Texas Project nuclear
power station site.  The total rated capacity of the new units,
STP 3 and 4, will equal or exceed 2,700 megawatts -- enough to
power more than two million homes.  NRG expects to bring the
units on line in 2014 and 2015 in order to provide reliable and
affordable power to fuel Texas’ continued growth and economic
prosperity.

"It is a new day for energy in America. Advanced technology
nuclear power plants like STP 3 and 4, generating a vast amount
of electricity cleanly, safely and reliably, will make an
enormous contribution toward the greater energy security of the
United States," said David Crane, NRG’s President and Chief
Executive Officer.  "But equally, this announcement heralds a
new day for the environment.  Advanced nuclear technology is the
only currently viable large-scale alternative to traditional
coal-fueled generation to produce none of the traditional air
emissions—and most importantly in this age of climate change—no
carbon dioxide or other greenhouse gases."

This license submittal continues NRG’s leadership role in moving
U.S. electrical generation to new, cost-effective baseload power
that does not contribute to global climate change and is the
first license application submitted to the NRC for a new nuclear
plant in 29 years.

STP 3 and 4 are being developed as part of the Company’s
Repowering NRG initiative to build approximately 10,000 MW of
new, highly efficient, clean power generation facilities that
leverage NRG’s existing facilities’ infrastructure, support a
diverse fuel mix to reduce foreign energy dependence, and
implement technologies that reduce NRG’s carbon intensity.

The South Texas Project Nuclear Operating Company, which
currently operates units 1 and 2, will operate the new units as
well.

The U.S. Department of Energy projects that the United States
will need 40 percent more electricity by 2030.  According to the
Electric Reliability Council of Texas, energy needs in Texas
alone will grow by 10,000 MWs by 2014.  STP 3 and 4 will help
meet this growing demand without increasing U.S. dependence on
foreign sources of oil.  These new units also will help reduce
demands on domestic supplies of natural gas, on which Texas
currently depends on for most of its power generation
requirements.

"This is an historic event for the future of nuclear power in
America.  Around the world, consumers are benefiting from clean,
efficient nuclear power.  Finally, as a result of years of hard
work, our nation is now on the verge of taking greater advantage
of this technology.  I’m excited to see an investor-owned
company submit the first combined operating license application
in nearly 30 years, and I hope it is the first of many to come,"
said United States Senator Pete Domenici (R-NM), who serves as
ranking member of the Senate Energy and Natural Resources
Committee.

"Nuclear power is an essential component of any comprehensive
national energy plan," said United States Senator Mary Landrieu.
"It has been 20 years since we have built a nuclear power plant,
and it is long past time that we build a new one. According to
the Nuclear Energy Institute, 35 new nuclear power plants are
needed in the next 40 years to keep pace with our escalating
energy demand.  A new power plant in Texas will prove to help
combat the impact of global climate change and allow America to
continue on a path toward energy independence."

The STP site in Matagorda County, Texas is considered to be one
of the best sites in America for nuclear expansion.  The 12,220-
acre site and 7,000-acre cooling reservoir were originally
designed for four units.  The two new units will be built
adjacent to the currently operating STP units 1 and 2.

"We are very pleased to be a part of this milestone application
for the first new nuclear plant in decades," said Judge Nate
McDonald, Matagorda County Judge.  "The South Texas Project has
an outstanding record of safety and excellent performance and is
a good neighbor in our community.  We welcome this expansion to
Matagorda County and look forward to helping bring additional
clean, safe nuclear power to Texas."

NRG has chosen Advanced Boiling Water Reactor -- ABWR --
technology for the new units to be built at the STP site.  The
technology reflects 50 years of continued evolution of boiling
water reactor -- BWR -- technology and combines the best
features of the worldwide BWR fleet with advanced technology
enhancements that improve safety, performance and longevity.
ABWR technology is certified by the NRC and has an impressive
construction and operational track record.  This includes
setting world records for construction time and bringing the
units in on budget.

Four ABWR units have been successfully commissioned in Japan,
with another three units under construction in Taiwan and Japan.
The Tokyo Electric Power Company, Inc., has more than a decade
of experience in ABWR operations and has provided their
expertise to supporting STP’s planned two-unit expansion.

"We have chosen NRC-certified, operationally proven technology
and the best possible, most experienced team to build STP 3 and
4," added Mr. Crane.  "We expect to build these facilities on
time, on budget and to the exacting standards that will
guarantee excellence in safe and reliable nuclear operations."

In June 2006, NRG filed its letter of intent to submit an
application with the Nuclear Regulatory Commission to construct
STP units 3 and 4.  STPNOC, together with a contracting team
successfully led by GE-Hitachi Nuclear Energy and Bechtel, has
prepared the COLA for STP units 3 and 4 in just over one year
for submittal to the NRC.

With the COLA submitted, the NRC begins an estimated two-month
acceptance review process.  It is then anticipated that the NRC
could take up to 42 months for its detailed review process
including staff discovery, site visits, company responses,
hearings and NRC Environmental Impact Statements.  Assuming this
schedule, NRG would hope to receive its license approval and
begin construction in 2010.  With this time frame, STP unit 3
should come on line in 2014 and unit 4 in 2015.

The multibillion dollar investment is expected to generate more
than US$9 billion of economic benefit principally in the South
Texas area, require 4,000 to 6,000 construction workers, and
result in about 800 new operating staff positions at the plant.

                    About South Texas Project

STP’s reactors supply power to Houston, Austin, San Antonio,
Corpus Christi and surrounding areas.  The plant is managed by
the STP Nuclear Operating Company and units 1 and 2 are owned by
NRG Energy (44 percent), CPS Energy (40 percent) and Austin
Energy (16 percent).  STP’s twin reactors produce nearly 2,700
megawatts of electricity, enough to power more than 2.1 million
homes.

                          About NRG

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of powergenerating facilities, primarily in Texas and
the Northeast, South Central and West regions of the United
States.  Its operations include baseload, intermediate,
peaking, and cogeneration and thermal energy production
facilities.  NRG also has ownership interests in generating
facilities in Australia, Germany and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
May 8, 2007, Moody's Investors Service affirmed the ratings of
NRG Energy, Inc., including its Corporate Family Rating at Ba3,
the Probability of Default Rating at Ba3, the senior unsecured
debt at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share
repurchases and to begin paying a common dividend during the
first quarter of 2008.

Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s USUS$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed USUS$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.


PAPARAZZI GMBH: Claims Registration Period Ends Nov. 2
------------------------------------------------------
Creditors of Paparazzi GmbH have until Nov. 2 to register their
claims with court-appointed insolvency manager Roland Gronau.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Dec. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Roland Gronau
         Friedrich-Ebert-Strasse 08
         14467 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Paparazzi GmbH on Sept. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Paparazzi GmbH
         Attn: Christian Knuppe-Moestl, Manager
         Friedrich-Ebert-Strasse 94
         14467 Potsdam
         Germany


PRO-CONSULT-MESSEN GMBH: Creditors Meeting Slated for Oct. 22
-------------------------------------------------------------
The court-appointed insolvency manager for Pro-Consult-Messen
GmbH, Bardo Sigwart, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on Oct. 22.

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 10:15 a.m. on Nov. 22 at the same venue.

Creditors have until Oct. 20 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bardo Sigwart
         Ahornweg 12
         D 55218 Ingelheim
         Germany
         Tel: 06132/88949
         Fax: 06155/66297

The District Court of Mainz opened bankruptcy proceedings
against Pro-Consult-Messen GmbH on Sept. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Pro-Consult-Messen GmbH
         Weberstr. 2-4
         55130 Mainz
         Germany

         Attn: Joachim Dietmar, Manager
         Goettelmannstr. 31
         55131 Mainz
         Germany


SHD GMBH: Claims Registration Period Ends Nov. 1
------------------------------------------------
Creditors of SHD GmbH have until Nov. 1 to register their claims
with court-appointed insolvency manager Frank Ruediger
Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Frank Ruediger Scheffler
         C.-D.-Friedrich-Strasse 6
         01219 Dresden
         Germany
         Web site: http://www.tiefenbacher.de/

The District Court of Dresden opened bankruptcy proceedings
against SHD GmbH on Sept. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SHD GmbH
         Attn: Thomas Schulz, Manager
         Kreischaer Str. 5-7
         01219 Dresden
         Germany


===========
G R E E C E
===========


EASTMAN KODAK: Board Promotes Philip Faraci to President & COO
--------------------------------------------------------------
Eastman Kodak Company's board of directors has promoted Philip
J. Faraci to the position of President and Chief Operating
Officer, effective immediately.

As President and COO, Mr. Faraci will be responsible for the
day-to-day management of Kodak’s two major digital businesses:
the Consumer Digital Imaging Group and the Graphic
Communications Group.  Mr. Faraci has been President of CDG and
a Senior Vice President of the company.

He assumes responsibility for GCG from James T. Langley, who
remains a Senior Vice President until his departure at the end
of the year.  Since the company is eliminating the position of
president for both CDG and GCG, Mr. Langley will leave Kodak
once he completes the transition of his responsibilities for
GCG.

Kodak’s major traditional business, the Film Products Group,
will continue to report to Chairman and Chief Executive Officer
Antonio M. Perez under the leadership of Mary Jane Hellyar,
President, FPG, and a Senior Vice President of the company.

The changes are part of Kodak’s larger effort to create an
organization geared for sustained, profitable growth in digital
markets.  As Kodak nears the conclusion of its four-year
restructuring effort, these moves position the company for the
next phase of its transformation, during which it will build
bigger digital businesses and continue the effective management
of its traditional business.

"This new structure will allow us to better capitalize on the
opportunities before us," Mr. Perez said. "With a single leader
for the digital businesses, we will be able to leverage our
technology across product lines more effectively, while keeping
independent business models and go-to-market strategies for both
CDG and GCG.  At the same time, it's important that we continue
to pursue strategies that extend the strong cash generation of
our FPG business.  The new structure provides the necessary
differentiated focus between our digital and our traditional
businesses."

As Chairman and CEO, Perez continues to have the primary
responsibility for setting the company’s strategy, managing
broad issues of corporate governance, and delivering the overall
financial and operating performance of the company.  Mr. Faraci,
who joined Kodak in December 2004, will be responsible for the
performance of the two businesses reporting to him as well as
the operating activities of those units.

"Phil has made enormous contributions to the progress of Kodak’s
digital transformation," Mr. Perez said.  "He drove the recent
introduction of our revolutionary consumer inkjet printers,
improved the earnings of our digital capture business, and
created a more profitable go-to-market model for our consumer
digital business.  The leadership that Phil has exhibited makes
him well suited to take on additional responsibilities and to
build on Jim’s success.  I am confident that these businesses
will reach new heights under Phil’s leadership."

Mr. Langley, who joined Kodak in August 2003, led the series of
acquisitions that resulted in what is now Kodak’s Graphic
Communications Group, a US$3.6 billion business that offers the
broadest portfolio of blended solutions in the industry.

"Kodak’s promising future reflects in large part the great
business that Jim built for us," Mr. Perez said.  "I cannot
thank him enough for coming out of retirement to help establish
Kodak as a leading participant in the graphic communications
industry.  Jim has completed the work he came to do, and the
result is that the position of GCG president is no longer
necessary in this new structure.  I wish Jim all the best upon
his return to his private life, and I thank him for all of his
many contributions."

The new management structure also positions the Film Products
Group to continue making significant contributions to the
success of Kodak well into the future.

"FPG’s performance has been exceptional, reflecting the strong
leadership of Mary Jane Hellyar and her team," Mr. Perez said.
"Kodak remains committed to the business and technology of
film."

Following these changes, the reporting structure of the company
will be as follows:

   -- Finance, Legal, the Chief Technical Office, Human
      Resources, the Global Diversity office, and the Chief
      Information Officer will report to Mr. Perez; and

   -- Worldwide Information Systems, and all manufacturing and
      logistics activity of CDG and GCG will report to
      Mr. Faraci.

"I am honored to be given the responsibility of helping to lead
Kodak through the next stage of its exciting future," Mr. Faraci
said.  "My work is made easier by Jim Langley’s exceptional
contributions to GCG and Mary Jane’s continued excellence in
managing our traditional business.  Through their efforts and
those of many others, Kodak is now participating in a number of
digital markets that allow us to leverage our expertise in image
science and materials science, built up over the decades by
Kodak’s great technologists.  My mission is to make the most of
the digital opportunity, and I know we will succeed by
leveraging the assets of our consumer and commercial
businesses."

Today’s announcement represents one of the final steps in the
company’s four-year long restructuring, which will conclude this
year.

"We will enter 2008 with the company that I came here to run,"
Mr. Perez said.  "We now have in place the right management, the
right structure, the right products and, most importantly, the
right people for Kodak to generate sustained profits in digital
markets.  Together, we look forward to delivering on the promise
of the Kodak brand for the benefit of our shareholders and
employees."

                     About Eastman Kodak

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

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

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2007, Standard & Poor's Ratings Services has affirmed its 'B+'
corporate credit rating on Eastman Kodak Co. and removed the
ratings from CreditWatch, where they had been placed with
negative implications on Aug. 2, 2006.  The outlook is negative.


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


FLEXTRONICS INT'L: Unit Wants to Buy Arima's Notebook Operations
----------------------------------------------------------------
Flextronics International Ltd.'s unit, Flextronics Computing
Sales and Marketing (L) Ltd., and Arima Computer Corporation
signed a binding Letter of Intent where Arima will sell its
notebook computer and server related business, operation and
assets owned by Arima and Arima Computer JiangSu, Arima's
subsidiary to Flextronics.

The assets intended for sale include Arima's facilities at Wu-
Jiang, as well as the entire stockholding of Arima's wholly
owned subsidiaries Arima Computer (U.K.) Ltd., Arima Computer
(Texas) Corporation , Arima Computer (California) Corporation
and Arima Computer (Japan) Corporation.

The transaction price is US$59.5 million (NT$1,963 million) over
the book value of the disposed assets at closing.  As of
June 30, 2007, the book value of the relevant assets were about
US$132 million (NT$4,356 million).

The definitive sale and purchase agreement is expected to be
executed within 45 days.  Afterwards, Arima will immediately
call a shareholders meeting to seek approval of the transaction.

Flextronics will apply for the Investment Commission's approval
according to applicable laws.  The parties will proceed to close
the deal on a date to be further agreed by both parties after
Flextronics receives the approval from the Investment
Commission.

Arima indicates that the transaction will safeguard all affected
Arima employees' interests.  Flextronics intends to offer
positions to substantially all of Arima's employees of the
notebook and server business.  Flextronics will also offer
employee benefit and base compensation that are substantially
similar in the aggregate to those provided by Arima.  Moreover,
the existing relationships between Arima and suppliers,
customers and banks will remain unchanged.  Prior to the closing
of this transaction, Arima will continue to operate its business
in the ordinary course.

                    About Arima Computer

Headquartered in Taipei, Taiwan, Arima Computer Corp. (TPE:
2381) -- http://www.arima.com.tw/-- designs, manufactures and
distributes notebook computers and peripherals, as well as
related components.  The notebook computers are manufactured for
individuals, offices, schools, plants and families.  During the
year ended Dec. 31, 2006, the company obtained about 84% and 16%
of its total revenue from notebook computers and related
components, respectively.  The company distributes its products
in the domestic market and to overseas markets, including the
rest of Asia, the Americas and Europe.  In 2006, about 98% of
the company's total revenue was from overseas markets.

               About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 21,
2007, Moody's Investors Service assigned a provisional (P)Ba1
rating to Flextronics International Ltd.'s proposed US$2.5
billion unsecured term loan that will be used to finance the
cash consideration portion of the pending acquisition of
Solectron Corporation.  This provisional rating assumes a
corporate family rating of Ba1.

In addition, the rating for the proposed term loan reflect both
the overall probability of default of the company, to which
Moody's assumes a PDR of Ba1, and a loss given default of LGD 4.
All of the company's ratings remain under review for possible
downgrade pending consummation of the company's merger with
Solectron, which is expected to close in October 2007.  It is
likely that if the transaction closes as contemplated, the CFR
will be affirmed at Ba1.


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


W.R. GRACE: Ninth Circuit Reinstates Libby Conspiracy Charge
------------------------------------------------------------
A three-judge panel of the U.S. Court of Appeals for the Ninth
Circuit reversed certain district court pre-trial rulings
against W.R. Grace & Co. and six of the company's former
executives on the alleged poisoning of Libby, Montana residents.

Particularly, the Honorable Betty Fletcher reinstated a
conspiracy charge initiated by the U.S. Government against the
Grace Defendants in relation to Grace's former vermiculite
operations in the town of Libby.

From 1963 to 1992, Grace mined a rich supply of vermiculite ore
outside Libby.  Libby residents subsequently complained of
serious health problems in relation to Grace's vermiculite
operations.  In response, the Government obtained an indictment
in 2005, charging Grace and seven of its executives with
criminal conduct arising from Grace's Libby operations.  The
indictment accused the Grace Defendants of:

   (1) conspiracy to violate environmental laws and obstruct
       federal agency proceedings;

   (2) violations of the federal Clean Air Act; and

   (3) obstruction of justice.

Among the named defendants are:

   * William McCaig, former manager of operations at the Libby
     mine;

   * Robert Walsh and Robert Bettacchi, former presidents of
     Grace's Construction Products Division;

   * Jack Wolter, ex-general manager of the Construction
     Products Division;

   * Henry Eschenbach, a former director of health and safety at
     Grace; and

   * Mario Favorito, a former legal counsel for Grace.

Alan Stringer, also a named defendant in the Libby case, died in
February 2007.  He used to be a Grace general operations manager
in Libby.

In March 2006, the Defendants asserted that the Government
failed to allege a requisite overt act before the statute of
limitations ran in November 2004, and sought dismissal of the
knowing endangerment object of the conspiracy charge.

The U.S. District Court for the District of Montana
preliminarily dismissed as time barred the knowing endangerment
object of the the conspiracy charge.  Shortly thereafter, the
Government obtained a superseding indictment, which had certain
amendments but was essentially similar to the original
indictment.

In July 2006, the District Court again dismissed a portion of
the Government's allegations, asserting conspiracy to knowingly
endanger residents of the Libby area and others in violation of
the Clean Air Act, of the new indictment.

In August 2006, District Court Judge Molloy granted a request by
the Defendants to exclude as evidence sample results that
included minerals that do not constitute asbestos under the
Clean Air Act.

The Government appealed the District Court rulings to the Ninth
Circuit.  As a result, the District Court trial has been delayed
pending resolution of the appeals.

Upon review, Judge Fletcher found that the District Court erred
in dismissing the knowing endangerment object in the original
indictment.  "[T]he parties do not dispute that the original
indictment was timely filed.  The district court's holding that
the indictment was time-barred referred only to its failure to
allege the necessary overt acts in the original indictment -- a
flaw that can be cured through reindictment under [18 U.S.C.
Section] 3288."

The Ninth Circuit noted that Section 3288 extends the statute of
limitations by six months to allow the prosecution a second
opportunity to do what it failed to do in the beginning: namely,
file an indictment free of legal defects.

The Ninth Circuit held that a reading of Section 3288 does not,
as the District Court suggests, "require a defendant to remain
subject to an indefinite threat of prosecution, held open beyond
the statute of limitations period, while he and the court wait
for the government to finish tinkering with the indictment."

Judge Fletcher pointed out that Section 3288:

   (1) eliminates the incentive for criminal defendants to move
       for dismissal of an indictment at the end of the statute
       of limitations, thereby winning dismissal at a time when
       the government cannot re-indict; and

   (2) subjects defendants to the threat of prosecution for six
       months after the dismissal of the original indictment
       and only if the government has timely filed an
       indictment charging the exact same crimes based on
       approximately the same facts.

Accordingly, Judge Fletcher reinstated the knowing endangerment
object of the conspiracy charge in the superseding indictment.

With regards to Congress' use of the term "asbestos" to identify
a hazardous air pollutant, the Government contended that a
statute may have two definitions for one term -- one definition
civil and one criminal.  The Government also argued that the
definition of asbestos applicable to the Clean Air Act's
criminal knowing endangerment provision covers the minerals
involved in the present case.  "We agree on both points," Judge
Fletcher opined.

The Defendants had actual notice of the risks from the fibrous
content of the asbestiform minerals in their products, the Ninth
Circuit held.  "It is clear that defendants knew or should have
known that their mining, milling, and distribution activities
risked the release of asbestos into the ambient air."

Thus, Judge Fletcher held that the District Court erred in
concluding that ambiguity exists simply because of the existence
of two oversight structures -- a civil regulatory structure and
a criminal enforcement provision -- that use different
definitions of the term "asbestos."

In addition, Judge Fletcher held that the District Court
improperly limited the term "asbestos" to the six minerals
covered by the civil regulations.  Asbestos is adequately
defined as a term and need not include mineral-by-mineral
classifications to provide notice of its hazardous nature,
particularly to these knowledgeable defendants, Judge Fletcher
said.

Accordingly, the Ninth Circuit reversed the order limiting
evidence to that fitting within the civil regulations.

The Ninth Circuit also granted the Government's request for a
writ of mandamus, and held that Grace cannot avail itself at
trial of the affirmative defense articulated in 42 U.S.C.
Section 7413(c)(5)(A).

In relevant part, Section 7413(c)(5)(A) states that the release
of certain pollutant on which "the Administrator has set an
emissions standard" will not constitute a violation under that
provision.

On the other hand, Judge Fletcher affirmed the exclusion of
certain studies -- (1) EPA indoor air studies, (2) a report of
the Agency for Toxic Substances and Disease Registry based on a
medical screening study of Libby residents, and (3) the results
of the screening study published as an article in a peer-
reviewed journal (Peipins Publication) -- in the Libby case, but
reversed the District Court's decision to exclusion those
studies as bases underlying an expert's opinion or testimony.

Judge Fletcher also granted the Defendants' request to strike
certain documents included in the Government's reply brief to
the Ninth Circuit.

The panel that reviewed the Government's appeal is composed of
Ninth Circuit Judges Betty B. Fletcher, Harry Pregerson and
Warren J. Ferguson.

The U.S. Bankruptcy Court for the District of Delaware
previously granted Grace's request to advance legal and defense
costs to the Named Officer Defendants, subject to a
reimbursement obligation if it is later determined that the
Former Officer did not meet the standards for indemnification
set forth under the appropriate state corporate law.  In a
filing with the Securities and Exchange Commission, Grace
reported that for the six months ended June 30, 2007 and 2006,
respectively, total expense for Grace and the Former Officer
totaled US$6.3 million and US$27.2 million.

Grace is unable to assess whether the indictment, or any
conviction resulting from it, will have a material adverse
effect on the results of its operations or financial condition
or affect its bankruptcy proceedings, the company noted in the
SEC filing.

With the current ruling on its Appeal, Grace's shares fell 5.5%
to US$25.39 in the New York Stock Exchange composite trading,
Bloomberg reports.

A copy of the 36-page Ninth Circuit Ruling is available for free
at http://ResearchArchives.com/t/s?23a8

                      About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 139; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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


DANA CORP: Extends Challenge Period for Waiver Fee Payments
-----------------------------------------------------------
Dana Corp. and its debtor-affiliates, the Official Committee of
Unsecured Creditors, and the Ad Hoc Committee of Dana
Noteholders agree, in a stipulation approved by the U.S.
Bankruptcy Court for the Southern District of New York, that the
Challenge Period for the Committees to contest all liens and
claims relative to, and the payment of, the Waiver Fee, as
defined in the Final DIP Order, is extended through and
including the earlier of the date that is
100 days after:

  (i) any of the Debtors, the Committees, the Receivables
      Facility Agents sends a written notice to the other
      parties setting the last day of the Challenge Period on
      the 100th day in accordance with the Stipulation; and

(ii) the date on which the adequacy of any disclosure statement
      filed in the Debtors' cases is approved by the Court.

The date of the Order approving the adequacy of the Disclosure
Statement will be the Investigation Commencement Date.

The date by which the Prepetition Agent, the Pre-Petition
Lenders, the Credit Card Issuers and the Debtors may serve a
written response, objection or motion with respect to the
subpoenas served pursuant to the Rule 2004 Orders is extended to
the 30th day after the Investigation Commencement Date.  Subject
to and without waiving any of the rights reserved in the
preceding sentence, to the extent that documents have not
already been produced, document production pursuant to the
Subpoenas will commence, on a rolling basis, on the 31st day
after the Investigation Commencement Date and will conclude on
the 50th day after the Investigation Commencement Date.

                       About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana continues to close plants in North
America, moving business to other countries such as Mexico.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.


DANA CORP: Completes Sale of Coupled Products Business
------------------------------------------------------
Dana Corporation has completed the sale of its North American
coupled products business to Coupled Products LLC, a wholly
owned subsidiary of Wanxiang (USA) Holdings Corporation.
Dana expects to record an after-tax loss of approximately
US$44 million in the third quarter of 2007 in connection with
this transaction.

The sale substantially concludes the overall divestiture of
Dana's fluid products business.  Last month, the company closed
the sale of its North American fluid products hose and tubing
operations to Orhan Holding, A.S.  Dana previously sold its
European fluid products hose and tubing operations to Orhan in
July 2007.

"The completion of this divestiture marks another important step
in Dana's efforts to concentrate our resources on the core
products and competencies that are the foundation for our future
growth," Dana Chairman and CEO Mike Burns said.  "We wish the
people of the coupled products business the very best as they
move forward with Wanxiang."

The coupled products plants and/or assets involved in the
Wanxiang transaction are located in San Luis Potosi, Mexico; and
Columbia City, Indiana; Pensacola, Florida; Rochester Hills,
Michigan; and Upper Sandusky and Wharton, Ohio.  The coupled
products operations manufacture power-assisted steering
products; heating, ventilation, and air conditioning under-
engine products; and brake products.  The operations employ
approximately 2,050 people and reported consolidated revenues of
approximately US$200 million in 2006.

                     About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana continues to close plants in North
America, moving business to other countries such as Mexico.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.


LUCCHINI SPA: Moody's Holds Ba3 Rating on Improved Performance
--------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family
rating of the Italian steel producer Lucchini SpA.  The outlook
for the rating is stable.

The current rating reflects:

   (i) Moody's acknowledgement of Lucchini's ongoing recovery as
       a result of re-capitalization which substantially
       improved the capital structure and restored credit
       metrics to more comfortable levels;

  (ii) improved 2006 financial results and cash flow generation
       ability;

(iii) the company's improving geographic focus, including
       product supplies to North American and Russian markets,
       as well as its existing broad customer base;

  (iv) continued good industry environment which has further
       contributed to Lucchini's restored profitability after a
       period of losses;

   (v) ongoing modernization program aimed at improving
       productivity and efficiency;

  (vi) a committed and resourceful majority shareholder, Russian
       steel maker OAO Severstal.

Moody's also takes into account Lucchini's track record of
consistently adhering to its strategy and financial policy, with
the consolidation of the financial indebtedness and the
repayment of the short-term drawings.  Over the medium term,
this should put an upward pressure on the rating given
continuous benign market environment.  Any upward rating
pressure will also have to take into consideration Lucchini's
implementation of the downstream growth strategy with a focus on
development of additional capacities in special flat and long
steel products, and whether the effective utilization of semi-
finished capacities will succeed and should reduce earnings
volatility going forward.

Moody's also sees the divestiture of one of the Lucchini's
subsidiary Sidermeccanica as positive which would allow the
company to concentrate managerial and financial resources on the
development of its core units.

The Ba3 corporate family rating continues to reflect:

   (i) the cyclical nature of the steel industry and the
       sensitivity of financial results to rising raw material
       prices;

  (ii) Lucchini's modest market strength in steel sectors,
       except in the production of rails and wire rod;

(iii) high exposure to fluctuations in iron ore and coal prices
       as well as being exposed to the vulnerabilities
       associated with securing long term raw material supplies;

  (iv) the need to clearly demonstrate operational synergies
       between Severstal and Lucchini and;

   (v) concentration of ultimate control with one individual
       holding majority control over the company via its parent
       Severstal.

Lucchini is Italy's second and Europe's 12th largest steelmaker,
with a 2006 output of 2.3 million tonnes and a production
capacity of 3 million tonnes p.a.  The company is a leading
European producer of special quality steel long products.  For
the year ending Dec. 31, 2006, the company's revenues and Gross
Margin from Operations (EBITDA) of EUR2676 million and EUR271
million, respectively.


TEKSID ALUMINUM: Soliciting Consents to Amend 11-3/8% Notes
-----------------------------------------------------------
Teksid Aluminum Luxembourg S.a r.l., S.C.A. commenced a
solicitation of consents from each holder of its outstanding
11-3/8% Senior Notes due 2011 pursuant to a consent solicitation
statement dated Sept. 25, 2007, to implement proposed amendments
to the indenture governing the Senior Notes.

The consent solicitation will expire at 10:00 a.m., New York
City time (3:00 p.m., London time), on Oct. 1, 2007, unless
extended or earlier terminated.  Adoption of the proposed
amendments and execution of a supplemental indenture giving
effect to the proposed amendments requires the receipt of
consents of at least a majority of the then aggregate
outstanding principal amount of Senior Notes on or prior to the
Expiration Date.

Noteholders who consent at or prior to the execution of the
Supplemental Indenture may revoke their consents at any time
prior to the execution of the Supplemental Indenture, but not
thereafter.

By delivering their consents, Noteholders are consenting to the
Proposed Amendments to the Indenture that will amend the
Indenture to, among other things:

   (i) allow the sale of Teksid Deutschland GmbH and TK
       Aluminum-France S.A.S. and, indirectly, the latter's
       subsidiaries Teksid France S.A.S., Metaltemple S.A.S.,
       Fonderie Aluminium Cleon S.A.S. and Fonderie du Poitou
       Aluminium S.A.S. to Bavariaring 0906 GmbH;

  (ii) allow settlement, write-off, or other extinguishment of
       certain intercompany obligations, including the
       obligations owed by the Company to certain of the French
       Subsidiaries and the obligations owed by certain of the
       Company's remaining subsidiaries; and

(iii) allow the Company to capitalize or convert to equity that
       certain intercompany loan in the aggregate amount of
       approximately EUR135 million, which amount includes
       accrued and unpaid interest, owed by TK Aluminum-France
       S.A.S. to the Company.

Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader,
Wickersham & Taft LLP, advisors to the ad hoc committee of
Holders, have advised the Company that they believe Holders will
give the Requisite Consents in support of the Proposed
Amendments.  As soon as the Requisite Consents are obtained,
the Company intends to execute the Supplemental Indenture.

There will not be any consent fee offered to holders of Senior
Notes in conjunction with the consent solicitation.

The completion of the consent solicitation is subject to, among
other things, the following conditions:

   -- the valid receipt, prior to the Expiration Date, of the
      Requisite Consents,

   -- the due execution of the Supplemental Indenture, and

   -- certain other general conditions described in the
      Statement.

These conditions are for the Company's sole benefit and the
Company may waive them in whole or in part at any or at various
times prior to the expiration of the consent solicitation in its
sole discretion.  In addition, subject to the terms set forth in
the Statement, the Company expressly reserves the right, but
will not be obligated, at any time or from time to time, on or
prior to the Expiration Date, to extend or amend the consent
solicitation in any respect, subject to applicable law.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                       *     *     *

As reported on May 9, 2007, Moody's Investors Service confirmed
the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid
Aluminum Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


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


INCOMSYSTEM CJSC: Proof of Claim Deadline Slated for Nov. 6
-----------------------------------------------------------
Branch of CJSC Scientific-Engineering Centre Incomsystem in
Republic of Kazakhstan has declared insolvency.

Creditors have until Nov. 6 to submit written proofs of claims
to:

         Branch of CJSC Scientific
         Engineering Centre Incomsystem
         Seventh Kilometer
         Ilyiskoye Highway
         Otegen Batyr
         Ilyisky District
         Almaty
         Kazakhstan


JAZYK-2000 LLP: Creditors Must File Claims Oct. 26
--------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Jazyk-2000 insolvent on Aug. 10,
2007.

Creditors have until Oct. 26 to submit written proofs of claims
to:

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KAISAR LLP: Claims Filing Period Ends Nov. 2
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Kaisar declared insolvent on Aug. 7.

Creditors have until Nov. 2 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Protazanov Str. 25
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03


MARIETS LTD LLP: Creditors' Claims Due on Nov. 2
------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Mariets Ltd insolvent on Aug. 7.

Creditors have until Nov. 2 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Chapayev Str. 2
         Postepnoye
         Terektinsky District
         West Kazakhstan
         Kazakhstan
         Tel: 8 (232) 3-64-72


ORALKURYLYSSERVICE LLP: Claims Registration Ends Nov. 2
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Oralkurylysservice insolvent on Aug. 9.

Creditors have until Nov. 2 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Chapayev Str. 2
         Postepnoye
         Terektinsky District
         West Kazakhstan
         Kazakhstan
         Tel: 8 (232) 3-64-72


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


POLIGRAPH EFFECT-BISHKEK: Creditors Must File Claims by Nov. 7
--------------------------------------------------------------
LLC Poligraph Effect-Bishkek has declared insolvency.  Creditors
have until Nov. 7 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-71-71.


STRIGHT LLC: Proof of Claim Deadline Slated for October 31
----------------------------------------------------------
LLC Stright has declared insolvency.  Creditors have until
Oct. 31 to submit written proofs of claim to:

         LLC Stright
         Tolstoy Str. 100
         Bishkek
         Kyrgyzstan


VINOKURENNY ZAVOD: Claims Registration Ends October 31
------------------------------------------------------
LLC Distillery Vinokurenny Zavod has declared insolvency.
Creditors have until Oct. 31 to submit written proofs of claim
to:

         LLC Distillery Vinokurenny Zavod
         Murmanskaya Str. 250/1
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 54-15-71


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


AGILENT TECHNOLOGIES: Inks Resale Agreement with Accelerys
----------------------------------------------------------
Agilent Technologies Inc. and Accelrys Inc. have entered into a
comprehensive resale agreement to enable the licensing and
integration of their informatics products.  The partnership
covers the breadth of informatics portfolios of both companies
and will enable customers in the pharmaceutical industry to
enjoy unprecedented integration of laboratory data, experimental
results and insights across the enterprise.

"This partnership will enable unparalleled integration of
informatics products," said Bruce von Herrmann, Agilent vice
president and general manager, Informatics Division.  "It will
significantly benefit pharmaceutical companies that want to
spend less time integrating existing informatics solutions and
more time developing new, more effective medicines."

Agilent and Accelrys will offer compatible and enhanced
solutions incorporating their respective portfolios of
informatics products.  Accelrys will resell OpenLAB Enterprise
Content Manager, Kalabie Electronic Lab Notebook, and GeneSpring
gene expression solutions.  Agilent will resell Accord
cheminformatics solutions and Pipeline Pilot Scientific
Operating Platform solutions.

"Partnering with Agilent allows us to provide a broader range of
scientific business-intelligence solutions to our pharmaceutical
customers," said Mark J. Emkjer, president and chief executive
officer, Accelrys.  "We’re enabling them to gain deeper insights
and make more informed decisions from their scientific data
across the research and development continuum.  Agilent’s
strength in Laboratory Informatics, QA/QC and manufacturing are
a natural complement to Accelrys’ expertise in research, early
development and scientific data management."

The combined solutions can be seen at the following events:

   -- the Agilent Worldwide Laboratory Informatics Conference in
      Berlin on Sept. 25-26;

   -- the ELNs - IQPC conference in Brussels on Sept. 26; and

   -- the Accord Informatics and Scitegic Pipeline Pilot user
      group meeting in Pistoia, Italy, Oct. 9-12.

                       About Accelrys

Accelrys Inc. -- http://www.accelrys.com/-- develops and
commercializes Scientific Business Intelligence software for the
integration, mining, analysis, modeling and simulation,
management and interactive reporting of scientific data.  Our
solutions are used by biologists, chemists, materials
scientists, and information technology professionals for product
design as well as drug discovery and development.  The company's
technology and services are designed to meet the needs of
today’s leading research and development organizations including
leading commercial, government and academic organizations.

                  About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


EVRAZ GROUP: Eyes US$1.8 Billion Loan to Repay Existing Debts
-------------------------------------------------------------
Evraz Group S.A. plans to avail of US$1.8 billion syndicated
loan to repay debts related to its takeover of Oregon Steel
Mills Inc., Interfax News reports citing a banking industry
source.

Evraz obtained a bridging loan in March 2007 to fund the
purchase of Oregon Steel.  The company needs to repay the loan
by May 2008.

The company plans to obtain the loan this year, depending on
market conditions.

                         About Evraz

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

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'.  Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                    Projected
                         Old Debt New Debt LGD      Loss-Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  8.25% Senior Unsecured
  Regular Bond/
  Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                         Old Debt New Debt LGD      Loss Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  10.875% Senior Unsecured
  Regular Bond/
  Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


TEKSID ALUMINUM: Soliciting Consents to Amend 11-3/8% Notes
-----------------------------------------------------------
Teksid Aluminum Luxembourg S.a r.l., S.C.A. commenced a
solicitation of consents from each holder of its outstanding
11-3/8% Senior Notes due 2011 pursuant to a consent solicitation
statement dated Sept. 25, 2007, to implement proposed amendments
to the indenture governing the Senior Notes.

The consent solicitation will expire at 10:00 a.m., New York
City time (3:00 p.m., London time), on Oct. 1, 2007, unless
extended or earlier terminated.  Adoption of the proposed
amendments and execution of a supplemental indenture giving
effect to the proposed amendments requires the receipt of
consents of at least a majority of the then aggregate
outstanding principal amount of Senior Notes on or prior to the
Expiration Date.

Noteholders who consent at or prior to the execution of the
Supplemental Indenture may revoke their consents at any time
prior to the execution of the Supplemental Indenture, but not
thereafter.

By delivering their consents, Noteholders are consenting to the
Proposed Amendments to the Indenture that will amend the
Indenture to, among other things:

   (i) allow the sale of Teksid Deutschland GmbH and TK
       Aluminum-France S.A.S. and, indirectly, the latter's
       subsidiaries Teksid France S.A.S., Metaltemple S.A.S.,
       Fonderie Aluminium Cleon S.A.S. and Fonderie du Poitou
       Aluminium S.A.S. to Bavariaring 0906 GmbH;

  (ii) allow settlement, write-off, or other extinguishment of
       certain intercompany obligations, including the
       obligations owed by the Company to certain of the French
       Subsidiaries and the obligations owed by certain of the
       Company's remaining subsidiaries; and

(iii) allow the Company to capitalize or convert to equity that
       certain intercompany loan in the aggregate amount of
       approximately EUR135 million, which amount includes
       accrued and unpaid interest, owed by TK Aluminum-France
       S.A.S. to the Company.

Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader,
Wickersham & Taft LLP, advisors to the ad hoc committee of
Holders, have advised the Company that they believe Holders will
give the Requisite Consents in support of the Proposed
Amendments.  As soon as the Requisite Consents are obtained,
the Company intends to execute the Supplemental Indenture.

There will not be any consent fee offered to holders of Senior
Notes in conjunction with the consent solicitation.

The completion of the consent solicitation is subject to, among
other things, the following conditions:

   -- the valid receipt, prior to the Expiration Date, of the
      Requisite Consents,

   -- the due execution of the Supplemental Indenture, and

   -- certain other general conditions described in the
      Statement.

These conditions are for the Company's sole benefit and the
Company may waive them in whole or in part at any or at various
times prior to the expiration of the consent solicitation in its
sole discretion.  In addition, subject to the terms set forth in
the Statement, the Company expressly reserves the right, but
will not be obligated, at any time or from time to time, on or
prior to the Expiration Date, to extend or amend the consent
solicitation in any respect, subject to applicable law.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                       *     *     *

As reported on May 9, 2007, Moody's Investors Service confirmed
the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid
Aluminum Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


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


COBALT: Creditors Must File Claims by Oct. 1
--------------------------------------------
Creditors of Cobalt have until Oct. 1 to submit proofs of claim
to:

         A. Kislitsyn
         Insolvency Manager
         Profsoyuznaya Str. 4-16
         610004 Kirov
                  Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-243/01-7/10-42.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         Cobalt
         Krasnoarmeyskaya Str. 8
         Kirovo-Chepetsk
         Kirov
         613040


COMPLEX BUILDING: Creditors Must File Claims by Nov. 1
------------------------------------------------------
Creditors of LLC Complex Building Company (TIN 5259030587) have
until Nov. 1 to submit proofs of claim to:

         V. Samsonov
         Insolvency Manager
         Internatsionalnaya Str. 96
         603002 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-12547/2007, 33-113.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         LLC Complex Building Company
         Krasnykh Zor’ Str. 22
         603157 Nizhniy Novgorod
         Russia


EDELWEISS LLC: Creditors Must File Claims by Oct. 1
---------------------------------------------------
Creditors of LLC Edelweiss have until Oct. 1 to submit proofs of
claim to:

         V. Tulinov
         Temporary Insolvency Manager
         Office 30
         Kirova Str. 9
         394018 Voronezh
         Russia

The Arbitration Court of Belgorod will convene at 2:30 p.m. on
Dec. 11 to hear the bankruptcy supervision procedure on LLC
Edelweiss.  The case is docketed under Case No. A08-2984/07-11.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Edelweiss
         Lomonosova Str. 1
         Belgorod
         Russia


EVRAZ GROUP: Eyes US$1.8 Billion Loan to Repay Existing Debts
-------------------------------------------------------------
Evraz Group S.A. plans to avail of US$1.8 billion syndicated
loan to repay debts related to its takeover of Oregon Steel
Mills Inc., Interfax News reports citing a banking industry
source.

Evraz obtained a bridging loan in March 2007 to fund the
purchase of Oregon Steel.  The company needs to repay the loan
by May 2008.

The company plans to obtain the loan this year, depending on
market conditions.

                         About Evraz

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

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'.  Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                    Projected
                         Old Debt New Debt LGD      Loss-Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  8.25% Senior Unsecured
  Regular Bond/
  Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                         Old Debt New Debt LGD      Loss Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  10.875% Senior Unsecured
  Regular Bond/
  Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


GERMAN HOUSE: Creditors Must File Claims by Oct. 1
--------------------------------------------------
Creditors of CJSC German House have until Oct. 1 to submit
proofs of claim to:

         K. Markov
         Insolvency Manager
         Office 2
         Moskovskaya Str. 85
         410012 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-1082B/02-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC German House
         Sakko i Vantesetti Str. 6/8
         410012 Saratov
         Russia


GREEN WORLD: Creditors Must File Claims by Oct. 1
-------------------------------------------------
Creditors of Municipal Unitary Enterprise Green World (TIN
6154057022) have until Oct. 1 to submit proofs of claim to:

         D. Tatyanchenko
         Temporary Insolvency Manager
         Sotsialisticheskaya Str. 60 V
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A53-10640/2006-S2-30.

The Court is located at:

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

The Debtor can be reached at:

         Municipal Unitary Enterprise Green World
         Chekhova Str. 169
         Taganrog
         347900 Rostov
         Russia


IMPULSE LLC: Creditors Must File Claims by Nov. 1
-------------------------------------------------
Creditors of LLC Impulse have until Nov. 1 to submit proofs of
claim to:

         A. Margaryan
         Insolvency Manager
         Post User Box 115
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-719/2007, 33-8.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         LLC Impulse
         Fabrichnaya Str. 7
         Bolshoe Murashkino
         606360 Nizhniy Novgorod
         Russia


MASLYANINSKOYE GRAIN: Creditors Must File Claims by Oct. 1
----------------------------------------------------------
Creditors of Subsidiary OJSC Maslyaninskoye Grain Receiving
Enterprise OJSC Novosibirsk-Grain-Product have until Oct. 1 to
submit proofs of claim to:

         A. Voroshilova
         Temporary Insolvency Manager
         Kommunisticheskaya Str., 27
         Maslyanino
         633564 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk will convene at 10:30 a.m.
on Jan. 21, 2008 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A45-686/
07-54/49.

The Court is located at:

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

The Debtor can be reached at:

         Subsidiary OJSC Maslyaninskoye Grain Receiving
         Enterprise OJSC Novosibirsk-Grain-Product
         Kommunisticheskaya Str. 27
         Maslyanino
         633564 Novosibirsk
         Russia


MIASS-ENERGO-STROY: Court Names M. Moiseev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed M. Moiseev as
Insolvency Manager for CJSC Miass-Energo-Stroy (TIN 4715006852).
He can be reached at:

         M. Moiseev
         Post User Box 249
         620014 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-8543/2007-48-132.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         M. Moiseev
         Post User Box 249
         620014 Ekaterinburg
         Russia


MOSCOW-FERROUS METAL: Creditors Must File Claims by Oct. 1
----------------------------------------------------------
Creditors of OJSC Moscow-Ferrous Metal (TIN 6319106387) have
until Oct. 1 to submit proofs of claim to:

         V. Makov
         Temporary Insolvency Manager
         Apartment 40
         Apartment 8
         Molodezhnaya Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A55-6059/07.

The Debtor can be reached at:

         V. Makov
         Temporary Insolvency Manager
         Apartment 40
         Apartment 8
         Molodezhnaya Str. 8
         443031 Samara
         Russia


NORTH-WOOD LLC: Creditors Must File Claims by Nov. 1
----------------------------------------------------
Creditors of LLC North-Wood have until Nov. 1 to submit proofs
of claim to:

         A. Simakov
         Insolvency Manager
         Vokzalnaya Str. 9-24
         Chaykovskiy
         617763 Perm
         Russia
         Tel/Fax: (34241) 4-22-29

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A30-152/2007.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC North-Wood
         Lenina Str. 18
         Yurla
         619200 Perm
         Russia


NOVATEK OAO: Acquires PurNovaGas from Purneftegasgeologiya
----------------------------------------------------------
OAO Novatek has acquired natural gas producer PurNovaGas from
its subsidiary Purneftegasgeologiya, Business News Europe
reports.

However, further details of the deal were not disclosed.

Novatek says PurNovaGas was established in 2006 to develop two
gas fields in the Purovsky area of the Yamalo-Nenets Autonomous
District.

PurNovaGas also holds the Olympiskoye license area, which is
expected to begin commercial production in 2008, FC-Novosti
relates.

                         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 July 28, 2007, OA Novatek carries BB- long-term foreign
and local issuer credit ratings with a stable outlook from
Standard & Poor's.


NOVATEK OAO: Constructing Transshipment Complex in Ust-Luga
-----------------------------------------------------------
OAO Novatek has signed an agreement with OAO Ust-Luga for the
construction of a terminal for the transshipment and
fractionation of stable gas condensate produced by OOO Novatek-
Purovsky Processing Plant.  The agreement was signed within the
framework of the Sixth International Investment Forum Sochi -
2007.  The document was signed by Valery Izrayilit, chairman of
the Board of Directors, on behalf of OAO Ust-Luga and Leonid
Mikhelson, Chairman of the Management Board, on behalf of OAO
Novatek.

The new complex, located in the North West Region of Russia,
will have an estimated throughput capacity of 6 million tons per
annum and will expand the Company's existing gas condensate
value chain.  The construction of a fractionation unit within
the new complex will allow Novatek to export high quality
refined products rather than raw materials.  The estimated cost
to construct the complex is approximately RUR9.6 billion.

                         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 July 28, 2007, OA Novatek carries BB- long-term foreign
and local issuer credit ratings with a stable outlook from
Standard & Poor's.


NOVO-ZHULANSKOE: Bankruptcy Hearing Slated for Jan. 28, 2008
------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 10:30 a.m.
on Jan. 28, 2008, to hear the bankruptcy supervision procedure
on OJSC Novo-Zhulanskoe.  The case is docketed under Case No.
A45-7178/07-54/47.

The Temporary Insolvency Manager is:

         V. Ross
         Lakhina Str. 48
         Zhulanka
         Kochkovskiy
         632497 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Novo-Zhulanskoe
         Lakhina Str. 48
         Zhulanka
         Kochkovskiy
         632497 Novosibirsk
         Russia


OREL-RYB-KHOZ: Creditors Must File Claims by Oct. 1
---------------------------------------------------
Creditors of OJSC Orel-Ryb-Khoz have until Oct. 1 to submit
proofs of claim to:

         V. Goltsov
         Temporary Insolvency Manager
         Office 24
         Gorkogo Str. 45
         302028 Orel
         Russia
         Tel/Fax: 8(4862) 43-72-55

The Arbitration Court of Orel will convene on Dec. 5 to hear the
company's bankruptcy supervision procedure.  The case is
docketed under Case No. A48-1929/07-20b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Orel-Ryb-Khoz
         Makeevo
         Kromskiy
         Orel
         Russia


RUMIKS LTD: Creditors Must File Claims by Oct. 1
------------------------------------------------
Creditors of CJSC Rumiks Ltd (TIN 6432015238) have until Oct. 1
to submit proofs of claim to:

         E. Paksyutova
         Insolvency Manager
         Apt. 156
         B. Kazachya Str. 87/91
         410600 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-3130/2007-SG4-16.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Rumiks Ltd
         Kleshevka
         Saratov
         Russia


RUSSNEFT OIL: Names Alexander Korsik as Board Chairman
------------------------------------------------------
Shareholders of OAO Russneft Oil and Gas Co. approved the
appointment of Alexander Korsik as its board chairman, Interfax
News reports.

Mr. Korsik held executive posts at OAO Sibneft, Renaissance and
Capital, and Itera.

Shareholders elected Oleg Gordeyev as RussNeft's new president,
replacing jailed owner Mikhail Gutseriyev, Prime Tass reports
citing a source privy to the company.

As reported in the TCR-Europe on Sepy. 12, 2007, the Tverskoi
Court in Moscow has issued an arrest warrant for Mr. Gutseriev,
for tax evasion and illegal enterprise, charges he has denied.

Shareholders also approved the appointment of new board members
representing firm co-owning Russneft, Interfax News relates
citing a source to company shareholders.  Russneft owners'
include Milanfo, Mlada, Spektr, Nadyozhnost, Yevangelika, and
Shaddock Trading Ltd.

A source told Interfax that the board appointments were
temporary since Russneft's ownership might soon change once
Basic Element acquire a controlling stake in the company.

Interfax cites another source as saying that Mr. Gutseriyev had
already received about US$3 billion from BasEl as part of the
sale transaction.  BasEl, however, denied the report.

                         About Russneft

Headquartered in Moscow, Russia, OAO Russneft Oil and Gas Co. --
http://eng.russneft.ru/-- operates 30 productive assets, two
refineries and petrol stations network located in 22 regions of
Russia and CIS.  The Company is developing more than 170 oil
fields across the country.

As reported in the TCR-Europe on Aug. 22, 2007, the Moscow
Arbitration Court upheld a RUR17 billion tax arrear claim
against Russneft, and rejected an appeal to overturn a July 2007
ruling ordering the oil concern to pay the Federal Tax Service
RUR3.7 billion in back taxes for 2003 and first quarter of
2004.


SISTEMA JSFC: Shares Commence Trading on MICEX
----------------------------------------------
JSFC Sistema disclosed the commencement of trading in its shares
on the Moscow Interbank Currency Exchange following their
inclusion in the "B" list under the symbol "AFKS" with effect
from Tuesday, Sept. 25, 2007.

Since November 2004, Sistema's shares have been listed on the
Russian Trading System and the Moscow Stock Exchange.  In
February 2005, the Company's shares were listed on the London
Stock Exchange.

"The listing of Sistema shares on MICEX, which counts
approximately 400,000 investors among its clients, is the next
logical step for our Company in broadening its investor base.
We are delighted to offer investors the exposure to our
portfolio of businesses which have high growth potential,"
Alexander Goncharuk, president and chief executive officer of
Sistema, commented.

"We are pleased to welcome Sistema to our exchange.  We believe
that our transparent and reliable trading platform will provide
additional possibilities for the Company," Alexei Rybnikov,
chief executive officer of MICEX, added.

                         About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.

Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of US$
18.5 billion as at Sept. 30, 2006.  Sistema's shares are listed
under the symbol 'SSA' on the London Stock Exchange, under the
symbol 'AFKS' on the Russian Trading System (RTS), and under the
symbol 'SIST' on the Moscow Stock Exchange (MSE).

                        *     *     *

As reported in the TCR-Europe on Jan. 17, 2007, Fitch Ratings
assigned Sistema Capital S.A.'s guaranteed debt issuance program
a final B+ rating.  The program, guaranteed by JSFC Sistema, has
a maturity of 30 years and may issue up to US$3 billion.  This
rating action follows a review of the final terms and
conditions, confirming information already received when Fitch
assigned an expected rating of B+ on Dec. 12, 2006.

In November 2006, Standard & Poor's Ratings Services raised its
long-term debt rating to 'B+' from 'B' on the senior unsecured
debt issued by Sistema Capital S.A. and OJSC Sistema Finance
Investments, and on the senior secured debt issued by Sistema
Finance S.A.  All three companies are financing vehicles for
Russian Telecommunications and industrials holding group Sistema
(JSFC) (BB-/Stable/--), which guarantees the debt.


SITRONICS JSC: Prices First RUB3 Billion Bond Issue
---------------------------------------------------
JSC Sitronics disclosed the pricing of its first rouble-
denominated bond issue.

The three-year RUB3 billion issue was priced at 100% with an
annual coupon of 10% and a put option after 1.5 years at which
time the coupon rate could be reset.  Coupon payments will be
made on a semi-annual basis.

Troika Dialog acted as a Lead Manager and Petrokommerts Bank
acted as a Co-Lead Manager.  Investment Group Capital acted as
an Underwriter of the issue.  Application has been approved to
list notes on the Moscow Interbank Currency Exchange.

"The placement of the first rouble-denominated bond issue is in
line with our previously stated intention to refinance part of
our US dollar denominated debt into local currency and allow us
to increase the visibility in our cash flows," Dmitry Ivanov,
chief financial officer and first vice president for finance and
investments of Sitronics, commented.

                       About Sitronics

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

For the 12 months ended Dec. 31, 2006, Sitronics' revenues and
OIBDA were US$1.61 billion and US$183.6 million, respectively.
As of Dec. 31, 2006, SITRONICS had total assets of US$1.65
billion.

                            *   *   *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.  As the technology arm of AFK Sistema
(rated 'BB-'/Outlook Stable), the rating reflects a weak
standalone credit profile, offset somewhat by increased
financial flexibility following the IPO.


TNK-BP HOLDING: To Hike Oil Output Starting 2008
------------------------------------------------
TNK-BP is planning to increase its oil production beginning from
2008 owing to development of new fields, said Robert Dudley,
President of TNK-BP, in an interview to the Petroleum
Information Agency (ANI) and the Russian TV information channel
Vesti.

"We are going to resume oil production growth in 2008.  The
company is making considerable investments (around US$1 billion
every year) into exploration and development of new fields.
This is a usual long-term investment cycle that will later have
its effect on production growth," he explained.

The Samotlor field will remain to be the main field of the
company, stressed Mr.  Dudley.  "We are constantly trying to
maintain the production level in this field, but we still have a
number of other projects such as, for example, our projects in
West Siberia and near the Vankor field, a total of 14 projects
all over the country," he added.

According to the President of TNK-BP, West Siberia still has
considerable reserves of oil in spite of the fact that oil is
being produced here for nearly 50 years now.  "Development of
these reserves is hard and requires latest state-of-the-art
technologies, but nevertheless the future of West Siberia seems
very good," Mr. Dudley said.

Mr. Dudley noted that East Siberia is a new promising region of
oil production in Russia.  "We are implementing a major project
here, in East Siberia, in the Verkhnechonsk oil field traversed
by the East Siberia – Pacific Ocean oil pipeline.  We have high
hopes associated with this field and will heavily invest into it
in the next 5 years," explained he and added that TNK-BP is
currently not ready to take part in tenders for fields along the
East Siberia – Pacific Ocean oil pipeline route.

"We are paying attention to these tenders and their prices, but
we doubt that our bids can stand the competition.  To take part
in these tenders, companies have to make decisions on very long-
term investments and assumptions on oil prices, future expenses,
and taxes," noted Mr. Dudley.

Apart from that, according to Mr. Dudley, Russia have huge
resources that are not even touched yet.

"I do understand that much has to be done in the nearest 5–10
years to create mechanisms for maintaining oil production in
Russia at the current high level.  The Sakhalin and arctic
projects have just been started," said Mr. Dudley.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                           *   *   *

As of Aug. 1, 2007, TNK-BP International Ltd. carries BB long-
term foreign and local currency ratings and B -short-term
foreign and local currency ratings from Standard & Poor's.


TNK-BP HOLDING: Budgets US$500 Mln to Modernize Plants by 2009
--------------------------------------------------------------
TNK-BP will invest around US$500 million into modernization of
its refineries by 2009, said Robert Dudley, President of TNK-BP,
in an interview to the Petroleum Information Agency (ANI) and
the TV channel Vesti 24.

According to Mr. Dudley, the company is implementing a large-
scale program for the modernization of its refineries, which one
of the largest programs in its history.

"We have invested almost half a billion dollars into
modernization in the last 3–4 years. We still have a series of
lesser-scale programs to implement. In the nearest couple of
years, we are going to invest another half a billion dollars
into modernization of our refineries," he explained.

"This program is aimed at having refining facilities capable of
producing motor fuels of the highest quality in the vicinity of
the Moscow market. The timing of this program is chosen
correctly, and we are already getting positive results of the
program," said Mr. Dudley.

He emphasized TNK-BP’s decision that selling oil products in
Russia is more profitable than exporting oil abroad.

"In the current macroeconomic conditions, the market is ready to
appearance of high-quality fuels. The growth of this segment is
impressive, and it is worthwhile for us to concentrate on the
internal market," he added.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                          *   *   *

As of Aug. 1, 2007, TNK-BP International Ltd. carries BB long-
term foreign and local currency ratings and B -short-term
foreign and local currency ratings from Standard & Poor's.


TNK-BP HOLDING: Budgets US$500 Mln to Modernize Plants by 2009
--------------------------------------------------------------
TNK-BP will invest around US$500 million into modernization of
its refineries by 2009, said Robert Dudley, President of TNK-BP,
in an interview to the Petroleum Information Agency (ANI) and
the TV channel Vesti 24.

According to him, the company is implementing a large-scale
program for modernization of its refineries, one of the largest
programs in its history.

"We have invested almost half a billion dollars into
modernization in the last 3–4 years. We still have a series of
lesser-scale programs to implement. In the nearest couple of
years, we are going to invest another half a billion dollars
into modernization of our refineries," he explained.

"This program is aimed at having refining facilities capable of
producing motor fuels of the highest quality in the vicinity of
the Moscow market. The timing of this program is chosen
correctly, and we are already getting positive results of the
program," said Mr. Dudley.

He emphasized TNK-BP’s decision that selling oil products in
Russia is more profitable than exporting oil abroad.

"In the current macroeconomic conditions, the market is ready to
appearance of high-quality fuels. The growth of this segment is
impressive, and it is worthwhile for us to concentrate on the
internal market," he added.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                            *   *   *

As of Aug. 1, 2007, TNK-BP International Ltd. carries BB long-
term foreign and local currency ratings and B -short-term
foreign and local currency ratings from Standard & Poor's.


VODOPYANOVSKOE OJSC: Creditors Must File Claims by Oct. 1
---------------------------------------------------------
Creditors of OJSC Vodopyanovskoe have until Oct. 1 to submit
proofs of claim to:

         M. Kuvshinova
         Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-658B/06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Vodopyanovskoe
         Vodopyanovskoe
         Markovskiy
         Saratov
         Russia


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


FLEXTRONICS INT'L: Unit Wants to Buy Arima's Notebook Operations
----------------------------------------------------------------
Flextronics International Ltd.'s unit, Flextronics Computing
Sales and Marketing (L) Ltd., and Arima Computer Corporation
signed a binding Letter of Intent where Arima will sell its
notebook computer and server related business, operation and
assets owned by Arima and Arima Computer JiangSu, Arima's
subsidiary to Flextronics.

The assets intended for sale include Arima's facilities at Wu-
Jiang, as well as the entire stockholding of Arima's wholly
owned subsidiaries Arima Computer (U.K.) Ltd., Arima Computer
(Texas) Corporation , Arima Computer (California) Corporation
and Arima Computer (Japan) Corporation.

The transaction price is $59.5 million (NT$1,963 million) over
the book value of the disposed assets at closing.  As of June
30, 2007, the book value of the relevant assets were about
$132 million (NT$4,356 million).

The definitive sale and purchase agreement is expected to be
executed within 45 days.  Afterwards, Arima will immediately
call a shareholders meeting to seek approval of the transaction.

Flextronics will apply for the Investment Commission's approval
according to applicable laws.  The parties will proceed to close
the deal on a date to be further agreed by both parties after
Flextronics receives the approval from the Investment
Commission.

Arima indicates that the transaction will safeguard all affected
Arima employees' interests.  Flextronics intends to offer
positions to substantially all of Arima's employees of the
notebook and server business.  Flextronics will also offer
employee benefit and base compensation that are substantially
similar in the aggregate to those provided by Arima.  Moreover,
the existing relationships between Arima and suppliers,
customers and banks will remain unchanged.  Prior to the closing
of this transaction, Arima will continue to operate its business
in the ordinary course.

                       About Arima Computer

Headquartered in Taipei, Taiwan, Arima Computer Corp. (TPE:
2381) -- http://www.arima.com.tw/--  designs, manufactures and
distributes notebook computers and peripherals, as well as
related components.  The notebook computers are manufactured for
individuals, offices, schools, plants and families.  During the
year ended Dec. 31, 2006, the company obtained about 84% and 16%
of its total revenue from notebook computers and related
components, respectively.  The company distributes its products
in the domestic market and to overseas markets, including the
rest of Asia, the Americas and Europe.  In 2006, about 98% of
the company's total revenue was from overseas markets.

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Moody's Investors Service assigned a provisional (P)Ba1 rating
to
Flextronics International Ltd.'s proposed $2.5 billion unsecured
term loan that will be used to finance the cash consideration
portion of the pending acquisition of Solectron Corporation.
This provisional rating assumes a corporate family rating of
Ba1.

In addition, the rating for the proposed term loan reflect both
the overall probability of default of the company, to which
Moody's assumes a PDR of Ba1, and a loss given default of LGD 4.
All of the company's ratings remain under review for possible
downgrade pending consummation of the company's merger with
Solectron, which is expected to close in October 2007.  It is
likely that if the transaction closes as contemplated, the CFR
will be affirmed at Ba1.


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


AFRICA HOUSE: Creditors' Liquidation Claims Due Oct. 8
------------------------------------------------------
Creditors of LLC Africa House have until Oct. 8 to submit their
claims to:

         Maihof
         6430 Schwyz
         Switzerland

The Debtor can be reached at:

         LLC Africa House
         6430 Schwyz
         Switzerland


CUBA BAR: Creditors' Liquidation Claims Due Oct. 8
--------------------------------------------------
Creditors of LLC Cuba Bar Cafe have until Oct. 8 to submit their
claims to:

         Sami Guven
         Schlosslistrasse 8
         3008 Bern
         Switzerland

The Debtor can be reached at:

         LLC Cuba Bar Cafe
         Zuchwil
         Switzerland


FUN MAXX: Claims Registration Period Ends Oct. 7
------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Fun Maxx on July 19.

Creditors have until Oct. 7 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Switzerland

The Debtor can be reached at:

         LLC Fun Maxx
         Zuerichstrasse 52
         4665 Oftringen
         Switzerland


KERNCO TRADING: Creditors' Liquidation Claims Due Oct. 8
--------------------------------------------------------
Creditors of LLC Kernco Trading have until Oct. 8 to submit
their claims to:

         Untermuli 11
         6302 Zug
         Switzerland

The Debtor can be reached at:

         LLC Kernco Trading
         6302 Zug
         Switzerland


PULVER MONTAGEN: Creditors' Liquidation Claims Due Oct. 8
---------------------------------------------------------
Creditors of LLC Pulver Montagen have until Oct. 8 to submit
their claims to:

         Erwin Pulver
         Liquidator
         Gublenstrasse 1
         8733 Eschenbach
         Switzerland

The Debtor can be reached at:

         LLC Pulver Montagen
         8733 Eschenbach
         Switzerland


RAFEX JSC: Claims Registration Period Ends Oct. 7
-------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Rafex on Aug. 27.

Creditors have until Oct. 7 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Switzerland

The Debtor can be reached at:

         JSC Rafex
         Aarauerstrasse 23
         5734 Reinach AG
         Switzerland


SAGA IMPORT-EXPORT: Creditors' Liquidation Claims Due Oct. 8
------------------------------------------------------------
Creditors of LLC Saga Import-Export have until Oct. 8 to submit
their claims to:

         Etienne Sandrine
         Haus Valpelline
         Spiessstrasse 38
         3920 Zermatt
         Switzerland

The Debtor can be reached at:

         LLC Saga Import-Export
         3900 Brig
         Switzerland


SANCHO Y PANCHO: Creditors' Liquidation Claims Due Oct. 8
---------------------------------------------------------
Creditors of LLC Sancho y Pancho have until Oct. 8 to submit
their claims to:

         Sami Guven
         Schlosslistrasse 8
         3008 Bern
         Switzerland

The Debtor can be reached at:

         LLC Sancho y Pancho
         Gerlafinge
         Switzerland


SCHREIBWERK VERLAG: Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Sept. 1 an order
closing the bankruptcy proceedings of LLC Schreibwerk Verlag.

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

         Bankruptcy Service of St. Gallen
         Addolorata Tazza
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Schreibwerk Verlag
         Brauerstrasse 25
         9000 St. Gallen
         Switzerland


SIEBER ARCHITEKTURBUERO: Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Schaffhausen entered Aug. 31 an order
closing the bankruptcy proceedings of JSC Sieber
Architekturburo.

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC Sieber Architekturburo
         Dutzebuhlstrasse 40
         8207 Schaffhausen
         Switzerland


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


DNIEPRODZERZHYNSKY PLANT: Proofs of Claim Deadline Set Sept. 29
---------------------------------------------------------------
Creditors of OJSC Dnieprodzerzhynsky Plant on Electrical
Executive Mechanisms (code EDRPOU 04776246) have until Sept. 29
to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/40/264-06.


DNIPRO LLC: Proofs of Claim Deadline Set September 29
-----------------------------------------------------
Creditors of Agricultural LLC Dnipro (code EDRPOU 03793931) have
until Sept. 29 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 10/3240.

The Debtor can be reached at:

         Agricultural LLC Dnipro
         Lebedin
         Shpola District
         Cherkassy
         Ukraine


DON-VEN LLC: Creditors Must File Claims by September 29
-------------------------------------------------------
Creditors of LLC Don-Ven (code EDRPOU 32847484) have until
Sept. 29 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed as 15/470-B.

The Debtor can be reached at:

         LLC Don-Ven
         40 years of October Avenue 116-A
         01001 Kiev
         Ukraine


EUROMEDIAGROUP LLC: Proofs of Claim Deadline Set September 28
-------------------------------------------------------------
Creditors of LLC Euromediagroup (code EDRPOU 32850015) have
until Sept. 28 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/462-b.

The Debtor can be reached at:

         LLC Euromediagroup
         Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


MALOPOBIYANSKOE LLC: Proofs of Claim Deadline Set September 28
--------------------------------------------------------------
Creditors of LLC Malopobiyanskoe (code EDRPOU 21314843) have
until Sept. 28 to submit written proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent.

The Debtor can be reached at:

         LLC Malopobiyanskoe
         M. Pobiyanka
         Dunaevsky District
         Hmelnitskij
         Ukraine


NTPN-LTAVA: Creditors Must File Claims by September 29
------------------------------------------------------
Creditors of State Enterprise NTPN-Ltava (code EDRPOU 30296612)
have until Sept. 29 to submit written proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed as 18/77.

The Debtor can be reached at:

         State Enterprise NTPN-Ltava
         Svetlaya Str. 2-A
         Scherbani
         36008 Poltava
         Ukraine


OST-GLORY: Proofs of Claim Deadline Set September 28
----------------------------------------------------
Creditors of LLC Ost-Glory (code EDRPOU 23529708) have until
Sept. 28 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/455-b.

The Debtor can be reached at:

         LLC Ost-Glory
         O. Gonchar Str. 55-b
         Kiev
         Ukraine


RESOURCE CONSERVATION: Proofs of Claim Deadline Set September 28
----------------------------------------------------------------
Creditors of CJSC Specialized Science-Technical Center Resource
Conservation (code EDRPOU 23733586) have until Sept. 28 to
submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/474-b.

The Debtor can be reached at:

         CJSC Specialized Science-Technical Center Resource
         Conservation
         Vladimirskaya Str. 46
         01034 Kiev
         Ukraine


UKRAINIAN MANUFACTURERS: Proofs of Claim Deadline Set Sept. 29
--------------------------------------------------------------
Creditors of LLC Trading House of Ukrainian Manufacturers (code
EDRPOU 30611426) have until Sept. 29 to submit written proofs of
claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 16/187/07.

The Debtor can be reached at:

         LLC Trading House of Ukrainian Manufacturers
         Radgospnaya Str. 61
         Zaporozhje
         Ukraine


UKRAINIAN WHOLESALE: Proofs of Claim Deadline Set September 28
--------------------------------------------------------------
Creditors of CJSC Ukrainian Wholesale Organization Agricultural
Service (code EDRPOU 23118566) have until Sept. 28 to submit
written proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 45/35b.

The Debtor can be reached at:

         CJSC Ukrainian Wholesale Organization
         Agricultural Service
         Kulturnaya Str. 2
         83111 Donetsk
         Ukraine


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


ALCATEL-LUCENT SA: Acquires U.K.-Based Tamblin Limited
------------------------------------------------------
Alcatel-Lucent S.A. announced it has acquired U.K.-based Tamblin
Limited, a privately held software company that provides
applications and tool kits that will enhance Alcatel-Lucent’s
solution for enabling IPTV users to easily find, connect and
interact with brands and entertainment they care about.

As the traction of IPTV services continues to take hold in all
regions, service providers are looking for ways to differentiate
their service packages, add revenue generating applications,
increase the stickiness of the services and get more value out
of their IP based network infrastructure.

Service providers can use Alcatel-Lucent’s interactive TV
applications, now enhanced by the Tamblin software with their
existing IPTV middleware to offer their subscribers a unique TV
experience that lets them interact with their favorite brands
and entertainment services.

The Tamblin solutions have been recognized for the ease with
which brands and broadcasters can develop interactive TV
advertising campaigns and track usage. Broadcasters can create
one campaign that runs across multiple operators.

"Interactivity is doubly attractive to brands and advertisers
because it is based on an action of some kind that can provide a
metric on which to measure advertising", as Eden Zoller and
Vincent Poulbere, Principal Analysts at Ovum, wrote in their
recent report "Interactive Mobile Services."

Tamblin’s 13 person staff will join Alcatel-Lucent’s convergence
business activities within its multimedia and payment team.

"The experienced and talented team at Tamblin have developed a
powerful set of applications and tools that are being used by
clients such as the BBC, BskyB, ITV, Channel Five and Central
Office of Information.  We look forward to leveraging their
expertise and integrating them into a wider team dedicated to
identifying ways to help IPTV service providers deliver a
unique, interactive TV experience for their subscribers," said
Marc Rouanne, President of Alcatel-Lucent’s convergence business
activities.

"We are delighted to join Alcatel-Lucent," said Stuart Waite,
CEO of Tamblin.  "We have the opportunity to bring our media and
broadcast clients together with the outstanding Alcatel-Lucent
IPTV operator customers to deliver leading interactive TV
services to the market."

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.


                            *   *   *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


BRAKE BROS: Fitch Withdraws Debt Ratings on Full Redemption
-----------------------------------------------------------
Fitch Ratings has withdrawn the 'BB+'/'RR1' ratings on UK-based
Brake Bros Acquisition PLC's senior secured facilities and the
'B+'/'RR4' ratings on Brake Bros Finance PLC's senior notes due
2011.  This follows the full redemption of such debt instruments
after completion of the sale of the business to funds managed by
Bain Capital.

Brake Bros Acquisition PLC's and Brake Bros Finance PLC's Long-
term Issuer Default ratings of 'B+' remain on Rating Watch
Negative.  Brake Bros Acquisition PLC's Short-term IDR is
affirmed at 'B'.


CABLE & WIRELESS: Unit Launches New Internet Protocol Software
--------------------------------------------------------------
Cable & Wireless’ Jamaican unit has launched a hosted Internet
protocol PBX software for small and medium-sized enterprises in
the technology and hospitality industry sector as well as
independent consultants, Business News Americas reports.

Cable & Wireless Jamaica’s business telephony product manager
Sandra Buckland told BNamericas that the firm sees the small and
medium-sized enterprises market as primed and ready to adopt
hosted Internet protocol software.  The hosted Internet protocol
PBX is a first step that would be followed up eventually by a
more advanced enterprise mobility offering to the market.

Most businesses have gained enough exposure to what an Internet
protocol network can offer.  They would be ready to adopt a more
"advanced portfolio," BNamericas notes, citing Ms. Buckland.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


CASUAL CLASSICS: Appoints A. Clifton as Liquidator
--------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed liquidator of
Casual Classics Ltd. (t/a David Steel) on Sept. 17 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         Bamfords Trust House
         85-89 Colmore Row
         Birmingham
         B3 2BB
         England


DELKOR LTD: Brings In Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint liquidators of Delkor Ltd.
(formerly Delfilt Ltd.) on Sept. 10 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Fourth Floor
         One Victoria Street
         Bristol
         BS1 6AA
         England


ELIZABETH MAY: Taps Daryl Warwick to Liquidate Assets
-----------------------------------------------------
Daryl Warwick of Armstrong Watson was appointed liquidator of
The Elizabeth May Trading Co. Ltd. (formerly BAS (One Hundred
and Sixteen) Ltd.) on Sept. 17 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Armstrong Watson
         Fairview House
         Victoria Place
         Carlisle
         Cumbria
         CA1 1HP
         England


ENRON CORP: District Court Rejects Citibank MegaClaims Appeal
-------------------------------------------------------------
Enron Creditors Recovery Corp., formerly Enron Corp., disclosed
a decision of the U.S. District Court, Southern District of New
York to reject an appeal by Springfield Associates, thereby
sending the case back to the U.S. Bankruptcy Court in New York.

Significantly, the Court expressly reaffirmed that "the general
principle of assignment law -- that an assignee stands in the
shoes of the assignor and subject to all equities against the
assignor -- applies to assignments of bankruptcy claims."  The
decision clears the way for a trial in what is known as the
MegaClaims case to determine whether Citibank will be held
accountable for its role in the collapse and insolvency of
Enron.

"The District Court has eliminated the last hurdle in moving
forward with the Citibank MegaClaims trial," John Ray III, Enron
Creditors Recovery Corp. President and Chairman of the Board
said.  "Enron Creditor Recovery Corp. has dedicated the
necessary resources to ensure the public trial brings the causes
of the Enron collapse to light so that money can be returned to
the hands of innocent parties."

The MegaClaims suit brought by Enron Creditors Recovery Corp.
against ten U.S. banks alleges their significant involvement in
the fraudulent accounting activities that led to the energy
trader's collapse.  Thus far, eight of the ten banks named in
the suit have settled their claims, contributing to Enron
Creditors Recovery Corp.'s return of more than $11 billion to
creditors.  Enron Creditors Recovery Corp.'s outstanding claim
against Citi seeks billions more for those who suffered
financial losses as a result of the bankruptcy.

                      About Enron Corporation

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.


EUROPEAN NURSING: Names Robert Edward Caunce Cook Liquidator
------------------------------------------------------------
Robert Edward Caunce Cook of UHY Hacker Young turnaround and
recovery was appointed liquidator of European Nursing Leadership
Foundation on Sept. 14 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         UHY Hacker Young turnaround and recovery
         St. James Building
         79 Oxford Street
         Manchester
         M1 6HT
         England


FUSION DIGITAL: Brings In Liquidator from KPMG
----------------------------------------------
Jean M. Ellis of KPMG LLP was appointed liquidator of Fusion
Digital Technology Ltd. on Sept. 7 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Duncan Sheard Glass
         43 Castle Street
         Liverpool
         L2 9TL
         England

The company can be reached at:

         KPMG LLP
         8 Princes Parade
         Liverpool
         L3 1QH
         England


INSPECTION SERVICES: Taps Liquidator from Moore Stephens
--------------------------------------------------------
Nigel Price of Moore Stephens LLP was appointed liquidator of
Inspection Services (Birmingham) Ltd. on Sept. 7 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

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


NASDAQ STOCK: Unit Sells 5.3 Million LSE Shares for $194 Million
----------------------------------------------------------------
The Nasdaq Stock Market, Inc. disclosed the disposal by its
wholly owned subsidiary Nightingale Acquisition Limited of
5,324,529 shares in the London Stock Exchange Group plc through
a market book-built sale process at a price of GBP18 per share.

The aggregate sale value of transaction is GBP95.8 million or
$194 million.

This sale represents the balance of the NASDAQ group interests
in LSE shares held following the disposal of 56 million shares
reported on Sept. 20, 2007.

As previously reported, last month, Nasdaq's Board of Directors
authorized the company to explore alternatives to divest its LSE
stake (61.3 million shares) after Nasdaq failed in its bid to
takeover LSE.  LSE shareholders rejected Nasdaq's $5.3 billion
bid on Feb. 10, 2007.

Headquartered in New York City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic
equity securities market in the United States with about 3,200
companies.

                          *     *     *

As reported in the TCR-Europe on Sept. 25, 2007, Standard &
Poor's Ratings Services placed its ratings on The Nasdaq Stock
Market Inc, including its 'BB' long-term counterparty credit
rating, on CreditWatch Positive, after Nasdaq announced that it
is selling the bulk of its investment in the London Stock
Exchange PLC to Borse Dubai, and using the proceeds to pay down
rated term loans.

The CreditWatch action also considers the strategic steps Nasdaq
is taking to secure a merger with OMX AB, announced on May 25,
2007.  The ratings on OMX AB remain on CreditWatch Negative.

In a TCR-Europe report on Sept. 24, Moody's Investors Service
placed the Ba3 corporate family rating of Nasdaq Stock Market
Inc., on review for upgrade.

This action follows Nasdaq's agreement to sell a major portion
of its common stock investment in the London Stock Exchange to
Borse Dubai and reduce debt, as well as the potential business
combinations between Borse Dubai, OMX AB and NASDAQ.


NORTHERN ROCK: Scraps Dividend Payout Plans; Evaluates Options
--------------------------------------------------------------
Northern Rock plc is evaluating its options, including a
possible sale, days after it saw at least GBP2 billion in
deposits withdrawn in the last few days, published reports say.

The Newcastle bank is in preliminary talks with several parties
about a variety of potential transactions, including a takeover,
but warned there could be "no certainty as to the outcome of
such discussions", the Financial Times reports citing a
statement from the bank.

Carrick Mollenkamp and Jason Singer of the Wall Street Journal
suggest the sale could see Northern Rock in pieces and at
bargain prices amid a 74% fall in its stock since falling victim
two weeks ago to the global credit crunch, which has affected
the United Kingdom's housing market.

People familiar with the matter told WSJ that a number of
potential U.K. bank buyers have emerged as possible suitors for
Northern Rock.  These include HSBC Holdings PLC, HBOS PLC and
Lloyds TSB Group PLC.  According to these sources, treasury
officials are hesitant to see the bank broken up and may try to
salvage the situation by finding a bank buyer, WSJ relates.

WSJ says Northern Rock is now valued at some GBP690 million
after losing up to GBP2 billion in market capitalization since
Sept. 13.  At June 30, 2007, the bank had GBP113.5 billion in
assets and GBP30.1 billion in total liabilities.  Figures from
London investment firm Collins Stewart reveal that about GBP2.7
billion in mortgage-backed securities will need to be paid down
over the next two quarters, WSJ adds.

The Treasury and the Financial Services Authority has reportedly
hired law firm Slaughter & May and Goldman Sachs to advise on
options for Northern Rock, FT adds.  In addition, the UK
Shareholders Association, led by Roger Lawson, has formed an
action group for bank investors in order to oppose any quick
sale.

                    Dividend Payout Canceled

Meanwhile, the bank has confirmed that it will not be paying
dividends due to shareholders on Oct. 26 after the FSA and the
Treasury pressured the bank not to make the GBP59 million
payment, BBC News reports citing business editor Robert Peston.

The bank had announced its plans to distribute the dividends a
few days before it was hit by the financial crisis.

As reported in the TCR-Europe on Sept. 19, 2007, the Chancellor
of the Exchequer has authorized the Bank of England to provide a
liquidity support facility to Northern Rock against appropriate
collateral and at an interest rate premium.

This liquidity facility will be available to help Northern Rock
to fund its operations during the current period of turbulence
in financial markets while Northern Rock works to secure an
orderly resolution to its current liquidity problems.

                    About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Sept. 21, 2007,  Standard &
Poor's Ratings Services lowered the ratings on Northern Rock's
Tier 1 and upper Tier 2 perpetual subordinated instruments to
'BB' from 'BBB+', and the rating on its lower Tier 2 dated
subordinated debt was lowered to 'BBB' from 'A-'.

Furthermore, the rating on the GBP400 million notes issued by
Saphir Finance PLC secured over Northern Rock Tier 1 preference
shares was lowered to 'BB' from 'BBB+'.

Additionally, S&P lowered its long-term counterparty credit
rating on Northern Rock PLC to 'A-' from 'A'.  At the same time,
the 'A-1' short-term rating was affirmed.  S&P said the outlook
is negative.


OCEAN PACKAGING: J. M. Titley Leads Liquidation Procedure
---------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Ocean Packaging Ltd. on Sept. 11 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St. Johns
         Blackburn
         BB1 8AF
         England


STRONGROOM LTD: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------
Patrick Ellward and Dilip K. Dattani of Tenon Recovery were
appointed joint liquidators of Strongroom Ltd. on Sept. 10 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham
         NG7 6NX
         England


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Hedge Funds: Why Should I Care About Them and
        How Do They Affect Me?
        Faegre & Benson, Minneapolis, Minnesota
           Contact: http://www.turnaround.org/

Sept. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        TBA, Arizona
           Contact: http://www.turnaround.org/

Sept. 27-30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     8th Annual Cross Border Business
        Restructuring & Turnaround Conference
           Contact: http://www.turnaround.org/

Oct. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Pittsburgh 4th Annual Golf Outing
        Fox Chapel Golf Club, Pittsburgh, Pennsylvania
           Contact: 412-644-8794 or http://www.turnaround.org/

Oct. 2, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Bridgewater, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 4, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Oct. 4, 2007
  NEW YORK SOCIETY OF SECURITY ANALYSTS
     Investing in Distressed and Defaulted Debt
        New York, New York
           Contact: http://www.nyssa.org/

Oct. 5, 2007
  PRACTISING LAW INSTITUTE
     Intercreditor Agreements & Bankruptcy Issues -
        Creating the Best Structures
           University Club, New York, New York
              Contact: http://www.pli.edu/

Oct. 5, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center
           Washington, District of Columbia

Oct. 9-10, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
     CONFEDERATION
        IWIRC Annual Fall Conference
           Orlando, Florida
              Contact: http://http://www.iwirc.org/

Oct. 10-13, 2007
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     81st Annual National Conference of Bankruptcy Judges
        Contact: http://www.ncbj.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Winn Dixie Bankruptcy
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Chuck Bauer - Client Satisfaction
        Dallas Country Club, Dallas, Texas
           Contact: http://www.turnaround.org/

Oct. 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Meeting
        Westin Buckhead, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Oct. 12, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Presentation by George F. Will: The Political Argument
        Today
           Orlando, Florida
              Contact: http://www.ardent-services.com/

Oct. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI Educational Program at NCBJ
        Orlando World Marriott, Orlando, Florida
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Copley Place
           Boston, Massachussets
              Contact: 312-578-6900; http://www.turnaround.org/

Oct. 17, 2007
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     AIRA Presents Lifetime Achievement Awards to
        Charles C. Crumley and William G. Hays, Jr.
           Cherokee Town Club, Atlanta, Georgia
              Contact: http://www.airacira.org/

Oct. 21-24, 2007
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     Restructuring and Investing Conference
        Portman Ritz Carlton, Shanghai, China
           Contact: http://www.airacira.org/


Oct. 22-23, 2007
  STRATEGIC RESEARCH INSTITUTE
     9th Annual Distressed Debt - West
        Venetian Resort Hotel Casino, Las Vegas, Nevada
           Contact: http://www.almevents.com/

Oct. 23, 2007
  BEARD AUDIO CONFERENCES
     Partnerships in Bankruptcy
        Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

Oct. 24, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Event - TBA
        McCormick & Schmick's Fresh Seafood Restaurant,
           Las Vegas, Nevada
             Contact: 702-952-2480 or http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     LI Turnaround Member Social
        Davenport Press, Mineola, New York
           Contact: 631-261-6296 or http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Capital Markets Case Study
        Seattle, Washington
           Contact: http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Oct. 26, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hotel Adlon Kempinski, Berlin, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Monthly Luncheon, Carolinas Chapter - Topic TBA
        Sheraton Greensboro Hotel,
           Greensboro, North Carolina
              Contact: http://www.turnaround.org/

Oct. 29, 2007
  FINANCIAL RESEARCH ASSOCIATES LLC
     6th Annual Distressed Debt Summit
        The 3 West Club, New York, New York
           Contact: http://www.frallc.com/

Oct. 30, 2007
  BEARD AUDIO CONFERENCES
     Using Virtual Data Rooms to Expedite M&A
        and Insolvency Proceedings
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        Centre Club, Tampa, Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Crisis Communications With Employees, Vendors and Media
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Nov. 1, 2007
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     Claims Trading - Issues and Implications
        New York, New York
           Contact: http://www.airacira.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Hackensack, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     2007 Newsmaker Dinner with Jean Chretien
        Fairmont Royal York Hotel, Toronto, Ontario
           Contact: http://www.turnaround.org/

Nov. 7, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Lenders Forum
        Milleridge Cottage, Jericho, New York
           Contact: http://www.turnaround.org/

Nov. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13-14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     6th Annual Distressed Debt Symposium
        Jumeirah Carlton Tower, London, United Kingdom
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Mixer
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Aloha Airlines Story
        Bankers Club, Miami, Florida
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Australia 4th Annual Conference and Gala Dinner
         Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Portland Holiday Party
        University Club, Portland, Oregon
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Meeting with Chapter President, Bruce Sim
        Westin Buckhead, Atlanta, Georgia
           Contact: http://www.turnaround.org/

Nov. 22, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Mixer
        TBA, Vancouver, British Columbia
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Real Estate Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

November 26-27, 2006
  BEARD GROUP AND RENAISSANCE AMERICAN MANAGEMENT
     Fourteenth Annual Conference on Distressed Investing
        Maximizing Profits in the Distressed Debt Market
           The Jumeirah Essex House, New York, NY
              Contact: 800-726-2524; 903-595-3800;
                 http://beardconferences.com/

Nov. 29, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Holiday Gala
        Yale Club, New York, New York
           Contact: http://www.iwirc.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        TBD, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Dec. 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Joint Holiday Networking Event with TMA/CFA
        TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or http://www.turnaround.org/

Dec. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Seattle Holiday Party
        Athletic Club, Seattle, Washington
           Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Westin Mission Hills Resort, Rancho Mirage, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Party
        Guy Anthony's Restaurant, Merrick, New York
           Contact: 631-251-6296 or http://www.turnaround.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida

Jan. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Lenders Panel
        Westin Buckhead, Atlanta, Georgia
           Contact: http://www.turnaround.org/

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     PowerPlay
        Philips Arena, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Feb. 14-16, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 23-26, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Bankruptcy Litigation Seminar I
        Park City, Utah
           Contact: http://www.nortoninstitutes.org/

Feb. 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Retail Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Mar. 6-8, 2008
  ALI-ABA
     Fundamentals of Bankruptcy Law
        Mandalay Bay Resort, Las Vegas, Nevada
           Contact: http://www.ali-aba.org/

Mar. 25-29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Ritz Carlton Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Mar. 27-30, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Bankruptcy Litigation Seminar II
        Las Vegas, Nevada
           Contact: http://www.nortoninstitutes.org/

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

June 19-21, 2008
  ALI-ABA
     Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
        Drafting, Securities, and Bankruptcy
           Omni Hotel, San Francisco, California
              Contact: http://www.ali-aba.org/

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

July 10-13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              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/

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

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           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 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.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/;
              http://researcharchives.com/t/s?20fa

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
  China's 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
  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
  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
  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 Mergers—the 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 Today's Legal
     Processes
        Audio Conference Recording
           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 M&A and Insolvency
     Proceedings
        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.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *