TCREUR_Public/071002.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, October 2, 2007, Vol. 8, No. 194

                            Headlines


A U S T R I A

CAFE LISSY: Claims Registration Period Ends Oct. 8
COMTEC HANDELS: Creditors' Meeting Slated for Oct. 11
GVZ ZARFL: Claims Registration Period Ends Oct. 8
HA KU LLC: Klagenfurt Court Orders Business Shutdown
JOVANOVIC G.T.A.: Claims Registration Period Ends Oct. 8

NUTRADE LLC: Claims Registration Period Ends Oct. 8
OTTO PALANK: Claims Registration Period Ends Oct. 5
SEMINARHOTEL PICHLINGERHOF: Claims Registration Ends Oct. 5


B E L G I U M

SOLUTIA INC: Poised to Emerge After Chapter 11 Settlement


F R A N C E

CHARLES JOURDAN: Back in Compulsory Administration
GENERAL CABLE: Selling US$415 Million of 1% Senior Notes
GENERAL CABLE: Prices US$415 Million of Senior Convertible Notes
ITRON INC: Partners with T&TEC to Carry Advanced Metering System
QUEBECOR MEDIA: Prices US$700 Million 7.75% Sr. Notes Offering

QUEBECOR MEDIA: Moody's Rates US$700 Million Senior Notes at B2
RHODIA SA: Names Linda Balti as New Corporate Press Manager


G E R M A N Y

ALRO DENTAL: Claims Registration Period Ends Oct. 29
ASS-SYSTEM GMBH: Claims Registration Period Ends Oct. 31
BENQ CORP: Mobile Unit's Employees to Get EU Financial Aid
BRILLENBOUTIQUE GOEPEL: Creditors Must File Claims by October 19
CHRYSLER LLC: UAW-GM Deal Prompts S&P to Watch Credit Ratings

E. B. GRUNDSTUECKS-VERWALTUNGS: Creditors' Claims Due October 19
G & W LOGISTIK: Claims Registration Ends October 23
GARTENRING PRODUKTIONS: Creditors Must File Claims by October 19
HILGERS CAPITAL: Creditors Must File Claims by October 18
HOTEL MARKETING: Claims Registration Ends Oct. 22

IKB DEUTSCHE: Expects EUR700 Million Net Loss From Credit Crisis
KALBER & RAYER: Claims Registration Ends October 23
KLAR GMBH: Claims Registration Ends Oct. 22
LASHMAR ENTERTAINMENT: Claims Registration Ends October 26
LATES BAU: Claims Registration Period Ends Oct. 19

MEGACONCEPT GESELLSCHAFT: Claims Registration Ends Oct. 19
PENTA GESELLSCHAFT: Claims Registration Ends Oct. 22
PRO-CONSULT-MESSEN: Claims Registration Period Ends Oct. 20
RED HAT: Promotes Mark Cook & Paul Argiry as Vice Presidents
ROLF WICHMANN: Claims Registration Ends Oct. 22

TEAMCON GMBH: Claims Registration Period Ends Oct. 30
VERSATEL AG: Brian Cook Leaves Post as Chief Financial Officer
VERSATEL AG: Moody's Changes Outlook to Neg. on Low-B Ratings
W + K MALEREIBETRIEB: Claims Registration Period Ends Oct. 29
WEISSMANN TAXI: Claims Registration Period Ends Oct. 19

WERO GMBH: Claims Registration Ends October 24


I R E L A N D

SCOTTISH RE: Names Terry Eleftheriou as Executive VP & CFO


I T A L Y

ACTUANT CORP: Earns US$31.4 Million in 4th Quarter Ended Aug. 31
ALITALIA SPA: New Sale Conditions May Spur OAO Aeroflot to Bid
ALITALIA SPA: Chairman Prato Says Carrier in Comatose State
CELL THERAPEUTICS: Richard Love Joins Board of Directors


K A Z A K H S T A N

JENIS-PAVLODAR LLP: Proof of Claim Deadline Slated for Nov. 6
INTERPIPE AKTOBE: Creditors Must File Claims Nov. 7
MACHINE-TECHNICAL STATION: Claims Filing Period Ends Nov. 6
MAI-NUR COMPANY: Creditors' Claims Due on Nov. 2
STROITEL LLP: Claims Registration Ends Nov. 6

TANTAL PLUS LLP: Proof of Claim Deadline Slated for Nov. 6
TAU FOOD: Creditors Must File Claims Nov. 2
UNION GROUP: Claims Filing Period Ends Nov. 7
VAIGA LLP: Creditors' Claims Due on Nov. 5
VIVA-AKTOBE LLP: Claims Registration Ends Nov. 2


K Y R G Y Z S T A N

GLAVSPIRTTREST LLC: Creditors Must File Claims by November 2


N E T H E R L A N D S

BIOMET INC: Inks Deferred Prosecution Pact with USAO
E-MAC DE 2007-I: S&P Rates EUR8.3 Million Class E Notes at BB
FOOT LOCKER: Incurs US$18-Mil. Net Loss in Quarter Ended Aug. 4
FOOT LOCKER: Weak Results Prompt Moody's to Cut Rating to Ba2
LYONDELL CHEMICAL: To Hold Shareholders Meeting on Nov. 20

MITSUBISHI MOTORS: Revises 1st Half Results for Fiscal Year 2007


P O L A N D

ELEKTRIM SA: Mother and Son Investors Raise Stake Above 5%
NETIA SA: Banca Akros Exceeds Five Percent Voting Threshold


R U S S I A

AGRO-KHIMIK OJSC: Bankruptcy Hearing Slated for Nov. 15
ARKHANGELSKOE AVIATION: Names N. Patrov as Insolvency Manager
ATOM-SERVICE CJSC: Creditors Must File Claims by Nov. 8
BINAR CJSC: Creditors Must File Claims by Nov. 8
CAUSTIC OAO: S&P Junks Credit Ratings on Limited Transparency

CENTRE PLUS: Creditors Must File Claims by Oct. 8
ENISEYSKIY MEAT: Creditors Must File Claims by Nov. 8
KRUPPSKIY FISHING: Bidding Deadline Slated for Oct. 7
NIINIVIRTA-TERMINAL: Names I. Zhoganshin as Insolvency Manager
PETROVKA-GAS-STROY: Creditors Must File Claims by Oct. 8

PLASTCARD OAO: S&P Junks Credit Ratings on Refinancing Risks
SAMARA-AGRO-SERVICE: Creditors Must File Claims by Oct. 8
SARATOV-MASH-OPT-TORG: Creditors Must File Claims by Oct. 8
SEVERSTAL OAO: Unit Submits GBP161 Mln Bid for Celtic Resources
STROY-DETAIL OJSC: Creditors Must File Claims by Oct. 8

TIKOM CJSC: Creditors Must File Claims by Nov. 8
TITAN PETROCHEMICALS: Unit Sells Oil Carrier for US$91 Million
TMK OAO: Plans to Purchase TNK-ВР Service Assets
TMK OAO: Earns US$289.1 Mln in Six Months Ended June 30, 2007
TOCH-PRIBOR OJSC: Ivanovo Bankruptcy Hearing Slated for Feb. 4

URAL-EURO-MARKET: Court Names A. Gievskiy as Insolvency Manager
USEC INC: Amends Credit Facility to Increase Shares
VTB NORTH-WEST: Fitch Affirms D Ratings; Resolves Rating Watch


S P A I N

ABACO GROUP: Files Suspension of Payment to Renegotiate Debt
FTPYME BANCAJA 6: S&P Junks EUR28 Million Class D Notes


S W E D E N

AVNET INC: Will Acquire Acal plc’s IT Solution Division
BRIGHTPOINT INC: Subsidiary Signs Distribution Deal with Sonim
FLEXTRONICS INT'L: Shareholders Approve Solectron Acquisition


S W I T Z E R L A N D

ASSET POINT: Creditors' Liquidation Claims Due October 11
BLUMEN HANNI: Creditors' Liquidation Claims Due October 10
BYTICS TECHNOLOGIE: Uster Court Starts Bankruptcy Proceedings
DOCSYSTEMS JSC: Creditors' Liquidation Claims Due December 12
DOKMAN JSC: Oerlikon-Zurich Court Starts Bankruptcy Proceedings

EL-LIGHT VISIONS: Zug Court Starts Bankruptcy Proceedings
FEM CONSULTINVEST: Creditors' Liquidation Claims Due October 11
IZU DILOG: Zug Court Starts Bankruptcy Proceedings
MANNHEIMER VERSICHERUNG: Liquidation Claims Due October 10
ZIM–ZENTRUM FUR: Creditors' Liquidation Claims Due December 12


U K R A I N E

AGRICULTURAL INVEST: Proofs of Claim Deadline Set October 3
AGROS UKRAINE: Proofs of Claim Deadline Set October 3
AKANT LLC: Proofs of Claim Deadline Set October 3
DNIPRO CJSC: Proofs of Claim Deadline Set October 3
MALI LANKY: Proofs of Claim Deadline Set October 3

MITCHURINETS OJSC: Creditors Must File Claims by October 3
MT LLC: Proofs of Claim Deadline Set October 3
POLIKOM LLC: Proofs of Claim Deadline Set October 3
SENAMID LLC: Proofs of Claim Deadline Set October 3
UKRA-POL LLC: Creditors Must File Claims by October 3

UKRGASBANK: Fitch Assigns B- IDR on High Borrower Concentrations

* S&P Puts B+ Ratings to Ivano-Frankivsk's UAH7.5 Million Bonds


U N I T E D   K I N G D O M

ALBA 2006-1: Fitch Rates GBP9.2 Million Class E Notes at BB
ALBA 2006-2: Fitch Rates GBP8.6 Million Class F Notes at BB
ARGON CAPITAL: S&P Puts B Ratings on CreditWatch Positive
BERLIN LTD: Brings In Liquidators from Moore Stephens
BLUE DESIGN: Calls In Liquidators from Vantis plc

CHATTEM INC: Earns US$16.3 Million in 3rd Quarter Ended Aug. 31
EAGLE-PICHER HILLSDALE: Claims Filing Period Ends December 19
EAGLE-PICHER UK: Claims Filing Period Ends December 19
FKI PLC: Turnover Up by 7% in Half Year Ending Sept. 30
FORD MOTOR: UAW-GM Deal Spurs S&P to Watch Credit Ratings

GATE 2006-1: Fitch Rates EUR15.5 Million Class E Notes at BB+
MAGENTA SOLUTIONS: Claims Filing Period Ends November 20
NORTHERN ROCK: Shares Dive to 26% Amid Cut-Price Sale Rumors
PHELPS DODGE: Strong Earnings Cue Moody's to Revise Outlook

* Large Companies with Insolvent Balance Sheet

                            *********

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


CAFE LISSY: Claims Registration Period Ends Oct. 8
--------------------------------------------------
Creditors owed money by LLC Cafe Lissy (FN 277626z) have until
Oct. 8 to file written proofs of claim to court-appointed estate
administrator Thomas Willeit at:

         Dr. Thomas Willeit
         St.-Ulrich-Strasse 41
         6840 Goetzis
         Austria
         Tel: 05523/555 11-0
         Fax: 05523/55511-6
         E-mail: rechtsanwalt@utanet.at

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

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Koblach, Austria, the Debtor declared
bankruptcy on Sept. 4 (Bankr. Case No. 13 S 46/07f).


COMTEC HANDELS: Creditors' Meeting Slated for Oct. 11
-----------------------------------------------------
Creditors owed money by LLC Comtec Handels (FN 185854s) are
encouraged to attend the creditors' meeting at 1:20 p.m. on
Oct. 11.

The creditors' meeting will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Aug. 31 (20 S 106/07z).  Dr. Dietmar Endmayr serves as the
court-appointed estate administrator of the bankrupt estate.

The estate administrator can be reached at:

         Dr. Dietmar Endmayr
         Vogelweiderstrasse 9
         4600 Wels
         Austria
         Tel: 07242/26651
         Fax: 07242/26651-19
         E-mail: office@rechtsanwalt-endmayr.at


GVZ ZARFL: Claims Registration Period Ends Oct. 8
-------------------------------------------------
Creditors owed money by OEG GVZ Zarfl (FN 170184x) have until
Oct. 8 to file written proofs of claim to court-appointed estate
administrator Heinz Sacher at:

         Dr. Heinz Sacher
         Freidlgasse 12
         9400 Wolfsberg
         Austria
         Tel: 04352/3441
         Fax: 04352/3441-16
         E-mail: ra.sacher@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 15 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 Wolfsberg, Austria, the Debtor declared
bankruptcy on Sept. 4 (Bankr. Case No. 41 S 86/07f).


HA KU LLC: Klagenfurt Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Klagenfurt entered Aug. 31 an order shutting
down the business of LLC Ha Ku (FN 117576g).

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

The estate administrator can be reached at:

         Dr. Karl Safron
         Alter Platz 24/I2
         9020 Klagenfurt
         Austria
         Tel: 0463/915 999
         Fax: 0463/915999 99
         E-mail: kanzlei@anwalt-safron.at

Headquartered in Voelkermarkt, Austria, the Debtor declared
bankruptcy on Aug. 23 (Bankr. Case No 41 S 82/07t).


JOVANOVIC G.T.A.: Claims Registration Period Ends Oct. 8
--------------------------------------------------------
Creditors owed money by KEG Jovanovic G.T.A. (FN 227621m) have
until Oct. 8 to file written proofs of claim to court-appointed
estate administrator Walter Kainz at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Oct. 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 38 S 48/07x).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


NUTRADE LLC: Claims Registration Period Ends Oct. 8
---------------------------------------------------
Creditors owed money by LLC NUTRADE (FN 225372f) have until
Oct. 8 to file written proofs of claim to court-appointed estate
administrator Martina Simlinger-Haas at:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713 99 46 22
         E-mail: ra.reisnerstr31@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 38 S 47/07z).


OTTO PALANK: Claims Registration Period Ends Oct. 5
---------------------------------------------------
Creditors owed money by OEG Otto Palank Dental (FN 92722g) have
until Oct. 5 to file written proofs of claim to court-appointed
estate administrator Candidus Cortolezis at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/ 81 39 73
         Fax: 0316/ 84 77 97
         E-mail: office@cortolezis.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:50 p.m. on Oct. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Second Floor
         Graz
         Austria

Headquartered in Kalsdorf bei Graz, Austria, the Debtor declared
bankruptcy on Sep. 4 (Bankr. Case No. 25 S 104/07t).


SEMINARHOTEL PICHLINGERHOF: Claims Registration Ends Oct. 5
-----------------------------------------------------------
Creditors owed money by LLC Seminarhotel Pichlingerhof (FN
277456z) have until Oct. 5 to file written proofs of claim to
court-appointed estate administrator Mario Kapp at:

         Mag. Mario Kapp
         Advocacy LLC KAPP Rechtsanwalts
         Karntnerstrasse 525-527
         8054 Seiersberg
         Austria
         Tel: 0316/22 59 55
         Fax: 0316/28 20 13
         E-mail: kapp@kapp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2.35 p.m. on Oct. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Second Floor
         Graz
         Austria

Headquartered in Soeding, Austria, the Debtor declared
bankruptcy on Sept. 4 (Bankr. Case No. 25 S 103/07w).


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


SOLUTIA INC: Poised to Emerge After Chapter 11 Settlement
---------------------------------------------------------
Solutia Inc. has secured the support of all of the major
constituents in its Chapter 11 cases for a consensual plan of
reorganization.

"I am extremely pleased to announce that we have reached a
comprehensive settlement with all of the major constituents in
our bankruptcy case that will form the basis for a revised
consensual plan of reorganization that will be filed within the
next few days," said Jeffry N. Quinn, chairman, president and
chief executive officer of Solutia Inc.  "The revised plan will
position Solutia to emerge from bankruptcy by the end of this
year as a financially healthy organization well-positioned to
create significant value for its stakeholders."

"The revised plan will provide for US$250 million of new
investment in reorganized Solutia through a backstopped rights
offering to certain creditors, as well as a reallocation of the
legacy liabilities that Solutia assumed when it was spun off.
Importantly, it also will provide for a resolution of all the
litigation between the settling parties including a potential
appeal by our noteholders, the adversary proceeding filed by our
current equity holders against Monsanto and Pharmacia, and
related objections to the Monsanto and Pharmacia claims."

The settlement and revised plan is supported by the Ad Hoc
Committee of Solutia Noteholders, the Official Committee of
Equity Security Holders, the Official Committee of Unsecured
Creditors, Monsanto Company, Pharmacia Corporation, the Official
Committee of Retirees, and the Ad Hoc Committee of Trade
Creditors.  As part of the settlement, the following parties
executed agreements earlier this month in support of the
settlement and revised plan of reorganization: Monsanto,
noteholders controlling at least US$300.1 million in principal
amount of the 2027/2037 notes, the official committee of general
unsecured creditors, the official committee of equity security
holders, the ad hoc trade committee, and Solutia.  The support
agreements became effective on Sept. 6, 2007.

Solutia will update its disclosure statement and plan of
reorganization to reflect the terms of the settlement, and
anticipates filing these documents with the U.S. Bankruptcy
Court for the Southern District of New York promptly.  An
Oct. 10, 2007 court date has been set seeking approval of the
disclosure statement.  Once approved, the disclosure statement
will be sent to Solutia's creditors and equity interest holders
for voting purposes.  Following the voting process, the court
will hold a hearing to approve or "confirm" the plan.

"Since beginning the chapter 11 process, we have concentrated on
the implementation of a reorganization strategy focused on
enhancing our financial and operating performance, changing our
portfolio so that it consists of high potential businesses, and
achieving a reallocation of legacy liabilities.  I am pleased to
say that the men and women of Solutia have been very successful
in executing this strategy and, as a result, we are able to
provide enhanced recoveries for all creditor constituencies,
including current equity holders," added Quinn.  "The revised
plan also situates us well to deliver the fourth component of
our strategy for rehabilitating our company -- exiting
bankruptcy with a competitive capital structure."

James M. Sullivan, chief financial officer of Solutia, noted,
"Despite the recent turbulence in the debt capital markets, I am
confident that Solutia will be able to secure the necessary exit
financing package to consummate the revised plan.  We have
improved our earnings, reduced our risk profile, gained the
infusion of new money investment through the rights offering,
and will propose a capital structure with moderate leverage.  We
are moving forward in earnest with the exit financing process
and plan to put financing in place consistent with our emergence
timeframe."

             Major Terms Underlying Settlement and
                       Reorganization Plan

(1) US$250 Million of New Investment

The revised plan will provide for US$250 million of new
investment in reorganized Solutia.  This investment will be in
the form of a rights offering to the noteholders and general
unsecured creditors, who will be given the opportunity to
purchase shares of the new common stock on a pro rata basis at a
33.3% discount to the implied equity value.  The rights offering
will be backstopped by a group of Solutia's creditors (i.e. they
will purchase any shares not bought by other creditors).  For
this commitment they will receive a fee of 2.50% and an
allocation of 15% of the rights offering.

The US$250 million generated as a result of the rights offering
will be used as follows: US$175 million will be set aside in a
Voluntary Employees' Beneficiary Association Retiree Trust to
fund the retiree welfare benefits for those pre-spin retirees
whom receive these benefits from Solutia; and US$75 million will
be used by Solutia to pay for other legacy liabilities being
retained by the company.

(2) Relief from Tort Litigation and Environmental Remediation
    Liabilities

Consistent with Solutia and Monsanto's prior agreement, the
settlement provides that Monsanto will take on financial
responsibilities in the areas of tort litigation and
environmental remediation.

  -- Monsanto will be financially responsible for all
     current and future tort litigation costs arising from
     Pharmacia's chemical business prior to the Solutia
     spinoff.  This includes litigation arising from
     exposure to PCBs and other chemicals.

  -- Monsanto will accept financial responsibility for
     environmental remediation and clean-up obligations at
     all sites for which Solutia was required to assume
     responsibility at the spinoff but which were never
     owned or operated by Solutia.  Solutia will remain
     responsible for the environmental liabilities at sites
     that it presently owns or operates.

  -- Solutia and Monsanto will share financial responsibility
     with respect to two sites. Under this cost-sharing
     arrangement the first US$50 million of post-emergence
     remediation and cleanup costs will be funded by the
     proceeds of the rights offering described above.  Upon
     emergence, Solutia would be responsible for the funding of
     these sites up to an agreed amount.  Thereafter, if needed,
     Monsanto and Solutia would share responsibility equally.

(3) Current Equity Holders New Common Stock Purchase Option

Under the revised plan, in addition to other considerations,
current equity holders that own at least a specified number of
shares of Solutia common stock will receive rights to purchase,
at the time of the company's emergence from bankruptcy, a pro
rata share of up to 17% of the new common stock for US$175
million which is at a discount from the implied equity value
under the revised plan.  The proceeds from the sale of this
equity will fund a cash payment to Monsanto of up to US$175
million.  Any portion of the 17% of the new common stock that is
not purchased by current equity holders will be distributed to
Monsanto under the revised plan.

(4) Settlement of Litigation and Claims Objection

Each of the settling parties has agreed to stay all pending
litigation relating to Solutia's chapter 11 cases until the
effective date of the plan, at which time this litigation will
be dismissed.  This includes objections to the disclosure
statement and plan of reorganization filed by the noteholders
and the equity security holders, the adversary proceeding filed
by the equity security holders against Monsanto and Pharmacia,
objections to the claims filed in the case by Monsanto and
Pharmacia, and the noteholders' appeal of the decision in the
litigation related to the secured or unsecured nature of their
claims.

(5) Composition of Board of Directors

Under the revised plan, reorganized Solutia's Board of Directors
will be comprised of nine members, including: Jeffry N. Quinn,
Solutia's chairman, president and chief executive officer; J.
Patrick Mulcahy, a current director of Solutia; one director
designated by each of Monsanto, the general unsecured creditors
and the noteholders; and four directors designated by a five-
person search committee consisting of Mr. Quinn, two
representatives from the noteholders and one representative each
from the general unsecured creditors and the ad hoc trade
creditors.  Solutia has engaged the services of Spencer Stuart,
a global search firm, to begin the process of helping identify
and recommend highly qualified board candidates.

(6) Anticipated Creditor Recoveries and Equity Ownership

Assuming full subscription to the rights offering by the
participating parties (including the backstop parties), a full
exercise of the new common stock purchase option, and an
estimated general unsecured claims pool of US$342 million, the
following creditors and equity security holders will receive the
following distributions:

      -- General Unsecured Creditors will receive their pro
         rata  share of 31.4% of the new common stock,
         resulting in a recovery of 80.6 cents on the dollar.

      -- Noteholders will receive their pro rata share of
         43.8% of the new common stock, resulting in a
         recovery of 88.4 cents on the dollar.

      -- Monsanto will receive up to US$175 million in cash.
         Any shares of new common stock not purchased by
         current equity holders pursuant to the new common
         stock purchase option will be distributed to Monsanto
         and the cash distribution reduced accordingly.

      -- Equity Security Holders will receive their pro rate
         share of 1% of the new common stock and pursuant to
         the new common stock purchase option, holders that own
         at least a specified number of shares of Solutia
         common stock will receive rights to purchase a pro
         rata share of up to 17% of the new common stock.

         Assuming the new common stock purchase option is
         fully exercised, current equity security holders will
         own up to 18% of the new common stock.

         Additionally, current equity security holders will
         have the following rights:  i) holders who own at
         least a specified number of shares of Solutia common
         stock will receive their pro rata share of five-year
         warrants to purchase 7.5% of the common stock; and ii)
         holders who own at least a specified number of shares
         of Solutia common stock will receive the right to
         participate in a buy out for cash of  general
         unsecured claims of less than US$100,000 for an amount
         equal to 52.35% of the allowed amount of such claims,
         subject to election of each general unsecured creditor
         to sell their claim.

      -- Retirees will receive the benefits provided for under
         the terms of the settlement between Solutia and its
         retirees, which was previously announced and is not
         being altered by the settlement currently announced.
         In accordance with that settlement, the retirees, as
         a class, will receive 2% of the new common stock.
         This stock will be deposited into a VEBA trust that
         will be used to pay retiree welfare benefits.  This
         is in addition to the US$175 million from the rights
         offering that will also be deposited into the VEBA
         trust.

      -- Backstop Parties (the backstoppers of the rights
         offering) will own 4.7% of the new common stock.

                  General Plan Assumptions

Solutia will be an independent, publicly traded company listed
on a national exchange.  The enterprise value of reorganized
Solutia is currently estimated to be approximately US$2.85
billion, with corresponding implied reorganization equity value
of approximately US$1.2 billion.  In total, 59.75 million common
shares will be issued and allocated upon emergence, exclusive of
an anticipated management incentive plan to be approved as part
of the revised plan of reorganization.

"This settlement is the result of difficult negotiations that
lead to compromise.  A tremendous amount of hard work by all of
the various constituents has gone into this reorganization
process and I want to thank everyone who has been involved,"
stated Mr. Quinn.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  Saflex is a registered trademark of Solutia Inc.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and is set to continue on Oct. 10, 2007.


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


CHARLES JOURDAN: Back in Compulsory Administration
--------------------------------------------------
The Commercial Court of Romans-sur-Isere placed Charles Jourdan
back in compulsory administration on Sept. 12, 2007, after it
filed for redressment judiciaire, the French equivalent of
Chapter 11 bankruptcy protection, for the second time, published
reports say.

The court's decision followed four months of investigation into
the management of the company, Financial Times Ltd. reports,
citing Le Figaro as its source.

In a report by Katya Foreman for the Women's Wear Daily, the
firm's factory in Romans has been dormant for the past weeks.
The factory has 150 workers.

Charles Jourdan first filed for bankruptcy on Aug. 22, 2005.
Avendis and Finaluxe bought the company on Nov. 2, 2005.

Headquartered in Romans Sur Isere, Charles Jourdan --
http://www.charles-jourdan.fr/-- manufactures footwear.


GENERAL CABLE: Selling US$415 Million of 1% Senior Notes
--------------------------------------------------------
General Cable Corporation has entered into an agreement to sell
US$415 million in aggregate principal amount of its 1% Senior
Convertible Notes due 2012.  In addition, the company has
granted to the initial purchaser an option to purchase up to an
additional $60 million in principal amount of the Notes on the
same terms and conditions as those sold in this offering.

Interest on the Notes will be paid semiannually on October 15
and April 15 at a rate of 1% per year.  The Notes will be
convertible into the company's common stock at a conversion rate
of 11.9142 shares per $1,000 principal amount of Notes.

This conversion is equivalent to an initial conversion price of
approximately $83.93 per share.  This represents a 27.5% premium
to $65.83 per share, which was the reported sale price of the
company's common stock on the New York Stock Exchange on
Sept. 26, 2007.

Prior to Oct. 15, 2012, holders may convert their Notes under
certain circumstances.  On and after Oct. 15, 2012, the notes
will be convertible at any time prior to the close of business
on the business day before the stated maturity date of the
notes.

Upon conversion of a note, if the conversion value is $1,000 or
less, holders will receive an amount in cash in lieu of common
stock equal to the lesser of $1,000 or the conversion value of
the number of shares of common stock equal to the conversion
rate.  If the conversion value exceeds $1,000, in addition to
this cash payment, holders will receive, at the company's
election, cash or common stock or a combination of cash and
common stock for the excess amount.

The Notes will be general unsecured obligations of the company,
and will be guaranteed on an unsecured senior basis by certain
of the company's existing and future domestic subsidiaries.

The purpose of this offering is to fund a portion of the
purchase price for the 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.

                     About General Cable

Based in Highland Heights, Kentucky, General Cable Corporation
(NYSE: BGC) -- http://www.generalcable.com/-- develops,
designs, manufactures, markets and distributes copper,
aluminum and fiber optic wire and cable products for the energy,
industrial, and communications markets.

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

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Moody's Investors Service assigned a rating of B1 to the
$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.   Following this rating action, the rating outlook is
stable.


GENERAL CABLE: Prices US$415 Million of Senior Convertible Notes
----------------------------------------------------------------
General Cable Corporation has entered into an agreement to sell
US$415 million in aggregate principal amount of its 1.0% Senior
Convertible Notes due 2012.  In addition, the company has
granted to the initial purchaser an option to purchase up to an
additional US$60 million in principal amount of the Notes on the
same terms and conditions as those sold in this offering.

Interest on the Notes will be paid semiannually on Oct. 15 and
April 15 at a rate of 1.0% per year.  The Notes will be
convertible into the Company’s common stock at a conversion rate
of 11.9142 shares per US$1,000 principal amount of Notes.  This
conversion is equivalent to an initial conversion price of
approximately US$83.93 per share.  This represents a 27.5%
premium to US$65.83 per share, which was the last reported sale
price of the company’s common stock on the New York Stock
Exchange on Sep. 26, 2007.

Prior to Oct. 15, 2012, holders may convert their Notes under
certain circumstances. On and after Oct. 15, 2012, the notes
will be convertible at any time prior to the close of business
on the business day before the stated maturity date of the
notes.  Upon conversion of a note, if the conversion value is
US$1,000 or less, holders will receive an amount in cash in lieu
of common stock equal to the lesser of US$1,000 or the
conversion value of the number of shares of common stock equal
to the conversion rate.  If the conversion value exceeds
US$1,000, in addition to this cash payment, holders will
receive, at the company’s election, cash or common stock or a
combination of cash and common stock for the excess amount.

The Notes will be general unsecured obligations of the company,
and will be guaranteed on an unsecured senior basis by certain
of the company’s existing and future domestic subsidiaries.

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 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-Europe on Sept. 28,
2007, Moody's Investors Service assigned a rating of B1 to the
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.   Following this rating action, the rating outlook is
stable.


ITRON INC: Partners with T&TEC to Carry Advanced Metering System
----------------------------------------------------------------
Itron Inc. has signed a contract with the Trinidad & Tobago
Electricity Commission to deliver the largest and most
comprehensive advanced metering system in that region of the
world.  The deployment is expected to fundamentally transform
the way the utility conducts business and serves its customers,
said Doug Staker, vice president of the Itron International
Group.

Trinidad and Tobago is a twin island republic located in the
southern Caribbean, just off the coast of Venezuela.  Its
electricity company, T&TEC, will install 400,000 high-powered,
solid-state CENTRON(R) meters over 20 months as part of a fixed
network system.  T&TEC will be able to remotely read customers’
meters, thereby eliminating the need for access to private
property by meter readers.  Additionally, Itron’s technology
will ensure that customers’ bills will be based strictly on
accurate, actual reads rather than estimations.  The system will
also enable the utility to perform unscheduled on-demand reads
and collect interval data to support "time-of-use" billings in
the future.

Itron’s advanced metering system provides positive outage and
restoration notification, which will improve outage management
and service to T&TEC’s customers.  The utility will receive
immediate notification of interruptions to electricity service
in any specific area to facilitate faster restoration.
Additionally, T&TEC is implementing Itron’s Revenue Protection
Suite, an analytic software tool that enables the utility to
identify likely instances of meter tampering on a near real-time
basis in order detect and deter energy theft.

"Trinidad and Tobago Electricity Commission wanted advanced
functionality, such as outage notification, hourly meter reads
and load profile data in order to better understand their
distribution system," said Staker.  "Itron is able to provide
all that capability in a turn-key solution, which includes the
metering and communication equipment, application software,
installation services and training of utility personnel.  When
fully installed, this system will deliver strong value to both
the utility and its customers."

                         About TTEC

The Trinidad & Tobago Electricity Commission, established in
January, 1946, serves more than 384,000 domestic, commercial and
industrial customers in five regional divisions with the
responsibility to manage the supply of power and energy to all
of the Republic of Trinidad & Tobago.  T&TEC is primarily a
transmission and distribution company, however it has a 51%
equity interest in the larger generation company in the country.

                      About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions: as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on iits
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                        *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


QUEBECOR MEDIA: Prices US$700 Million 7.75% Sr. Notes Offering
--------------------------------------------------------------
Quebecor Media Inc. has priced its offering of US$700 million
aggregate principal amount of its senior notes.  The new senior
notes will be sold at a price of 93.75% of par, will carry a
coupon of 7.750% and will mature on March 15, 2016.

Quebecor Media intends to use the proceeds of this offering,
together with liquidity available to the company to:

   a) repay the senior bridge credit facility that it
      entered into to fund its acquisition of Osprey Media
      Income Fund;

   b) repay Sun Media Corporation's term B credit facility;

   c) settle the related currency and interest rate swaps; and

   d) pay the fees and expenses related to this offering.

Headquartered in Montreal, Canada, Quebecor Media Inc. is a
privately held leading Canadian media holding company.  Through
its operating companies, QMI has activities in cable
distribution, business, residential and mobile wireless
telecommunications, newspaper publishing, television
broadcasting, book, magazine and video retailing, publishing and
distribution, music recording, production and distribution and
new media services.

QMI is 54.7% owned by Quebecor Inc, a publicly traded
communications holding company, and 45.3% owned by Capital CDPQ.
Quebecor Inc.'s primary assets are its interests in Quebecor
Media and in Quebecor World, one of the world's largest
commercial printers (B3 Negative).  It operates in Canada, the
US, France, Italy and the UK.  Capital CDPQ is a wholly-owned
subsidiary of Caisse de depôt et placement du Quebec, Canada's
largest pension fund manager, with about US$237 billion in
assets under management.  None of Quebecor Inc, Quebecor World
or Capital CDPQ is an obligor or a guarantor of QMI's debt
obligations.


QUEBECOR MEDIA: Moody's Rates US$700 Million Senior Notes at B2
---------------------------------------------------------------
Moody's Investors Service rated Quebecor Media Inc.'s US$700
million add-on senior unsecured note issue B2.  Ratings on the
underlying 7.75% senior unsecured notes due in March of 2016
were affirmed at the same B2 level.  At the same time, QMI's Ba3
corporate family rating and stable ratings outlook were
affirmed.

The rating action was prompted by the September 26th
announcement of the new note issue.  Proceeds will be used to
repay a bridge loan that had been drawn to fund QMI's earlier
acquisition of Osprey Media Income Fund, a publicly traded
publisher of community newspapers and magazines for an aggregate
purchase price of about CDN$575 million (including assumed
debt), and to repay a secured term loan B at Sun Media (the
applicable rating on Moody's debt #373917 will be withdrawn in
due course).

The new note issue is neutral to the company's consolidated debt
profile and had been contemplated in the prevailing Ba3 CFR.
Accordingly, the CFR and stable outlook are affirmed. However,
the notes issue causes QMI's waterfall of debts to be adjusted
and necessitates ratings adjustments on certain existing
instruments.

Assignments:

Issuer: Quebecor Media, Inc.

   -- Senior Unsecured Regular Bond/Debenture ($700 million
      add-on issue), Assigned B2 (LGD5-88)

Upgrades:

Issuer: Quebecor Media, Inc.

   -- Senior Secured Bank Credit Facility (unchanged at B1),
      Upgraded to LGD4-68 from LGD5-74

   -- Senior Unsecured Regular Bond/Debenture (unchanged at
      B2), Upgraded to LGD5-88 from LGD5-89

Issuer: Sun Media Corporation

   -- Senior Secured Bank Credit Facility (unchanged at Baa3),
      Upgraded to LGD1-05 from LGD1-07

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
      (LGD2-27) from Ba2 (LGD3-33)

Issuer: Videotron Ltee

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
      (LGD2-27) from Ba2 (LGD3-33)

On Sept. 26, 2006, Moody's had issued ratings based on QMI's
initial plans to issue $450 million of additional notes.  Those
plans called only for the bridge loan related to the Osprey
transaction to be repaid.  With the transaction being upsized to
US$700 million, QMI now has the ability to repay secured debt at
a subsidiary operating company.  In the context of QMI's
consolidated waterfall of debts, total debt does not change,
however, secured debt at operating companies is reduced and
unsecured debt at the parent holding company is increased.

Based on Moody's Loss Given Default rating methodology, this has
the impact of causing ratings of unsecured debts at operating
companies (Sun Media Corporation and Videotron Ltee) to be
upgraded by one notch compared to what had been contemplated
with the smaller, US$450 million note issue.  This outcome is
consistent with the ratings that had been contemplated in early
July when QMI initially contemplated the financing transaction.

Headquartered in Montreal, Canada, Quebecor Media Inc. is a
privately held leading Canadian media holding company.  Through
its operating companies, QMI has activities in cable
distribution, business, residential and mobile wireless
telecommunications, newspaper publishing, television
broadcasting, book, magazine and video retailing, publishing and
distribution, music recording, production and distribution and
new media services.

QMI is 54.7% owned by Quebecor Inc, a publicly traded
communications holding company, and 45.3% owned by Capital CDPQ.
Quebecor Inc.'s primary assets are its interests in Quebecor
Media and in Quebecor World, one of the world's largest
commercial printers (B3 Negative).  It operates in Canada, the
US, France, Italy and the UK.  Capital CDPQ is a wholly-owned
subsidiary of Caisse de depôt et placement du Quebec, Canada's
largest pension fund manager, with about US$237 billion in
assets under management.  None of Quebecor Inc, Quebecor World
or Capital CDPQ is an obligor or a guarantor of QMI's debt
obligations.


RHODIA SA: Names Linda Balti as New Corporate Press Manager
-----------------------------------------------------------
Rhodia S.A. appointed Linda Balti as corporate press manager on
Sept. 25, 2007.

Ms. Balti will report to Rita Hillig, head of Rhodia media
relations.

Rhodia's announcement followed the appointment of Marc Chollet
as group strategy vice president and member of the executive
committee on Sept. 18, 2007.

Mr. Chollet succeeded Yves Boisdron, who left Rhodia on
retirement.  Mr. Chollet will report to Jean-Pierre Clamadieu,
Rhodia's CEO.

Mr. Chollet, an engineer from the Paris-Grignon National
Agronomical Institute, began his career with Lesieur Alimentaire
in 1990 working in the International Department, of which he
subsequently became Director in 1995. He was appointed Director
of International Development, member of the Management Board of
the Consumer Good Division of the Eridania Beghin-Say Group.

In 2003, Mr. Chollet joined the Rohm & Haas Group to take up the
position of Vice-President Europe/Asia responsible for Agrofresh
in Agrochemicals.   He was then appointed General Manager Europe
of the Group’s Plastic Additives Division. He most recently
served as President (France) of Rohm & Haas Trading and Sales
Director of the Paint and Coating Division for Europe.


                           About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable.  Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
Investors Service upgraded Rhodia S.A. corporate family rating
to Ba3 and assigned Probability-of-Default rating for the group
at Ba3; Moody's also upgraded senior secured notes at Rhodia
S.A. to B1 and assigned LGD assessment at LGD4 (69%).  The
proposed convertible notes are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


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


ALRO DENTAL: Claims Registration Period Ends Oct. 29
----------------------------------------------------
Creditors of ALRO Dental-Fras u. Keramik GmbH have until Oct. 29
to register their claims with court-appointed insolvency manager
Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against ALRO Dental-Fras u. Keramik GmbH on Sept. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ALRO Dental-Fras u. Keramik GmbH
         Attn: Annette Essing, Manager
         Johann-Schafer-Str. 35 a
         46047 Oberhausen
         Germany


ASS-SYSTEM GMBH: Claims Registration Period Ends Oct. 31
--------------------------------------------------------
Creditors of ASS-System GmbH have until Oct. 31 to register
their claims with court-appointed insolvency manager Dr. Stephan
Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 12, 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel: (0371) 262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net

The District Court of Chemnitz opened bankruptcy proceedings
against ASS-System GmbH on Sept. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ASS-System GmbH
         Attn: Jan Hermsdorf, Manager
         Bahnhofstrasse 7
         09322 Penig
         Germany


BENQ CORP: Mobile Unit's Employees to Get EU Financial Aid
----------------------------------------------------------
The European Commission has approved BenQ Mobile GmbH & Co.'s
application for assistance under the European Globalisation
Adjustment Fund, subject to the European Parliament and the
Council's decision.

The Commission has approved the application along with that of
Finnish mobile phone manufacturer Perlos Corporation.

Employment, Social Affairs and Equal Opportunities Commissioner
Vladimir Spidla said, "I am happy to put these applications
forward because they will help over 4,000 redundant workers back
into employment.  The EGF is being used as it was designed to --
to respond to the impact of structural change on dynamic global
markets."

Both applications are made against a general trend towards
delocalizing production for mobile phones and accessories,
mostly to Asia.  This is not only because it is cheaper to make
mobile phones there, but also because of the proximity of
technology partners and a fast-growing consumer market.

The BenQ application concerns two German plants of the Taiwanese
mobile phone manufacturer BenQ.  In December 2006, BenQ withdrew
financial support from the two subsidiary companies, resulting
in about 3,300 workers being made redundant in three production
sites in Munich, Kamp-Lintfort and Bocholt.  The contribution
requested from the EGF in the BenQ application is EUR12.8
million.

The Perlos application relates to redundancies in two Finnish
production plants of Perlos, a manufacturer of mobile phone
accessories.  In this case, some 1,000 redundancies were caused
by the decision to discontinue production activities in Finland
and to close down two Perlos factories located in Joensuu and
Kontiolahti, in the Northern Karelia region, by September 2007.
The contribution requested from the EGF in the Perlos
application is EUR2 million.

The EGF may give a financial contribution in cases where more
than 1,000 workers in an enterprise or a regional sector are
made redundant due to major structural changes in world trade
patterns leading to substantially increased imports into the EU
or a rapid decline in EU market shares.

The EGF was established by the European Parliament and the
Council at the end of 2006 to provide help for people who have
lost their jobs due to the impact of globalisation. Commission
President José Manuel Barroso proposed the idea in 2005 to
create an instrument of solidarity to help workers affected by
redundancies resulting from changes in world trade patterns find
their way back into work.

The first two EGF applications concern the French car sector and
relate to suppliers of Peugeot-Citroen and Renault,
respectively.  The Commission is also currently examining
applications for EGF assistance from the Italian and Maltese
governments.  In total, there are now eight formal applications
for assistance from the EGF.

                       About Perlos

Headquartered in Helsinki, Finland, Perlos Corporation is a
worldwide product design and manufacturing partner for the
telecommunications and electronics industries.  It operates in
more than ten countries in Asia, Europe and the Americas.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-– http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


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

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Ruediger Stoll
         Sankt Augustiner Strasse 94 a
         53225 Bonn
         Germany

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

The Debtor can be reached at:

         Brillenboutique Goepel GmbH
         Am Burgweiher 52 - 54
         53123 Bonn
         Germany


CHRYSLER LLC: UAW-GM Deal Prompts S&P to Watch Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its corporate credit
ratings on Chrysler LLC and DaimlerChrysler Financial Services
Americas LLC on CreditWatch with positive implications.

"The CreditWatch action reflects (the) announcement that General
Motors Corp. (GM) and its main union, the United Auto Workers
(UAW), have reached a tentative new labor contract that includes
an agreement designed to address the massive postretirement
employment benefit obligations (OPEB) associated with GM's UAW
population," said Standard & Poor's credit analyst Robert
Schulz.  For now, there are few details about the specifics of
the health care agreement or other important aspects of the
contract such as wages, job security, and work rules.

The tentative agreement ends the nationwide strike at GM that
began earlier this week. The chances of a prolonged and
widespread strike at GM, Chrysler, or Ford Motor Co. are now
largely averted, although we had always considered such a
scenario unlikely because it would be catastrophic to everyone
involved.  GM's UAW members still need to approve the agreement,
and ratification votes should occur this weekend.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.


E. B. GRUNDSTUECKS-VERWALTUNGS: Creditors' Claims Due October 19
----------------------------------------------------------------
Creditors of E. B. Grundstuecks-Verwaltungs GmbH have until
Oct. 19 to register their claims with court-appointed insolvency
manager Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against E. B. Grundstuecks-Verwaltungs GmbH on Sept. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         E. B. Grundstuecks-Verwaltungs GmbH
         Wedeler Landstrasse 65
         22559 Hamburg
         Germany


G & W LOGISTIK: Claims Registration Ends October 23
---------------------------------------------------
Creditors of G & W Logistik GmbH have until Oct. 23 to register
their claims with court-appointed insolvency manager Carsten
Cervera.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Carsten Cervera
         Schuetzenstr. 6 a
         10117 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against G & W Logistik GmbH on Sept. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         G & W Logistik GmbH
         Attn: Frau Christiane Ganz, Manager
         Schoenfelder Damm 1
         16356 Werneuchen
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Nov. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Lange Str. 50
         18311 Ribnitz-Damgarten
         Germany

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

The Debtor can be reached at:

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


HILGERS CAPITAL: Creditors Must File Claims by October 18
---------------------------------------------------------
Creditors of Hilgers Capital Consulting GmbH have until Oct. 18
to register their claims with court-appointed insolvency manager
Manfred Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         Germany

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

The insolvency manager can be reached at:

         Manfred Kuersch
         Kirchstrasse 19
         53518 Adenau
         Germany

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

The Debtor can be reached at:

         Hilgers Capital Consulting GmbH
         Projektentwicklung und Management
         Dockweiler Str. 14
         54550 Daun
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Hotel Marketing Service GmbH i.L.
         Zur Schwedenschanze 2
         18435 Stralsund
         Germany


IKB DEUTSCHE: Expects EUR700 Million Net Loss From Credit Crisis
----------------------------------------------------------------
IKB Deutsche Industriebank AG expects to record a EUR700 million
net loss for the 2007/2008 financial year (according to the
International Financial Reporting Standards) as a result of the
subprime mortgage crisis in Europe.

The company's Board of Managing Directors expects IKB AG to post
up to EUR450 million in annual loss in its single-entity
financial statements.  As a result, the company expects that
“there will be a negative impact on the profit-participation
certificates and silent partnership contributions.”

                      Confining Provisos

In its Web site, the company said its quarterly figures as at
June 30, 2007, are provided subject to the proviso that the
consolidated statements as at March 31, 2007 are free of
material errors.  The annual and consolidated financial
statements as at March 31, 2007 are currently the subject of an
audit in the form of an examination being carried out by the
German Financial Reporting Enforcement Panel.  For the purposes
of recording the risk situation and assessing the accounting and
valuation practices of IKB, and to analyze issues raised by the
Supervisory Board, auditors PricewaterhouseCoopers AG were
commissioned with the task of carrying out a comprehensive
special audit.  The audit report is due to be concluded in
October.

                    Q1 2007/08 Development

IKB was able to raise the volume of new business generated by
the Group in the first quarter to EUR4.5 billion, which
represents a year-on-year increase of 36.7%.  At the same time,
the Group's total loan volume rose by EUR5.1 billion, or 13.5%,
to EUR42.9 billion.

IKB recorded an operating result of EUR18.4 million during the
first quarter.  This result was significantly below the
corresponding quarter of the previous financial year (EUR54
million).  The decrease is primarily due to the reduction in net
income from financial instruments at fair value compared with
the previous year, which was down by EUR37 million to -EUR43
million.  Up-to-date and elucidating information until the
validation date September 19, 2007 has been taken into account.

Consolidated net interest income during the first quarter, at
EUR142 million, was down slightly on the same quarter of the
previous financial year (EUR143 million).  Provisions for
possible loan losses, at EUR24 million, was significantly lower
than in the previous year (EUR46 million).  Due to the lower
provisions for possible loan losses, net interest income after
loan loss provisions rose by EUR22 million, or 22.9%, to EUR119
million during the first quarter compared with the same period
of the previous financial year.

Net commission income, at EUR23 million, was slightly lower than
in the previous financial year (EUR25 million).  Net income from
financial instruments at fair value, at EUR-43 million (EUR-6
million), was significantly down. This can be primarily
attributed to the widening of credit spreads compared with the
previous year.

Administrative expenses rose by 15.7%, to EUR77 million. The
average number of employees during the first quarter was 1,820
(1,683).

The Group's operating result, at EUR18.4 million, was EUR36
million or 66.1% down year-on-year. A similar fall, namely of
65.1%, was recorded for tax expenses, which meant that
consolidated net income fell by 66.7% to EUR12 million.

Earnings per share in the first quarter were EUR0.13 (EUR0.40).
Return on equity stood at 5.6% (17.0%), whilst the cost-income
ratio rose to 64.7% (39.8%).

                     Annual General Meeting

The Annual General Meeting for the 2006/07 financial year is
currently planned for the fourth quarter of 2007.  In the event
that the above-mentioned special audits have an impact on the
annual financial statement or consolidated financial statements
of IKB as at March 31, 2007, or if there are other good reasons
for a postponement, the General Meeting may be delayed until the
first quarter of 2008.

              About IKB Deutsche Industriebank AG

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Sept. 11, 2007, Fitch Ratings
has downgraded the loan facilities provided by IKB
Deutsche Industriebank AG and IKB International S.A. to
Havenrock II Limited:

   -- US$165 million loan provided by IKB International:
      downgraded to 'A-' from 'AA-'; Outlook Negative

   -- US$404.875 million Facility C loan provided by IKB:
      downgraded to 'A-' from 'AA-'; Outlook Negative

   -- US$43.75 million Facility B loan provided by IKB:
      downgraded to 'BB' from 'BBB+'; Outlook Negative

   -- US$11.375 million Facility A loan provided by IKB:
      downgraded to 'B' from 'BB-'; Outlook Negative


KALBER & RAYER: Claims Registration Ends October 23
---------------------------------------------------
Creditors of Kalber & Rayer + Co 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 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 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 Kalber & Rayer + Co GmbH on Sept. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kalber & Rayer + Co GmbH
         Attn: Rudolf Pfahler, Manager
         St.-Leonhard-Strasse 25
         71665 Vaihingen-Horrheim
         Germany


KLAR GMBH: Claims Registration Ends Oct. 22
-------------------------------------------
Creditors of Klar GmbH have until Oct. 22 to register their
claims with court-appointed insolvency manager Karl-Dieter
Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:12 a.m. on Nov. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen
         Germany

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

The Debtor can be reached at:

         Klar GmbH
         Bensberger Str. 334
         51503 Roesrath
         Germany


LASHMAR ENTERTAINMENT: Claims Registration Ends October 26
----------------------------------------------------------
Creditors of LASHMAR Entertainment GmbH have until Oct. 26 to
register their claims with court-appointed insolvency manager
Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Norbert Weber
         Friedrich-Ebert-Strasse 146
         42117 Wuppertal
         Germany
         Tel: 0202/30 20 71
         Fax: 0202/31 47 08

The District Court of Wuppertal opened bankruptcy proceedings
against LASHMAR Entertainment GmbH on Sept. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         LASHMAR Entertainment GmbH
         Attn: Mark Lashmar, Manager
         Siepen 30
         42109 Wuppertal
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

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

The Debtor can be reached at:

         LATES BAU GmbH
         Ruhrallee 9
         44139 Dortmund
         Germany

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


MEGACONCEPT GESELLSCHAFT: Claims Registration Ends Oct. 19
----------------------------------------------------------
Creditors of megaconcept Gesellschaft zur Organisation und
Durchfuehrung von Messen, Ausstellungen und Markten mbH have
until Oct. 19 to register their claims with court-appointed
insolvency manager Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 20, 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 Chemnitz
         Hall 27
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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:

         Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz
         Germany
         Tel: (0371) 4729 90
         Fax: (0371) 4729 95 0
         E-mail: ra_siemon_ch@t-online.de

The District Court of Chemnitz opened bankruptcy proceedings
against megaconcept Gesellschaft zur Organisation und
Durchfuehrung von Messen, Ausstellungen und Markten mbH on
Sept. 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         megaconcept Gesellschaft zur Organisation und
         Durchfuehrung von Messen, Ausstellungen
         und Markten mbH
         Attn: Frank Schulze, Manager
         Strasse der Nationen 140
         09113 Chemnitz
         Germany


PENTA GESELLSCHAFT: Claims Registration Ends Oct. 22
----------------------------------------------------
Creditors of Penta Gesellschaft fuer Grundbesitz mbH i.L. have
until Oct. 22 to register their claims with court-appointed
insolvency manager Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 126/I
         Flaschenhofstrasse 35
         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:

         Mechthild Bruche
         Stahlstr. 17
         90411 Nuernberg
         Germany
         Tel: 0911/951285-0
         Fax: 0911/951285-10

The District Court of Nuernberg opened bankruptcy proceedings
against Penta Gesellschaft fuer Grundbesitz mbH i.L. on
Sept. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Penta Gesellschaft fuer Grundbesitz mbH i.L.
         Komotauer Str. 13
         90480 Nuernberg
         Germany


PRO-CONSULT-MESSEN: Claims Registration Period Ends Oct. 20
-----------------------------------------------------------
Creditors of Pro-Consult-Messen GmbH have until Oct. 20 to
register their claims with court-appointed insolvency manager
Bardo Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report 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:

         Bardo Sigwart
         GF 144
         Ahornweg 12
         D 55218 Ingelheim
         Germany
         Tel: 06132/88949
         Fax: 06155/66297

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

The Debtor can be reached at:

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

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


RED HAT: Promotes Mark Cook & Paul Argiry as Vice Presidents
------------------------------------------------------------
Red Hat Inc. has promoted Mark E. Cook to Vice President,
Finance and Controller and appointed Paul Argiry as Vice
President and Treasurer.  Both will report to Executive Vice
President and Chief Financial Officer, Charlie Peters.

With over 30 years of financial experience, Mr. Cook joined Red
Hat as Treasurer in November 2004 and later was promoted to Vice
President and Treasurer.  Prior to joining Red Hat, Mr. Cook
served as Director of Finance at Cluett American Corp., with
responsibilities for treasury and other financial functions.
Mr. Cook served as Treasurer of the multi-national textile
company, Guilford Mills, Inc.  Previously, Mr. Cook also held a
number of financial positions at Worthington Industries, Inc.,
Blount International, Inc. and RJR Nabisco, Inc.

Mr. Argiry brings over 15 years of diversified financial
experience including public accounting, mergers and
acquisitions, corporate finance and treasury.  He is now
responsible for leading Red Hat's treasury function, including
corporate treasury, payroll, credit and collections and
facilities.  Prior to this role, Mr. Argiry was the Senior
Director of Corporate Finance and Treasury at Jabil Circuit,
Inc., a NYSE-listed electronic manufacturing services company
based in St. Petersburg, Florida.  Mr. Argiry also served as
Director of Finance for Mergers and Acquisitions at Jabil and
worked in the audit division and transaction services group with
Price Waterhouse Coopers.

"We are pleased to have the talents of Mark Cook and Paul Argiry
in these very important positions for our Company," said Charlie
Peters, Executive Vice President and Chief Financial Officer of
Red Hat.  "We are confident that both bring strong experience to
our finance organization and will reinforce the financial
disciplines and strategies already in place."

Headquartered in Raleigh, North Carolina, Red Hat, Inc.
--http://www.redhat.com/-- is an open source and Linux
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, North Carolina-based operating
systems provider Red Hat Inc. to stable from positive, and
affirmed its 'B+' corporate credit rating.


ROLF WICHMANN: Claims Registration Ends Oct. 22
-----------------------------------------------
Creditors of Rolf Wichmann GmbH have until Oct. 22 to register
their claims with court-appointed insolvency manager Dr. Gideon
Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Nov. 19, 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 Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Rolf Wichmann GmbH on Sept. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rolf Wichmann GmbH
         Alter Borstelweg 6
         25436 Tornesch
         Germany


TEAMCON GMBH: Claims Registration Period Ends Oct. 30
-----------------------------------------------------
Creditors of TEAMCON GmbH have until Oct. 30 to register their
claims with court-appointed insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Nov. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 5
         Bahnhofstrasse
         25421 Pinneberg
         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:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against TEAMCON GmbH on Sept. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TEAMCON GmbH
         Attn: Nils-Ingo Ebers, Manager
         Bickbargen 146
         25469 Halstenbek
         Germany


VERSATEL AG: Brian Cook Leaves Post as Chief Financial Officer
--------------------------------------------------------------
Versatel AG disclosed that Chief Financial Officer Brian Cook
has resigned from the company effective Sept. 30, 2007.  The
board has appointed Peer Knauer as interim CFO until a new
successor is named.

The company's management board said it will reorganize its
executive board as part of a program to improve company
efficiency in order to adapt to the competitive environment.

The supervisory board of Versatel decided on the reorganization
on Sept. 27, 2007.

Versatel's management board will be extended instead from
currently three to four members.  The new executive officer will
be tasked with the responsibility for customer care, business
processes, and IT.  The search for a suitable candidate began
already.

Headquartered in Duesseldorf, Germany, Versatel AG --
http://www.versatel.de/-- is a Germany-based provider of
broadband telecommunications and media services.  It provides
solutions to private and business customers.  The portfolio of
products for private clients includes phone service packages;
direct subscriber line (DSL) Internet services combined with
phone packages; VersatelBox, a solution offering wireless local
area network (WLAN) routers, modems and boxes; Internet-by-call
services, and others.


VERSATEL AG: Moody's Changes Outlook to Neg. on Low-B Ratings
-------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the B1 corporate family rating of Versatel AG and the
B2 rating on the company's EUR525 million senior secured
floating rate notes due 2014.

The outlook change reflects the uncertainty arising as a result
of the announced resignation of Brian Cook, the company's CFO,
without a replacement having yet been identified.

On Sept. 27, 2007, Versatel announced that it will reorganize
its executive board, including the departure of the company's
CFO, effective Sept. 30, 2007, and the appointment of a new
executive officer responsible for Customer Care, Business
Processes, and IT.  The company also announced that it has
initiated a program to improve efficiency in order to adapt the
company to an intensified competitive environment with the
objective to improve EBITDA margins to levels above 30% within
the next three years.  No details were provided as regards the
areas where the cost savings will be introduced, as the company
is exploring all options for cutting costs.

Moody's notes that the mutually agreed departure of the CFO
without a replacement being identified introduces an element of
uncertainty in terms of the strategic direction of the company
at a time when the competitive environment in Germany is
becoming fiercer and credit markets are facing turbulent
conditions.

Although Moody's derives comfort from the fact that the company
has reiterated its guidance for year-end 2007 (specifically,
group revenues of between EUR680 million and EUR700 million, and
Adjusted EBITDA of approximately EUR190 million), Moody's is
concerned about the lack of visibility beyond year-end 2007,
given the ongoing pricing declines and intensified competition,
which have negatively impacted the company's competitive
position in the market.

In August 2007, when Versatel announced its second quarter 2007
results and issued a profit warning, Moody's said that as a
result of the weaker-than-expected operating performance, the
company had exhausted the financial flexibility at the B1 rating
level and that the rating was therefore more weakly positioned
within the category.  Moody's continues to monitor the company's
operating performance with a particular focus on the company's
ability to achieve the year-end 2007 operational targets.
Failure to achieve these targets would lead to further downward
pressure on the rating.

Headquartered in Berlin, Versatel AG is one of the leading
facilities-based alternative telecommunications operators in
Germany.  On a pro forma basis, in 2006 Versatel generated
revenue of EUR666 million and EBITDA of EUR212 million.  As of
September 2007, Versatel employed around 1,300 staff and its
market capitalization was circa EUR0.5 billion.


W + K MALEREIBETRIEB: Claims Registration Period Ends Oct. 29
-------------------------------------------------------------
Creditors of W + K Malereibetrieb GmbH have until Oct. 29 to
register their claims with court-appointed insolvency manager
Dr. Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against W + K Malereibetrieb GmbH on Sept. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         W + K Malereibetrieb GmbH
         Otto-Burrmeister-Ring 14
         22309 Hamburg
         Germany

         Attn: Bernd Krieger, Manager
         Hellbrookstrasse 75
         22305 Hamburg
         Germany


WEISSMANN TAXI: Claims Registration Period Ends Oct. 19
-------------------------------------------------------
Creditors of Weissmann Taxi GmbH have until Oct. 19 to register
their claims with court-appointed insolvency manager Sandra
Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 19, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sandra Mitter
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312
         E-mail: kassel@leonhardt-westhelle.eu

The District Court of Kassel opened bankruptcy proceedings
against Weissmann Taxi GmbH on Sept. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Weissmann Taxi GmbH
         Attn: Manfred Schiftan, Manager
         Wallstrasse 8
         34125 Kassel
         Germany


WERO GMBH: Claims Registration Ends October 24
----------------------------------------------
Creditors of WERO GmbH have until Oct. 24 to register their
claims with court-appointed insolvency manager Dr. Wolfgang
Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Meeting Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Delhaes
         MediaPark 6 A
         50670 Cologne
         Germany
         Tel: 0221/2920600
         Fax: 0221/29206039

The District Court of Siegen opened bankruptcy proceedings
against WERO GmbH on Sept. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WERO GmbH
         Charlottenhuette 19
         57080 Siegen
         Germany


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


SCOTTISH RE: Names Terry Eleftheriou as Executive VP & CFO
----------------------------------------------------------
Scottish Re Group Limited has appointed Terry Eleftheriou as
Executive Vice President and Chief Financial Officer, effective
Nov. 12, 2007.  Mr. Eleftheriou will be based at the company's
Hamilton, Bermuda headquarters and will join the Company on
Oct. 1.  He will serve in a transition role until he assumes the
CFO position on Nov. 12.

Mr. Eleftheriou was most recently a group finance executive with
XL Capital where he was responsible for leading a number of
strategic global initiatives to transform and integrate finance
operations and enhance business processes and related controls.
He was also a member of XL's global Finance Executive Council
and Executive Management Group and worked closely with XL's
executive management team and Board of Directors.  Prior to
joining XL Capital in November 2003, Terry was the CFO of Sage
Insurance Group International and previously was the finance
leader for the retirement services segment of American General
Financial Group.  He also occupied a variety of leadership roles
spanning a 15-year career with Ernst & Young where he
specialized in providing assurance and advisory services to
insurance and financial services companies in North America,
Europe, and Asia.

Mr. Eleftheriou is a Fellow of the Institute of Chartered
Accountants in England and Wales and a member of the Connecticut
Society of Certified Public Accountants.  He holds a Bachelor of
Science in Economics from the City University in London,
England.

As Scottish Re's Chief Financial Officer, Mr. Eleftheriou will
lead the company's global finance function and will be
responsible for its financial operations, including accounting
and reporting, financial planning and analysis, taxation, audit,
and investor and rating agency relations.

In welcoming Mr. Eleftheriou to Scottish Re, George Zippel,
President and Chief Executive Officer, noted, "Terry is a proven
insurance financial executive who has led and managed change in
dynamic environments across the globe.  He will be a strong
business partner for me and the senior leadership team of
Scottish Re.  I'm confident Terry will have an immediate and
positive impact as we work to improve our financial, operating
and risk management disciplines and drive profitable growth."

Mr. Eleftheriou commented, "I'm excited to be joining Scottish
Re at this juncture in its development and look forward to
working with George Zippel and the rest of the team in re-
establishing the Company as a leader in the global life
reinsurance industry.  We will build on the existing
capabilities of the Company to deliver against the needs and
expectations of our various stakeholders in order to grow
shareholder value."

                      About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Moody's Investors Service affirmed the ratings of
Scottish Re Group Limited, with the outlook changed to stable
from positive, including its Senior unsecured shelf of (P)Ba3;
its subordinate shelf of (P)B1; its junior subordinate shelf of
(P)B1; its preferred stock of B2; and its preferred stock shelf
of (P)B2.


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


ACTUANT CORP: Earns US$31.4 Million in 4th Quarter Ended Aug. 31
----------------------------------------------------------------
Actuant Corporation reported fourth quarter fiscal 2007 net
earnings and EPS of US$31.4 million and US$1.00, respectively,
compared to prior year net earnings and EPS of US$25.2 million
and US$0.82, respectively.

Fiscal 2007 fourth quarter results include a US$1.1 million
charge covering a portion of the Company's previously announced
restructuring of its European Electrical business and a
US$1.6 million benefit from the utilization of a foreign tax
credit. Fiscal 2006 fourth quarter results include a
US$4.5 million restructuring charge and a US$5.4 million income
tax benefit primarily related to the reversal of a tax valuation
allowance for net operating losses.  Excluding these items,
fourth quarter EPS increased 25% year-over-year from US$0.79 to
US$0.99.

Net earnings and EPS for the year ended Aug. 31, 2007, were
US$105.0 million and US$3.38, respectively, compared to prior
year net earnings and EPS of US$92.6 million and US$3.01,
respectively.  Fiscal 2007 results include a US$4.5 million
charge related to European Electrical restructuring and a
US$1.6 million benefit (US$0.05 per diluted share) from the
utilization of a foreign tax credit.  Fiscal 2006 results
include a US$4.5 million restructuring charge and an
US$8.0 million income tax benefit primarily related to the
reversal of a tax valuation allowance for net operating losses.
Excluding these special items, full year EPS increased 20% year-
over-year from US$2.90 to US$3.47.

Robert Arzbaecher, President and CEO of Actuant commented, "We
are extremely pleased with our 2007 results, representing the
6th consecutive year of diluted earnings per share improvement
in excess of 15%, excluding special items.  Our team continues
to execute on the Actuant business model, leveraging organic
growth opportunities in our diverse, niche businesses.  In
addition to core growth, we acquired five businesses during the
fiscal year and completed a sixth in September, strengthening
our existing units.  Lastly, with our strong performance in the
second half of the year, we generated margin expansion and
record cash flow.  I am tremendously proud of what the Actuant
team has achieved and equally enthusiastic about our future
opportunities."

                      Consolidated Results

Fourth quarter sales increased 20% to US$390 million from US$325
million in the prior year, reflecting the combination of core
growth, business acquisitions and the weaker US dollar.
Excluding the impact of foreign currency rate changes (3%) and
acquisitions (11%), core sales growth was 6%.  All four business
segments contributed to the core growth with the Industrial and
Engineered Products segments generating double-digit
improvement.

Operating margins in the fourth quarter improved 50 basis
points, to 13.8% from 13.3% in the prior year, excluding
restructuring charges.  The increase is the result of higher
gross profit margins as well as tightly controlled selling,
administrative and engineering spending, partially offset by
higher acquisition related amortization expense.  These results
reflect the Company's continuous improvement initiatives
including strategic sourcing and Lean Enterprise Across
Discipline activities, as well as volume leverage.

Sales for the year ended Aug. 31, 2007, were US$1.46 billion,
21% higher than the US$1.20 billion in the comparable prior year
period.  Core sales increased 6% for the fiscal year, with
acquisitions and foreign currency rate changes contributing 11%
and 4%, respectively.

Fiscal 2007 fourth quarter Electrical segment sales increased
18% to US$132 million, reflecting 3% core sales growth,
favorable foreign currency exchange rate changes and the
acquisitions of Actown (August 2006) and BH Electronics (July
2007).  Electrical segment operating profit margin declined from
8.6% in the fourth quarter of fiscal 2006 to 8.2% in fiscal 2007
resulting from unfavorable sales and acquisition mix.  Partially
offsetting this was the benefit of higher volumes, most notably
in the professional electrical product line, along with the
benefit of continuous improvement initiatives across the
businesses.  The company is on track to substantially complete
the previously announced restructuring of its European
Electrical operations by the end of the second quarter of fiscal
2008.

Actuation Systems fourth quarter fiscal 2007 sales increased 4%
to US$104 million.  Core sales grew 1% in the quarter as
increased demand for the company's recreational vehicle (RV) and
truck actuation products outside of North America was partially
offset by declines in both the automotive and North American
truck markets.  The decline in North American truck was
anticipated due to the impact of emissions regulation changes,
while automotive sales declined due to new platform launches in
the prior year.  Operating profit margins improved 40 basis
points compared to last year due primarily to higher volumes and
the benefit of profit improvement actions.

Fiscal 2007 fourth quarter Engineered Products segment sales
more than doubled to US$33 million reflecting both 15% core
sales growth and the acquisition of Maxima in December 2006.
Operating profit margins improved 160 basis points to 14.9%, the
highest of the year, due to favorable acquisition mix and base
business expansion.

                     Financial Position

Fiscal year-end net debt (total debt of US$562 million less
US$87 million of cash) was US$475 million, a decrease of
US$6 million from the beginning of the quarter.  Strong cash
flow in the quarter more than offset the US$30 million of cash
used to finance the BH Electronics acquisition, US$4 million of
Senior Notes issuance costs and US$11 million of capital
expenditures.

Actuant used approximately US$163 million of cash during the
2007 fiscal year to fund acquisitions and US$31 million for
capital expenditures.  Despite this significant capital
deployment, net debt at year-end was only US$20 million higher
than the US$455 million at the beginning of the year.  Actuant
generated cash from operations of US$177 million in fiscal 2007,
approximately 45% higher than the prior year, reflecting record
earnings and effective working capital management.

                           Outlook

The company increased its fiscal year 2008 guidance to reflect
the BH Electronics and TK Simplex acquisitions, as well as its
current business, economic and foreign exchange rate outlooks.
Full year fiscal 2008 EPS is expected to be in the range of
US$3.80-3.95 (excluding European Electrical restructuring
charges) on sales of US$1.55-1.60 billion.  For the first
quarter, the Company expects sales to be in the US$390-400
million range, generating EPS of approximately US$0.93-0.97 per
diluted share.  Mr. Arzbaecher commented, "Actuant's strong
positions in niche markets, variable cost structure and ROIC
focus, as well as end market and geographic diversification,
should continue to reward shareholders in fiscal 2008."

                      About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control
systems and branded hydraulic and electrical tools and
supplies.  Since its creation through a spin-off in 2000,
Actuant has grown its sales from US$482 million to over US$1
billion and its market capitalization from US$113 million to
over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


ALITALIA SPA: New Sale Conditions May Spur OAO Aeroflot to Bid
--------------------------------------------------------------
OAO Aeroflot would relaunch its bid to acquire the Italian
government's 49.9% stake in national carrier Alitalia S.p.A. if
the sale conditions are favorable, various reports say.

"We would be interested to at least see the conditions, and then
make a decision on whether it is interesting or not," Valery
Okulov, Aeroflot chief executive, was quoted by Bloomberg News
sa saying.

Lev Koshlyakov, Aeroflot general manager, said the Russian
carrier may offer more than US$1 billion for Alitalia,
Marketwatch says citing a La Republica report.

"We're interested at a strategic level, not at a financial
level," Mr. Koshlyakov was quoted by La Republica as saying.
"If Aeroflot were to buy Alitalia it would replace a big chunk
of its management with more prepared staff."

As reported in the TCR-Europe on June 29, 2007, the consortium
of Aeroflot and Unicredito Italiano S.p.A. withdrew its bid for
Alitalia after it and its advisors were not allowed access to
"critical information with respect to the commercial and
operational aspects of Alitalia’s business to confidently
formulate a well supported business proposal to successfully
restructure the Italian carrier."

                         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.


ALITALIA SPA: Chairman Prato Says Carrier in Comatose State
-----------------------------------------------------------
Alitalia S.p.A. chairman Maurizio Prato said the carrier is in
"comatose state" and may not survive further unless a new owner
takes over, various reports say.

"It is absolutely unrealistic to think that Alitalia might be
able to start again from scratch all by itself," Mr. Prato was
quoted by Bloomberg News as saying.

Mr. Prato told a Senate committee that Alitalia may post around
EUR400 million in losses, excluding extraordinary operations,
for 2007 and may not be able to repay more than EUR1 billion in
debts for the next three years, BBC relates.

"It's on life support and I'm very surprised by the almost
general state of denial," Mr. Prato commented, adding that
unions were not helpful in finding a solution for Alitalia.

"They negotiate, but then they overrule us and ask for a meeting
with the government," Mr. Prato said.

Mr. Prato, along with financial advisor Citigroup, has initiated
contacts with parties that had participated in the failed
auction for Italy's stake in Alitalia and with Asian firms.

AirOne S.p.A. has restarted talks, while Aeroflot and Deutsche
Lufthansa AG have expressed possible bids if sale conditions are
changed.

A senior government insider told the Financial Times that Italy
would remove conditions that caused the earlier auction to fail.

As reported in the TCR-Europe on Sept. 13, 2007, Mr. Prato plans
to complete the sale of Italy's stake in the troubled carrier by
December 2007.

The chairman expects the first rounds of meeting to be complete
by early October and submit a list of possible buyers to
Alitalia's board by Oct. 10.  Mr. Prato will conduct a first
selection among potential buyers by the end of October before
starting an evaluation phase.

Alitalia has tapped Roland Berger as industrial adviser.

                          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.


CELL THERAPEUTICS: Richard Love Joins Board of Directors
--------------------------------------------------------
Richard L. Love has joined Cell Therapeutics Inc.'s board of
directors.

Mr. Love was the chairman of the board for Systems Medicine,
which was recently acquired by CTI.

In addition to CTI, Mr. Love is the chairman of the board of
ImaRx Therapeutics, and he serves on the boards of PAREXEL
International, and Molecular Profiling Institute.

Mr. Love has worked in the industry for more than 40 years,
including 27 years of bioscience leadership experience.  He
founded two biopharmaceutical companies, Triton Biosciences Inc.
and ILEX Oncology Inc.  Mr. Love was CEO at both companies, and
leading the clinical development teams in the creation of four
drugs in use-Betaseron(R), a treatment for multiple sclerosis,
two treatments for chronic lymphocytic leukemia, Fludara(R) and
CAMPATH(R), and Clolar(R), a treatment for acute leukemias.

He served on the board of Xilas Medical Inc.  Mr. Love has been
active with various non-profit organizations as well, serving on
the boards of the Cancer Therapy and Research Center in San
Antonio, TX, and the Translation Genomics Research Institute in
Phoenix, AZ.

Mr. Love holds Bachelors and Masters of Science degrees in
Chemical Engineering from the Virginia Polytechnic Institute.

"Dick brings a wealth of entrepreneurial and drug development
experience in the biopharmaceutical industry to CTI's board,"
James A. Bianco, M.D., president and CEO of CTI said.  "We look
forward to his input as we move toward the commercialization of
pixantrone, XYOTAX(TM), and Brostallicin."

"We are very excited to have Dick join CTI's board, and look
forward to utilizing his industry expertise," Phillip M.
Nudelman, Ph.D., chairman of the board of CTI, said.  "His
leadership experience makes him a great addition to the board."

"I am thrilled to join the CTI board and to have the opportunity
to help the company reach its goal of making cancer more
treatable," Mr. Love said.  "I am fully committed to the
company's mission and look forward to contributing my experience
to the development of both the company and its drug candidates."

                    About Cell Therapeutics

Based in Seattle, Cell Therapeutics Inc. (NasdaqGM: CTIC) --
http://cticseattle.com/-- is a biopharmaceutical company
committed to developing an integrated portfolio of oncology
products aimed at making cancer more treatable.  The company
maintains research and development facilities, Cell Therapeutics
Europe S.r.l, in Bresso (Milan), Italy.

Cell Therapeutics' consolidated balance sheet at June 30, 2007,
showed $89.6 million in total assets and $174.6 million in total
liabilities, resulting in a $102.1 million total stockholders'
deficit.


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


JENIS-PAVLODAR LLP: Proof of Claim Deadline Slated for Nov. 6
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Jenis-Pavlodar insolvent on June 26.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan


INTERPIPE AKTOBE: Creditors Must File Claims Nov. 7
---------------------------------------------------
LLP Interpipe Aktobe Ltd has declared insolvency.  Creditors
have until Nov. 7 to submit written proofs of claims to:

         LLP Interpipe Aktobe Ltd
         Maresyev Str. 79-48
         Aktobe
         Aktube
         Kazakhstan


MACHINE-TECHNICAL STATION: Claims Filing Period Ends Nov. 6
-----------------------------------------------------------
LLP Machine-Technical Station has declared insolvency.
Creditors have until Nov. 6 to submit written proofs of claims
to:

         LLP Machine-Technical Station
         Proletarskaya Str. 2
         Uspenka
         Uspensky District
         Pavlodar
         Kazakhstan


MAI-NUR COMPANY: Creditors' Claims Due on Nov. 2
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Mai-Nur Company 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


STROITEL LLP: Claims Registration Ends Nov. 6
---------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Construction Company Stroitel insolvent on July 24.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan


TANTAL PLUS LLP: Proof of Claim Deadline Slated for Nov. 6
----------------------------------------------------------
LLP Tantal Plus has declared insolvency.  Creditors have until
Nov. 6 to submit written proofs of claims to:

         LLP Tantal Plus
         Office 402
         Amangeldy Str. 49a
         Almaty
         Kazakhstan


TAU FOOD: Creditors Must File Claims Nov. 2
-------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Tau Food 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


UNION GROUP: Claims Filing Period Ends Nov. 7
---------------------------------------------
Branch of LLP Union Group Service has declared insolvency.
Creditors have until Nov. 7 to submit written proofs of claims
to:

         Branch of LLP Union Group Service
         Kuznechnye Ryady Str. 8/3
         Aktobe
         Aktube
         Kazakhstan


VAIGA LLP: Creditors' Claims Due on Nov. 5
------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Vaiga insolvent.

Creditors have until Nov. 5 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Valihanov Str. 19-149
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


VIVA-AKTOBE LLP: Claims Registration Ends Nov. 2
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Viva-Aktobe insolvent on Aug. 6.

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

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


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


GLAVSPIRTTREST LLC: Creditors Must File Claims by November 2
------------------------------------------------------------
LLC Glavspirttrest has declared insolvency.  Creditors have
until Nov. 2 to submit written proofs of claim to:

         LLC Glavspirttrest
         Djamgerchinov Str. 212
         Bishkek
         Kyrgyzstan


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


BIOMET INC: Inks Deferred Prosecution Pact with USAO
----------------------------------------------------
Biomet Inc. has entered into a Deferred Prosecution Agreement
with the United States Attorney’s Office for the District of New
Jersey -- USAO.  The agreement concludes the government’s
investigation into whether consulting agreements between the
largest orthopedic manufacturers and orthopedic surgeons who use
joint reconstruction and replacement products may have violated
the federal Anti-Kickback Statute.

Through the DPA, the USAO agrees not to prosecute the Company in
connection with this matter, provided that the Company satisfies
its obligations under the agreement over the next 18 months.
The DPA calls for the appointment of an independent monitor to
review the Company’s compliance with the DPA, particularly in
relation to the Company’s consulting agreements.

The company has, at the same time, reached an agreement with the
United States to settle civil and administrative claims relating
to this matter for a payment of US$26,949,120, without any
admission of liability or wrongdoing by the company.  Finally,
the company has entered into a Corporate Integrity Agreement
with the Office of the Inspector General of the U.S. Department
of Health and Human Services.

The financial settlement to be paid by Biomet is the lowest
among the four investigated companies that agreed to a civil
settlement, on both an absolute basis and as a percentage of
U.S. total joint sales.  This resolution reflects the company’s
full cooperation throughout the investigation.

The DPA acknowledges that the Company did not engage in any
conduct that adversely affected patient health or patient care,
and the Settlement Agreement is not an admission of improper
conduct on Biomet’s part.

Biomet’s President and Chief Executive Officer, Jeffrey R.
Binder, stated: "Biomet has long been committed to upholding the
highest standards of ethical and legal conduct and, in fact, was
among the first orthopedic companies to establish a voluntary
internal compliance program in 1999.  We fully intend to work
with the independent monitor, the Department of Justice and the
Office of Inspector General to institute and review additional
healthcare compliance practices and procedures.  Moving forward,
we are very confident in our ability to compete successfully on
a level playing field, given the quality of our products and
service."

                        About Biomet

Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its
subsidiaries design, manufacture, and market products used
primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy.  Biomet and its subsidiaries
currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Biomet's product
portfolio encompasses reconstructive products, fixation
products, spinal products, and other products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Moody's Investors Service has assigned final
debt ratings to Biomet, Inc. (B2 Corporate Family Rating) in
conjunction with the close of the leveraged buy-out transaction
by a consortium of equity sponsors.  Moody’s said the rating
outlook is negative.


E-MAC DE 2007-I: S&P Rates EUR8.3 Million Class E Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the mortgage-backed floating-rate notes to be
issued by E-MAC DE 2007-I B.V.

This will be the fourth German RMBS transaction originated by
GMAC-RFC Bank GmbH.  It will also be the fourth publicly rated
German true-sale RMBS transaction to be securitized since 2000.

In line with the first two German E-MAC transactions, a
significant percentage of construction loans will be in the
pool.  These are loans that are only partially disbursed to
date, and where future disbursements depend on the progress of
the building construction.  There will be a cash reserve to
cover the additional risk associated with these loans.

The various E-MAC transactions include a put option for the
benefit of the class A to E noteholders, which the noteholders
can exercise on each put date.  If the put option is exercised
on any class of notes, those notes will be fully redeemed.

                          Ratings List

E-MAC DE 2007-I B.V.
   EUR569.9 Million Mortgage-Backed Floating-Rate Notes

                           Prelim.        Prelim. Amount
            Class          Rating           (Mln. EUR)
            -----          ------            --------
            A              AAA                462.8
            B              AA                  39.1
            C              A                   33.5
            D              BBB                 13.9
            E              BB                   8.3
            F(1)           NR                  12.3

        (1) The proceeds of the class F notes will be used to
            fund the cash reserve fund.


FOOT LOCKER: Incurs US$18-Mil. Net Loss in Quarter Ended Aug. 4
---------------------------------------------------------------
Foot Locker Inc. reported a net loss of US$18.0 million for the
second quarter ended Aug. 4, 2007, compared to net income of
US$14.0 million last year.  Second quarter sales decreased 1.5%
to US$1.28 billion this year compared with sales of US$1.30
billion for the corresponding prior year period.  Second quarter
comparable-store sales decreased 7.3%.

"Our second quarter results reflected lower than expected sales
and the impact of a strategic decision to significantly
accelerate the clearance of slow-selling merchandise inventory
in our U.S. stores," stated Matthew D. Serra, Foot Locker Inc.'s
chairman and chief executive officer.  "This inventory clearance
strategy resulted in markdowns increasing in our U.S. stores by
US$50.0 million, at cost, versus the second quarter of last
year.  As a result, we are now better positioned to offer more
exciting and compelling products for the fall season.  At the
same time, the division profit of our international stores
increased approximately 20.0% from the same period last year,
(excluding the US$17.0 million pre-tax charge recorded in 2006
to write down long-lived assets pursuant to SFAS 144)."

For the first six months of the year, the company reported a net
loss of US$1.0 million, compared with net income of US$73.0
million   last year.  Year-to-date sales decreased 2.6% to
US$2.60 billion compared with sales of US$2.67 billion last
year.  Comparable-store sales decreased 6.2%

At the end of the second quarter, the company's cash and short-
term investments totaled US$363.0 million.  The company's cash
position, net of debt, increased by US$86.0 million from the
same time last year.  During the second quarter, the company
repurchased 1.1 million shares of its common stock for
US$24.0  million.  For the first six months of the year, the
company repurchased 2.3 million shares for US$50.0 million.

The company's merchandise inventory at the end of the second
quarter was 1.6% lower than at the end of the second quarter
last year.  Stated in constant currency dollars, the company's
merchandise inventory decreased 3.2% versus last year.
Merchandise inventory in the company's U.S. stores was
approximately 4.0% lower than last year, with goods older than
12 months reduced from last year by approximately 40.0%.  At the
company's international stores, merchandise inventory was
essentially flat with last year.

                     Store Base Update

During the first six months of the year, the company opened 78
new stores, remodeled/relocated 129 stores and closed 115
stores.  At Aug. 4, 2007, the company operated 3,905 stores in
20 countries in North America, Europe and Australia.  In
addition, seven-franchised stores were operating in the Middle
East.  During the first week of the third quarter, the company
converted its Footquarters stores to Foot Locker and Champs
Sports outlet stores.

During the next six months of 2007, the company currently
expects to open approximately 40 stores and, as previously
announced, close 135 to 150 unproductive stores.  Approximately
90 of the estimated store closings are expected to occur at or
near their normal lease expiration and have minimal or no
expense impact to the company.  Depending on the outcome of
landlord negotiations, 50 to 60 of the stores are expected to
close prior to normal lease expiration.  The cash costs
associated with closing these 135 to 150 stores are expected to
be essentially offset by the cash benefits of the working
capital reduction.

Mr. Serra continued, "Given the uncertainty of several factors
that may affect our financial results, we are not providing a
financial forecast for the balance of the year at this time.
These uncertainties include the current challenging athletic
retail environment in the U.S. and incremental costs associated
with the closing of the additional stores.  In addition, we will
continue to assess the impact of the recent merchandise
initiatives on the financial results of our domestic businesses
during the fall 2007 season.  This assessment may include an
analysis of the recoverability of store long-lived assets
pursuant to SFAS 144 that may result in a non-cash impairment
charge."

At Aug. 4, 2007, the company's consolidated balance sheet showed
US$3.34 billion in total assets, US$1.10 billion in total
liabilities, and US$2.24 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Aug. 4, 2007, are available for
free at http://researcharchives.com/t/s?2364

                       Credit Facility

The company discloses that it has a US$200.0 million revolving
credit facility.  Other than to support standby letter of credit
commitments, of which US$14.0 million were in place at
Aug. 4, 2007, the revolving credit facility has not been used
during 2007.

In 2004, the company obtained a 5-year, US$175.0 million
amortizing term loan from the bank group participating in the
revolving credit facility, of which US$88.0 million is
outstanding as of Aug. 4, 2007.  Under the company's revolving
credit and term loan agreement the company is required to
satisfy certain financial and operating covenants, including a
minimum fixed charge coverage ratio.  In addition, this
agreement restricts the amount the company may expend in any
year for dividends to 50% of its prior year's net income.

As reported in the Troubled Company Reporter on Sept. 14, 2007,
the company disclosed that based on its second quarter financial
results and business uncertainties for the second half of the
year, it may not continue to be in compliance with the fixed
charge coverage ration.

                       About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, The Netherlands,
Australia, and New Zealand as of Feb. 3, 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2007, Standard & Poor's Ratings Services said its ratings,
including the 'BB+' corporate credit rating, on Foot Locker Inc.
will remain on CreditWatch with negative implications, where
they were placed on Aug. 18, 2006.


FOOT LOCKER: Weak Results Prompt Moody's to Cut Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Foot Locker
Inc., corporate family rating to Ba2, with a negative outlook.

The downgrade was prompted by the company's weak results of the
first six months of 2007, which were primarily driven by
weakness in the athletic retail market in North America, and
resulted in a deterioration of Foot Locker's credit metrics.
Both credit metrics cited in Moody's credit opinion dated July
10, 2006, fell below the level that prompt a downgrade.  It is
Moody's opinion that these weakened credit metrics are likely to
be sustained over at least the next twelve months.

The downgrade also reflects Moody's opinion that the company's
financial policies, previously considered predictable and
conservative, have become more aggressive as evidenced by the
company's announcement that it was evaluating strategic
alternatives and Foot Locker's failed hostile bid to purchase
Genesco, which demonstrated an appetite for debt funded
acquisitions.  This concludes the review for possible downgrade
that was initiated on April 20, 2007.

These ratings are downgraded:

   -- Corporate family rating to Ba2 from Ba1;

   -- Probability of default rating to Ba2 from Ba1'

   -- Senior unsecured notes to Ba2 (LGD4; 59%) from Ba1
      (LGD4; 60%).

The Ba2 corporate family rating reflects Foot Locker's weakened
credit metrics and its more aggressive financial policies.  In
the addition, the rating reflects the company's significant
business risk as a result of the company's narrow focus on
athletic footwear and apparel, which makes it highly susceptible
to changing fashion trends.  The company is also highly seasonal
with cash flow from operations generation being heavily reliant
on the fourth quarter holiday selling season. Balancing these
significant risks is the company's global diversification,
credible market position, and profitability that is in line with
its peer group average.

The rating outlook is negative reflecting the ongoing challenges
of the year ahead which Moody's expects will likely cause credit
metric to weaken further, as well as Moody's expectation that
the company will possibly violate its fourth quarter financial
covenants.

Foot Locker Inc. is a global, specialty retailer of athletic
footwear and apparel, and is the biggest athletic footwear and
apparel retailer in the United States.  It operates about 3,942
primarily mall-based stores in 20 countries in North America,
The Netherlands, Australia and New Zealand.  Foot Locker
operates store formats under the brand names Foot Locker, Lady
Foot Locker, Kids Foot Locker, Footaction and Champs Sports.  In
addition, Foot Locker has a direct-to-customer business that
offers over 17,000 products through catalogs and the internet
under the Eastbay brand and Footlocker.com.  Revenues for LTM
period ending Aug. 7, 2007 were about $5.7 billion.


LYONDELL CHEMICAL: To Hold Shareholders Meeting on Nov. 20
----------------------------------------------------------
Lyondell Chemical Company has scheduled a special shareholders
meeting for Tuesday, Nov. 20, 2007, to vote on the proposal to
adopt the Agreement and Plan of Merger, dated as of
July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited
and Lyondell.  Holders of record as of the close of business on
Oct. 9, 2007, will be entitled to vote at the special meeting.
The special meeting will be held beginning at 9:00 a.m. CT in
Lyondell's General Assembly Room, Two Houston Center, 909
Fannin, Suite 400, in Houston, Texas.

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

                        *     *     *

As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and
Millennium on Rating Watch Negative following the announcement
that Lyondell has agreed to be acquired by Basell for
US$12.66 billion, or US$48 per share.  The transaction is valued
at US$19 billion including the consolidated debt outstanding at
Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


MITSUBISHI MOTORS: Revises 1st Half Results for Fiscal Year 2007
----------------------------------------------------------------
Mitsubishi Motors Corporation has, to reflect recent trends in
its corporate performance, made the following changes to the
first-half consolidated results forecasts for the fiscal year
ending March 31, 2008 announced on April 26, 2007:

Revenue, which was initially forecasted to total to
JPY1.2 million, has now been changed to JPY1.3 million, an 8.5%
increase.  Operating income is now expected to amount to
JPY15.0 million, a 200% upsurge from the previous forecast's
JPY5.00 million.

The first-half consolidated results for the current fiscal year
are expected to exceed the forecasts for revenue, operating
income, and ordinary income originally announced on April 26,
2007 due to increases in unit sales volume, principally in
overseas markets, and to favorable effects stemming from the
weaker yen. The net income forecast is left unchanged because of
expected increases in consolidated taxes.

The Company makes no changes to its consolidated forecasts for
the full fiscal year at the current time because of
uncertainties about domestic sales, as well as about currency
movements and raw material costs.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


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


ELEKTRIM SA: Mother and Son Investors Raise Stake Above 5%
----------------------------------------------------------
Maciej Niebrzydowski and his mother Elzbieta Sjoeblom have
raised their stakes in Elektrim S.A. above 5% despite the
company's recent press battle with Vivendi Universal and its
ongoing insolvency proceedings, Puls Biznesu reports.

Mr. Niebrzydowski earlier said that he would acquire Elektrim
shares on the stock exchange if he failed to buy them from
Vivendi.

Mr. Niebrzydowski told Puls Biznesu that in the worst case
scenario, Elektrim's share would be worth at least PLN45
(EUR11.9).

Meanwhile, Mr. Niebrzydowski's mother already has 3.94 million
shares of Elektrim plus 260,000 shares via Park Bronisze,
representing a 5.01% stake in the company, Puls Biznesu relates.

According to Poland A.M., bourse investment vehicle Stormm, in
which Mr. Niebrzydowski's mother has a one-third ownership,
previously bought 525,000 shares in Elektrim, while its
subsidiary Mostostal-Export-Dom signed a revolving loan
amounting to PLN.30 million for the share acquisition.

                      About Elektrim S.A.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

As reported in the TCR-Europe on Aug. 24, 2007, Elektrim S.A.
filed for bankruptcy protection in a court in Warsaw on Aug. 10,
2007, after its second debt restructuring talks with bondholders
failed.

Subsequently, the court has granted bankruptcy protection to
Elektrim with the possibility of settlement and appointed a
trustee to oversee the company's assets.

The court gave creditors three months to file their proofs of
claim.


NETIA SA: Banca Akros Exceeds Five Percent Voting Threshold
-----------------------------------------------------------
Netia SA received a notification from Banca Akros S.p.A.
informing that Banca Akros exceeded the 5% threshold of the
aggregate number of votes at Netia’s General Meeting of
Shareholders.

As a result of purchases of Netia shares affected on the Stock
Exchange on Sept. 25, 2007, Banca Akros holds 23,262,944 Netia
shares, representing 5.98% of Netia’s share capital and
entitling the holder thereof to exercise 23,262,944 votes, which
represents 5.98% of the total number of votes at Netia’s General
Meeting of Shareholders.

Prior to the above transactions, Banca Akros held 16,992,927
Netia shares, which represented 4.37% of Netia’s share capital,
and was entitled to 16,992,927 votes, representing 4.37% of the
total number of votes at Netia’s General Shareholders Meeting.

                           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-KHIMIK OJSC: Bankruptcy Hearing Slated for Nov. 15
-------------------------------------------------------
The Arbitration Court of Stavropol will convene at 10:30 a.m. on
Nov. 15 to hear the bankruptcy supervision procedure on OJSC
Agro-Khimik.  The case is docketed under Case No. A63-3530/
07-S5.

The Temporary Insolvency Manager is:

         V. Kasimov
         Sportivnaya Str. 26
         Mineralnye Vody
         357201 Stavropol
         Russia

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         OJSC Agro-Khimik
         Klinovogo Str. 3
         Pravokumskoe
         Stavropol
         Russia


ARKHANGELSKOE AVIATION: Names N. Patrov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Arkhangelsk appointed N. Patrov as
Insolvency Manager for OJSC Arkhangelskoe Aviation Enterprise.
He can be reached at:

         N. Patrov
         Post User Box 315
         163000 Arkhangelsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-4311/2007.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         N. Patrov
         Post User Box 315
         163000 Arkhangelsk
         Russia


ATOM-SERVICE CJSC: Creditors Must File Claims by Nov. 8
-------------------------------------------------------
Creditors of CJSC Atom-Service (TIN 6143059518) have until
Nov. 8 to submit proofs of claim to:

         V. Gaydunkov
         Insolvency Manager
         Office 504
         Oborony Str. 24
         344082 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-16445/2006-S2-51.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Atom-Service
         Volgodonsk-28
         Rostov
         Russia


BINAR CJSC: Creditors Must File Claims by Nov. 8
------------------------------------------------
Creditors of CJSC Binar (TIN 7810600859) have until Nov. 8 to
submit proofs of claim to:

         Y. Chesnokov
         Insolvency Manager
         Post User Box 109
         196105 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-25330/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Binar
         Premise 16-N
         Ligovskiy Pr. 29
         193036 St. Petersburg
         Russia


CAUSTIC OAO: S&P Junks Credit Ratings on Limited Transparency
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit and 'ruBB' Russia national scale ratings on OAO Caustic
and OAO Plastcard, the two core operating companies of Russia-
based chemicals group Nikos.  The outlooks on both entities are
stable.  At the same time, the 'ruBB' senior unsecured debt
rating on the RUR1.5 billion issue by Nikoshim-Invest, LLC, a
special financial vehicle of Nikos, was also affirmed.

"The ratings are constrained at the 'CCC+' level by the group's
complex and evolving structure, limited transparency, and
exposure to refinancing risks," said Standard & Poor's credit
analyst Andrey Nikolaev.

These weaknesses are tempered by favorable market positions,
comfortable profitability, and the companies' adequate ability
to date to roll over existing short-term debt.

Total debt increased to US$175 million in 2006 and to about
US$220 million at Aug. 31, 2007, due to acquisitions of non-core
assets in construction and agriculture.

"We expect that Nikos will be able to refinance its existing
short-term debt and succeed in arranging additional credit lines
to support its liquidity in 2007 and 2008," said Mr. Nikolaev.

A disruption in liquidity or further increase in investments in
non-core assets would put significant pressure on the ratings.

Although the group's profitability and cash flows could
potentially support a higher rating, and although its core
production subsidiaries were consolidated in 2006, ratings
upside potential is constrained until Nikos achieves significant
progress in consolidating cash flows, achieving better
transparency (with consolidated audited accounts), and
optimizing its debt maturity profile.  Standard & Poor's
believes this will take some time.


CENTRE PLUS: Creditors Must File Claims by Oct. 8
-------------------------------------------------
Creditors of CJSC Centre Plus have until Oct. 8 to submit proofs
of claim to:

         A. Romanov
         Insolvency Manager
         Pochainskaya Str. 17
         603001 Nizhniy Novgorod
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-4458/2007.

The Debtor can be reached at:

         CJSC Centre Plus
         Kirova Str. 46
         Syzran
         Samara
         Russia


ENISEYSKIY MEAT: Creditors Must File Claims by Nov. 8
-----------------------------------------------------
Creditors of Municipal Unitary Enterprise Eniseyskiy Meat
Packing Mill have until Nov. 8 to submit proofs of claim to:

         E. Dmitriev
         Insolvency Manager
         Post User Box 109
         Kansk
         Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-10515/2006.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Eniseyskiy Meat
         Packing Mill
         Eniseysk
         Krasnoyarsk
         Russia


KRUPPSKIY FISHING: Bidding Deadline Slated for Oct. 7
-----------------------------------------------------
LLC Kruppskiy Fishing Factory, will set with a repeated auction
for the company's properties at 10:00 a.m. on Oct. 8 at:

         NOOO OAS
         4th floor
         Stratilatovskaya Str. 15
         173001 Velikij Novgorod
         Russia

The company has set a RUR10,507,500 starting price for the
auctioned assets.

Interested participants have until Oct. 7 to deposit an amount
equivalent to 10% of the starting price to:

         LLC Kruppskiy Fishing Factory
         Settlement Account 40702810043000100436
         Correspondent Account  30101810100000000698
         BIK 044959698
         Novgorodskiy OSB 8629
         Velikij Novgorod
         Russia

Bidding documents must be submitted to:

         NOOO OAS
         4th floor
         Stratilatovskaya Str. 15
         173001 Velikij Novgorod
         Russia

The Debtor can be reached at:

         LLC Kruppskiy Fishing Factory
         Krup
         Pechorskiy
         181533 Pskov
         Russia


NIINIVIRTA-TERMINAL: Names I. Zhoganshin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
I. Zhoganshin as Insolvency Manager for CJSC Niinivirta-Terminal
(OGRN 1027804898065).  He can be reached at:

         I. Zhoganshin
         Office 124
         Letter P
         Chapygina Str. 6
         197376 St. Petersburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-10331/2004.

The Court is located at:

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

The Debtor can be reached at:

         I. Zhoganshin
         Office 124
         Letter P
         Chapygina Str. 6
         197376 St. Petersburg
         Russia


PETROVKA-GAS-STROY: Creditors Must File Claims by Oct. 8
--------------------------------------------------------
Creditors of OJSC Petrovka-Gas-Stroy have until Oct. 8 to submit
proofs of claim to:

         V. Komarov
         Temporary Insolvency Manager
         Sovetskaya Str. 32
         Koptevo
         Rasskazovskij
         393276 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A64-2407/07-18.

The Debtor can be reached at:

         OJSC Petrovka-Gas-Story
         Petrovskoe
         Petrovskiy
         Tambov
         Russia


PLASTCARD OAO: S&P Junks Credit Ratings on Refinancing Risks
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit and 'ruBB' Russia national scale ratings on OAO Caustic
and OAO Plastcard, the two core operating companies of Russia-
based chemicals group Nikos.  The outlooks on both entities are
stable.  At the same time, the 'ruBB' senior unsecured debt
rating on the RUR1.5 billion issue by Nikoshim-Invest, LLC, a
special financial vehicle of Nikos, was also affirmed.

"The ratings are constrained at the 'CCC+' level by the group's
complex and evolving structure, limited transparency, and
exposure to refinancing risks," said Standard & Poor's credit
analyst Andrey Nikolaev.

These weaknesses are tempered by favorable market positions,
comfortable profitability, and the companies' adequate ability
to date to roll over existing short-term debt.

Total debt increased to US$175 million in 2006 and to about
US$220 million at Aug. 31, 2007, due to acquisitions of non-core
assets in construction and agriculture.

"We expect that Nikos will be able to refinance its existing
short-term debt and succeed in arranging additional credit lines
to support its liquidity in 2007 and 2008," said Mr. Nikolaev.

A disruption in liquidity or further increase in investments in
non-core assets would put significant pressure on the ratings.

Although the group's profitability and cash flows could
potentially support a higher rating, and although its core
production subsidiaries were consolidated in 2006, ratings
upside potential is constrained until Nikos achieves significant
progress in consolidating cash flows, achieving better
transparency (with consolidated audited accounts), and
optimizing its debt maturity profile.  Standard & Poor's
believes this will take some time.


SAMARA-AGRO-SERVICE: Creditors Must File Claims by Oct. 8
---------------------------------------------------------
Creditors of LLC Samara-Agro-Service have until Oct. 8 to submit
proofs of claim to:

         I. Ryumin
         Temporary Insolvency Manager
         Office 37
         Moskovskoe Shosse 20
         Ryazan
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A55-9330/07-14.

The Debtor can be reached at:

         LLC Samara-Agro-Service
         Samara
         Russia


SARATOV-MASH-OPT-TORG: Creditors Must File Claims by Oct. 8
-----------------------------------------------------------
Creditors of OJSC Saratov-Mash-Opt-Torg have until Oct. 8 to
submit proofs of claim to:

         A. Otstavnov
         Temporary Insolvency Manager
         Post User Box 34-78
         Post Office 4
         Astrakhanskaya Str. 22/36
         410004 Saratov
         Russia

The Arbitration Court of Saratov will convene at 2:20 p.m. on
Dec. 25 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A57-3870/06-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Saratov-Mash-Opt-Torg
         Zheleznodorozhnaya Str. 72
         410078 Saratov
         Russia


SEVERSTAL OAO: Unit Submits GBP161 Mln Bid for Celtic Resources
---------------------------------------------------------------
CJSC Severstal Resurs, mining division of OAO Severstal,
disclosed an all cash offer by its affiliate Centroferve Ltd. to
acquire all of the issued and to be issued share capital of
Celtic Resources Holdings Plc at a price of 270 pence per Celtic
share at a total value of GBP161 million.

The acquisition forms part of Severstal Resurs’ strategy of
targeted diversification and will be combined with recent
acquisitions of selected gold mining licenses in Russia and the
CIS region to enhance the group’s newly established gold
segment.

Severstal Resurs manages all of the mining operations of parent
company, OAO Severstal.  Severstal Resurs consists of four high-
quality mining complexes in northwest Russia and in Western
Siberia producing iron ore and coking coal and is the second
largest producer of pellets and coking coal in Russia.

Centroferve intends to make an all cash offer for all of the
issued and to be issued shares in Celtic, including all shares
issued as a result of the exercise of the Celtic warrants and
options, while the Offer remains open for acceptance.  Subject
to the terms and conditions of the Offer, accepting shareholders
will receive 270 pence per Celtic share in cash.

The offer represents:

   -- a 41.4% premium to the volume weighted average price for
      the one month to Sept. 17, 2007;

   -- a 43.6% premium to the volume weighted average price for
      the three months to Sept. 17, 2007; and

   -- a 51.7% premium to the volume weighted average price for
      the 12 months to Sept. 17, 2007.

The Offer will be subject to a number of customary conditions,
including a minimum acceptance condition of 50.1% and regulatory
approvals.

Centroferve has secured an irrevocable undertaking from Bluecone
Ltd., an affiliate of Severstal Resurs and 29.7% shareholder in
Celtic, to accept the Offer.  These shares were acquired on
Aug. 13, 2007, from Aton Capital and on Sept. 20, 2007, from
East Guardian Opportunity Fund and on 28 September from DWS
Investments, three substantial Celtic shareholders.  Centroferve
has also secured a letter of intent to accept the Offer in
relation to the 6.6% of Celtic shares held by Barrick Gold
Corporation.

Severstal Resurs believes that the endorsement of its Offer by
several of Celtic’s largest shareholders, three of which have
already sold their shares to Severstal Resurs outright, and by
Barrick Gold Corporation, the world’s largest gold producer by
market value, is a firm indication that the Offer provides
exceptional value and represents an excellent outcome for
Celtic’s shareholders.

Severstal Resurs also notes, in this regard, that Celtic’s
Chairman has divested approximately 149,000 shares of his stake
in Celtic over the past four to five months -- the majority of
his stake - at a volume weighted average price of GBP1.57 per
share.  Severstal Resurs’ Offer is 72% higher than this price.

"We believe that this offer represents an exceptionally
attractive price and provides Celtic shareholders with an
opportunity to realize a substantial cash premium -- we are
offering a 43.6% premium to Celtic’s three-month volume weighted
average share price and a 51.7% premium to Celtic’s 12-month
volume weighted average share price to Sept. 17, 2007," Mr.
Roman Deniskin, CEO of Severstal Resurs, said.  "Our
operational, financial, technical and human resources
capabilities in the CIS region enable us to leverage and utilize
Celtic’s assets on a long-term basis and in a manner that Celtic
as a standalone entity simply could not."

"The transaction is in line with Severstal Resurs’s strategy of
diversification into other metals within the CIS.  We are
increasing our interests in gold, which we consider to have
attractive long term fundamentals.  We expect to build on this
acquisition and recent acquisitions of gold mining licenses to
further expand our gold segment.  When considering potential
acquisition opportunities, we focus on quality of operations and
production profile, reserves and resources, cost position,
technology and operational management team."

In the event that Severstal Resurs does not reach the 80%
acceptance level required for compulsory acquisition, the
Severstal Group, as the largest single shareholder, intends to
run Celtic as a subsidiary in accordance with its own strategy,
subject to regulatory requirements and minority shareholder
rights.

The cash payable to Celtic shareholders under the terms of the
Offer will be funded by loan facilities to be made available to
Centroferve by other members if the Severstal Group.

Morgan Stanley & Co. Ltd. is satisfied that the necessary
financial resources are available to Centroferve to satisfy full
acceptance of the Offer.

Celtic Resources operates the Suzdal and Zherek gold mines in
eastern Kazakhstan and holds a majority stake in a project to
mine copper and gold in the Chelyabinsk Region in Russia's South
Urals.

                        About Severstal

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

                         *     *     *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investor's Service upgraded the Corporate Family Rating for OAO
Severstal from Ba3 to Ba2.

Moody's also upgraded rating for the Loan Participation Notes
totaling US$700 million from B1 to Ba2.  The outlook on all
ratings is stable.

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As of Feb. 1, 2007, Severstal carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's with a stable outlook.


STROY-DETAIL OJSC: Creditors Must File Claims by Oct. 8
-------------------------------------------------------
Creditors of OJSC Stroy-Detail have until Oct. 8 to submit
proofs of claim to:

         N. Petukhov
         Insolvency Manager
         Truda Str. 37a-2
         610020 Kirovl
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-5627/01-248/6-184.

The Court is located at:

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

The Debtor can be reached at:

         N. Petukhov
         Insolvency Manager
         Truda Str. 37a-2
         610020 Kirovl
         Russia


TIKOM CJSC: Creditors Must File Claims by Nov. 8
------------------------------------------------
Creditors of Municipal Unitary Enterprise Eniseyskiy Meat
Packing Mill have until Nov. 8 to submit proofs of claim to:

         S. Ivanov
         Insolvency Manager
         Building 1
         Derbenevskaya Str. 11
         115114 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-77457/06-78-1209 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Holding Company Tikom
         Room 11
         Sadovnicheskaya Str. 71
         115035 Moscow
         Russia


TITAN PETROCHEMICALS: Unit Sells Oil Carrier for US$91 Million
--------------------------------------------------------------
Titan Petrochemicals' unit, Titan Virgo Co., has agreed to sell
a double-hulled 'very large crude oil carrier' with a dead
weight of 299,993 tons for US$91 million, Infocast News reports.

The company said that the disposal enables it to realize value
in the vessel and strengthen the cash flow of it which will be
available for deployment for its benefit, the news agency adds.

After the sale, Titan's transportation division will operate
seven very large crude carriers, and its fleet capacity
excluding the four VLCCs being used as floating storage, will
become approximately 2.13 million dwt.

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.

Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemical Group Ltd ("Titan") from B1 to B2.
At the same time, Titan's unsecured bond rating is also lowered
to B3.  The outlook for both ratings is stable.

Standard & Poor's Ratings Services on Sept. 4, 2007, revised the
outlook on the rating on Titan Petrochemicals Group Ltd. To
negative from stable.  At the same time, it affirmed both the
'B+' long-term corporate credit rating on Titan and the  'B'
issue rating on the company's US$400 million guaranteed senior
unsecured notes due 2012.


TMK OAO: Plans to Purchase TNK-ВР Service Assets
------------------------------------------------
OAO TMK will acquire service assets from Russian oil and gas
giant TNK–ВР.  This acquisition is part of TMK's strategy to
develop oil and gas services and provide customers with
additional benefits.  This deal should be completed before the
end of 2007.

TMK won the tenders conducted by TNK-ВР in August/September of
this year and will acquire the OOO Central Pipe Base, the ZAO
Pipe Repair Department and the building complex under
construction in the vicinity of Nyagan.

These service companies specialize in the repair of tubing
pipes, piston rods and pipe coatings, the manufacturing of pipe
column sections and other downhole equipment.  The companies
also provide transportation services for tubular goods to oil
field sites located in the Urals-Volga and Western-Siberian oil
and gas regions.

Once this transaction is completed, TMK plans to develop the
companies by expanding their service offerings and completing
the construction of the Nyagan building complex.  The
modernization of the service assets will increase their
cumulative repair and finishing capacity to about 1 million
seamless pipes per year.

"TMK is the world's second largest manufacturer of pipes for the
oil and gas sector and it not only looks for additional profits
from manufacturing and sales of tubular goods but also from the
expansion of services offered to oil and gas companies.  This
purchase from TNK-BP will allow us to enter the untapped market
of services, logistics and supply management in oil and gas
regions," TMK CEO Konstantin Semerikov said.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                            *   *   *

As reported in the TCR-Europe on July 20, 2007, Moody's
Investor's Service upgraded the corporate family rating
for TMK OAO from B1 to Ba3.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, assigned a
Aa3.ru national scale credit rating with a stable outlook to the
company.

Moody's has also upgraded the rating for the Loan Participation
Notes totaling US$300 million issued by TMK Capital S.A.,
guaranteed by the operating subsidiaries of TMK, from B2 to B1.
The outlook on all ratings is stable.

The B1 rating on the unsecured notes reflects both the overall
probability of default of the group, to which Moody's assigned a
probability-of-default rating of Ba3, and a loss-given default
assessment of LGD4 or 68%.

As of Feb. 5, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's B+ ratings with a stable
outlook.


TMK OAO: Earns US$289.1 Mln in Six Months Ended June 30, 2007
-------------------------------------------------------------
OAO TMK released its reviewed International Financial Reporting
Standards financial results for the six months ended June 30,
2007.

TMK reported net profit of US$289.1 million on US$2 billion of
revenue for the six months ended June 30, 2007, compared with
net profit of US$229.9 million on US$1.6 billion of revenue for
the same period in 2006.

At June 30, 2007, TMK's unaudited interim consolidated balance
sheet showed US$4 billion in total assets, US$2.1 billion in
total liabilities and US$2 billion in stockholders' equity.

                       1H 2007 Highlights

Financials:

    * Revenue grew by 28% to US$2 billion

    * Gross profit came in at US$657.9 million, an increase of
      30% compared to first half 2006 results.

    * EBITDA up 27% to US$499.5 million as a result of a strong
      pricing environment and increasing operating efficiency

Sales Volumes:

    * Total pipe sales volumes were nearly 1.54 million tons,
      including 1.02 million tons of seamless pipes

    * Seamless pipe sales volumes rose 5.1%, OCTG pipes, the
      highest margin products, had a slight increase of 2.8% and
      amounted to 497 thousand tons.

    * Welded pipe sales volume grew by 5.9%, driven by an
      increase in sales of large-diameter welded pipes.

Acquisitions/Joint Ventures:

    * On Jan. 25, 2007, OAO Seversky Pipe Plant and Corinth
      Pipeworks S.A., the largest pipe manufacturer in Greece,
      established a company ZAO TMK-CPW for the production of
      longitudinally welded pipes to be used in the oil and
      gas, machine building and construction industries.

      OAO Seversky Pipe Plant holds 51% and Corinth Pipeworks
      S.A. holds 49% of the company.

    * On March 5, 2007, TMK purchased a 76.33% interest in OAO
      Russian Research Institute of the Tube and Pipe Industries
      (RosNITI) for US$3.1 million.  RosNITI is the only pipe
      research institute in Russia.  In June and July 2007, TMK
      purchased an additional 21.03% in RosNITI for US$864.5
      thousand increasing its stake to 97.36%

    * In the first six months of 2007, TMK purchased 0.15% of
      OAO Sinarsky Pipe Plant shares and 0.13% of OAO Seversky
      Pipe Plant' shares for a total amount of US$2 million

Recent Developments:

    * On Aug. 29, 2007, TMK signed an agreement for the purchase
      of 100% interest in OOO Predpriyatiye Truboplast for
      US$24 million via entities under common control with TMK
      who themselves acquired this interest in July 2007.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                            *   *   *

As reported in the TCR-Europe on July 20, 2007, Moody's
Investor's Service upgraded the corporate family rating
for TMK OAO from B1 to Ba3.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, assigned a
Aa3.ru national scale credit rating with a stable outlook to the
company.

As of Feb. 5, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's B+ ratings with a stable
outlook.


TOCH-PRIBOR OJSC: Ivanovo Bankruptcy Hearing Slated for Feb. 4
--------------------------------------------------------------
The Arbitration Court of Ivanovo will convene at 1:00 p.m. on
Feb. 4, 2008 to hear the bankruptcy supervision procedure on
OJSC Toch-Pribor.  The case is docketed under Case No. A17-1393/
06-1-B.

The Temporary Insolvency Manager is:

         V. Shevchenko
         Temporary Insolvency Manager
         Building 2
         Guryevskiy Proezd 27
         115597 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Toch-Pribor
         Lezhnevskaya Str. 183
         153582 Ivanovo
         Russia


URAL-EURO-MARKET: Court Names A. Gievskiy as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk appointed A. Gievskiy as
Insolvency Manager for LLC Company Ural-Euro-Market.  He can be
reached at:

         A. Gievskiy
         Urvantseva Str. 23-7
         660125 Krasnoyarsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-4773/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Company Ural-Euro-Market
         Krasnoyarsk
         Russia


USEC INC: Amends Credit Facility to Increase Shares
---------------------------------------------------
USEC Inc. and United States Enrichment Corporation, subsidiary
of the company, entered into an amendment to the Aug. 18, 2005,
Amended and Restated Revolving Credit Agreement by and among the
company, United States Enrichment Corporation, the lenders
parties thereto, JPMorgan Chase Bank N.A., as administrative and
collateral agent, and the other financial institutions, to
increase the number of authorized Series A Junior Participating
Preferred Stock from 100,000 shares to 200,000 shares.

On Sept. 21, 2007, the company filed with the Department of
State of the State of Delaware a Certificate of Increase to the
Certificate of Designation, Preferences and Rights of Series A
Junior Participating Preferred Stock.

The certificate of increase, which was authorized by the
company's board of directors pursuant to Article Fourth of the
company's certificate of incorporation and Section 151(g) of the
Delaware General Corporation Law.

The increase in the number of authorized Series A Shares will
ensure that:

   -- in the event such Series A Shares were issued in
      connection with the common stock rights under the
      company's rights agreement adopted on April 24, 2001;

   -- a sufficient number of Series A Shares would be available
      for satisfaction upon issuance of such rights.

The certificate of increase was effective as of Sept. 21, 2007.

The amendment specifically:

   -- permits the issuance of the senior convertible notes,
      pursuant to an indenture entered into between the company
      and Wells Fargo Bank N.A., as trustee;

   -- permits any conversion of the convertible notes into the
      company's common stock;

   -- facilitates the payment of cash of any fractional shares
      remaining after any conversion of the convertible notes.

   -- provides that the occurrence of a fundamental change
      under the indenture will result in an event of default
      under the credit agreement, subject to the expiration of
      any applicable grace or cure periods set forth in the
      indenture.

                       About USEC Inc.

Headquartered in Bethesda, Maryland, USEC, Inc. (NYSE: USU) --
http://www.usec.com/-- is a supplier of low enriched uranium to
nuclear power plants and is the exclusive executive agent for
the U.S. Government under the Megatons to Megawatts program with
Russia.

                         *     *     *

In April 2007, Moody's placed the company's senior unsecured
debt rating at 'Caa2' and probability of default rating at 'B3'.
The outlook is negative.  These ratings still hold to date.


VTB NORTH-WEST: Fitch Affirms D Ratings; Resolves Rating Watch
--------------------------------------------------------------
Fitch Ratings has upgraded Russia-based JSC Bank VTB North-
West's Long-term and Short-term Issuer Default ratings to 'BBB+'
and 'F2', respectively.  Fitch has also resolved the Rating
Watch Positive on VTB NW's Long- and Short-term IDRs, and the
Outlook for the Long-term IDR is now Stable.  The bank's other
ratings are affirmed at Individual 'D' and Support '2'.

The upgrade reflects the increasing operational integration
between VTB NW and its parent JSC Bank VTB (rated 'BBB+'/Stable
Outlook), and the closer oversight of VTB NW by VTB, facilitated
by a supervisory board formed primarily of VTB's top managers.
The upgrade also takes into account the closer identity between
the two banks following the rebranding earlier this year of VTB
NW (formerly Industry & Construction Bank) and the fact that VTB
NW continues to book the vast majority of VTB Group's corporate
business in north-west Russia.

Fitch initially placed VTB NW's Long- and Short-term IDRs on RWP
in October 2006 on the approval by VTB NW's shareholders of a
merger with VTB.  Fitch expected to resolve the RWP following
the completion of the merger, which was expected by end of firs
quarter of 2007, but the merger was postponed until the autumn
of this year due to VTB's public share offering, which took
place in May 2007.  However, VTB has recently decided not to
proceed with the merger, mainly because, according to Russian
corporate legislation, its creditors would receive the right to
withdraw funds from the bank.  Given currently weak capital
markets and the fact that the bank's debt is trading below par
value, the withdrawal right would be likely to trigger an early
repayment of this debt.  VTB may still seek to complete the
merger if and when market conditions change.

VTB NW is the leading bank in the north-west of Russia and 15th-
largest (by assets) in the country.  VTB owns 75% plus three
shares in VTB NW. VTB's other ratings are Short-term IDR 'F2',
Individual 'C/D', Support '2', Support Rating Floor 'BBB+',
National Long-term 'AAA(rus)' with Stable Outlook.


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


ABACO GROUP: Files Suspension of Payment to Renegotiate Debt
------------------------------------------------------------
Spanish exhibitor Abaco Group filed for suspension of payment
last week as it seeks to renegotiate with its creditors, Pamela
Rolfe writes for The Hollywood Reporter.

According to a spokesman for Abaco, plummeting ticket sales,
rampant pirating, shorter theater windows and growing free-time
alternatives made it difficult for the company to meet its
upcoming bank obligations.

The Spanish exhibitor will bring in an administrator to
restructure payments, the Daily Variety relates.

Abaco, which owns 42 cinemas and more than 450 screens in Spain,
acquired Cinebox last year for about EUR60 million in an aim at
increasing profits.

However, "the market has behaved in a way that makes the debt
payment impossible at this time," the spokesman was quoted by
the Hollywood Reporter as saying.

In 2005, Spanish capital risk fund Mercacapital bought a 90%
stake in Abaco for EUR55 million.


FTPYME BANCAJA 6: S&P Junks EUR28 Million Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.028 billion floating-rate notes to be
issued by FTPYME Bancaja 6, Fondo de Titulizacion de Activos.

The originator is Caja de Ahorros de Valencia, Castellon y
Alicante, which at closing will sell to FTPYME Bancaja 6 a
EUR1 billion closed portfolio of secured and unsecured loans
granted to Spanish SMEs.

To fund this purchase, Europea de Titulizacion, S.G.F.T., S.A.,
as trustee, will issue three classes of floating-rate, quarterly
paying notes on behalf of FTPYME Bancaja 6.

The preliminary ratings on the notes to be issued by FTPYME
Bancaja 6 reflect the subordination of the respective classes of
notes below them, the reserve fund, the presence of the interest
rate swap, comfort provided by various other contracts, and the
rating on Bancaja (A+/Stable/A-1).

                          Ratings List

FTPYME Bancaja 6, Fondo de Titulizacion de Activos
   EUR1.028 Billion Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. EUR)
           -----          ------           --------
            A1             AAA               229.1
            A2             AAA               582.0
            A3             AAA               118.9
            B              A-                 47.5
            C              BB                 22.5
            D(1)           CCC-               28.0

        (1) The class D notes will fully fund the cash reserve
            account at closing.  The issuance amount may be
            EUR28 million depending on the scenario in which the
            swap counterparty receives an amount to be
            determined at closing.


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


AVNET INC: Will Acquire Acal plc’s IT Solution Division
-------------------------------------------------------
Avnet Inc. has reached a definitive agreement with Acal plc for
Avnet to acquire the IT Solutions division of Acal plc.  Acal IT
Solutions is a leading value-added distributor for Storage Area
Networking, Secure Networking and Electronic Document Management
products and services, with operations in the United Kingdom,
the Netherlands, Belgium, Germany, France and Sweden.  The
closing of the transaction is subject to approval by Acal
shareholders and EU merger control clearance.

With the acquisition, Avnet gains an additional 2000 Acal
resellers and system integrators as well as 180 employees
experienced in the design and installation of complex solutions
addressing storage networking and document management
requirements.  Acal IT Solutions markets a portfolio of storage
networking, networking and fibre channel products from leading
suppliers including Brocade, Cisco, Emulex, Juniper and Qlogic
and document management solutions from Canon, Fujitsu and Kodak,
among others.  Its Headway Technology Group is positioned to
meet the increasing requirements of document management and
storage with a portfolio of products including document capture
software, scanners, optical, CD and DVD storage hardware and
software and tape backup solutions.  In addition, the
acquisition of Acal will bring to Avnet a value-added services
unit providing network infrastructure planning and
implementation and training as well as technical support.  In
the fiscal year ended March 31, 2007, Acal IT Solutions revenue
was approximately US$200 million.  Acal IT Solutions will be
integrated into Avnet Technology Solutions’ EMEA business.

Dick Borsboom, president of Avnet Technology Solutions EMEA,
commented, "The acquisition of Acal’s IT Solutions business will
significantly expand our product line by adding complementary
products in high growth segments including Storage Area
Networking, wired and wireless networking and security, and
document management.  In addition, Acal IT Solutions brings a
suite of professional services that will enhance our ability to
deliver solutions and services that meet the increasingly
complex requirements of the combined customer base.  We are
excited about the opportunities this transaction will provide to
deepen our engagement with our reseller partners and accelerate
the growth of Technology Solutions in Europe."

The transaction will also provide Avnet Technology Solutions
EMEA with access to a new market segment through the Headway
Technology Group.  The group specializes in the design and
installation of document imaging solutions that include high-
quality document scanners, optical character recognition tools
and highly sophisticated hardware and software to manage the
data easily.

Mr. Borsboom added, "While document management and imaging
started out as separate markets, they are now migrating to
enterprise content management solutions as enterprises seek to
automate, or virtualize, their business processes.  This suite
of products and services offers significant opportunities for
cross selling because we can expand the range of opportunities
we can address with a complete solution."

                         About Avnet

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

                        *     *     *

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


BRIGHTPOINT INC: Subsidiary Signs Distribution Deal with Sonim
--------------------------------------------------------------
Brightpoint Inc.'s subsidiary, Brightpoint Middle East FZE, has
been appointed as a distributor by Sonim Technologies Inc.
Pursuant to this agreement, Brightpoint will provide Sonim with
distribution services for Sonim products to be distributed in
the Middle East market.

                  About Sonim Technologies

Sonim Technologies Inc. -- http://www.sonimtech.com/-- enables
today’s GPRS, UMTS & WiFi data networks to deliver high-
performance VoIP applications and services, specifically
optimized to meet the productivity objectives of mobile
enterprises.  Sonim’s OMA PoC 1.0 server, client and handset
solutions represent the industry’s only business class
implementation of the push-to-talk standard and form the basis
of an emerging suite of streaming IMS-compliant applications.
Sonim is headquartered in San Mateo, California, with offices in
Bangalore, London, Stockholm and Madrid.

                      About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


FLEXTRONICS INT'L: Shareholders Approve Solectron Acquisition
-------------------------------------------------------------
Shareholders of both Flextronics International Ltd. and
Solectron Corporation have approved the completion of
Flextronics's proposed acquisition of Solectron.

Flextronics shareholders, at the Flextronics Annual General
Meeting, approved the issuance of Flextronics ordinary shares in
the acquisition of Solectron.

Solectron stockholders, at a special meeting of Solectron
stockholders, voted to adopt the Agreement and Plan of Merger,
dated as of June 4, 2007.

As reported in the Troubled Company Reporter on June 6, 2007,
Flextronics and Solectron have entered into a definitive
agreement for Flextronics to acquire Solectron, creating the
diversified and provider of advanced design and vertically
integrated electronics manufacturing services.

Under the terms of the definitive agreement, unanimously
approved by the boards of directors of both companies,
shareholders of Solectron will receive total consideration
valued at approximately $3.6 billion, based on the closing price
of Flextronics ordinary shares on June 1, 2007.

Subject to customary closing conditions, Flextronics expects to
complete its acquisition of Solectron on Oct. 1, 2007.

                  About Solectron Corporation

Based in Milpitas, California, Solectron Corporation (NYSE: SLR)
-- http://www.solectron.com/-- provides complete product
lifecycle services.  The company offers collaborative design and
new product introduction, supply chain management, lean
manufacturing and aftermarket services such as product warranty
repair and end-of-life support to customers worldwide.  The
company works with the providers of networking, computing,
telecommunications, storage, consumer, automotive, industrial,
medical, self-service automation and aerospace and defense
products.  The company's Lean Six Sigma methodology provides
OEMs with quality, flexibility, innovation and cost benefits
that improve competitive advantage.  Solectron operates in more
than 20 countries on five continents.

                About Flextronics International

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

                          *     *     *

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


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


ASSET POINT: Creditors' Liquidation Claims Due October 11
---------------------------------------------------------
Creditors of Asset Point Investment Ltd have until Oct. 11 to
submit their claims to:

         Treuco
         2172
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         Asset Point Investment Ltd
         Zurich
         Switzerland


BLUMEN HANNI: Creditors' Liquidation Claims Due October 10
----------------------------------------------------------
Creditors of JSC Blumen Hanni have until Oct. 10 to submit their
claims to:

         Manfred Schuler
         Liquidator
         Baslerstrasse 3
         7260 Davos Dorf
         Switzerland

The Debtor can be reached at:

         JSC Blumen Hanni
         Muri bei Bern
         Switzerland


BYTICS TECHNOLOGIE: Uster Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Uster commenced bankruptcy proceedings
against JSC Bytics Technologie on Aug. 28.

The Bankruptcy Service of Uster can be reached at:

         Bankruptcy Service of Uster
         8610 Uster 1
         Switzerland

The Debtor can be reached at:

         JSC Bytics Technologie
         Seestrasse 60a
         8612 Uster
         Switzerland


DOCSYSTEMS JSC: Creditors' Liquidation Claims Due December 12
-------------------------------------------------------------
Creditors of JSC DocSystems have until Dec. 12 to submit their
claims to:

         Dr. Fritz Horber
         JSC Klinik Lindberg
         Schickstrasse 11
         8400 Winterthur
         Switzerland

The Debtor can be reached at:

         JSC DocSystems
         Zurich
         Switzerland


DOKMAN JSC: Oerlikon-Zurich Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Oerlikon-Zurich commenced bankruptcy
proceedings against JSC Dokman on Aug. 20.

The Bankruptcy Service of Oerlikon-Zurich can be reached at:

         Bankruptcy Service of Oerlikon-Zürich,
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Dokman
         Tramstrasse 10
         8050 Zurich
         Switzerland


EL-LIGHT VISIONS: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC el-light visions on Aug. 28.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         witzerland

The Debtor can be reached at:

         LC el-light visions
         rtherstrasse 118
         317 Oberwil b.
         ug
         witzerland


FEM CONSULTINVEST: Creditors' Liquidation Claims Due October 11
---------------------------------------------------------------
Creditors of JSC Fem Consultinvest have until Oct. 11 to submit
their claims to:

         Dr. Rolf Frehner
         Obrecht & Frehner Rechtsanwalte
         Hoschgasse 28
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Fem Consultinvest
         Meilen
         Switzerland


IZU DILOG: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC IZU Dilog on Aug. 30.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         witzerland

The Debtor can be reached at:

         LLC IZU Dilog
         Metallstrasse 9B
         6300 Zug
         Switzerland


MANNHEIMER VERSICHERUNG: Liquidation Claims Due October 10
----------------------------------------------------------
Creditors of JSC Mannheimer Versicherung (Schweiz) have until
Oct. 10 to submit their claims to:

         JSC Deloitte
         General Guisan-Quai 38
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Mannheimer Versicherung (Schweiz)
         Zurich
         Switzerland


ZIM–ZENTRUM FUR: Creditors' Liquidation Claims Due December 12
--------------------------------------------------------------
Creditors of JSC Zim–Zentrum Fur Innere Medizin have until
Dec. 12 to submit their claims to:

         Dr. Fritz Horber
         JSC Klinik Lindberg
         Schickstrasse 11
         8400 Winterthur
         Switzerland

The Debtor can be reached at:

         JSC Zim–Zentrum Fur Innere Medizin
         Zurich
         Switzerland


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


AGRICULTURAL INVEST: Proofs of Claim Deadline Set October 3
-----------------------------------------------------------
Creditors of LLC Agricultural Invest (code EDRPOU 33499646) have
until Oct. 3 to submit written proofs of claim to:

         Alexander Bandola
         Liquidator
         S. Khokhlovykh Str. 6-B
         04119 Kiev
         Ukraine

The Court is located at:

         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 15/642-b.

The Debtor can be reached at:

         LLC Agricultural Invest
         Lumumba Str. 15
         01042 Kiev
         Ukraine


AGROS UKRAINE: Proofs of Claim Deadline Set October 3
-----------------------------------------------------
Creditors of LLC Trading House Agros Ukraine Ltd. (code EDRPOU
33545545) 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 15/477-b.

The Debtor can be reached at:

         LLC Trading House Agros Ukraine Ltd.
         Moscow Str. 7
         01010 Kiev
         Ukraine


AKANT LLC: Proofs of Claim Deadline Set October 3
-------------------------------------------------
Creditors of LLC Akant (code EDRPOU 24914153) 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 15/432-b.

The Debtor can be reached at:

         LLC Akant
         Kudriavskaya Str. 3/5
         04053 Kiev
         Ukraine


DNIPRO CJSC: Proofs of Claim Deadline Set October 3
---------------------------------------------------
Creditors of CJSC Dnipro (code EDRPOU 31354947) 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 49/174-b.

The Debtor can be reached at:

         CJSC Dnipro
         Yaroslavov Val Str. 21-E
         01034 Kiev
         Ukraine


MALI LANKY: Proofs of Claim Deadline Set October 3
--------------------------------------------------
Creditors of LLC Mali Lanky (code EDRPOU 30727967) have until
Oct. 3 to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

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

The Debtor can be reached at:

         LLC Mali Lanky
         Mali Lanky
         Lvov
         Ukraine


MITCHURINETS OJSC: Creditors Must File Claims by October 3
----------------------------------------------------------
Creditors of OJSC Mitchurinets (code EDRPOU 00413699) have until
Oct. 3 to submit written proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company.

The Debtor can be reached at:

         OJSC Mitchurinets
         Bulat Str. 30
         Zmiyevka
         Berislav District
         74372 Herson
         Ukraine


MT LLC: Proofs of Claim Deadline Set October 3
----------------------------------------------
Creditors of LLC Agricultural Service MT (code EDRPOU 33776823)
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 15/479-b.

The Debtor can be reached at:

         LLC Agricultural Service MT
         Malogvardeyskaya Str. 15
         03151 Kiev
         Ukraine


POLIKOM LLC: Proofs of Claim Deadline Set October 3
---------------------------------------------------
Creditors of LLC Science-Production Introduction Firm Polikom
(code EDRPOU 04806549) 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 15/641-b.

The Debtor can be reached at:

         LLC Science-Production Introduction Firm Polikom
         Pobeda Avenue 49/2
         Kiev
         Ukraine


SENAMID LLC: Proofs of Claim Deadline Set October 3
---------------------------------------------------
Creditors of LLC Senamid (code EDRPOU 34774020) have until
Oct. 3 to submit written proofs of claim to:

         Rostislav Talan
         Liquidator
         a/b 158
         49000 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/200-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Senamid
         Kachalov Str. 1
         49000 Dnipropetrovsk
         Ukraine


UKRA-POL LLC: Creditors Must File Claims by October 3
-----------------------------------------------------
Creditors of LLC Ukra-Pol (code EDRPOU 24638536) have until
Oct. 3 to submit written proofs of claim to:

         The Economic Court of Ternopil
         Ostrozski Str. 14a
         46000 Ternopil
         Ukraine

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company.  The case is docketed as 17/B-920.

The Debtor can be reached at:

         LLC Ukra-Pol
         Krushelnitskaya Str. 1
         Ternopol
         Ukraine


UKRGASBANK: Fitch Assigns B- IDR on High Borrower Concentrations
----------------------------------------------------------------
Fitch Ratings has assigned Ukrgasbank ratings of Long-term
Issuer Default 'B-'with a Stable Outlook, National Long-term
'BBB-ukr)' with a Stable Outlook, Short-term IDR 'B', Individual
'D/E', Support '5' and Support Rating Floor 'No Floor'.

The ratings of UGB reflect its high borrower concentrations,
large exposures to the real estate/construction sector, high
credit and operational risks associated with its rapid growth
and certain weaknesses in the operating environment.  The
ratings also consider low loan losses to date, growing franchise
and improving funding base diversification.

Upside potential for the ratings would be possible if the bank
significantly reduces its real estate/construction exposure,
builds up its franchise while maintaining satisfactory asset
quality and continues to diversify its funding base.
Significant credit losses, for example as a result of the fast
loan growth or in case of a downturn in the real estate sector,
would exert downward pressure on the ratings, as could a further
marked tightening of liquidity.

UGB was founded in 1993 and has operated under its current name
since 1997.  UGB has traditionally been connected with the
Ukrainian oil and gas sector and focused on corporate banking
business.  Currently, the bank's main priority is to develop
business in the SME and retail segments, and also to enhance
further its corporate business, benefiting from its
relationships with large Ukrainian companies.  UGB has a
country-wide network, consisting of 22 branches, 220 outlets and
289 ATMs.  As of June 30, 2007, UGB was the 17th largest bank in
Ukraine, with total assets of UAH6.25 billion (US$1.24 billion)
and a market share of 1.4%. Since 2001 the bank has been jointly
controlled by Vassiliy Gorbal (39%), an ex-deputy of the state
parliament, Verhovnaya Rada, and Alexey Omelyanenko (29%),
deputy of the Kiev city parliament, Kiev Rada.


* S&P Puts B+ Ratings to Ivano-Frankivsk's UAH7.5 Million Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
local currency long-term issuer credit and 'uaA' Ukraine
national scale ratings to the UAH7.5 million (US$1.5 million)
senior unsecured bond to be issued by the Ukrainian City of
Ivano-Frankivsk (B+/Stable/--; Ukraine national scale 'uaA').
The final ratings will be assigned upon receipt of bond
documentation, including all necessary approvals.

The city plans to place the bond issue by the end of 2007. It
will have 20 quarterly coupon payments of less than 10% per
year, and a five-year maturity.

Despite this bond issue, Ivano-Frankivsk's direct debt will
remain less than a low 5% of its operating revenues. The city's
total tax-supported debt may reach up to 30% of operating
revenues by 2009, mostly due to the rising debt of the city's
water utility.  Nevertheless, debt service will likely stay less
than 1%-2% of revenues over the next two to three years.

The ratings on the bond are the same as those on Ivano-
Frankivsk, an administrative center in Western Ukraine, and
reflect the weak financial indicators of local utilities, the
low flexibility and predictability of the city's financial and
budgetary policy, and its relatively low wealth levels.

Plans to accumulate only moderate levels of debt, a diversified
and growing local economy, and a moderate budgetary performance
support the ratings.


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


ALBA 2006-1: Fitch Rates GBP9.2 Million Class E Notes at BB
-----------------------------------------------------------
Fitch Ratings has affirmed all outstanding tranches of Alba
2006-1 plc, and Alba 2006-2 plc following a satisfactory review
of these UK non-conforming RMBS transactions.  The rating
actions are:

Alba 2006-1

   -- GBP96.252 million Class A1 (ISIN XS0254828758): affirmed
      at 'AAA'; Outlook Stable

   -- GBP93.5 million Class A2 (ISIN XS0254829566): affirmed at
      'AAA'; Outlook Stable

   -- GBP119.1 million Class A3a (ISIN XS0254830499): affirmed
      at 'AAA'; Outlook Stable

   -- GBP80 million Class A3b (ISIN XS0254831893): affirmed at
      'AAA'; Outlook Stable

   -- GBP54.75 million Class B (ISIN XS0254833089): affirmed at
      'AA'; Outlook Stable

   -- GBP19.2 million Class C (ISIN XS0254833758): affirmed at
      'A'; Outlook Stable

   -- GBP13.6 million Class D (ISIN XS0254834053): affirmed at
      'BBB'; Outlook Stable

   -- GBP9.2 million Class E (ISIN XS0254834301): affirmed at
      'BB'; Outlook Stable

   -- MERCS (ISIN XS0255419284): affirmed at 'AAA'; Outlook
      Stable

Alba 2006-2

   -- GBP62.622 million Class A1a (ISIN XS0271528647): affirmed
      at 'AAA'; Outlook Stable

   -- EUR42.398 million Class A1b (ISIN XS0272875492: affirmed
      at 'AAA'; Outlook Stable

   -- GBP107.4 million Class A2 (ISIN XS0271529538): affirmed at
      'AAA'; Outlook Stable

   -- GBP163.7 million Class A3a (ISIN XS0271529967): affirmed
      at 'AAA'; Outlook Stable

   -- EUR60 million Class A3b (ISIN XS0272876623): affirmed at
      'AAA'; Outlook Stable

   -- GBP44.05 million Class B (ISIN XS0271530114): affirmed at
      'AAA'; Outlook Stable

   -- GBP28.45 million Class C (ISIN XS0271530544): affirmed at
      'AA'; Outlook Stable

   -- GBP19.85 million Class D (ISIN XS0271530973): affirmed at
      'A'; Outlook Stable

   -- GBP17.2 million Class E (ISIN XS0271531435): affirmed at
      'BBB'; Outlook Stable

   -- GBP8.6 million Class F (ISIN XS0272877514): affirmed at
      'BB'; Outlook Stable

   -- MERCS (ISIN XS0272869172): affirmed at 'AAA'; Outlook
      Stable

The affirmations reflect that the performance of the
transactions has been in line with Fitch's expectations.  Loans
in arrears by more than three months currently comprise 4.54% of
the current collateral balance of Alba 2006-1 and 2.63% for Alba
2006-2.  To date, cumulative losses have accounted for 0.02% of
the original balance of Alba 2006-1, and there have been no
losses to date in Alba 2006-2.  However, Fitch would expect this
to increase as both transactions have only just over one year of
seasoning.


Payment rates for both transactions are increasing.  As both
portfolios comprise a significant proportion of near-prime
loans, Fitch does not anticipate that the refinancing options of
these borrowers will be limited by recent market developments
when they come to the end of their 'teaser' rates.

Class A3a of Alba 2006-1 benefits from a guarantee provided by
CIFG Europe (Insurer Financial Strength rating 'AAA'/Outlook
Stable).  The CIFG Europe guarantee addresses the timely payment
of interest and ultimate repayment of principal on the notes by
their respective maturity dates.

Alba 2006-1 comprises loans originated by GMAC-RFC and
Kensington, while Alba 2006-2 also includes loans originated by
Money Partners.


ALBA 2006-2: Fitch Rates GBP8.6 Million Class F Notes at BB
-----------------------------------------------------------
Fitch Ratings has affirmed all outstanding tranches of Alba
2006-1 plc, and Alba 2006-2 plc following a satisfactory review
of these UK non-conforming RMBS transactions.  The rating
actions are:

Alba 2006-1

   -- GBP96.252 million Class A1 (ISIN XS0254828758): affirmed
      at 'AAA'; Outlook Stable

   -- GBP93.5 million Class A2 (ISIN XS0254829566): affirmed at
      'AAA'; Outlook Stable

   -- GBP119.1 million Class A3a (ISIN XS0254830499): affirmed
      at 'AAA'; Outlook Stable

   -- GBP80 million Class A3b (ISIN XS0254831893): affirmed at
      'AAA'; Outlook Stable

   -- GBP54.75 million Class B (ISIN XS0254833089): affirmed at
      'AA'; Outlook Stable

   -- GBP19.2 million Class C (ISIN XS0254833758): affirmed at
      'A'; Outlook Stable

   -- GBP13.6 million Class D (ISIN XS0254834053): affirmed at
      'BBB'; Outlook Stable

   -- GBP9.2 million Class E (ISIN XS0254834301): affirmed at
      'BB'; Outlook Stable

   -- MERCS (ISIN XS0255419284): affirmed at 'AAA'; Outlook
      Stable

Alba 2006-2

   -- GBP62.622 million Class A1a (ISIN XS0271528647): affirmed
      at 'AAA'; Outlook Stable

   -- EUR42.398 million Class A1b (ISIN XS0272875492: affirmed
      at 'AAA'; Outlook Stable

   -- GBP107.4 million Class A2 (ISIN XS0271529538): affirmed at
      'AAA'; Outlook Stable

   -- GBP163.7 million Class A3a (ISIN XS0271529967): affirmed
      at 'AAA'; Outlook Stable

   -- EUR60 million Class A3b (ISIN XS0272876623): affirmed at
      'AAA'; Outlook Stable

   -- GBP44.05 million Class B (ISIN XS0271530114): affirmed at
      'AAA'; Outlook Stable

   -- GBP28.45 million Class C (ISIN XS0271530544): affirmed at
      'AA'; Outlook Stable

   -- GBP19.85 million Class D (ISIN XS0271530973): affirmed at
      'A'; Outlook Stable

   -- GBP17.2 million Class E (ISIN XS0271531435): affirmed at
      'BBB'; Outlook Stable

   -- GBP8.6 million Class F (ISIN XS0272877514): affirmed at
      'BB'; Outlook Stable

   -- MERCS (ISIN XS0272869172): affirmed at 'AAA'; Outlook
      Stable

The affirmations reflect that the performance of the
transactions has been in line with Fitch's expectations.  Loans
in arrears by more than three months currently comprise 4.54% of
the current collateral balance of Alba 2006-1 and 2.63% for Alba
2006-2.  To date, cumulative losses have accounted for 0.02% of
the original balance of Alba 2006-1, and there have been no
losses to date in Alba 2006-2.  However, Fitch would expect this
to increase as both transactions have only just over one year of
seasoning.


Payment rates for both transactions are increasing.  As both
portfolios comprise a significant proportion of near-prime
loans, Fitch does not anticipate that the refinancing options of
these borrowers will be limited by recent market developments
when they come to the end of their 'teaser' rates.

Class A3a of Alba 2006-1 benefits from a guarantee provided by
CIFG Europe (Insurer Financial Strength rating 'AAA'/Outlook
Stable).  The CIFG Europe guarantee addresses the timely payment
of interest and ultimate repayment of principal on the notes by
their respective maturity dates.

Alba 2006-1 comprises loans originated by GMAC-RFC and
Kensington, while Alba 2006-2 also includes loans originated by
Money Partners.


ARGON CAPITAL: S&P Puts B Ratings on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'B' credit rating on the
EUR17.961 million limited-recourse secured variable-rate notes
series 40 issued by Argon Capital PLC.

S&P have placed the rating on CreditWatch positive after the
rating on the underlying obligor was placed on CreditWatch
positive.  The underlying obligor provides collateral to the
transaction and its long-term rating acts as a supporting rating
to the series 40 notes.


BERLIN LTD: Brings In Liquidators from Moore Stephens
-----------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint liquidators of Berlin (Project) Ltd. on Sept. 12 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


BLUE DESIGN: Calls In Liquidators from Vantis plc
-------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis plc
were appointed joint liquidators of Blue Design & Marketing Ltd.
on Sept. 20 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis plc
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


CHATTEM INC: Earns US$16.3 Million in 3rd Quarter Ended Aug. 31
---------------------------------------------------------------
Chattem Inc. reported total revenues in the third fiscal quarter
ended Aug. 31, 2007, of US$109.0 million, a 51% increase
compared to total revenues of US$72.0 million in the prior year
quarter.  Revenue growth for both periods was driven by the five
brands acquired from Johnson & Johnson on Jan. 2, 2007, which
include ACT(R), Cortizone-10(R), Unisom(R), Balmex(R) and
Kaopectate(R), continued growth of the Gold Bond(R) franchise
and the strength of the Icy Hot(R) business.

Net income for the quarter rose to US$16.3 million, compared to
US$15.2 million for the prior year quarter.  Net income for the
third quarter of fiscal 2007 included a loss on early
extinguishment of debt and SFAS 123R employee stock option
expense.  Net income for the third quarter of fiscal 2006
included a net recovery related to the Dexatrim(R) litigation
settlement and SFAS 123R employee stock option expense.  As
adjusted to exclude these items, net income for the third
quarter of fiscal 2007 was US$17.5 million, compared to US$8.9
million for the prior year quarter.

"The third quarter proved to be another impressive quarter with
total revenues up 51%, adjusted earnings per share up 91% and
EBITDA up a significant 102%," said President and Chief
Operating Officer Bob Bosworth.  "We are very pleased with our
results for the quarter led by strong performances from our six
largest brands.  We have successfully integrated the acquired
brands and are well positioned to capitalize on the continued
strength of our business."

                    Fiscal 2007 Guidance

Based on the company's strong performance in the first nine
months, the successful integration of the acquired brands and
the continued strength of our key brands, the company currently
expects earnings per share for fiscal 2007 to be in the range of
US$3.15 to US$3.25 as compared to the earlier estimate of
US$3.00 to US$3.19, in each case excluding stock option expense
under SFAS 123R and loss on debt extinguishment.  Stock option
expense under SFAS 123R for fiscal 2007 is estimated to be
US$0.19 per share.

                    Fiscal 2008 Guidance

"With an innovative lineup of new products for fiscal 2008, the
ability to delever with strong operating cash flows and
continued gross margin improvement as we bring manufacturing of
certain of the acquired brands in house, we remain very
optimistic about the company’s prospects for revenue and
earnings growth in fiscal 2008 and beyond," commented Chairman
and Chief Executive Officer Zan Guerry.  "We expect continued
strong sales growth in fiscal 2008 behind our new products and
record levels of planned advertising support for our key brands.
At the same time, we currently expect earnings per share to grow
rapidly to the guidance level of US$3.90 to US$4.10 per share,
excluding stock option expense under SFAS 123R and loss on debt
extinguishment, as we leverage our operating structure and
delever our balance sheet.  Stock option expense under SFAS 123R
for fiscal 2008 is estimated to be US$0.21 per share."

                       About Chattem

Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- is a
marketer and manufacturer of a broad portfolio of a broad
portfolio of branded over the counter healthcare products,
toiletries and dietary supplements.  The company's portfolio of
products includes well-recognized brands such as Icy Hot, Gold
Bond, Selsun Blue, ACT, Cortizone and Unisom.  Chattem conducts
a portion of its global business through subsidiaries in the
United Kingdom, Ireland, Canada, and Puerto Rico.

                        *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.


EAGLE-PICHER HILLSDALE: Claims Filing Period Ends December 19
-------------------------------------------------------------
Creditors of Eagle-Picher Hillsdale Ltd. have until Dec. 19 to
send their names and addresses with particulars of their debts
or claims, and the names and addresses of their solicitors (if
any) to:

         Tyrone Shaun Courtman
         Joint Liquidator
         Cooper Parry LLP
         14 Park Row
         Nottingham
         NG1 6GR
         England

         Evelyn Gabrielle Exley
         Joint Liquidator
         Cooper Parry LLP
         3 Centro Place
         Pride Park
         Derby
         DE24 8RF
         England

Tyrone Shaun Courtman and Evelyn Gabrielle Exley of Cooper Parry
LLP were appointed joint liquidators of the company on Aug. 31
for the creditors' voluntary winding-up procedure.


EAGLE-PICHER UK: Claims Filing Period Ends December 19
------------------------------------------------------
Creditors of Eagle-Picher U.K. Ltd. have until Dec. 19 to send
their names and addresses with particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to:

         Tyrone Shaun Courtman
         Joint Liquidator
         Cooper Parry LLP
         14 Park Row
         Nottingham
         NG1 6GR
         England

         Evelyn Gabrielle Exley
         Joint Liquidator
         Cooper Parry LLP
         3 Centro Place
         Pride Park
         Derby
         DE24 8RF
         England

Tyrone Shaun Courtman and Evelyn Gabrielle Exley of Cooper Parry
LLP were appointed joint liquidators of the company on Aug. 31
for the creditors' voluntary winding-up procedure.


FKI PLC: Turnover Up by 7% in Half Year Ending Sept. 30
-------------------------------------------------------
FKI plc issued an update on trading for the half year ending
Sept. 30, 2007.

The first half saw improved operating performance at the Group
level, driven by an increase in turnover of about 7% at constant
currency compared to the corresponding period last year.
Consistent with the Interim Management Statement of July 24,
2007, strong performances from Lifting Products and Services and
Energy Technology more than offset reductions in Hardware and
FKI Logistex.

Lifting Products and Services continued to trade strongly on the
back of robust demand for product in its operating sectors, with
first half turnover up c 9% at constant currency on the
comparable period last year.  Margin performance is expected to
be in line with that in the second half of the last financial
year.

Order intake in Energy Technology, especially in the FKI
Generators business, continued to strengthen and was c 25% ahead
of the corresponding period last year.  Turnover was c 30%
higher at constant currency, with the margin expected to show a
further improvement over that achieved in the second half of
last year.

Order intake in FKI Logistex was c 25% ahead of the
corresponding period last year following the receipt of a number
of notable orders, including the New Doha International Airport
contracts for US$190 million.  Turnover, however, was c 10%
lower at constant currency following the rescheduling of some
major projects.  The volume reduction, together with a higher
proportion of relatively lower margin integration projects, will
reduce profit performance in the first half to below last year's
levels.

The Hardware division has continued to experience difficult
market conditions following the ongoing decline in housing
starts in North America.  However, as a result of cost recovery
sales price increases and market share gains, turnover in the
Truth Window Hardware business was similar at constant currency
to that in the comparable period last year but, as anticipated,
lower volumes had an adverse impact on margin performance.
Hickory had a challenging first half with a 6% reduction in
activity levels following weaker consumer DIY and remodeling
spending.  The consequent reduction in operating performance was
exacerbated by delayed completion of the major restructuring
activities.   As expected, overall Hardware Group performance
was below that of the comparable period last year but modestly
above that of the second half.

Special items, which are expected to total GBP11 million,
included announced business closures, losses on the sale of
businesses amounting to GBP2 million, and strategic review and
bid approach costs of GBP2 million.  No further major items are
anticipated in the second half.

Head Office and finance costs were in line with guidance given
at the preliminary results.  Currency translation is expected to
reduce first half profit before tax by c GBP3 million compared
to the same period last year.

The Board believes the Group remains well positioned to improve
its trading performance in the current year.  Consistent with
the first half, improved performance in Energy Technology and
Lifting Products and Services should more than offset any
potential further weakening in US demand and hence expectations
for FKI Logistex and Hardware.

FKI will announce interim results for the half year ending
Sept. 30, 2007 on Nov. 29, 2007.

                          About FKI PLC

Headquartered in Loughborough, England, FKI PLC --
http://www.fki.co.uk/-- is an international engineering group
active in the four specialized business areas: FKI Logistex,
Lifting Products & Services, Hardware and Energy Technology.

                            *   *   *

As reported in the TCR-Europe on July 12, 2007, Standard &
Poor's Ratings Services revised its outlook on U.K.-based
engineering group FKI PLC to negative from stable.  At the same
time, the 'BB' long-term and 'B' short-term corporate credit
ratings were affirmed.

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Gaming, Lodging and Leisure,
Manufacturing, and Energy sectors, Moody's Investors Service
rating agency confirmed its Ba2 Corporate Family Rating FKI plc.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                              POD      LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   EUR600M 6.625%
   Senior Unsecured
   Regular Bond/Debenture
   Due 2010                     Ba2     LGD4      58%


FORD MOTOR: UAW-GM Deal Spurs S&P to Watch Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services has placed its long-term
corporate credit ratings on Ford Motor Co. and related entities
on CreditWatch with positive implications.  The short-term 'B-3'
ratings are not on CreditWatch.

"The CreditWatch action reflects today's announcement that
General Motors Corp. and its main union, the United Auto Workers
(UAW), have reached a tentative new labor contract that includes
an agreement designed to address the massive postretirement
employment benefit obligations associated with GM's UAW
population," said Standard & Poor's credit analyst Robert
Schulz.  For now, there are few details about the specifics of
the health care agreement or other important aspects of the
contract such as wages, job security, and work rules.

The tentative agreement ends the nationwide strike at GM that
began earlier this week.  The chances of a prolonged and
widespread strike at GM, Ford, or Chrysler LLC are now largely
averted, although we had always considered such a scenario
unlikely because it would be catastrophic to everyone involved.
GM's UAW members still need to approve the agreement, and
ratification votes should occur this weekend.

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

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


GATE 2006-1: Fitch Rates EUR15.5 Million Class E Notes at BB+
-------------------------------------------------------------
Fitch has affirmed GATE SME CLO 2006-1 Ltd's EUR111.5 million
floating-rate notes:

   -- EUR42 million Class A (ISIN: XS0271959388): 'AAA'
   -- EUR26.5 million Class B (ISIN: XS0271960048): 'AA'
   -- EUR7.5 million Class C (ISIN: XS0271960550): 'A+'
   -- EUR20 million Class D (ISIN: XS0271961012): 'BBB+'
   -- EUR15.5 million Class E (ISIN: XS0271961103): 'BB+'

The affirmations reflect the transaction's stable performance to
date.  As of the Aug. 31, 2007 replenishment report, only 0.61%
of loans as a percentage of the maximum portfolio balance are
subject to a credit event.  Additionally, 0.04% of loans, which
are not subject to a credit event, are listed in the lowest bank
internal rating categories of iCCC+ and below.  No losses have
been realized to date.  The portfolio notional balance of the
portfolio remains at EUR2.099 billion.

This transaction is a partially funded, synthetic securitization
of debt obligations originated by Deutsche Bank
Aktiengesellschaft (rated 'AA-'/'F1+, outlook positive) to
small-and medium-sized enterprise clients domiciled mainly in
Germany, while a smaller percentage is located around the globe.
The transaction is designed to provide credit protection on a
EUR2.1 billion portfolio that can be replenished until January
2015, of which the issuer will bear aggregate losses up to
EUR185 million.

DB entered into a credit default swap with the issuer and a
super senior credit default swap with an investor.  Under the
CDS, the issuer has sold credit protection to DB with respect to
the reference portfolio.  The issuer hedges itself by issuing
credit-linked notes.


MAGENTA SOLUTIONS: Claims Filing Period Ends November 20
--------------------------------------------------------
Creditors of Magenta Solutions Ltd. have until Nov. 20 to send
their names and addresses and particulars of their claims to:

         David Antony Willis and Matthew Colin Bowker
         Joint Liquidators
         Tenon Recovery
         2a Low Ousegate
         York
         YO1 9QU
         England

David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint liquidators of the company on Sept. 20 for
the creditors' voluntary winding-up proceeding.


NORTHERN ROCK: Shares Dive to 26% Amid Cut-Price Sale Rumors
------------------------------------------------------------
Shares of Northern Rock Plc further fell 26 percent yesterday,
Oct. 1, 2007, amid fresh speculations of a sharply discounted
sale, Reuters reports.

The U.K. bank's stock closed at an all-time low of 132.1 pence
Monday, which pegs the bank at GBP557 million (US$1.14 billion).

Jane Croft of the Financial Times says analysts believe a break-
up is the most possible option for the bank, suggesting that
Northern Rock could opt to sell its mortgage assets at a
discount while other assets are put into administration under a
separate company.

JC Flowers & Co. Ltd. and Cerberus Capital Management LP is said
to have received permission from the British Treasury to bid for
the stricken mortgage lender, Reuters relates citing a Sunday
Telegraph report.  According to the report, the two hedge funds
will meet with Merrill Lynch, Northern Rock's adviser, in the
next few days.

The Daily Telegraph suggested last week that Flowers' offer may
be the only one that might keep the UK bank as one entity, as
other interested participants, such as Cerberus, are seeking to
break up the troubled lender.

"If there is only one buyer they can pretty much name their
price," James Hamilton, an analyst at Numis Securities Ltd. in
London, told Bloomberg News, adding that a single buyer may need
to offer a low price to lift profit margins.

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".

The Sunday Times reported that the bank's bondholders will meet
this week to make sure that Northern Rock will not be sold too
cheaply, Bloomberg relates.

Market speculation has prompted Sandy Chen, a banking analyst at
Panmure Gordon, to slash his price target on the bank's shares
by 200 pence to just 100 pence, Miles Costello writes for Times
Online.  Mr. Chen predicted that the bank's financial
performance would plummet into a GBP120 million loss next year,
Times Online adds.

Alistair Darling, the Chancellor of the Exchequor, has extended
the government's guarantee on individuals' savings to GBP35,000,
confirming reports that he plans to increase protection coverage
on deposits at a bank or other financial institution to as much
as GBP100,000, Times Online relates.

                     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. 28, 2007, 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.


PHELPS DODGE: Strong Earnings Cue Moody's to Revise Outlook
-----------------------------------------------------------
Moody's Investors Service has revised Freeport-McMoRan Copper &
Gold Inc.'s and Phelps Dodge's outlooks to positive and affirmed
all of Freeport's and Phelps Dodge's other ratings.  The ratings
reflect the overall probability of default of Freeport, to which
Moody's assigns a PDR of Ba2.

The change in outlook reflects the very strong earnings and cash
flow of Freeport in the current metals market, Freeport's use of
free cash flow to reduce debt since the acquisition of Phelps
Dodge, and Moody's assumption that free cash flow will be
sufficient to permit repayment of much of the company's US$2.45
billion Term Loan A over the next two to three quarters.

The Ba2 corporate family rating reflects Freeport's high debt
level of approximately US$11.3 billion, including Moody's
adjustments, the high concentration in copper and resultant
variability in earnings and cash flow, significant capital
expenditures, and a high level of reliance on the Grasberg mine
in Indonesia.  The Ba2 rating favorably considers the company's
leading positions in copper and molybdenum, a significant amount
of gold production, the low cost, long-life reserves at PT-FI,
and improved operating and political diversity.

Outlook Actions:

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

   -- Corporate Family Rating: Ba2

   -- Probability of Default Rating: Ba2

   -- US$0.5 billion Senior Secured Revolving Credit facility,
      Baa2, LGD1, 2%

   -- US$1.0 billion Senior Secured Revolving Credit Facility,
      Baa3, LGD2, 17%

   -- US$2.45 billion Senior Secured Term Loan A, Baa3, LGD2,
      17%

   -- US$339.7 million 6.875% Senior Secured Notes due 2014,
      Baa3, LGD2, 17%

   -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%

Issuer: Phelps Dodge Corporation

   -- US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3,
      36%

   -- US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3,
      36%

   -- US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3,
      36%

   -- US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3,
      36%

Moody's last rating action on Freeport was to assign a Baa3
rating to its Term Loan A and upgrade the Phelps Dodge notes to
Ba1 in July 2007.

Phelps Dodge has operations in Thailand, Venezuela, China, the
Philippines, Japan, United Kingdom, among others.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

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


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


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


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

FRANCE
------
Arbel                     PA.ARB    (116)         194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Groupe Eurotunnel         GET      (2935)        9958    (9345)
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cinemaxx AG               MXC        (27)         177      (32)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
Gerresheimer AG           GXI         (7)       1,241      (11)
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185         3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU       (145)         897       209


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475    (1421)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                 ZILLP      (178)         425  (10,597)


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


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


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597    (1991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Adecco UK Ltd.            1055417Z   (39)         317    (2316)
Alfred McAlpine           1077274Z   (14)         212    (1450)
Alldays Plc               317056Q   (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc              1046Z   (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Curos International       1077746Z  (550)         382      N.A.
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI      (2266)       2,950     (296)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)        1273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Metrix Funding            203055Q     (4)        3927     8635
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Northern Gas Pro          1151895Z   (15)         140    (3188)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Smiths News PLC           NWS       (204)         249      (41)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)
WRG Environmenta          1124263Z    (1)         116       793


                            *********

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

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

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

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

                            *********


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

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

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *