TCREUR_Public/070928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, September 28, 2007, Vol. 8, No. 192

                            Headlines


A U S T R I A

A.S.E. KFZ-ELEKTRIK: Claims Registration Period Ends Oct. 30
AHMET CETIN: Claims Registration Period Ends Oct. 10
ELEKTROTECHNIK LLC: Claims Registration Period Ends Oct. 10
EXQWERT LLC: Claims Registration Period Ends Oct. 10
GOLFMASTER LLC: Vienna Court Orders Business Shutdown

H.I.M. LLC: Claims Registration Period Ends Oct. 10
KIWEG DI.KIRCHNER: Claims Registration Period Ends Oct. 9


B E L G I U M

FERRO CORP: Commissions New Plant in Castellon, Spain


C Z E C H  R E P U B L I C

CLEAR CHANNEL: Fitch Expects To Cut Issuer Default Rating to B
CLEAR CHANNEL: Shareholders OK Merger with Private Equity Group


F I N L A N D

HILTON HOTELS: Gets Requisite Consents To Amend Debt Indentures
HILTON HOTELS: Plans Strategic Development Deal with Belgravia
SANMINA-SCI: S&P Changes Outlook; Affirms Low B Debt Ratings


F R A N C E

MAGNA INT'L: Holders Tender 11,908,944 Class A Sub Voting Shares


G E R M A N Y

AQUA-MET GMBH: Claims Registration Ends Oct. 15
DC CONGRESSGESELLSCHAFT: Claims Registration Ends Oct. 9
GROMMISCH VERWALTUNGSGESELLSCHAFT: Claims Filing Ends Oct. 11
HAYES-LEMMERZ: UAW's GM Strike Prompts Fitch's Negative Watch
JOSCHKO DATA: Claims Registration Period Ends Oct. 23

NETOPIA DEVELOPMENT: Claims Registration Ends Oct. 9
PARADIES GASTSTATTEN: Creditors Meeting Slated for Nov. 16
RF BAU: Claims Registration Period Ends Oct. 16
WOLF AUTOWELT: Claims Registration Period Ends Oct. 23


I T A L Y

ALITALIA SPA: Lufthansa to Bid If Italy Changes Sale Conditions


K A Z A K H S T A N

ASTANA FINANCE: Obtains US$50 Million Syndicated Loan
ATYRAU-JAYIK: Proof of Claim Deadline Slated for November 2
BANK TURANALEM: Postpones JSC Temirbank Stake Sale
KAZKORINVESTSTROYPROJECT LLP: Creditors Must File Claims Nov. 2
MIDAS LLP: Claims Filing Period Ends Nov. 2

REM LLP: Creditors' Claims Due on Nov. 2
SHAGAN LLP: Claims Registration Ends Nov. 2
ST-KEN KURYLYS: Creditors Must File Claims Nov. 2
STROY SERVICE-ADK: Claims Filing Period Ends Nov. 2
TEMIRBANK JSC: Bank Turanalem Postpones Stake Sale

UITAS OTYN: Creditors' Claims Due on Nov. 2


K Y R G Y Z S T A N

DOMUS STROY: Proof of Claim Deadline Slated for November 2


P O L A N D

NETIA SA: Acquires Internet Provider Lanet Sp. at PLN1.2 Million


R U S S I A

AGRO-CONTINENT CJSC: Creditors Must File Claims by Oct. 8
BAL-AZ-SERVICE: Court Starts Bankruptcy Supervision Procedure
EAR-1 CJSC: Court Names Sh. Dzhabrailov as Insolvency Manager
EAR LLC: Orenburg Bankruptcy Hearing Slated for Dec. 4
HORIZON CJSC: Creditors Must File Claims by November 8

MORKINOGORSKIY FLAX: Creditors Must File Claims by Oct. 8
KSHEN-YANTAR-MOL: Creditors Must File Claims by Oct. 8
KUBAN-AGRO-PROJECT: Names E. Leyliyan as Insolvency Manager
KURKINSKIY BUTTER: Creditors Must File Claims by Oct. 8
NOVOLYALINSKIY PULP: Court Starts External Bankruptcy Procedure

SLAVYANKA CJSC: Creditors Must File Claims by November 8
STAROYURYEV-AGRO-PROM-KHIMIYA: Claims Filing Period Ends Nov. 8
TOMSK-LES-KONTRAKT-TORG: Names V. Ivanov as Insolvency Manager
TOURIST-SERVICE LLC: Creditors Must File Claims by November 8
URSA BANK: Repays US$110 Million Eurobond at Maturity


S P A I N

FONDO DE TITULIZACION: Fitch Junks EUR14.8 Million Class F Notes
GENERAL CABLE: Launches US$400-Million Offering of Senior Notes
GENERAL CABLE: Moody's Rates US$400 Mln Sr. Secured Notes at B1


S W I T Z E R L A N D

ABD TRADING: Creditors' Liquidation Claims Due October 8
BAROCK TREUHAND: Creditors' Liquidation Claims Due October 9
BURNEY LLC: Claims Registration Period Ends October 5
CABA ELECTRONIC: Creditors' Liquidation Claims Due October 1
DICONSULT LLC: Creditors' Liquidation Claims Due October 15

DODO DOWNHILL: Creditors' Liquidation Claims Due October 8
HELVETICA CONSULTING: Zug Court Closes Bankruptcy Proceedings
MDT SWISS: Creditors' Liquidation Claims Due October 19
TALBACH JSC: Thurgau Court Closes Bankruptcy Proceedings
TRIGOLA KNOWLEDGE: Luzern-Stadt Court Starts Bankruptcy Process


U K R A I N E

A.S.T. LLC: Proofs of Claim Deadline Set October 3
AGRICULTURAL INDUSTRY: Proofs of Claim Deadline Set September 29
COMPLECT TRADE: Proofs of Claim Deadline Set October 3
KASKAD LLC: Creditors Must File Claims by September 29
KTM GROUP: Proofs of Claim Deadline Set October 3

MEDIA MASTER: Proofs of Claim Deadline Set October 3
REPAIR BUILDING: Creditors Must File Claims by September 29
UM PRAKTIK: Proofs of Claim Deadline Set October 3


U N I T E D   K I N G D O M

ALPINE FOODS: Brings In Liquidator from BDO Stoy Hayward
AMERICAN AXLE: UAW's Strike Against GM Cues Fitch's WatchNeg
BEAR STEARNS: Bankr. Court Stays Order Denying Ch. 11 Petition
BENJAMIN DENT: Calls In Liquidators from Vantis
CREATIVE CNC: Claims Filing Period Ends October 31

EUROMASTR 2007-1V: Fitch Affirms GBP3.9 Mln. Class E Notes at BB
FORSYTH PARTNERS: Taps Crosby Capital as Fund Manager
GENERAL MOTORS: Fitch Removes Negative Watch on UAW Agreement
GENERAL MOTORS: U.S. Strike May Speed Talks, UAW Leader Says
HEATHER FINANCE: Moody's Cuts Rating to Ba2 on JPY2 Bln Notes

MEINL EUROPEAN: S&P Lowers Rating to B on Governance Issues
MICRA GROUNDWORKS: Claims Filing Period Ends November 1
NORTHERN ROCK: S&P Puts Junior Subordinated Notes on Watch
NORTHERN ROCK: Shares Up 11.6% Amid Takeover Talks
SHAW GROUP: Bags Engineering Services Contract with FirstEnergy

TANA LTD: Taps Liquidators from BDO Stoy Hayward

* BOOK REVIEW: Managing Bank Conversions: The Guide to
               Organizing, Controlling, and Implementing Systems
               Conversions




                            *********


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


A.S.E. KFZ-ELEKTRIK: Claims Registration Period Ends Oct. 30
------------------------------------------------------------
Creditors owed money by LLC A.S.E. Kfz-Elektrik (FN 239146k)
have until Oct. 30 to file written proofs of claim to court-
appointed estate administrator Katharina Widhalm-Budak at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna
         Austria         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteam.at
                 dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Nov. 13 for the examination of
claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 28 (Bankr. Case No. 6 S 103/07z).  Klemens Dallinger
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


AHMET CETIN: Claims Registration Period Ends Oct. 10
----------------------------------------------------
Creditors owed money by KG AHMET CETIN (FN 280412x) have until
Oct. 10 to file written proofs of claim to court-appointed
estate administrator Brigitte Stampfer at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         E-mail: ra-stampfer@utanet.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 24 (Bankr. Case No. 2 S 114/07p).


ELEKTROTECHNIK LLC: Claims Registration Period Ends Oct. 10
-----------------------------------------------------------
Creditors owed money by LLC Elektrotechnik (FN 76166i) have
until Oct. 10 to file written proofs of claim to court-appointed
estate administrator Michael Zsizsik at:

         Dr. Michael Zsizsik
         Schinitzgasse 7
         8605 Kapfenberg
         Austria
         Tel: 0386222161
         Fax: 038622216110
         E-mail: info@zsizsik.at

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

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Irdning, Austria, the Debtor declared
bankruptcy on Aug. 23 (Bankr. Case No. 17 S 76/07f).


EXQWERT LLC: Claims Registration Period Ends Oct. 10
----------------------------------------------------
Creditors owed money by LLC EXQWERT (FN 269041z) have until
Oct. 10 to file written proofs of claim to court-appointed
estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         c/o Dr. Florian Gehmacher
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 30 (Bankr. Case No. 2 S 115/07k).  Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.


GOLFMASTER LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Aug. 28 an order shutting down
the business of LLC GolfMaster (FN 147292g).

Court-appointed estate administrator Johanna Abel-Winkler
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. Johanna Abel-Winkler
         c/o Mag. Norbert Abel
         Franz Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 14 (Bankr. Case No 4 S 92/07t).  Norbert Abel represents
Mag. Abel-Winkler in the bankruptcy proceedings.


H.I.M. LLC: Claims Registration Period Ends Oct. 10
---------------------------------------------------
Creditors owed money by LLC H.I.M. (FN 262819z) have until
Oct. 10 to file written proofs of claim to court-appointed
estate administrator Michael Pacher at:

         Dr. Michael Pacher
         Kaiserfeldgasse 1/2
         Second Floor
         8010 Graz
         Austria
         Tel: 0316/829073
         Fax: 0316/829073-73
         E-mail: rechtsanwaelte@pacherundpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Leibnitz, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 26 S 64/07t).


KIWEG DI.KIRCHNER: Claims Registration Period Ends Oct. 9
---------------------------------------------------------
Creditors owed money by LLC KIWEG DI.Kirchner & Wesenscheg ZT
(FN 265494h) have until Oct. 9 to file written proofs of claim
to court-appointed estate administrator Wolfgang Kofler at:

         Mag. Wolfgang Kofler
         Bahnhofstrasse 51/DG
         9020 Klagenfurt
         Austria
         Tel: 0463/50 73 50
         Fax: 0463/50 73 50-55
         E-mail: office@juridicom.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 40 S 43/07z).


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


FERRO CORP: Commissions New Plant in Castellon, Spain
-----------------------------------------------------
Ferro Corporation has commissioned its new tile color plant in
Castellon, Spain, just a year after breaking ground on its
sprawling campus in this southern Spain city.

The plant includes approximately 12,000 square meters for
production, quality control and supporting laboratory
facilities.  It includes state-of-the-art material handling and
production technologies that increase manufacturing efficiency
and that optimize the quality and consistency of Ferro's glaze
and body stain product lines sold to the growing European tile
market.

"We began producing and shipping color this week -- a month
ahead of schedule," said Michael J. Murry, Vice President,
Inorganic Specialties.  "We're ramping up to reach annual
production capacity of over 20,000 metric tons of color
products."

Julio Garcia, European Business Manager for Ferro Tile Coating
Systems, said, "Ferro has produced color products in Castellon
for 42 years.  This major investment enables us to build on our
position as a valued supplier and technical advisor to our
customers.  We are very excited by the opportunity to carry on
Ferro's long-standing tradition of excellence in serving our
customers throughout Europe and the world."

In addition to colors, other facilities at Ferro's Castellon
site produce a range of products used by leading ceramic tile
manufacturers.

                        About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                            *   *   *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


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


CLEAR CHANNEL: Fitch Expects To Cut Issuer Default Rating to B
--------------------------------------------------------------
In line with previous guidance, Fitch Ratings expects to
downgrade Clear Channel Communications Inc.'s Issuer Default
Rating to 'B' from 'BB-'.  The Rating Outlook is expected to be
Stable.

Existing ratings remain on Rating Watch Negative pending the
closing of the transaction and review of final documentation.

The expected rating action reflects the company's announcement
that shareholder's have approved the acquisition of the company
by a group led by Thomas H. Lee Partners, L.P. and Bain Capital
Partners LLC.

Given the information currently available, including current
valuation and financing commitments, Fitch believes that the IDR
will be 'B'.  Fitch expects pro forma leverage and interest
coverage to approximate 9.0 times and 1.5, respectively, after
taking into account estimated proceeds from planned asset sales.
The stability of the company's traditional Outdoor business, the
strong un-levered free cash flow dynamics of its radio business,
and growth prospects from digital initiatives support the
expected rating and Outlook.  Operating concerns include
continued pressured industry trends in traditional radio
broadcasting.

The company has stated that at least a majority in principal
amount of the 7.65% senior notes due 2010 and the 8% AMFM senior
notes due 2008 will be redeemed.  Publicly disclosed information
to this point is not adequate for Fitch to estimate where the
remaining US$5 billion of existing unsecured bonds will fall
within the capital structure.  Subject to standard carve-outs,
existing bonds have a Limitation on Mortgages covenant that
restricts liens upon the equity or debt of a subsidiary, as well
as liens upon any Principal Property (as defined in the
Indenture) in the United States.  The Indenture does not appear
to limit subsidiary guarantees.

Depending on the placement of the existing bonds, Fitch expects
the secured debt to be rated with 0 to 1 notches up from the IDR
and the new unsecured debt to be rated 1 to 2 notches below the
IDR.  Any debt structurally subordinate to the new unsecured
debt would be notched down accordingly.

                        About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.


CLEAR CHANNEL: Shareholders OK Merger with Private Equity Group
---------------------------------------------------------------
Clear Channel Communications Inc.'s shareholders, based on a
preliminary vote count, approved the adoption of the merger
agreement with a group led by T.H. Lee Partners, L.P. and Bain
Capital Partners LLC.

The transaction remains subject to requisite regulatory
approvals and customary closing conditions.  The number of
shares voted in favor of the transaction represented more than
73% of the total shares outstanding and entitled to vote at the
meeting.  The preliminary tabulation indicates that
approximately 98% of the shares voted were cast in favor of the
transaction.

"We are pleased with the outcome of today's vote," said Mark
Mays, Chief Executive Officer of Clear Channel.  "On behalf of
Clear Channel's Board of Directors, I want to thank our
shareholders and hard-working employees for their support
throughout this process.  We look forward to completing this
transaction with T.H. Lee and Bain as quickly as possible."

On May 18, 2007, Clear Channel entered into a second amendment
to its previously announced merger agreement with a private
equity group co-led by Thomas H. Lee Partners, L.P. and Bain
Capital Partners LLC.  Under the terms of the merger agreement,
as amended, Clear Channel shareholders will receive US$39.20 in
cash for each share they own plus additional per share
consideration, if any, if the closing of the merger occurs after
Dec. 31, 2007.  This is an increase from the previous cash
consideration of US$39.00 per share.

As an alternative to receiving the US$39.20 per share cash
consideration, Clear Channel's unaffiliated shareholders were
offered the opportunity on a purely voluntary basis to exchange
some or all of their shares of Clear Channel common stock on a
one-for-one basis for shares of Class A common stock in the new
corporation formed by the private equity group to acquire Clear
Channel (subject to aggregate and individual caps), plus the
additional per share consideration, if any.

At the meeting, all proxy cards and ballots were turned over to
the independent inspector of elections, Mellon Investor Services
LLC, for final tabulation and certification.

                       About THL Partners

Thomas H. Lee Partners L.P. -- http://www.thl.com/-- is one of
the oldest and most successful private equity investment firms
in the United States.  Since its founding in 1974, THL has
become the preeminent growth buyout firm, raising approximately
US$20 billion of equity capital and investing in more than 100
businesses with an aggregate purchase price of more than US$125
billion and generating superior returns for its investors and
partners.  Notable transactions sponsored by the firm include
Houghton Mifflin, National Waterworks, Univision, The Nielsen
Company, West Corporation, Fidelity National Information
Services, Dunkin Brands, Fisher Scientific, Experian and
ProSiebenSat.1 Media.

                       About Bain Capital

Bain Capital -- http://www.baincapital.com/-- is a global
private investment firm that manages several pools of capital
including private equity, high-yield assets, mezzanine capital
and public equity with more than US$40 billion in assets under
management.  Since its inception in 1984, Bain Capital has made
private equity investments and add-on acquisitions in over 230
companies around the world, including investments in a broad
range of companies such as Burger King, HCA, Warner Chilcott,
Toys "R" Us, AMC Entertainment, Sensata Technologies, Burlington
Coat Factory and ProSiebenSat1 Media. Headquartered in Boston,
Bain Capital has offices in New York, London, Munich, Tokyo,
Hong Kong and Shanghai.

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                            *   *   *

As reported in the Troubled Company Reporter-Europe on April 24,
2007, Standard & Poor's Ratings Services lowered its corporate
credit and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


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


HILTON HOTELS: Gets Requisite Consents To Amend Debt Indentures
---------------------------------------------------------------
Hilton Hotels Corporation has received the requisite consents to
adopt all of the proposed amendments to the indenture with
respect to its outstanding:

   * 7.625% Notes due 2008,
   * 7.200% Notes due 2009,
   * 8.250% Notes due 2011,
   * 7.625% Notes due 2012 and
   * 7.500% Notes due 2017

pursuant to Hilton's previously announced tender offers and
consent solicitations for such Consented Securities.  Hilton's
tender offers and consent solicitations for the Consented
Securities and for its Chilean Inflation-Indexed (UF) Notes due
2009 and its 8.000% Quarterly Interest Bonds due 2031 are being
made pursuant to the terms of Hilton's Offer to Purchase and
Consent Solicitation Statement dated Sept. 12, 2007, and the
related Consent and Letter of Transmittal, as amended.  The
tender offers and consent solicitations are being conducted in
connection with the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the Merger is a
condition to the completion of the tender offers and consent
solicitations.  However, the completion of the tender offers and
consent solicitations is not a condition to completion of the
Merger.

It is expected that the supplemental indenture effecting the
Proposed Amendments with respect to the Consented Securities
will be executed promptly.  The Proposed Amendments will become
operative with respect to the Consented Securities immediately
prior to the acceptance for payment of such Consented Securities
pursuant to the tender offers therefor.

In addition, Hilton announced that it has amended its previously
announced cash tender offer for its CLP Notes.  Following
discussions with investors, Hilton has determined to amend the
terms of the tender offer for the CLP Notes to provide that the
"CLP Notes Total Consideration", as defined in the Offer to
Purchase and the Letter of Transmittal and other tender offer
documents, for each CLP50,000 original principal amount validly
tendered and not validly withdrawn pursuant to the tender offer
for such CLP Notes will be CLP65,560.95, payable in U.S. dollars
based on the Observed Exchange Rate, as defined in the Officers'
Certificate for the CLP Notes, which is published at or about
5:00 p.m. (Santiago, Chile time) on the second business day
prior to the Offer Expiration Date for CLP Notes purchased
pursuant to the tender offer for such securities, namely on
Oct. 9, 2007, if the tender offer for the CLP Notes is not
extended.

As amended, the CLP Notes Total Consideration includes a consent
payment of CLP2,000 per CLP50,000 original principal amount of
CLP Notes, which consent payment will be payable in respect of
CLP Notes validly tendered at or prior to the Amended Consent
Payment Deadline.  Holders validly tendering and not withdrawing
their CLP Notes after the Amended Consent Payment Deadline and
at or prior to the Offer Expiration Date, will be eligible to
receive only the CLP Notes tender offer consideration which is
equal to the total consideration less the consent payment, for
their CLP Notes.

Further, Hilton has extended the consent payment deadline
applicable to the CLP Notes and the Bonds.  Holders who wish to
receive the applicable total consideration for their CLP Notes
or Bonds must validly tender and not validly withdraw their
securities at or prior to 5:00 p.m., New York City time, on
Oct. 1, 2007, unless extended or earlier terminated.  CLP Notes
and Bonds tendered may be withdrawn at any time prior to the
Amended Consent Payment Deadline, but not thereafter.

The consent payment deadline applicable to the Consented
Securities has now passed and withdrawal rights with respect to
the Consented Securities have terminated.  Holders of Consented
Securities who have not already tendered their Consented
Securities may do so at any time at or prior to the Offer
Expiration Date (as defined below), but such holders will only
be eligible to receive the applicable tender offer
consideration, which is an amount, paid in cash, equal to the
applicable total consideration less the applicable consent
payment, for their Consented Securities.

The offer for each issue of Securities will expire at 8:00 a.m.,
New York City time, on Oct. 11, 2007, unless extended or earlier
terminated by Hilton.  As indicated in the Offer to Purchase, it
is expected that the Offer Expiration Date will be extended to
coincide with the date that the Merger becomes effective.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
the Offer to Purchase and the Letter of Transmittal, as amended.
The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including receipt of
consents sufficient to approve the Proposed Amendments and the
Merger having occurred, or such Merger occurring substantially
concurrent with the Offer Expiration Date.  Further details
about the terms and conditions of the tender offers and the
consent solicitations are set forth in the Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively.  Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  The Offer
to Purchase and other documents relating to the tender offers
and consent solicitations are expected to be distributed to
holders beginning Sept. 25.  Requests for documentation may be
directed to Global Bondholder Services Corporation, the
Information Agent, which can be contacted at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                            *   *   *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in
January 2006.


HILTON HOTELS: Plans Strategic Development Deal with Belgravia
--------------------------------------------------------------
Hilton Hotels Corporation and Belgravia Asset Management Limited
have agreed upon the terms that Hilton will offer Belgravia for
a Strategic Development Agreement which, when signed, will
provide the opportunity for Belgravia to introduce 25 new hotels
(comprising 3,000 rooms) across Russia -- one of the company's
key strategic development markets -- as well as other Central
and Eastern European markets.

Over the next five years, Hilton and Belgravia expect to
introduce both Hampton by Hilton(TM) and Hilton Garden Inn(TM)
hotels across Russia, Central and Eastern European markets, all
of which Hilton expects to manage.  The first property is
expected to be a Hampton by Hilton hotel in St Petersburg, which
is expected to open during the second quarter of 2008.

This will be the second major Russian hotel development
announcement with a leading property partner this year, as the
company concentrates on multi-unit deals in key emerging
markets.  In June this year Hilton announced a SDA with London &
Regional Properties Limited to develop 25 new hotels,
encompassing selected brands within the Hilton Family of Hotels,
including Conrad(R), Hilton(R), Doubletree by Hilton(TM), Hilton
Garden Inn(TM) and Hampton by Hilton(TM) hotels.

Over the next ten years, Hilton plans to open 70 Hilton Family
hotels across Russia, not only focussing on Moscow and St.
Petersburg, but also actively looking at opportunities in key
regional cities.

Separate from the anticipated SDA with Belgravia, Hilton's first
hotel in Russia will be the 275-room Hilton Moscow
Leningradskaya, which is scheduled to open early next year.

"With the limited number of internationally branded properties
in Russia, this anticipated alliance with Belgravia Financial
Services Group will help us accelerate our growth plans and make
a significant impact on the Russian hotel market in a relatively
short space of time, said Ian Carter, Chief Executive of
Hilton's International Operations.  "The introduction of
additional brands from the Hilton Family of Hotels will also
enable us to meet rising demands for quality accommodation, as
well as providing a hotel product to suit all sectors and
budgets."

Duncan Hickman, Belgravia Chairman said, "As a result of
extensive research Belgravia has confirmed that the Russian
economy hotel sector offers tremendous growth opportunities.
The choice of partner for this sector was critical and the
global presence and respect for Hilton sealed our choice of
partner; giving us the confidence to be sure that this alliance
will be a huge success."

"We are believe that Russia represents some of the greatest
potential for hotel growth in the world at the present time and
are delighted to be partnering with Belgravia to capitalise on
this potential," Mr. Carter added.

Over the next five years, Hilton expects to offer travellers to
Russia a choice of accommodation ranging from its well-known
hotel brand Hilton, which will be joined by Doubletree by Hilton
in catering to demands for upscale accommodation.  The recent
announcement means that in the near future, Hilton expects
travellers to soon be able to stay in Hilton Garden Inn
properties, the company's ever-popular mid-market brand, as well
as Hampton by Hilton, which is targeted at budget conscious
travellers.

While initial projects will be in Russia, Hilton would also like
to introduce its Hilton Garden Inn and Hampton by Hilton product
in other Eastern and Central European countries where Belgravia
currently has a significant number of projects underway.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                            *   *   *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in
January 2006.


SANMINA-SCI: S&P Changes Outlook; Affirms Low B Debt Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Sanmina-SCI Corp. to negative from stable, as a result of
continued operating weakness and increasing leverage.  The
corporate credit and senior unsecured ratings are affirmed at
'B+', and the subordinated debt rating is affirmed at 'B-'.

Sanmina's EBITDA margin slipped to 2.3% in the June quarter from
3.4% in fiscal 2006. Expectations are for earnings to continue
at depressed levels for the near term.  Weakness is attributed
to volume declines and production inefficiencies at the
company's printed circuit board and enclosures businesses.
Although debt levels have been flat for the past four quarters
and are expected to decline over the next two quarters through
working capital contraction and asset sales, leverage statistics
will remain high for the rating, with debt to EBITDA at more
than 6 as of June 30, 2007.

"The ratings reflect continued erosion of profit measures,
diminished liquidity, and high leverage," said S&P's credit
analyst Lucy Patricola.  "These concerns are partially offset by
the company's top-tier business position in low-volume, complex
electronic manufacturing services end markets and its top-tier
OEM customer base."

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


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


MAGNA INT'L: Holders Tender 11,908,944 Class A Sub Voting Shares
----------------------------------------------------------------
Magna International Inc. has announced the final results of its
offer to purchase up to US$1,536,600,000 in value of its Class A
Subordinate Voting Shares, which expired at 5:00 p.m. (Toronto
time) on Sept. 20, 2007.  Magna International confirmed that it
has purchased for cancellation 11,908,944 Class A Subordinate
Voting Shares, representing 9.2% of its currently issued and
outstanding Class A Subordinate Voting Shares, at US$91.50 per
share for an aggregate purchase price of approximately US$1.1
billion.

Payment for these shares was made today.  The purchase was
funded from the proceeds of the treasury issuance of 20,000,000
Class A Subordinate Voting Shares pursuant to the plan of
arrangement involving Russian Machines, which was completed on
Sept. 20, 2007.  Any Class A Subordinate Voting Shares which
were not validly deposited will be returned as promptly as
possible.

                    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.


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


AQUA-MET GMBH: Claims Registration Ends Oct. 15
-----------------------------------------------
Creditors of Aqua-met GmbH have until Oct. 15 to register their
claims with court-appointed insolvency manager Bruno Fraas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 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 Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         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:

         Bruno Fraas
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel. 0931/359800

The District Court of Wuerzburg opened bankruptcy proceedings
against Aqua-met GmbH on Sept. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Aqua-met GmbH
         Am Hadler 6
         97230 Mainstockheim
         Germany


DC CONGRESSGESELLSCHAFT: Claims Registration Ends Oct. 9
--------------------------------------------------------
Creditors of DC Congressgesellschaft mbH have until Oct. 9 to
register their claims with court-appointed insolvency manager
Martin Manstein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 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 Weilheim
         Meeting Hall E 020
         Weilheim
         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:

         Martin Manstein
         Prannerstr. 11
         80333 Munich
         Germany
         Tel: 089/21111500
         Fax: 089/21111555

The District Court of Weilheim opened bankruptcy proceedings
against DC Congressgesellschaft mbH on Sept. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DC Congressgesellschaft mbH
         Uhdestr. 2
         82319 Starnberg
         Germany


GROMMISCH VERWALTUNGSGESELLSCHAFT: Claims Filing Ends Oct. 11
-------------------------------------------------------------
Creditors of Grommisch Verwaltungsgesellschaft mbH have until
Oct. 11 to register their claims with court-appointed insolvency
manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 23, 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 Kiel
         17 Deliusstr.
         22 Tagesordnungspunkte
         Germany

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: 040-334460

The District Court of Kiel opened bankruptcy proceedings against
Grommisch Verwaltungsgesellschaft mbH on Sept. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Grommisch Verwaltungsgesellschaft mbH
         Am Taubenkrug 26
         24111 Kiel
         Germany


HAYES-LEMMERZ: UAW's GM Strike Prompts Fitch's Negative Watch
-------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

  -- IDR 'BB';
  -- Senior unsecured bank facility 'BB';
  -- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.
  -- IDR 'BB'.

ArvinMeritor Inc.

  -- IDR 'BB';
  -- Senior secured 'BB+';
  -- Senior unsecured 'BB-'.

Tenneco, Inc.

  -- IDR 'BB-';
  -- Senior secured bank facility 'BB+';
  -- Senior secured notes 'BB';
  -- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

  -- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

  -- IDR 'B'.
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

  -- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.

Headquartered in Northville, Michigan, Hayes Lemmerz
International Inc. (Nasdaq: HAYZ) -- http://www.hayes-
lemmerz.com/ -- global supplier of automotive and commercial
highway wheels, brakes and powertrain components.  The company
has 30 facilities and approximately 8,500 employees worldwide.

The company has operations in India, Brazil and Germany, among
others.


JOSCHKO DATA: Claims Registration Period Ends Oct. 23
-----------------------------------------------------
Creditors of Joschko Data GmbH have until Oct. 23 to register
their claims with court-appointed insolvency manager Wilhelm
Oelert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 4, 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 4.309
         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:

         Wilhelm Oelert
         Baustrasse 17
         64372 Ober-Ramstadt
         Germany
         Tel: 06154-630848
         Fax: 06154-630850

The District Court of Darmstadt opened bankruptcy proceedings
against Joschko Data GmbH on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Joschko Data GmbH
         Grund 8
         64668 Rimbach
         Germany


NETOPIA DEVELOPMENT: Claims Registration Ends Oct. 9
----------------------------------------------------
Creditors of Netopia Development GmbH have until Oct. 9 to
register their claims with court-appointed insolvency manager
Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 4, 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 Bamberg
         Meeting Hall 031
         Synagogenplatz 1
         96047 Bamberg
         Germany

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

The insolvency manager can be reached at:

         Henning Schorisch
         Nordostpark 12
         90411 Nuernberg
         Germany
         Tel: 0911/75661-0
         Fax: 0911/75661-13

The District Court of Bamberg opened bankruptcy proceedings
against Netopia Development GmbH on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Netopia Development GmbH
         Weingasse 26
         91077 Neunkirchen am Brand
         Germany


PARADIES GASTSTATTEN: Creditors Meeting Slated for Nov. 16
----------------------------------------------------------
The court-appointed insolvency manager for Paradies Gaststatten
GmbH, Rolf Rattunde, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:40
a.m. on Nov. 16.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:35 a.m. on Feb. 15, 2008 at the same
venue.

Creditors have until Dec. 19 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Paradies Gaststatten GmbH on Sept. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Paradies Gaststatten GmbH
         Jaegerstr. 56
         10117 Berlin
         Germany


RF BAU: Claims Registration Period Ends Oct. 16
-----------------------------------------------
Creditors of RF Bau GmbH have until Oct. 16 to register their
claims with court-appointed insolvency manager Andreas
Muehlbauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Andreas Muehlbauer
         Eichelacker 13-15
         93170 Bernhardswald
         Germany
         Tel: 09407/909 56
         Telefax: 09407/90958

The District Court of Regensburg opened bankruptcy proceedings
against RF Bau GmbH on Sept. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RF Bau GmbH
         Lohe 4 93426
         Roding-Wetterfeld
         Germany


WOLF AUTOWELT: Claims Registration Period Ends Oct. 23
------------------------------------------------------
Creditors of Wolf Autowelt GmbH have until Oct. 23 to register
their claims with court-appointed insolvency manager Gerhard
Fichter.

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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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 Fichter
         Uhlandstrasse 4
         74072 Heilbronn
         Germany
         Tel: 07131/888666
         Fax: 07131/888667

The District Court of Heilbronn opened bankruptcy proceedings
against Autowelt GmbH on Sept. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Wolf Autowelt GmbH
         Brenntenstock 2
         74613 Oehringen
         Germany

         Attn: Kai-Uwe Teich, Manager
         Lehlestrasse 72
         74219 Moeckmuehl
         Germany


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


ALITALIA SPA: Lufthansa to Bid If Italy Changes Sale Conditions
---------------------------------------------------------------
Deutsche Lufthansa AG might bid for the Italy's 49.9% stake in
Alitalia S.p.A. if the government changes the sale conditions,
Agenzia Giornalistica Italia reports.

"Alitalia continues to be an interesting company for us, we are
watching closely, but the conditions imposed by government
haven't changed so why would we change our minds now?" Lufthansa
spokesman Stefanie Stotz told AGI.

Mr. Stotz added to AGI dismissed reports that Lufthansa is
eyeing Alitalia as "speculations."  The spokesman, however, said
the German carrier will "continue to keep a close eye on the
dossier."

Mr. Stotz told AGI that Lufthansa is not interested in acquiring
the Malpensa airport slots that Alitalia discarded.

"We already are connected well in the north of Italy with Air
Dolomiti, our company for 100%, which performs very well".

Headquartered in Cologne Germany, Deutsche Lufthansa AG --
http://konzern.lufthansa.com/-- is a globally operating
aviation group with around 400 companies and subsidiaries.

                         About Alitalia

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

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


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


ASTANA FINANCE: Obtains US$50 Million Syndicated Loan
-----------------------------------------------------
JSC Astana Finance has signed a contract for a syndicated loan
totaling US$50 million.  The one-year loan is gained at 1.2%
p.a. over six-month rate of LIBOR.

The Book runner and Mandated Lead Arranger of transaction is
presented by Deutsche Bank AG London.  Barclays Capital, Bayern
LB and First Commercial Bank are participating in transaction as
Mandated Lead Arrangers.

For JSC Astana Finance this syndicated loan is debut one. It is
worthy of note that amount of loan was increased from initially
declared US$40 million up to US$50 million.

Attraction of syndicated loan is carried out by JSC Astana
Finance at the time of liquidity crisis broken out in the world
capital markets since August. The re-subscription (increase) of
the declared amount of loan demonstrates the high-level
confidence of international financial institutes in respect of
JSC Astana Finance.

This transaction surrounding the syndicated loan was completed
after JSC Astana Finance has succeeded once more with
international capital markets entrance -- in June 2007 the
Company issued the US$300 million Eurobonds under the program
for issue of middle-term global Notes.

Headquartered in Astana, Kazakhstan, JSC Astana Finance --
http://www.af.kz/-- facilitates development finance for the
municipality of Astana.  It has since diversified geographically
and into certain aspects of investment banking.

As of Sept. 27, 2007, JSC Astana Finance carries a Ba1 long-term
foreign currency debt rating from Investors Service.

The company also carries assigned BB+ rating from Fitch Ratings.


ATYRAU-JAYIK: Proof of Claim Deadline Slated for November 2
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Atyrau-Jayik Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


BANK TURANALEM: Postpones JSC Temirbank Stake Sale
--------------------------------------------------
JSC Bank TuranAlem has postponed the sale of its 62% stake in
JSC Temirbank until better market conditions exist, Business
News Europe reports.

BTA had announced it would sell its Temirbank stake before the
end of 2007, but said it might launch first a buyout before
commencing the sale, BNE relates.

                         About Temirbank

Headquartered in Almaty, Kazakhstan, JSC Temirbank --
http://www.temirbank.kz/-- renders a wide range of financial
services both to corporate and individual clients.  The branch
network of the bank includes 120 sales outlets located in all
regional centers of Kazakhstan and cities having a population
over 100 thousand people.

                       About Bank TuranAlem

Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem --
http://bta.kz/en/-- is the second largest commercial bank in
Kazakhstan by IFRS assets by 2005.  The group is present in all
segments of the market: corporate and retail banking, trade
financing, fund market, credits, SME development, leasing,
mortgage lending and pension funds.

                            *   *   *

As reported in the TCR-Europe on June 26, 2007, Moody's
downgraded the debt ratings of Bank TuranAlem following the
implementation of Moody's refined JDA methodology on external
support.  All ratings now carry stable outlooks.

The affected ratings are:

   -- Foreign Currency Subordinate Debt Ratings downgraded to
      Ba1 from Baa2.

   -- Foreign Currency Junior Subordinate Debt Rating downgraded
      to Ba2 from Baa3.

   -- The D- Bank Financial Strength Rating is unchanged.

In TCR-Europe report on May 22, 2007, Fitch affirmed the ratings
of Kazakhstan's Bank TuranAlem -- BTA -- at foreign currency
Issuer Default 'BB+', Short-term foreign currency 'B', local
currency Issuer Default 'BBB-', Short-term local currency 'F3',
Support '3' and Individual C/D.  The Outlook on the foreign
currency Issuer Default rating is Positive while that on the
local currency IDR is Stable.

BTA also carries 'BB/B' long- and short-term counterparty credit
ratings from Standard & Poor's.  Outlook is positive.


KAZKORINVESTSTROYPROJECT LLP: Creditors Must File Claims Nov. 2
---------------------------------------------------------------
LLP Construction Company Kazkorinveststroyproject has declared
insolvency.  Creditors have until Nov. 2 to submit written
proofs of claims to:

         LLP Construction
         Company Kazkorinveststroyproject
         Markov Str. 68
         Bostandyksky District
         Almaty
         Kazakhstan


MIDAS LLP: Claims Filing Period Ends Nov. 2
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Midas insolvent on Aug. 10.

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


REM LLP: Creditors' Claims Due on Nov. 2
----------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Rem insolvent on Aug. 7.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 54-02-36


SHAGAN LLP: Claims Registration Ends Nov. 2
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Agro Firm Shagan insolvent on Aug. 9.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Suleimenov Str. 21
         Josaly
         Karmakchinsky District
         Kyzylorda
         Kazakhstan
         Tel: 8 (237) 2-27-31
              8 701 412 72-65


ST-KEN KURYLYS: Creditors Must File Claims Nov. 2
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP St-Ken Kurylys Kompaniyasy insolvent on Aug. 9,
2007.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Shokalakov Str. 57
         Taraz
         Jambyl
         Kazakhstan


STROY SERVICE-ADK: Claims Filing Period Ends Nov. 2
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Atyrau Stroy Service-Adk insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


TEMIRBANK JSC: Bank Turanalem Postpones Stake Sale
--------------------------------------------------
JSC Bank TuranAlem has postponed the sale of its 62% stake in
JSC Temirbank until better market conditions exist, Business
News Europe reports.

BTA had announced it would sell its Temirbank stake before the
end of 2007, but said it might launch first a buyout before
commencing the sale, BNE relates.

                      About Bank TuranAlem

Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem --
http://bta.kz/en/-- is the second largest commercial bank in
Kazakhstan by IFRS assets by 2005.  The group is present in all
segments of the market: corporate and retail banking, trade
financing, fund market, credits, SME development, leasing,
mortgage lending and pension funds.

                         About Temirbank

Headquartered in Almaty, Kazakhstan, JSC Temirbank --
http://www.temirbank.kz/-- renders a wide range of financial
services both to corporate and individual clients.  The branch
network of the bank includes 120 sales outlets located in all
regional centers of Kazakhstan and cities having a population
over 100 thousand people.

                            *   *   *

As of Sept. 27, 2007, JSC Temirbank carries a Ba1 senior debt
and Ba2 subordinated debt rating from Moody's Investor Service.
Moody's says the outlook is stable.

The bank also carries 'B+/B' counterparty credit and 'kzBBB+'
national scale ratings from Standard & Poor's Ratings Services
S&P says the outlook is stable.

Temirbank carries Issuer Default 'BB-'/Stable, Short-term 'B',
Individual 'D/E' ratings from Fitch.


UITAS OTYN: Creditors' Claims Due on Nov. 2
-------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Uitas Otyn insolvent on July 23.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 54-02-36


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


DOMUS STROY: Proof of Claim Deadline Slated for November 2
----------------------------------------------------------
LLC Domus Story has declared insolvency.  Creditors have until
Nov. 2 to submit written proofs of claim to:

         LLC Domus Story
         Gvardeisky Side Str. 31
         Bishkek
         Kyrgyzstan


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


NETIA SA: Acquires Internet Provider Lanet Sp. at PLN1.2 Million
----------------------------------------------------------------
Netia SA (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, announced that on Sept.
26, 2007 Lanet Sp. z o.o. with its seat in Wroctaw, Netia's
subsidiary, purchased from Mr. Adam Kinal 1,200 shares in the
share capital of a company operating under the business name
Akron Sp. z o.o. with its seat in Wroctaw with the total nominal
value of PLN1.2 million for all these shares, which represent
99.9% of the share capital and confer the right to 99.9% of the
votes at the general meeting of shareholders.  The total price
of all the Shares has been set at PLN800,000.  Prior to this
transaction, Lanet owned the shares representing 0.1% of Akron's
share capital.

Arkon is a service provider offering broadband Internet access
to residential clients in the city of Wroc-aw.  The company is
using Fast Ethernet technology, which allows for transmission
speed of up to 100 Mb/s.  As of September 25, 2007, Akron's
network provided broadband access to 1,151 clients, with
approximately 5,000 households passed.

The acquisition of Shares was effected based on the share
purchase agreement concluded by Lanet and Akron on Sept. 25,
2007.

The acquired Shares constitute assets of substantial value, as
they represent 99.9% of the share capital of Akron.  The assets
described above were acquired from Lanet's own resources and
constitute an investment of a long-term nature.

Apart from the contractual relations described, there exist no
other ties between Netia and the persons managing or supervising
Netia and the Seller of the aforementioned assets.

The acquisition represents yet another step in execution of
Netia's strategy aimed at acquiring 1 million broadband
customers over the next three years, including consolidation of
local Ethernet networks.  The earlier acquisition of three
Internet service providers, including Lanet, allowed Netia to
expand dynamically its broadband customer base in the cities of
Wroctaw, Poznan and Legnica, and the recent acquisition was
effected using local knowledge of Lanet's management team.

                           About Netia

Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/
-- is an alternative fixed-line telecommunications operator in
Poland.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.

                          *     *    *

As of Aug. 15, 2007, Standard & Poor's Ratings Services had
assigned a B rating to Netia's Long-Term Foreign and Local
Issuer Credit.


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


AGRO-CONTINENT CJSC: Creditors Must File Claims by Oct. 8
---------------------------------------------------------
Creditors of CJSC Agro-Continent (TIN 2635075595) have until
Oct. 8 to submit proofs of claim to:

         D. Kalyuzhin
         Insolvency Manager
         Sotsialisticheskaya Str. 18/3
         Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         D. Kalyuzhin
         Insolvency Manager
         Sotsialisticheskaya Str. 18/3
         Stavropol
         Russia


BAL-AZ-SERVICE: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Buryatiya commenced bankruptcy
supervision procedure on LLC Subsidiary Production-Service
Company Bal-Az-Service.  The case is docketed under Case No.
A10-2028/07.

The Temporary Insolvency Manager is:

         A. Buldynov
         Post User Box 4049
         Ulan-Ude
         670017 Buryatiya
         Russia

The Debtor can be reached at:

         A. Buldynov
         Post User Box 4049
         Ulan-Ude
         670017 Buryatiya
         Russia


EAR-1 CJSC: Court Names Sh. Dzhabrailov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Dagestan appointed Sh. Dzhabrailov as
Insolvency Manager for CJSC Agricultural Company Ear-1.  He can
be reached at:

         Sh. Dzhabrailov
         Umakhanova Str. 12
         Makhachkala
         367008 Dagestan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A15-1797/2004.

The Debtor can be reached at:

         CJSC Agricultural Company Ear-1
         Kizilyurt
         Dagestan
         Russia


EAR LLC: Orenburg Bankruptcy Hearing Slated for Dec. 4
------------------------------------------------------
The Arbitration Court of Orenburg will convene at 10:00 a.m. on
Dec. 4 to hear the bankruptcy supervision procedure on LLC Ear
(TIN 5635008114).  The case is docketed under Case No.
A47-5435/07-14/6GK.

The Temporary Insolvency Manager is:

         I. Kirzhaev
         Temporary Insolvency Manager
         Berezka Str. 2/3, 45
         460044 Orenburg
         Russia

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Ear
         Komsomolskaya Str. 24
         Dobrovolnoe
         Novoorskiy
         462810 Orenburg
         Russia


HORIZON CJSC: Creditors Must File Claims by November 8
------------------------------------------------------
Creditors of CJSC Horizon have until Nov. 8 to submit proofs of
claim to:

         S. Suvorova
         Insolvency Manager
         Post User Box 960
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-2122/07-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         CJSC Horizon
         Sovetskaya Str. 27
         Severnoe
         Orenburg
         Russia


MORKINOGORSKIY FLAX: Creditors Must File Claims by Oct. 8
---------------------------------------------------------
Creditors of OJSC Morkinogorskiy Flax Factory have until Oct. 8
to submit proofs of claim to:

         I. Peshekhonov
         Temporary Insolvency Manager
         Morkiny Gory
         Bezhetskiy
         Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A66-4196/2007.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Morkinogorskiy Flax Factory
         Morkiny Gory
         Bezhetskiy
         Tver
         Russia


KSHEN-YANTAR-MOL: Creditors Must File Claims by Oct. 8
------------------------------------------------------
Creditors of OJSC Kshen-Yantar-Mol of Sovetskiy have until
Oct. 8 to submit proofs of claim to:

         M. Shumakov
         Temporary Insolvency Manager
         Apartment 178
         Dimitrova Str. 84
         305004 Kursk
         Russia

The Arbitration Court of Kursk will convene at 10:00 a.m. on
Jan. 16, 2008 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A35-4190/07 g.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kshen-Yantar-Mol of Sovetskiy Region
         Sverdlova Str. 3A
         Sovetskiy
         306530 Kursk
         Russia


KUBAN-AGRO-PROJECT: Names E. Leyliyan as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnodar appointed E. Leyliyan as
Insolvency Manager for CJSC Kuban-Agro-Project.  He can be
reached at:

         E. Leyliyan
         Office 428
         Krasnaya Str. 180
         350020 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The Court will convene at 10:00
a.m. on Feb. 11, 2008 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
A-32-9749/2007-44/318-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Kuban-Agro-Project
         Mira Str. 58
         Krasnodar
         Russia


KURKINSKIY BUTTER: Creditors Must File Claims by Oct. 8
-------------------------------------------------------
Creditors of OJSC Kurkinskiy Butter Making Factory (TIN
7126001187) have until Oct. 8 to submit proofs of claim to:

         V. Mirnyj
         Temporary Insolvency Manager
         Post User Box 377
         300002 Tula-2
         Russia

The Arbitration Court of Tula commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A68-3989/07-262/B-07.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         OJSC Kurkinskiy Butter Making Factory
         Privokzalnaya Str. 40
         Kurkinskiy
         Tula
         Russia


NOVOLYALINSKIY PULP: Court Starts External Bankruptcy Procedure
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced external
management bankruptcy procedure on OJSC Novolyalinskiy Pulp and
Paper Mill.  The case is docketed under Case No. A60-31933/
2006-S11.

The External Insolvency Manager is:

         A. Vyal'
         Post User Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Novolyalinskiy Pulp and Paper Mill
         Lenina Str. 2
         Novaya Lyalya
         624400 Sverdlovsk
         Russia


SLAVYANKA CJSC: Creditors Must File Claims by November 8
--------------------------------------------------------
Creditors of CJSC Slavyanka have until Nov. 8 to submit proofs
of claim to:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-4903/2007-14/2.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         CJSC Slavyanka
         Buzuluk
         Orenburg
         Russia


STAROYURYEV-AGRO-PROM-KHIMIYA: Claims Filing Period Ends Nov. 8
---------------------------------------------------------------
Creditors of OJSC Staroyuryev-Agro-Prom-Khimiya have until
Nov. 8 to submit proofs of claim to:

         A. Zhukov
         Insolvency Manager
         Apartment 2
         Mira Str. 32
         Sosnovka
         Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A64-941/07-21.

The Debtor can be reached at:

         OJSC Staroyuryev-Agro-Prom-Khimiya
         Staroyuryevo
         Tambov
         Russia


TOMSK-LES-KONTRAKT-TORG: Names V. Ivanov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tomsk appointed V. Ivanov as Insolvency
Manager for LLC Tomsk-Les-Kontrakt-Torg (TIN 7019004185).  He
can be reached at:

         V. Ivanov
         Belinskogo Str. 20/1-2
         634029 Tomsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-436/04.

The Debtor can be reached at:

         LLC Tomsk-Les-Kontrakt-Torg
         Krasnoarmeyskaya Str., 119-78
         634034 Tomsk
         Russia


TOURIST-SERVICE LLC: Creditors Must File Claims by November 8
-------------------------------------------------------------
Creditors of LLC Tourist-Service have until Nov. 8 to submit
proofs of claim to:

         A. Vyal'
         Insolvency Manager
         Post User Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-7486/2007-48-91.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tourist-Service
         Ozimina Str. 30-54
         Asha
         Chelyabinsk
         Russia


URSA BANK: Repays US$110 Million Eurobond at Maturity
-----------------------------------------------------
URSA Bank fully repaid the principal and accrued interest
totaling to US$114.5 million on the Uralvneshtorgbank's one-year
Eurobond-CLN on its maturity date of September 21, 2007.

The principal amount of the bond was US$110 million, and the
accrued interest was US$4.5 million.  This obligation of
Uralvneshtorgbank was inherited by URSA Bank as a result of the
merger of Sibacadembank and Uralvneshtorgbank in December 2006.

The Eurobond-CLN of Uralvneshtorgbank was issued in September
2006.  The demand for that issuance exceeded the supply and
amounted to over US$210 million.  Over 50 investors from
Switzerland, the United Kingdom, Germany, Luxembourg, Hungary,
Chili, the Baltic states, Russia and other countries took part
in this transaction. 85% of the issuance was purchased by
foreign investors.

According to Mr. John McNaughton, Managing Director of URSA
Bank, this repayment confirms the commitment and ability of URSA
Bank to fully meet its obligations regardless of market
conditions.  URSA Bank also demonstrated its ability to raise
funds in difficult market environment by attracting a syndicated
loan of US$225 million in mid-August, closing the transaction on
August 16, 2007.

URSA Bank -- http://www.ursabank.ru/en/-- is a top 20 bank in
Russia by assets and the largest independent regional bank with
headquarters outside of Moscow.  Its business is focused on
lending to small/medium-sized companies and retail customers in
Siberia and the Urals.  Igor Kim and his two partners currently
control the bank, with a combined 52% share.  The EBRD and two
other foreign owners have together a blocking 28% stake.

                            *   *   *

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
affirmed Russia-based JSC URSA Bank's (fka Sibacadembank)
ratings at Issuer Default 'B' with a Stable Outlook, Short-term
'B', Individual 'D' and Support '5'.


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


FONDO DE TITULIZACION: Fitch Junks EUR14.8 Million Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Fondo de
Titulizacion de Activos, Santander Hipotecario 4's notes
totaling EUR1.245 billion due in October 2050:

   -- EUR184.3 million Class A1: 'AAA'; Outlook Stable
   -- EUR661.9 million Class A2: 'AAA'; Outlook Stable
   -- EUR278 million Class A3: 'AAA'; Outlook Stable
   -- EUR20.9 million Class B: 'AA'; Outlook Stable
   -- EUR30.7 million Class C: 'A'; Outlook Stable
   -- EUR27.1 million Class D: 'BBB'; Outlook Stable
   -- EUR27.1 million Class E: 'BB'; Outlook Stable
   -- EUR14.8 million Class F: 'CCC'; Outlook Stable

This transaction is a cash-flow securitization of a
EUR1.23 billion static pool of residential mortgage loans
granted by Banco Santander ('AA'/ Outlook Stable/'F1+') to
individuals in Spain.  The final ratings are contingent upon the
receipt of final documents conforming to information already
received.

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Santander de Titulizacion S.G.F.T, S.A's
administrative capabilities

Initial CE for the Class A to E notes is provided by
subordination and a reserve fund, which will be funded at
closing using the proceeds of the Class F notes.  The Class F
notes are uncollateralized by mortgages but will benefit from
excess spread.

The expected ratings address the payment of interest on the
notes according to the terms and conditions of the
documentation, subject to a deferral trigger on the Class B,
Class C, Class D and Class E, as well as the repayment of
principal at legal final maturity.  Should the deferral trigger
on the Class B, C, D and E notes be hit, interest on these notes
will be deferred in the priority of payments.  In this instance,
interest payments might not be received for a period of time,
but will be received by legal final maturity.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to convert
mortgage transmission certificates (certificados de transmision
de hipotecas) from the seller into fixed-income securities.  The
fund will be legally represented and managed by Santander de
Titulizacion S.G.F.T, S.A, a limited liability company
incorporated under Spanish law, whose activities are limited to
the management of securitization funds.


GENERAL CABLE: Launches US$400-Million Offering of Senior Notes
---------------------------------------------------------------
General Cable Corporation has commenced a private offering,
subject to market conditions, of US$400 million in aggregate
principal amount of senior convertible notes due 2012.  The
company has granted to the initial purchaser an option to
purchase up to an additional US$60 million in principal amount
of Notes on the same terms and conditions as those sold in the
offering, solely to cover over-allotments.

The purpose of this offering is to fund a portion of the
purchase price for the previously disclosed acquisition of the
wire and cable business of Freeport-McMoRan Copper & Gold Inc.
and related costs and, if such acquisition is not consummated
for any reason, for general corporate purposes, which may
include funding the potential expansion of our business in the
United States and into foreign countries and the acquisition of
other complementary businesses.

The Notes will be convertible into General Cable Corporation
common stock under certain circumstances at a to-be-determined
premium to the market price of the common stock when the Notes
are priced.  Upon conversion, holders will receive cash up to
the principal amount and any excess conversion value will be
delivered, at our election, in cash, common stock or a
combination of cash and common stock.  The interest rate and
other terms will be provided upon pricing of the Notes.

The Notes will be sold to qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as
amended.  The Notes and the common stock issuable upon
conversion of the Notes have not been registered under the
Securities Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States
except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws.

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                            *   *   *

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating on General Cable Corp.  S&P said
the outlook is stable.


GENERAL CABLE: Moody's Rates US$400 Mln Sr. Secured Notes at B1
---------------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to the
proposed US$400 million senior unsecured convertible notes of
General Cable Corporation.

Concurrently, Moody's confirmed all other ratings for this
issuer, concluding a review initiated on Sept. 12, 2007.  The
rating outlook is stable.

The proceeds of the new US$400 million senior unsecured
convertible notes together with a draw under the company's
asset-based revolver and cash on hand will be utilized to
acquire the capital stock of Phelps Dodge International
Corporation, a division of Phelps Dodge Corporation, from
Freeport-McMoRan Copper & Gold Inc.

Moody's took these rating actions:

Ratings Assigned:

   -- US$400 million senior unsecured convertible notes due
      2012, at B1 (LGD4, 64%)

Ratings Confirmed:

   -- US$355 million senior unsecured convertible notes due
      2013, at B1 (to LGD4, 64% from LGD4, 63%);

   -- US$125 million senior unsecured floating rate notes due
      2015, B1 (to LGD4, 64% from LGD4, 63%);

   -- US$200 million senior unsecured notes due 2017, B1 (to
      LGD4, 64% from LGD4, 63%);

   -- Corporate Family Rating, at Ba3

   -- Probability of Default Rating, at Ba3;

   -- The outlook is stable.

The assignment of a B1 rating to the proposed senior unsecured
convertible notes and the confirmation of the Corporate Family
Rating at Ba3 continue to reflect the company's moderate
leverage; good interest coverage; low cost operations; leading
market position in the wire & cable industry and highly
diversified end markets and customer base after giving effect to
the acquisition of PDIC.  For the year ended Dec. 31, 2006, PDIC
reported revenues of approximately US$1.2 billion and operating
earnings of roughly US$68 million.  The combined entity is
considered to be strongly positioned in the Ba3 rating category.

The stable outlook reflects Moody's expectation that GCC will
continue to grow volume, particularly in the electric utility
and electrical infrastructure segments as a result of strong
demand for its products.  Moody's also anticipates that the
company will reduce leverage to pre-acquisition levels well
before the end of 2009.

The ratings could come under upward rating pressure if total
debt to EBITDA fall below 2.5 times on a sustained basis or if
demand for the Company's products lead to a sustained level of
free cash flow to total debt in excess of 10%.  Downgrade
pressure could occur if the company incurs major integration
problems with respect to the PDIC acquisition.  The ratings
could also be impaired if total debt to EBITDA increases above
3.7 times or if EBIT to interest expense declines below 2.3
times on a sustained basis.

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/--
developer and manufacturer within the wire and cable industry.
The Company manufactures markets and distributes copper,
aluminum and fiber optic wire and cable products globally.  For
the last 12 months ended June 29, 2007, the company reported
revenues of US$4.1 billion.

General Cable has locations in China, Australia, France, Brazil,
the Dominican Republic and Spain.


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


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

         Werner Bosshart
         Liquidator
         Uesslingerstrasse 1
         8532 Warth
         Switzerland

The Debtor can be reached at:

         LLC ABD Trading
         8532 Warth
         Switzerland


BAROCK TREUHAND: Creditors' Liquidation Claims Due October 9
------------------------------------------------------------
Creditors of LLC Barock Treuhand have until Oct. 9 to submit
their claims to:

         Susanna Frangi
         Rotachstr. 42
         8003 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Barock Treuhand
         Zurich
         Switzerland


BURNEY LLC: Claims Registration Period Ends October 5
-----------------------------------------------------
The Bankruptcy Court of Bern-Mittelland commenced bankruptcy
proceedings against LLC Burney on June 18.

Creditors have until Oct. 5 to file their written proofs of
claim.

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Office Bern
         Switzerland

The Debtor can be reached at:

         LLC Burney
         Muristrasse 51
         3006 Bern
         Switzerland


CABA ELECTRONIC: Creditors' Liquidation Claims Due October 1
------------------------------------------------------------
Creditors of LLC CABA Electronic have until Oct. 1 to submit
their claims to:

         Susanne Bader
         Grosspeterstrasse 5
         4052 Basel
         Switzerland

The Debtor can be reached at:

         LLC CABA Electronic
         Allschwil
         Switzerland


DICONSULT LLC: Creditors' Liquidation Claims Due October 15
-----------------------------------------------------------
Creditors of LLC diConsult have until Oct. 15 to submit their
claims to:

         Amarillo Treuhand Daniel Bosshard
         Roschibachstrasse 71
         8037 Zurich
         Switzerland

The Debtor can be reached at:

         LLC diConsult
         Zurich
         Switzerland


DODO DOWNHILL: Creditors' Liquidation Claims Due October 8
----------------------------------------------------------
Creditors of LLC Dodo Downhill have until Oct. 8 to submit their
claims to:

         Shannon Christopher
         Huppstrasse 12
         9650 Nesslau
         Switzerland

The Debtor can be reached at:

         LLC Dodo Downhill
         Nesslau-Krummenau
         Switzerland


HELVETICA CONSULTING: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Zug entered Aug. 31 an order closing the
bankruptcy proceedings of JSC Helvetica Consulting.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         Helvetica Consulting
         6330 Cham
         Switzerland


MDT SWISS: Creditors' Liquidation Claims Due October 19
------------------------------------------------------------
Creditors of LLC MDT Swiss have until Oct. 19 to submit their
claims to:

         Patrick Hubmann
         Ballyweg 2
         6440 Brunnen
         Switzerland

The Debtor can be reached at:

         LLC MDT Swiss
         6440 Brunnen
         Switzerland


TALBACH JSC: Thurgau Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Thurgau entered Aug. 28 an order closing
the bankruptcy proceedings of JSC Talbach.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Switzerland

The Debtor can be reached at:

         JSC Talbach
         Talackerstrasse 2
         8500 Frauenfeld
         Switzerland


TRIGOLA KNOWLEDGE: Luzern-Stadt Court Starts Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Court of Luzern-Stadt commenced bankruptcy
proceedings against JSC Triloga Knowledge on Aug. 22.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         JSC Triloga Knowledge
         Frohburgstrasse 3
         6002 Luzern
         Switzerland


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


A.S.T. LLC: Proofs of Claim Deadline Set October 3
--------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/598-b.

Creditors of LLC A.S.T. (code EDRPOU 32490155) have until Oct. 3
to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC A.S.T.
         M. Navoya Str. 76
         02125 Kiev
         Ukraine


AGRICULTURAL INDUSTRY: Proofs of Claim Deadline Set September 29
----------------------------------------------------------------
Creditors of OJSC Agricultural Industry Delivery (code EDRPOU
00908716) 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 01/2424.

The Debtor can be reached at:

         OJSC Agricultural Industry Delivery
         Vokzalnaya Str. 190
         Talnoe
         20400 Cherkassy
         Ukraine


COMPLECT TRADE: Proofs of Claim Deadline Set October 3
------------------------------------------------------
Creditors of LLC Complect Trade (code EDRPOU 34771873) have
until Oct. 3 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 15/601-b.

The Debtor can be reached at:

         LLC Complect Trade
         Tchokolovsky Boulevard 19
         03186 Kiev
         Ukraine


KASKAD LLC: Creditors Must File Claims by September 29
------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed as 5/414-07.

Creditors of LLC Kaskad (code EDRPOU 20100884) have until
Sept. 29 to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Kaskad
         Protsishyn Str. 4a
         Ladyzhyn
         Trostianets District
         24320 Vinnica
         Ukraine


KTM GROUP: Proofs of Claim Deadline Set October 3
-------------------------------------------------
Creditors of LLC KTM Group (code EDRPOU 34353658) have until
Oct. 3 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 15/600-b.

The Debtor can be reached at:

         LLC KTM Group
         Malogvardeyskaya Str. 11
         03151 Kiev
         Ukraine


MEDIA MASTER: Proofs of Claim Deadline Set October 3
----------------------------------------------------
Creditors of LLC Media Master (code EDRPOU 33748107) have until
Oct. 3 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 15/599-b.

The Debtor can be reached at:

         LLC Media Master
         Pobeda Avenue 136
         03115 Kiev
         Ukraine


REPAIR BUILDING: Creditors Must File Claims by September 29
-----------------------------------------------------------
Creditors of Repair Building Detail (code EDRPOU 30691124) have
until Sept. 29 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company on Aug. 9.  The case is docketed as
5/488-07.

The Debtor can be reached at:

         Repair Building Detail
         XX Party congress Str. 43
         Trostianets
         24300 Vinnica
         Ukraine


UM PRAKTIK: Proofs of Claim Deadline Set October 3
--------------------------------------------------
Creditors of LLC Um Praktik (code EDRPOU 33444670) have until
Oct. 3 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 15/602-b.

The Debtor can be reached at:

         LLC Um Praktik
         Tytchina Avenue 20
         02152 Kiev
         Ukraine


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


ALPINE FOODS: Brings In Liquidator from BDO Stoy Hayward
--------------------------------------------------------
Toby Scott Underwood and Dermot Justin Power of BDO Stoy Hayward
LLP were appointed joint liquidators of Alpine Foods Ltd. on
Aug. 24 for the creditors' voluntary winding-up procedure.

Mr. Underwood can be reached at:

         BDO Stoy Hayward LLP
         1 City Square
         Leeds
         LS1 2DP
         England

Mr. Power can be reached at:

         BDO Stoy Hayward
         Commercial Buildings
         11-15 Cross Street
         Manchester
         England


AMERICAN AXLE: UAW's Strike Against GM Cues Fitch's WatchNeg
------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

  -- IDR 'BB';
  -- Senior unsecured bank facility 'BB';
  -- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.
  -- IDR 'BB'.

ArvinMeritor Inc.

  -- IDR 'BB';
  -- Senior secured 'BB+';
  -- Senior unsecured 'BB-'.

Tenneco, Inc.

  -- IDR 'BB-';
  -- Senior secured bank facility 'BB+';
  -- Senior secured notes 'BB';
  -- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

  -- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

  -- IDR 'B'.
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

  -- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL)
-- http://www.aam.com/-- and its wholly owned subsidiary,
American Axle & Manufacturing, Inc. manufactures, engineers,
designs and validates driveline and drivetrain systems and
related components and modules, chassis systems and metal-formed
products for light trucks, sport utility vehicles and passenger
cars.  In addition to locations in the United States (in
Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg,
Mexico, Poland, South Korea and the United Kingdom.


BEAR STEARNS: Bankr. Court Stays Order Denying Ch. 11 Petition
--------------------------------------------------------------
The Hon. Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York stayed the enforcement of his
prior order denying protection under Chapter 11 of the
Bankruptcy Code to Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund,
Ltd., pending the Funds' appeal on that ruling, Bloomberg News
reports.

The Bankruptcy Court's stay order is contingent on the Bear
Stearns Funds' (i) returning U.S. funds that were transferred to
the Cayman Islands or (ii) posting an equal amount as bond,
Bloomberg says.

According to Bloomberg, Judge Lifland required the Hedge Funds
to return US$8,000,000 in funds.

In August 2007, Judge Lifland ruled that the Bear Stearns Funds'
center of main interest is in the United States and not in the
Cayman Islands.  Judge Lifland said the only adhesive connection
with the Cayman Islands that the Funds have is the fact that
they are registered there.

Judge Lifland suggested that the Funds commence a Chapter 11 or
Chapter 7 bankruptcy case.  Judge Lifland also extended the
Preliminary Injunction Order until Sept. 29, 2007, to give
parties-in-interest an opportunity to file a Chapter 11 or a
Chapter 7 petition in the district where the seat of the Funds'
management functions are located.  The Injunction Order would
automatically dissolve after Sept. 29 if no Chapter 11 or
Chapter 7 petition is filed.

Simon Lovell Clayton Whicker and Kristen Beighton at KPMG, the
Bear Stearns Funds' official liquidators, have asked the U.S.
District Court for the Southern District of New York to review
Judge Lifland's decision.

At the hearing on Sept. 24, Judge Lifland said the decision
is significant for other U.S. investment banks and funds based
in the Cayman Islands, Tiffany Kary at Bloomberg reports.
According to Judge Lifland, no objections were filed because
"parties of interest are institutions similarly situated who use
offshore vehicles for similar purposes."

           Decision Makes Chapter 15 Cumbersome Process

The Liquidators asked the Bankruptcy Court to maintain the
preliminary injunction until the appeal is resolved.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, the Liquidators' U.S. counsel, argued that unless the
Bankruptcy Court grants a stay, the appeal will likely be
rendered moot, and the opportunity for review will be lost.

Mr. Hodara pointed out that the Bankruptcy Court's refusal to
recognize the Liquidators' petition for recognition frustrates
the U.S. Congress' purpose in enacting Chapter 15.  Congress
established a simple statutory procedure for recognition and
clear guideposts for U.S. courts to follow, Mr. Hodara
explained.  The guideposts, he said, are based on the Model Law
on Cross-Border Insolvency promulgated by the United Nations
Commission on International Trade Law, which has been adopted in
numerous other countries.

"[T]he Decision turns what is intended to be a streamlined legal
proceeding into a complex, cumbersome, and time consuming
process," according to Mr. Hodara.

                   Clash with SPhinX Ruling

Mr. Hodara underscored that Judge Lifland's analysis is at odds
with Judge Robert D. Drain's ruling in In re SPhinX, Ltd., 351
B.R. 103 (Bankr. S.D.N.Y. 2006), which was affirmed by the
District Court.  Judge Drain held that "chapter 15 maintains --
and in some respects enhances -- the 'maximum flexibility' that
Section 304 provided bankruptcy courts.

In SPhinX, Mr. Hodara noted, the court denied recognition as a
foreign main proceeding because it concluded that "the only
reason for the [Foreign Representatives'] request for
recognition of the Cayman Islands proceeding" was to frustrate a
settlement in which the debtors had an interest.  But for this
improper purpose, the court stated, it would have recognized the
Cayman Islands proceeding as a foreign main proceeding,
notwithstanding the presence of a challenger.

In Judge Drain's view, Mr. Hodara noted, recognition should be
liberally granted in keeping with chapter 15's emphasis on
cooperation, comity, and the pragmatic concerns listed in the
chapter's statement of purpose, including "greater legal
certainty for trade and investment," "fair and efficient
administration of cross-border insolvencies that protects the
interests of all creditors, and other interested entities,
including the debtor," and "protection and maximization of the
value of the debtor's assets."

Mr. Hodara argued that SPhinX involved a petition brought for an
improper purpose, featured an objecting party, and presented
facts that -- in contrast to the Bear Stearns Funds' cases --
strongly suggested that the COMI was not in the Cayman Islands,
as no board members resided in the Cayman Islands, and "most, if
not all" of the creditors and investors were outside the Cayman
Islands.

Nevertheless, Mr. Hodara maintained, the court in SphinX
concluded that some form of recognition was proper.  "Because
their money is ultimately at stake," Judge Drain ruled, "one
generally should defer . . . to the creditors' acquiescence in
or support of a proposed COMI."

Judge Drain also held that "[i]t is reasonable to assume that
the debtor and its creditors . . . can, absent an improper
purpose, best determine how to maximize the efficiency of a
liquidation or reorganization and ultimately, the value of the
debtor, assuming also, of course, that chapter 15 requires the
court to protect the legitimate interests of dissenters[.]"

Mr. Hodara also pointed out that Professor Jay Westbrook in his
article, Multinational Enterprises in General Default: Chapter
15, The ALI Principles, and the EU Insolvency Regulation, 76 Am.
Bankr. L.J. 1, 5-24 (2002), stated that chapter 15 was designed
to streamline the recognition process, making it "as simple,
fast and inexpensive as possible," by reducing it to "a simple
documentary process unless challenged."

Prof. Westbrook is a law professor at the University of Texas at
Austin who helped author the Chapter 15 law, along with Judge
Lifland.

                      "Letterbox" Company

Mr. Hodara insisted that the Liquidators met the statutory
requirements of chapter 15.  The Bankruptcy Court's
characterization of the Bear Stearns Funds as merely a
"letterbox" company is dubious, he said.

Mr. Hodara also pointed out that the Bankruptcy Court's Decision
suggests that "exempted companies" conducting business in the
Cayman Islands may never bring insolvency actions in the Cayman
Islands that qualify for recognition under Chapter 15.  The
Court misconstrues Cayman Islands law, he said.

Mr. Hodara explained that the characterization of a company as
an exempted company under Cayman Islands' Companies Law is
primarily for the purpose of creating a class of companies to
which local ownership and control requirements contained in
other Cayman Islands statutes, among other matters, do not
apply.  According to Mr. Hodara, registration of a company as
"exempted" is not indicative of the degree to which it has a
substantial local establishment in the Cayman Islands nor is it
determinative of the permanence of its business or economic
activity.  An exempted company is not prevented from exercising
all the powers necessary in the Cayman Islands to further its
business outside of the Cayman Islands.

Mr. Hodara added that most, if not all, of the Funds' remaining
liquid assets are in bank accounts in the Cayman Islands.  To
protect the Funds' remaining assets -- as is required under
Cayman Islands law -- the Liquidators, Mr. Hodara said, opened
accounts in the Cayman Islands in which proceeds of certain
receivables that have been collected postpetition have been
deposited.  These are the funds to which Mr. Whicker referred
when he responded to the Bankruptcy Court's inquiry regarding
money that was "transferred" to Cayman Islands accounts, Mr.
Hodara noted.

Mr. Hodara also informed the Court that evidence that came to
light following the Court's hearing on the foreign petitions
demonstrates that the Funds regularly entered into a substantial
number of principal transactions, each of which required prior
written approval of one of their two Cayman Islands-based
independent directors.  The independent directors evidenced
their independence in passing judgment on those transactions.

"Th[e] Court, however, relies primarily upon facts set forth in
pleadings filed at the very outset of these cases,
notwithstanding the evolving nature of the [Liquidators']
investigation and the establishment of additional facts during
testimony," Mr. Hodara said.

During the Sept. 24 hearing, Judge Lifland said Bear Stearns
submitted "a pile of papers that suggest there are new facts,"
giving him only "a few hours to react" before the hearing, Ms.
Kary relates.

                  Bankruptcy Not Viable Option

Mr. Hodara said in court papers that a chapter 7 or chapter 11
filing are not viable options for the Funds at this time.  The
potential recoveries for the Funds' creditors, Mr. Hodara
explained, are not large -- nearly US$50,000,000 in the case of
Enhanced Fund and nearly US$25,000,000 in the case of High-Grade
Fund.

Given the Funds' financial situation, the substantial costs
associated with a chapter 7 or chapter 11 filing will divert
resources from what will already be very limited recoveries to
the Funds' creditors, Mr. Hodara said.

The costs include, without limitation:

   (i) the costs associated with the potential appointment of a
       trustee, examiner, or official committee of unsecured
       creditors pursuant to Sections 1104(a), 1104(c), and 1102
       of the Bankruptcy Code, or the costs associated with the
       appointment of a chapter 7 trustee, and its retention of
       attorneys, financial advisors, or other professionals;

  (ii) the costs associated with the preparation of the
       pleadings necessary to commence and prosecute the
       proceedings; and

(iii) the costs associated with the coordination of the
       proceedings with the Cayman Islands Proceedings.

Mr. Hodara also noted that the filing of chapter 7 or 11 cases
potentially exposes the Funds to other harms.  He pointed out
that the pendency and prosecution of two primary proceedings in
two separate jurisdictions would invest two legal entities with
potentially differing obligations pertaining to the same assets
and same creditors.  The two legal entities would be the Foreign
Representatives in the Cayman Islands and a debtor-in-
possession, a trustee, or examiner in the United States.

The responsibilities of both entities, governed under separate
laws, risks conflicts with respect to the entities' fiduciary or
other duties and responsibilities, thus, imposing further delays
and costs on the Funds' estates to the detriment of creditors,
investors, and all parties-in-interest, Mr. Hodara maintained.
Further, such concurrent "main" proceedings heightens the risk
that the very comity and international cooperation objectives
underlying chapter 15 would be thwarted by conflicts of laws
issues -- especially when both courts believe the proceedings
pending before it to be the "primary insolvency" proceedings,
Mr. Hodara said.

                  About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


BENJAMIN DENT: Calls In Liquidators from Vantis
-----------------------------------------------
Nicholas Hugh O'Reilly and Jonathan Mark Birch of Vantis were
appointed joint liquidators of Benjamin Dent & Co. Ltd. on
Sept. 13 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


CREATIVE CNC: Claims Filing Period Ends October 31
--------------------------------------------------
Creditors of Creative CNC Ltd. have until Oct. 31 to send in
their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Dilip K. Dattani
         Liquidator
         Tenon Recovery
         Bede Island Road
         Bede Island Business Park
         Leicester
         LE2 7EA
         England

Dilip K. Dattani and Patrick B. Ellward of Licensed Insolvency
Practitioners of Tenon Recovery were appointed joint liquidators
of the company on Sept. 17 for the creditors' voluntary winding-
up proceeding.


EUROMASTR 2007-1V: Fitch Affirms GBP3.9 Mln. Class E Notes at BB
----------------------------------------------------------------
Fitch Ratings has affirmed all outstanding tranches of EuroMASTR
Series 2007-1V plc, following a satisfactory review of this UK
non-conforming RMBS transaction.  The rating actions are:

   -- GBP55.429 million Class A1 (ISIN XS0305751645): affirmed
      at 'AAA'; Outlook Stable

   -- GBP95.25 million Class A2 (ISIN XS0305763061): affirmed at
      'AAA'; Outlook Stable

   -- GBP12.65 million Class B (ISIN XS0305764036): affirmed at
      'AA'; Outlook Stable

   -- GBP9.8 million Class C (ISIN XS0305766080): affirmed at
      'A'; Outlook Stable

   -- GBP15.6 million Class D (ISIN XS0305766320): affirmed at
      'BBB'; Outlook Stable

   -- GBP3.9 million Class E (ISIN XS0305766676): affirmed at
      'BB'; Outlook revised to Negative from Stable

   -- GBP4,228,817 MERCs affirmed at 'AAA'; Outlook Stable

Issued in June 2007, EuroMASTR Series 2007-1V plc is a
securitization of loans originated by Victoria Mortgage Funding
and comprises a relatively large proportion of heavy and
unlimited adverse borrowers according to Fitch's adverse credit
labels.  As expected the arrears levels in the transaction are
higher than other non-conforming transactions at the same stage
of seasoning, with loans in arrears by greater than three months
accounting for 3.7% just four months after closing.  There are a
further 9% of loans in arrears of between one and three months.
One loan was reported as being in possession according to the
September 2007 investor report.

The Outlook for the Class E note has been revised to Negative
from Stable to reflect the potential deterioration in the pool
given the recent changes in the mortgage market and uncertainty
in connection with special servicing.  Whereas many of the heavy
or unlimited adverse borrowers may previously have been
anticipated to be able to refinance should they get into
difficulties, the withdrawal of such products by other lenders
means borrowers will find it more challenging to exercise such
options.  As a result mortgages from these borrowers are more
likely to remain in the pool and asset performance is expected
to worsen.

This situation is compounded by the placing of Victoria in
administration.  While the transaction is designed to be
bankruptcy remote, Victoria is handling the arrears management
process on behalf of the named servicer and special servicer,
UBS.  According to information received from UBS, Victoria is
still performing the delegated special servicing activities via
the administrator.  UBS is in final discussions with the
mortgage administrator Vertex Mortgage Services Limited (rated
'RPS3+(prime)UK' / 'RPS3+(subprime)UK' / RWN) to take over the
administrative functions associated with special servicing
including all collection activities.  In addition, UBS has
several resources on its whole loan desk to oversee and manage
the special servicing process for all defaulted mortgage loans.
UBS has also selected the third-party vendors involved in
special servicing to replace those currently used by Victoria,
and execution of the necessary agreements is imminent.

The actions currently being undertaken by UBS appear prudent and
in line with Fitch's expectations.  However, the effective
management of the portfolio in the long term is directly linked
to the rate at which arrears increase, how quickly defaulted
loans can be resolved given the refinance risk facing higher
adverse borrowers and the ability of both Vertex and UBS to
acquire additional staffing resources when necessary.  The
current uncertainty about the final special servicing model
poses a risk to performance.

Fitch has employed its credit cover multiple methodology in
reviewing each tranche to assess the level of credit support
available to each class of notes.


FORSYTH PARTNERS: Taps Crosby Capital as Fund Manager
-----------------------------------------------------
Crosby Capital Partners concluded its negotiations with Grant
Thornton UK LLP, Forsyth Partners Ltd. and Forsyth Partners
(Europe) Ltd.'s administrators on Sept. 18, 2007, for its
appointment as the manager of the Forsyth funds.

Crosby will hire Forsyth's investment management, research and
distribution team.  As part of the negotiations, Crosby has also
secured the on-going support of key operational and
administrative partners to ensure the continuity and consistency
in the management and administration of the Forsyth funds.

The Forsyth funds will continue to trade under the Forsyth name.

The transaction will provide Crosby with a suite of 39 fund-of-
fund products covering equities, bonds and alternative
strategies.

The Forsyth funds currently have approximately US$1.2 billion
invested in a wide range of strategies and markets.

Consequently, it is anticipated that the deal will significantly
increase Crosby's assets under management while providing a
platform for the strategic growth and diversification of
Crosby's asset and wealth management business.

Completion of the transaction is subject to such regulatory
approvals as required of the Financial Services Authority, the
Irish Financial Services Authority and the equivalent Bermudan
and Cayman regulatory authority as are required to permit Crosby
Capital Partners Limited to provide investment management
services to the Funds.

"I am pleased that the negotiations with Grant Thornton have
been brought to a successful conclusion and that we not only
provide continuity for the funds under management, but also a
clear direction for future growth.  We have every confidence in
the Forsyth team and look forward to them becoming an integral
part of Crosby Asset Management and helping Crosby continue the
strategic expansion of its business," Simon Fry, Crosby's CEO
commented.

"As everyone knows the problems within the Forsyth Group stem
from over-ambitious international expansion and are unrelated to
the current turmoil in the sub-prime market; the high quality
and integrity of the Forsyth fund management operation remain
intact," Mr. Fry added.

Forsyth's Chief Investment Officer Peter Toogood said, "I am
delighted that the negotiations have been speedily and
successfully concluded and that we are able to reassure our
clients of our continued focus on providing them high quality
and innovative services.  We are all excited by the
opportunities provided by becoming part of an international
group such as Crosby that has a clear commitment to the
development of its asset management business globally."

Crosby Capital Partners Limited will be appointed as investment
manager to these Forsyth funds:

   -- Forsyth Alternative Income Fund;
   -- Forsyth Diversity Fund;
   -- Forsyth Equi-Beta Fund;
   -- Forsyth Funds plc (an umbrella fund);
   -- Forsyth Indian Opportunities Fund;
   -- Forsyth Leveraged Diversity Fund;
   -- Forsyth Global Property Fund;
   -- Forsyth Global Commodity Fund;
   -- Forsyth Global Private Equity Fund;
   -- Forsyth Alternative Strategies Series; and
   -- Forsyth Managed Strategies Fund.

David Dunckley and Steve Akers of Grant Thornton LLP were
appointed joint administrators of Forsyth Partners Ltd. and
Forsyth Partners (Europe) Ltd. on Sept. 12, 2007.

Crosby Capital Partners Inc. -- http://www.crosby.com/-- is a
leading independent deal-focused Asia-oriented merchant banking
and asset management group. Crosby is quoted on the AIM market
of the London Stock Exchange.

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

Headquartered in London, England, Forsyth Partners --
http://www.forsythpartners.com/-- is an independent global
asset management group with offices in the U.K., Cape Town, Hong
Kong, Zurich, Seoul and South America.  The group was
established in 1991 and assets under management are now US$1.2
billion.


GENERAL MOTORS: Fitch Removes Negative Watch on UAW Agreement
-------------------------------------------------------------
Fitch Ratings has affirmed and removed the Issuer Default Rating
and debt ratings of General Motors from Rating Watch Negative
following the announcement that GM has reached an agreement on a
new contract with the United Auto Workers.  Fitch currently
rates GM as:

General Motors Corp.

   -- IDR 'B';
   -- Senior secured 'BB/RR1';
   -- Senior unsecured 'B-/RR5'.

GM's Rating Outlook is Negative.

Fitch will review the terms of the new agreement, but does not
anticipate an Outlook revision or rating change as a result of
the contract alone.  Any change in the Rating Outlook is not
expected until a clear path to positive free cash flow is
established, and Fitch estimates that the full removal of
retiree health care costs will be insufficient in itself to
accomplish this the ability to achieve positive free cash flow
will also hinge upon GM's ability to stabilize volume and
revenues in North America, and to establish further improvement
in its fixed cost structure through restructuring actions and
labor outsourcing.

The contract has yet to be ratified, which could remain a
hurdle.  Failure to ratify the contract, which would send the
parties back to the negotiating table, would likely result in
another Rating Watch Negative placement.  Terms of the contract
that Fitch will be focusing on include:

   -- The funding amount, structure and timetable of an
      independent VEBA trust to remove retiree healthcare
      liabilities from the balance sheet;

   -- The terms of any contingent funding requirements for GM
      related to the VEBA trust;

   -- Changes to job classifications and wage rates -
      effectively the establishment of a two-tier wage scale
      through greater flexibility in labor outsourcing to parts
      manufacturers and/or other third-party suppliers;

   -- Changes to health care costs for retirees and existing
      workers;

   -- Risks associated with any changes to pension obligations
      from wage rates, or to pension benefits paid;

   -- The flexibility to downsize manufacturing and personnel
      costs in response to cyclical market conditions or product
      performance;

   -- Commitments by GM to maintain employment levels (including
      the terms of any job banks) or product programs at U.S.
      manufacturing operations;

   -- The cost of payments to workers for ratification, and the
      costs of any subsequent buyout packages;

   -- GM's liquidity position following the financing of VEBA
      and other costs related to the terms of the contract.

A subsequent review of the Rating Outlook or rating will
encompass the impact of these contract terms in the context of
additional rating factors listed below:

   -- GM's liquidity buffer and ability to finance large working
      capital requirements, economic and product cycles and
      restructuring actions over the next several years;

   -- Fitch's Recovery Rating analysis estimates that
      further plant closings and restructuring actions, beyond
      what is currently contemplated, will be needed to restore
      North American operations to viable operating margins in
      the absence of an upturn in revenue performance;

   -- GM's liquidity over the past several years has been
      boosted by numerous asset sales that have reduced asset
      protection for debt holders and GM's earnings capacity.
      Asset sales have included a controlling interest in GMAC,
      Allison Transmission, its electro-motive division and
      shareholdings in Suzuki and Fuji Heavy Industries.
      Proceeds have been used to finance operating losses,
      substantial costs related to Delphi, the funding of an
      independent VEBA related to an earlier healthcare
      agreement with the UAW, and a price adjustment related to
      the sale of GMAC, all of which have reduced available
      liquidity;

   -- Despite the potential removal of health care liabilities,
      GM's balance sheet has added significant incremental debt
      over the past several years, and the potential absence of
      free cash flow available over the near term will preclude
      significant debt reduction from existing levels;

   -- Ongoing heavy costs related to its agreement with Delphi,
      and any additional costs required to assist in Delphi's
      emergence from bankruptcy;

   -- The impact of local labor agreements on GM's fixed cost
      structure;

   -- GM's North American revenue performance which will remain
      under pressure for at least the next twelve months due to
      deteriorating economic conditions, the impact of a
      recessionary housing market on pickup sales, and weak
      performance across a number of GM's product segments;

   -- Strong performance of GM's international operations, and
      the ability of those operations to contribute to the
      servicing of consolidated liabilities.


GENERAL MOTORS: U.S. Strike May Speed Talks, UAW Leader Says
------------------------------------------------------------
United Auto Workers president Ron Gettelfinger said that the UAW
union strike, which began 11 a.m. Monday, is likely to hasten
labor contract negotiations with General Motors Corp., various
sources report.

Citing people familiar with the talks, the Associated Press
relates that one of the issues tackled during the second day of
the labor discussions is GM's request for UAW to takeover the
retiree healthcare costs.  In return, the UAW wants GM to
promise future investments and products in U.S. plants.

As reported in yesterday's Troubled Company Reporter, UAW
President Ron Gettelfinger said that UAW members rallied over
job security, economic issues, benefits for active workers and
winning investment in future products.

GM had disclosed that it was disappointed in the union's
decision to call a national strike, insisting that bargaining
involves complex, difficult issues that affect the job security
of its U.S. work force and the long-term viability of the
company.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                            *   *   *

As reported Troubled Company Reporter-Europe on Sept. 26, 2007,
Moody's Investors Service is maintaining its current ratings of
General Motors Corporation -- B3 Corporate Family, Caa1 senior
unsecured and Ba3 senior secured, and Negative Outlook following
the announcement of a strike against the company by the United
Auto Workers Union.

Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings placed
General Motors Corporation's 'B' issuer default rating, 'BB/RR1'
senior secured debt rating; and 'B-/RR5' senior unsecured debt
rating on Rating Watch Negative.


HEATHER FINANCE: Moody's Cuts Rating to Ba2 on JPY2 Bln Notes
-------------------------------------------------------------
Moody's Investors Service downgrades to Ba2 from A3 the
JPY2 billion Series 2004-6 Secured Floating Rate Notes due 2013
issued by Heather Finance Limited.

This downgrade is the result of a credit migration in the
underlying pool.


MEINL EUROPEAN: S&P Lowers Rating to B on Governance Issues
-----------------------------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on Jersey-based property investment
company Meinl European Land Ltd. to 'BB+' from 'BBB-'.  The
short-term corporate credit rating was lowered to 'B' from 'A-
3'.  At the same time, the ratings were removed from CreditWatch
where they had been placed with negative implications on Sept.
5, 2007.  The outlook is negative.

"The rating action follows MEL's unexpected decision to
repurchase share certificates for about EUR1.8 billion during
the second and third quarters of 2007, just months after issuing
EUR1.5 billion worth of shares," said Standard & Poor's credit
analyst Andreas Kindahl.

"The decision has led to widespread loss of confidence among
both equity and debt investors.  This confidence crisis is
likely to harm MEL's chances of raising additional equity to
fund its ambitious growth plans, and has also exposed an
apparent lack of board oversight and sufficient independence
within the company's corporate structure," Mr. Kindahl said.

In addition, the company is entering a period of very high
growth, with material execution and development risks attached,
and the funds spent on the repurchases provided a much needed
cushion against these risks.

The negative outlook reflects Standard & Poor's concerns about
successful and timely execution of the required corporate
restructuring and improvement of MEL's governance issues.

"We expect MEL to urgently address these issues so that the
company's management autonomy, board oversight, and independence
are adequately guaranteed and aligned with shareholder
interests," Mr. Kindahl said.


MICRA GROUNDWORKS: Claims Filing Period Ends November 1
-------------------------------------------------------
Creditors of Micra Groundworks Ltd. have until Nov. 1 to prove
their debts and sent their claims to:

         Nigel Morrison
         Joint Liquidator
         Grant Thorton U.K. LLP
         43 Queen Square
         Bristol
         BS1 4QR
         England

Nigel Morrison and Trevor O'Sullivan of Grant Thornton U.K. LLP
were appointed joint liquidators of the company on Sept. 10 for
the creditors' voluntary winding-up proceeding.


NORTHERN ROCK: S&P Puts Junior Subordinated Notes on Watch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'A-/A-1'
counterparty credit ratings on U.K. bank Northern Rock PLC on
CreditWatch with developing implications.  At the same time, the
'BBB' subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with eveloping
implications.

"This action follows Northern Rock's announcement yesterday
evening that it has received a number of approaches regarding a
variety of potential transactions, including the possibility of
an offer for the whole of the bank.  It is in preliminary
discussions with several undisclosed parties, but emphasized
that there can be no certainty about the outcome," said Standard
& Poor's credit analyst Richard Barnes.

It also announced that the interim dividend on its ordinary
shares due on Oct. 26, 2007, has been cancelled at least until
the discussions with other parties have been concluded.

"The CreditWatch placement recognizes that the ratings on
Northern Rock may be raised, lowered, or affirmed depending on
the result of the discussions.  If the talks lead to an
acquisition, the impact on the ratings will depend on the scope
and terms of the transaction and the financial profile of the
bidder," added Mr. Barnes.

A positive rating action is likely if the entire bank is
acquired by a higher rated institution.  If the scope of the
transaction is limited to a subset of Northern Rock's balance
sheet, resulting in a break-up of the bank, we will analyze the
implications for the counterparty credit and unsecured debt
ratings.  In this break-up scenario, the ratings could be
lowered if the transaction reduces the level of unencumbered
assets on Northern Rock's balance sheet.  In these
circumstances, we would adjust the rating on each class of debt
according to its position following the transaction.  If an
acquisition does not arise, we will continue to monitor Northern
Rock's credit profile and change the ratings as appropriate.

Northern Rock's announcement confirmed that it continues to
benefit from the Bank of England's liquidity facility and,
should it be necessary, the U.K. government's guarantee of
existing/renewed deposits and senior unsecured wholesale
borrowing.  S&P expects that this extraordinary support will
remain in place until a long-term solution to Northern Rock's
liquidity issues is found.


NORTHERN ROCK: Shares Up 11.6% Amid Takeover Talks
--------------------------------------------------
Shares of Northern Rock plc rose 11.6% to 182 pence on Wednesday
amid reports that it is opening its books to JC Flowers & Co
LLC, after it received a takeover proposal from the hedge fund,
published reports say.

According to Sarah Turner of MarketWatch, the shares have lost
more than 70% of their value since closing at 693 pence on
Sept. 13.

The Daily Telegraph suggests that Flowers' offer may be the only
one that might keep the UK bank as one entity, as other
interested participants, such as Cerberus Capital Management LP,
are seeking to break up the troubled mortgage lender, Thomson
Financial relates.

As reported in the TCR-Europe on Sept. 27, 2007, the Newcastle
bank said it 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".

People privy to the talks told the Wall Street Journal this week
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.

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, the Financial Times reports.  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.

                     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.


SHAW GROUP: Bags Engineering Services Contract with FirstEnergy
---------------------------------------------------------------
The Shaw Group Inc. disclosed that its Nuclear Division of the
Shaw Power Group has been awarded an engineering services
contract by FirstEnergy Nuclear Operating Company, a subsidiary
of FirstEnergy Corp., to expand the used nuclear fuel storage
capacity at its Perry Nuclear Power Plant in northeast Ohio.
The value of Shaw's contract, which will be included in the
company's first quarter fiscal year 2008 backlog, was
undisclosed.

Shaw will provide engineering and design services for the fuel
transfer system, pool-to-pad haul path design, canister pad
design and security system design.  Construction of the new
spent fuel storage system is scheduled for spring of 2008, and
completion is planned for 2010.

"We are pleased to add this important project to our nuclear
services portfolio.  The contract for the Perry Plant fuel
storage expansion reflects our continuous support of and
commitment to the nuclear services market," said J.M. Bernhard
Jr., chairman, president and chief executive officer of Shaw.
"Shaw's Nuclear Division and Maintenance Group provide services
to more than 40 percent of the nation's nuclear energy plants.
Our success in this market has been built on our commitment to
safety, our standardized work practices and our prompt ability
to successfully engineer and complete work assignments.  We look
forward to continuing to identify creative, effective solutions
that benefit our clients and the nuclear industry."

                       About FirstEnergy

FirstEnergy Corp. is a diversified energy company headquartered
in Akron, Ohio.  Its subsidiaries and affiliates are involved in
the generation, transmission and distribution of electricity, as
well as energy management and other energy-related services.
Its seven electric utility operating companies comprise the
nation's fifth largest investor-owned electric system based on
serving 4.5 million customers in Ohio, Pennsylvania and New
Jersey; and its generation subsidiaries control more than 14,000
megawatts of capacity.

                        About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                            *   *   *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


TANA LTD: Taps Liquidators from BDO Stoy Hayward
------------------------------------------------
C. K. Rayment and S. Bannon of BDO Stoy Hayward LLP were
appointed joint liquidators of Tana (U.K.) Ltd. on Sept. 12 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Tana (U.K.) Ltd.
         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


* BOOK REVIEW: Managing Bank Conversions: The Guide to
               Organizing, Controlling, and Implementing Systems
               Conversions
----------------------------------------------------------------
Author:     Kent S. Belasco
Publisher:  Beard Books
Hardcover:  288 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982048/internetbankrupt

This book is a guide designed to enhance systems conversions to
help bankers and customers alike.

Managing Bank Conversions is the first guide that covers the
gamut of management issues for systems conversions due to
technology changes, mergers and acquisitions, and changes that
encompass project organization, management control, and
implementation.

With this comprehensive guide, financial institution employees
have the resource to plan and implement a systems conversion
based on their needs and their systems.

The book allows operations managers not only to construct a
plan, but to maintain the proper documentation, exercise the
needed controls, keep the chain of communications open, and
ultimately complete the process as quickly, flawlessly, and
inexpensively as possible.


                           *********

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.

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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.


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