TCREUR_Public/071003.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

           Wednesday, October 3, 2007, Vol. 8, No. 195

                            Headlines


A U S T R I A

ABP COMPUTER: Vienna Court Orders Business Shutdown
AHMET CETIN: Vienna Court Orders Business Shutdown
CLEARING LLC: Claims Registration Period Ends Oct. 10
FRISUREN MOHL: Claims Registration Period Ends Oct. 9
GEOMECHANIK LLC: Claims Registration Period Ends Oct. 12

IMOTIX AUTOMATION: Feldkirch Court Orders Business Shutdown
M & M TRANSPORTE: Claims Registration Period Ends Oct. 9
MBZ MOELLTALER: Claims Registration Period Ends Oct. 9


B E L G I U M

FERRO CORP: Names Todd Nelson as Chief Information Officer


F I N L A N D

FREESTAR TECHNOLOGY: Russell Bedford Raises Going Concern Doubt


F R A N C E

DELPHI CORP: Closes $66 Mil. Sale of Catalyst Biz to Umicore
QUEBECOR WORLD: Amended & Reduces Bank Credit Facility
QUEBECOR WORLD: Unit Calls for Redemption of US$370 Mln Notes
QUEBECOR WORLD: Posts US$21.1 Mln Net Loss in Qtr. Ended June 30
SOLECTRON CORP: 634.19 Million Shares Vote for Exchange

TUPPERWARE BRANDS: Inks New Credit Deal with Lower Interest Rate


G E R M A N Y

ADLER GEBAUDEDIENSTE: Claims Registration Ends October 25
B & H VERWALTUNGSGESELLSCHAFT: Claims Filing Period Ends Oct. 31
BAU BETREUUNG: Claims Registration Ends Oct. 30
BRUEGGEMANN HOLZTECHNIK: Claims Registration Ends October 19
CONPORTA-HANDELS: Claims Registration Ends Oct. 30

COOK & CONCEPT: Creditors' Meeting Slated for October 8
DEDAWAN GEBAUDEREINIGUNG: Claims Registration Ends Oct. 31
GEBO BAUABBRUCHDIENST: Claims Registration Ends Oct. 30
GERSOENE.MEDIENHAUS: Claims Registration Ends October 29
GKO GMBH: Creditors Must File Claims by October 31

GLOBAL GESELLSCHAFT: Claims Registration Ends Oct. 30
GUETERSLOH GMBH: Creditors Must File Claims by October 31
HAUSTECHNIK HOELSCHER: Claims Registration Period Ends Oct. 30
HOECHSTER BAUSTOFFHANDEL: Claims Registration Ends October 18
HOLZVEREDELUNG GMBH: Claims Registration Ends October 24

INELTRO GMBH: Claims Registration Period Ends Oct. 30
KOTHE MEISTERFACHBETRIEB: Claims Registration Ends October 29
LEINENBACH BAUFACHHANDEL: Claims Registration Ends October 29
MBO INFORMATIONSSYSTEME: Creditors' Meeting Slated for October 8
NOSKE & GRUNWALD: Creditors Must File Claims by October 31

OLLECH GMBH: Claims Registration Ends October 26
OPTES GMBH: Creditors Must File Claims by October 31
REIFENHOF GROSS: Claims Registration Ends October 24
RELAX AHLEN: Claims Registration Ends October 31
SCHIEDER SERVICE: Claims Registration Ends October 31
SPECTRUM BRANDS: Selling Canadian Business Division to RoyCap

TEXCOM TECHNIK: Claims Registration Ends October 18
WASCHEREI STADIE: Claims Registration Ends October 29


I R E L A N D

AFFILIATED COMPUTER: Bags Seven-Year US$111 Mil. Medicaid Deal
SCOTTISH RE: Names Terry Eleftheriou Chief Financial Officer
SCOTTISH RE: To Restate Basic Earnings Per Ordinary Share


I T A L Y

ALITALIA SPA: Resumes Stake Sale Sale with AirOne SpA
ALITALIA SPA: Intesa-Sanpaolo Hopes for Effective Rescue Plan
DANA CORP: Appaloosa Reaffirms Investment Offer; Sends Final Bid
DANA CORP: Wants to Reorganize Mexican Affiliate
TRW AUTOMOTIVE: Fitch Affirms Issuer Default Rating at BB


K Y R G Y Z S T A N

AITOLKUN LLC: Creditors Must File Claims by November 2
AKYL BANK: Creditors' Meeting Slated for October 11


N E T H E R L A N D S

HOLLAND MORTGAGE: Moody's Rates EUR18 Mln Class E Notes at Ba2


N O R W A Y

DRESSER-RAND INC: Hires Mark Mai as VP, Gen. Counsel & Secretary


P O L A N D

SCO GROUP: Names Ken Nielsen as Interim Chief Financial Officer
SCO GROUP: Posts US$2.4 Mln Net Loss in Quarter Ended July 31


P O R T U G A L

BEARINGPOINT: Hires Messrs. Cuviello & Freeman for Defense Team


R U S S I A

BALKA CJSC: Creditors Must File Claims by Nov. 8
BUILDER LLC: Creditors Must File Claims by Oct. 8
CENTRAL OJSC: Creditors Must File Claims by Oct. 8
GLAV-MOST-STROY: Moscow Court Starts Bankruptcy Proceedings
GOODWIN CJSC: Creditors Must File Claims by Nov. 8

KAMA-TEKH-SERVICE: Creditors Must File Claims by Oct. 8
NOROVSKOE CJSC: Court Names A. Volchkov as Insolvency Manager
NOVATEK OAO: Acquires 50% Working Interest at El-Arish, Egypt
PMK-1 OIL-GAS-STROY: Moscow Bankruptcy Hearing Slated for Dec. 5
RUS-GAS LLC: Creditors Must File Claims by Oct. 8

RYZDVYANENSKIY LLC: Court Starts Bankruptcy Supervision Process
TRUST URAL-KHIM-REMONT: Creditors Must File Claims by Oct. 8
URAL-AZ-AFINA: Creditors Must File Claims by Oct. 8
URAL-CORN LLC: Creditors Must File Claims by Oct. 8
URAL-TRAK CJSC: Creditors Must File Claims by Oct. 8


S L O V A K I A

U.S. STEEL: Picks George Thompson as Tubular Unit's Gen. Manager
U.S. STEEL: Promotes Michael Meyes as General Manager


S W I T Z E R L A N D

AVANTI GIPSEREI: Aargau Court Starts Bankruptcy Proceedings
DORIS LANDIS: Creditors' Liquidation Claims Due December 31
IMMOBILIEN UNTERDORF: Creditors' Liquidation Claims Due Oct. 11
IN DER BUTZEN: Creditors' Liquidation Claims Due Oct. 11
MEDITERANEAN INVESTMENT: Liquidation Claims Due Oct. 11

MIDDLE EAST: Creditors' Liquidation Claims Due Oct. 11
MOSTEREI-SEMPACH: Creditors' Liquidation Claims Due Oct. 15
NEUE CELLSAN: Zug Court Starts Bankruptcy Proceedings
SECCHI JSC: Creditors' Liquidation Claims Due November 1
STONIERS JSC: Creditors' Liquidation Claims Due Oct. 11


U K R A I N E

CHERNOVCHANKA: Proofs of Claim Deadline Set October 4
DELTA-99 LLC: Proofs of Claim Deadline Set October 4
DONETSK MANAGEMENT: Proofs of Claim Deadline Set October 4
DZHERELO LLC: Creditors Must File Claims by October 4
FERROCONCRETE GOODS: Proofs of Claim Deadline Set October 4

MILLENIUM-MEDIA LLC: Proofs of Claim Deadline Set October 4
NSVP TECHNOLOGIES: Proofs of Claim Deadline Set October 4
REPAIR SERVICE: Proofs of Claim Deadline Set October 4
SHEVCHENKO LLC: Proofs of Claim Deadline Set October 4
SWIMQUEST LLC: Proofs of Claim Deadline Set October 4


U N I T E D   K I N G D O M

AVAYA INC: Stockholders Approve Silver Lake Merger Agreement
BALLY TOTAL: Emerges from Chapter 11 & Closes Harbinger Deal
B2B COMMUNICATIONS: Calls In Liquidators from Vantis Business
BRITISH ENERGY: In Talks with Iberdrola Over New Nuclear Plants
CAXTON ADVERTISING: Joint Liquidators Take Over Operations

CUMMINS INC: Inks Pact to Form Diesel Engine Joint Venture
DURA AUTOMTIVE: Amends Plan to Tweak Terms of Rights Offering
ENRON CORP: Distributes More Than US$1.7 Billion to Creditors
FOXTONS NORTH AMERICA: Cuts Jobs, May File for Bankruptcy
G.P.X MANAGEMENT: Taps Liquidators from Kingston Smith

GETTY IMAGES: S&P Lifts Corporate Credit Rating to BB from B+
IB AD: David Elliot Leads Liquidation Procedure
INTUWAVE LTD: Brings In Liquidators from Baker Tilly
KARATE ENGLAND: Taps Michael C. Kienlen to Liquidate Assets
LENS CARS: Claims Filing Period Ends November 19

NASDAQ STOCK: Repayment Cues Moody's to Withdraw Ratings
PPA CORPORATE: Hires Liquidators from Wilkins Kennedy
REFCO INC: Former Directors Want Axis to Pay Defense Costs
REFCO INC: Axis Says Reimbursement Sought Isn't Part of Coverage
REFCO INC: Class Action Against Thomas H. Lee Partners Dismissed

REMY INT'L: Likely Bankruptcy Filing Cues Moody's C/LD Rating
ROMAN INNS: Names Samuel Jonathan Talby Liquidator
SEA CONTAINERS: Exclusive Plan-filing Period Extended to Dec. 21
SHAW GROUP: Posts $62 Million Net Loss in Quarter Ended Feb. 28
TYSON FOODS: John Tyson to Continue Leading Board of Directors

                            *********

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


ABP COMPUTER: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered Aug. 31 an order shutting down
the business of LLC ABP Computer (FN 245859h).

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

The estate administrator can be reached at:

         Mag. Beate Holper
         c/o Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         E-mail: office@anwaltwien.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 21 (Bankr. Case No 2 S 113/07s).  Susi Pariasek
represents Mag. Holper in the bankruptcy proceedings.


AHMET CETIN: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Aug. 31 an order shutting down
the business of KG AHMET CETIN (FN 280412x).

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

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


CLEARING LLC: Claims Registration Period Ends Oct. 10
-----------------------------------------------------
Creditors owed money by LLC Clearing (FN 260828x) have until
Oct. 10 to file written proofs of claim to court-appointed
estate administrator Clemens Richter at:

         Mag. Clemens Richter
         c/o Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:20 p.m. on Oct. 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 2 S 116/07g).  Daniel Lampersberger
represents Mag. Richter in the bankruptcy proceedings.


FRISUREN MOHL: Claims Registration Period Ends Oct. 9
-----------------------------------------------------
Creditors owed money by LLC Frisuren Mohl (FN 219572a) have
until Oct. 9 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 11:00 a.m. on Oct. 16 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Wolfsberg, Austria, the Debtor declared
bankruptcy on Aug. 31 (Bankr. Case No. 40 S 46/07s).


GEOMECHANIK LLC: Claims Registration Period Ends Oct. 12
--------------------------------------------------------
Creditors owed money by LLC Geomechanik (FN 81326y) have until
Oct. 12 to file written proofs of claim to court-appointed
estate administrator Monika Holzinger at:

         Dr. Monika Holzinger
         Stadtplatz 36
         5280 Braunau/Inn
         stria
         Tel: 07722/ 834 00
         Fax: 07722/ 843 16
         E-mail: anwalt@ktv-one.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Oct. 17 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Feldkirchen bei Mattighofen, Austria, the
Debtor declared bankruptcy on Sept. 4 (Bankr. Case No. 17 S
32/07y).


IMOTIX AUTOMATION: Feldkirch Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Feldkirch entered Aug. 31 an order shutting
down the business of LLC Imotix Automation (FN 261523v).

Court-appointed estate administrator Gerhard Mueller 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. Gerhard Mueller
         c/o Dr. Hannes Grabher
         Maria-Theresien-Strasse 8
         6890 Lustenau
         Austria
         Tel: 05577/88644
         Fax: 05577/88644-3
         E-mail: kanzlei@grabher-mueller.jet2web.at

Headquartered in Hohenems, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No 13 S 42/07t).  Hannes
Grabher represents Dr. Mueller in the bankruptcy proceedings.


M & M TRANSPORTE: Claims Registration Period Ends Oct. 9
--------------------------------------------------------
Creditors owed money by LLC M & M Transporte (FN 275190t) have
until Oct. 9 to file written proofs of claim to court-appointed
estate administrator Christof Herzog at:

         Dr. Christof Herzog
         10.-Oktober Strasse 12
         9560 Feldkirchen
         Austria
         Tel: 04276/38 676
         Fax: 04276/38 676-22
         E-mail: rechtsanwalt.herzog@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Oct. 16 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Feldkirchen, Austria, the Debtor declared
bankruptcy on Sept. 5 (Bankr. Case No. 40 S 47/07p).


MBZ MOELLTALER: Claims Registration Period Ends Oct. 9
------------------------------------------------------
Creditors owed money by LLC MBZ Moelltaler Bauzentrum (FN
232575y) have until Oct. 9 to file written proofs of claim to
court-appointed estate administrator Rolf Gabron at:

         Mag. Rolf Gabron
         Peter-Wunderlichstrasse 17
         9800 Spittal/Drau
         Austria
         Tel: 04762/35 3 36
         Fax: 04762-35336-4
         E-mail: gabron@anwalt-spittal.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 16 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Obervellach, Austria, the Debtor declared
bankruptcy on Aug. 31 (Bankr. Case No. 40 S 45/07v).


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


FERRO CORP: Names Todd Nelson as Chief Information Officer
----------------------------------------------------------
Ferro Corporation disclosed that Todd Nelson has joined the
Company as Chief Information Officer.

Mr. Nelson has more than 22 years of information technology and
management experience.  He most recently was Vice President of
Information Systems for the Noveon business unit of Lubrizol
Corporation, a global US$4 billion specialty chemical company,
and simultaneously served as VP, Corporate Infrastructure, for
Lubrizol.  In management roles at B.F. Goodrich Company, Mr.
Nelson headed several significant projects, including management
of the IT integration of several acquisitions that included
multiple manufacturing locations around the world.  His
experience also includes five years at Price Waterhouse LLP,
where he was a principle IT consultant serving major
pharmaceutical and chemical company clients.  Additionally, he
was an MRP Project Manager with Sani Dairy, a division of Penn
Traffic Company, and held IT roles with the Penn Traffic Company
for more than five years.

Mr. Nelson graduated from the Rochester Institute of Technology
with a Bachelor of Science degree in Accounting.  He also holds
a MBA in Accounting from Saint Bonaventure University Graduate
School.

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

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

                        *     *     *

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


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


FREESTAR TECHNOLOGY: Russell Bedford Raises Going Concern Doubt
---------------------------------------------------------------
Russell Bedford Stefanou Mirchandani LLP expressed substantial
doubt about Freestar Technology Corp.'s ability to continue as a
going concern after auditing the company's financial statements
for the fiscal year ended June 30, 2007.  The auditing firm
pointed to the company's difficulty in generating sufficient
cash flow to meet its obligations and sustain its operations.

Freestar recorded a net loss of US$16,305,197 on US$3,780,335 of
revenue for the year ended June 30, 2007, compared with a net
loss of US$13,999,773 on US$2,097,749 of revenue for year ended
June 30, 2006.

At June 30, 2007, the company's balance sheet showed
US$8,617,035 in total assets, US$2,949,518 in total liabilities
and US$5,667,517 in total stockholders' equity.

The company's balance sheet at June 30, 2007 showed strained
liquidity with US$2,466,845 in total current assets available to
pay US$2,765,510 in total liabilities coming due within the next
12 months.

                   About FreeStar Technology

FreeStar Technology Corporation -- http://www.freestartech.com/
-- is a payment processing company.  Its wholly owned subsidiary
Rahaxi Processing Oy., based in Helsinki, is a robust Northern
European BASE24 credit card processing platform.  Rahaxi
currently processes in excess of 1 million card payments per
month for such companies as Finnair, Ikea, and Stockman.
FreeStar is focused on exploiting a first-to-market advantage
for its Enhanced Transactional Secure Software, which is a
software package that empowers consumers to consummate e-
commerce transactions with a high level of security using
credit, debit, ATM (with PIN), electronic cash or smart cards.
The company, based in Dublin, maintains satellite offices in
Helsinki, Santo Domingo, Dominican Republic, and Geneva.


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


DELPHI CORP: Closes $66 Mil. Sale of Catalyst Biz to Umicore
------------------------------------------------------------
Delphi Corporation and certain of its affiliates have completed
the sale of the company's original equipment and aftermarket
catalyst business to Umicore for approximately $66 million,
subject to post-closing adjustments, Delphi officials disclosed
yesterday.

As reported in the Troubled Company Reporter on June 7, 2007,
Delphi selected Umicore as the lead bidder, and received
bankruptcy court approval on June 26, 2007, to proceed with the
competitive bidding process for the sale of the catalyst
business.  On Aug. 8, 2007, in accordance with bidding
procedures approved by the bankruptcy court, Delphi conducted an
auction and selected Umicore as the successful bidder.  On Aug.
16, 2007, Delphi received approval from the bankruptcy court to
proceed with the sale of assets related to the catalyst business
to Umicore.

Although the company has sold its catalyst business, it will
continue to provide full engine management systems, including
air and fuel management, combustion and valvetrain technology,
and exhaust systems technology through its gas EMS product
business unit.

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $23,851,000,000 in total debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The Court has set a hearing on October 3 to consider the
adequacy of the Disclosure Statement.


QUEBECOR WORLD: Amended & Reduces Bank Credit Facility
------------------------------------------------------
Quebecor World Inc. has agreed to new terms in its syndicated
bank credit facility.  The amendment includes modification of
the terms to provide financial flexibility through to maturity
of the agreement in January 2009.

As part of the new agreement, the company:

   -- has agreed to a US$750 million facility, of which a
      portion will be secured by a lien on assets;

   -- has committed to reduce the facility to US$500 million by
      July 1, 2008; and

   -- has agreed to certain restrictions on the use of proceeds
      and terms of repayment.

Quebecor World believes the modified credit facility, combined
with other financing initiatives currently underway, should
provide the company with the required liquidity to execute its
business plan.

                     About Quebecor World

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has about 29,000 employees working in more than 120
printing and related facilities in the U.S., Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the U.K.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'B' from 'B+' ratings on Quebecor
World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


QUEBECOR WORLD: Unit Calls for Redemption of US$370 Mln Notes
-------------------------------------------------------------
Quebecor World Capital Corporation, a wholly owned subsidiary of
Quebecor World Inc., calls for redemption of approximately
US$370 million of:

   -- all of its outstanding 8.42% Senior Notes, Series A, due
      July 15, 2010;

   -- 8.52% Senior Notes, Series B, due July 15, 2012;

   -- 8.54% Senior Notes, Series C, due Sept. 15, 2015; and

   -- 8.69% Senior Notes, Series D, due Sept. 15, 2020.

The redemption price includes 100% of the outstanding principal
amount of the Notes, plus the accrued and unpaid interest on the
Notes to the Redemption Date plus the applicable Make-Whole
Amount determined for the Redemption Date with respect to the
outstanding principal amount of the Notes.  The redemption will
take place on Oct. 29, 2007.

Quebecor World Capital Corporation is giving written notice of
the redemption to all Noteholders in whose name the Notes are
registered.

                     About Quebecor World

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has about 29,000 employees working in more than 120
printing and related facilities in the U.S., Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the U.K.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'B' from 'B+' ratings on Quebecor
World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


QUEBECOR WORLD: Posts US$21.1 Mln Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
Quebecor World Inc. reported a net loss from continuing
operations of US$21.1 million for the second quarter ended
June 30, 2007, compared to a net loss from continuing operations
of US$6.5 million for the same period ended June 30, 2006.

Including discontinued operations, net loss was US$21.1 million
for the quarter ended June 30, 2007, compared to a net loss of
US$7.2 million for the same period last year.

Second quarter 2007 results incorporate impairment of assets,
restructuring and other charges, net of taxes, of US$26.3
million compared to US$27.0 million in 2006.  Excluding
impairment of assets, restructuring and other charges, adjusted
operating income was US$33.9 million compared to US$50.4 million
during the second quarter last year.  The company attributes
this shortfall to temporary inefficiencies and volume reductions
caused by the retooling, restructuring, and press start-up
activity as well as market conditions.

Consolidated revenues for the quarter were US$1.36 billion
compared to US$1.45 billion in the second quarter of 2006.

"In North America, we are achieving significant improved
earnings in our business groups where the retooling and
restructuring is essentially complete, such as our Book and
Magazine Divisions", commented Wes Lucas, president and chief
executive officer, Quebecor World Inc.  "In addition, results
improved year-over-year in several business groups, such as
Targeted Marketing, Premedia, and Retail.  However, these
improved performances were offset by those divisions that are in
the middle of retooling and restructuring, such as the
significant new press start-ups and plant closures in the
Catalog and Directory Divisions, as well as the Canada Division.
These elements contributed to a slight net increase in the North
America adjusted EBITDA and adjusted EBIT margins in the
quarter.  In addition, we were pleased with our Latin America
division where we achieved sales growth adjusted for foreign
exchange of more than 8% and a three-fold increase in EBIT."

"However, as expected, the acceleration of our re-tooling
efforts and the challenging market conditions in some segments,
especially in Europe, negatively impacted our financial
results," added Mr. Lucas.   "In Europe, to meet the difficult
European market conditions, we successfully started-up what is
considered to be Europe's most advanced gravure printing
facility with state-of-the-art technology and low cost
automation in Charleroi, Belgium."

In the second quarter, restructuring activities included the
closure of the Phoenix, Ariz. facility, the announcement of the
shutdown of one of the Vancouver, B.C. facilities and the
installation of four new or relocated presses across the
platform.

In the second quarter, Quebecor World generated adjusted EBITDA
of US$114.0 million compared to US$130.6 million in the second
quarter of 2006.

During the quarter, the company redeemed all of its 6%
Convertible Senior Subordinated Notes due on Oct. 1, 2007, for a
redemption price of 100.6% of the outstanding principal amount
of the Notes, plus the accrued and unpaid interest.

For the first six months of 2007, Quebecor World reported a net
loss from continuing operations of US$59.2 million, compared to
2006's net loss from continuing operations of US$200,000 for the
same period.

Consolidated revenues for the first half of 2007 were
US$2.75 billion compared to US$2.92 billion in the same period
of 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$5.74 billion in total assets, US$3.46 billion in total
liabilities, US$351.1 million in future income taxes, US$164.3
million in preferred shares, US$1.2 million in minority
interest, and US$1.77 billion in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007,
further showed US$889.1 million in total current assets
available to pay US$1.096 billion in total current liabilities.

                       About Quebecor World

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'B' from 'B+' ratings on Quebecor
World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


SOLECTRON CORP: 634.19 Million Shares Vote for Exchange
-------------------------------------------------------
Computershare Shareholders Services Inc., the exchange agent for
the Flextronics International Ltd. and Solectron Corporation
merger, has calculated preliminary 918,360,722 shares of
Solectron common stock outstanding as of Sept. 27, 2007, the
election deadline, disclosing:

   * 634,188,636 of the outstanding Solectron shares have
     submitted valid elections to receive Flextronics ordinary
     shares;

   * 78,459,142 of the outstanding Solectron shares have
     submitted valid elections to receive cash; and

   * 205,712,944 of the outstanding Solectron shares did not
     submit valid elections or submitted elections that are
     subject to the guaranteed delivery procedure.Flextronics

Pursuant to the terms of the merger agreement, Solectron
stockholders were entitled to elect to receive either 0.3450 of
a Flextronics ordinary share or $3.89 in cash for each share of
Solectron common stock, subject to proration due to minimum and
maximum limits on the amount of stock consideration and cash
consideration.

Based on the number of valid elections received by the election
deadline and subject to final determination:

   * Solectron stockholders who elected to receive stock
     consideration will receive Flextronics ordinary shares
     with respect to all of their Solectron shares;

   * Solectron stockholders who elected to receive cash
     consideration will receive cash with respect to all of
     their Solectron shares; and

   * Solectron stockholders that failed to submit a valid
     election will receive cash with respect to all of their
     Solectron shares.

The allocation of the consideration to be received by holders of
Solectron common stock may change based upon the elections that
were made subject to guaranteed delivery. The final allocation
will be disclosed after the close of business, today, Oct. 2,
2007.

Flextronics expects to pay approximately $1.07 billion in cash
and issue approximately 221.8 million Flextronics ordinary
shares upon consummation of the merger.  No fractional
Flextronics ordinary shares will be issued in the merger.

Instead, each Solectron stockholder that would otherwise be
entitled to receive Flextronics fractional shares will receive
an amount in cash based on the average of the per share closing
prices of Flextronics ordinary shares reported on the NASDAQ
Global Select Market during the 5 consecutive trading days
ending on the trading day immediately preceding the closing date
of the merger.

As provided by the merger agreement, exchangeable shares of
Solectron Global Services Canada Inc., other than exchangeable
shares owned by Solectron, any of its subsidiaries or their
affiliates, will be automatically exchanged for shares of
Solectron common stock, on a one-for-one basis, prior to the
effective time of the merger.

The merger agreement provides that holders of exchangeable
shares were entitled to elect to receive the same consideration
in the merger, and to participate directly in the merger, as a
holder of shares of Solectron common stock.

Therefore, for all purposes above, references to Solectron
stockholders are intended to also include holders of
exchangeable shares.

Solectron stockholders with questions regarding individual
allocation results should contact Innisfree M&A Incorporated
toll free from within the United States and Canada at 877-825-
8971.

                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.

                  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 including France, Malaysia,
and Brazil, among others.  It had sales from continuing
operations of US$10.6 billion in fiscal 2006.

                          *     *     *

Moody's Investor Services placed Solectron Corporation's long
term corporate family and probability of default ratings at'B1'
in June 2007.

In December 2006, Standard & Poor's assigned a 'BB-' rating on
the company's long term foreign and local issuer credit which
still hold to date.  The outlook is stable.


TUPPERWARE BRANDS: Inks New Credit Deal with Lower Interest Rate
----------------------------------------------------------------
Tupperware Brands has entered into a new secured agreement with
improved terms with a group of banks.

The new credit agreement includes a US$200 million revolving
facility and US$600 million in term loans, replacing the current
agreement that also had a US$200 million revolving facility and
US$601 million of term loans outstanding as of the end of the
company's second quarter.

Similar to the previous agreement, it provides for floating rate
borrowings but at a lower interest rate spread and with lower
commitment fees.  The company estimates that the improved terms
will result in lower cash interest expense of approximately
US$20 million over the agreement's five-year term, in comparison
with interest that would have been incurred under the previous
agreement.  Other terms, including the debt covenants under the
new agreement are comparable with the previous agreement.

In connection with the termination of the company's previous
credit agreement, in its third quarter ending Sept. 29, 2007, it
will record one- time costs of about US$10 million, for the
write off of deferred debt costs and the termination of
floating-to-fixed interest rate swaps.

J.P. Morgan Securities Inc. was the sole book runner and agent.
J.P. Morgan Securities Inc. and Key Bank N.A. were the joint
lead arrangers.

Tupperware Brands Corporation -- http://www.tupperware.com/--
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.  Tupperware reported revenues of USUS$1.8
billion for the twelve months ended June 2007.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Sept. 18, 2007, Moody's Investors Service assigned a Ba1 rating
to Tupperware Brands Corporation proposed senior secured credit
facilities, consisting of a US$200 million revolving credit
facility and a US$550 million term loan A, both due 2012.

Moody's also affirmed the company's Ba2 corporate family rating
and Ba3 probability of default rating, and changed the outlook
to positive from stable.  The company will primarily use
proceeds from the new credit facility to refinance the existing
credit facility.  The transaction is not expected to increase
pro forma debt levels.  These ratings are subject to review of
final documentation.

Ratings assigned:

   -- US$200 million senior secured revolving credit facility
      due 2012 at Ba1 (LGD2, 22%);

   -- US$550 million senior secured term loan A due 2012 to Ba1
     (LGD2, 22%).

Ratings affirmed:

   -- Corporate family rating at Ba2;
   -- Probability of default rating at Ba3.

Ratings to be withdrawn at closing of new credit facilities:

   -- US$200 million senior secured revolving credit facility
      due 2010 at Ba1 (LGD2, 25%);

   -- US$601 million senior secured term loan due 2012 to Ba1
      (LGD2, 25%).


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


ADLER GEBAUDEDIENSTE: Claims Registration Ends October 25
---------------------------------------------------------
Creditors of Adler Gebaudedienste GmbH have until Oct. 25 to
register their claims with court-appointed insolvency manager
Joerg Behrends.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 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 Oldenburg
         Meeting Room
         Second Floor
         Elizabeth Route 6
         26135 Oldenburg
         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. Joerg Behrends
         Scheideweg 161
         26127 Oldenburg
         Germany
         Tel: 0441 3616220
         Fax: 0441 - 36162229

The District Court of Oldenburg opened bankruptcy proceedings
against Adler Gebaudedienste GmbH on Sept. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Adler Gebaudedienste GmbH
         Hundsmuehler Strasse 132
         26131 Oldenburg
         Germany

         Attn: Uwe Adler, Manager
         Langenhof 31
         26160 Bad Zwischenahn
         Germany


B & H VERWALTUNGSGESELLSCHAFT: Claims Filing Period Ends Oct. 31
----------------------------------------------------------------
Creditors of B & H Verwaltungsgesellschaft mbH have until
Oct. 31 to register their claims with court-appointed insolvency
manager Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against B & H Verwaltungsgesellschaft mbH on
Aug. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         B & H Verwaltungsgesellschaft mbH
         Kirchplatz 9
         06198 Beesenstedt
         Germany

         Attn: Torsten Kamm, Manager
         Mendelsohn-Bartholdy-Str. 16
         06124 Halle
         Germany


BAU BETREUUNG: Claims Registration Ends Oct. 30
-----------------------------------------------
Creditors of Bau Betreuung HKS Immobilien & Verwaltung GmbH have
until Oct. 30 to register their claims with court-appointed
insolvency manager Frank Raff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Esslingen
         Festival Hall
         Quadrium Convention Center
         Kirchheimer Str. 68
         73249 Wernau
         Germany

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

The insolvency manager can be reached at:

         Frank Raff
         Heilbronner Str. 86
         70191 Stuttgart
         Germany
         Tel: 0711/259729-0
         Fax: 0711/259729-999

The District Court of Esslingen opened bankruptcy proceedings
against Bau Betreuung HKS Immobilien & Verwaltung GmbH on
Sept. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bau Betreuung HKS Immobilien & Verwaltung GmbH
         Stuttgarter Str. 2
         73240 Wendlingen
         Germany


BRUEGGEMANN HOLZTECHNIK: Claims Registration Ends October 19
------------------------------------------------------------
Creditors of Brueggemann Holztechnik GmbH have until Oct. 19 to
register their claims with court-appointed insolvency manager
Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Muenster
         Meeting Hall 101 B
         Ground Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917829

The District Court of Muenster opened bankruptcy proceedings
against Brueggemann Holztechnik GmbH on Sept. 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Brueggemann Holztechnik GmbH
         Attn: Hermann Brueggemann, Manager
         Beikelort 61
         48739 Legden
         Germany


CONPORTA-HANDELS: Claims Registration Ends Oct. 30
--------------------------------------------------
Creditors of Conporta-Handels- und Vertriebsgesellschaft mbH
have until Oct. 30 to register their claims with court-appointed
insolvency manager Bernd Wetjen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Bernd Wetjen
         Alter Markt (Kaiserhaus) 1
         31134 Hildesheim
         Germany
         Tel: 91710
         Fax: 917171

The District Court of Hildesheim opened bankruptcy proceedings
against Conporta-Handels- und Vertriebsgesellschaft mbH on
Sept. 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Conporta-Handels- und Vertriebsgesellschaft mbH
         Am Deipensiek 13
         31139 Hildesheim
         Germany


COOK & CONCEPT: Creditors' Meeting Slated for October 8
-------------------------------------------------------
The court-appointed insolvency manager for Cook & Concept
Beteiligungs-GmbH, Christian Willmer, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:15 a.m. on Oct. 8.

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

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on Nov. 16, at the same venue.

Creditors have until Oct. 17 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against Cook & Concept Beteiligungs-GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cook & Concept Beteiligungs-GmbH
         Attn: Udo Adamy, Manager
         Dauelsener Dorfatrasse 19
         27283 Verden
         Germany


DEDAWAN GEBAUDEREINIGUNG: Claims Registration Ends Oct. 31
----------------------------------------------------------
Creditors of Dedawan Gebaudereinigung GmbH have until Oct. 31 to
register their claims with court-appointed insolvency manager
Wolfgang Ott.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Wolfgang Ott
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

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

The Debtor can be reached at:

         Dedawan Gebaudereinigung GmbH
         Attn: Jalal Rafik Dedawan, Manager
         Thalkirchnerstr. 180
         81371 Munich
         Germany


GEBO BAUABBRUCHDIENST: Claims Registration Ends Oct. 30
-------------------------------------------------------
Creditors of GEBO Bauabbruchdienst, Betonbohren und Sagen GmbH
i.L. have until Oct. 30 to register their claims with court-
appointed insolvency manager Andreas Lueck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Andreas Lueck
         geboren 1961
         Mittelstr. 3
         52146 Wuerselen
         Germany

The District Court of Dresden opened bankruptcy proceedings
against GEBO Bauabbruchdienst, Betonbohren und Sagen GmbH i.L.
on Sept. 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GEBO Bauabbruchdienst, Betonbohren und Sagen GmbH i.L.
         Grossenhainer Str. 223
         01129 Dresden
         Germany


GERSOENE.MEDIENHAUS: Claims Registration Ends October 29
--------------------------------------------------------
Creditors of Gersoene.Medienhaus GmbH have until Oct. 29 to
register their claims with court-appointed insolvency manager
Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael C. Frege
         Augustusplatz 9
         04109 Leipzig
         Germany
         Tel: 0341/2167225
         Fax: 0341/2167232
         E-mail: insolvenz@cms-hs.com

The District Court of Leipzig opened bankruptcy proceedings
against Gersoene.Medienhaus GmbH on Sept. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Gersoene.Medienhaus GmbH
         Portitzer Strasse 69A
         04425 Taucha
         Germany

         Attn: Fridtjof Gersoene, Manager
         Siegebandweg 52,
         04279 Leipzig
         Germany


GKO GMBH: Creditors Must File Claims by October 31
--------------------------------------------------
Creditors of GKO GmbH have until Oct. 31 to register their
claims with court-appointed insolvency manager Jan-Hendrik
Pannenborg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         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:

         Jan-Hendrik Pannenborg
         Jahnstrasse 32
         48529 Nordhorn
         Germany

The District Court of Nordhorn opened bankruptcy proceedings
against GKO GmbH on Sept. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GKO GmbH
         Bergstrasse 23c
         48455 Bad Bentheim
         Germany


GLOBAL GESELLSCHAFT: Claims Registration Ends Oct. 30
-----------------------------------------------------
Creditors of Global Gesellschaft fuer Finanzierungsvermittlung,
Reisedienst und Aussenhandel mbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Dr.
Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 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:

         Dr. Ruediger Werres
         Friesenplatz 17a
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Global Gesellschaft fuer Finanzierungsvermittlung,
Reisedienst und Aussenhandel mbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Global Gesellschaft fuer Finanzierungsvermittlung,
         Reisedienst und Aussenhandel mbH
         Hansaring 25/27
         50670 Cologne
         Germany


GUETERSLOH GMBH: Creditors Must File Claims by October 31
---------------------------------------------------------
Creditors of Guetersloh GmbH & Co. KG have until Oct. 31 to
register their claims with court-appointed insolvency manager
Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Stephan Thiemann
         Ludgeristr. 54
         48143 Muenster
         Germany

The District Court of Muenster opened bankruptcy proceedings
against Guetersloh GmbH & Co. KG on Sept. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Guetersloh GmbH & Co. KG
         Kanalstrasse 44
         48147 Muenster
         Germany


HAUSTECHNIK HOELSCHER: Claims Registration Period Ends Oct. 30
--------------------------------------------------------------
Creditors of Haustechnik Hoelscher GmbH & Co. KG have until
Oct. 30 to register their claims with court-appointed insolvency
manager Wolfgang Koehler.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Wolfgang Koehler
         Marktstrasse 22
         59555 Lippstadt
         Germany
         Tel: 02941/979850
         Fax: 02941/979870

The District Court of Paderborn opened bankruptcy proceedings
against Haustechnik Hoelscher GmbH & Co. KG on Sept. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Haustechnik Hoelscher GmbH & Co. KG
         Borsigstr. 11
         59609 Anroechte
         Germany


HOECHSTER BAUSTOFFHANDEL: Claims Registration Ends October 18
-------------------------------------------------------------
Creditors of Hoechster Baustoffhandel GmbH have until Oct. 18 to
register their claims with court-appointed insolvency manager
Hildegard A. Hoevel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         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:

         Hildegard A. Hoevel
         Raimundstr. 98
         D 60320 Frankfurt/Main
         Germany
         Tel: 069/9454846-0
         Fax: 069/945484677
         Web site: http://www.rahuc.de/

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Hoechster Baustoffhandel GmbH on Sept. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hoechster Baustoffhandel GmbH
         Attn: Martin Staneck, Manager
         Koenigsteiner Strasse 136-140
         65929 Frankfurt-Unterliederbach
         Germany


HOLZVEREDELUNG GMBH: Claims Registration Ends October 24
--------------------------------------------------------
Creditors of Holzveredelung GmbH have until Oct. 24 to register
their claims with court-appointed insolvency manager Heiko Jaap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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:

         Heiko Jaap
         Steinbeckerstr. 10
         17489 Greifswald
         Germany

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

The Debtor can be reached at:

         Holzveredelung GmbH
         Attn: Bernhard Rausch, Manager
         Muehlenweg 8
         17429 Katschow/Dargen
         Germany


INELTRO GMBH: Claims Registration Period Ends Oct. 30
-----------------------------------------------------
Creditors of Ineltro GmbH have until Oct. 30 to register their
claims with court-appointed insolvency manager Hanns Poellmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Hanns Poellmann
         Prannerstr. 11
         80333 Munich
         Germany
         Tel: 33008090
         Fax: 330080999

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

The Debtor can be reached at:

         Ineltro GmbH
         Rote-Kreuz-Str. 8
         85737 Ismaning
         Germany


KOTHE MEISTERFACHBETRIEB: Claims Registration Ends October 29
-------------------------------------------------------------
Creditors of Kothe Meisterfachbetrieb GmbH have until Oct. 29 to
register their claims with court-appointed insolvency manager
Hans-Peter Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Dec. 3, 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 Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         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:

         Hans-Peter Valentiner
         Bahnhofstr. 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-Mail: Rae_valentiner_blaha_buchholz@gmx.de

The District Court of Celle opened bankruptcy proceedings
against Kothe Meisterfachbetrieb GmbH on Sept. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kothe Meisterfachbetrieb GmbH
         Helga Kothe, Manager
         Bahnhofstr. 6
         29323 Wietze
         Germany


LEINENBACH BAUFACHHANDEL: Claims Registration Ends October 29
-------------------------------------------------------------
Creditors of Leinenbach Baufachhandel GmbH have until Oct. 29 to
register their claims with court-appointed insolvency manager
Matthias Bayer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 8:45 a.m. on Nov. 20 at the same venue,
while creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Matthias Bayer
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany
         Tel: (06894) 38 76 311
         Fax: (06894) 382185

The District Court of Saarbruecken opened bankruptcy proceedings
against Leinenbach Baufachhandel GmbH on Sept. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Leinenbach Baufachhandel GmbH
         Attn: Frank Leinenbach, Manager
         Werner-von Siemens-Str. 9
         66793 Saarwellingen
         Germany


MBO INFORMATIONSSYSTEME: Creditors' Meeting Slated for October 8
----------------------------------------------------------------
The court-appointed insolvency manager for MBO
Informationssysteme GmbH, Hartmut Schmidt, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m. on Oct. 8.

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

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Nov. 30, at the same venue.

Creditors have until Oct. 26 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartmut Schmidt
         Robert-Hooke-Strasse 6
         28359 Bremen
         Germany
         Tel: 0421/22379287
         Fax: 042122379289

The District Court of Verden (Aller) opened bankruptcy
proceedings against MBO Informationssysteme GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MBO Informationssysteme GmbH
         Desmastrasse 3-5
         28832 Achim
         Germany

         Attn: Frank Melloh, Manager
         28790 Schwanewede
         Germany


NOSKE & GRUNWALD: Creditors Must File Claims by October 31
----------------------------------------------------------
Creditors of Noske & Grunwald GmbH have until Oct. 31 to
register their claims with court-appointed insolvency manager
Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:13 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 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:

         Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany

The District Court of Bonn opened bankruptcy proceedings against
Noske & Grunwald GmbH on Sept. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Noske & Grunwald GmbH
         Florinskaul 3
         56218 Muelheim-Karlich
         Germany


OLLECH GMBH: Claims Registration Ends October 26
------------------------------------------------
Creditors of Ollech GmbH have until Oct. 26 to register their
claims with court-appointed insolvency manager Andreas Rohe.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         Germany

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

The insolvency manager can be reached at:

         Andreas Rohe
         Kamigstrasse 2
         17373 Ueckeruende
         Germany

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

The Debtor can be reached at:

         Ollech GmbH
         Sonnekamp 28
         17039 Neukirchen
         Germany


OPTES GMBH: Creditors Must File Claims by October 31
----------------------------------------------------
Creditors of OPTES GmbH have until Oct. 31 to register their
claims with court-appointed insolvency manager Michael Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         Germany

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

The insolvency manager can be reached at:

         Michael Mueller
         Jahnstr. 45
         35606 Solms-Oberndorf
         Germany

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

The Debtor can be reached at:

         OPTES GmbH
         Georgshuettenstrasse 19a
         35606 Solms
         Germany


REIFENHOF GROSS: Claims Registration Ends October 24
----------------------------------------------------
Creditors of Reifenhof Gross Offenseth GmbH have until Oct. 24
to register their claims with court-appointed insolvency manager
Max-Reinhard Winter.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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
         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. Max-Reinhard Winter
         Dockenhudener Strasse 20
         22587 Hamburg
         Germany
         Tel: 069/9454846-0
         Fax: 069/945484677
         Web site: www.rahuc.de

The District Court of Pinneberg opened bankruptcy proceedings
against Reifenhof Gross Offenseth GmbH on Sept. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Reifenhof Gross Offenseth GmbH
         Attn: Michael Kujath-de Abaitua, Manager
         Hauptstr. 34
         25355 Gross Offenseth-Aspern
         Germany


RELAX AHLEN: Claims Registration Ends October 31
------------------------------------------------
Creditors of Relax Ahlen Sport und Fitness GmbH have until
Oct. 31 to register their claims with court-appointed insolvency
manager Erich Hoelzemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Muenster
         Meeting Hall 112 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dipl.-Kfm. Erich Hoelzemann
         Goethestr. 2
         59065 Hamm
         Germany
         Tel: 02381/924200
         Fax: +4923819242020

The District Court of Muenster opened bankruptcy proceedings
against Relax Ahlen Sport und Fitness GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Relax Ahlen Sport und Fitness GmbH
         Attn: Juergen Bluethgen, Manager
         Beckumer Strasse 59
         59229 Ahlen
         Germany


SCHIEDER SERVICE: Claims Registration Ends October 31
-----------------------------------------------------
Creditors of Schieder Service und Beteiligungs GmbH & Co. KG
have until Oct. 31 to register their claims with court-appointed
insolvency manager Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Detmold
         Meeting Hall 104
         Ground Floor
         Heinrich-Drake-Str. 3
         32756 Detmold
         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. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Schieder Service und Beteiligungs GmbH & Co. KG on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Schieder Service und Beteiligungs GmbH & Co. KG
         Bahnhofstr.
         32816 Schieder-Schwalenberg
         Germany

         Attn: Gert-Peter Maekelburger, Manager
         Larchenweg 4
         32760 Detmold
         Germany


SPECTRUM BRANDS: Selling Canadian Business Division to RoyCap
-------------------------------------------------------------
Spectrum Brands Inc. has signed a definitive agreement to sell
the Canadian division of its Home & Garden business segment,
which operates under the name Nu-Gro, to a new company formed by
RoyCap Merchant Banking Group and Clarke Inc.  This division is
a leading supplier in the Canadian Home & Garden industry, with
Fiscal Year 2006 sales of approximately US$100 million across a
broad range of product categories, including fertilizer, grass
seed, controls and ice melt, under brand names such as CIL,
Wilson, and Alaskan Ice Melter.

The transaction is anticipated to close by Oct. 31, 2007,
subject to certain regulatory approvals.  Financial terms were
not disclosed.

Kent Hussey, Spectrum Brands' Chief Executive Officer,
commented, "The Canadian division of our Home & Garden business
segment is a valuable business that enjoys strong consumer
recognition, a national distribution network and a broad and
loyal customer base, and we are pleased to have found in the
RoyCap/Clarke partnership a buyer that is a good fit for this
asset.  Following the sale of this division, which was not a
profit contributor in our most recent fiscal year, Spectrum's
remaining U.S.-based Home & Garden business will be a more
sharply focused company with improved operating margins and
returns on invested capital."

Net proceeds from the sale will be utilized to reduce
outstanding debt, a key strategic priority for Spectrum Brands.
The company currently estimates that the sale will reduce FY
2008 peak seasonal borrowing needs by approximately US$45
million as a result of cash proceeds from the transaction and
the elimination of the working capital requirement for the
Canadian Home & Garden business in the 2008 lawn and garden
selling season.

National Bank Financial Inc. and Sutherland, Asbill & Brennan
LLP served as advisors to Spectrum Brands on the transaction.

                    About RoyCap Merchant

RoyCap Merchant Banking Group is a division of Royal Capital
Management Corp., a private Toronto based investment company.
RoyCap specializes in returning companies to sustainable, long-
term profitability by making value added investments and
combining hands-on restructuring expertise with a strong,
committed management team.

                      About Clarke Inc.

Clarke Inc. -- http://www.clarkeinc.com/-- is the Halifax-based
parent company of a number of wholly-owned operating companies
and divisions, and is an activist catalyst investor with a
diversified portfolio of strategic and opportunistic
investments.  Clarke's operating companies are in the
transportation services business.  From time to time, Clarke
also participates in joint ventures when they offer the
opportunity to create shareholder value.  Led by George Armoyan
and an entrepreneurial team of professionals focused on
uncovering and creating value, Clarke invests in undervalued
businesses and participates actively where necessary to enhance
performance and increase returns.  In 2006 alone, Clarke
delivered a shareholder return on investment, including
dividends, of 33%. Clarke's securities trade on the Toronto
Stock Exchange (CKI, CKI.DB, CKI.DB.A).

                   About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.  The
company's European headquarters is located in Sulzbach, Germany.

                        *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  Fitch said the outlook remains negative.


TEXCOM TECHNIK: Claims Registration Ends October 18
---------------------------------------------------
Creditors of TEXCOM Technik Export fuer Haustechnik und
Industrie GmbH have until Oct. 18 to register their claims with
court-appointed insolvency manager Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Chemnitz
         Hall 28
         Fuerstenstrasse 21
         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. Christoph Junker
         Karcherallee 25 a
         01277 Dresden
         Germany
         Tel: (03 51) 260 60 60
         Fax: (03 51) 260 60 66
         E-mail: dresden@junker-kollegen.de


The District Court of Chemnitz opened bankruptcy proceedings
against TEXCOM Technik Export fuer Haustechnik und Industrie
GmbH on Sept. 4.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         TEXCOM Technik Export fuer Haustechnik und Industrie
         GmbH
         Dresdner Str. 58a
         09337 Hohenstein-Ernstthal
         Germany

         Attn: Dietmar Clauss, Manager
         Dresdner Str. 54 a
         09337 Hohenstein-Ernstthal
         Germany


WASCHEREI STADIE: Claims Registration Ends October 29
-----------------------------------------------------
Creditors of Wascherei Stadie GmbH have until Oct. 29 to
register their claims with court-appointed insolvency manager
Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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. Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Wascherei Stadie GmbH on Aug. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Wascherei Stadie GmbH
         Attn: Edith Stadie and Anja Stadie, Managers
         Holmbrook 3
         22605 Hamburg
         Germany


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


AFFILIATED COMPUTER: Bags Seven-Year US$111 Mil. Medicaid Deal
--------------------------------------------------------------
Affiliated Computer Services, Inc. has announced a seven-year,
US$111 million contract re-bid award with the Department of
Health, Medical Assistance Administration of the District of
Columbia to continue operating the District's Medicaid
Management Information System.

ACS has been the District's Medicaid fiscal agent since February
2001 and received Centers for Medicare & Medicaid Services
certification for the District's current MMIS system in 2004.
Under the renewed contract, ACS will provide, enhance and
implement a CMS-certified MMIS, and will provide services to
operate the enhanced MMIS and process District Medicaid claims.

"We are looking forward to the implementation of a state-of-the-
art, technologically advanced MMIS system that will be certified
by the Center for Medicare and Medicaid Services.  ACS is our
partner in this endeavor and the new system will advance claims
processing and data management for the District's Medicaid
program," said Robert T. Maruca, senior deputy director, Medical
Assistance Administration.

"We highly value the technical competence that ACS brings to our
MMIS operation and know that this new system will benefit the
District, our providers and our consumers.  We anticipate a
continued positive relationship with ACS as our new system is
being developed and implemented," said Mr. Maruca.

In addition to current contract responsibilities, ACS will
expand MMIS operations to include significant enhancements,
services, and system capabilities for web solutions for use by
providers and recipients.  These include a secure web portal; a
Clinical Case Management System; a new web-based Reporting Data
Mart; enhanced Surveillance & Utilization Review System,
Management and Administration Reporting System, and Third-Party
Liability with Operations; an enterprise rules engine; an
advanced, n-tier, thin-client architecture; a powerful IBM
Enterprise Server; and a DB2 relational database management
system that provides enhanced performance and reliability.

"Having provided innovative services to the District for more
than six years, ACS brings comprehensive, in-depth knowledge and
understanding of its Medicaid recipients and government
requirements," said Christopher T. Deelsnyder, ACS senior vice
president and managing director, Government Healthcare
Solutions.  "We will build on current and past experiences to
continue to offer cost-effective solutions that minimize risk,
provide flexibility, and adapt to the changing program needs."

                  About Affiliated Computer

Affiliated Computer Services Inc. (NYSE: ACS) --
http://www.AffiliatedComputer-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                        *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.


SCOTTISH RE: Names Terry Eleftheriou Chief Financial Officer
------------------------------------------------------------
Scottish Re Group Limited 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 in
October 1.  He will serve in a transition role until he assumes
the CFO position in November 12.

Terry Eleftheriou, 48, 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, Mr.
Eleftheriou 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.

Terry 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 Terry Eleftheriou to Scottish Re, George Zippel,
President and Chief Executive Officer, noted, "[Mr. Eleftheriou]
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."

Terry 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
$13.6 billion and shareholder's equity of $1.2 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 24, 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.


SCOTTISH RE: To Restate Basic Earnings Per Ordinary Share
---------------------------------------------------------
Scottish Re Group Limited filed a Form 8-K with the U.S.
Securities and Exchange Commission indicating that on
Sept. 12, 2007, the company received correspondence from the
agency providing several comments to certain of the company's
public filings.  The comments in the SEC's letter predominately
relate to disclosure matters the company believes will not
result in material changes, if any, to previously reported net
income or shareholders' equity.  The company has not yet
responded to the SEC's letter and therefore, not withstanding
the foregoing, cannot provide any guarantee the SEC will concur
with the company's approach to responding to any of the SEC's
comments.

The Form 8-K goes on to say that in conducting the review
necessary to respond to the SEC's letter, the company determined
it is required to restate basic earnings per ordinary share and
diluted earnings per ordinary share for the three months and six
months ended June 30, 2007, as reported in its Form 10-Q for
such period which was filed on Aug. 14, 2007.  The Form 8-K
further goes on to say the calculation of earnings per share for
such periods included in the Form 10-Q filed on Aug. 14, 2007
should no longer be relied upon and that the company intends to
file an amended Form 10-Q for the quarter ended June 30, 2007.

The requirement to restate the company's basic earnings per
ordinary share and diluted earnings per ordinary share arose
from the company's failure to deduct US$120.8 million
attributable to the beneficial conversion feature of the
Convertible Cumulative Participating Preferred Shares issued on
May 7, 2007 in calculating net loss available to ordinary
shareholders for the purposes of earnings per share, in
accordance with EITF Topic D-98.  The impact of this change is a
reduction in basic income per ordinary share of US$1.46 to a
basic loss per ordinary share of US$(0.30) for the three months
ended June 30, 2007, and a reduction in basic income per
ordinary share of US$0.98 to a basic loss per ordinary share of
US$(0.84) for the six months ended June 30, 2007.  The further
impact of this change is a reduction in diluted income per
ordinary share of US$0.63 to a diluted loss per ordinary share
of US$(0.30) for the three months ended June 30, 2007, and a
reduction in diluted income per ordinary share of US$0.58 to a
diluted loss per ordinary share of US$(0.84) for the six months
ended June 30, 2007.

The US$120.8 million deduction is a one-time, non-cash, deemed
dividend and does not have an effect on net income,
comprehensive income or cash flows for the three and six months
ended June 30, 2007, nor will it have an impact on total
shareholders' equity as of June 30, 2007.

The company continues to communicate with the SEC and to conduct
the review necessary to respond appropriately to all of the
comments in the SEC's letter.

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.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


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


ALITALIA SPA: Resumes Stake Sale Sale with AirOne SpA
-----------------------------------------------------
AirOne S.p.A. has restarted talks to acquire the Italian
government's 49.9% stake in Alitalia S.p.A., various reports
say.

According to Bloomberg News, AirOne has held a "technical
meeting" with Citigroup Inc., Alitalia's sale advisor.

The Financial Times notes that AirOne's AP Holding S.p.A. was
the last to pull out from failed auction to acquire Italy's
39.9% stake.

As reported in the TCR-Europe on Sept. 13, 2007, Alitalia
chairman Maurizio Prato plans to complete the sale of Italy's
stake in the troubled carrier by December 2007.  Mr. Prato told
Il Sole 24 Ore that advisor Citigroup has initiated contacts
with parties that had participated in the failed auction for
Italy's stake in Alitalia and with Asian firms.

The chairman expects the first rounds of meeting to be complete
by end of September or early October, Il Sole relates.  Mr.
Prato will conduct a first selection among potential buyers by
the end of October before starting an evaluation phase.

Italian deputy prime minister Francesco Rutelli expressed
support to a possible bid by AirOne, saying it was the most
sensible solution for the flag carrier, La Stampa relates.

Pierluigi Bersani, Italy's economic development minister, also
expressed support to an Italian acquisition, but noted that the
final decision lies on Alitalia's owners and prime minister
Romano Prodi, who is reportedly backing Air France-KLM, La
Stampa adds.

                         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.  The company has operations in Argentina.

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


ALITALIA SPA: Intesa-Sanpaolo Hopes for Effective Rescue Plan
-------------------------------------------------------------
Intesa-Sanpaolo S.p.A. chief executive Corrado Passera hopes
that Alitalia S.p.A.'s business plan could make it more
competitive and keep its Italian identity, Reuters reports,
citing the bank's CEO Corrado Passera.

"We hoped to see a long-term industrial project that can allow
Italy to have a successful company," Mr. Passera told Reuters.
"We think that it is in the country's interest to have a
company's decisional headquarters."

"We feel particularly engaged when we see the possibility of a
good turnaround plan, even when they are difficult ones."

Intesa-Sanpaolo was AirOne S.p.A.'s financial backer for the
latter's bid until they pulled out from the race citing lack of
relevant information.  AirOne has restarted sale talks to
acquire Italy's 49.9% stake in Alitalia.

                         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.  The company has operations in Argentina.

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


DANA CORP: Appaloosa Reaffirms Investment Offer; Sends Final Bid
----------------------------------------------------------------
Appaloosa Management, L.P., on Sept. 21, 2007, re-affirmed its
Investment offer, to replace the investment offer of
Centerbridge Capital Partners, L.P., and delivered to Dana Corp.
and its debtor-affiliates the Official Committee of Unsecured
Creditors a final investment proposal letter.

James Bolin, a partner at Appaloosa, stated, in the Sept. 21
Letter, that Appaloosa's Investment Offer is substantially
similar to Centerbridge's Proposal, with certain material
improvements and modifications.

The improvements and modifications are:

  (a) Appaloosa proposes to eliminate and waive the break-up fee
      described in the Centerbridge Proposal.

  (b) Appaloosa will enhance the conversion price from 0.83
      times Distributable Market Equity Value Per Share to 0.90
      times Distributable Market Equity Value Per Share.

  (c) In lieu of the limited Rule 144A offering contemplated by
      the Centerbridge Proposal, the right to purchase the
      Series B Preferred at par will be offered to all holders
      of allowed unsecured claims on a pro rata basis.  Any
      shares of Series B Preferred not purchased in the Series B
      Rights Offering will be purchased at par by Appaloosa and
      certain other entities, who will receive a guaranteed
      minimum of 40% of the Series B Preferred and a commitment
      fee of US$10,000,000 as consideration for their agreement
      to perform the foregoing Standby Purchaser obligations.

  (d) Appaloosa proposes to eliminate the ceiling/floor "collar"
      mechanism contained in the Centerbridge Proposal.

  (e) Most of Appaloosa's approval rights will be subject to
      being over-ridden by a 2/3 vote of common shareholders
      with the exception of certain specified protective
      approval rights, which are not subject to over-ride.  The
      approval rights not subject to over-ride relate to:

         -- issuance of securities that are senior to or on
            parity with the Series A Preferred;

         -- amendments to the Company's by-laws that materially
            change the rights of members of the Investor Group
            or Qualified Purchaser Transferees or the Company's
            shareholders generally, or to the Charter or
            Articles if the amendment would adversely impact
            Appaloosa's rights or investment; and

         -- other than the annual 4.0% dividends on the Series B
            Preferred, declaration and payment of dividends on
            stock that ranks junior to or on parity with the
            Series A Preferred.

  (f) Appaloosa will select three members of the Board of
      Directors, and the Creditors Committee will select the
      other three.  One director will be the chief executive
      officer, one director will be the new Executive Chairman,
      one director will be selected by the Standby Purchasers
      other than Appaloosa.  The initial Executive Chairman of
      the Board will be selected by a selection committee
      comprised of one Appaloosa representative and one
      representative of the Standby Purchasers.  The Executive
      Chairman will be approved by a majority vote of the
      Selection Committee.  Any successor Executive Chairman
      will be selected by the Nominating and Governance
      Committee of the Board, subject to the approval of
      Appaloosa.

  (g) All of Appaloosa's approval rights will continue until the
      earlier of (i) the date on which Appaloosa ceases to own
      Series A Preferred Shares having an aggregate liquidation
      preference of at least US$125,000,000, and (ii) the third
      anniversary of Appaloosa's investment.

  (h) Appaloosa proposes to include an additional closing
      condition to the effect that there will not have occurred
      any material strike or labor stoppage or slowdown at Dana
      Corp., General Motors, Chrysler, Ford Motor Company or
      any of their respective subsidiaries.

A full-text copy of Appaloosa's September 21 Letter is available
for free at http://ResearchArchives.com/t/s?23e0

Aside from the Investment Letter, Appaloosa also delivered to
the Debtors and the Creditors Committee drafts of:

  (1) an Amended Joint Plan of Reorganization, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e1

  (2) a Plan Support Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e2


  (3) an Investment Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e3

  (4) a Shareholders Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e4


  (5) Articles of Designation with Respect to Preferred Stock, a
      copy of which is available for free at:

                   http://ResearchArchives.com/t/s?23e5

  (6) a Series A Registration Rights Agreement, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e6

  (7) a Series B Registration Rights Agreement, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e6

  (8) a Market Maker Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e7

                       About Dana Corp.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.  (Dana Corporation Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000 )


DANA CORP: Wants to Reorganize Mexican Affiliate
------------------------------------------------
Dana Corp. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's approval to
restructure its Mexican affiliate.

In July 2006, Spicer S.A., de C.V., a Mexican joint venture
between Dana Corp. and DESC S.A. de C.V., was dissolved, and the
Debtors acquired 100% ownership of certain of the subsidiaries
of Spicer Mexico.

Since that acquisition, the Debtors determined, after
consultation with their U.S. and Mexican advisors, to take
several steps to optimize the tax and operational efficiencies
of their operations in Mexico, which will involve converting
certain of their operations into maquiladoras:

  (a) Dana Heavy Axle Mexico S.A. de C.V. operations in
      Monterrey, Mexico will be contributed into a non-debtor
      subsidiary known as Dana Ejes S.A. de C.V., which will
      subsequently be converted into a maquiladora;

  (b) A maquiladora will be created out of the current
      operations of Spicer Group members Ejes Tractivos S.A. de
      C.V., Autometales S.A. de C.V., and Dana de Mexico
      Corporacion S. de R.L. de C.V.;

  (c) Nondebtor Tecnologia de Mocion Controlada S.A. de C.V.
      will expand its existing maquiladora operations to include
      a new maquiladora to support the sealing business;

  (d) Dana will acquire additional equipment to expand the
      operations at DHAM's Toluca facility; and

  (e) Dana's ownership of certain Mexican Dana Companies will be
      transferred to Debtor Spicer Heavy Axle Holdings, Inc.,
      which will be renamed Dana Global Products, Inc.

A maquiladora, according to Corinne Ball, Esq., at Jones Day, in
New York, explains, is a Mexican corporation that operates under
a program developed by the Mexican Secretariat of Commerce and
Industrial Development that permits the Mexican corporation to:

  -- temporarily receive component parts and raw materials from
     a foreign company without being charged any import duties;

  -- convert the component parts and raw materials into finished
     goods;

  -- ship the finished goods to, or on behalf of, the foreign
     company; and

  -- charge the foreign company for the value added in Mexico
     plus a relatively modest government mandated mark-up.

After these transactions, the inventory, finished goods and
equipment for the Sealing Maquila will be owned by Debtor Dana
Global Products, Inc., which will also conduct all the future
purchasing of goods for the Sealing Maquila.

In addition, as part of the Debtors' strategy to expand low cost
manufacturing operations, the Toluca Facility requires
additional equipment to be able to expand production.  Dana
Heavy Axle Mexico does not currently have the cash to purchase
additional equipment for the Toluca Facility.  Instead, the
Debtors will transfer approximately US$2,500,000 in equipment
from their Glasgow, Kentucky, plant to the Toluca Facility, and
the Debtors will purchase approximately US$11,000,000 of
equipment from third party vendors for use at the Toluca
Facility.

Both the transferred and purchased equipment will be placed in
the name of Dana Holdings Mexico as an investment.

Dana Heavy Axle Mexico will purchase the equipment from Dana
Holdings Mexico by issuing a US$13,500,000 note in return for
the equipment.  Because the Debtors will indirectly own Dana
Holdings Mexico through DGPI, they will benefit from the note
held by Dana Holding Mexico and will thus be receiving
equivalent value on their investment in Dana Holdings Mexico.

Ms. Ball tells the Court that in connection with the Debtors'
emergence from bankruptcy, they are planning to rationalize the
holding structure of their international affiliates.  For
Mexican tax reasons, each of the maquiladoras to be formed must
be owned by a stable U.S. entity that can conduct the purchasing
of goods required to operate the maquiladoras on a going forward
basis -- that entity will be DGPI.

The Debtors will transfer their 100% ownership interest in Dana
Holdings Mexico and DHAM and almost 100% ownership interest in
Tecnologia de Mocion Controlada to DGPI in return for additional
stock to be issued by DGPI.

Because the Debtors own 100% of the stock of DGPI, they will
receive reasonably equivalent value for the transfer through the
increase in value of DGPI by the value of the shares of Dana
Holdings Mexico, DHAM and TMC, that are to be transferred to
DGPI.

The Debtors' Disclosure Statement explaining their Plan of
Reorganization provides that a critical part of their
restructuring plan has been to optimize their manufacturing
footprint so as to minimize costs, Ms. Ball notes.

A critical focus of these efforts is the movement to low cost
Manufacturing operations, a significant block of which are in
Mexico.  The various transactions involved in the Mexican
Affiliate Restructuring will allow the Debtors to increase their
production of low-cost goods in Mexico and provide a tax-
efficient structure for the production of those goods.

The Debtors project that the Mexican Affiliate Restructuring
will:

  -- generate approximately US$4,700,000 in annual tax savings
     over the current structure;

  -- provide more than US$12,000,000 in additional U.S. income
     annually; and

  -- facilitate labor savings for the Debtors as part of their
     manufacturing footprint optimization.

The Debtors also seek a waiver of any stay of the effectiveness
of the order approving the Restructuring Motion.

While the go-live date for the Mexican maquiladoras is
Nov. 1, 2007, the purchases of the assets and other activities
described in the step transactions must occur before that date,
and certain of those purchases can only occur after the transfer
of shares in DHAM, Dana Holdings Mexico and TMC are made to
Debtor DGPI, Ms. Ball says.  If the various asset sales and
share transfers cannot commence until the anticipated expiration
of the automatic stay on Oct. 29, 2007, the go-live date on the
maquiladoras will have to be delayed by an additional month
because it will be difficult to make the necessary accounting
changes in the middle of a month.

Delaying the project will cost the Debtors approximately
US$375,000 in lost tax savings and decrease income in the U.S.
by approximately US$1,000,000, Ms. Ball adds.

                      About Dana Corp.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.  (Dana Corporation Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


TRW AUTOMOTIVE: Fitch Affirms Issuer Default Rating at BB
---------------------------------------------------------
Fitch Ratings has affirmed the following ratings on TRW
Automotive Holdings Corp. and TRW Automotive Inc.:

TRW Automotive Holdings Corp.

-- Issuer Default Rating at 'BB'.

TRW Automotive Inc.

-- Issuer Default Rating at 'BB';
-- Senior secured revolving credit facility at 'BB+';
-- Senior secured term loan A facility at 'BB+';
-- Senior secured term loan B facility at 'BB+';
-- Senior unsecured notes at 'BB-'.

Fitch's rating actions affect approximately US$3 billion in
total debt.  The Rating Outlook is Stable.

Fitch's ratings reflect TRW's relatively diverse customer base,
global manufacturing presence, the company's technology-driven
products and healthy liquidity.  A substantial book of business
outside of North America and continued healthy demand for safety
related products partially offsets significant declines in North
American OEM customers' volumes as well as industry cost
challenges.  While the company's margins have declined versus
year-ago results, profitability remains above average for an
automotive supplier but is at the low end of the credit
category.

The Stable Rating Outlook is based on TRW's healthy liquidity
position, which should provide the company with a buffer if
industry fundamentals were to erode materially.  In addition,
current credit market conditions should have little direct
impact on TRW's liquidity as the company refinanced its bonds in
March and its bank facility in May.

Rating concerns include debt levels, margin pressures from price
competition and raw materials, customers' production volumes,
the potential for increased capital expenditures as customers
reduce product cycle times and the risk of work stoppages due to
a financially stressed base of suppliers other than TRW.  In
addition, Fitch expects the company to generate limited free
cash flow through at least 2008, enabling only modest debt
reduction.

For 2005 and 2006, TRW's Free Cash Flow was US$9 million and
US$54 million, respectively.  Given recent margin erosion, the
working capital investment of a growing business and average
annual capital expenditure increases of approximately 4%, Fitch
believes TRW's ability to generate Free Cash Flow is limited
through at least 2008.  Even though 4% average annual growth in
capital expenditures is on par for TRW, capital investment may
be subject to increase as D3 customers could succeed in reducing
product development cycle times.  While this has been a stated
objective of the D3 for many years with only limited success
relative to the leaps that Japanese competitors have produced
(Japanese product life cycles average about 4 years while the D3
average about 6 years), the D3's objective to deliver quality
new products more frequently may come to fruition.  However,
since the company has significant exposure to Toyota, Honda and
Nissan, TRW already has experience with more advanced product
development cycle times.

Including the premiums from the recent refinancing, Total
Adjusted Debt levels have increased slightly versus Fitch's
previous expectations.  In addition, both coverage and leverage
metrics are at the lower end of the rating category.  Trailing
twelve-month free cash flow was -US$157 million, largely due to
working capital investment.  TRW's Total Adjusted Debt levels
over the same period increased by US$134 million.  However, the
company successfully refinanced its entire capital structure in
the first half of 2007.  Because of the refinancing, but also
due to lower Operating EBITDA margin, coverage ratios have
improved modestly while leverage ticked slightly higher.  Given
Fitch's limited Free Cash Flow expectations, debt reduction over
the next 18 months is likely to be only modest.

In March of this year, TRW Automotive Inc. replaced its existing
senior unsecured and senior subordinated debt with new senior
unsecured notes.  TRW also replaced US$2.5 billion in existing
bank facilities with the same amount in new facilities.  The new
bank lines closed on May 9, 2007.  The new capital structure
provides TRW with a lower cost of capital, extended maturities,
and loosened covenants providing greater financial flexibility.

At the end of the second quarter of 2007, TRW had approximately
US$1.4 billion of committed availability, including US$1.1
billion under its US$1.4 billion revolver and US$300 million in
committed securitization programs.  Under TRW's U.S.
securitization facility, all US$209 million of receivables were
eligible and available for funding and there was US$127 million
outstanding at the end of the quarter.  In addition,
approximately EUR122 million of its EUR155 million programs and
all of the GBP25 million program were available under the
European facilities.  As of June 29, TRW had nothing outstanding
on any of its European A/R programs. Including the cash and
marketable securities balance of US$284 million, total liquidity
at the end of the second quarter of 2007 was approximately
US$1.7 billion.

As of June 29, the company had US$1.3 billion in secured bank
debt, US$1.5 billion in senior unsecured notes, and US$0.2
billion in short term debt, stub debt after tender offers and
capital leases, all totaled equaling US$3 billion of debt which
is nearly unchanged from the year ago period.  TRW has no major
maturities until 2012.  The company was well within its
financial covenants at the end of the second quarter.

TRW has one of the more diverse customer bases in the Fitch
supplier universe.  The company supplies more than 40 major
vehicle manufacturers and 250 nameplates and holds leading
positions in all of its primary product categories.  In 2006,
sales to customers other than Ford and General Motors accounted
for 74.3% of total revenue.  Only 14.6% and 11.1% of the
company's 2006 revenue was attributable to Ford and General
Motor's, respectively.  Revenue attributable to North America
was only about one-third of TRW's total in 2006.  Europe
accounted for 57% while Asia and South America represented 7%
and 3% of 2006 revenue, respectively.

Demand remains strong for components and systems relating to
safety and fuel economy.  Consumer advocacy groups, the National
Highway Transportation and Safety Administration and other
industry groups as well as government legislation spur demand
for TRW's safety related products.  Higher gasoline prices and
clean air legislation creates demand for the company's engine
components.  As a result, the company's revenue has grown since
2001 while Ford and GM unit volumes have suffered significant
declines.

TRW does not provide a booked new business sales number as
several of its peers do but the company does guide to 4% long
term annualized sales growth. By comparison, the compound
annualized growth rate of TRW's sales was 6.1% over the last 5
years.  Automotive suppliers generally have some degree of
revenue visibility given the nature of the business, e.g. long-
term contracts, long product lead times and the tendency of the
automakers to use the incumbent suppliers of a current vehicle
program for the successor program.  Assuming the normal price
reductions of the industry at around 3%, plus vehicle program
attrition, TRW's 4% long-term revenue growth guidance implies
that the company benefits from a consistent, significant book of
new business.  Fitch views annualized revenue growth of 4% as
reasonable for TRW.  Fitch expects to see sales growth continue
due to increasing penetration of foreign automakers, demand for
products that address safety and emissions legislation, higher
sales of complete modules and TRW's product innovation.

                    About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services.


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


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

         LLC Aitolkun
         Berdibayev Str. 113
         Bishkek
         Kyrgyzstan


AKYL BANK: Creditors' Meeting Slated for October 11
---------------------------------------------------
The temporary insolvency manager of JS Commercial Bank Akyl -
Banks Reorganization and Debts Restructuring Agency Debra will
convene a general creditors' meeting at 10:00 a.m. on Oct. 11
at:

         Room 209
         Chui Ave. 114
         Bishkek
         Kyrgyzstan

The agenda of the general creditors' meeting include:

   -- report of the temporary insolvency manager;

   -- commencement of JS Commercial Bank Akyl's rehabilitation
      procedure;

   -- confirmation of the rehabilitation plan;

   -- election of the tender commission on the bank
      rehabilitation;

   -- announcement of investment proposal tender on the bank
      rehabilitation;

   -- settlement of the questions on bad bank assets; and

   -- established 5% compensation for the temporary insolvency
      manager.

Proxies must have authorization to vote.

Inquiries can be addressed to (+996 312) 62-44-83, 66-05-82.


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


HOLLAND MORTGAGE: Moody's Rates EUR18 Mln Class E Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these definitive long term
credit ratings to six classes of Notes to be issued by Holland
Mortgage Backed Series (Hermes) XIV B.V. :

   -- Aaa to the EUR500,000,000 Senior Class A1 Mortgage-Backed
      Floating Rate Notes 2007 due 2039;

   -- Aaa to the EUR1,398,000,000 Senior Class A2 Mortgage-
      Backed Floating Rate Notes 2007 due 2039;

   -- Aa1 to the EUR16,000,000 Mezzanine Class B Mortgage-Backed
      Floating Rate Notes 2007 due 2039;

   -- A1 to the EUR54,000,000 Mezzanine Class C Mortgage-Backed
      Floating Rate Notes 2007 due 2039;

   -- Baa2 to the EUR14,000,000 Junior Class D Mortgage-Backed
      Floating Rate Notes 2007 due 2039; and

   -- Ba2 to the EUR18,000,000 Subordinated Class E Floating
      Rate Notes 2007 due 2039.

This transaction represents the fourteenth securitization of
Dutch residential mortgage loans originated by SNS Bank N.V.
under the Hermes program, and has been arranged by SNS Bank with
lead managers Deutsche Bank and Royal Bank of Scotland.

The pool has been partially originated by BLG Hypotheekbank
(43.5%) a fully owned subsidiary of SNS Bank acquired in 1993.
Hermes XIV is using a structure very similar to the previous
Hermes transactions.  Savings mortgages are included in the
reference pool and a savings sub-participation is used in the
structure comparable to previous Hermes transactions.  As in
Hermes XIII, the structure is not revolving and notes will start
amortizing immediately after closing.

Additionally, for this transaction all the notes are backed by
mortgages and the Class A has been divided into two sub-classes,
A1 and A2, which will be repaid in a sequential order but which
share the same Principal Deficiency Ledger (PDL).  Also there is
no reserve fund in this transaction. An Excess Margin of 35 bps
is guaranteed over the life of the transaction through the
interest rate swap provided by SNS Bank (A1/ Prime-1).  The
liquidity facility and the GIC are also provided by SNS Bank.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal by the legal final maturity.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.


===========
N O R W A Y
===========


DRESSER-RAND INC: Hires Mark Mai as VP, Gen. Counsel & Secretary
----------------------------------------------------------------
Dresser-Rand Group Inc. has announced that Mark F. Mai will be
appointed Vice President, General Counsel and Secretary of
Dresser-Rand effective Oct. 1, 2007.

In this role, Mr. Mai will have responsibility for the worldwide
legal function, and will also serve as secretary to the Board of
Directors.  He will manage all aspects of Dresser-Rand's
internal legal staff, as well as any matters that require
external legal counsel, and will be involved in an advisory
capacity for all aspects of the business that have regulatory
compliance obligations.

Mr. Mai is joining Dresser-Rand from Cooper Industries, where he
most recently served as Associate General Counsel since 2003.
>From 2000 to 2003 he was a partner at Thompson & Knight, LLP in
Austin, Texas, heading up that office's corporate and securities
section.  He had worked for Cooper Industries prior to joining
Thompson & Knight, holding positions such as Associate General
Counsel overseeing all litigation matters, Senior Counsel
responsible for advising several operating divisions, and
Corporate Counsel responsible for executing Cooper's merger and
acquisition strategy. Mr. Mai started his career at Baker,
Brown, Sharman & Parker in Houston specializing in corporate and
securities law.

He received his JD from the University of Texas Law School and
his BBA with a concentration in Finance from The University of
Notre Dame.

Vincent R. Volpe, Jr., Dresser-Rand's President and Chief
Executive Officer, said, "Mark's strong legal background and
corporate experience make him an excellent fit for Dresser-Rand.
I look forward to Mark's contributions as a key member of our
leadership team."

                   About Dresser-Rand Group

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

                        *     *     *

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


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


SCO GROUP: Names Ken Nielsen as Interim Chief Financial Officer
---------------------------------------------------------------
The SCO Group Inc. has appointed Ken R. Nielsen as Chief
Financial Officer, effective Oct. 1, 2007.  Mr. Nielsen will
initially fill the position in an interim capacity and report to
Darl McBride, President and Chief Executive Officer for The SCO
Group.

"Over the past three years, SCO has focused on building a next-
level future for its UNIX platform with exciting new
applications and operating systems for its core enterprise
business and emerging mobile business," said Mr. McBride.  "Ken,
with his proven track record of consumer-based experiences, will
support the strategic direction and growth of our consumer- and
prosumer-driven mobility business.  He will also bring a wealth
of experience in SEC compliance to SCO, which will prove
invaluable as he directs our regulatory filings through the
Chapter 11 reorganization process."

Most recently, Mr. Nielsen was Chief Finance Officer at Forward
Foods, LLC where he developed systems and tools, which directly
increased cash flow for the business.  Before that, he worked
with Mrs. Fields' Companies, Inc. for six years, where his
strategic leadership led to improved year-over-year same store
sales and increased international revenue by 25%.  He also
streamlined the financial management and reporting
infrastructure of Mrs. Fields' 20 business entities while
ensuring that the company met all lender and SEC requirements.
Prior to that, he spent time in a number of senior positions
with Echopass, Ernst & Young, Sprint PCS and Price Waterhouse.

"The SCO Group has a unique opportunity to become a leading
applications provider for the mobile marketplace," said Ken
Nielsen, Chief Financial Officer for The SCO Group.  "As an avid
mobile user from my time with Sprint, I am eager to work
alongside Darl to drive this business forward, while supporting
the continued success of SCO's traditional UNIX business."

Mr. Nielsen replaces Bert Young who has left The SCO Group to
pursue new opportunities.

                     About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 18, 2007, The SCO Group, Inc. has filed a voluntary
petition for reorganization under Chapter 11 of the United
States Bankruptcy Code.  SCO's subsidiary, SCO Operations, Inc.,
has also filed a petition for reorganization.  The Board of
Directors of The SCO Group have unanimously determined that
Chapter 11 reorganization is in the best long-term interest of
SCO and its subsidiaries, as well as its customers,
shareholders, and employees.


SCO GROUP: Posts US$2.4 Mln Net Loss in Quarter Ended July 31
-------------------------------------------------------------
The SCO Group Inc. incurred a net loss of US$2.4 million in the
third quarter ended July 31, 2007, compared to a net loss of
US$3.6 million in the same period ended July 31, 2006.  Revenue
for the third quarter of fiscal year 2007 was US$3.7 million,
down from US$6.2 million for the comparable quarter of the prior
year.

The decrease in revenue was primarily attributable to continued
to a continued decline in the company's UNIX business as a
result of continued competitive pressure from competing
operating systems, particularly Linux, and from continuing
negative publicity from the SCO Litigation which has adversely
impacted and delayed customers' buying decisions.

Legal and related costs incurred in connection with the
company's litigation were US$1.2 million for the third quarter
of fiscal year 2007, which was down from costs of US$2.3 million
for the comparable quarter of the prior year.  The decrease in
legal and related costs was primarily attributable to decreased
legal services provided by technical, industry, damage and other
experts in connection with the SCO Litigation.  Because of the
unique and unpredictable nature of the SCO Litigation, the
occurrence and timing of certain expenses such as damage,
industry and technical review and other consultants is difficult
to predict, and it will be difficult to predict for the upcoming
quarters.

Cash and cash equivalents totaled US$7,393,000 as of July 31,
2007. During this same time period, investment in available-for-
sale marketable securities decreased from US$2,249,000 as of
October 31, 2006 to US$0 as of July 31, 2007.  As of July 31,
2007, the company also had US$3,020,000 of restricted cash, of
which US$2,589,000 is set aside to cover expert and other costs
related to the SCO Litigation and US$431,000 is set aside for
royalties payable to Novell.

At July 31, 2007, the company's consolidated balance sheet
showed US$15.8 million in total assets, US$10.3 million in total
liabilities, and US$5.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 31, 2007, are available
for free at http://researcharchives.com/t/s?2395

               Novell Ruling and Bankruptcy Filing

On Aug. 10, 2007, the federal judge overseeing the company's
lawsuit with Novell Inc. ruled in favor of Novell on several of
the summary judgment motions that were before the United States
District Court in Utah.  The effect of these rulings was to
significantly reduce or to eliminate certain of the company's
claims in both the Novell and IBM cases, and possibly others.
The court ruled that Novell was the owner of the UNIX and
UnixWare copyrights that existed at the time of the 1995 Asset
Purchase Agreement and that Novell retained broad rights to
waive the company's contract claims against IBM.

The company was directed to accept Novell's waiver of its UNIX
contract claims against IBM. In addition, the court determined
that certain SCOsource licensing agreements that the company
executed in fiscal year 2003 included SVRx technology and that
the company was required to remit some portion of the proceeds
to Novell.  Over the company's objection, a bench trial was set
to begin on Sept. 17, 2007, and the federal judge was to
determine what portion, if any, of the proceeds of the fiscal
year 2003 SCOsource agreements is attributable to SVRx
technology and should be remitted to Novell.  The trial of these
issues, however, was stayed as a result of the company's filing
a voluntary petition for relief under chapter 11 of the
Bankruptcy Code on Sept. 14, 2007.

The company intends to maintain business operations throughout
the bankruptcy case.  Subject to the bankruptcy court's
approval, the company will use its cash, cash equivalents,
restricted cash and subsequent cash inflows to meet its working
capital needs throughout the reorganization process.

                      About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


===============
P O R T U G A L
===============


BEARINGPOINT: Hires Messrs. Cuviello & Freeman for Defense Team
---------------------------------------------------------------
BearingPoint Inc. reported that two high-ranking and well-
respected former U.S. Army generals have joined the firm's
Public Services unit to bolster BearingPoint's focus on
providing Mission Related Services to the Department of Defense.
As Senior Strategists for the firm's MRS Defense practice,
retired Army Lt. Gen. Peter M. Cuviello and retired Army Maj.
Gen. Carl H. Freeman will work to build, promote and deliver
BearingPoint expertise to meet ongoing and emerging needs in the
various service branches and defense agencies.

Mr. Cuviello, former Chief Information Officer for the Army,
will serve as Senior Strategist for BearingPoint's work within
the aerospace and defense sectors, focusing on network-enabled
operation support initiatives including the Department of
Defense Architecture Framework, battlespace and situational
awareness, IT security, and business intelligence.  Mr. Cuviello
brings more than 36 years of experience to BearingPoint.  He
oversaw the Army's US$5.6 billion IT budget, and between 2000-
2003 he transformed that service branch into a network-centric
and knowledge-based force, including leading the Army's
biometric security efforts and deploying Army Knowledge Online,
a portal that continues to serve 1.8 million users.  Prior to
joining BearingPoint, Mr. Cuviello served as vice president for
business strategies with Lockheed Martin's Savi Group, an asset
management and automated identification technology integrator.

Mr. Freeman has more than 35 years of military experience, and
as Senior Strategist for BearingPoint, he will focus on client
requirements to include logistics transformation, the Army's
RESET program as well as emerging joint interagency
requirements.  From 2000 to 2004, Mr. Freeman served as chairman
of the Inter-American Defense Board, the world's oldest
collective security organization, and as president of the Inter-
American Defense College located in Washington, D.C. A
multifunctional logistician, Mr. Freeman will help lead
BearingPoint's support to combatant commands as they address the
requirements of working in foreign countries alongside civilian
agencies, including USAID, the Department of Agriculture and
DHS.  Prior to joining BearingPoint, Mr. Freeman was an adjunct
professor at the Joint Special Operations University and a
private consultant.

"Pete and Carl both have tremendous experience that can augment
BearingPoint's existing capabilities and further enhance our
push to offer more Mission Related Services to our clients,"
said Mark Goulart, senior vice president of BearingPoint's
Department of Defense practice. "We're excited to have them on-
board, and I know they will drive incredible results for our
defense segment."

BearingPoint's Mission Related Services practice is committed to
serving the Department of Defense and helping it meet its
mission in supporting U.S. troops.  Staffed with highly skilled,
deeply experienced professionals, the practice has capabilities
in logistics, security, joint and inter-agency operations,
decision support systems, and weapon systems program acquisition
and management.  BearingPoint offers branch commands flexibility
and innovation -- backed by a record of helping defense and
other government clients undertake successful transformation
initiatives.

                     About BearingPoint

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

The company reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders deficit of
US$177.3 million as of Dec. 31, 2006.


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


BALKA CJSC: Creditors Must File Claims by Nov. 8
------------------------------------------------
Creditors of CJSC Balka have until Nov. 8 to submit proofs of
claim to:

         G. Kudrashkina
         Insolvency Manager
         Post User Box 342
         Volgogradskaya Str. 30
         650056 Kemerovo
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A45-15998/02-SB/5852.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Balka
         Petukhova Str. 51
         630088 Novosibirsk
         Russia


BUILDER LLC: Creditors Must File Claims by Oct. 8
-------------------------------------------------
Creditors of LLC Builder (TIN 2631024776) have until Oct. 8 to
submit proofs of claim to:

         A. Alikhanov
         Insolvency Manager
         Apartment 6
         45th Parallel Str. 14
         355000 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A63-5449/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Builder
         Nizyaeva Str. 41
         Nevinnomyssk
         Stavropol
         Russia


CENTRAL OJSC: Creditors Must File Claims by Oct. 8
--------------------------------------------------
Creditors of OJSC Central have until Oct. 8 to submit proofs of
claim to:

         L. Prikhodko
         Temporary Insolvency Manager
         Post User Box 3077
         656015 Barnaul
         Russia

The Arbitration Court of Altay commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A03-5909/07-B.

The Court is located at:

         The Arbitration Court of Altay
         Lenina Pr. 76
         Barnaul
         656015 Altay
         Russia

The Debtor can be reached at:

         OJSC Central
         Kalmanka
         Kalmanskiy
         Altay
         Russia


GLAV-MOST-STROY: Moscow Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against OJSC Trading House of Glav-Most-Stroy after finding it
insolvent.  The case is docketed under Case No. A40-77899/
05-101-193 B.

The Court is located at:

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

The Debtor can be reached at:

         Insolvency Manager
         Building 1
         Sojmonovskiy Proezd 7
         119034 Moscow
         Russia


GOODWIN CJSC: Creditors Must File Claims by Nov. 8
--------------------------------------------------
Creditors of CJSC Goodwin have until Nov. 8 to submit proofs of
claim to:

         E. Shakhkulov
         Insolvency Manager
         Buynakskaya Str. 2/56
         344037 Rostov-na-Donu
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A40-23122/06-78-285 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Goodwin
         apartment 47
         9th Parkovaya Str. 40
         Moscow
         Russia


KAMA-TEKH-SERVICE: Creditors Must File Claims by Oct. 8
-------------------------------------------------------
Creditors of OJSC Kama-Tekh-Service have until Oct. 8 to submit
proofs of claim to:

         V. Petrochenko
         Temporary Insolvency Manager
         Room 509
         B. Khmelnitskogo Str. 133 zh
         308002 Belgorod
         Russia

The Arbitration Court of Belgorod will convene at 12:40 p.m. on
Dec. 24 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A08-3014/07-14.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Kama-Tekh-Service
         Volodarskogo Str. 8
         St. Oskol
         309530 Belgorod
         Russia


NOROVSKOE CJSC: Court Names A. Volchkov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Orel appointed A. Volchkov as
Insolvency Manager for CJSC Norovskoe.  He can be reached at:

         A. Volchkov
         3rd Kurskaya Str. 15
         Orel
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 48-1387/04-20b.

The Court is located at:

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

The Debtor can be reached at:

         A. Volchkov
         3rd Kurskaya Str. 15
         Orel
         Russia


NOVATEK OAO: Acquires 50% Working Interest at El-Arish, Egypt
-------------------------------------------------------------
OAO Novatek has acquired a 50% working interest in the
concession agreement for oil and gas exploration and development
at the El-Arish offshore block in Egypt from Tharwa Petroleum
S.A.E.  The remaining 50% working interest is held by Tharwa
Petroleum S.A.E.

The offshore block, comprising an area of approximately 2,300
square kilometers, is located along the Mediterranean coast and
is adjacent to the north coast of the Sinai.  Half of the block
lies at depths of up to 50 meters with the remaining area
reaching depths of up to 500 meters.

The concession agreement provides for a minimum exploration
period of four years which will include undertaking geophysical
studies of the concession block as well as the drilling of two
wells.  Novatek will have the opportunity to extend the
exploration period to nine years if preliminary results require
further study.  The concession agreement provides for a twenty
year development period for each commercial discovery with a
possible five year extension.

"The El-Arish offshore block is the Company's first
international project.  Our participation in the concession is
consistent with Novatek's long-term strategy of expanding its
resource base and geographically diversifying its core
activities in order to establish a stable base for production
growth," Novatek CEO Leonid Mikhelson commented.

                        About Novatek

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

                         *   *   *

As reported in the TCR-Europe on Oct. 1, 2007, Fitch raised its
long-term corporate credit rating on OAO NOVATEK, Russia's
largest independent gas producer, to 'BB' from 'BB-', following
a review of the company's first-half 2007 performance.  Fitch
said the outlook is positive.

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


PMK-1 OIL-GAS-STROY: Moscow Bankruptcy Hearing Slated for Dec. 5
----------------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:00 p.m. on
Dec. 5 to hear the bankruptcy supervision procedure on CJSC
PMK-1 Oil-Gas-Stroy.  The case is docketed under Case No.
A41-K2-13880/07.

The Temporary Insolvency Manager is:

         S. Perunov
         Temporary Insolvency Manager
         Post User Box 41
         123317 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC PMK-1 Oil-Gas-Stroy
         Fabrichnaya Str. 8
         Oktyabrskiy
         Lyuberetskiy
         140060 Moscow
         Russia


RUS-GAS LLC: Creditors Must File Claims by Oct. 8
-------------------------------------------------
Creditors of LLC Rus-Gas have until Oct. 8 to submit proofs of
claim to:

         A. Polonyankin
         Temporary Insolvency Manager
         Room 904
         Kulibina STr. 17
         394029 Voronezh
         Russia

The Arbitration Court of Tambov will convene at 10:00 a.m. on
Dec. 18 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A64-3080/07-18.

The Debtor can be reached at:

         LLC Rus-Gas
         Prigorodnyj
         Morshanskiy
         Tambov
         Russia


RYZDVYANENSKIY LLC: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Stavropol commenced bankruptcy
supervision procedure on LLC Butter Making Plant Ryzdvyanenskiy
(TIN 2607018549).  The case is docketed under Case No.
A63-13592/06-S5.

The Temporary Insolvency Manager is:

         A. Alikhanov
         Apartment 6
         45th Paralel Str. 14
         355000 Stavropol
         Russia

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Butter Making Plant Ryzdvyanenskiy
         Ryzdvyanyj
         Stavropol
         Russia


TRUST URAL-KHIM-REMONT: Creditors Must File Claims by Oct. 8
------------------------------------------------------------
Creditors of CJSC Trust Ural-Khim-Remont have until Oct. 8 to
submit proofs of claim to:

         I. Yusupova
         Temporary Insolvency Manager
         Lenina Pr. 2
         Sterlitamak
         453107 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A07-6536/07-G-GRA.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         I. Yusupova
         Temporary Insolvency Manager
         Lenina Pr. 2
         Sterlitamak
         453107 Bashkortostan
         Russia


URAL-AZ-AFINA: Creditors Must File Claims by Oct. 8
---------------------------------------------------
Creditors of CJSC Ural-Az-Afina (TIN 7415000071) have until
Oct. 8 to submit proofs of claim to:

         A. Pivovarov
         Insolvency Manager
         Post User Box 13007
         454091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-9308/2007-32-129.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ural-Az-Afina
         Goncharnyj Per
         Miass
         456310 Chelyabinsk
         Russia


URAL-CORN LLC: Creditors Must File Claims by Oct. 8
---------------------------------------------------
Creditors of LLC Ural-Corn (TIN 7451203091) have until
Oct. 8 to submit proofs of claim to:

         A. Pivovarov
         Insolvency Manager
         Post User Box 13007
         454091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-9308/2007-32-129.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ural-Corn
         Blyukhera Str. 69
         454087 Chelyabinsk
         Russia


URAL-TRAK CJSC: Creditors Must File Claims by Oct. 8
----------------------------------------------------
Creditors of CJSC Ural-Trak (TIN 7423004591) have until Oct. 8
to submit proofs of claim to:

         A. Pivovarov
         Insolvency Manager
         Post User Box 13007
         454091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-9194/2007-48-155.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ural-Trak
         Pobedy Str. 17-36
         Snezhinsk
         456770 Chelyabinsk
         Russia


===============
S L O V A K I A
===============


U.S. STEEL: Picks George Thompson as Tubular Unit's Gen. Manager
----------------------------------------------------------------
United States Steel Corporation has appointed George H.
Thompson, Jr., as general manager-commercial in U. S. Steel's
tubular products organization.  He will replace W. Steven
Fowler, who has elected to retire.  Mr. Thompson will report to
Joseph Alvarado, vice president-tubular, and be based at the
company's tubular products headquarters in Dallas.  The
appointment will be effective Oct. 1.

In his new role, Mr. Thompson, a native of Pittsburgh, Penn.,
will oversee tubular product sales.  He began his career at U.
S. Steel in 1987 as a management associate in the tubular
products division at the company's headquarters and was promoted
to supervisor of business planning at Fairfield (Alabama)
Tubular Operations the next year.  From 1989 through 1999, he
progressed through increasingly responsible managerial positions
in sales and marketing for tubular and sheet products.  In 1999,
Thompson was appointed manager-national accounts and was
responsible for sales to all of the company's appliance
customers.  He was named director-commercial, tubular products
in 2004 before advancing to his most recent position, general
manager-service centers, electrical, agricultural & industrial
equipment, in September 2005.

Thompson graduated from Allegheny College in 1987 with a
bachelor's degree in political science.  He is currently a
member of the Metals Service Center Institute's Flat Roll
Council.

Mr. Thompson, his wife, Judy, and their two children will
relocate to the Dallas area.

                      About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has revised
its outlook on Pittsburgh, Pennsylvania-based United States
Steel Corp. to negative from stable and affirmed all ratings for
the steel producer, including its 'BB+' corporate credit rating.

The outlook revision follows the company's recent announcement
that it was acquiring Stelco Inc. (unrated), a Canadian
integrated steel producer, for approximately US$1.9 billion in
cash and assumed debt.


U.S. STEEL: Promotes Michael Meyes as General Manager
-----------------------------------------------------
United States Steel Corporation has promoted Michael N. Meyers
to the position of general manager-service centers, electrical,
agricultural & industrial equipment in the company's flat-roll
products commercial organization. Meyers will replace George H.
Thompson, Jr., who was appointed general manager-commercial in
U. S. Steel's tubular products organization, and will report to
Joseph R. Scherrbaum, vice president-sales.  The advancement
will be effective Oct. 1.

Mr. Meyers will be responsible for sales and service activities
for U. S. Steel's service center, electrical, agricultural and
industrial equipment customers and will be based in the
company's Chicago-area sales office.  A native of Pittsburgh,
Pennsylvania, Meyers began his career with U. S. Steel in 1974
as a commercial trainee in the company's Kansas City sales
office.  Over the next 19 years, Mr. Meyers advanced through
increasingly responsible positions in U. S. Steel's sales and
marketing organizations. After completing a two-year assignment
working on a re-engineering project, he accepted the position of
director of business development in Pittsburgh
in 1995.  Two years later, he was named director of marketing
for construction sales in Birmingham, Alabama.  Mr. Meyers
returned to Pittsburgh in 2003 when he was promoted to his most
recent post, director of industry marketing, where he was
responsible for customer- based marketing activities for U. S.
Steel's flat-rolled products.

Mr. Meyers earned bachelor's degrees in business and economics
from Lehigh University in 1974. He is active in the American
Iron and Steel Institute's market development efforts and is the
2007 chairman of its Construction Marketing Committee.  He is
also a member of the Steel Framing Alliance's board of
directors.

                      About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has revised
its outlook on Pittsburgh, Pennsylvania-based United States
Steel Corp. to negative from stable and affirmed all ratings for
the steel producer, including its 'BB+' corporate credit rating.

The outlook revision follows the company's recent announcement
that it was acquiring Stelco Inc. (unrated), a Canadian
integrated steel producer, for approximately US$1.9 billion in
cash and assumed debt.


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


AVANTI GIPSEREI: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Avanti Gipserei on Aug. 31.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg
         Switzerland

The Debtor can be reached at:

         LLC Avanti Gipserei
         Neumattstrasse 11B
         5070 Frick
         Switzerland


DORIS LANDIS: Creditors' Liquidation Claims Due December 31
-----------------------------------------------------------
Creditors of JSC Doris Landis have until Dec. 31 to submit their
claims to:

         Marc W. Unternahrer
         Attorney and Notary Public
         Topferstrasse 5
         6004 Luzern
         Switzerland

The Debtor can be reached at:

         JSC Doris Landis
         Unterageri
         Switzerland


IMMOBILIEN UNTERDORF: Creditors' Liquidation Claims Due Oct. 11
---------------------------------------------------------------
Creditors of JSC Immobilien Unterdorf Sisseln have until Oct. 11
to submit their claims to:

         Andre Dinkel
         Liquidator
         Rosenweg 5
         4334 Sisseln
         Switzerland

The Debtor can be reached at:

         JSC Immobilien Unterdorf Sisseln
         Sisseln
         Switzerland


IN DER BUTZEN: Creditors' Liquidation Claims Due Oct. 11
--------------------------------------------------------
Creditors of JSC In der Butzen-Immobilien have until Oct. 11 to
submit their claims to:

         Beat Fassli
         Attorney and Notary Public
         Bundtenstrasse 8
         4665 Oftringen
         Switzerland

The Debtor can be reached at:

         JSC In der Butzen-Immobilien
         Zug
         Switzerland


MEDITERANEAN INVESTMENT: Liquidation Claims Due Oct. 11
-------------------------------------------------------
Creditors of JSC Mediteranean Investment have until Oct. 11 to
submit their claims to:

         Treuco
         2172
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Mediteranean Investment
         Zurich
         Switzerland


MIDDLE EAST: Creditors' Liquidation Claims Due Oct. 11
------------------------------------------------------
Creditors of Middle East Shipping Investment Ltd have until
Oct. 11 to submit their claims to:

         Treuco
         2172
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         Middle East Shipping Investment Ltd
         Zurich
         Switzerland


MOSTEREI-SEMPACH: Creditors' Liquidation Claims Due Oct. 15
-----------------------------------------------------------
Creditors of JSC Mosterei-Sempach Station have until Oct. 15 to
submit their claims to:

         Rosmarie Habermacher
         Berchtiwlerstr. 5
         6343 Rotkreuz
         Switzerland

The Debtor can be reached at:

         JSC Mosterei-Sempach Station
         Neuenkirch LU
         Switzerland


NEUE CELLSAN: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Neue Cellsan Schulen on Aug. 29.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Neue Cellsan Schulen
         Haldenstrasse 1
         6340 Baar
         Switzerland


SECCHI JSC: Creditors' Liquidation Claims Due November 1
--------------------------------------------------------
Creditors of JSC Secchi have until Nov. 1 to submit their claims
to:

         Riccardo Secchi
         Bobbahnstrasse 2
         7270 Davos Platz
         Switzeland

The Debtor can be reached at:

         JSC Secchi
         Davos
         Switzerland


STONIERS JSC: Creditors' Liquidation Claims Due Oct. 11
-------------------------------------------------------
Creditors of JSC Stoniers have until Oct. 11 to submit their
claims to:

         JSC ATAG Private Client Services
         St. Jakobs-Strasse 17
         4052 Basel
         Switzerland

The Debtor can be reached at:

         JSC Stoniers
         Basel
         Switzerland


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


CHERNOVCHANKA: Proofs of Claim Deadline Set October 4
-----------------------------------------------------
Creditors of Joint Enterprise Chernovtsy Plant Chernovchanka
(code EDRPOU 05522849) have until Oct. 4 to submit written
proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/372-07.

The Debtor can be reached at:

         Joint Enterprise Chernovtsy Plant Chernovchanka
         Lenin Str. 87
         Chernovtsy
         24100 Vinnica
         Ukraine


DELTA-99 LLC: Proofs of Claim Deadline Set October 4
----------------------------------------------------
Creditors of LLC Production-Commerce Firm Delta-99 (code EDRPOU
30344482) have until Oct. 4 to submit written proofs of claim
to:

         Nikolay Zanko
         Liquidator
         Heroes of Dniepr Str. 81
         18021 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 14/1856.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Production-Commerce Firm Delta-99
         L. Ukrainka Str. 6/2
         Cherkassy
         Ukraine


DONETSK MANAGEMENT: Proofs of Claim Deadline Set October 4
----------------------------------------------------------
Creditors of CJSC Donetsk Management on Mechanization and Armory
(code EDRPOU 20314924) have until Oct. 4 to submit written
proofs of claim to:

         Svetlana Kharakhash
         Kievsky Avenue 5/30
         83121 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/15b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Donetsk Management on Mechanization and Armory
         Levoberezhnaya Str. 35
         83058 Donetsk
         Ukraine


DZHERELO LLC: Creditors Must File Claims by October 4
-----------------------------------------------------
Creditors of Agricultural LLC Dzherelo (code EDRPOU 30828606)
have until Oct. 4 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-796.

The Debtor can be reached at:

         Agricultural LLC Dzherelo
         Glinnaya
         Kozovsky District
         Ternopol
         Ukraine


FERROCONCRETE GOODS: Proofs of Claim Deadline Set October 4
-----------------------------------------------------------
Creditors of OJSC Cherkassy Plant Of Ferroconcrete Goods (code
EDRPOU 01033510) have until Oct. 4 to submit written proofs of
claim to:

         Nikolay Zanko
         Liquidator
         Heroes of Dniepr Str. 81
         18021 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 14/1858.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         OJSC Cherkassy Plant of Ferroconcrete Goods
         Chemists Avenue 12
         Cherkassy
         Ukraine


MILLENIUM-MEDIA LLC: Proofs of Claim Deadline Set October 4
-----------------------------------------------------------
Creditors of LLC Millenium-Media (code EDRPOU 31300341) have
until Oct. 4 to submit written proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 1/77-B.

The Debtor can be reached at:

         LLC Millenium-Media
         Grushevsky Str. 18/85
         43000 Lutsk
         Volin
         Ukraine


NSVP TECHNOLOGIES: Proofs of Claim Deadline Set October 4
---------------------------------------------------------
Creditors of LLC NSVP Technologies (code EDRPOU 34883409) have
until Oct. 4 to submit written proofs of claim to:

         Rostislav Talan
         Liquidator 49000
         a/b 158
         Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/209-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC NSVP Technologies
         Kommunar 5A
         49000 Dnipropetrovsk
         Ukraine


REPAIR SERVICE: Proofs of Claim Deadline Set October 4
------------------------------------------------------
Creditors of LLC Repair Service (code EDRPOU 25088734) have
until Oct. 4 to submit written proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 1/93-B.

The Debtor can be reached at:

         LLC Repair Service
         Sobornost Avenue 20a
         43024 Lutsk
         Volin
         Ukraine


SHEVCHENKO LLC: Proofs of Claim Deadline Set October 4
------------------------------------------------------
Creditors of Shevchenko LLC (code EDRPOU 03730414) have until
Oct. 4 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/308-07.

The Debtor can be reached at:

         Shevchenko LLC
         Tomashpolsky District
         Komsomolskaya Str. 87
         Kislitskoe
         24226 Vinnica
         Ukraine


SWIMQUEST LLC: Proofs of Claim Deadline Set October 4
-----------------------------------------------------
Creditors of LLC Swimquest (code EDRPOU 34735217) have until
Oct. 4 to submit written proofs of claim to:

         Rostislav Talan
         Liquidator 49000
         a/b 158
         Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/208-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Swimquest
         Kommunar 5A
         49000 Dnipropetrovsk
         Ukraine


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


AVAYA INC: Stockholders Approve Silver Lake Merger Agreement
------------------------------------------------------------
Avaya Inc.'s stockholders voted Sept. 28 to adopt the merger
agreement providing for the company's acquisition by affiliates
of Silver Lake Partners and TPG, two private equity firms.

Avaya has also announced that all regulatory approvals required
to complete the transaction have been obtained, including the
receipt of clearance from the European Commission.

On June 4, 2007, Avaya entered into a definitive agreement with
an entity formed by Silver Lake Partners and TPG providing for
the acquisition of the company.  The transaction is expected to
be completed by the end of October 2007, subject to the
satisfaction or waiver of certain closing conditions.  Under the
terms of the merger agreement, Avaya stockholders will be
entitled to receive US$17.50 per share in cash for each share of
the company's common stock, without interest.

                         About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Standard & Poor's Ratings Services has lowered its
corporate credit rating on Basking Ridge, New Jersey-based Avaya
Inc. two notches to 'B+', and placed the rating on CreditWatch
with negative implications.


BALLY TOTAL: Emerges from Chapter 11 & Closes Harbinger Deal
------------------------------------------------------------
Bally Total Fitness Corporation emerged from Chapter 11 on
Oct. 1, 2007, as a private company just over two months after
filing for bankruptcy protection on July 31.

The restructuring arrangements funded by Harbinger Capital
Partners Master Fund I, Ltd. and Harbinger Capital Partners
Special Situations Fund L.P. became effective upon emergence.

Harbinger invested approximately US$233.6 million in exchange
for 100% of the common equity of reorganized Bally.  In
addition:

   -- Senior Noteholders will receive new Senior Second Lien
      Notes bearing interest at 13% as well as a consent fee
      equal to 2% of the face value of their Notes.

   -- Subordinated Noteholders will receive a cash payment of
      US$123.5 million in the aggregate, with the remaining
      balance of the Subordinated Notes satisfied through the
      issuance of approximately US$200 million in new
      subordinated notes of reorganized Bally.  The annual
      interest rate payable under the new subordinated notes is
      15 5/8% as the payment-in-kind interest rate and 14% as
      the cash pay interest rate.

   -- Existing Bally shareholders and holders of certain equity-
      related claims will receive an aggregate distribution of
      US$16.5 million as soon as practicable after the Company
      can determine the maximum amount of the equity-related
      claims.  That determination cannot be made until after the
      Oct. 31, 2007, deadline for submission of proofs of claim
      for equity-related claims, and may require court approval.

   -- The Senior Noteholders will receive new Senior Second
      Lien Notes bearing at 13% as well as a consent fee equal
      to 2% of the face value of their Notes.

   -- Subordinated Noteholders will receive an immediate cash
      payment of US$123,500,000 in the aggregate, with the
      remaining balance of the Subordinated Notes to be
      satisfied through the issuance of approximately
      US$200,000,000 in new subordinated notes of reorganized
      Bally.   The annual interest rate payable under the new
      Subordinated notes will be 15-5/8% as the payment-in-kind
      interest rate, and 14% as the cash pay interest rate.

   -- Existing Bally shareholders and holders of certain
      equity-related claims will receive an aggregate
      distribution of US$16,500,000 as soon as practicable after
      the Company can determine the maximum amount of the
      equity-related claims.   That determination cannot be made
      until after the Oct. 31, 2007 deadline for submission
      of proofs of claim for equity-related claims, and may
      require court approval.

In conjunction with its emergence from Chapter 11, the Company
converted its debtor-in-possession facility to an exit credit
facility.  As previously reported, Morgan Stanley Senior
Funding, Inc., is the sole lead arranger and sole bookrunner for
the US$292 million super-priority secured DIP and senior secured
exit credit facilities.

Bally disclosed that funds, which had been deposited in respect
of subscriptions for notes, which were to be issued in the
rights offering associated with a noteholder sponsored
restructuring plan, which was not consummated, will be returned
promptly.

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, United Kingdom,
China and the  Caribbean under the Bally Total Fitness(R), Bally
Sports  Clubs(R) and Sports Clubs of Canada (R) brands.  Bally
Total and its affiliates filed for chapter 11 protection on July
31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining
requisite number of votes in favor of their pre-packaged chapter
11 plan.  Joseph Furst, III, Esq. at Latham & Watkins, L.L.P.
represents the Debtors in their restructuring efforts.  As of
June 30, 2007, the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


B2B COMMUNICATIONS: Calls In Liquidators from Vantis Business
-------------------------------------------------------------
Peter Nicholas Wastell and Michael William Young of Vantis
Business Recovery were appointed joint liquidators of B2B
Communications Ltd. on Sept. 24 for the creditors' voluntary
winding-up procedure.

The joint liquidators can be reached at:

         Vantis Business Recovery
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


BRITISH ENERGY: In Talks with Iberdrola Over New Nuclear Plants
---------------------------------------------------------------
Spanish power firm Iberdrola is in early talks with British
Energy Group plc about building new nuclear plants in Britain,
Reuters reports, citing industry sources.

"It's Iberdrola, not its U.K. division Scottish Power, that's in
talks with British Energy," one of the two sources was quoted by
Reuters as saying.  "It's really very early discussions."

Meanwhile, British Energy told Dow Jones Newswires it has held
preliminary discussions with interested parties over potential
partnerships, although it still awaits the final decision of the
British government which could take a month or longer.

According to a spokeswoman for the Department of Business,
Enterprise, and Regulatory Reform, the British government has
yet to close its consultation on whether to approve a new
generation of nuclear plants on October 10, 2007.

British Energy expects reactors to be built by 2017.  However,
the first wave of construction might be limited to two units due
to workforce constraints, Reuters relates.

A new generation of nuclear plants would help cut CO2 emissions
20% below 1990 levels by 2020 in Britain, Pete Harrison writes
for Reuters.

                      About British Energy

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

                        *     *     *

As reported in the TCR-Europe on Sept. 5, 2007, Fitch Ratings
has affirmed British Energy Group plc's and British Energy
Holdings plc's Long-term Issuer Default Ratings at 'BB+'.  BEH's
amortizing bonds are also affirmed at 'BB'.  BEH's bonds are
rated below the Long-term IDR because, in the event of
insolvency, the bonds rank behind several other payments,
including amounts owed to the Nuclear Liabilities' Fund.  Fitch
said the Outlooks for BEG's and BEH's Long-term IDRs remain
Stable.

As of July 26, 2007, British Energy Group plc carries a long-
term corporate family rating of B2 from Moody's with a stable
outlook.

S&P rates British Energy's long-term foreign and local issuer
credit at BB+ with negative outlook.


CAXTON ADVERTISING: Joint Liquidators Take Over Operations
----------------------------------------------------------
P. Atkinson and M. Weller of Vantis Business Recovery Services
were appointed joint liquidators of Caxton Advertising Ltd. on
Sept. 21 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


CUMMINS INC: Inks Pact to Form Diesel Engine Joint Venture
----------------------------------------------------------
Cummins Inc. has signed a Memorandum of Understanding with
Vietnam Motors Industry Corp. (Vinamotor) to create a 50-50
joint venture to produce on-highway diesel engines in Vietnam.

The Memorandum of Understanding was reached Sept. 21 in Hanoi by
Cummins Chairman and CEO Tim Solso and Nguyen Van Khoa, Chairman
of Vinamotor.

The agreement was commemorated today at a signing ceremony in
New York City in the presence of Prime Minister Nguyen Tan Dung
of the Socialist Republic of Vietnam.  Chairman Nguyen
represented Vinamotor and Steve Chapman, Group Vice President
- Emerging Markets and Businesses represented Cummins.

Vinamotor, a government-owned company, is the largest commercial
vehicle producer in Vietnam, which currently has no local engine
production.  The MOU outlines the parameters of the joint
venture, which is contingent on the satisfactory results of a
feasibility study, which Cummins expects to be completed in
January 2008.

Financial terms of the deal have not been set and no timetable
for completing the joint venture agreement has been established.

Under the terms of the MOU, the joint venture would take a
phased approach to producing Cummins-designed engines in
Vietnam: Initially, engine kits will be imported for assembly
and distribution in Vietnam with local components ultimately
being used in production as the supply base in Vietnam develops.

"Vietnam is one of the fast-growing economies in Asia, and this
deal would position Cummins to capitalize on that growth," said
Mr. Solso.  "Cummins has a history of working well with local
partners, as our success in China and India has shown, and we
are excited about the prospects of teaming with Vinamotor to
bring Cummins' engine technology to Vietnam."

                        About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                        *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


DURA AUTOMTIVE: Amends Plan to Tweak Terms of Rights Offering
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates amended
their Joint Plan of Reorganization and accompanying disclosure
statement to:

    (i) address Pacificor LLC's requirement that Dura become a
        privately held company once it exits Chapter 11 and

   (ii) provide additional information and update parties-in-
        interest on company developments since filing their
        original plan on Aug. 22, 2007.

Pacificor, as backstop party, is entitled to buy unsold of
shares of the 39.3% to 42.6% of shares in Reorganized Dura to be
issued in a rights offering available to holders of 8.625%
senior unsecured notes due April 2012, which rights offering is
expected to raise $140,000,000 to $160,000,000.  As a
substantial holder of the senior notes, Pacificor will get a
share of the 57.4% to 60.7% of the reorganized company allotted
to that class of debt under the proposed reorganization plan.

The Associated Press says that Pacificor hasn't explained why it
wants Dura to be private held.  Private-equity investors,
however, according to AP, prefer to take positions in companies
that are outside the purview of securities regulators.

The amendment to the Amended Backstop Rights Purchase Agreement
dated as of August 13, 2007, between Dura and Pacificor, and the
Amended Plan, submitted to the Court on September 28, 2007,
specifically provide that the Reorganized Debtors will be a
private company not required to register the new common stock
under Section 12 of the Securities Exchange Act of 1934.  If the
proposal is approved by the Court at the hearing scheduled for
October 3, 2007, Dura will not be required to issue public
financial statements once it's out of bankruptcy.

Dura has warned that if the changes are not approved, it would
unlikely be able to find and negotiate an alternative backstop
or other transaction in sufficient time to permit it to exit
Chapter 11 prior to December 31, 2007, when the $185,000,000
debtor-in-possession term-loan facility and the $115,000,000
revolving credit facility arranged by Goldman Sachs Capital
Partners L.P., and General Electric Capital Corporation are set
to expire.

Companies are generally exempt from U.S. Securities and Exchange
Commission rules if they have fewer than 300 shareholders.  In
that light, Dura grouped into to subclasses senior notes claims
aggregating $418,700,000, which holders are expected to recover
55 cents on the dollar on their claims:

   (i) Holders of claims for $75,000 or less in Senior Notes
       principal amount -- Class 3B Senior Notes Claims -- will
       receive the cash equivalent to its pro rata share of the
       distribution of the new stock, the price of which is set
       at $10 a share; and

  (ii) Holders of claims that exceed $75,000 in Senior Notes
       principal amount -- Class 3A senior Notes Claims -- will
       receive its pro rata distribution of the new stock and
       will have the option to purchase shares in the rights
       offering.  These holders were previously allowed to
       purchase shares under the Original Plan

The Plan and the Backstop Deal have contemplated that holders of
the 9% subordinated notes due 2009, which are owed in excess of
$535,600,000, holders of $56,907,500 aggregate principal amount
of its 7-1/2% Convertible Subordinated Debentures due March 31,
2028, and holders of the existing common stock of Dura will
receive zero recovery on their claims and interests, and will
not be entitled to participate in the rights offering.

The absolute priority rule under 11 U.S.C. Sec.
1129(b)(2)(B)(ii) provides that holders of claims that are
junior in rank to a certain class of claims will receive take
nothing under a Chapter 11 plan unless the claimants in the
senior class are paid in full.  The 9% Noteholders and holders
of other debentures subordinated by the 8-5/8% Notes, led by
U.S. Bank Trust National Association, and HSBC Bank USA,
National Association, have vigorously opposed the Backstop Deal,
which terms were incorporated in the Reorganization Plan.  The
9% Noteholders, however, failed to obtained support from the
Bankruptcy Court and have appealed the Bankruptcy Court Judge
Kevin J. Carey's order approving the Original Backstop Deal
before the U.S. District Court for the District of Delaware.

                       Recent Developments

The Amended Plan and the August 13 Backstop Deal have gained
support from the Official Committee of Unsecured Creditors in
Dura's case.  The Creditors Committee's support is conditioned,
among other things, to the reimbursement of the reasonable fees
and expenses of U.S. Bank Trust National Association, the
trustee under the Subordinated Notes, and The First National
Bank of Chicago, the trustee under the Subordinated Indentures.
The disclosure statement detailing the terms of the Amended Plan
did not, however, state whether the trustees are supporting the
Plan.

As part of their postpetition business plan and operational
restructuring efforts, the Debtors announced that they will exit
certain unprofitable business lines:

   (i) On September 23, 2007, the Debtors signed an asset
       purchase agreement with Advanced Closure Systems, LLC, to
       sell their hinges and latches business for $3,500,000,
       subject to higher or better offers.  As part of the sale
       process, ACS negotiated and successfully resolved a
       collective bargaining agreement with the hinges and
       latches business' unionized work force.  Additionally,
       ACS has agreed to assume the majority of the pension
       obligation related to the business.

  (ii) On August 27, the Debtors closed the sale of Atwood
       Mobile Products, Inc.'s assets to Atwood Acquisition Co.,
       LLC, for $160,200,000 aggregate cash consideration.  The
       proceeds of the sale were used to pay down a portion of
       the funds owed under the DIP Term Loan and the DIP
       Revolver.  As of August 31, 2007, the outstanding balance
       of the DIP Term Loan was $104,200,000, and there were no
       borrowings outstanding under the DIP Revolver.

(iii) The Debtors plan to cease all operations in all three
       facilities in Canada by December 31, 2007:

        -- The Debtors intend to cease their seat-adjuster
           business located in Bracebridge, Ontario, by October
           and completely close the facility by December 31.
           Manufacturing operations are being relocated to the
           Debtors' facilities in Gordonsville, Tennessee, and
           Stockton, Illinois;

        -- The Debtors closed their Brantford, Ontario facility
           on May 31.  The operations previously located at
           Brantford were relocated to other plants in order to
           facilitate better customer service, lower freight
           costs and improve plant capacity utilization.  The
           Debtors have contracted to sell the Brantford
           facility real estate and improvements to Mareddy
           Corporation for CN$1,050,000, subject to seller
           financing of CN$800,000 for a period of six months;
           and

        -- The Debtors are in the process of winding up the
           Stratford, Ontario facility, which together with the
           Brantford facility, was operated by their North
           American Shifter Systems and Cables sub-division, and
           are soliciting purchasers for the real estate and
           improvements.  The Debtors' efforts to sell the
           Stratford facility remain unsuccessful.

                   Disclosure Statement Hearing

The Debtors need to obtain the Court's approval of the
Disclosure Statement explaining the terms of their Chapter 11
Plan before they could begin soliciting votes for their Plan and
proceed with the rights offering.

The Debtors' representative will present at the hearing
scheduled today, October 3, 2007, at 2:00 p.m. that the
Disclosure Statement contains "adequate information" necessary
for holders of eligible decision about whether to vote to accept
or reject the Plan, as required by Section 1125(b) of the
Bankruptcy Code.

                      About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.   (Dura Automotive Bankruptcy News, Issue No. 31
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ENRON CORP: Distributes More Than US$1.7 Billion to Creditors
-------------------------------------------------------------
Enron Creditors Recovery Corp., fka Enron Corp., disclosed its
eighteenth distribution to creditors of Enron Creditors Recovery
Corp. and its affiliated Debtor companies.  The distribution to
holders of allowed general unsecured claims and allowed guaranty
claims totals approximately US$1,744,800,000, consisting of cash
of approximately US$1,670,000,000 and Portland General Electric
Company Common Stock equivalents (in the form of cash) of
approximately US$74,800,000.

Since November 2004, Enron Creditor's Recovery Corp. has
returned approximately US$13,276,000,000 to Creditors in twice-
yearly distributions, in April and October, as well as in
"catch-up" distributions paid on an interim basis every two
months.  This figure represents returns to Enron Corp. creditors
that are greater than 200% of the original estimates in the
disclosure statement.  Enron Creditors Recovery Corp. has
generated this positive return through its careful efforts to
monetize other assets and reduce overhead costs, as well as its
diligence in recovering funds that were taken fraudulently.

"Enron Creditors Recovery Corp. is very pleased by the
substantial progress we have made to date in returning funds to
creditors," John Ray III, President and Chairman of the Board
said.  "Our work, however, is not finished, as multi-billion
dollar claims against Citigroup and Deutsche Bank AG remain
pending.  The trial on these fraud and bankruptcy claims is set
to begin in April 2008 and we are committed to taking all steps
necessary to enable Enron Creditors Recovery Corp. to return
billions more to our innocent creditors."

Beginning with the August 2007 "catch-up" distribution, Enron
Creditors Recovery Corp. is now distributing PGE Common Stock
equivalents in the form of cash.  On June 18, 2007, the DCR
Overseers sold all 23,658,106 shares of PGE Common Stock held in
the Disputed Claims Reserve for $25.19 per share, after
application of reasonable and customary underwriting fees and
related expenses, as more fully described in the "Distribution
Disclosure Notice" dated as of Oct. 1, 2007, which is available
at http://www.enron.com/

Enron Creditors Recovery Corp. will continue to make
distributions based on the Plan Currency mix; however, the cash
equivalent of shares that would have been distributed had the
sale not occurred will be distributed.  The DCR currently
consists of approximately $4,234,000,000 in cash and
$423,000,000 of PGE Common Stock equivalents valued at the Plan
value ($21.008 per share).

Details concerning this distribution are available at the Enron
Creditors Recovery Corp. website - http://www.enron.com/--
identified as "Distribution Disclosure Notice."

                      About Enron Corporation

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

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


FOXTONS NORTH AMERICA: Cuts Jobs, May File for Bankruptcy
---------------------------------------------------------
Foxtons North America discloses that it could file for
bankruptcy in an effort to shut down its business in an orderly
fashion, various reports say citing company senior vice
president and general counsel, John D. Blomquist, Esq.

Further, reports relates the company laid off 350 of its 380
employees.

According to Mr. Blomquist, the company has no more liquidity to
operate as a going concern and cited the decline in the real
estate market as the cause.

Headquartered in West Long Branch, New Jersey, Foxtons North
America - http://foxtons.com/-- is a discount real estate
agency, which sold homes at a 2% commission, instead of the
traditional 6%.  The company had realty offices in New York and
Connecticut.

Foxtons North America was part of London-based parent Foxtons
Ltd. until earlier this year, when Foxtons Ltd. accepted a
buyout offer from U.K. firm BC Partners Ltd.  Foxtons' U.K.
founder Jon Hunt retained the U.S. branches as part of the
transaction.


G.P.X MANAGEMENT: Taps Liquidators from Kingston Smith
------------------------------------------------------
Ian Robert and Nicholas John Miller of Kingston Smith & Partners
LLP were appointed joint liquidators of G.P.X Management Ltd. on
Sept. 18 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Kingston Smith & Partners LLP
         Devonshire House
         60 Goswell Road
         London
         EC1M 7AD
         England


GETTY IMAGES: S&P Lifts Corporate Credit Rating to BB from B+
-------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on
Getty Images Inc., including raising the corporate credit rating
to 'BB' from 'B+, and removed the ratings from CreditWatch.  The
outlook is negative.

"The rating action is based on the company becoming current on
required Securities and Exchange Commission filings and our
subsequent review with management," explained S&P's credit
analyst Tulip Lim.

S&P originally placed the ratings on CreditWatch with developing
implications on Dec. 4, 2006, after the company had received
notices from bondholders that the delay of its third-quarter
10-Q filing constituted an event of default.  Subsequently, the
CreditWatch was revised to positive from developing on
June 13, 2007, following the company's filing of its SEC 10-Q
forms for its first and third quarters, and its 2006 Form 10-K.
The outlook is negative because S&P is concerned about secular
pressures and believe financial policy may become more
aggressive.  As of June 30, 2007, Getty had US$385 million of
debt outstanding.

The ratings on Getty Images Inc. reflect its good competitive
position in the niche market for noncommissioned (or stock)
visual imagery, solid discretionary cash flow generation, and
low leverage.  These strengths are partially offset by risks
related to its limited business diversity, its reliance on sales
to the cyclical advertising and publishing industries, the trend
of organic revenue decline, and secular pressures related to the
unfavorable economics of digital migration.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


IB AD: David Elliot Leads Liquidation Procedure
-----------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
IB AD Fixing Services Ltd. on Sept. 21 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England


INTUWAVE LTD: Brings In Liquidators from Baker Tilly
----------------------------------------------------
G. P. Bushby and G. E. Mander of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of Intuwave Ltd.
on Sept. 19 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Intuwave Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP
         Fifth Floor
         Exchange House
         446 Midsummer Boulevard
         Milton Keynes
         MK9 2EA
         England


KARATE ENGLAND: Taps Michael C. Kienlen to Liquidate Assets
-----------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Karate England (2005) Ltd. on Aug. 30 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Armstrong Watson
         Central House
         47 St Paul's Street
         Leeds
         LS1 2TE
         England


LENS CARS: Claims Filing Period Ends November 19
------------------------------------------------
Creditors of Lens Cars Ltd. have until Nov. 19 to detail their
names and addresses (and solicitors if applicable) together with
particulars of their debts or claims, in writing, or in person,
to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Sept. 19 for the creditors' voluntary winding-up
procedure.


NASDAQ STOCK: Repayment Cues Moody's to Withdraw Ratings
--------------------------------------------------------
Moody's Investors Service withdrew its ratings on The Nasdaq
Stock Market Inc.'s $750 million Six Year Senior Secured Term
Loan, $335 million Six Year Senior Secured Term, and the Five
Year $75 million Senior Secured Revolving Credit Facility.  The
credit facilities have been repaid and terminated.

On Sept. 20, Moody's placed the Ba3 corporate family rating of
NASDAQ on review for upgrade based on the company's agreement to
sell a major portion of its common stock investment in the
London Stock Exchange to Borse Dubai and reduce debt, as well as
the potential business combinations between Borse Dubai, OMX AB
and NASDAQ.  The entire LSE stake has now been sold and the
proceeds were used to fully repay the bank debt.

NASDAQ's Ba3 corporate family rating remains on review for a
possible upgrade initiated on September 20.  As Moody's said
then, the review will examine the long-term strategic
opportunities and execution risks presented by the combination
of the NASDAQ and OMX franchises.  Additionally, Moody's will
consider NASDAQ's credit metrics, financial policy and appetite
for leverage in the future.

Finally, Moody's will assess the implications of Borse Dubai's
significant ownership stakes in both NASDAQ and the London Stock
Exchange should all components of the proposed series of
transactions be completed.  Given the complexity and uncertainty
of closing this series of transactions, Moody's expects a
ratings review period of roughly six months.

These ratings were withdrawn:

   -- $750 million Six Year Senior Term Loan B Facility at Ba3
   -- $335 million Six Year Term Loan C Facility at Ba3
   -- $75 million Five Year Revolving Credit Facility at Ba3

The Ba3 Corporate Family Rating remains on review for upgrade.

NASDAQ Stock Market Inc. operates a leading US stock exchange
and reported earnings of $74.4 million for the six months ending
June 30, 2007.


PPA CORPORATE: Hires Liquidators from Wilkins Kennedy
-----------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of PPA Corporate
Systems Ltd. on Sept. 18 for the creditors' voluntary winding-up
proceeding.

Mr. Kirkpatrick can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England

Mr. Stevens can be reached at:

         Wilkins Kennedy
         Gladstone House
         77/79 High Street
         Egham
         England


REFCO INC: Former Directors Want Axis to Pay Defense Costs
----------------------------------------------------------
Leo R. Breitman, Nathan Gantcher, David V. Harkins, Scott L.
Jaeckel, Thomas H. Lee, Ronald L. O'Kelley, and Scott A. Schoen,
former directors of Refco, Inc., ask the U.S. Bankruptcy Court
for the Southern District of New York to issue a declaratory
judgment requiring Axis Reinsurance Company to advance defense
costs to them, as incurred, pursuant to the terms of the excess
directors and officers liability insurance policy issued by Axis
to Refco.

The "tower" of D&O Insurance Policies consists of a primary
policy and five excess policies, issued by The U.S. Specialty
Insurance Company, Lexington Insurance Company, Axis, as
primary, first excess, and second excess policies.

The Directors, as well as other former Refco officers and
directors, have been named as defendants in various civil and
criminal proceedings relating to Refco's collapse.

Michael F. Walsh, Esq., at Weil, Gotshal & Manges, LLP, in New
York, reminds the Court that the Directors have requested
advancement of their defense costs, in accordance with the terms
of the Axis Policy, which Axis has refused to do.

According to Mr. Walsh, Axis had sought a declaration that the
claims asserted by the Insureds were not covered by the Axis
Policy.  The Court dismissed the complaint, stating that the
issues determining coverage overlap the factual issues to be
adjudicated, and directed Axis to make the advancement to the
Insureds, but not including the Directors.

Mr. Walsh discloses that the Insureds have already exhausted the
primary and first excess D&O Policies, and are incurring costs
as the litigation proceeds towards trial.

Accordingly, the Directors ask the Court to require Axis to
advance defense costs, in accordance with the Axis Policy, and
to award their reasonable attorneys' fees and expenses in
connection with the Action, as well as the adversary proceeding
commenced by Axis against Refco.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 69;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: Axis Says Reimbursement Sought Isn't Part of Coverage
----------------------------------------------------------------
In response to the Declaratory Judgment Motion filed by former
directors of Refco, Inc., Wayne E. Borgeest, Esq., at Kaufman
Borgeest & Ryan LLP, in Valhalla, New York, states, behalf of
Axis Reinsurance Company, that the Axis Policy entitles
reimbursement to the Insureds, only when the covered defense
costs have been established.

Mr. Borgeest tells the Hon. Robert Drain of the U.S. Bankruptcy
Court for the Southern District of New York that Axis intends to
litigate the coverage issue, to determine that those costs
sought to be advanced by the Insured Parties are not covered by
the Axis Policy.

The Axis Policy, Mr. Borgeest explains, does not cover claims
arising from circumstances, transactions, or events on which any
Insured Party has knowledge and information.

Mr. Borgeest asserts that Axis had determined, through Refco's
filings in the Securities and Exchange Commission, as well as
the Examiner's Report, that the Insured Parties did have
relevant knowledge and information on the issues being
litigated.

Axis thus seeks summary judgment against all the insured
parties, and a declaration that, to the extent that the Court
orders the advancement of the defense costs, and later
determines that those costs are not covered by the Axis Policy,
the Debtors will repay the non-covered costs.

In response, the Directors insist that the Court should enter a
summary judgment in their favor, and against Axis.  The
Directors maintain that the Debtors have paid all premiums, and
the Directors, as well as other insured parties, have performed
all terms and conditions with respect to the Axis Policy.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 69;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: Class Action Against Thomas H. Lee Partners Dismissed
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has dismissed the securities class action lawsuit commenced by
brokerage customers of Refco Capital Markets, Ltd., against
Thomas H. Lee Partners, controlling owner of Refco, Inc., and
Grant Thornton LLP, auditor of RCM.

"The complaint must be dismissed because it fails sufficiently
to allege deceptive conduct," District Judge Gerard E. Lynch
said in his 27-page opinion, entered Sept. 13, 2007.

Judge Lynch said that the RCM Customers Plaintiffs failed to
explain how T.H. Lee and the other defendants "created a false
impression" about the handling of customer assets.  The judge
found that the suit needed more details about the agreements
between RCM and its brokerage clients.

Judge Lynch did not rule on the merits of the case, saying that
the RCM Customers Plaintiffs did not allege enough facts to go
forward.

The Opinion addresses certain motions to dismiss filed by
defendants Tone N. Grant, Joseph J. Murphy, William M. Sexton,
Gerald M. Sherer, Philip Silverman, Robert C. Trosten, Phillip
R. Bennett, Grant Thornton and the THL Defendants.

Judge Lynch has granted leave to replead as to all defendants,
except Messrs. Silverman, Sexton, Murphy and Sherer.  The clerk
of the District Court will mark the case closed as to those
defendants.

As previously reported, the RCM Customers Plaintiffs, as
represented by Kirby, McInerney & Squire, LLP, entrusted, at any
time from October 17, 2000, to October 17, 2005, securities to
RCM and/or Refco Securities, LLC, directly or indirectly, as
custodian and broker for safe-keeping, and continued to hold
positions with RCM on the Petition Date or thereafter.

The Complaint charges Refco, 14 of Refco's senior officers and
directors, Refco's controlling shareholders, Refco's auditor,
and 19 financial institutions that underwrote the company's
common stock and bond offerings with violations of Sections10(b)
and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder.

In the lawsuit against Thomas H. Lee, and Grant Thornton, the
RCM Customers Plaintiffs asserted that the "brokerage secretly
sold their securities and 'diverted' the proceeds to other Refco
entities," according to Bloomberg News.

The RCM Customers Plaintiffs will advise the District Court by
Oct. 8, 2007, as to whether they intend to file an amended
complaint.  If so, the parties are directed to meet and confer
regarding a schedule for the filing of an amended complaint and
subsequent motions to dismiss, and to submit a stipulated
schedule, or competing proposed schedules, to the District Court
by Oct. 22.

Counsel to the RCM Customers Plaintiffs told Bloomberg News that
it is "likely" that a new complaint will be filed.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 69;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REMY INT'L: Likely Bankruptcy Filing Cues Moody's C/LD Rating
-------------------------------------------------------------
Moody's Investors Service lowered the Probability of Default
Ratings of Remy International Inc. to C/LD from Ca/LD, and
confirmed the Corporate Family Rating at Ca.

In a related action, Moody's raised the ratings on the second-
priority senior secured floating rate notes, to B3 from Caa3;
confirmed the rating on the senior unsecured notes at Ca; and
confirmed the ratings of the senior subordinated notes at C. The
outlook is negative.  The Probability of Default rating of C/LD
reflects the expectation that Remy will file for Chapter 11
shortly after the Oct. 1, 2007 deadline for the solicitation of
votes for a prepackaged plan of reorganization from Remy's
unsecured noteholders.

The raised rating on the second priority senior secured floating
rating rate notes reflects an increased certainty within the LGD
Methodology of a higher recovery contemplated by a consensual
financial restructuring previously agreed upon by about 80% of
the unsecured noteholders and the company.

As part of the unsecured noteholder plan support agreement, the
consenting noteholders have agreed, subject to certain
conditions, to backstop a rights offering of new preferred stock
to be issued under the prepackaged plan of reorganization that
will provide about $85 million of new capital to fund the
prepackaged plan of reorganization and the company's post-
emergence operations.

The prepackaged plan includes full cash repayment of the second
priority senior secured floating rate notes.  The superior
recovery for this security results in the rating upgrade.
Recovery for the remaining instruments will be at levels
consistent with the current ratings: the company's existing 8 5-
8% senior unsecured notes will be exchanged for $100 million of
new third-lien payment-in-kind notes and about $55 million in
cash which includes a $10 million consent fee; and the existing
senior subordinated notes will be converted into 100% of the
common equity of the reorganized company.

Upon the company's filing of it prepackaged Chapter 11, Moody's
will lower the Probability of Default Rating to D and withdraw
the ratings.

Ratings lowered:

   -- Probability of Default Rating, to C/LD from Ca/LD;

Ratings raised:

   -- $125 million of guaranteed second-priority senior secured
      floating rate notes, to B3 (LGD2, 12%) from Caa3 (LGD3,
      49%);

Ratings confirmed:

   -- $145 million of 8.625% guaranteed senior unsecured notes
      at Ca (LGD4, 52%);

   -- $150 million of 9.375% guaranteed senior subordinated
      notes at C (LGD6, 99%);

   -- $165 million of 11% guaranteed senior subordinated notes
      at C (LGD6, 99%);

   -- Corporate Family Rating, Ca;

The last rating action was on May 17, 2007 when the ratings were
lowered.

The $80 million senior secured term loan and the senior secured
asset based revolving credit facility are not rated by Moody's.

Remy International, Inc. is headquartered in Anderson, Indiana.
The company is a leading global manufacturer and remanufacturer
of aftermarket and original equipment electrical components for
automobiles, light trucks, heavy duty trucks and other heavy
duty vehicles.  Remy International is privately owned in the
following approximate percentages by affiliates of Citicorp
Venture Capital (70%); Berkshire Hathaway (20%); and
management/miscellaneous other investors (10%).  Annual revenues
over the last twelve months approximated $1.1 billion.


ROMAN INNS: Names Samuel Jonathan Talby Liquidator
--------------------------------------------------
Samuel Jonathan Talby of Bishop Fleming was appointed liquidator
of Roman Inns Ltd. on Sept. 24 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Bishop Fleming
         16 Queen Square
         Bristol
         BS1 4NT
         England

The company can be reached at:

         Roman Inns Ltd.
         The Conifers
         Filton Road
         Hambrook
         Bristol
         BS16 1QG
         England


SEA CONTAINERS: Exclusive Plan-filing Period Extended to Dec. 21
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
extended Sea Containers Ltd.'s exclusive periods to file a
Chapter 11 plan through and including Dec. 21, 2007, and solicit
acceptances of that plan through and including Feb. 19, 2008.

Prior to the Court's entry of its order, the Official Committee
of Unsecured Creditors of Sea Containers Services Ltd. reserved
its right to seek termination of the exclusivity period prior to
its expiration, and the right to object to any future requests
for extensions of exclusivity.

"Although the SCSL Committee does not object per se to the
Debtors maintaining exclusivity at this time, the SCSL Committee
believes the circumstances may soon warrant a termination of
exclusivity," counsel for SCSL Committee, Evelyn J. Meltzer,
Esq., at Pepper Hamilton LLP, in Wilmington, Delaware, told the
Court.

As previously reported, Sea Containers informed Judge Carey that
these outstanding issues currently prevent them from filing a
confirmable Chapter 11 plan:

   (1) obtaining and analyzing information from the discovery
       process necessary to value the Debtors' interests in GE
       SeaCo SRL;

   (2) gaining better clarity on the validity of GE SeaCo's and
       GE Capital Corporation's significant claims against the
       estates, including determining whether to estimate the
       claims in the bankruptcy court pending an arbitrator's
       decision; and

   (3) reaching a global settlement among the Debtors, the
       Unsecured Committees of Sea Containers Ltd. and Sea
       Container Services Ltd. regarding various intercompany
       issues and pension and other claims asserted against SCL
       and SCSL.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.  (Sea
Containers Bankruptcy News, Issue No. 27; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SHAW GROUP: Posts $62 Million Net Loss in Quarter Ended Feb. 28
---------------------------------------------------------------
The Shaw Group Inc. filed its financial results for the quarter
ended Feb. 28, 2007, with the U.S. Securities and Exchange
Commission on Sept. 28, 2007.

The company reported a $62.5 million net loss on $1.2 billion
revenues for the quarter ended Feb. 28, 2007, compared with a
$21.8 million net income on $1.2 billion revenues for the same
quarter of 2006.

The company recognized an operating loss of $41.5 million and a
net loss of $62.6 million for the three months ended Feb. 28,
2007.

In addition to the company's operating loss, Shaw's net income
also includes:

   * a $44.5 million ($26.7 million net of taxes) impairment of
     military housing privatization entities; and

   * a $13.1 million (including tax expense of $8.6 million)
     net income by our Investment in Westinghouse segment.

At Feb. 28, 2007, the company's balance sheet total assets of
$3.5 billion and total liabilities of $2.3 billion, resulting in
a $1.2 billion stockholders' equity.

As of Feb. 28, 2007 and Aug. 31, 2006, the company had
restricted and escrowed cash of $39.2 million and $43.4 million,
respectively, which consisted of:

   * $30.3 million and $40.2 million, respectively, in
     connection with a power project with which the company has
     joint authority with another party to the contract.  The
     project was substantially completed in 2006.  The company
     has reached tentative settlements on claims and disputed
     amounts with the owner and major subcontractors;

   * $1.1 million in each period related to deposits designated
     to fund remediation costs associated with a sold property;
     and

   * The remaining $7.8 million as of Feb. 28, 2007 and
     $2.1 million as of Aug. 31, 2006 is related to escrow
     amounts contractually required by various other projects.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?23d6

                      About Shaw Group

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

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

                          *     *     *

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

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


TYSON FOODS: John Tyson to Continue Leading Board of Directors
--------------------------------------------------------------
Tyson Foods, Inc., disclosed that John Tyson will continue as
the company's Chairman of the Board, but has made the decision
to serve in a non-executive capacity.

Building on the succession planning started last year when the
duties of CEO were turned over to Richard L. "Dick" Bond, John
Tyson will discontinue his remaining responsibilities as an
executive officer of the company.  This includes having senior
executives who have been reporting to him, including the
company's General Counsel and the Senior Vice President of
External Relations, now report to the CEO.

As part of the change in responsibilities, John Tyson will
provide advisory services to the company under the terms of a
new contract, which took effect on Sept. 28, 2007.  This
replaces, four months early, his previous contract that was
scheduled to expire in February 2008 as well as the commitment
to enter into a ten year senior executive employment agreement,
and enables the company to begin the new fiscal year under this
revised organizational structure.  The new contract makes some
adjustments in John Tyson's compensation, which Tyson Foods
officials believe are both favorable to and in the best
interests of the company.

"The decision to relinquish my duties as an executive officer is
part of the evolution of the company's succession planning,"
John Tyson said.  "I have full confidence in Dick Bond and the
rest of the management team to continue to move this company
forward.  As Chairman of the Board of Tyson Foods I will remain
involved in overseeing the strategic direction of the company."

"I thank John for his leadership and the foundation he's
established as Chairman," Mr. Bond said.  "I personally
appreciate the support he's given me as CEO and look forward to
continuing to work with him as Chairman of our Board.  Because
of the hard work of the entire Tyson team, the company returned
to profitability in fiscal 2007, which ends this week, and we
look forward to even more improvement in the year ahead."

John Tyson, 54, joined the company's board of directors in 1984.
After serving in various executive capacities, Mr. Tyson became
Chairman in 1998.  He served as Chairman, President and CEO
beginning in 2000 and served as Chairman and CEO from 2001 to
2006.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.  The company has
operations in China, Japan, Singapore, South Korea, Taiwan, and
the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 24, 2007,
Moody's Investors Service affirmed Tyson Foods Inc.'s ratings,
including its Ba1 corporate family rating and Ba1 probability of
default rating.  Moody's said the rating outlook is negative.


                            *********

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
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Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *